Southwest Airlines’ fourth-quarter 2020 total operating revenues decreased 64.9%, year-over-year, to US$2.0 billion, as a result of continued negative impacts on passenger demand and bookings due to the pandemic. Fourth-quarter 2020 operating revenue per ASM (RASM, or unit revenues) was 8.48 cents, a decrease of 40.8%, primarily driven by a load factor decline of 29.3 points and a passenger revenue yield decrease of 18.7%, year-over-year. The company posted a fourth-quarter net loss of US$908 million.
Annual 2020 total operating revenues decreased 59.7%, year-over-year, to US$9.0 billion. Annual 2020 RASM was 8.75 cents, a decrease of 38.6%, primarily driven by a load factor decrease of 31.1 points and a passenger revenue yield decrease of 10.6%, year-over-year. The company ended the full year 2020 with a net loss of US$3.1 billion and with liquidity of US$14.3 billion, well in excess of debt outstanding.
