SOUTHWEST AIRLINES CO. financials

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LUV CIK 0000092380

Source: EDGAR filings · raw companyfacts JSON · Built 2026-04-25T10:09:42Z

Key metrics by reporting period

Up to six most-recent periods side-by-side. Rows are the curated key lines — revenue, margins, cash, debt, equity, cash-flow totals, plus the derived and valuation metrics we compute on top. For every tag a filer reported in one period, use the single-filing drilldown below.

Derived Metrics

Concept FY 2025FY 2024FY 2023FY 2022FY 2021FY 2020
Free Cash Flow -831.00M -1.59B -356.00M -134.00M 1.82B -1.64B
EBITDA 1.99B 1.98B 1.75B 2.37B 2.99B -2.56B
Working Capital -5.28B -1.00B 1.70B 4.43B 8.87B 7.67B
Net Debt 2.86B 554.00M -72.00M -38.00M -170.00M 1.19B
Operating Margin 1.53% 1.17% 0.86% 4.27% 10.90% -42.18%
Net Margin 1.57% 1.69% 1.78% 2.26% 6.19% -33.97%
Return on Equity (ROE) 5.53% 4.49% 4.42% 5.04% 9.38% -34.63%
Return on Assets (ROA) 1.52% 1.38% 1.27% 1.52% 2.69% -8.89%
Current Ratio 0.5169 0.9184 1.1386 1.4269 1.9681 2.0214
Debt-to-Equity 0.7627 0.779 0.8765 0.8846 1.1821 1.38
Effective Tax Rate 21.67% 22.24% 26.54% 25.96% 26.26% 27.77%
Cash Conversion Ratio 4.1769 0.9935 6.8043 7.0315 2.3767 0.3666
Accruals Ratio -0.0482 0.0001 -0.074 -0.0919 -0.037 -0.0563
SBC % of Revenue 0.35% 0.16% 0.33% 0.35% 0.37% 0.19%
CapEx Coverage 0.6891 0.2249 0.8989 0.9659 4.598 -2.1883
Free Cash Flow Per Share $-1.49 $-2.48 $-0.56 $-0.21 $2.98 $-2.91

Valuation Metrics

Concept FY 2025FY 2024FY 2023FY 2022FY 2021FY 2020
P/E Trailing (Diluted) 52.3165 44.2368 38 38.7011 26.6087 —
P/FCF — — — — 14.3585 —
FCF Yield — — — — 6.96% —
EV / EBITDA 19.9002 15.3753 14.6487 12.6118 12.6551 —
P/S 1.308 1.0864 0.983 1.2557 2.4095 4.575
P/B 4.5991 2.8849 2.4392 2.798 3.6534 4.6637

Income Statement

Concept FY 2025FY 2024FY 2023FY 2022FY 2021FY 2020
Revenue from Contract with Customer, Excluding Assessed Tax 28.06B 27.48B 26.09B 23.81B 15.79B 9.05B
Revenues — — — — — 2.01B
Operating Income (Loss) 428.00M 321.00M 224.00M 1.02B 1.72B -3.82B
Income Tax Expense (Benefit) 122.00M 133.00M 168.00M 189.00M 348.00M -1.18B
Net Income (Loss) Attributable to Parent 441.00M 465.00M 465.00M 539.00M 977.00M -3.07B
Earnings Per Share, Basic $0.82 $0.78 $0.78 $0.91 $1.65 $-5.44
Weighted Average Number of Shares Outstanding, Basic 540.00M 598.00M 595.00M 593.00M 592.00M 565.00M
Earnings Per Share, Diluted $0.79 $0.76 $0.76 $0.87 $1.61 $-5.44
Weighted Average Number of Shares Outstanding, Diluted 558.00M 643.00M 640.00M 642.00M 609.00M 565.00M

Balance Sheet

Concept FY 2025FY 2024FY 2023FY 2022FY 2021FY 2020
Cash and Cash Equivalents, at Carrying Value 3.23B 7.51B 9.29B 9.49B 12.48B 11.06B
Assets, Current 5.64B 11.27B 13.96B 14.81B 18.04B 15.17B
Assets 29.06B 33.75B 36.49B 35.37B 36.32B 34.59B
Long-term Debt 4.93B 6.70B 8.01B 8.10B — —
Liabilities, Current 10.92B 12.28B 12.26B 10.38B 9.16B 7.51B
Stockholders' Equity Attributable to Parent 7.98B 10.35B 10.52B 10.69B 10.41B 8.88B

Cash Flow Statement

Concept FY 2025FY 2024FY 2023FY 2022FY 2021FY 2020
Net Cash Provided by (Used in) Operating Activities 1.84B 462.00M 3.16B 3.79B 2.32B -1.13B
Net Cash Provided by (Used in) Investing Activities -1.43B -261.00M -2.93B -3.75B -1.26B -16.00M
Payments for Repurchase of Common Stock 2.55B 250.00M 0 0 0 451.00M
Payments of Dividends 399.00M 430.00M 428.00M 0 0 188.00M
Net Cash Provided by (Used in) Financing Activities -4.69B -1.98B -436.00M -3.03B 359.00M 9.66B

Raw XBRL tagging for a single filing

Every us-gaap and custom concept the filer tagged for one fiscal period, grouped by statement. Start here when a number in the trend table above surprises you and you want to see the exact tag behind it. Derived and valuation rows are omitted here because they already appear in the trend table.

Most recent filing shown by default.

Compare filings side-by-side

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Immaterial rows are USD line items under 1% of the period's revenue — the noise floor below which a single tag rarely moves the investment thesis. Revenue is read from the filer's top-line concept (Revenues / RevenueFromContractWithCustomerExcludingAssessedTax, with a fallback chain). Non-USD rows, rows without a numeric value, and every row on a filing with no identifiable revenue anchor stay visible. Flip the switch off to see every tag the filer reported for the period.

Income Statement

22 concepts 3 units
Unit US$ · 17 concepts
Label Value Period
Interest Costs Capitalized Adjustment 12.00M 2026-01-01 → 2026-03-31
Revenue from Contract with Customer, Excluding Assessed Tax 7.25B 2026-01-01 → 2026-03-31
Fuel Costs 1.36B 2026-01-01 → 2026-03-31
Depreciation, Depletion and Amortization, Nonproduction 398.00M 2026-01-01 → 2026-03-31
Other Cost and Expense, Operating 1.04B 2026-01-01 → 2026-03-31
Operating Costs and Expenses 6.92B 2026-01-01 → 2026-03-31
Labor and Related Expense 3.30B 2026-01-01 → 2026-03-31
Sale and Leaseback Transaction, Gain (Loss), Net 0 2026-01-01 → 2026-03-31
Operating Income (Loss) 330.00M 2026-01-01 → 2026-03-31
Investment Income, Interest 23.00M 2026-01-01 → 2026-03-31
Other Nonoperating Income (Expense) -26.00M 2026-01-01 → 2026-03-31
Nonoperating Income (Expense) -45.00M 2026-01-01 → 2026-03-31
InterestExpenseNonoperating 54.00M 2026-01-01 → 2026-03-31
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest 285.00M 2026-01-01 → 2026-03-31
Income Tax Expense (Benefit) 58.00M 2026-01-01 → 2026-03-31
Net Income (Loss) Attributable to Parent 227.00M 2026-01-01 → 2026-03-31
Net Income (Loss) Available to Common Stockholders, Basic 227.00M 2026-01-01 → 2026-03-31
Unit shares · 2 concepts
Label Value Period
Weighted Average Number of Shares Outstanding, Basic 498.00M 2026-01-01 → 2026-03-31
Weighted Average Number of Shares Outstanding, Diluted 503.00M 2026-01-01 → 2026-03-31
Unit US$ / share · 3 concepts
Label Value Period
Earnings Per Share, Basic $0.45 2026-01-01 → 2026-03-31
Earnings Per Share, Diluted $0.45 2026-01-01 → 2026-03-31
Common Stock, Dividends, Per Share, Declared $0.18 2026-01-01 → 2026-03-31

Comprehensive Income

4 concepts 1 unit

Balance Sheet

39 concepts 1 unit
Unit US$ · 39 concepts
Label Value Period
Cash and Cash Equivalents, at Carrying Value 3.33B as of 2026-03-31
EquitySecuritiesFvNiCurrentAndNoncurrent 348.00M as of 2026-03-31
Accounts Receivable, after Allowance for Credit Loss, Current 171.00M as of 2026-03-31
Accounts and Other Receivables, Net, Current 1.25B as of 2026-03-31
Assets, Current 5.97B as of 2026-03-31
Operating Lease, Right-of-Use Asset 1.02B as of 2026-03-31
Property, Plant and Equipment, Other, Gross 9.32B as of 2026-03-31
Property, Plant and Equipment, Gross 36.15B as of 2026-03-31
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment 15.78B as of 2026-03-31
Property, Plant and Equipment, Net 20.38B as of 2026-03-31
EquitySecuritiesFVNINoncurrent 348.00M as of 2026-03-31
Interest Payable, Current 68.00M as of 2026-03-31
Goodwill 970.00M as of 2026-03-31
Intangible Assets, Net (Excluding Goodwill) 296.00M as of 2026-03-31
Other Assets, Noncurrent 1.02B as of 2026-03-31
Dividends Payable 89.00M as of 2026-03-31
Contract with Customer, Liability 8.25B as of 2026-03-31
Assets 29.36B as of 2026-03-31
Accounts Payable, Current 2.11B as of 2026-03-31
SupplierFinanceProgramObligationCurrent 21.00M as of 2026-03-31
Taxes Payable, Current 474.00M as of 2026-03-31
Accrued Liabilities, Current 2.17B as of 2026-03-31
Contract with Customer, Liability, Current 7.05B as of 2026-03-31
Long-term Debt and Lease Obligation, Current 851.00M as of 2026-03-31
Deferred Compensation Cash-based Arrangements, Liability, Current 109.00M as of 2026-03-31
Liabilities, Current 12.48B as of 2026-03-31
Long-term Debt and Lease Obligation 4.54B as of 2026-03-31
Contract with Customer, Liability, Noncurrent 1.20B as of 2026-03-31
Liability, Defined Benefit Plan, Noncurrent 318.00M as of 2026-03-31
Deferred Income Tax Liabilities, Net 2.35B as of 2026-03-31
Other Liabilities, Noncurrent 1.20B as of 2026-03-31
Operating Lease, Liability, Noncurrent 709.00M as of 2026-03-31
Common Stock, Value, Issued 888.00M as of 2026-03-31
Additional Paid in Capital, Common Stock 4.26B as of 2026-03-31
Treasury Stock, Common, Value 14.80B as of 2026-03-31
Accumulated Other Comprehensive Income (Loss), Net of Tax -1.00M as of 2026-03-31
Retained Earnings (Accumulated Deficit) 16.53B as of 2026-03-31
Stockholders' Equity Attributable to Parent 6.88B as of 2026-03-31
Liabilities and Equity 29.36B as of 2026-03-31

Cash Flow Statement

22 concepts 1 unit
Unit US$ · 22 concepts
Label Value Period
Payments to Acquire Short-term Investments 0 2026-01-01 → 2026-03-31
Proceeds from Sale of Short-term Investments 0 2026-01-01 → 2026-03-31
Proceeds from Issuance of Debt 500.00M 2026-01-01 → 2026-03-31
Interest Paid, Excluding Capitalized Interest, Operating Activities 1.00M 2026-01-01 → 2026-03-31
Increase (Decrease) in Accounts and Other Receivables 93.00M 2026-01-01 → 2026-03-31
Increase (Decrease) in Deferred Income Taxes -57.00M 2026-01-01 → 2026-03-31
Increase (Decrease) in Other Operating Assets 61.00M 2026-01-01 → 2026-03-31
Increase (Decrease) in Contract with Customer, Liability 1.09B 2026-01-01 → 2026-03-31
Increase (Decrease) in Accounts Payable and Accrued Liabilities -79.00M 2026-01-01 → 2026-03-31
Increase (Decrease) in Other Operating Liabilities -77.00M 2026-01-01 → 2026-03-31
Other Operating Activities, Cash Flow Statement -40.00M 2026-01-01 → 2026-03-31
Net Cash Provided by (Used in) Operating Activities 1.42B 2026-01-01 → 2026-03-31
Payments to Acquire Productive Assets 630.00M 2026-01-01 → 2026-03-31
Proceeds from Sale of Property, Plant, and Equipment 192.00M 2026-01-01 → 2026-03-31
Net Cash Provided by (Used in) Investing Activities -445.00M 2026-01-01 → 2026-03-31
Proceeds from Stock Plans 16.00M 2026-01-01 → 2026-03-31
Payments for Repurchase of Common Stock 1.25B 2026-01-01 → 2026-03-31
Payments of Dividends 93.00M 2026-01-01 → 2026-03-31
Proceeds from (Payments for) Other Financing Activities -43.00M 2026-01-01 → 2026-03-31
Net Cash Provided by (Used in) Financing Activities -876.00M 2026-01-01 → 2026-03-31
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect 97.00M 2026-01-01 → 2026-03-31
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents 3.33B as of 2026-03-31

Notes

34 concepts 2 units
Unit US$ · 33 concepts
Label Value Period
Accounts Payable, Trade, Current 404.00M as of 2026-03-31
Increase (Decrease) Cash Collateral from Counterparties 0 2026-01-01 → 2026-03-31
Accounts Payable, Other, Current 141.00M as of 2026-03-31
Operating Lease, Liability, Current 300.00M as of 2026-03-31
Prepaid Expense and Other Assets, Current 554.00M as of 2026-03-31
Landing Fees and Other Rentals 572.00M 2026-01-01 → 2026-03-31
Other Accrued Liabilities, Current 374.00M as of 2026-03-31
Accrued Salaries, Current 559.00M as of 2026-03-31
Accrued Vacation, Current 697.00M as of 2026-03-31
Aircraft Maintenance, Materials, and Repairs 259.00M 2026-01-01 → 2026-03-31
Accrued Bonuses, Current 39.00M as of 2026-03-31
Accrued Employee Benefits, Current 208.00M as of 2026-03-31
Workers' Compensation Liability, Current 247.00M as of 2026-03-31
Other Assets, Miscellaneous 66.00M as of 2026-03-31
Other Deferred Compensation Arrangements, Liability, Classified, Noncurrent 397.00M as of 2026-03-31
Flight Equipment, Gross 26.25B as of 2026-03-31
Airline Related Inventory, Gross 833.00M as of 2026-03-31
Other Sundry Liabilities, Noncurrent 50.00M as of 2026-03-31
Contract with Customer, Liability, Revenue Recognized 2.48B 2026-01-01 → 2026-03-31
Deposits on Flight Equipment 494.00M as of 2026-03-31
Treasury Stock, Value, Acquired, Cost Method 1.27B 2026-01-01 → 2026-03-31
Net Income (Loss) Available to Common Stockholders, Diluted 227.00M 2026-01-01 → 2026-03-31
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability 5.00M 2026-01-01 → 2026-03-31
Assets, Fair Value Disclosure 3.68B as of 2026-03-31
AOCI Tax, Attributable to Parent 1.00M as of 2026-03-31
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent -23.00M 2026-01-01 → 2026-03-31
Reclassification from AOCI, Current Period, Tax 7.00M 2026-01-01 → 2026-03-31
Other Comprehensive Income, Other, Net of Tax 1.00M 2026-01-01 → 2026-03-31
Interest Rate Derivative Liabilities, at Fair Value 20.00M as of 2026-03-31
Income Taxes Receivable, Current 6.00M as of 2026-03-31
Credit Card Receivables 206.00M as of 2026-03-31
Other Receivables, Net, Current 68.00M as of 2026-03-31
APIC, Share-based Payment Arrangement, Increase for Cost Recognition 17.00M 2026-01-01 → 2026-03-31
Unit shares · 1 concept
Label Value Period
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements 5.00M 2026-01-01 → 2026-03-31

Other

1 concepts 1 unit
Unit US$ · 1 concept
Label Value Period
Dividends, Cash 89.00M 2026-01-01 → 2026-03-31

Methodology

All facts on this page come straight from SEC EDGAR XBRL company-facts filings (LUV CIK 0000092380), grouped by financial statement using FASB's base us-gaap presentation taxonomy. Filers may re-parent concepts onto different statements in their own extension taxonomy, so a handful of rows can show up under a different statement than on the actual 10-K / 10-Q; custom concepts and any we couldn't map fall into Other. Hover a cell to see the fully-qualified concept name and the filer's description.

For the full methodology — statement grouping, the Other bucket, derived metrics, and fact tooltips — see the methodology reference for the statement grouping, the "Other" bucket, derived metrics, and fact tooltips.