Southwest sees no evidence of book-away following its recent policy changes

The company expects second quarter 2025 unit revenues to be in the range of flat to down 4 percent on capacity in the range of up 1% to 2%, both on a year-over-year basis. This guidance range contemplates benefits from continued execution of company-specific initiatives, offset by softness in the demand environment. Thus far, the company has seen no evidence of book-away following its recent announcement of policy changes, including flight credit expiration and checked bag fees. The company’s second quarter guidance assumes current trends will persist through the remainder of the quarter.