Southwest Airlines
Q2 2023 Earnings Call
Jul 27, 2023, 12:30 p.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Good morning, and welcome to the Southwest Airlines second quarter 2023 conference call. My name is Anthony, I will be moderating today's call. This call is being recorded, and a replay will be available on southwest.com in the investor relations section. After today's prepared remarks, there will be an opportunity to ask questions.
[Operator instructions] At this time, I'd like to turn the call over to Julia Landrum, vice president of investor relations. Please go ahead, ma'am.
Julia Landrum -- Vice President, Investor Relations
Thank you, operator, and welcome, everyone, to our second quarter 2023 conference call. In just a moment, we will share our prepared remarks and then jump into Q&A. On the call with me today, we have our president and CEO, Bob Jordan; executive vice president and CFO, Tammy Romo; executive vice president and chief commercial officer, Ryan Green; and chief operating officer, Andrew Watterson. A quick reminder that we will make forward-looking statements, which are based on our current expectation of future performance, and our actual results could differ materially from expectations.
Also, we will reference our non-GAAP results, which exclude special items that are called out and reconciled to GAAP results in our press release. So, please refer to the disclosures in our press release from this morning and visit our investor relations website for more information. With that, Bob, I'll turn it over to you.
Bob Jordan -- Executive Vice President, Corporate Services
Thanks Julia, and good morning, everyone. I appreciate you joining us for our second quarter 2023 earnings call. I am very pleased to report a solid quarter with net income of $693 million, excluding special items, and all-time record quarterly revenue of just over $7 billion. The demand environment, especially for leisure travel, continues to be resilient as we have seen solid bookings throughout the busy summer travel season.
Further, we continue to expect $1 billion to $1.5 billion of pre-tax profit contribution in full year 2023 for our strategic initiatives that we outlined at our investor day last December. Based on our current outlook, we continue to expect record operating revenue and solid profits in third quarter 2023 and year-over-year margin expansion for full year 2023. I especially want to thank our people for doing such a fantastic job. They helped us get a record number of customers and a record number of bags on a record number of flights successfully to their destinations, as we experienced the lowest second quarter flight cancellation rate in the past 10 years.