SOUTHWEST AIRLINES CO. financials
Source: EDGAR filings · Built 2026-06-02T03:29:48Z
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 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Free Cash Flow | -853.00M | -1.62B | -388.00M | -212.00M | 1.73B | -1.73B |
| 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 | 0.52× | 0.92× | 1.14× | 1.43× | 1.97× | 2.02× |
| Debt-to-Equity | 0.76× | 0.78× | 0.88× | 0.88× | 1.18× | 1.38× |
| Effective Tax Rate | 21.67% | 22.24% | 26.54% | 25.96% | 26.26% | 27.77% |
| Cash Conversion Ratio | 4.18× | 0.99× | 6.80× | 7.03× | 2.38× | 0.37× |
| Accruals Ratio | -0.05× | 0.00× | -0.07× | -0.09× | -0.04× | -0.06× |
| SBC % of Revenue | 0.35% | 0.16% | 0.33% | 0.35% | 0.37% | 0.19% |
| CapEx Coverage | 0.68× | 0.22× | 0.89× | 0.95× | 3.95× | -1.88× |
| Free Cash Flow Per Share | $-1.53 | $-2.52 | $-0.61 | $-0.33 | $2.85 | $-3.06 |
Valuation Metrics
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| P/E Trailing (Diluted) | 52.32× | 44.24× | 38.00× | 38.70× | 26.61× | — |
| P/FCF | — | — | — | — | 15.05× | — |
| FCF Yield | — | — | — | — | 6.65% | — |
| EV / EBITDA | 19.90× | 15.38× | 14.65× | 12.61× | 12.66× | — |
| P/S | 1.31× | 1.09× | 0.98× | 1.26× | 2.41× | 4.58× |
| P/B | 4.60× | 2.88× | 2.44× | 2.80× | 3.65× | 4.66× |
Income Statement
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 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 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 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 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 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 |
Derived Metrics
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| Free Cash Flow | 788.00M | -564.00M | -391.00M | -234.00M | 333.00M | 16.00M |
| EBITDA | 728.00M | 762.00M | 429.00M | 625.00M | 173.00M | 685.00M |
| Working Capital | -6.51B | -5.28B | -5.60B | -4.80B | -3.17B | -1.00B |
| Net Debt | 2.22B | 2.86B | 2.33B | 1.84B | -2.75B | 554.00M |
| Operating Margin | 4.55% | 5.25% | 0.50% | 3.11% | -3.47% | 4.01% |
| Net Margin | 3.13% | 4.34% | 0.78% | 2.94% | -2.32% | 3.77% |
| Return on Equity (ROE) | 3.30% | 4.05% | 0.69% | 2.66% | -1.59% | 2.52% |
| Return on Assets (ROA) | 0.77% | 1.11% | 0.19% | 0.74% | -0.45% | 0.77% |
| Current Ratio | 0.48× | 0.52× | 0.49× | 0.56× | 0.77× | 0.92× |
| Debt-to-Equity | 0.81× | 0.76× | 0.67× | 0.66× | 0.58× | 0.78× |
| Effective Tax Rate | 20.35% | 20.83% | 20.59% | 23.93% | 22.40% | 20.67% |
| Cash Conversion Ratio | 6.25× | 0.91× | 5.31× | 1.88× | -5.77× | 1.82× |
| Accruals Ratio | -0.04× | 0.00× | -0.01× | -0.01× | -0.03× | -0.01× |
| CapEx Coverage | 2.25× | 0.34× | 0.42× | 0.63× | 1.63× | 1.03× |
| Free Cash Flow Per Share | $1.57 | $-1.01 | $-0.74 | $-0.43 | $0.57 | $0.02 |
Valuation Metrics
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| P/E Trailing (Diluted) | 24.72× | 51.02× | 49.09× | 49.15× | 39.51× | 46.69× |
| EV / EBITDA | 8.09× | 19.89× | 9.85× | 9.64× | 7.67× | 15.38× |
| P/S | 0.64× | 1.31× | 0.60× | 0.62× | 0.69× | 1.09× |
| P/B | 2.67× | 4.60× | 2.12× | 2.13× | 2.04× | 2.88× |
Income Statement
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| Revenue from Contract with Customer, Excluding Assessed Tax | 7.25B | 7.44B | 6.95B | 7.24B | 6.43B | 6.93B |
| Operating Income (Loss) | 330.00M | 391.00M | 35.00M | 225.00M | -223.00M | 278.00M |
| Income Tax Expense (Benefit) | 58.00M | 85.00M | 14.00M | 67.00M | -43.00M | 68.00M |
| Net Income (Loss) Attributable to Parent | 227.00M | 323.00M | 54.00M | 213.00M | -149.00M | 261.00M |
| Earnings Per Share, Basic | $0.45 | $0.61 | $0.10 | $0.40 | $-0.26 | $0.44 |
| Weighted Average Number of Shares Outstanding, Basic | 498.00M | 540.00M | 523.00M | 538.00M | 584.00M | 598.00M |
| Earnings Per Share, Diluted | $0.45 | $0.58 | $0.10 | $0.39 | $-0.26 | $0.42 |
| Weighted Average Number of Shares Outstanding, Diluted | 503.00M | 558.00M | 526.00M | 541.00M | 584.00M | 643.00M |
Balance Sheet
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| Cash and Cash Equivalents, at Carrying Value | 3.33B | 3.23B | 2.90B | 3.48B | 8.13B | 7.51B |
| Assets, Current | 5.97B | 5.64B | 5.39B | 6.09B | 10.73B | 11.27B |
| Assets | 29.36B | 29.06B | 28.31B | 28.71B | 33.21B | 33.75B |
| Long-term Debt | — | 4.93B | — | — | — | 6.70B |
| Liabilities, Current | 12.48B | 10.92B | 10.99B | 10.89B | 13.90B | 12.28B |
| Stockholders' Equity Attributable to Parent | 6.88B | 7.98B | 7.78B | 8.00B | 9.37B | 10.35B |
Cash Flow Statement
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| Net Cash Provided by (Used in) Operating Activities | 1.42B | 295.00M | 287.00M | 401.00M | 860.00M | 476.00M |
| Net Cash Provided by (Used in) Investing Activities | -445.00M | -742.00M | -428.00M | -882.00M | 623.00M | 73.00M |
| Payments for Repurchase of Common Stock | 1.25B | 50.00M | 250.00M | 1.50B | 750.00M | 250.00M |
| Payments of Dividends | 93.00M | 0 | 189.00M | 103.00M | 107.00M | -1.00M |
| Net Cash Provided by (Used in) Financing Activities | -876.00M | 776.00M | -432.00M | -4.18B | -858.00M | -1.54B |
Raw XBRL tagging for a single filing
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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.