NYSE : LUV
Southwest Airlines Co. — Financial statements
Industrials · Airlines · United States
Last price 42.43 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 20.77B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Southwest Airlines Co. (LUV) reported revenue of 31.55B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 29.06B | 25.71B | 25.16B | 23.81B | 21.59B | 14.25B |
| Other Revenue | 2.49B | 2.36B | 2.33B | 2.28B | 2.23B | 1.54B |
| Revenue | 31.55B | 28.06B | 27.48B | 26.09B | 23.81B | 15.79B |
| Cost of Revenue | 24.56B | 21.88B | 21.62B | 20.53B | 17.91B | 13.46B |
| Gross Profit | 6.99B | 6.18B | 5.86B | 5.56B | 5.91B | 2.33B |
| Selling, General & Admin | 332.00M | 332.00M | 346.00M | 266.00M | 224.00M | 185.00M |
| Other Operating Expenses | 3.65B | 3.81B | 3.57B | 3.55B | 3.32B | 2.00B |
| Operating Expenses | 5.55B | 5.71B | 5.58B | 5.33B | 4.90B | 3.46B |
| Operating Income | 1.43B | 478.00M | 285.00M | 222.00M | 1.01B | -1.13B |
| Interest Expense | -181.00M | -113.00M | -214.00M | -236.00M | -301.00M | -431.00M |
| Interest & Investment Income | 123.00M | 205.00M | 497.00M | 583.00M | 217.00M | 13.00M |
| Other Non Operating Income (Expenses) | 28.00M | 43.00M | 44.00M | 64.00M | -5.00M | 60.00M |
| EBT Excluding Unusual Items | 1.40B | 613.00M | 612.00M | 633.00M | 921.00M | -1.49B |
| Merger & Restructuring Charges | -62.00M | -62.00M | -5.00M | 140.00M | ||
| Other Unusual Items | 12.00M | 12.00M | -9.00M | -193.00M | 2.67B | |
| Pretax Income | 1.35B | 563.00M | 598.00M | 633.00M | 728.00M | 1.32B |
| Income Tax Expense | 301.00M | 122.00M | 133.00M | 168.00M | 189.00M | 348.00M |
| Net Income | 1.05B | 441.00M | 465.00M | 465.00M | 539.00M | 977.00M |
| Net Income to Common | 1.05B | 441.00M | 465.00M | 465.00M | 539.00M | 977.00M |
| Shares Outstanding (Basic) | 498.00M | 540.00M | 598.00M | 595.00M | 593.00M | 592.00M |
| Shares Outstanding (Diluted) | 517.50M | 558.00M | 643.00M | 640.00M | 642.00M | 609.00M |
| EPS (Basic) | 2.11 | 0.82 | 0.78 | 0.78 | 0.91 | 1.65 |
| EPS (Diluted) | 2.04 | 0.79 | 0.75 | 0.76 | 0.87 | 1.61 |
| Free Cash Flow | -450.00M | -831.00M | -1.59B | -356.00M | -156.00M | 1.81B |
| Free Cash Flow Per Share | -0.87 | -1.49 | -2.48 | -0.56 | -0.24 | 2.97 |
| Dividend Per Share | 0.72 | 0.72 | 0.72 | 0.72 | 0.18 | |
| Gross Margin | 22.14% | 22.04% | 21.32% | 21.30% | 24.81% | 14.77% |
| Operating Margin | 4.55% | 1.70% | 1.04% | 0.85% | 4.24% | -7.15% |
| Profit Margin | 3.34% | 1.57% | 1.69% | 1.78% | 2.26% | 6.19% |
| Free Cash Flow Margin | -1.43% | -2.96% | -5.79% | -1.36% | -0.66% | 11.47% |
| EBITDA | 2.69B | 1.72B | 1.67B | 1.50B | 2.13B | -70.00M |
| EBITDA Margin | 8.51% | 6.13% | 6.08% | 5.74% | 8.94% | -0.44% |
| D&A For EBITDA | 1.25B | 1.24B | 1.39B | 1.28B | 1.12B | 1.06B |
| EBIT | 1.43B | 478.00M | 285.00M | 222.00M | 1.01B | -1.13B |
| EBIT Margin | 4.55% | 1.70% | 1.04% | 0.85% | 4.24% | -7.15% |
| Effective Tax Rate | 22.23% | 21.67% | 22.24% | 26.54% | 25.96% | 26.26% |
| Revenue as Reported | 31.55B | 28.06B | 27.48B | 26.09B | 23.81B | 15.79B |
| Advertising Expenses | 332.00M | 346.00M | 266.00M | 224.00M | 185.00M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 3.62B | 3.23B | 7.51B | 9.29B | 9.49B | 12.48B |
| Short-Term Investments | 1.22B | 2.19B | 2.80B | 3.02B | ||
| Cash & Short-Term Investments | 3.62B | 3.23B | 8.72B | 11.47B | 12.29B | 15.50B |
| Accounts Receivable | 440.00M | 250.00M | 190.00M | 304.00M | 202.00M | 141.00M |
| Other Receivables | 873.00M | 899.00M | 919.00M | 838.00M | 804.00M | 1.21B |
| Receivables | 1.31B | 1.15B | 1.11B | 1.14B | 1.01B | 1.35B |
| Inventory | 997.00M | 775.00M | 800.00M | 807.00M | 790.00M | 537.00M |
| Prepaid Expenses | 572.00M | 490.00M | 621.00M | 449.00M | 440.00M | 309.00M |
| Other Current Assets | 19.00M | 83.00M | 280.00M | 337.00M | ||
| Total Current Assets | 6.51B | 5.64B | 11.27B | 13.96B | 14.81B | 18.04B |
| Property, Plant & Equipment | 21.26B | 20.93B | 20.01B | 20.36B | 18.36B | 16.43B |
| Long-Term Investments | 406.00M | 457.00M | 367.00M | 280.00M | 249.00M | |
| Goodwill | 970.00M | 970.00M | 970.00M | 970.00M | 970.00M | 970.00M |
| Other Intangible Assets | 296.00M | 296.00M | 300.00M | 296.00M | 296.00M | 296.00M |
| Other Long-Term Assets | 1.10B | 760.00M | 827.00M | 624.00M | 686.00M | 586.00M |
| Total Assets | 30.54B | 29.06B | 33.75B | 36.49B | 35.37B | 36.32B |
| Accounts Payable | 1.85B | 1.99B | 1.82B | 1.86B | 2.00B | 1.28B |
| Accrued Expenses | 2.17B | 2.01B | 1.89B | 3.61B | 2.04B | 1.54B |
| Current Portion of Long-Term Debt | 2.15B | 299.00M | 1.61B | 371.00M | ||
| Current Portion of Leases | 278.00M | 337.00M | 350.00M | 237.00M | 267.00M | 321.00M |
| Current Unearned Revenue | 7.08B | 5.95B | 6.29B | 6.55B | 6.06B | 5.57B |
| Other Current Liabilities | 207.00M | 341.00M | 318.00M | 80.00M | ||
| Total Current Liabilities | 13.74B | 10.92B | 12.28B | 12.26B | 10.38B | 9.16B |
| Long-Term Debt | 3.73B | 4.52B | 5.00B | 7.90B | 7.90B | 9.90B |
| Long-Term Leases | 706.00M | 821.00M | 1.10B | 1.06B | 1.26B | 1.69B |
| Long-Term Unearned Revenue | 1.20B | 1.22B | 1.95B | 1.73B | 2.19B | 2.16B |
| Pension & Post-Retirement Benefits | 323.00M | 321.00M | 256.00M | 269.00M | 241.00M | 330.00M |
| Long-Term Deferred Tax Liabilities | 2.51B | 2.29B | 2.17B | 2.04B | 1.99B | 1.77B |
| Other Long-Term Liabilities | 997.00M | 985.00M | 653.00M | 712.00M | 728.00M | 890.00M |
| Total Liabilities | 23.21B | 21.08B | 23.40B | 25.97B | 24.68B | 25.91B |
| Common Stock | 888.00M | 888.00M | 888.00M | 888.00M | 888.00M | 888.00M |
| Additional Paid-In Capital | 4.33B | 4.32B | 4.20B | 4.15B | 4.04B | 4.22B |
| Retained Earnings | 16.85B | 16.39B | 16.33B | 16.30B | 16.26B | 15.77B |
| Treasury Stock | -14.79B | -13.59B | -11.04B | -10.82B | -10.84B | -10.86B |
| Comprehensive Income & Other | 52.00M | -24.00M | -25.00M | 344.00M | 388.00M | |
| Shareholders' Equity | 7.33B | 7.98B | 10.35B | 10.52B | 10.69B | 10.41B |
| Total Liabilities & Equity | 30.54B | 29.06B | 33.75B | 36.49B | 35.37B | 36.32B |
| Total Debt | 6.87B | 5.98B | 8.06B | 9.20B | 9.43B | 12.29B |
| Net Cash (Debt) | -3.25B | -2.75B | 667.00M | 2.27B | 2.86B | 3.22B |
| Net Cash Per Share | -6.27 | -4.93 | 1.04 | 3.55 | 4.46 | 5.29 |
| Filing Date Shares Outstanding | 489.60M | 491.32M | 592.66M | 596.66M | 594.29M | 592.34M |
| Total Common Shares Outstanding | 489.60M | 515.58M | 593.31M | 596.51M | 594.00M | 592.12M |
| Working Capital | -7.23B | -5.28B | -1.00B | 1.70B | 4.43B | 8.87B |
| Book Value Per Share | 14.97 | 15.48 | 17.44 | 17.63 | 17.99 | 17.59 |
| Tangible Book Value | 6.06B | 6.71B | 9.08B | 9.25B | 9.42B | 9.15B |
| Tangible Book Value Per Share | 12.38 | 13.02 | 15.30 | 15.51 | 15.86 | 15.45 |
| Machinery | 26.14B | 25.77B | 24.65B | 25.46B | 22.79B | 19.99B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 1.05B | 441.00M | 465.00M | 465.00M | 539.00M | 977.00M |
| Depreciation & Amortization | 1.25B | 1.24B | 1.39B | 1.28B | 1.12B | 1.06B |
| Other Amortization | 318.00M | 318.00M | 271.00M | 246.00M | 232.00M | 213.00M |
| Loss (Gain) From Sale of Assets | -362.00M | -3.00M | -92.00M | |||
| Asset Writedown & Restructuring Costs | 30.00M | 8.00M | 35.00M | 12.00M | ||
| Loss (Gain) From Sale of Investments | 4.00M | |||||
| Other Operating Activities | 380.00M | 249.00M | 18.00M | -72.00M | 378.00M | 161.00M |
| Change in Accounts Receivable | -164.00M | 51.00M | 19.00M | -89.00M | 422.00M | -701.00M |
| Change in Accounts Payable | 413.00M | 218.00M | -1.36B | 1.39B | 936.00M | 38.00M |
| Change in Unearned Revenue | 152.00M | -1.08B | -37.00M | 29.00M | 525.00M | 591.00M |
| Change in Other Net Operating Assets | -316.00M | 396.00M | -205.00M | -77.00M | -400.00M | -28.00M |
| Operating Cash Flow | 2.75B | 1.84B | 462.00M | 3.16B | 3.79B | 2.32B |
| Capital Expenditures | -3.21B | -2.67B | -2.05B | -3.52B | -3.95B | -511.00M |
| Investment in Securities | 116.00M | 1.22B | 981.00M | 621.00M | 200.00M | -753.00M |
| Other Investing Activities | 207.00M | 21.00M | 812.00M | -33.00M | ||
| Investing Cash Flow | -2.25B | -1.43B | -261.00M | -2.93B | -3.75B | -1.26B |
| Long-Term Debt Issued | 1.50B | 1.14B | ||||
| Total Debt Issued | 3.00B | 1.50B | 1.14B | |||
| Long-Term Debt Repaid | -3.27B | -1.34B | -85.00M | -3.08B | -905.00M | |
| Total Debt Repaid | -1.11B | -3.27B | -1.34B | -85.00M | -3.08B | -905.00M |
| Net Debt Issued (Repaid) | 1.89B | -1.77B | -1.34B | -85.00M | -3.08B | 231.00M |
| Issuance of Common Stock | 59.00M | 59.00M | 60.00M | 48.00M | 45.00M | 51.00M |
| Repurchase of Common Stock | -1.30B | -2.55B | -250.00M | |||
| Common Dividends Paid | -357.00M | -399.00M | -430.00M | -428.00M | ||
| Other Financing Activities | -66.00M | -26.00M | -23.00M | 29.00M | 8.00M | 77.00M |
| Financing Cash Flow | 222.00M | -4.69B | -1.98B | -436.00M | -3.03B | 359.00M |
| Net Cash Flow | 722.00M | -4.28B | -1.78B | -204.00M | -2.99B | 1.42B |
| Free Cash Flow | -450.00M | -831.00M | -1.59B | -356.00M | -156.00M | 1.81B |
| Free Cash Flow Margin | -1.43% | -2.96% | -5.79% | -1.36% | -0.66% | 11.47% |
| Free Cash Flow Per Share | -0.87 | -1.49 | -2.48 | -0.56 | -0.24 | 2.97 |
| Levered Free Cash Flow | -612.88M | -683.88M | -2.08B | 22.25M | -412.88M | 643.00M |
| Unlevered Free Cash Flow | -499.75M | -613.25M | -1.94B | 169.75M | -224.75M | 912.38M |
| Cash Interest Paid | 151.00M | 108.00M | 220.00M | 228.00M | 305.00M | 336.00M |
| Cash Income Tax Paid | -1.00M | -21.00M | -87.00M | 20.00M | 445.00M | |
| Change in Working Capital | 85.00M | -413.00M | -1.59B | 1.25B | 1.48B | -100.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 20.77B | 21.37B | 20.16B | 17.22B | 19.99B | 25.36B |
| Enterprise Value | 24.02B | 23.61B | 19.88B | 14.76B | 16.43B | 22.17B |
| Last Close Price | 42.43 | 40.78 | 32.47 | 27.26 | 30.91 | 39.33 |
| PE Ratio | 20.78 | 48.47 | 43.36 | 37.02 | 37.09 | 25.95 |
| Forward PE | 13.11 | 15.58 | 21.53 | 27.85 | 11.30 | 41.58 |
| PS Ratio | 0.66 | 0.76 | 0.73 | 0.66 | 0.84 | 1.61 |
| PB Ratio | 2.83 | 2.68 | 1.95 | 1.64 | 1.87 | 2.44 |
| P/TBV Ratio | 3.43 | 3.18 | 2.22 | 1.86 | 2.12 | 2.77 |
| P/FCF Ratio | 14.00 | |||||
| P/OCF Ratio | 7.54 | 11.60 | 43.64 | 5.44 | 5.28 | 10.92 |
| PEG Ratio | 0.16 | 0.29 | 3.58 | 0.84 | 0.26 | 12.06 |
| EV/Sales Ratio | 0.76 | 0.84 | 0.72 | 0.57 | 0.69 | 1.40 |
| EV/EBITDA Ratio | 8.95 | 13.73 | 11.89 | 9.85 | 7.72 | |
| EV/EBIT Ratio | 16.75 | 49.40 | 69.74 | 66.47 | 16.27 | |
| EV/FCF Ratio | 12.24 | |||||
| Debt / Equity Ratio | 0.94 | 0.75 | 0.78 | 0.88 | 0.88 | 1.18 |
| Debt / EBITDA Ratio | 1.27 | 1.41 | 2.07 | 2.62 | 2.45 | 7.57 |
| Debt / FCF Ratio | 6.78 | |||||
| Net Debt / Equity Ratio | 0.44 | 0.34 | -0.06 | -0.22 | -0.27 | -0.31 |
| Net Debt / EBITDA Ratio | 1.21 | 1.60 | -0.40 | -1.52 | -1.34 | 45.99 |
| Net Debt / FCF Ratio | -7.22 | -3.31 | 0.42 | 6.39 | 18.34 | -1.78 |
| Asset Turnover | 1.07 | 0.89 | 0.78 | 0.73 | 0.66 | 0.45 |
| Inventory Turnover | 27.46 | 27.78 | 26.91 | 25.72 | 26.99 | 28.30 |
| Quick Ratio | 0.36 | 0.40 | 0.80 | 1.03 | 1.28 | 1.84 |
| Current Ratio | 0.47 | 0.52 | 0.92 | 1.14 | 1.43 | 1.97 |
| Return on Equity (ROE) | 13.94% | 4.81% | 4.46% | 4.39% | 5.11% | 10.13% |
| Return on Assets (ROA) | 3.05% | 0.95% | 0.51% | 0.39% | 1.76% | -1.99% |
| Return on Invested Capital (ROIC) | 10.75% | 3.67% | 2.47% | 2.03% | 9.96% | -11.14% |
| Return on Capital Employed (ROCE) | 8.50% | 2.60% | 1.30% | 0.90% | 4.00% | -4.20% |
| Earnings Yield | 4.81% | 2.06% | 2.31% | 2.70% | 2.70% | 3.85% |
| FCF Yield | -2.17% | -3.89% | -7.90% | -2.07% | -0.78% | 7.14% |
| Dividend Yield | 1.70% | 1.74% | 2.12% | 2.50% | 0.53% | |
| Payout Ratio | 35.25% | 90.48% | 92.47% | 92.04% | ||
| Buyback Yield / Dilution | 9.84% | 13.22% | -0.47% | 0.31% | -5.42% | -7.79% |
| Total Shareholder Return | 11.54% | 14.96% | 1.65% | 2.81% | -4.88% | -7.79% |