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.

TTMFY2025FY2024FY2023FY2022FY2021
Operating Revenue29.06B25.71B25.16B23.81B21.59B14.25B
Other Revenue2.49B2.36B2.33B2.28B2.23B1.54B
Revenue31.55B28.06B27.48B26.09B23.81B15.79B
Cost of Revenue24.56B21.88B21.62B20.53B17.91B13.46B
Gross Profit6.99B6.18B5.86B5.56B5.91B2.33B
Selling, General & Admin332.00M332.00M346.00M266.00M224.00M185.00M
Other Operating Expenses3.65B3.81B3.57B3.55B3.32B2.00B
Operating Expenses5.55B5.71B5.58B5.33B4.90B3.46B
Operating Income1.43B478.00M285.00M222.00M1.01B-1.13B
Interest Expense-181.00M-113.00M-214.00M-236.00M-301.00M-431.00M
Interest & Investment Income123.00M205.00M497.00M583.00M217.00M13.00M
Other Non Operating Income (Expenses)28.00M43.00M44.00M64.00M-5.00M60.00M
EBT Excluding Unusual Items1.40B613.00M612.00M633.00M921.00M-1.49B
Merger & Restructuring Charges-62.00M-62.00M-5.00M140.00M
Other Unusual Items12.00M12.00M-9.00M-193.00M2.67B
Pretax Income1.35B563.00M598.00M633.00M728.00M1.32B
Income Tax Expense301.00M122.00M133.00M168.00M189.00M348.00M
Net Income1.05B441.00M465.00M465.00M539.00M977.00M
Net Income to Common1.05B441.00M465.00M465.00M539.00M977.00M
Shares Outstanding (Basic)498.00M540.00M598.00M595.00M593.00M592.00M
Shares Outstanding (Diluted)517.50M558.00M643.00M640.00M642.00M609.00M
EPS (Basic)2.110.820.780.780.911.65
EPS (Diluted)2.040.790.750.760.871.61
Free Cash Flow-450.00M-831.00M-1.59B-356.00M-156.00M1.81B
Free Cash Flow Per Share-0.87-1.49-2.48-0.56-0.242.97
Dividend Per Share0.720.720.720.720.18
Gross Margin22.14%22.04%21.32%21.30%24.81%14.77%
Operating Margin4.55%1.70%1.04%0.85%4.24%-7.15%
Profit Margin3.34%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%
EBITDA2.69B1.72B1.67B1.50B2.13B-70.00M
EBITDA Margin8.51%6.13%6.08%5.74%8.94%-0.44%
D&A For EBITDA1.25B1.24B1.39B1.28B1.12B1.06B
EBIT1.43B478.00M285.00M222.00M1.01B-1.13B
EBIT Margin4.55%1.70%1.04%0.85%4.24%-7.15%
Effective Tax Rate22.23%21.67%22.24%26.54%25.96%26.26%
Revenue as Reported31.55B28.06B27.48B26.09B23.81B15.79B
Advertising Expenses332.00M346.00M266.00M224.00M185.00M

Balance sheet

Fiscal year January - December; amounts in USD.

TTMFY2025FY2024FY2023FY2022FY2021
Cash & Equivalents3.62B3.23B7.51B9.29B9.49B12.48B
Short-Term Investments1.22B2.19B2.80B3.02B
Cash & Short-Term Investments3.62B3.23B8.72B11.47B12.29B15.50B
Accounts Receivable440.00M250.00M190.00M304.00M202.00M141.00M
Other Receivables873.00M899.00M919.00M838.00M804.00M1.21B
Receivables1.31B1.15B1.11B1.14B1.01B1.35B
Inventory997.00M775.00M800.00M807.00M790.00M537.00M
Prepaid Expenses572.00M490.00M621.00M449.00M440.00M309.00M
Other Current Assets19.00M83.00M280.00M337.00M
Total Current Assets6.51B5.64B11.27B13.96B14.81B18.04B
Property, Plant & Equipment21.26B20.93B20.01B20.36B18.36B16.43B
Long-Term Investments406.00M457.00M367.00M280.00M249.00M
Goodwill970.00M970.00M970.00M970.00M970.00M970.00M
Other Intangible Assets296.00M296.00M300.00M296.00M296.00M296.00M
Other Long-Term Assets1.10B760.00M827.00M624.00M686.00M586.00M
Total Assets30.54B29.06B33.75B36.49B35.37B36.32B
Accounts Payable1.85B1.99B1.82B1.86B2.00B1.28B
Accrued Expenses2.17B2.01B1.89B3.61B2.04B1.54B
Current Portion of Long-Term Debt2.15B299.00M1.61B371.00M
Current Portion of Leases278.00M337.00M350.00M237.00M267.00M321.00M
Current Unearned Revenue7.08B5.95B6.29B6.55B6.06B5.57B
Other Current Liabilities207.00M341.00M318.00M80.00M
Total Current Liabilities13.74B10.92B12.28B12.26B10.38B9.16B
Long-Term Debt3.73B4.52B5.00B7.90B7.90B9.90B
Long-Term Leases706.00M821.00M1.10B1.06B1.26B1.69B
Long-Term Unearned Revenue1.20B1.22B1.95B1.73B2.19B2.16B
Pension & Post-Retirement Benefits323.00M321.00M256.00M269.00M241.00M330.00M
Long-Term Deferred Tax Liabilities2.51B2.29B2.17B2.04B1.99B1.77B
Other Long-Term Liabilities997.00M985.00M653.00M712.00M728.00M890.00M
Total Liabilities23.21B21.08B23.40B25.97B24.68B25.91B
Common Stock888.00M888.00M888.00M888.00M888.00M888.00M
Additional Paid-In Capital4.33B4.32B4.20B4.15B4.04B4.22B
Retained Earnings16.85B16.39B16.33B16.30B16.26B15.77B
Treasury Stock-14.79B-13.59B-11.04B-10.82B-10.84B-10.86B
Comprehensive Income & Other52.00M-24.00M-25.00M344.00M388.00M
Shareholders' Equity7.33B7.98B10.35B10.52B10.69B10.41B
Total Liabilities & Equity30.54B29.06B33.75B36.49B35.37B36.32B
Total Debt6.87B5.98B8.06B9.20B9.43B12.29B
Net Cash (Debt)-3.25B-2.75B667.00M2.27B2.86B3.22B
Net Cash Per Share-6.27-4.931.043.554.465.29
Filing Date Shares Outstanding489.60M491.32M592.66M596.66M594.29M592.34M
Total Common Shares Outstanding489.60M515.58M593.31M596.51M594.00M592.12M
Working Capital-7.23B-5.28B-1.00B1.70B4.43B8.87B
Book Value Per Share14.9715.4817.4417.6317.9917.59
Tangible Book Value6.06B6.71B9.08B9.25B9.42B9.15B
Tangible Book Value Per Share12.3813.0215.3015.5115.8615.45
Machinery26.14B25.77B24.65B25.46B22.79B19.99B

Cash flow statement

Fiscal year January - December; amounts in USD.

TTMFY2025FY2024FY2023FY2022FY2021
Net Income1.05B441.00M465.00M465.00M539.00M977.00M
Depreciation & Amortization1.25B1.24B1.39B1.28B1.12B1.06B
Other Amortization318.00M318.00M271.00M246.00M232.00M213.00M
Loss (Gain) From Sale of Assets-362.00M-3.00M-92.00M
Asset Writedown & Restructuring Costs30.00M8.00M35.00M12.00M
Loss (Gain) From Sale of Investments4.00M
Other Operating Activities380.00M249.00M18.00M-72.00M378.00M161.00M
Change in Accounts Receivable-164.00M51.00M19.00M-89.00M422.00M-701.00M
Change in Accounts Payable413.00M218.00M-1.36B1.39B936.00M38.00M
Change in Unearned Revenue152.00M-1.08B-37.00M29.00M525.00M591.00M
Change in Other Net Operating Assets-316.00M396.00M-205.00M-77.00M-400.00M-28.00M
Operating Cash Flow2.75B1.84B462.00M3.16B3.79B2.32B
Capital Expenditures-3.21B-2.67B-2.05B-3.52B-3.95B-511.00M
Investment in Securities116.00M1.22B981.00M621.00M200.00M-753.00M
Other Investing Activities207.00M21.00M812.00M-33.00M
Investing Cash Flow-2.25B-1.43B-261.00M-2.93B-3.75B-1.26B
Long-Term Debt Issued1.50B1.14B
Total Debt Issued3.00B1.50B1.14B
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-3.08B231.00M
Issuance of Common Stock59.00M59.00M60.00M48.00M45.00M51.00M
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-23.00M29.00M8.00M77.00M
Financing Cash Flow222.00M-4.69B-1.98B-436.00M-3.03B359.00M
Net Cash Flow722.00M-4.28B-1.78B-204.00M-2.99B1.42B
Free Cash Flow-450.00M-831.00M-1.59B-356.00M-156.00M1.81B
Free Cash Flow Margin-1.43%-2.96%-5.79%-1.36%-0.66%11.47%
Free Cash Flow Per Share-0.87-1.49-2.48-0.56-0.242.97
Levered Free Cash Flow-612.88M-683.88M-2.08B22.25M-412.88M643.00M
Unlevered Free Cash Flow-499.75M-613.25M-1.94B169.75M-224.75M912.38M
Cash Interest Paid151.00M108.00M220.00M228.00M305.00M336.00M
Cash Income Tax Paid-1.00M-21.00M-87.00M20.00M445.00M
Change in Working Capital85.00M-413.00M-1.59B1.25B1.48B-100.00M

Ratios

Fiscal year January - December; amounts in USD.

TTMFY2025FY2024FY2023FY2022FY2021
Market Capitalization20.77B21.37B20.16B17.22B19.99B25.36B
Enterprise Value24.02B23.61B19.88B14.76B16.43B22.17B
Last Close Price42.4340.7832.4727.2630.9139.33
PE Ratio20.7848.4743.3637.0237.0925.95
Forward PE13.1115.5821.5327.8511.3041.58
PS Ratio0.660.760.730.660.841.61
PB Ratio2.832.681.951.641.872.44
P/TBV Ratio3.433.182.221.862.122.77
P/FCF Ratio14.00
P/OCF Ratio7.5411.6043.645.445.2810.92
PEG Ratio0.160.293.580.840.2612.06
EV/Sales Ratio0.760.840.720.570.691.40
EV/EBITDA Ratio8.9513.7311.899.857.72
EV/EBIT Ratio16.7549.4069.7466.4716.27
EV/FCF Ratio12.24
Debt / Equity Ratio0.940.750.780.880.881.18
Debt / EBITDA Ratio1.271.412.072.622.457.57
Debt / FCF Ratio6.78
Net Debt / Equity Ratio0.440.34-0.06-0.22-0.27-0.31
Net Debt / EBITDA Ratio1.211.60-0.40-1.52-1.3445.99
Net Debt / FCF Ratio-7.22-3.310.426.3918.34-1.78
Asset Turnover1.070.890.780.730.660.45
Inventory Turnover27.4627.7826.9125.7226.9928.30
Quick Ratio0.360.400.801.031.281.84
Current Ratio0.470.520.921.141.431.97
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 Yield4.81%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 Yield1.70%1.74%2.12%2.50%0.53%
Payout Ratio35.25%90.48%92.47%92.04%
Buyback Yield / Dilution9.84%13.22%-0.47%0.31%-5.42%-7.79%
Total Shareholder Return11.54%14.96%1.65%2.81%-4.88%-7.79%