Southwest Airlines (LUV) Financials

$41.35 -0.15 (-0.36%)

Closing price 05/7/2026 03:59 PM Eastern

Extended Trading

$41.32 -0.02 (-0.06%)

As of 04:45 AM 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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	2,181	2,183	3,357	2,465	2,300	-3,074	977	539	465	465	441
Consolidated Net Income / (Loss)	2,181	2,183	3,357	2,465	2,300	-3,074	977	539	465	465	441
Net Income / (Loss) Continuing Operations	2,181	2,183	3,357	2,465	2,300	-3,074	977	539	465	465	441
Total Pre-Tax Income	3,479	3,450	3,265	3,164	2,957	-4,256	1,325	728	633	598	563
Total Operating Income	4,116	3,522	3,407	3,206	2,957	-3,816	1,721	1,017	224	321	428
Total Gross Profit	8,578	8,657	7,472	7,259	8,565	-1,602	2,427	7,611	7,534	8,078	8,633
Total Revenue	19,820	20,289	21,146	21,965	22,428	9,048	15,790	23,814	26,091	27,483	28,063
Operating Revenue	18,650	20,289	21,146	21,965	22,428	9,048	15,790	23,814	26,091	27,483	28,063
Total Cost of Revenue	11,242	11,632	13,674	14,706	13,863	10,650	13,363	16,203	18,557	19,405	19,430
Operating Cost of Revenue	11,242	11,632	13,674	14,706	13,863	10,650	13,363	16,203	18,557	19,405	19,430
Total Operating Expenses	4,462	5,135	4,065	4,053	5,608	2,214	706	6,594	7,310	7,757	8,205
Selling, General & Admin Expense	2,242	2,703	2,847	2,852	3,026	1,926	2,394	3,735	3,999	4,138	4,467
Depreciation Expense	1,015	1,221	1,218	1,201	1,219	1,255	1,272	1,351	1,522	1,657	1,560
Other Operating Expenses / (Income)	1,166	1,211	-	0.00	1,363	-967	-2,960	1,508	1,789	1,962	2,178
Total Other Income / (Expense), net	-637	-72	-142	-42	0.00	-440	-396	-289	409	277	135
Interest Expense	90	75	65	93	82	314	459	494	236	214	113
Interest & Investment Income	9.00	24	35	69	90	32	13	217	583	497	205
Other Income / (Expense), net	-556	-21	-112	-18	-8.00	-158	50	-12	62	-6.00	43
Income Tax Expense	1,298	1,267	-92	699	657	-1,182	348	189	168	133	122
Basic Earnings per Share	$3.30	-	$5.58	$4.30	$4.28	($5.44)	$1.65	$0.91	$0.78	$0.78	$0.82
Weighted Average Basic Shares Outstanding	661M	627M	601M	573M	517.30M	1.18B	592.34M	594.29M	596.66M	592.66M	491.32M
Diluted Earnings per Share	$3.27	-	$5.57	$4.29	$4.27	($5.44)	$1.61	$0.87	$0.76	$0.76	$0.79
Weighted Average Diluted Shares Outstanding	661M	627M	601M	573M	517.30M	1.18B	592.34M	594.29M	596.66M	592.66M	491.32M
Weighted Average Basic & Diluted Shares Outstanding	661M	627M	601M	573M	517.30M	1.18B	592.34M	594.29M	596.66M	592.66M	491.32M
Cash Dividends to Common per Share	$0.29	$0.00	$0.00	$0.61	$0.70	$0.18	-	$0.18	$0.72	$0.72	$0.72

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	193	-252	-231	367	67	262	-149	213	54	323	227
Consolidated Net Income / (Loss)	193	-252	-231	367	67	262	-149	213	54	323	227
Net Income / (Loss) Continuing Operations	193	-252	-231	367	67	262	-149	213	54	323	227
Total Pre-Tax Income	237	-285	-298	478	89	329	-192	280	68	407	285
Total Operating Income	117	-404	-393	398	38	278	-223	225	35	391	330
Total Gross Profit	1,907	1,609	1,497	2,406	2,048	2,127	1,785	2,325	2,100	2,423	2,337
Total Revenue	6,525	6,823	6,329	7,354	6,870	6,930	6,428	7,244	6,949	7,442	7,249
Operating Revenue	6,525	6,823	6,329	7,354	6,870	6,930	6,428	7,244	6,949	7,442	7,249
Total Cost of Revenue	4,618	5,214	4,832	4,948	4,822	4,803	4,643	4,919	4,849	5,019	4,912
Operating Cost of Revenue	4,618	5,214	4,832	4,948	4,822	4,803	4,643	4,919	4,849	5,019	4,912
Total Operating Expenses	1,790	2,013	1,890	2,008	2,010	1,849	2,008	2,100	2,065	2,032	2,007
Selling, General & Admin Expense	958	1,133	1,018	1,093	1,079	948	1,090	1,133	1,123	1,121	1,037
Depreciation Expense	375	415	408	404	438	407	396	400	394	370	398
Other Operating Expenses / (Income)	457	465	464	511	493	494	522	567	548	541	572
Total Other Income / (Expense), net	120	119	95	80	51	51	31	55	33	16	-45
Interest Expense	59	57	58	55	54	49	35	26	22	30	42
Interest & Investment Income	156	158	141	130	121	105	84	54	34	33	23
Other Income / (Expense), net	23	18	12	5.00	-16	-5.00	-18	27	21	13	-26
Income Tax Expense	44	-33	-67	111	22	67	-43	67	14	84	58
Basic Earnings per Share	$0.32	($0.42)	($0.39)	$0.61	$0.11	$0.45	($0.26)	$0.40	$0.10	$0.58	$0.45
Weighted Average Basic Shares Outstanding	596M	596.66M	597M	599M	599M	592.66M	584M	538M	523M	491.32M	498M
Diluted Earnings per Share	$0.31	($0.36)	($0.39)	$0.58	$0.11	$0.46	($0.26)	$0.39	$0.10	$0.56	$0.45
Weighted Average Diluted Shares Outstanding	640M	596.66M	597M	643M	601M	592.66M	584M	541M	526M	491.32M	503M
Weighted Average Basic & Diluted Shares Outstanding	596.12M	596.66M	598.46M	599.16M	599.74M	592.66M	569.87M	525.19M	517.16M	491.32M	488.77M
Cash Dividends to Common per Share	$0.18	-	$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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	301	97	-185	359	694	8,515	1,417	-2,988	-204	-1,779	-4,278
Net Cash From Operating Activities	3,238	4,293	3,929	4,893	3,987	-1,127	2,322	3,790	3,164	462	1,842
Net Cash From Continuing Operating Activities	3,012	4,693	3,929	4,893	3,987	-1,127	2,322	3,790	3,164	462	1,842
Net Income / (Loss) Continuing Operations	2,181	2,183	3,357	2,465	2,300	-3,074	977	539	465	465	441
Consolidated Net Income / (Loss)	2,181	2,183	3,357	2,465	2,300	-3,074	977	539	465	465	441
Depreciation Expense	1,015	1,221	1,218	1,201	1,219	1,255	1,272	1,351	1,522	1,657	1,560
Non-Cash Adjustments To Reconcile Net Income	0.00	21	63	0.00	0.00	-190	40	232	0.00	-92	5.00
Changes in Operating Assets and Liabilities, net	-184	1,268	-709	1,227	468	882	33	1,668	1,177	-1,568	-164
Net Cash From Investing Activities	-1,913	-2,272	-2,408	-2,038	-303	-16	-1,264	-3,746	-2,932	-261	-1,429
Net Cash From Continuing Investing Activities	-1,913	-2,272	-2,408	-2,038	-303	-16	-1,264	-3,746	-2,932	-261	-1,429
Purchase of Property, Plant & Equipment	-2,041	-2,038	-2,123	-1,922	-1,027	-515	-505	-3,924	-3,520	-2,054	-2,673
Purchase of Investments	-1,986	-2,388	-2,380	-2,409	-2,122	-5,080	-5,824	-5,592	-6,970	-5,014	-470
Sale and/or Maturity of Investments	2,223	2,263	2,221	2,342	2,446	4,336	5,071	5,792	7,591	5,995	1,693
Other Investing Activities, net	-109	-109	-126	-49	400	1,243	-6.00	-22	-33	812	21
Net Cash From Financing Activities	-1,024	-1,924	-1,706	-2,496	-2,990	9,658	359	-3,032	-436	-1,980	-4,691
Net Cash From Continuing Financing Activities	-1,024	-1,924	-1,706	-2,496	-2,990	9,658	359	-3,032	-436	-1,980	-4,691
Repayment of Debt	-246	-603	-602	-372	-615	-5,473	-828	-3,077	-79	-1,354	-3,301
Repurchase of Preferred Equity	-	-	-	-	-	-	-	0.00	0.00	-6.00	0.00
Repurchase of Common Equity	-1,180	-1,750	-1,600	-2,000	-2,000	-451	-	0.00	0.00	-250	-2,550
Payment of Dividends	-180	-222	-274	-332	-372	-188	0.00	0.00	-428	-430	-399
Issuance of Debt	500	515	615	3.00	-43	12,605	-	-	0.00	0.00	1,500
Issuance of Common Equity	46	29	29	35	40	2,342	51	45	48	60	59
Other Financing Activities, net	36	107	126	170	0.00	823	1,136	0.00	23	0.00	0.00
Cash Interest Paid	105	100	81	107	88	212	336	305	228	220	108

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	339	-209	-921	-225	361	-994	625	-4,659	-573	329	97
Net Cash From Operating Activities	616	425	-104	-24	114	476	860	401	286	295	1,418
Net Cash From Continuing Operating Activities	616	425	-104	-24	114	476	860	401	286	295	1,418
Net Income / (Loss) Continuing Operations	193	-252	-231	368	67	261	-149	213	54	323	227
Consolidated Net Income / (Loss)	193	-252	-231	368	67	261	-149	213	54	323	227
Depreciation Expense	376	415	408	404	438	407	396	399	394	371	398
Non-Cash Adjustments To Reconcile Net Income	-	-	0.00	-	-	-90	-3.00	8.00	-	-	0.00
Changes in Operating Assets and Liabilities, net	47	262	-281	-796	-391	-102	616	-219	-162	-399	793
Net Cash From Investing Activities	-64	-664	-585	-206	457	73	623	-882	-428	-742	-445
Net Cash From Continuing Investing Activities	-64	-664	-585	-206	457	73	623	-882	-428	-742	-445
Purchase of Property, Plant & Equipment	-841	-708	-583	-494	-517	-460	-527	-635	-678	-859	-630
Purchase of Investments	-1,620	-1,623	-1,678	-1,532	-635	-1,169	-51	-319	-100	-	0.00
Sale of Property, Plant & Equipment	-	-	-	-	-	-	26	-	-	-	192
Sale and/or Maturity of Investments	2,406	1,677	1,720	1,820	1,620	835	1,154	72	351	116	0.00
Other Investing Activities, net	-9.00	-10	-44	-	-11	867	21	-	-1.00	1.00	-7.00
Net Cash From Financing Activities	-213	30	-232	5.00	-210	-1,543	-858	-4,178	-431	776	-876
Net Cash From Continuing Financing Activities	-213	30	-232	5.00	-210	-1,543	-858	-4,178	-431	776	-876
Repayment of Debt	-17	-7.00	-8.00	-4.00	9.00	-1,310	-18	-2,593	-5.00	-698	-49
Repurchase of Common Equity	-	-	0.00	-	-	-	-750	-1,500	-250	-50	-1,250
Payment of Dividends	-214	-	-215	-	-216	1.00	-107	-103	-189	-	-93
Issuance of Debt	-	2.00	-24	-	-	2.00	0.00	3.00	-1.00	1,511	500
Issuance of Common Equity	14	12	15	15	16	14	17	15	14	13	16
Cash Interest Paid	19	94	18	92	14	96	11	53	3.00	41	1.00

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	21,312	23,286	25,110	26,243	25,895	34,588	36,320	35,369	36,487	33,750	29,061
Total Current Assets	4,024	4,498	4,815	5,028	5,974	15,173	18,036	14,808	13,955	11,274	5,645
Cash & Equivalents	1,583	1,680	1,495	1,854	2,548	11,063	12,480	9,492	9,288	7,509	3,231
Accounts Receivable	474	546	662	568	1,086	1,130	1,357	1,040	1,154	1,110	1,149
Inventories, net	311	337	420	461	529	414	537	790	807	800	775
Prepaid Expenses	188	310	460	310	287	295	638	686	520	639	490
Plant, Property, & Equipment, net	15,601	17,044	18,539	19,525	17,025	15,831	14,842	17,342	19,375	19,056	20,245
Plant, Property & Equipment, gross	24,685	26,464	28,229	29,256	27,713	27,574	27,574	30,984	33,818	33,947	35,945
Accumulated Depreciation	9,084	9,420	9,690	9,731	10,688	11,743	12,732	13,642	14,443	14,891	15,700
Total Noncurrent Assets	1,687	1,744	1,756	1,690	2,319	3,584	3,442	3,219	3,157	3,420	3,171
Goodwill	970	970	970	970	970	970	970	970	970	970	970
Other Noncurrent Operating Assets	717	774	786	720	1,349	2,614	2,472	2,249	2,187	2,450	2,201
Total Liabilities & Shareholders' Equity	21,312	23,286	25,110	26,243	25,895	34,588	36,320	35,369	36,487	33,750	29,061
Total Liabilities	13,954	14,845	15,469	16,390	16,063	25,712	25,906	24,682	25,972	23,400	21,080
Total Current Liabilities	7,406	6,844	6,863	7,905	8,952	7,506	9,164	10,378	12,256	12,276	10,921
Short-Term Debt	637	566	348	606	819	220	453	42	29	1,630	324
Accounts Payable	1,188	1,178	1,320	1,416	1,574	931	1,282	2,004	1,862	1,818	1,991
Accrued Expenses	2,591	1,985	1,700	1,749	1,749	2,259	1,624	2,043	3,606	2,206	2,349
Current Deferred Revenue	2,990	3,115	3,495	4,134	4,457	-	5,566	6,064	6,551	6,294	5,945
Other Current Liabilities	-	-	-	0.00	353	4,096	239	225	208	328	312
Total Noncurrent Liabilities	6,548	8,001	8,606	8,485	7,111	18,206	16,742	14,304	13,716	11,124	10,159
Long-Term Debt	2,541	2,821	3,320	2,771	1,846	10,111	10,274	8,046	7,978	5,069	4,577
Noncurrent Deferred & Payable Income Tax Liabilities	2,490	3,374	2,119	2,427	2,364	1,634	1,770	1,985	2,044	2,167	2,289
Other Noncurrent Operating Liabilities	1,517	1,806	3,167	3,287	2,901	4,899	4,698	4,273	3,694	3,888	3,293
Total Equity & Noncontrolling Interests	7,358	8,441	9,641	9,853	9,832	8,876	10,414	10,687	10,515	10,350	7,981
Total Preferred & Common Equity	7,358	8,441	9,641	9,853	9,832	8,876	10,414	10,687	10,515	10,350	7,981
Total Common Equity	7,358	8,441	9,641	9,853	9,832	8,876	10,414	10,687	10,515	10,350	7,981
Common Stock	2,182	2,218	2,259	2,318	2,389	5,079	5,112	4,925	5,041	5,087	5,210
Retained Earnings	9,409	11,418	13,832	15,967	17,945	14,777	15,774	16,261	16,297	16,332	16,388
Treasury Stock	-3,182	-4,872	-6,462	-8,452	-10,441	-10,875	-10,860	-10,843	-10,823	-11,044	-13,593
Accumulated Other Comprehensive Income / (Loss)	-1,051	-323	12	20	-61	-105	388	344	0.00	-25	-24

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	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	36,519	36,980	36,487	36,018	35,563	34,847	33,750	33,212	28,712	28,312	29,355
Total Current Assets	14,661	14,631	13,955	13,281	12,751	11,930	11,274	10,734	6,092	5,395	5,969
Cash & Equivalents	9,158	9,497	9,288	8,367	8,142	8,503	7,509	8,134	3,475	2,902	3,328
Accounts Receivable	1,233	1,467	1,154	1,354	1,346	1,177	1,110	1,078	1,013	1,118	1,254
Inventories, net	714	799	807	812	784	770	800	786	773	792	833
Prepaid Expenses	535	632	520	603	619	601	639	618	467	467	554
Plant, Property, & Equipment, net	18,596	19,075	19,375	19,561	19,665	19,773	19,056	19,157	19,401	19,705	20,376
Plant, Property & Equipment, gross	32,755	33,464	33,818	34,097	34,521	34,864	33,947	34,251	34,823	35,275	36,153
Accumulated Depreciation	14,159	14,389	14,443	14,536	14,856	15,091	14,891	15,094	15,422	15,570	15,777
Total Noncurrent Assets	3,262	3,274	3,157	3,176	3,147	3,144	3,420	3,321	3,219	3,212	3,010
Goodwill	970	970	970	970	970	970	970	970	970	970	970
Other Noncurrent Operating Assets	2,292	2,304	2,187	2,206	2,177	2,174	2,450	2,351	2,249	2,242	2,040
Total Liabilities & Shareholders' Equity	36,519	36,980	36,487	36,018	35,563	34,847	33,750	33,212	28,712	28,312	29,355
Total Liabilities	25,730	25,926	25,972	25,822	25,098	24,436	23,400	23,847	20,712	20,536	22,480
Total Current Liabilities	11,728	12,112	12,256	12,225	14,113	13,489	12,276	13,901	10,892	10,994	12,484
Short-Term Debt	31	30	29	28	2,931	2,930	1,630	2,608	22	23	851
Accounts Payable	1,882	1,736	1,862	1,949	2,028	1,518	1,818	1,925	1,811	1,708	2,114
Accrued Expenses	2,468	2,880	3,606	2,400	1,870	2,096	2,206	1,978	2,040	2,091	2,170
Current Deferred Revenue	7,121	7,246	6,551	7,642	7,086	6,743	6,294	7,059	6,696	6,862	7,049
Other Current Liabilities	226	220	208	206	198	202	328	331	323	310	300
Total Noncurrent Liabilities	14,002	13,814	13,716	13,597	10,985	10,947	11,124	9,946	9,820	9,542	9,996
Long-Term Debt	7,994	7,984	7,978	7,974	5,065	5,075	5,069	4,086	4,081	4,079	4,536
Noncurrent Deferred & Payable Income Tax Liabilities	2,057	2,157	2,044	1,981	2,089	2,094	2,167	2,124	2,186	2,210	2,353
Other Noncurrent Operating Liabilities	3,951	3,673	3,694	3,642	3,831	3,778	3,888	3,736	3,553	3,253	3,107
Total Equity & Noncontrolling Interests	10,789	11,054	10,515	10,196	10,465	10,411	10,350	9,365	8,000	7,776	6,875
Total Preferred & Common Equity	10,789	11,054	10,515	10,196	10,465	10,411	10,350	9,365	8,000	7,776	6,875
Total Common Equity	10,789	11,054	10,515	10,196	10,465	10,411	10,350	9,365	8,000	7,776	6,875
Common Stock	4,991	5,023	5,041	5,026	5,039	5,068	5,087	5,098	5,135	5,171	5,148
Retained Earnings	16,571	16,657	16,297	15,959	16,218	16,178	16,332	16,080	16,199	16,158	16,526
Treasury Stock	-10,831	-10,827	-10,823	-10,808	-10,803	-10,798	-11,044	-11,789	-13,299	-13,547	-14,798
Accumulated Other Comprehensive Income / (Loss)	58	201	0.00	19	11	-37	-25	-24	-35	-6.00	-1.00

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	6.53%	2.37%	4.22%	3.87%	2.11%	-59.66%	74.51%	50.82%	9.56%	5.34%	2.11%
EBITDA Growth	60.30%	3.21%	-4.43%	-2.75%	-5.04%	-165.24%	211.92%	-22.58%	-23.26%	9.18%	2.99%
EBIT Growth	85.80%	-1.66%	-5.88%	-3.25%	-7.50%	-234.76%	144.56%	-43.25%	-71.54%	10.84%	49.52%
NOPAT Growth	85.39%	-13.63%	57.19%	-28.70%	-7.92%	-216.14%	147.51%	-40.66%	-78.15%	51.69%	34.31%
Net Income Growth	91.99%	0.09%	53.78%	-26.57%	-6.69%	-233.65%	131.78%	-44.83%	-13.73%	0.00%	-5.16%
EPS Growth	99.39%	0.00%	0.00%	-22.98%	-0.47%	-227.40%	129.60%	-45.96%	-12.64%	0.00%	3.95%
Operating Cash Flow Growth	11.58%	32.58%	-8.48%	24.54%	-18.52%	-128.27%	306.03%	63.22%	-16.52%	-85.40%	298.70%
Free Cash Flow Firm Growth	-17.87%	-24.38%	67.15%	50.39%	33.42%	-156.55%	235.82%	-103.03%	-330.46%	-156.31%	3.38%
Invested Capital Growth	15.53%	13.87%	17.75%	-4.93%	-17.74%	-5.26%	-24.18%	15.01%	8.72%	18.10%	15.94%
Revenue Q/Q Growth	1.79%	-0.18%	1.53%	2.07%	0.12%	-29.12%	23.82%	4.94%	2.56%	0.39%	1.86%
EBITDA Q/Q Growth	13.58%	-1.81%	-3.03%	6.07%	-3.96%	-229.18%	89.71%	-17.36%	0.06%	49.21%	4.91%
EBIT Q/Q Growth	17.65%	-3.87%	-3.00%	6.66%	-4.96%	-91.15%	420.88%	-34.91%	-14.11%	192.69%	38.53%
NOPAT Q/Q Growth	11.18%	-10.20%	67.41%	-30.77%	-5.93%	-92.44%	406.38%	-37.78%	-13.75%	198.78%	35.84%
Net Income Q/Q Growth	18.86%	-3.28%	62.02%	-30.72%	-5.78%	-85.96%	48,750.00%	-34.75%	-6.44%	1,048.98%	16.05%
EPS Q/Q Growth	20.66%	0.00%	0.00%	-29.09%	-4.04%	-94.29%	994.44%	-32.56%	-7.32%	1,366.67%	14.49%
Operating Cash Flow Q/Q Growth	3.85%	9.85%	-3.58%	9.54%	-3.97%	-484.64%	57.00%	9.60%	-4.64%	12.41%	-8.95%
Free Cash Flow Firm Q/Q Growth	-33.91%	5.75%	73.13%	12.19%	21.96%	-250.56%	270.14%	-112.45%	66.55%	47.41%	-335.68%
Invested Capital Q/Q Growth	14.45%	7.94%	13.54%	-2.43%	-12.31%	22.65%	2.79%	9.01%	-3.91%	-7.86%	8.93%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	43.28%	42.67%	35.34%	33.05%	38.19%	-17.71%	15.37%	31.96%	28.88%	29.39%	30.76%
EBITDA Margin	23.08%	23.27%	21.34%	19.98%	18.58%	-30.05%	19.27%	9.89%	6.93%	7.18%	7.24%
Operating Margin	20.77%	17.36%	16.11%	14.60%	13.18%	-42.18%	10.90%	4.27%	0.86%	1.17%	1.53%
EBIT Margin	17.96%	17.26%	15.58%	14.51%	13.15%	-43.92%	11.22%	4.22%	1.10%	1.15%	1.68%
Profit (Net Income) Margin	11.00%	10.76%	15.88%	11.22%	10.26%	-33.97%	6.19%	2.26%	1.78%	1.69%	1.57%
Tax Burden Percent	62.69%	63.28%	102.82%	77.91%	77.78%	72.23%	73.74%	74.04%	73.46%	77.76%	78.33%
Interest Burden Percent	97.72%	98.54%	99.09%	99.25%	100.27%	107.10%	74.82%	72.44%	221.33%	188.64%	119.53%
Effective Tax Rate	37.31%	36.72%	-2.82%	22.09%	22.22%	0.00%	26.26%	25.96%	26.54%	22.24%	21.67%
Return on Invested Capital (ROIC)	36.96%	27.84%	37.75%	25.52%	26.45%	-34.96%	19.42%	12.43%	2.43%	3.25%	3.73%
ROIC Less NNEP Spread (ROIC-NNEP)	509.55%	-15.75%	-23.47%	-53.33%	26.45%	-11.44%	28.81%	17.19%	-5.40%	-4.59%	-55.68%
Return on Net Nonoperating Assets (RNNOA)	-6.09%	-0.21%	-0.62%	-0.23%	-3.09%	2.09%	-9.29%	-7.32%	1.95%	1.21%	1.08%
Return on Equity (ROE)	30.86%	27.63%	37.13%	25.29%	23.37%	-32.86%	10.13%	5.11%	4.39%	4.46%	4.81%
Cash Return on Invested Capital (CROIC)	22.55%	14.87%	21.45%	30.57%	45.93%	-29.55%	46.92%	-1.54%	-5.92%	-13.35%	-11.03%
Operating Return on Assets (OROA)	17.35%	15.70%	13.62%	12.42%	11.31%	-13.14%	5.00%	2.80%	0.80%	0.90%	1.50%
Return on Assets (ROA)	10.63%	9.79%	13.87%	9.60%	8.82%	-10.16%	2.76%	1.50%	1.29%	1.32%	1.40%
Return on Common Equity (ROCE)	30.86%	27.63%	37.13%	25.29%	23.37%	-32.86%	10.13%	5.11%	4.39%	4.46%	4.81%
Return on Equity Simple (ROE_SIMPLE)	29.64%	25.86%	34.82%	25.02%	23.39%	-34.63%	9.38%	5.04%	4.42%	4.49%	0.00%
Net Operating Profit after Tax (NOPAT)	2,580	2,229	3,503	2,498	2,300	-2,671	1,269	753	165	250	335
NOPAT Margin	13.02%	10.98%	16.57%	11.37%	10.26%	-29.52%	8.04%	3.16%	0.63%	0.91%	1.19%
Net Nonoperating Expense Percent (NNEP)	-472.59%	43.60%	61.22%	78.85%	0.00%	-23.52%	-9.39%	-4.77%	7.83%	7.84%	59.41%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	4.01%	0.89%	1.46%	2.60%
Cost of Revenue to Revenue	56.72%	57.33%	64.66%	66.95%	61.81%	117.71%	84.63%	68.04%	71.12%	70.61%	69.24%
SG&A Expenses to Revenue	11.31%	13.32%	13.46%	12.98%	13.49%	21.29%	15.16%	15.68%	15.33%	15.06%	15.92%
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	22.51%	25.31%	19.22%	18.45%	25.00%	24.47%	4.47%	27.69%	28.02%	28.22%	29.24%
Earnings before Interest and Taxes (EBIT)	3,560	3,501	3,295	3,188	2,949	-3,974	1,771	1,005	286	317	471
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	4,575	4,722	4,513	4,389	4,168	-2,719	3,043	2,356	1,808	1,974	2,031
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.54	3.41	3.81	2.54	2.80	3.02	2.37	1.78	1.60	1.95	2.68
Price to Tangible Book Value (P/TBV)	4.08	3.85	4.24	2.81	3.11	3.39	2.61	1.96	1.76	2.15	3.05
Price to Revenue (P/Rev)	1.31	1.42	1.74	1.14	1.23	2.96	1.56	0.80	0.64	0.73	0.76
Price to Earnings (P/E)	11.94	13.18	10.94	10.14	11.97	0.00	25.25	35.26	36.18	43.36	48.47
Dividend Yield	0.71%	0.80%	0.77%	1.36%	1.34%	1.59%	0.00%	0.00%	3.19%	2.14%	1.74%
Earnings Yield	8.38%	7.59%	9.14%	9.87%	8.36%	0.00%	3.96%	2.84%	2.76%	2.31%	2.06%
Enterprise Value to Invested Capital (EV/IC)	3.49	3.39	3.70	2.59	3.33	3.41	3.53	2.28	1.90	2.18	2.39
Enterprise Value to Revenue (EV/Rev)	1.32	1.42	1.76	1.12	1.16	2.80	1.26	0.62	0.51	0.66	0.82
Enterprise Value to EBITDA (EV/EBITDA)	5.72	6.11	8.23	5.62	6.27	0.00	6.54	6.28	7.39	9.19	11.35
Enterprise Value to EBIT (EV/EBIT)	7.35	8.24	11.27	7.74	8.86	0.00	11.23	14.73	46.71	57.22	48.93
Enterprise Value to NOPAT (EV/NOPAT)	10.14	12.95	10.60	9.88	11.36	0.00	15.67	19.66	81.18	72.66	68.74
Enterprise Value to Operating Cash Flow (EV/OCF)	8.08	6.72	9.45	5.04	6.55	0.00	8.57	3.91	4.22	39.26	12.51
Enterprise Value to Free Cash Flow (EV/FCFF)	16.62	24.24	18.66	8.24	6.54	0.00	6.49	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.43	0.40	0.38	0.34	0.27	1.34	1.03	0.76	0.76	0.65	0.61
Long-Term Debt to Equity	0.35	0.33	0.34	0.28	0.19	1.32	0.99	0.75	0.76	0.49	0.57
Financial Leverage	-0.01	0.01	0.03	0.00	-0.12	-0.18	-0.32	-0.43	-0.36	-0.26	-0.02
Leverage Ratio	2.90	2.82	2.68	2.63	2.65	3.23	3.68	3.40	3.39	3.37	3.43
Compound Leverage Factor	2.84	2.78	2.65	2.61	2.66	3.46	2.75	2.46	7.50	6.35	4.10
Debt to Total Capital	30.16%	28.64%	27.56%	25.53%	21.33%	57.26%	50.74%	43.08%	43.23%	39.29%	38.05%
Short-Term Debt to Total Capital	6.05%	4.79%	2.61%	4.58%	6.55%	1.06%	2.14%	0.22%	0.16%	9.56%	2.52%
Long-Term Debt to Total Capital	24.12%	23.85%	24.95%	20.94%	14.77%	56.20%	48.60%	42.85%	43.07%	29.73%	35.53%
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	69.84%	71.36%	72.44%	74.47%	78.67%	42.74%	49.26%	56.92%	56.77%	60.71%	61.95%
Debt to EBITDA	0.69	0.72	0.81	0.77	0.64	-4.37	3.53	3.43	4.43	3.39	2.41
Net Debt to EBITDA	0.03	0.02	0.09	-0.07	-0.34	0.53	-1.57	-1.78	-1.92	-1.03	0.82
Long-Term Debt to EBITDA	0.56	0.60	0.74	0.63	0.44	-4.29	3.38	3.42	4.41	2.57	2.25
Debt to NOPAT	1.23	1.52	1.05	1.35	1.16	-4.45	8.45	10.74	48.66	26.84	14.62
Net Debt to NOPAT	0.05	0.04	0.11	-0.12	-0.61	0.54	-3.76	-5.58	-21.07	-8.12	4.98
Long-Term Debt to NOPAT	0.98	1.27	0.95	1.11	0.80	-4.37	8.10	10.69	48.48	20.31	13.65
Altman Z-Score	3.03	3.10	3.37	2.87	3.10	1.37	2.07	2.02	1.81	2.00	2.20
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	0.54	0.66	0.70	0.64	0.67	2.02	1.97	1.43	1.14	0.92	0.52
Quick Ratio	0.48	0.56	0.57	0.54	0.58	1.93	1.84	1.28	1.03	0.80	0.40
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	1,574	1,191	1,990	2,993	3,993	-2,258	3,067	-93	-400	-1,026	-992
Operating Cash Flow to CapEx	158.65%	210.65%	185.07%	254.58%	388.22%	-218.84%	459.80%	96.59%	89.89%	22.49%	68.91%
Free Cash Flow to Firm to Interest Expense	17.49	15.87	30.62	32.18	48.70	-7.19	6.68	-0.19	-1.70	-4.75	-8.78
Operating Cash Flow to Interest Expense	35.98	57.24	60.45	52.61	48.62	-3.59	5.06	7.67	13.41	2.14	16.30
Operating Cash Flow Less CapEx to Interest Expense	13.30	30.07	27.78	31.95	36.10	-5.23	3.96	-0.27	-1.51	-7.37	-7.35
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.97	0.91	0.87	0.86	0.86	0.30	0.45	0.66	0.73	0.78	0.89
Accounts Receivable Turnover	47.25	39.78	35.01	35.72	27.12	8.17	12.70	19.87	23.78	24.28	24.85
Inventory Turnover	34.43	35.90	36.13	33.38	28.01	22.59	28.10	24.42	23.24	24.15	24.67
Fixed Asset Turnover	1.33	1.24	1.19	1.15	1.23	0.55	1.03	1.48	1.42	1.43	1.43
Accounts Payable Turnover	9.40	9.83	10.95	10.75	9.27	8.50	12.08	9.86	9.60	10.55	10.20
Days Sales Outstanding (DSO)	7.73	9.17	10.43	10.22	13.46	44.70	28.74	18.37	15.35	15.03	14.69
Days Inventory Outstanding (DIO)	10.60	10.17	10.10	10.93	13.03	16.16	12.99	14.95	15.71	15.11	14.79
Days Payable Outstanding (DPO)	38.81	37.12	33.34	33.95	39.36	42.93	30.22	37.01	38.02	34.61	35.78
Cash Conversion Cycle (CCC)	-20.49	-17.78	-12.81	-12.80	-12.87	17.93	11.51	-3.70	-6.97	-4.46	-6.29
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	7,485	8,523	10,036	9,541	7,848	7,435	5,637	6,483	7,048	8,324	9,651
Invested Capital Turnover	2.84	2.53	2.28	2.24	2.58	1.18	2.42	3.93	3.86	3.58	3.12
Increase / (Decrease) in Invested Capital	1,006	1,038	1,513	-495	-1,693	-413	-1,798	846	565	1,276	1,327
Enterprise Value (EV)	26,159	28,861	37,124	24,673	26,122	25,322	19,890	14,802	13,359	18,137	23,044
Market Capitalization	26,032	28,779	36,729	24,985	27,529	26,763	24,667	19,006	16,826	20,163	21,374
Book Value per Share	$11.31	$13.71	$16.25	$17.52	$18.68	$15.04	$17.59	$18.00	$17.64	$17.26	$15.43
Tangible Book Value per Share	$9.82	$12.14	$14.61	$15.80	$16.84	$13.39	$15.95	$16.37	$16.01	$15.64	$13.56
Total Capital	10,536	11,828	13,309	13,230	12,497	20,769	21,141	18,775	18,522	17,049	12,882
Total Debt	3,178	3,387	3,668	3,377	2,665	11,893	10,727	8,088	8,007	6,699	4,901
Total Long-Term Debt	2,541	2,821	3,320	2,771	1,846	11,673	10,274	8,046	7,978	5,069	4,577
Net Debt	127	82	395	-312	-1,407	-1,441	-4,777	-4,204	-3,467	-2,026	1,670
Capital Expenditures (CapEx)	2,041	2,038	2,123	1,922	1,027	515	505	3,924	3,520	2,054	2,673
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-5,796	-5,085	-4,973	-5,960	-6,231	-5,447	-6,179	-7,820	-9,746	-8,097	-8,183
Debt-free Net Working Capital (DFNWC)	-2,745	-1,780	-1,700	-2,271	-2,159	7,887	9,325	4,472	1,728	628	-4,952
Net Working Capital (NWC)	-3,382	-2,346	-2,048	-2,877	-2,978	7,667	8,872	4,430	1,699	-1,002	-5,276
Net Nonoperating Expense (NNE)	399	46	146	33	0.00	403	292	214	-300	-215	-106
Net Nonoperating Obligations (NNO)	127	82	395	-312	-1,984	-1,441	-4,777	-4,204	-3,467	-2,026	1,670
Total Depreciation and Amortization (D&A)	1,015	1,221	1,218	1,201	1,219	1,255	1,272	1,351	1,522	1,657	1,560
Debt-free, Cash-free Net Working Capital to Revenue	-29.24%	-25.06%	-23.52%	-27.13%	-27.78%	-60.20%	-39.13%	-32.84%	-37.35%	-29.46%	-29.16%
Debt-free Net Working Capital to Revenue	-13.85%	-8.77%	-8.04%	-10.34%	-9.63%	87.17%	59.06%	18.78%	6.62%	2.29%	-17.65%
Net Working Capital to Revenue	-17.06%	-11.56%	-9.69%	-13.10%	-13.28%	84.74%	56.19%	18.60%	6.51%	-3.65%	-18.80%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$3.30	$3.58	$5.80	$0.00	$4.28	($5.44)	$1.65	$0.91	$0.78	$0.78	$0.82
Adjusted Weighted Average Basic Shares Outstanding	638.07M	615.25M	587.95M	552.69M	517.30M	1.18B	592.34M	594.29M	596.66M	592.66M	491.32M
Adjusted Diluted Earnings per Share	$3.27	$3.55	$5.79	$0.00	$4.27	($5.44)	$1.61	$0.87	$0.76	$0.76	$0.79
Adjusted Weighted Average Diluted Shares Outstanding	638.07M	615.25M	587.95M	552.69M	517.30M	1.18B	592.34M	594.29M	596.66M	592.66M	491.32M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$4.28	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	638.07M	615.25M	587.95M	552.69M	517.30M	1.18B	592.34M	594.29M	596.66M	592.66M	491.32M
Normalized Net Operating Profit after Tax (NOPAT)	2,605	2,229	2,385	2,498	2,300	-2,671	1,269	753	165	250	335
Normalized NOPAT Margin	13.14%	10.98%	11.28%	11.37%	10.26%	-29.52%	8.04%	3.16%	0.63%	0.91%	1.19%
Pre Tax Income Margin	17.55%	17.00%	15.44%	14.40%	13.18%	-47.04%	8.39%	3.06%	2.43%	2.18%	2.01%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	39.56	46.68	50.69	34.28	35.96	-12.66	3.86	2.03	1.21	1.47	4.17
NOPAT to Interest Expense	28.67	29.71	53.89	26.86	28.05	-8.51	2.76	1.52	0.70	1.16	2.97
EBIT Less CapEx to Interest Expense	16.88	19.51	18.03	13.61	23.44	-14.30	2.76	-5.91	-13.70	-8.04	-19.49
NOPAT Less CapEx to Interest Expense	5.99	2.54	21.23	6.19	15.52	-10.15	1.66	-6.42	-14.22	-8.35	-20.69
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	8.25%	10.17%	8.16%	13.47%	16.17%	-6.12%	0.00%	0.00%	92.04%	92.47%	90.48%
Augmented Payout Ratio	62.36%	90.33%	55.82%	94.60%	103.13%	-20.79%	0.00%	0.00%	92.04%	146.24%	668.71%

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	491,317,990.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	491,317,990.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.46
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	4.90%	10.55%	10.92%	4.50%	5.29%	1.57%	1.56%	-1.50%	1.15%	7.39%	12.77%
EBITDA Growth	-32.90%	3.57%	-71.58%	-30.91%	-10.85%	2,244.83%	474.07%	-19.33%	-2.17%	14.31%	352.90%
EBIT Growth	-67.74%	-13.86%	-41.11%	-49.75%	-84.29%	170.73%	36.75%	-37.47%	154.55%	49.08%	226.14%
NOPAT Growth	-69.26%	-4.94%	-38.38%	-50.14%	-69.98%	178.28%	43.26%	-43.99%	-2.84%	40.16%	268.38%
Net Income Growth	-30.32%	-14.55%	-45.28%	-46.27%	-65.29%	203.97%	35.50%	-41.96%	-19.40%	23.28%	252.35%
EPS Growth	-29.55%	-20.00%	-44.44%	-46.30%	-64.52%	227.78%	33.33%	-32.76%	-9.09%	21.74%	273.08%
Operating Cash Flow Growth	163.25%	-26.60%	-114.73%	-101.69%	-81.49%	12.00%	926.92%	1,770.83%	150.88%	-38.03%	64.88%
Free Cash Flow Firm Growth	-744.68%	24.00%	-624.19%	-91.20%	-29.22%	-24.39%	78.72%	124.11%	112.08%	3.60%	-211.86%
Invested Capital Growth	23.34%	8.72%	15.42%	27.49%	23.16%	18.10%	1.57%	-2.31%	-1.93%	15.94%	14.44%
Revenue Q/Q Growth	-7.28%	4.57%	-7.24%	16.20%	-6.58%	0.87%	-7.24%	12.69%	-4.07%	7.09%	-2.59%
EBITDA Q/Q Growth	-55.82%	-94.38%	-6.90%	2,888.89%	-43.00%	47.83%	-77.21%	320.00%	-30.88%	72.22%	-9.42%
EBIT Q/Q Growth	-82.54%	-375.71%	1.30%	205.77%	-94.54%	1,140.91%	-188.28%	204.56%	-77.78%	621.43%	-24.75%
NOPAT Q/Q Growth	-84.45%	-396.81%	2.72%	211.08%	-90.64%	673.89%	-170.51%	209.65%	-83.76%	1,016.43%	-15.29%
Net Income Q/Q Growth	-71.74%	-230.57%	8.33%	258.87%	-81.74%	291.04%	-156.87%	242.95%	-74.65%	498.15%	-29.72%
EPS Q/Q Growth	-71.30%	-216.13%	0.00%	248.72%	-81.03%	318.18%	-156.52%	250.00%	-74.36%	460.00%	-19.64%
Operating Cash Flow Q/Q Growth	-56.53%	-31.01%	-124.47%	76.92%	575.00%	317.54%	80.67%	-53.37%	-28.68%	3.15%	380.68%
Free Cash Flow Firm Q/Q Growth	-62.78%	34.42%	-53.59%	-16.61%	-10.01%	36.86%	73.73%	232.14%	-44.89%	-603.83%	15.00%
Invested Capital Q/Q Growth	10.55%	-3.91%	9.05%	10.06%	6.80%	-7.86%	-6.21%	5.85%	7.21%	8.93%	-7.43%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	29.23%	23.58%	23.65%	32.72%	29.81%	30.69%	27.77%	32.10%	30.22%	32.56%	32.24%
EBITDA Margin	7.91%	0.43%	0.43%	10.97%	6.70%	9.81%	2.41%	8.99%	6.48%	10.41%	9.68%
Operating Margin	1.79%	-5.92%	-6.21%	5.41%	0.55%	4.01%	-3.47%	3.11%	0.50%	5.25%	4.55%
EBIT Margin	2.15%	-5.66%	-6.02%	5.48%	0.32%	3.94%	-3.75%	3.48%	0.81%	5.43%	4.19%
Profit (Net Income) Margin	2.96%	-3.69%	-3.65%	4.99%	0.98%	3.78%	-2.32%	2.94%	0.78%	4.34%	3.13%
Tax Burden Percent	81.43%	88.42%	77.52%	76.78%	75.28%	79.64%	77.60%	76.07%	79.41%	79.36%	79.65%
Interest Burden Percent	169.29%	73.83%	78.22%	118.61%	404.55%	120.51%	79.67%	111.11%	121.43%	100.74%	93.75%
Effective Tax Rate	18.57%	0.00%	0.00%	23.22%	24.72%	20.36%	0.00%	23.93%	20.59%	20.64%	20.35%
Return on Invested Capital (ROIC)	5.59%	-15.98%	-16.19%	14.88%	1.39%	11.42%	-8.65%	7.76%	1.23%	13.02%	12.51%
ROIC Less NNEP Spread (ROIC-NNEP)	3.35%	-16.79%	-17.62%	12.89%	-0.11%	9.94%	-9.00%	2.96%	-16.66%	5.89%	-1.80%
Return on Net Nonoperating Assets (RNNOA)	-1.32%	6.07%	5.29%	-3.74%	0.03%	-2.62%	1.87%	-0.28%	0.27%	-0.11%	-0.06%
Return on Equity (ROE)	4.27%	-9.91%	-10.90%	11.15%	1.42%	8.81%	-6.78%	7.48%	1.50%	12.91%	12.46%
Cash Return on Invested Capital (CROIC)	-18.03%	-5.92%	-13.15%	-26.35%	-23.85%	-13.35%	3.36%	5.29%	4.70%	-11.03%	-4.26%
Operating Return on Assets (OROA)	1.50%	-4.11%	-4.49%	4.11%	0.24%	3.08%	-2.99%	2.97%	0.70%	4.85%	3.87%
Return on Assets (ROA)	2.06%	-2.68%	-2.72%	3.74%	0.74%	2.96%	-1.85%	2.51%	0.68%	3.88%	2.89%
Return on Common Equity (ROCE)	4.27%	-9.91%	-10.90%	11.15%	1.42%	8.81%	-6.78%	7.48%	1.50%	12.91%	12.46%
Return on Equity Simple (ROE_SIMPLE)	4.50%	0.00%	3.85%	0.74%	-0.47%	0.00%	5.84%	4.91%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	95	-283	-275	306	29	221	-156	171	28	310	263
NOPAT Margin	1.46%	-4.14%	-4.35%	4.16%	0.42%	3.19%	-2.43%	2.36%	0.40%	4.17%	3.63%
Net Nonoperating Expense Percent (NNEP)	2.25%	0.80%	1.43%	1.99%	1.51%	1.48%	0.35%	4.80%	17.89%	7.13%	14.31%
Return On Investment Capital (ROIC_SIMPLE)	-	-1.53%	-	-	-	1.30%	-0.97%	1.41%	0.23%	2.41%	2.14%
Cost of Revenue to Revenue	70.77%	76.42%	76.35%	67.28%	70.19%	69.31%	72.23%	67.90%	69.78%	67.44%	67.76%
SG&A Expenses to Revenue	14.68%	16.61%	16.08%	14.86%	15.71%	13.68%	16.96%	15.64%	16.16%	15.06%	14.31%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	27.43%	29.50%	29.86%	27.30%	29.26%	26.68%	31.24%	28.99%	29.72%	27.30%	27.69%
Earnings before Interest and Taxes (EBIT)	140	-386	-381	403	22	273	-241	252	56	404	304
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	516	29	27	807	460	680	155	651	450	775	702
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.42	1.60	1.71	1.64	1.71	1.95	2.13	2.31	2.16	2.68	2.68
Price to Tangible Book Value (P/TBV)	1.56	1.76	1.89	1.80	1.88	2.15	2.37	2.63	2.46	3.05	3.13
Price to Revenue (P/Rev)	0.62	0.64	0.65	0.63	0.65	0.73	0.72	0.67	0.61	0.76	0.64
Price to Earnings (P/E)	31.68	36.18	44.28	222.36	0.00	43.36	36.38	47.04	44.10	48.47	22.59
Dividend Yield	2.72%	3.19%	2.47%	2.52%	2.43%	2.14%	2.14%	2.22%	2.26%	1.74%	1.92%
Earnings Yield	3.16%	2.76%	2.26%	0.45%	0.00%	2.31%	2.75%	2.13%	2.27%	2.06%	4.43%
Enterprise Value to Invested Capital (EV/IC)	1.64	1.90	1.94	1.79	1.81	2.18	2.35	2.27	2.01	2.39	2.30
Enterprise Value to Revenue (EV/Rev)	0.47	0.51	0.56	0.56	0.60	0.66	0.67	0.68	0.65	0.82	0.71
Enterprise Value to EBITDA (EV/EBITDA)	6.66	7.39	8.56	10.96	12.38	9.19	8.73	9.64	9.22	11.35	7.96
Enterprise Value to EBIT (EV/EBIT)	36.11	46.71	85.09	0.00	0.00	57.22	40.14	61.28	52.48	48.93	20.19
Enterprise Value to NOPAT (EV/NOPAT)	63.03	81.18	177.92	0.00	0.00	72.66	48.08	75.92	72.30	68.74	26.62
Enterprise Value to Operating Cash Flow (EV/OCF)	3.62	4.22	6.33	16.56	39.84	39.26	12.86	10.13	8.82	12.51	8.55
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	70.42	42.42	42.40	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.73	0.76	0.78	0.76	0.77	0.65	0.71	0.51	0.53	0.61	0.78
Long-Term Debt to Equity	0.72	0.76	0.78	0.48	0.49	0.49	0.44	0.51	0.52	0.57	0.66
Financial Leverage	-0.40	-0.36	-0.30	-0.29	-0.24	-0.26	-0.21	-0.09	-0.02	-0.02	0.03
Leverage Ratio	3.32	3.39	3.49	3.39	3.35	3.37	3.54	3.48	3.47	3.43	3.85
Compound Leverage Factor	5.62	2.50	2.73	4.02	13.54	4.06	2.82	3.87	4.22	3.45	3.61
Debt to Total Capital	42.03%	43.23%	43.97%	43.31%	43.47%	39.29%	41.68%	33.90%	34.53%	38.05%	43.93%
Short-Term Debt to Total Capital	0.16%	0.16%	0.15%	15.88%	15.91%	9.56%	16.24%	0.18%	0.19%	2.52%	6.94%
Long-Term Debt to Total Capital	41.87%	43.07%	43.82%	27.44%	27.56%	29.73%	25.44%	33.72%	34.34%	35.53%	36.99%
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	57.97%	56.77%	56.03%	56.69%	56.53%	60.71%	58.32%	66.10%	65.47%	61.95%	56.07%
Debt to EBITDA	4.44	4.43	4.60	5.80	6.05	3.39	3.18	2.11	2.12	2.41	2.09
Net Debt to EBITDA	-2.06	-1.92	-1.44	-1.45	-1.04	-1.03	-0.74	0.14	0.56	0.82	0.80
Long-Term Debt to EBITDA	4.42	4.41	4.58	3.67	3.84	2.57	1.94	2.10	2.11	2.25	1.76
Debt to NOPAT	42.00	48.66	95.61	-48.61	-31.68	26.84	17.55	16.61	16.62	14.62	6.99
Net Debt to NOPAT	-19.49	-21.07	-29.99	12.19	5.45	-8.12	-4.08	1.07	4.39	4.98	2.67
Long-Term Debt to NOPAT	41.85	48.48	95.28	-30.79	-20.08	20.31	10.71	16.52	16.53	13.65	5.89
Altman Z-Score	1.78	1.75	1.77	1.80	1.82	2.00	1.87	2.11	2.03	2.19	2.03
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.21	1.14	1.09	0.90	0.88	0.92	0.77	0.56	0.49	0.52	0.48
Quick Ratio	1.09	1.03	0.97	0.80	0.78	0.80	0.67	0.45	0.38	0.40	0.37
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1,293	-848	-1,302	-1,518	-1,670	-1,055	-277	366	202	-1,017	-864
Operating Cash Flow to CapEx	73.25%	60.03%	-17.84%	-4.86%	22.05%	103.48%	171.66%	63.15%	42.18%	34.34%	323.74%
Free Cash Flow to Firm to Interest Expense	-21.91	-14.87	-22.45	-27.61	-30.93	-21.52	-7.92	14.08	9.17	-33.89	-20.58
Operating Cash Flow to Interest Expense	10.44	7.46	-1.79	-0.44	2.11	9.71	24.57	15.42	13.00	9.83	33.76
Operating Cash Flow Less CapEx to Interest Expense	-3.81	-4.96	-11.84	-9.42	-7.46	0.33	10.26	-9.00	-17.82	-18.80	23.33
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.70	0.73	0.75	0.75	0.76	0.78	0.80	0.85	0.87	0.89	0.92
Accounts Receivable Turnover	18.28	23.78	20.52	20.96	20.71	24.28	22.68	23.29	24.01	24.85	24.77
Inventory Turnover	24.47	23.24	27.02	28.57	27.54	24.15	24.05	24.65	24.60	24.67	24.33
Fixed Asset Turnover	1.44	1.42	1.42	1.41	1.41	1.43	1.42	1.41	1.40	1.43	1.46
Accounts Payable Turnover	11.72	9.60	11.37	10.95	13.28	10.55	9.92	10.00	11.91	10.20	9.75
Days Sales Outstanding (DSO)	19.96	15.35	17.79	17.41	17.63	15.03	16.09	15.67	15.20	14.69	14.73
Days Inventory Outstanding (DIO)	14.92	15.71	13.51	12.77	13.25	15.11	15.18	14.81	14.84	14.79	15.00
Days Payable Outstanding (DPO)	31.15	38.02	32.10	33.34	27.49	34.61	36.79	36.52	30.64	35.78	37.42
Cash Conversion Cycle (CCC)	3.73	-6.97	-0.80	-3.16	3.39	-4.46	-5.52	-6.03	-0.60	-6.29	-7.69
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	7,335	7,048	7,686	8,459	9,034	8,324	7,807	8,264	8,860	9,651	8,934
Invested Capital Turnover	3.83	3.86	3.72	3.58	3.34	3.58	3.56	3.29	3.08	3.12	3.45
Increase / (Decrease) in Invested Capital	1,388	565	1,027	1,824	1,699	1,276	121	-195	-174	1,327	1,127
Enterprise Value (EV)	12,026	13,359	14,891	15,116	16,376	18,137	18,344	18,750	17,843	23,044	20,518
Market Capitalization	15,745	16,826	17,401	17,122	17,753	20,163	19,902	18,486	16,759	21,374	18,459
Book Value per Share	$18.56	$17.64	$17.08	$17.49	$17.38	$17.26	$15.80	$14.04	$14.81	$15.43	$13.81
Tangible Book Value per Share	$16.93	$16.01	$15.45	$15.87	$15.76	$15.64	$14.16	$12.34	$12.96	$13.56	$11.86
Total Capital	19,068	18,522	18,198	18,461	18,416	17,049	16,059	12,103	11,878	12,882	12,262
Total Debt	8,014	8,007	8,002	7,996	8,005	6,699	6,694	4,103	4,102	4,901	5,387
Total Long-Term Debt	7,984	7,978	7,974	5,065	5,075	5,069	4,086	4,081	4,079	4,577	4,536
Net Debt	-3,719	-3,467	-2,510	-2,006	-1,377	-2,026	-1,558	264	1,084	1,670	2,059
Capital Expenditures (CapEx)	841	708	583	494	517	460	501	635	678	859	438
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-9,184	-9,746	-9,428	-8,433	-8,011	-8,097	-8,811	-8,617	-8,594	-8,183	-8,992
Debt-free Net Working Capital (DFNWC)	2,549	1,728	1,084	1,569	1,371	628	-559	-4,778	-5,576	-4,952	-5,664
Net Working Capital (NWC)	2,519	1,699	1,056	-1,362	-1,559	-1,002	-3,167	-4,800	-5,599	-5,276	-6,515
Net Nonoperating Expense (NNE)	-98	-31	-44	-61	-38	-41	-7.10	-42	-26	-13	36
Net Nonoperating Obligations (NNO)	-3,719	-3,467	-2,510	-2,006	-1,377	-2,026	-1,558	264	1,084	1,670	2,059
Total Depreciation and Amortization (D&A)	376	415	408	404	438	407	396	399	394	371	398
Debt-free, Cash-free Net Working Capital to Revenue	-36.10%	-37.35%	-35.29%	-31.20%	-29.26%	-29.46%	-31.94%	-31.37%	-31.19%	-29.16%	-31.13%
Debt-free Net Working Capital to Revenue	10.02%	6.62%	4.06%	5.80%	5.01%	2.29%	-2.03%	-17.39%	-20.24%	-17.65%	-19.61%
Net Working Capital to Revenue	9.90%	6.51%	3.95%	-5.04%	-5.69%	-3.65%	-11.48%	-17.47%	-20.32%	-18.80%	-22.56%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.32	($0.42)	($0.39)	$0.61	$0.11	$0.45	($0.26)	$0.40	$0.10	$0.58	$0.45
Adjusted Weighted Average Basic Shares Outstanding	596M	596.66M	597M	599M	599M	592.66M	584M	538M	523M	491.32M	498M
Adjusted Diluted Earnings per Share	$0.31	($0.36)	($0.39)	$0.58	$0.11	$0.46	($0.26)	$0.39	$0.10	$0.56	$0.45
Adjusted Weighted Average Diluted Shares Outstanding	640M	596.66M	597M	643M	601M	592.66M	584M	541M	526M	491.32M	503M
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	596.12M	596.66M	598.46M	599.16M	599.74M	592.66M	569.87M	525.19M	517.16M	491.32M	488.77M
Normalized Net Operating Profit after Tax (NOPAT)	95	-283	-275	306	29	221	-156	171	28	310	263
Normalized NOPAT Margin	1.46%	-4.14%	-4.35%	4.16%	0.42%	3.19%	-2.43%	2.36%	0.40%	4.17%	3.63%
Pre Tax Income Margin	3.63%	-4.18%	-4.71%	6.50%	1.30%	4.75%	-2.99%	3.87%	0.98%	5.47%	3.93%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.37	-6.77	-6.57	7.33	0.41	5.57	-6.89	9.69	2.55	13.47	7.24
NOPAT to Interest Expense	1.61	-4.96	-4.74	5.56	0.53	4.52	-4.46	6.58	1.26	10.34	6.26
EBIT Less CapEx to Interest Expense	-11.88	-19.19	-16.62	-1.65	-9.17	-3.82	-21.20	-14.73	-28.27	-15.17	-3.19
NOPAT Less CapEx to Interest Expense	-12.64	-17.38	-14.79	-3.43	-9.04	-4.87	-18.77	-17.84	-29.55	-18.29	-4.17
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	86.12%	92.04%	109.16%	557.14%	-879.59%	92.47%	58.87%	108.14%	104.74%	90.48%	47.12%
Augmented Payout Ratio	86.12%	92.04%	109.16%	557.14%	-879.59%	146.24%	241.68%	744.27%	828.42%	668.71%	420.44%

Financials Breakdown Chart

Key Financial Trends

Southwest Airlines (LUV) — four-year, quarterly view drawn from the most recent four fiscal years. This summary focuses on key trends in revenue, profitability, cash flow, liquidity and leverage to help retail investors gauge the step-by-step trajectory of the business.

Operating revenue rose over the period, from about $6.17B in Q4 2022 to $7.44B in Q4 2025 (approximately 20% growth), signaling stronger top-line momentum. (Q4 2025: $7.442B; Q4 2022: $6.172B)
Net income attributable to common shareholders improved materially, rising to $323M in Q4 2025 from modest earnings in earlier years (e.g., $67M in Q4 2023 and $262M in Q4 2024).
Diluted earnings per share (EPS) advanced to $0.56 in Q4 2025, up from $0.46 in Q4 2024, supporting a more favorable per-share earnings trend.
Gross margin ticked higher, with Total Gross Profit of about $2.423B on $7.442B of revenue in Q4 2025 (roughly 32.5%), up from the low-30s range in earlier years.
The quarterly dividend per share remained at $0.18, indicating ongoing shareholder-friendly capital-return policy. (KZ5Nyr data)
Capital expenditure remains elevated as the fleet is modernized, with PPE purchases of about $859M in Q4 2025, $708M in Q4 2024, and $664M in Q4 2023.
Financing activity shows access to capital markets, with a debt issuance of about $1.511B in Q3 2025, highlighting liquidity options to support growth and funding needs.
Liquidity remains a concern, as the Q3 2025 period shows current assets of about $5.40B vs. current liabilities of about $11.0B, implying a current ratio near 0.5.
Cash flow in the quarter can be volatile: Net change in cash and equivalents was negative in Q4 2025 (approximately a $329M decrease), signaling ongoing quarterly cash-out pressures despite positive operating and financing activity over longer windows.
Leverage remains elevated. As of Q3 2025, long-term debt was around $4.08B, total liabilities about $20.54B, and total equity about $7.78B, implying roughly a 2.6x debt-to-equity ratio and meaningful leverage to fund operations and growth.

05/08/26 03:48 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Southwest Airlines' Financials

When does Southwest Airlines' fiscal year end?

According to the most recent income statement we have on file, Southwest Airlines' financial year ends in December. Their financial year 2025 ended on December 31, 2025.

How has Southwest Airlines' net income changed over the last 10 years?

Southwest Airlines' net income appears to be on a downward trend, with a most recent value of $441 million in 2025, falling from $2.18 billion in 2015. The previous period was $465 million in 2024. Find out what analysts predict for Southwest Airlines in the coming months.

What is Southwest Airlines' operating income?

Southwest Airlines' total operating income in 2025 was $428 million, based on the following breakdown:

Total Gross Profit: $8.63 billion
Total Operating Expenses: $8.21 billion

How has Southwest Airlines' revenue changed over the last 10 years?

Over the last 10 years, Southwest Airlines' total revenue changed from $19.82 billion in 2015 to $28.06 billion in 2025, a change of 41.6%.

How much debt does Southwest Airlines have?

Southwest Airlines' total liabilities were at $21.08 billion at the end of 2025, a 9.9% decrease from 2024, and a 51.1% increase since 2015.

How much cash does Southwest Airlines have?

In the past 10 years, Southwest Airlines' cash and equivalents has ranged from $1.50 billion in 2017 to $12.48 billion in 2021, and is currently $3.23 billion as of their latest financial filing in 2025.

How has Southwest Airlines' book value per share changed over the last 10 years?

Over the last 10 years, Southwest Airlines' book value per share changed from 11.31 in 2015 to 15.43 in 2025, a change of 36.4%.

Related Companies

Financial statements for NYSE:LUV last updated on 4/27/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Southwest Airlines (LUV) Financials

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Southwest Airlines (LUV) Financials

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