Southwest Airlines (LUV) Financials

$32.47 -0.12 (-0.37%)

As of 03:58 PM Eastern

Annual Income Statements for Southwest Airlines

This table shows Southwest Airlines' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Income / (Loss) Attributable to Common Shareholders	465	465	539	977	-3,074	2,300	2,465	3,357	2,183	2,181
Consolidated Net Income / (Loss)	465	465	539	977	-3,074	2,300	2,465	3,357	2,183	2,181
Net Income / (Loss) Continuing Operations	465	465	539	977	-3,074	2,300	2,465	3,357	2,183	2,181
Total Pre-Tax Income	598	633	728	1,325	-4,256	2,957	3,164	3,265	3,450	3,479
Total Operating Income	321	224	1,017	1,721	-3,816	2,957	3,206	3,407	3,522	4,116
Total Gross Profit	8,078	7,534	7,611	2,427	-1,602	8,565	7,259	7,472	8,657	8,578
Total Revenue	27,483	26,091	23,814	15,790	9,048	22,428	21,965	21,146	20,289	19,820
Operating Revenue	27,483	26,091	23,814	15,790	9,048	22,428	21,965	21,146	20,289	18,650
Total Cost of Revenue	19,405	18,557	16,203	13,363	10,650	13,863	14,706	13,674	11,632	11,242
Operating Cost of Revenue	19,405	18,557	16,203	13,363	10,650	13,863	14,706	13,674	11,632	11,242
Total Operating Expenses	7,757	7,310	6,594	706	2,214	5,608	4,053	4,065	5,135	4,462
Selling, General & Admin Expense	4,138	3,999	3,735	2,394	1,926	3,026	2,852	2,847	2,703	2,242
Depreciation Expense	1,657	1,522	1,351	1,272	1,255	1,219	1,201	1,218	1,221	1,015
Other Operating Expenses / (Income)	1,962	1,789	1,508	-2,960	-967	1,363	0.00	-	1,211	1,166
Total Other Income / (Expense), net	277	409	-289	-396	-440	0.00	-42	-142	-72	-637
Interest Expense	216	236	494	459	314	82	93	65	75	90
Interest & Investment Income	497	583	217	13	32	90	69	35	24	9.00
Other Income / (Expense), net	-4.00	62	-12	50	-158	-8.00	-18	-112	-21	-556
Income Tax Expense	133	168	189	348	-1,182	657	699	-92	1,267	1,298
Basic Earnings per Share	$0.78	$0.78	$0.91	$1.65	($5.44)	$4.28	$4.30	$5.58	-	$3.30
Weighted Average Basic Shares Outstanding	592.66M	596.66M	594.29M	592.34M	1.18B	517.30M	573M	601M	627M	661M
Diluted Earnings per Share	$0.76	$0.76	$0.87	$1.61	($5.44)	$4.27	$4.29	$5.57	-	$3.27
Weighted Average Diluted Shares Outstanding	592.66M	596.66M	594.29M	592.34M	1.18B	517.30M	573M	601M	627M	661M
Weighted Average Basic & Diluted Shares Outstanding	592.66M	596.66M	594.29M	592.34M	1.18B	517.30M	573M	601M	627M	661M
Cash Dividends to Common per Share	$0.72	-	$0.18	-	$0.18	$0.70	$0.61	$0.00	$0.00	$0.29

This table shows Southwest Airlines' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	-149	262	67	367	-231	-252	193	683	-159	-220	277
Consolidated Net Income / (Loss)	-149	262	67	367	-231	-252	193	683	-159	-220	277
Net Income / (Loss) Continuing Operations	-149	262	67	367	-231	-252	193	683	-159	-220	277
Total Pre-Tax Income	-192	329	89	478	-298	-285	237	886	-205	-285	353
Total Operating Income	-223	278	38	398	-393	-404	117	795	-284	-385	395
Total Gross Profit	1,785	2,127	2,048	2,406	1,497	1,609	1,907	2,577	1,441	1,755	1,944
Total Revenue	6,428	6,930	6,870	7,354	6,329	6,823	6,525	7,037	5,706	6,172	6,220
Operating Revenue	6,428	6,930	6,870	7,354	6,329	6,823	6,525	7,037	5,706	6,172	6,220
Total Cost of Revenue	4,643	4,803	4,822	4,948	4,832	5,214	4,618	4,460	4,265	4,417	4,276
Operating Cost of Revenue	4,643	4,803	4,822	4,948	4,832	5,214	4,618	4,460	4,265	4,417	4,276
Total Operating Expenses	2,008	1,849	2,010	2,008	1,890	2,013	1,790	1,782	1,725	2,140	1,549
Selling, General & Admin Expense	1,090	948	1,079	1,093	1,018	1,133	958	956	952	1,394	819
Depreciation Expense	396	407	438	404	408	415	375	367	365	367	335
Other Operating Expenses / (Income)	522	494	493	511	464	465	457	459	408	379	395
Total Other Income / (Expense), net	31	51	51	80	95	119	120	91	79	100	-42
Interest Expense	35	49	54	55	58	57	59	60	60	62	151
Interest & Investment Income	84	105	121	130	141	158	156	144	125	116	70
Other Income / (Expense), net	-18	-5.00	-16	5.00	12	18	23	7.00	14	46	39
Income Tax Expense	-43	67	22	111	-67	-33	44	203	-46	-65	76
Basic Earnings per Share	($0.26)	$0.45	$0.11	$0.61	($0.39)	($0.42)	$0.32	$1.15	($0.27)	($0.38)	$0.47
Weighted Average Basic Shares Outstanding	584M	592.66M	599M	599M	597M	596.66M	596M	595M	594M	594.29M	593M
Diluted Earnings per Share	($0.26)	$0.46	$0.11	$0.58	($0.39)	($0.36)	$0.31	$1.08	($0.27)	($0.30)	$0.44
Weighted Average Diluted Shares Outstanding	584M	592.66M	601M	643M	597M	596.66M	640M	639M	594M	594.29M	639M
Weighted Average Basic & Diluted Shares Outstanding	569.87M	592.66M	599.74M	599.16M	598.46M	596.66M	596.12M	595.63M	595.07M	594.29M	593.75M
Cash Dividends to Common per Share	$0.18	-	$0.18	$0.18	$0.18	-	$0.18	$0.18	$0.18	-	-

This table details how cash moves in and out of Southwest Airlines' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Change in Cash & Equivalents	-1,779	-204	-2,988	1,417	8,515	694	359	-185	97	301
Net Cash From Operating Activities	462	3,164	3,790	2,322	-1,127	3,987	4,893	3,929	4,293	3,238
Net Cash From Continuing Operating Activities	462	3,164	3,790	2,322	-1,127	3,987	4,893	3,929	4,693	3,012
Net Income / (Loss) Continuing Operations	465	465	539	977	-3,074	2,300	2,465	3,357	2,183	2,181
Consolidated Net Income / (Loss)	465	465	539	977	-3,074	2,300	2,465	3,357	2,183	2,181
Depreciation Expense	1,657	1,522	1,351	1,272	1,255	1,219	1,201	1,218	1,221	1,015
Non-Cash Adjustments To Reconcile Net Income	-90	-4.00	232	40	-190	0.00	0.00	63	21	0.00
Changes in Operating Assets and Liabilities, net	-1,570	1,181	1,668	33	882	468	1,227	-709	1,268	-184
Net Cash From Investing Activities	-261	-2,932	-3,746	-1,264	-16	-303	-2,038	-2,408	-2,272	-1,913
Net Cash From Continuing Investing Activities	-261	-2,932	-3,746	-1,264	-16	-303	-2,038	-2,408	-2,272	-1,913
Purchase of Property, Plant & Equipment	-2,054	-3,520	-3,924	-505	-515	-1,027	-1,922	-2,123	-2,038	-2,041
Purchase of Investments	-5,014	-6,970	-5,592	-5,824	-5,080	-2,122	-2,409	-2,380	-2,388	-1,986
Sale and/or Maturity of Investments	5,995	7,591	5,792	5,071	4,336	2,446	2,342	2,221	2,263	2,223
Other Investing Activities, net	812	-33	-22	-6.00	1,243	400	-49	-126	-109	-109
Net Cash From Financing Activities	-1,980	-436	-3,032	359	9,658	-2,990	-2,496	-1,706	-1,924	-1,024
Net Cash From Continuing Financing Activities	-1,980	-436	-3,032	359	9,658	-2,990	-2,496	-1,706	-1,924	-1,024
Repayment of Debt	-1,337	-85	-3,077	-828	-5,473	-615	-372	-602	-603	-246
Repurchase of Preferred Equity	-6.00	0.00	0.00	-	-	-	-	-	-	-
Repurchase of Common Equity	-250	0.00	0.00	-	-451	-2,000	-2,000	-1,600	-1,750	-1,180
Payment of Dividends	-430	-428	0.00	0.00	-188	-372	-332	-274	-222	-180
Issuance of Debt	-17	6.00	-	-	12,605	-43	3.00	615	515	500
Issuance of Common Equity	60	48	45	51	2,342	40	35	29	29	46
Other Financing Activities, net	0.00	23	0.00	1,136	823	0.00	170	126	107	36
Cash Interest Paid	220	228	305	336	212	88	107	81	100	105
Cash Income Taxes Paid	9.00	18	20	445	19	779	327	992	902	1,440

This table details how cash moves in and out of Southwest Airlines' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	625	-994	361	-225	-921	-209	339	799	-1,133	-951	-2,791
Net Cash From Operating Activities	860	476	114	-24	-104	425	616	1,417	706	579	234
Net Cash From Continuing Operating Activities	860	476	114	-24	-104	425	616	1,417	706	579	234
Net Income / (Loss) Continuing Operations	-149	261	67	368	-231	-252	193	683	-159	-220	277
Consolidated Net Income / (Loss)	-149	261	67	368	-231	-252	193	683	-159	-220	277
Depreciation Expense	396	407	438	404	408	415	376	366	365	367	335
Non-Cash Adjustments To Reconcile Net Income	-3.00	-90	-	-	0.00	-	-	-	-4.00	-2.00	80
Changes in Operating Assets and Liabilities, net	616	-102	-391	-796	-281	262	47	368	504	434	-458
Net Cash From Investing Activities	623	73	457	-206	-585	-664	-64	-627	-1,577	-933	-1,120
Net Cash From Continuing Investing Activities	623	73	457	-206	-585	-664	-64	-627	-1,577	-933	-1,120
Purchase of Property, Plant & Equipment	-501	-460	-517	-494	-583	-708	-841	-925	-1,046	-1,356	-1,071
Purchase of Investments	-51	-1,169	-635	-1,532	-1,678	-1,623	-1,620	-1,523	-2,204	-1,379	-1,743
Sale and/or Maturity of Investments	1,154	835	1,620	1,820	1,720	1,677	2,406	1,829	1,679	1,810	1,702
Other Investing Activities, net	21	867	-11	-	-44	-10	-9.00	-8.00	-6.00	-8.00	-8.00
Net Cash From Financing Activities	-858	-1,543	-210	5.00	-232	30	-213	9.00	-262	-597	-1,905
Net Cash From Continuing Financing Activities	-858	-1,543	-210	5.00	-232	30	-213	9.00	-262	-597	-1,905
Repayment of Debt	-5.00	-1,310	9.00	-4.00	-32	-7.00	-17	-2.00	-59	-610	-1,918
Repurchase of Common Equity	-750	-	-	-	-	-	-	-	-	-	-
Payment of Dividends	-107	1.00	-216	-	-215	-	-214	-	-214	-	-
Issuance of Debt	-13	2.00	-	-	-	2.00	-	-	2.00	-	-
Issuance of Common Equity	17	14	16	15	15	12	14	13	9.00	13	13
Cash Interest Paid	11	96	14	92	18	94	19	96	19	102	42
Cash Income Taxes Paid	1.00	2.00	-	4.00	3.00	9.00	1.00	6.00	2.00	1.00	8.00

This table presents Southwest Airlines' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Total Assets	33,750	36,487	35,369	36,320	34,588	25,895	26,243	25,110	23,286	21,312
Total Current Assets	11,274	13,955	14,808	18,036	15,173	5,974	5,028	4,815	4,498	4,024
Cash & Equivalents	7,509	9,288	9,492	12,480	11,063	2,548	1,854	1,495	1,680	1,583
Short-Term Investments	1,216	2,186	2,800	3,024	2,271	1,524	1,835	1,778	1,625	1,468
Accounts Receivable	1,110	1,154	1,040	1,357	1,130	1,086	568	662	546	474
Inventories, net	800	807	790	537	414	529	461	420	337	311
Prepaid Expenses	639	520	686	638	295	287	310	460	310	188
Plant, Property, & Equipment, net	19,056	19,375	17,342	14,842	15,831	17,025	19,525	18,539	17,044	15,601
Plant, Property & Equipment, gross	33,947	33,818	30,984	27,574	27,574	27,713	29,256	28,229	26,464	24,685
Accumulated Depreciation	14,891	14,443	13,642	12,732	11,743	10,688	9,731	9,690	9,420	9,084
Total Noncurrent Assets	3,420	3,157	3,219	3,442	3,584	2,319	1,690	1,756	1,744	1,687
Goodwill	970	970	970	970	970	970	970	970	970	970
Other Noncurrent Operating Assets	2,450	2,187	2,249	2,472	2,614	1,349	720	786	774	717
Total Liabilities & Shareholders' Equity	33,750	36,487	35,369	36,320	34,588	25,895	26,243	25,110	23,286	21,312
Total Liabilities	23,400	25,972	24,682	25,906	25,712	16,063	16,390	15,469	14,845	13,954
Total Current Liabilities	12,276	12,256	10,378	9,164	7,506	8,952	7,905	6,863	6,844	7,406
Short-Term Debt	1,630	29	42	453	220	819	606	348	566	637
Accounts Payable	1,818	1,862	2,004	1,282	931	1,574	1,416	1,320	1,178	1,188
Accrued Expenses	2,206	3,606	2,043	1,624	2,259	1,749	1,749	1,700	1,985	2,591
Current Deferred Revenue	6,294	6,551	6,064	5,566	-	4,457	4,134	3,495	3,115	2,990
Other Current Liabilities	328	208	225	239	4,096	353	0.00	-	-	-
Total Noncurrent Liabilities	11,124	13,716	14,304	16,742	18,206	7,111	8,485	8,606	8,001	6,548
Long-Term Debt	5,069	7,978	8,046	10,274	10,111	1,846	2,771	3,320	2,821	2,541
Noncurrent Deferred & Payable Income Tax Liabilities	2,167	2,044	1,985	1,770	1,634	2,364	2,427	2,119	3,374	2,490
Other Noncurrent Operating Liabilities	3,888	3,694	4,273	4,698	4,899	2,901	3,287	3,167	1,806	1,517
Total Equity & Noncontrolling Interests	10,350	10,515	10,687	10,414	8,876	9,832	9,853	9,641	8,441	7,358
Total Preferred & Common Equity	10,350	10,515	10,687	10,414	8,876	9,832	9,853	9,641	8,441	7,358
Total Common Equity	10,350	10,515	10,687	10,414	8,876	9,832	9,853	9,641	8,441	7,358
Common Stock	5,087	5,041	4,925	5,112	5,079	2,389	2,318	2,259	2,218	2,182
Retained Earnings	16,332	16,297	16,261	15,774	14,777	17,945	15,967	13,832	11,418	9,409
Treasury Stock	-11,044	-10,823	-10,843	-10,860	-10,875	-10,441	-8,452	-6,462	-4,872	-3,182
Accumulated Other Comprehensive Income / (Loss)	-25	0.00	344	388	-105	-61	20	12	-323	-1,051

This table presents Southwest Airlines' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Total Assets	33,212	33,750	34,847	35,563	36,018	36,487	36,980	36,519	35,546	35,369	35,946
Total Current Assets	10,734	11,274	11,930	12,751	13,281	13,955	14,631	14,661	14,274	14,808	16,418
Cash & Equivalents	8,134	7,509	8,503	8,142	8,367	9,288	9,497	9,158	8,359	9,492	10,443
Short-Term Investments	118	1,216	879	1,860	2,145	2,186	2,236	3,021	3,315	2,800	3,230
Accounts Receivable	1,078	1,110	1,177	1,346	1,354	1,154	1,467	1,233	1,250	1,040	1,316
Inventories, net	786	800	770	784	812	807	799	714	736	790	776
Prepaid Expenses	618	639	601	619	603	520	632	535	614	686	653
Plant, Property, & Equipment, net	19,157	19,056	19,773	19,665	19,561	19,375	19,075	18,596	18,024	17,342	16,337
Plant, Property & Equipment, gross	34,251	33,947	34,864	34,521	34,097	33,818	33,464	32,755	31,902	30,984	29,838
Accumulated Depreciation	15,094	14,891	15,091	14,856	14,536	14,443	14,389	14,159	13,878	13,642	13,501
Total Noncurrent Assets	3,321	3,420	3,144	3,147	3,176	3,157	3,274	3,262	3,248	3,219	3,191
Goodwill	970	970	970	970	970	970	970	970	970	970	970
Other Noncurrent Operating Assets	2,351	2,450	2,174	2,177	2,206	2,187	2,304	2,292	2,278	2,249	2,221
Total Liabilities & Shareholders' Equity	33,212	33,750	34,847	35,563	36,018	36,487	36,980	36,519	35,546	35,369	35,946
Total Liabilities	23,847	23,400	24,436	25,098	25,822	25,972	25,926	25,730	25,244	24,682	25,022
Total Current Liabilities	13,901	12,276	13,489	14,113	12,225	12,256	12,112	11,728	11,329	10,378	10,416
Short-Term Debt	2,608	1,630	2,930	2,931	28	29	30	31	32	42	381
Accounts Payable	1,925	1,818	1,518	2,028	1,949	1,862	1,736	1,882	1,729	2,004	1,553
Accrued Expenses	1,978	2,206	2,096	1,870	2,400	3,606	2,880	2,468	2,118	2,043	1,881
Current Deferred Revenue	7,059	6,294	6,743	7,086	7,642	6,551	7,246	7,121	7,217	6,064	6,368
Other Current Liabilities	331	328	202	198	206	208	220	226	233	225	233
Total Noncurrent Liabilities	9,946	11,124	10,947	10,985	13,597	13,716	13,814	14,002	13,915	14,304	14,606
Long-Term Debt	4,086	5,069	5,075	5,065	7,974	7,978	7,984	7,994	7,999	8,046	8,315
Noncurrent Deferred & Payable Income Tax Liabilities	2,124	2,167	2,094	2,089	1,981	2,044	2,157	2,057	1,888	1,985	1,995
Other Noncurrent Operating Liabilities	3,736	3,888	3,778	3,831	3,642	3,694	3,673	3,951	4,028	4,273	4,296
Total Equity & Noncontrolling Interests	9,365	10,350	10,411	10,465	10,196	10,515	11,054	10,789	10,302	10,687	10,924
Total Preferred & Common Equity	9,365	10,350	10,411	10,465	10,196	10,515	11,054	10,789	10,302	10,687	10,924
Total Common Equity	9,365	10,350	10,411	10,465	10,196	10,515	11,054	10,789	10,302	10,687	10,924
Common Stock	5,098	5,087	5,068	5,039	5,026	5,041	5,023	4,991	4,946	4,925	4,877
Retained Earnings	16,080	16,332	16,178	16,218	15,959	16,297	16,657	16,571	15,995	16,261	16,588
Treasury Stock	-11,789	-11,044	-10,798	-10,803	-10,808	-10,823	-10,827	-10,831	-10,836	-10,843	-10,846
Accumulated Other Comprehensive Income / (Loss)	-24	-25	-37	11	19	0.00	201	58	197	344	305

This table displays calculated financial ratios and metrics derived from Southwest Airlines' official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	5.34%	9.56%	50.82%	74.51%	-59.66%	2.11%	3.87%	4.22%	2.37%	6.53%
EBITDA Growth	9.18%	-23.26%	-22.58%	211.92%	-165.24%	-5.04%	-2.75%	-4.43%	3.21%	60.30%
EBIT Growth	10.84%	-71.54%	-43.25%	144.56%	-234.76%	-7.50%	-3.25%	-5.88%	-1.66%	85.80%
NOPAT Growth	51.69%	-78.15%	-40.66%	147.51%	-216.14%	-7.92%	-28.70%	57.19%	-13.63%	85.39%
Net Income Growth	0.00%	-13.73%	-44.83%	131.78%	-233.65%	-6.69%	-26.57%	53.78%	0.09%	91.99%
EPS Growth	0.00%	-12.64%	-45.96%	129.60%	-227.40%	-0.47%	-22.98%	0.00%	0.00%	99.39%
Operating Cash Flow Growth	-85.40%	-16.52%	63.22%	306.03%	-128.27%	-18.52%	24.54%	-8.48%	32.58%	11.58%
Free Cash Flow Firm Growth	-156.31%	-330.46%	-103.03%	235.82%	-156.55%	33.42%	50.39%	67.15%	-24.38%	-17.87%
Invested Capital Growth	18.10%	8.72%	15.01%	-24.18%	-5.26%	-17.74%	-4.93%	17.75%	13.87%	15.53%
Revenue Q/Q Growth	0.39%	2.56%	4.94%	23.82%	-29.12%	0.12%	2.07%	1.53%	-0.18%	1.79%
EBITDA Q/Q Growth	49.21%	0.06%	-17.36%	89.71%	-229.18%	-3.96%	6.07%	-3.03%	-1.81%	13.58%
EBIT Q/Q Growth	192.69%	-14.11%	-34.91%	420.88%	-91.15%	-4.96%	6.66%	-3.00%	-3.87%	17.65%
NOPAT Q/Q Growth	198.78%	-13.75%	-37.78%	406.38%	-92.44%	-5.93%	-30.77%	67.41%	-10.20%	11.18%
Net Income Q/Q Growth	1,048.98%	-6.44%	-34.75%	48,750.00%	-85.96%	-5.78%	-30.72%	62.02%	-3.28%	18.86%
EPS Q/Q Growth	1,366.67%	-7.32%	-32.56%	994.44%	-94.29%	-4.04%	-29.09%	0.00%	0.00%	20.66%
Operating Cash Flow Q/Q Growth	12.41%	-4.64%	9.60%	57.00%	-484.64%	-3.97%	9.54%	-3.58%	9.85%	3.85%
Free Cash Flow Firm Q/Q Growth	47.41%	66.55%	-112.45%	270.14%	-250.56%	21.96%	12.19%	73.13%	5.75%	-33.91%
Invested Capital Q/Q Growth	-7.86%	-3.91%	9.01%	2.79%	22.65%	-12.31%	-2.43%	13.54%	7.94%	14.45%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	29.39%	28.88%	31.96%	15.37%	-17.71%	38.19%	33.05%	35.34%	42.67%	43.28%
EBITDA Margin	7.18%	6.93%	9.89%	19.27%	-30.05%	18.58%	19.98%	21.34%	23.27%	23.08%
Operating Margin	1.17%	0.86%	4.27%	10.90%	-42.18%	13.18%	14.60%	16.11%	17.36%	20.77%
EBIT Margin	1.15%	1.10%	4.22%	11.22%	-43.92%	13.15%	14.51%	15.58%	17.26%	17.96%
Profit (Net Income) Margin	1.69%	1.78%	2.26%	6.19%	-33.97%	10.26%	11.22%	15.88%	10.76%	11.00%
Tax Burden Percent	77.76%	73.46%	74.04%	73.74%	72.23%	77.78%	77.91%	102.82%	63.28%	62.69%
Interest Burden Percent	188.64%	221.33%	72.44%	74.82%	107.10%	100.27%	99.25%	99.09%	98.54%	97.72%
Effective Tax Rate	22.24%	26.54%	25.96%	26.26%	0.00%	22.22%	22.09%	-2.82%	36.72%	37.31%
Return on Invested Capital (ROIC)	3.25%	2.43%	12.43%	19.42%	-34.96%	26.45%	25.52%	37.75%	27.84%	36.96%
ROIC Less NNEP Spread (ROIC-NNEP)	-4.59%	-5.40%	17.19%	28.81%	-11.44%	26.45%	-53.33%	-23.47%	-15.75%	509.55%
Return on Net Nonoperating Assets (RNNOA)	1.21%	1.95%	-7.32%	-9.29%	2.09%	-3.09%	-0.23%	-0.62%	-0.21%	-6.09%
Return on Equity (ROE)	4.46%	4.39%	5.11%	10.13%	-32.86%	23.37%	25.29%	37.13%	27.63%	30.86%
Cash Return on Invested Capital (CROIC)	-13.35%	-5.92%	-1.54%	46.92%	-29.55%	45.93%	30.57%	21.45%	14.87%	22.55%
Operating Return on Assets (OROA)	0.90%	0.80%	2.80%	5.00%	-13.14%	11.31%	12.42%	13.62%	15.70%	17.35%
Return on Assets (ROA)	1.32%	1.29%	1.50%	2.76%	-10.16%	8.82%	9.60%	13.87%	9.79%	10.63%
Return on Common Equity (ROCE)	4.46%	4.39%	5.11%	10.13%	-32.86%	23.37%	25.29%	37.13%	27.63%	30.86%
Return on Equity Simple (ROE_SIMPLE)	4.49%	4.42%	5.04%	9.38%	-34.63%	23.39%	25.02%	34.82%	25.86%	29.64%
Net Operating Profit after Tax (NOPAT)	250	165	753	1,269	-2,671	2,300	2,498	3,503	2,229	2,580
NOPAT Margin	0.91%	0.63%	3.16%	8.04%	-29.52%	10.26%	11.37%	16.57%	10.98%	13.02%
Net Nonoperating Expense Percent (NNEP)	7.84%	7.83%	-4.77%	-9.39%	-23.52%	0.00%	78.85%	61.22%	43.60%	-472.59%
Return On Investment Capital (ROIC_SIMPLE)	1.46%	0.89%	4.01%	-	-	-	-	-	-	-
Cost of Revenue to Revenue	70.61%	71.12%	68.04%	84.63%	117.71%	61.81%	66.95%	64.66%	57.33%	56.72%
SG&A Expenses to Revenue	15.06%	15.33%	15.68%	15.16%	21.29%	13.49%	12.98%	13.46%	13.32%	11.31%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	28.22%	28.02%	27.69%	4.47%	24.47%	25.00%	18.45%	19.22%	25.31%	22.51%
Earnings before Interest and Taxes (EBIT)	317	286	1,005	1,771	-3,974	2,949	3,188	3,295	3,501	3,560
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,974	1,808	2,356	3,043	-2,719	4,168	4,389	4,513	4,722	4,575
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.95	1.60	1.78	2.37	3.02	2.80	2.54	3.81	3.41	3.54
Price to Tangible Book Value (P/TBV)	2.15	1.76	1.96	2.61	3.39	3.11	2.81	4.24	3.85	4.08
Price to Revenue (P/Rev)	0.73	0.64	0.80	1.56	2.96	1.23	1.14	1.74	1.42	1.31
Price to Earnings (P/E)	43.36	36.18	35.26	25.25	0.00	11.97	10.14	10.94	13.18	11.94
Dividend Yield	2.14%	3.19%	0.00%	0.00%	1.59%	1.34%	1.36%	0.77%	0.80%	0.71%
Earnings Yield	2.31%	2.76%	2.84%	3.96%	0.00%	8.36%	9.87%	9.14%	7.59%	8.38%
Enterprise Value to Invested Capital (EV/IC)	2.18	1.90	2.28	3.53	3.41	3.33	2.59	3.70	3.39	3.49
Enterprise Value to Revenue (EV/Rev)	0.66	0.51	0.62	1.26	2.80	1.16	1.12	1.76	1.42	1.32
Enterprise Value to EBITDA (EV/EBITDA)	9.19	7.39	6.28	6.54	0.00	6.27	5.62	8.23	6.11	5.72
Enterprise Value to EBIT (EV/EBIT)	57.22	46.71	14.73	11.23	0.00	8.86	7.74	11.27	8.24	7.35
Enterprise Value to NOPAT (EV/NOPAT)	72.66	81.18	19.66	15.67	0.00	11.36	9.88	10.60	12.95	10.14
Enterprise Value to Operating Cash Flow (EV/OCF)	39.26	4.22	3.91	8.57	0.00	6.55	5.04	9.45	6.72	8.08
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	6.49	0.00	6.54	8.24	18.66	24.24	16.62
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.65	0.76	0.76	1.03	1.34	0.27	0.34	0.38	0.40	0.43
Long-Term Debt to Equity	0.49	0.76	0.75	0.99	1.32	0.19	0.28	0.34	0.33	0.35
Financial Leverage	-0.26	-0.36	-0.43	-0.32	-0.18	-0.12	0.00	0.03	0.01	-0.01
Leverage Ratio	3.37	3.39	3.40	3.68	3.23	2.65	2.63	2.68	2.82	2.90
Compound Leverage Factor	6.35	7.50	2.46	2.75	3.46	2.66	2.61	2.65	2.78	2.84
Debt to Total Capital	39.29%	43.23%	43.08%	50.74%	57.26%	21.33%	25.53%	27.56%	28.64%	30.16%
Short-Term Debt to Total Capital	9.56%	0.16%	0.22%	2.14%	1.06%	6.55%	4.58%	2.61%	4.79%	6.05%
Long-Term Debt to Total Capital	29.73%	43.07%	42.85%	48.60%	56.20%	14.77%	20.94%	24.95%	23.85%	24.12%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	60.71%	56.77%	56.92%	49.26%	42.74%	78.67%	74.47%	72.44%	71.36%	69.84%
Debt to EBITDA	3.39	4.43	3.43	3.53	-4.37	0.64	0.77	0.81	0.72	0.69
Net Debt to EBITDA	-1.03	-1.92	-1.78	-1.57	0.53	-0.34	-0.07	0.09	0.02	0.03
Long-Term Debt to EBITDA	2.57	4.41	3.42	3.38	-4.29	0.44	0.63	0.74	0.60	0.56
Debt to NOPAT	26.84	48.66	10.74	8.45	-4.45	1.16	1.35	1.05	1.52	1.23
Net Debt to NOPAT	-8.12	-21.07	-5.58	-3.76	0.54	-0.61	-0.12	0.11	0.04	0.05
Long-Term Debt to NOPAT	20.31	48.48	10.69	8.10	-4.37	0.80	1.11	0.95	1.27	0.98
Altman Z-Score	2.00	1.81	2.02	2.07	1.37	3.10	2.87	3.37	3.10	3.03
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.92	1.14	1.43	1.97	2.02	0.67	0.64	0.70	0.66	0.54
Quick Ratio	0.80	1.03	1.28	1.84	1.93	0.58	0.54	0.57	0.56	0.48
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1,026	-400	-93	3,067	-2,258	3,993	2,993	1,990	1,191	1,574
Operating Cash Flow to CapEx	22.49%	89.89%	96.59%	459.80%	-218.84%	388.22%	254.58%	185.07%	210.65%	158.65%
Free Cash Flow to Firm to Interest Expense	-4.75	-1.70	-0.19	6.68	-7.19	48.70	32.18	30.62	15.87	17.49
Operating Cash Flow to Interest Expense	2.14	13.41	7.67	5.06	-3.59	48.62	52.61	60.45	57.24	35.98
Operating Cash Flow Less CapEx to Interest Expense	-7.37	-1.51	-0.27	3.96	-5.23	36.10	31.95	27.78	30.07	13.30
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.78	0.73	0.66	0.45	0.30	0.86	0.86	0.87	0.91	0.97
Accounts Receivable Turnover	24.28	23.78	19.87	12.70	8.17	27.12	35.72	35.01	39.78	47.25
Inventory Turnover	24.15	23.24	24.42	28.10	22.59	28.01	33.38	36.13	35.90	34.43
Fixed Asset Turnover	1.43	1.42	1.48	1.03	0.55	1.23	1.15	1.19	1.24	1.33
Accounts Payable Turnover	10.55	9.60	9.86	12.08	8.50	9.27	10.75	10.95	9.83	9.40
Days Sales Outstanding (DSO)	15.03	15.35	18.37	28.74	44.70	13.46	10.22	10.43	9.17	7.73
Days Inventory Outstanding (DIO)	15.11	15.71	14.95	12.99	16.16	13.03	10.93	10.10	10.17	10.60
Days Payable Outstanding (DPO)	34.61	38.02	37.01	30.22	42.93	39.36	33.95	33.34	37.12	38.81
Cash Conversion Cycle (CCC)	-4.46	-6.97	-3.70	11.51	17.93	-12.87	-12.80	-12.81	-17.78	-20.49
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	8,324	7,048	6,483	5,637	7,435	7,848	9,541	10,036	8,523	7,485
Invested Capital Turnover	3.58	3.86	3.93	2.42	1.18	2.58	2.24	2.28	2.53	2.84
Increase / (Decrease) in Invested Capital	1,276	565	846	-1,798	-413	-1,693	-495	1,513	1,038	1,006
Enterprise Value (EV)	18,137	13,359	14,802	19,890	25,322	26,122	24,673	37,124	28,861	26,159
Market Capitalization	20,163	16,826	19,006	24,667	26,763	27,529	24,985	36,729	28,779	26,032
Book Value per Share	$17.26	$17.64	$18.00	$17.59	$15.04	$18.68	$17.52	$16.25	$13.71	$11.31
Tangible Book Value per Share	$15.64	$16.01	$16.37	$15.95	$13.39	$16.84	$15.80	$14.61	$12.14	$9.82
Total Capital	17,049	18,522	18,775	21,141	20,769	12,497	13,230	13,309	11,828	10,536
Total Debt	6,699	8,007	8,088	10,727	11,893	2,665	3,377	3,668	3,387	3,178
Total Long-Term Debt	5,069	7,978	8,046	10,274	11,673	1,846	2,771	3,320	2,821	2,541
Net Debt	-2,026	-3,467	-4,204	-4,777	-1,441	-1,407	-312	395	82	127
Capital Expenditures (CapEx)	2,054	3,520	3,924	505	515	1,027	1,922	2,123	2,038	2,041
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-8,097	-9,746	-7,820	-6,179	-5,447	-6,231	-5,960	-4,973	-5,085	-5,796
Debt-free Net Working Capital (DFNWC)	628	1,728	4,472	9,325	7,887	-2,159	-2,271	-1,700	-1,780	-2,745
Net Working Capital (NWC)	-1,002	1,699	4,430	8,872	7,667	-2,978	-2,877	-2,048	-2,346	-3,382
Net Nonoperating Expense (NNE)	-215	-300	214	292	403	0.00	33	146	46	399
Net Nonoperating Obligations (NNO)	-2,026	-3,467	-4,204	-4,777	-1,441	-1,984	-312	395	82	127
Total Depreciation and Amortization (D&A)	1,657	1,522	1,351	1,272	1,255	1,219	1,201	1,218	1,221	1,015
Debt-free, Cash-free Net Working Capital to Revenue	-29.46%	-37.35%	-32.84%	-39.13%	-60.20%	-27.78%	-27.13%	-23.52%	-25.06%	-29.24%
Debt-free Net Working Capital to Revenue	2.29%	6.62%	18.78%	59.06%	87.17%	-9.63%	-10.34%	-8.04%	-8.77%	-13.85%
Net Working Capital to Revenue	-3.65%	6.51%	18.60%	56.19%	84.74%	-13.28%	-13.10%	-9.69%	-11.56%	-17.06%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.78	$0.78	$0.91	$1.65	($5.44)	$4.28	$0.00	$5.80	$3.58	$3.30
Adjusted Weighted Average Basic Shares Outstanding	592.66M	596.66M	594.29M	592.34M	1.18B	517.30M	552.69M	587.95M	615.25M	638.07M
Adjusted Diluted Earnings per Share	$0.76	$0.76	$0.87	$1.61	($5.44)	$4.27	$0.00	$5.79	$3.55	$3.27
Adjusted Weighted Average Diluted Shares Outstanding	592.66M	596.66M	594.29M	592.34M	1.18B	517.30M	552.69M	587.95M	615.25M	638.07M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$4.28	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	592.66M	596.66M	594.29M	592.34M	1.18B	517.30M	552.69M	587.95M	615.25M	638.07M
Normalized Net Operating Profit after Tax (NOPAT)	250	165	753	1,269	-2,671	2,300	2,498	2,385	2,229	2,605
Normalized NOPAT Margin	0.91%	0.63%	3.16%	8.04%	-29.52%	10.26%	11.37%	11.28%	10.98%	13.14%
Pre Tax Income Margin	2.18%	2.43%	3.06%	8.39%	-47.04%	13.18%	14.40%	15.44%	17.00%	17.55%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.47	1.21	2.03	3.86	-12.66	35.96	34.28	50.69	46.68	39.56
NOPAT to Interest Expense	1.16	0.70	1.52	2.76	-8.51	28.05	26.86	53.89	29.71	28.67
EBIT Less CapEx to Interest Expense	-8.04	-13.70	-5.91	2.76	-14.30	23.44	13.61	18.03	19.51	16.88
NOPAT Less CapEx to Interest Expense	-8.35	-14.22	-6.42	1.66	-10.15	15.52	6.19	21.23	2.54	5.99
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	92.47%	92.04%	0.00%	0.00%	-6.12%	16.17%	13.47%	8.16%	10.17%	8.25%
Augmented Payout Ratio	146.24%	92.04%	0.00%	0.00%	-20.79%	103.13%	94.60%	55.82%	90.33%	62.36%

This table displays calculated financial ratios and metrics derived from Southwest Airlines' official financial filings.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	1.56%	1.57%	5.29%	4.50%	10.92%	10.55%	4.90%	4.59%	21.56%	22.19%	32.93%
EBITDA Growth	474.07%	2,244.83%	-10.85%	-30.91%	-71.58%	3.57%	-32.90%	-19.89%	-5.94%	-94.65%	-25.92%
EBIT Growth	36.75%	170.73%	-84.29%	-49.75%	-41.11%	-13.86%	-67.74%	-29.21%	-21.08%	-269.50%	-39.39%
NOPAT Growth	43.26%	178.28%	-69.98%	-50.14%	-38.38%	-4.94%	-69.26%	-27.86%	-88.08%	-258.83%	-43.11%
Net Income Growth	35.50%	203.97%	-65.29%	-46.27%	-45.28%	-14.55%	-30.32%	-10.13%	42.81%	-428.36%	-37.89%
EPS Growth	33.33%	227.78%	-64.52%	-46.30%	-44.44%	-20.00%	-29.55%	-10.00%	42.55%	-350.00%	-39.73%
Operating Cash Flow Growth	926.92%	12.00%	-81.49%	-101.69%	-114.73%	-26.60%	163.25%	-25.66%	-34.08%	134.41%	140.70%
Free Cash Flow Firm Growth	78.72%	-24.39%	-29.22%	-91.20%	-624.19%	24.00%	-744.68%	-275.48%	85.82%	-156.69%	-113.63%
Invested Capital Growth	1.57%	18.10%	23.16%	27.49%	15.42%	8.72%	23.34%	26.91%	-0.28%	15.01%	8.44%
Revenue Q/Q Growth	-7.24%	0.87%	-6.58%	16.20%	-7.24%	4.57%	-7.28%	23.33%	-7.55%	-0.77%	-7.55%
EBITDA Q/Q Growth	-77.21%	47.83%	-43.00%	2,888.89%	-6.90%	-94.38%	-55.82%	1,129.47%	239.29%	-96.36%	-47.26%
EBIT Q/Q Growth	-188.28%	1,140.91%	-94.54%	205.77%	1.30%	-375.71%	-82.54%	397.04%	20.35%	-178.11%	-61.69%
NOPAT Q/Q Growth	-170.51%	673.89%	-90.64%	211.08%	2.72%	-396.81%	-84.45%	408.27%	26.23%	-186.95%	-63.51%
Net Income Q/Q Growth	-156.87%	291.04%	-81.74%	258.87%	8.33%	-230.57%	-71.74%	529.56%	27.73%	-179.42%	-63.55%
EPS Q/Q Growth	-156.52%	318.18%	-81.03%	248.72%	0.00%	-216.13%	-71.30%	500.00%	10.00%	-168.18%	-63.33%
Operating Cash Flow Q/Q Growth	80.67%	317.54%	575.00%	76.92%	-124.47%	-31.01%	-56.53%	100.71%	21.93%	147.44%	-87.72%
Free Cash Flow Firm Q/Q Growth	73.73%	36.86%	-10.01%	-16.61%	-53.59%	34.42%	-62.78%	-341.69%	83.88%	-628.88%	27.64%
Invested Capital Q/Q Growth	-6.21%	-7.86%	6.80%	10.06%	9.05%	-3.91%	10.55%	-0.36%	2.71%	9.01%	13.75%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	27.77%	30.69%	29.81%	32.72%	23.65%	23.58%	29.23%	36.62%	25.25%	28.43%	31.25%
EBITDA Margin	2.41%	9.81%	6.70%	10.97%	0.43%	0.43%	7.91%	16.60%	1.66%	0.45%	12.36%
Operating Margin	-3.47%	4.01%	0.55%	5.41%	-6.21%	-5.92%	1.79%	11.30%	-4.98%	-6.24%	6.35%
EBIT Margin	-3.75%	3.94%	0.32%	5.48%	-6.02%	-5.66%	2.15%	11.40%	-4.73%	-5.49%	6.98%
Profit (Net Income) Margin	-2.32%	3.78%	0.98%	4.99%	-3.65%	-3.69%	2.96%	9.71%	-2.79%	-3.56%	4.45%
Tax Burden Percent	77.60%	79.64%	75.28%	76.78%	77.52%	88.42%	81.43%	77.09%	77.56%	77.19%	78.47%
Interest Burden Percent	79.67%	120.51%	404.55%	118.61%	78.22%	73.83%	169.29%	110.47%	75.93%	84.07%	81.34%
Effective Tax Rate	0.00%	20.36%	24.72%	23.22%	0.00%	0.00%	18.57%	22.91%	0.00%	0.00%	21.53%
Return on Invested Capital (ROIC)	-8.65%	11.42%	1.39%	14.88%	-16.19%	-15.98%	5.59%	36.90%	-12.97%	-17.16%	19.79%
ROIC Less NNEP Spread (ROIC-NNEP)	-9.00%	9.94%	-0.11%	12.89%	-17.62%	-16.79%	3.35%	35.51%	-14.05%	-18.26%	20.46%
Return on Net Nonoperating Assets (RNNOA)	1.87%	-2.62%	0.03%	-3.74%	5.29%	6.07%	-1.32%	-16.28%	5.01%	7.77%	-9.42%
Return on Equity (ROE)	-6.78%	8.81%	1.42%	11.15%	-10.90%	-9.91%	4.27%	20.62%	-7.97%	-9.39%	10.37%
Cash Return on Invested Capital (CROIC)	3.36%	-13.35%	-23.85%	-26.35%	-13.15%	-5.92%	-18.03%	-16.91%	9.99%	-1.54%	13.07%
Operating Return on Assets (OROA)	-2.99%	3.08%	0.24%	4.11%	-4.49%	-4.11%	1.50%	7.66%	-3.23%	-3.65%	4.33%
Return on Assets (ROA)	-1.85%	2.96%	0.74%	3.74%	-2.72%	-2.68%	2.06%	6.52%	-1.90%	-2.37%	2.77%
Return on Common Equity (ROCE)	-6.78%	8.81%	1.42%	11.15%	-10.90%	-9.91%	4.27%	20.62%	-7.97%	-9.39%	10.37%
Return on Equity Simple (ROE_SIMPLE)	5.84%	0.00%	-0.47%	0.74%	3.85%	0.00%	4.50%	5.39%	6.39%	0.00%	7.56%
Net Operating Profit after Tax (NOPAT)	-156	221	29	306	-275	-283	95	613	-199	-270	310
NOPAT Margin	-2.43%	3.19%	0.42%	4.16%	-4.35%	-4.14%	1.46%	8.71%	-3.48%	-4.37%	4.98%
Net Nonoperating Expense Percent (NNEP)	0.35%	1.48%	1.51%	1.99%	1.43%	0.80%	2.25%	1.40%	1.08%	1.10%	-0.68%
Return On Investment Capital (ROIC_SIMPLE)	-0.97%	1.30%	-	-	-	-1.53%	-	-	-	-1.44%	-
Cost of Revenue to Revenue	72.23%	69.31%	70.19%	67.28%	76.35%	76.42%	70.77%	63.38%	74.75%	71.57%	68.75%
SG&A Expenses to Revenue	16.96%	13.68%	15.71%	14.86%	16.08%	16.61%	14.68%	13.59%	16.68%	22.59%	13.17%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	31.24%	26.68%	29.26%	27.30%	29.86%	29.50%	27.43%	25.32%	30.23%	34.67%	24.90%
Earnings before Interest and Taxes (EBIT)	-241	273	22	403	-381	-386	140	802	-270	-339	434
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	155	680	460	807	27	29	516	1,168	95	28	769
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.13	1.95	1.71	1.64	1.71	1.60	1.42	1.95	1.84	1.78	1.63
Price to Tangible Book Value (P/TBV)	2.37	2.15	1.88	1.80	1.89	1.76	1.56	2.14	2.03	1.96	1.79
Price to Revenue (P/Rev)	0.72	0.73	0.65	0.63	0.65	0.64	0.62	0.84	0.76	0.80	0.78
Price to Earnings (P/E)	36.38	43.36	0.00	222.36	44.28	36.18	31.68	36.23	28.74	35.26	21.55
Dividend Yield	2.14%	2.14%	2.43%	2.52%	2.47%	3.19%	2.72%	1.53%	1.13%	0.00%	0.00%
Earnings Yield	2.75%	2.31%	0.00%	0.45%	2.26%	2.76%	3.16%	2.76%	3.48%	2.84%	4.64%
Enterprise Value to Invested Capital (EV/IC)	2.35	2.18	1.81	1.79	1.94	1.90	1.64	2.55	2.29	2.28	2.16
Enterprise Value to Revenue (EV/Rev)	0.67	0.66	0.60	0.56	0.56	0.51	0.47	0.67	0.61	0.62	0.57
Enterprise Value to EBITDA (EV/EBITDA)	8.73	9.19	12.38	10.96	8.56	7.39	6.66	8.20	6.50	6.28	4.50
Enterprise Value to EBIT (EV/EBIT)	40.14	57.22	0.00	0.00	85.09	46.71	36.11	26.95	15.94	14.73	8.31
Enterprise Value to NOPAT (EV/NOPAT)	48.08	72.66	0.00	0.00	177.92	81.18	63.03	41.80	23.59	19.66	10.60
Enterprise Value to Operating Cash Flow (EV/OCF)	12.86	39.26	39.84	16.56	6.33	4.22	3.62	5.75	4.46	3.91	3.71
Enterprise Value to Free Cash Flow (EV/FCFF)	70.42	0.00	0.00	0.00	0.00	0.00	0.00	0.00	22.92	0.00	17.16
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.71	0.65	0.77	0.76	0.78	0.76	0.73	0.74	0.78	0.76	0.80
Long-Term Debt to Equity	0.44	0.49	0.49	0.48	0.78	0.76	0.72	0.74	0.78	0.75	0.76
Financial Leverage	-0.21	-0.26	-0.24	-0.29	-0.30	-0.36	-0.40	-0.46	-0.36	-0.43	-0.46
Leverage Ratio	3.54	3.37	3.35	3.39	3.49	3.39	3.32	3.42	3.51	3.40	3.45
Compound Leverage Factor	2.82	4.06	13.54	4.02	2.73	2.50	5.62	3.77	2.67	2.86	2.81
Debt to Total Capital	41.68%	39.29%	43.47%	43.31%	43.97%	43.23%	42.03%	42.65%	43.81%	43.08%	44.32%
Short-Term Debt to Total Capital	16.24%	9.56%	15.91%	15.88%	0.15%	0.16%	0.16%	0.16%	0.17%	0.22%	1.94%
Long-Term Debt to Total Capital	25.44%	29.73%	27.56%	27.44%	43.82%	43.07%	41.87%	42.49%	43.63%	42.85%	42.38%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	58.32%	60.71%	56.53%	56.69%	56.03%	56.77%	57.97%	57.35%	56.19%	56.92%	55.68%
Debt to EBITDA	3.18	3.39	6.05	5.80	4.60	4.43	4.44	3.90	3.42	3.43	3.05
Net Debt to EBITDA	-0.74	-1.03	-1.04	-1.45	-1.44	-1.92	-2.06	-2.02	-1.55	-1.78	-1.75
Long-Term Debt to EBITDA	1.94	2.57	3.84	3.67	4.58	4.41	4.42	3.88	3.40	3.42	2.92
Debt to NOPAT	17.55	26.84	-31.68	-48.61	95.61	48.66	42.00	19.86	12.41	10.74	7.19
Net Debt to NOPAT	-4.08	-8.12	5.45	12.19	-29.99	-21.07	-19.49	-10.28	-5.63	-5.58	-4.11
Long-Term Debt to NOPAT	10.71	20.31	-20.08	-30.79	95.28	48.48	41.85	19.78	12.36	10.69	6.87
Altman Z-Score	1.87	2.00	1.82	1.80	1.77	1.75	1.78	1.98	1.85	1.90	1.94
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.77	0.92	0.88	0.90	1.09	1.14	1.21	1.25	1.26	1.43	1.58
Quick Ratio	0.67	0.80	0.78	0.80	0.97	1.03	1.09	1.14	1.14	1.28	1.44
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-277	-1,055	-1,670	-1,518	-1,302	-848	-1,293	-794	-180	-1,116	-153
Operating Cash Flow to CapEx	171.66%	103.48%	22.05%	-4.86%	-17.84%	60.03%	73.25%	153.19%	67.50%	42.70%	21.85%
Free Cash Flow to Firm to Interest Expense	-7.92	-21.52	-30.93	-27.61	-22.45	-14.87	-21.91	-13.24	-3.00	-17.99	-1.01
Operating Cash Flow to Interest Expense	24.57	9.71	2.11	-0.44	-1.79	7.46	10.44	23.62	11.77	9.34	1.55
Operating Cash Flow Less CapEx to Interest Expense	10.26	0.33	-7.46	-9.42	-11.84	-4.96	-3.81	8.20	-5.67	-12.53	-5.54
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.80	0.78	0.76	0.75	0.75	0.73	0.70	0.67	0.68	0.66	0.62
Accounts Receivable Turnover	22.68	24.28	20.71	20.96	20.52	23.78	18.28	19.17	16.88	19.87	16.24
Inventory Turnover	24.05	24.15	27.54	28.57	27.02	23.24	24.47	25.84	27.27	24.42	24.29
Fixed Asset Turnover	1.42	1.43	1.41	1.41	1.42	1.42	1.44	1.47	1.51	1.48	1.45
Accounts Payable Turnover	9.92	10.55	13.28	10.95	11.37	9.60	11.72	9.99	10.98	9.86	11.24
Days Sales Outstanding (DSO)	16.09	15.03	17.63	17.41	17.79	15.35	19.96	19.04	21.63	18.37	22.48
Days Inventory Outstanding (DIO)	15.18	15.11	13.25	12.77	13.51	15.71	14.92	14.13	13.38	14.95	15.03
Days Payable Outstanding (DPO)	36.79	34.61	27.49	33.34	32.10	38.02	31.15	36.55	33.26	37.01	32.48
Cash Conversion Cycle (CCC)	-5.52	-4.46	3.39	-3.16	-0.80	-6.97	3.73	-3.38	1.75	-3.70	5.02
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	7,807	8,324	9,034	8,459	7,686	7,048	7,335	6,635	6,659	6,483	5,947
Invested Capital Turnover	3.56	3.58	3.34	3.58	3.72	3.86	3.83	4.24	3.72	3.93	3.97
Increase / (Decrease) in Invested Capital	121	1,276	1,699	1,824	1,027	565	1,388	1,407	-19	846	463
Enterprise Value (EV)	18,344	18,137	16,376	15,116	14,891	13,359	12,026	16,895	15,266	14,802	12,823
Market Capitalization	19,902	20,163	17,753	17,122	17,401	16,826	15,745	21,049	18,909	19,006	17,800
Book Value per Share	$15.80	$17.26	$17.38	$17.49	$17.08	$17.64	$18.56	$18.13	$17.34	$18.00	$18.41
Tangible Book Value per Share	$14.16	$15.64	$15.76	$15.87	$15.45	$16.01	$16.93	$16.50	$15.70	$16.37	$16.78
Total Capital	16,059	17,049	18,416	18,461	18,198	18,522	19,068	18,814	18,333	18,775	19,620
Total Debt	6,694	6,699	8,005	7,996	8,002	8,007	8,014	8,025	8,031	8,088	8,696
Total Long-Term Debt	4,086	5,069	5,075	5,065	7,974	7,978	7,984	7,994	7,999	8,046	8,315
Net Debt	-1,558	-2,026	-1,377	-2,006	-2,510	-3,467	-3,719	-4,154	-3,643	-4,204	-4,977
Capital Expenditures (CapEx)	501	460	517	494	583	708	841	925	1,046	1,356	1,071
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-8,811	-8,097	-8,011	-8,433	-9,428	-9,746	-9,184	-9,215	-8,697	-7,820	-7,290
Debt-free Net Working Capital (DFNWC)	-559	628	1,371	1,569	1,084	1,728	2,549	2,964	2,977	4,472	6,383
Net Working Capital (NWC)	-3,167	-1,002	-1,559	-1,362	1,056	1,699	2,519	2,933	2,945	4,430	6,002
Net Nonoperating Expense (NNE)	-7.10	-41	-38	-61	-44	-31	-98	-70	-40	-50	33
Net Nonoperating Obligations (NNO)	-1,558	-2,026	-1,377	-2,006	-2,510	-3,467	-3,719	-4,154	-3,643	-4,204	-4,977
Total Depreciation and Amortization (D&A)	396	407	438	404	408	415	376	366	365	367	335
Debt-free, Cash-free Net Working Capital to Revenue	-31.94%	-29.46%	-29.26%	-31.20%	-35.29%	-37.35%	-36.10%	-36.66%	-35.03%	-32.84%	-32.12%
Debt-free Net Working Capital to Revenue	-2.03%	2.29%	5.01%	5.80%	4.06%	6.62%	10.02%	11.79%	11.99%	18.78%	28.13%
Net Working Capital to Revenue	-11.48%	-3.65%	-5.69%	-5.04%	3.95%	6.51%	9.90%	11.67%	11.86%	18.60%	26.45%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.26)	$0.45	$0.11	$0.61	($0.39)	($0.42)	$0.32	$1.15	$0.00	($0.38)	$0.47
Adjusted Weighted Average Basic Shares Outstanding	584M	592.66M	599M	599M	597M	596.66M	596M	595M	594M	594.29M	593M
Adjusted Diluted Earnings per Share	($0.26)	$0.46	$0.11	$0.58	($0.39)	($0.36)	$0.31	$1.08	$0.00	($0.30)	$0.44
Adjusted Weighted Average Diluted Shares Outstanding	584M	592.66M	601M	643M	597M	596.66M	640M	639M	594M	594.29M	639M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	569.87M	592.66M	599.74M	599.16M	598.46M	596.66M	596.12M	595.63M	595.07M	594.29M	593.75M
Normalized Net Operating Profit after Tax (NOPAT)	-156	221	29	306	-275	-283	95	613	-199	-270	310
Normalized NOPAT Margin	-2.43%	3.19%	0.42%	4.16%	-4.35%	-4.14%	1.46%	8.71%	-3.48%	-4.37%	4.98%
Pre Tax Income Margin	-2.99%	4.75%	1.30%	6.50%	-4.71%	-4.18%	3.63%	12.59%	-3.59%	-4.62%	5.68%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-6.89	5.57	0.41	7.33	-6.57	-6.77	2.37	13.37	-4.50	-5.47	2.87
NOPAT to Interest Expense	-4.46	4.52	0.53	5.56	-4.74	-4.96	1.61	10.21	-3.31	-4.35	2.05
EBIT Less CapEx to Interest Expense	-21.20	-3.82	-9.17	-1.65	-16.62	-19.19	-11.88	-2.05	-21.93	-27.34	-4.22
NOPAT Less CapEx to Interest Expense	-18.77	-4.87	-9.04	-3.43	-14.79	-17.38	-12.64	-5.20	-20.75	-26.22	-5.04
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	58.87%	92.47%	-879.59%	557.14%	109.16%	92.04%	86.12%	36.83%	32.52%	0.00%	0.00%
Augmented Payout Ratio	241.68%	146.24%	-879.59%	557.14%	109.16%	92.04%	86.12%	36.83%	32.52%	0.00%	0.00%

Frequently Asked Questions About Southwest Airlines' Financials

When does Southwest Airlines's financial year end?

According to the most recent income statement we have on file, Southwest Airlines' fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Southwest Airlines' net income changed over the last 9 years?

Southwest Airlines' net income appears to be on a downward trend, with a most recent value of $465 million in 2024, falling from $2.18 billion in 2015. The previous period was $465 million in 2023. Check out Southwest Airlines' forecast to explore projected trends and price targets.

What is Southwest Airlines's operating income?

Southwest Airlines's total operating income in 2024 was $321 million, based on the following breakdown:

Total Gross Profit: $8.08 billion
Total Operating Expenses: $7.76 billion

How has Southwest Airlines revenue changed over the last 9 years?

Over the last 9 years, Southwest Airlines' total revenue changed from $19.82 billion in 2015 to $27.48 billion in 2024, a change of 38.7%.

How much debt does Southwest Airlines have?

Southwest Airlines' total liabilities were at $23.40 billion at the end of 2024, a 9.9% decrease from 2023, and a 67.7% increase since 2015.

How much cash does Southwest Airlines have?

In the past 9 years, Southwest Airlines' cash and equivalents has ranged from $1.50 billion in 2017 to $12.48 billion in 2021, and is currently $7.51 billion as of their latest financial filing in 2024.

How has Southwest Airlines' book value per share changed over the last 9 years?

Over the last 9 years, Southwest Airlines' book value per share changed from 11.31 in 2015 to 17.26 in 2024, a change of 52.5%.

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This page (NYSE:LUV) was last updated on 5/20/2025 by MarketBeat.com Staff

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Southwest Airlines (LUV) Financials

Frequently Asked Questions About Southwest Airlines' Financials

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Southwest Airlines (LUV) Financials

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