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Southwest Airlines Co.(LUV)Earnings, Financials & Key Ratios
LUV•NYSE
$41.50
$20.38B mkt cap·52.5× P/E·Price updated May 6, 2026
AboutSouthwest Airlines Co. operates as a passenger airline company that provide scheduled air transportation services in the United States and near-international markets. As of December 31, 2021, the company operated a total fleet of 728 Boeing 737 aircrafts; and served 121 destinations in 42 states, the District of Columbia, and the Commonwealth of Puerto Rico, as well as 10 near-international countries, including Mexico, Jamaica, the Bahamas, Aruba, the Dominican Republic, Costa Rica, Belize, Cuba, the Cayman Islands, and Turks and Caicos. It also provides inflight entertainment and connectivity services on Wi-Fi enabled aircrafts; and Rapid Rewards loyalty program that enables program members to earn points for dollars spent on Southwest base fares. In addition, the company offers a suite of digital platforms to support customers' travel needs, including websites and apps; and SWABIZ, an online booking tool. Further, it provides ancillary services, such as Southwest's EarlyBird Check-In, upgraded boarding, and transportation of pets and unaccompanied minors. The company was incorporated in 1967 and is headquartered in Dallas, Texas.Show more
- Revenue$28.06B+2.1%
- EBITDA$1.99B+0.5%
- Net Income$441M-5.2%
- EPS (Diluted)0.79+5.3%
- Gross Margin17.44%+7.5%
- EBITDA Margin7.08%-1.6%
- Operating Margin1.53%+30.6%
- Net Margin1.57%-7.1%
- ROE4.81%+7.9%
- ROIC2.97%+31.5%
- Debt/Equity0.75-3.7%
- Interest Coverage5.98+57.7%
LUV Key Insights
Southwest Airlines Co. (LUV) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
- ✓Strong Piotroski F-Score: 8/9
- ✓High quality earnings: Operating CF exceeds net income
- ✓Strong 5Y sales CAGR of 25.4%
- ✓Share count reduced 13.2% through buybacks
✗Weaknesses
- ✗Weak 3Y average ROE of 4.6%
- ✗Negative free cash flow
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
LUV Price & Volume
Southwest Airlines Co. (LUV) stock price & volume — 10-year historical chart
Loading chart...
LUV Growth Metrics
Southwest Airlines Co. (LUV) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years3.54%
5 Years25.41%
3 Years5.63%
TTM4.72%
Profit CAGR
10 Years-14.77%
5 Years-
3 Years-6.47%
TTM49.63%
EPS CAGR
10 Years-13.22%
5 Years-
3 Years-3.16%
TTM82.35%
Return on Capital
10 Years7.46%
5 Years2.94%
3 Years1.49%
Last Year2.16%
LUV Recent Earnings
Southwest Airlines Co. (LUV) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 7/12 qtrs (58%)●Beat Revenue 6/12 qtrs (50%)
Q2 2026Latest
Apr 22, 2026EPS
$0.45
Est $0.45
+0.0%
Revenue
$7.2B
Est $7.3B
-0.3%
Q1 2026
Jan 28, 2026EPS
$0.58
Est $0.57
+2.1%
Revenue
$7.4B
Est $7.5B
-0.8%
Q4 2025
Oct 22, 2025EPS
$0.11
Est $0.04
+398.7%
Revenue
$6.9B
Est $6.9B
+0.5%
Q3 2025
Jul 23, 2025EPS
$0.43
Est $0.51
-15.9%
Revenue
$7.2B
Est $7.3B
-0.7%
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | Apr 22, 2026 | $0.45vs $0.45+0.0% | $7.2Bvs $7.3B-0.3% |
| Q1 2026 | Jan 28, 2026 | $0.58vs $0.57+2.1% | $7.4Bvs $7.5B-0.8% |
| Q4 2025 | Oct 22, 2025 | $0.11vs $0.04+398.7% | $6.9Bvs $6.9B+0.5% |
| Q3 2025 | Jul 23, 2025 | $0.43vs $0.51-15.9% | $7.2Bvs $7.3B-0.7% |
Based on last 12 quarters of dataView full earnings history →
LUV Peer Comparison
Southwest Airlines Co. (LUV) competitors in Commercial passenger airlines — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 DAL | 47.89B | 73.32 | 9.57 | 2.79% | 7.9% | 24.12% | 1.02 | |
 UAL | 32.48B | 100.03 | 9.79 | 3.52% | 6.06% | 24.91% | 2.03 | |
 AAL | 8.54B | 12.94 | 76.12 | 0.78% | 0.36% | |||
 ULCC | 1.1B | 4.78 | -7.97 | -1.35% | -9.62% | -88.57% | 11.13 | |
 ALGT | 1.48B | 80.08 | -32.29 | 3.74% | -1.71% | -4.22% | 1.77 | |
 JBLU | 1.87B | 5.04 | -3.04 | -2.34% | -7.78% | -33.13% | 4.84 | |
 SKYW | 3.53B | 87.82 | 8.49 | 15.03% | 10.42% | 16% | 0.87 | |
 MESA | 879.48M | 21.00 | -0.04 | -19.93% | -43.64% | -5.29% |
Compare LUV vs Peers
Southwest Airlines Co. (LUV) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
LUV Income Statement
Southwest Airlines Co. (LUV) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales/Revenue | 21.17B | 21.96B | 22.43B | 9.05B | 15.79B | 23.81B | 26.09B | 27.48B | 28.06B | 28.88B |
| Revenue Growth % | 3.65% | 3.75% | 2.11% | -59.66% | 74.51% | 50.82% | 9.56% | 5.34% | 2.11% | 4.72% |
| Cost of Goods Sold | 14.89B | 15.91B | 16.45B | 10.94B | 11.68B | 19.06B | 21.87B | 23.02B | 23.17B | 24.13B |
| COGS % of Revenue | 70.34% | 72.42% | 73.32% | 120.89% | 73.94% | 80.05% | 83.81% | 83.78% | 82.56% | - |
| Gross Profit | 6.25B▲ 0% | 6.06B▼ 3.1% | 5.98B▼ 1.2% | -1.89B▼ 131.6% | 4.12B▲ 317.7% | 4.75B▲ 15.5% | 4.22B▼ 11.1% | 4.46B▲ 5.6% | 4.89B▲ 9.8% | 4.75B▲ 0% |
| Gross Margin % | 29.54% | 27.58% | 26.68% | -20.89% | 26.06% | 19.95% | 16.19% | 16.22% | 17.44% | 16.46% |
| Gross Profit Growth % | 0.47% | -3.13% | -1.24% | -131.59% | 317.72% | 15.48% | -11.13% | 5.59% | 9.78% | - |
| Operating Expenses | 2.85B | 2.85B | 3.03B | 1.93B | 2.39B | 3.73B | 4B | 4.14B | 4.47B | 3.77B |
| OpEx % of Revenue | 13.45% | 12.98% | 13.49% | 21.29% | 15.16% | 15.68% | 15.33% | 15.06% | 15.92% | - |
| Selling, General & Admin | 0 | 0 | 0 | 0 | 185M | 224M | 266M | 346M | 4.47B | 2.24B |
| SG&A % of Revenue | - | - | - | - | 1.17% | 0.94% | 1.02% | 1.26% | 15.92% | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2.85B | 2.85B | 3.03B | 1.93B | 2.21B | 3.51B | 3.73B | 3.79B | 0 | 2M |
| Operating Income | 3.41B▲ 0% | 3.21B▼ 5.9% | 2.96B▼ 7.8% | -3.82B▼ 229.0% | 1.72B▲ 145.1% | 1.02B▼ 40.9% | 224M▼ 78.0% | 321M▲ 43.3% | 428M▲ 33.3% | 981M▲ 0% |
| Operating Margin % | 16.09% | 14.6% | 13.18% | -42.18% | 10.9% | 4.27% | 0.86% | 1.17% | 1.53% | 3.4% |
| Operating Income Growth % | -3.27% | -5.9% | -7.77% | -229.05% | 145.1% | -40.91% | -77.97% | 43.3% | 33.33% | - |
| EBITDA | 4.63B | 4.41B | 4.18B | -2.56B | 2.99B | 2.37B | 1.75B | 1.98B | 1.99B | 2.54B |
| EBITDA Margin % | 21.85% | 20.06% | 18.62% | -28.3% | 18.95% | 9.94% | 6.69% | 7.2% | 7.08% | 8.81% |
| EBITDA Growth % | -2.49% | -4.71% | -5.24% | -161.33% | 216.87% | -20.88% | -26.27% | 13.29% | 0.51% | 19.1% |
| D&A (Non-Cash Add-back) | 1.22B | 1.2B | 1.22B | 1.25B | 1.27B | 1.35B | 1.52B | 1.66B | 1.56B | 1.56B |
| EBIT | 3.33B | 3.26B | 3.04B | -3.94B | 1.76B | 1.03B | 869M | 812M | 676M | 1.16B |
| Net Interest Income | -30M | -24M | 8M | -282M | -418M | -84M | 347M | 283M | 92M | 23M |
| Interest Income | 35M | 69M | 90M | 32M | 13M | 217M | 583M | 497M | 205M | 144M |
| Interest Expense | 65M | 93M | 82M | 314M | 431M | 301M | 236M | 214M | 113M | 121M |
| Other Income/Expense | -142M | -42M | 0 | -440M | -396M | -289M | 409M | 277M | 135M | 59M |
| Pretax Income | 3.27B▲ 0% | 3.16B▼ 3.1% | 2.96B▼ 6.5% | -4.26B▼ 243.9% | 1.32B▲ 131.1% | 728M▼ 45.1% | 633M▼ 13.0% | 598M▼ 5.5% | 563M▼ 5.9% | 1.04B▲ 0% |
| Pretax Margin % | 15.42% | 14.4% | 13.18% | -47.04% | 8.39% | 3.06% | 2.43% | 2.18% | 2.01% | 3.6% |
| Income Tax | -92M | 699M | 657M | -1.18B | 348M | 189M | 168M | 133M | 122M | 223M |
| Effective Tax Rate % | -2.82% | 22.09% | 22.22% | 27.77% | 26.26% | 25.96% | 26.54% | 22.24% | 21.67% | 21.44% |
| Net Income | 3.49B▲ 0% | 2.46B▼ 29.3% | 2.3B▼ 6.7% | -3.07B▼ 233.7% | 977M▲ 131.8% | 539M▼ 44.8% | 465M▼ 13.7% | 465M▲ 0.0% | 441M▼ 5.2% | 817M▲ 0% |
| Net Margin % | 16.48% | 11.22% | 10.26% | -33.97% | 6.19% | 2.26% | 1.78% | 1.69% | 1.57% | 2.83% |
| Net Income Growth % | 55.44% | -29.33% | -6.69% | -233.65% | 131.78% | -44.83% | -13.73% | 0% | -5.16% | 49.63% |
| Net Income (Continuing) | 3.36B | 2.46B | 2.3B | -3.07B | 977M | 539M | 465M | 465M | 441M | 817M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 5.78▲ 0% | 4.29▼ 25.8% | 4.27▼ 0.5% | -5.44▼ 227.4% | 1.61▲ 129.6% | 0.87▼ 46.0% | 0.76▼ 12.6% | 0.75▼ 1.3% | 0.79▲ 5.3% | 1.62▲ 0% |
| EPS Growth % | 62.82% | -25.78% | -0.47% | -227.4% | 129.6% | -45.96% | -12.64% | -1.32% | 5.33% | 82.35% |
| EPS (Basic) | 5.80 | 4.30 | 4.28 | -5.44 | 1.65 | 0.91 | 0.81 | 0.81 | 0.82 | - |
| Diluted Shares Outstanding | 603M | 574M | 539M | 565M | 609M | 642M | 640M | 643M | 558M | 503M |
| Basic Shares Outstanding | 601M | 573M | 538M | 565M | 592M | 593M | 595M | 598M | 540M | 498M |
| Dividend Payout Ratio | 7.86% | 13.47% | 16.17% | - | - | - | 92.04% | 92.47% | 90.48% | - |
LUV Balance Sheet
Southwest Airlines Co. (LUV) balance sheet — assets, liabilities & shareholders' equity
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Current Assets | 4.82B | 5.03B | 5.97B | 15.17B | 18.04B | 14.81B | 13.96B | 11.27B | 5.64B | 5.97B |
| Cash & Short-Term Investments | 3.27B | 3.69B | 4.07B | 13.33B | 15.5B | 12.29B | 11.47B | 8.72B | 3.23B | 3.33B |
| Cash Only | 1.5B | 1.85B | 2.55B | 11.06B | 12.48B | 9.49B | 9.29B | 7.51B | 3.23B | 3.33B |
| Short-Term Investments | 1.78B | 1.83B | 1.52B | 2.27B | 3.02B | 2.8B | 2.19B | 1.22B | 0 | 0 |
| Accounts Receivable | 662M | 568M | 1.09B | 1.13B | 1.36B | 1.04B | 1.15B | 1.11B | 1.15B | 1.25B |
| Days Sales Outstanding | 11.41 | 9.44 | 17.67 | 45.58 | 31.37 | 15.94 | 16.14 | 14.74 | 14.94 | 14.32 |
| Inventory | 420M | 461M | 529M | 414M | 537M | 790M | 807M | 800M | 775M | 833M |
| Days Inventory Outstanding | 10.29 | 10.58 | 11.74 | 13.82 | 16.79 | 15.13 | 13.47 | 12.68 | 12.21 | 12 |
| Other Current Assets | 460M | 310M | 287M | 295M | 638M | 686M | 520M | 639M | 490M | 0 |
| Total Non-Current Assets | 20.3B | 21.21B | 19.92B | 19.41B | 18.28B | 20.56B | 22.53B | 22.48B | 23.42B | 23.39B |
| Property, Plant & Equipment | 18.54B | 19.52B | 18.37B | 17.72B | 16.43B | 18.74B | 20.6B | 20.43B | 21.33B | 20.38B |
| Fixed Asset Turnover | 1.14x | 1.12x | 1.22x | 0.51x | 0.96x | 1.27x | 1.27x | 1.35x | 1.32x | 1.39x |
| Goodwill | 970M | 970M | 970M | 970M | 970M | 970M | 970M | 970M | 970M | 970M |
| Intangible Assets | 413M | 399M | 296M | 295M | 295M | 296M | 296M | 300M | 296M | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 235M | 280M | 367M | 457M | 1.28B |
| Other Non-Current Assets | 373M | 320M | 281M | 427M | 587M | 324M | 388M | 414M | 359M | 3.06B |
| Total Assets | 25.11B▲ 0% | 26.24B▲ 4.5% | 25.89B▼ 1.3% | 34.59B▲ 33.6% | 36.32B▲ 5.0% | 35.37B▼ 2.6% | 36.49B▲ 3.2% | 33.75B▼ 7.5% | 29.06B▼ 13.9% | 29.36B▲ 0% |
| Asset Turnover | 0.84x | 0.84x | 0.87x | 0.26x | 0.43x | 0.67x | 0.72x | 0.81x | 0.97x | 1.00x |
| Asset Growth % | 7.83% | 4.51% | -1.33% | 33.57% | 5.01% | -2.62% | 3.16% | -7.5% | -13.89% | -63.52% |
| Total Current Liabilities | 6.91B | 7.91B | 8.95B | 7.51B | 9.16B | 10.38B | 12.26B | 12.28B | 10.92B | 12.48B |
| Accounts Payable | 186M | 263M | 304M | 111M | 156M | 277M | 265M | 339M | 389M | 2.11B |
| Days Payables Outstanding | 4.56 | 6.03 | 6.75 | 3.7 | 4.88 | 5.3 | 4.42 | 5.37 | 6.13 | 12.42 |
| Short-Term Debt | 348M | 606M | 734M | 137M | 371M | 42M | 29M | 1.63B | 324M | 851M |
| Deferred Revenue (Current) | 3.5B | 4.13B | 4.46B | 3.79B | 5.57B | 6.06B | 6.55B | 6.29B | 5.95B | 26.55B |
| Other Current Liabilities | 1.22B | 1.26B | 1.42B | 1.87B | 1.33B | 1.67B | 3.04B | 1.43B | 1.6B | 300M |
| Current Ratio | 0.70x | 0.64x | 0.67x | 2.02x | 1.97x | 1.43x | 1.14x | 0.92x | 0.52x | 0.52x |
| Quick Ratio | 0.64x | 0.58x | 0.61x | 1.97x | 1.91x | 1.35x | 1.07x | 0.85x | 0.45x | 0.45x |
| Cash Conversion Cycle | 17.15 | 13.98 | 22.67 | 55.7 | 43.28 | 25.76 | 25.19 | 22.05 | 21.03 | 13.9 |
| Total Non-Current Liabilities | 8.61B | 8.48B | 7.11B | 18.21B | 16.74B | 14.3B | 13.72B | 11.12B | 10.16B | 10B |
| Long-Term Debt | 3.32B | 2.77B | 1.3B | 9.65B | 9.9B | 7.9B | 7.98B | 5.07B | 4.58B | 4.54B |
| Capital Lease Obligations | 0 | 0 | 1.52B | 2.02B | 1.69B | 1.26B | 985M | 1.03B | 768M | 3.24B |
| Deferred Tax Liabilities | 2.36B | 2.43B | 2.36B | 1.63B | 1.77B | 1.99B | 2.04B | 2.17B | 2.29B | 9.04B |
| Other Non-Current Liabilities | 2.1B | 2.35B | 870M | 1.56B | 1.22B | 969M | 981M | 909M | 877M | 5.46B |
| Total Liabilities | 14.68B | 16.39B | 16.06B | 25.71B | 25.91B | 24.68B | 25.97B | 23.4B | 21.08B | 22.48B |
| Total Debt | 3.67B | 3.38B | 4B | 12.2B | 12.28B | 9.47B | 9.2B | 8.06B | 5.98B | 5.39B |
| Net Debt | 2.17B | 1.52B | 1.45B | 1.14B | -199M | -19M | -88M | 549M | 2.75B | 2.06B |
| Debt / Equity | 0.35x | 0.34x | 0.41x | 1.37x | 1.18x | 0.89x | 0.87x | 0.78x | 0.75x | 0.75x |
| Debt / EBITDA | 0.79x | 0.77x | 0.96x | - | 4.10x | 4.00x | 5.27x | 4.07x | 3.01x | 2.12x |
| Net Debt / EBITDA | 0.47x | 0.35x | 0.35x | - | -0.07x | -0.01x | -0.05x | 0.28x | 1.38x | 1.38x |
| Interest Coverage | 51.23x | 35.02x | 37.06x | -12.55x | 4.07x | 3.42x | 3.68x | 3.79x | 5.98x | 9.62x |
| Total Equity | 10.43B▲ 0% | 9.85B▼ 5.5% | 9.83B▼ 0.2% | 8.88B▼ 9.7% | 10.41B▲ 17.3% | 10.69B▲ 2.6% | 10.52B▼ 1.6% | 10.35B▼ 1.6% | 7.98B▼ 22.9% | 6.88B▲ 0% |
| Equity Growth % | 23.56% | -5.53% | -0.21% | -9.72% | 17.33% | 2.62% | -1.61% | -1.57% | -22.89% | -98.34% |
| Book Value per Share | 17.30 | 17.17 | 18.24 | 15.71 | 17.10 | 16.65 | 16.43 | 16.10 | 14.30 | 13.67 |
| Total Shareholders' Equity | 10.43B | 9.85B | 9.83B | 8.88B | 10.41B | 10.69B | 10.52B | 10.35B | 7.98B | 6.88B |
| Common Stock | 808M | 808M | 808M | 888M | 888M | 888M | 888M | 888M | 888M | 888M |
| Retained Earnings | 14.62B | 15.97B | 17.95B | 14.78B | 15.77B | 16.26B | 16.3B | 16.33B | 16.39B | 16.53B |
| Treasury Stock | -6.46B | -8.45B | -10.44B | -10.88B | -10.86B | -10.84B | -10.82B | -11.04B | -13.59B | -14.8B |
| Accumulated OCI | 12M | 20M | -61M | -105M | 388M | 344M | 0 | -25M | -24M | -1M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
LUV Cash Flow Statement
Southwest Airlines Co. (LUV) cash flow — operating, investing & free cash flow history
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operations | 3.93B | 4.89B | 3.99B | -1.13B | 2.32B | 3.79B | 3.16B | 462M | 1.84B | 1.84B |
| Operating CF Margin % | 18.56% | 22.28% | 17.78% | -12.46% | 14.71% | 15.92% | 12.13% | 1.68% | 6.56% | - |
| Operating CF Growth % | -8.48% | 24.54% | -18.52% | -128.27% | 306.03% | 63.22% | -16.52% | -85.4% | 298.7% | 2024.32% |
| Net Income | 3.49B | 2.46B | 2.3B | -3.07B | 977M | 539M | 465M | 465M | 441M | 817M |
| Depreciation & Amortization | 1.22B | 1.2B | 1.22B | 1.25B | 1.27B | 1.35B | 1.52B | 1.66B | 1.56B | 1.56B |
| Stock-Based Compensation | 37M | 46M | 55M | 0 | 58M | 84M | 0 | 0 | 0 | 0 |
| Deferred Taxes | -1.21B | 301M | -55M | -716M | -21M | 282M | 159M | 132M | 122M | 222M |
| Other Non-Cash Items | 258M | -15M | -138M | -261M | 136M | 51M | -231M | -206M | -3M | -40M |
| Working Capital Changes | 227M | 941M | 606M | 1.67B | -100M | 1.48B | 1.25B | -1.59B | -278M | -161M |
| Change in Receivables | -102M | 117M | -94M | -294M | -701M | 422M | -89M | 19M | 51M | -98M |
| Change in Inventory | -262M | -662M | -204M | 63M | 663M | 0 | -77M | 0 | 0 | 0 |
| Change in Payables | 246M | 545M | 298M | 231M | 38M | 936M | 1.39B | -1.36B | 218M | 264M |
| Cash from Investing | -2.41B | -2.04B | -303M | -16M | -1.26B | -3.75B | -2.93B | -261M | -1.43B | -2.5B |
| Capital Expenditures | -2.25B | -1.98B | -1.03B | -515M | -511M | -3.95B | -3.55B | -2.04B | -2.67B | -2.8B |
| CapEx % of Revenue | 10.62% | 9% | 4.58% | 5.69% | 3.24% | 16.57% | 13.62% | 7.42% | 9.53% | - |
| Acquisitions | 2.12B | 1.92B | 1.03B | 515M | 505M | 22M | 0 | 0 | 0 | 24M |
| Investments | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -2.12B | -1.92B | -627M | 728M | -505M | -22M | 0 | 797M | 21M | 162M |
| Cash from Financing | -1.71B | -2.5B | -2.99B | 9.66B | 359M | -3.03B | -436M | -1.98B | -4.69B | -4.71B |
| Debt Issued (Net) | 8M | -342M | -615M | 8.1B | 231M | -3.08B | -85M | -1.34B | -1.77B | -1.28B |
| Equity Issued (Net) | -1.57B | -1.97B | -1.96B | 1.89B | 51M | 45M | 48M | -190M | -2.49B | -2.99B |
| Dividends Paid | -274M | -332M | -372M | -188M | 0 | 0 | -428M | -430M | -399M | -385M |
| Share Repurchases | -1.6B | -2B | -2B | -451M | 0 | 0 | 0 | -250M | -2.55B | -3.05B |
| Other Financing | 131M | 143M | -43M | -144M | 77M | 8M | 29M | -23M | -26M | -57M |
| Net Change in Cash | -185M▲ 0% | 359M▲ 294.1% | 694M▲ 93.3% | 8.52B▲ 1126.9% | 1.42B▼ 83.4% | -2.99B▼ 310.9% | -204M▲ 93.2% | -1.78B▼ 772.1% | -4.28B▼ 140.5% | -4.81B▲ 0% |
| Free Cash Flow | 1.68B▲ 0% | 2.92B▲ 73.6% | 2.96B▲ 1.5% | -1.64B▼ 155.5% | 1.81B▲ 210.3% | -156M▼ 108.6% | -389M▼ 149.4% | -1.62B▼ 315.9% | -831M▲ 48.6% | -401M▲ 0% |
| FCF Margin % | 7.94% | 13.28% | 13.2% | -18.15% | 11.47% | -0.66% | -1.49% | -5.89% | -2.96% | -1.39% |
| FCF Growth % | -21.71% | 73.63% | 1.47% | -155.47% | 210.29% | -108.61% | -149.36% | -315.94% | 48.64% | 28.65% |
| FCF per Share | 2.79 | 5.08 | 5.49 | -2.91 | 2.97 | -0.24 | -0.61 | -2.52 | -1.49 | -1.49 |
| FCF Conversion (FCF/Net Income) | 1.13x | 1.98x | 1.73x | 0.37x | 2.38x | 7.03x | 6.80x | 0.99x | 4.18x | -0.49x |
| Interest Paid | 81M | 107M | 88M | 212M | 336M | 305M | 228M | 220M | 0 | 56M |
| Taxes Paid | 992M | 327M | 779M | 19M | 445M | 20M | 18M | 9M | 0 | 4M |
LUV Key Ratios
Southwest Airlines Co. (LUV) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity (ROE) | 36.97% | 24.31% | 23.37% | -32.86% | 10.13% | 5.11% | 4.39% | 4.46% | 4.81% | 10.67% |
| Return on Invested Capital (ROIC) | 22.46% | 20.05% | 19.58% | -26.88% | 12.76% | 7.31% | 1.59% | 2.26% | 2.97% | 2.97% |
| Gross Margin | 29.54% | 27.58% | 26.68% | -20.89% | 26.06% | 19.95% | 16.19% | 16.22% | 17.44% | 16.46% |
| Net Margin | 16.48% | 11.22% | 10.26% | -33.97% | 6.19% | 2.26% | 1.78% | 1.69% | 1.57% | 2.83% |
| Debt / Equity | 0.35x | 0.34x | 0.41x | 1.37x | 1.18x | 0.89x | 0.87x | 0.78x | 0.75x | 0.75x |
| Interest Coverage | 51.23x | 35.02x | 37.06x | -12.55x | 4.07x | 3.42x | 3.68x | 3.79x | 5.98x | 9.62x |
| FCF Conversion | 1.13x | 1.98x | 1.73x | 0.37x | 2.38x | 7.03x | 6.80x | 0.99x | 4.18x | -0.49x |
| Revenue Growth | 3.65% | 3.75% | 2.11% | -59.66% | 74.51% | 50.82% | 9.56% | 5.34% | 2.11% | 4.72% |
LUV SEC Filings & Documents
Southwest Airlines Co. (LUV) SEC filings — annual & quarterly reports (10-K, 10-Q)
LUV Frequently Asked Questions
Southwest Airlines Co. (LUV) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
Southwest Airlines Co. (LUV) reported $28.88B in revenue for fiscal year 2025. This represents a 748% increase from $3.41B in 1996.
Southwest Airlines Co. (LUV) grew revenue by 2.1% over the past year. Growth has been modest.
Yes, Southwest Airlines Co. (LUV) is profitable, generating $817.0M in net income for fiscal year 2025 (1.6% net margin).
Dividend & Returns
Yes, Southwest Airlines Co. (LUV) pays a dividend with a yield of 1.72%. This makes it attractive for income-focused investors.
Southwest Airlines Co. (LUV) has a return on equity (ROE) of 4.8%. This is below average, suggesting room for improvement.
Southwest Airlines Co. (LUV) had negative free cash flow of $401.0M in fiscal year 2025, likely due to heavy capital investments.
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