Southwest Airlines Co. (LUV) quarterly balance sheet — complete assets, liabilities & equity history
Southwest Airlines Co. (LUV) balance sheet — 30-year assets, liabilities & shareholders' equity history
| Metric | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 |
|---|
| Total Current Assets | 6.51B | 6.48B | 5.97B | 5.64B | 5.39B | 6.09B | 10.73B | 11.27B | 11.93B | 12.75B | 13.28B | 13.96B | 14.63B | 14.66B | 14.27B | 14.81B | 16.42B | 19.4B | 18.82B | 18.04B |
| Cash & Short-Term Investments | 3.62B | 3.79B | 3.33B | 3.23B | 3.02B | 3.84B | 8.25B | 8.72B | 9.38B | 10B | 10.51B | 11.47B | 11.73B | 12.18B | 11.67B | 12.29B | 13.67B | 16.43B | 15.74B | 15.5B |
| Cash Only | 3.62B | 3.79B | 2.88B | 2.83B | 2.9B | 3.48B | 8.13B | 7.51B | 8.5B | 8.14B | 8.37B | 9.29B | 9.5B | 9.16B | 8.36B | 9.49B | 10.44B | 13.23B | 13.1B | 12.48B |
| Short-Term Investments | 0 | 0 | 450M | 400M | 116M | 364M | 118M | 1.22B | 879M | 1.86B | 2.15B | 2.19B | 2.24B | 3.02B | 3.31B | 2.8B | 3.23B | 3.2B | 2.64B | 3.02B |
| Accounts Receivable | 1.31B | 1.22B | 1.25B | 1.15B | 1.12B | 1.01B | 1.08B | 1.11B | 1.18B | 1.35B | 1.35B | 1.15B | 1.47B | 1.23B | 1.25B | 1.04B | 1.32B | 1.39B | 1.69B | 1.36B |
| Days Sales Outstanding | 13.82 | 13.34 | 14.92 | 14.01 | 14.11 | 13.13 | 15.32 | 15.18 | 16.89 | 16.71 | 18.03 | 17.67 | 19.03 | 16.05 | 18.06 | 17.56 | 20 | 20.84 | 29.23 | 25.83 |
| Inventory | 997M | 917M | 833M | 775M | 792M | 773M | 786M | 800M | 770M | 784M | 812M | 807M | 799M | 714M | 736M | 790M | 776M | 751M | 623M | 537M |
| Days Inventory Outstanding | 10.95 | -12.21 | 11.1 | 12.15 | 12.43 | 12.05 | 12.83 | 12.67 | 12.43 | 12.39 | 12.91 | 12.12 | 12.77 | 12.48 | 13.63 | 13.95 | 14.03 | 13.08 | 12.69 | 11.56 |
| Other Current Assets | 0 | 0 | 0 | 490M | 467M | 467M | 618M | 639M | 601M | 619M | 603M | 520M | 632M | 535M | 614M | 686M | 653M | 825M | 767M | 638M |
| Total Non-Current Assets | 24.03B | 23.64B | 23.39B | 23.42B | 22.92B | 22.62B | 22.48B | 22.48B | 22.92B | 22.81B | 22.74B | 22.53B | 22.35B | 21.86B | 21.27B | 20.56B | 19.53B | 18.91B | 18.44B | 18.28B |
| Property, Plant & Equipment | 21.98B | 21.59B | 20.38B | 21.33B | 20.87B | 20.64B | 20.46B | 20.43B | 20.87B | 20.8B | 20.74B | 20.6B | 20.36B | 19.93B | 19.4B | 18.74B | 17.79B | 17.09B | 16.49B | 16.43B |
| Fixed Asset Turnover | 0.39x | 0.40x | 0.35x | 0.35x | 0.33x | 0.35x | 0.31x | 0.34x | 0.33x | 0.35x | 0.31x | 0.33x | 0.32x | 0.36x | 0.30x | 0.34x | 0.36x | 0.40x | 0.29x | 0.31x |
| Goodwill | 970M | 970M | 970M | 970M | 970M | 970M | 970M | 970M | 970M | 970M | 970M | 970M | 970M | 970M | 970M | 970M | 970M | 970M | 970M | 970M |
| Intangible Assets | 296M | 0 | 296M | 296M | 295M | 295M | 299M | 300M | 300M | 300M | 295M | 296M | 296M | 296M | 295M | 296M | 295M | 295M | 295M | 295M |
| Long-Term Investments | 406M | 0 | 348M | 457M | 433M | 394M | 352M | 367M | 354M | 302M | 286M | 280M | 249M | 255M | 236M | 235M | 144M | 221M | 326M | 0 |
| Other Non-Current Assets | 379M | 1.07B | 1.4B | 359M | 345M | 317M | 397M | 414M | 419M | 443M | 443M | 388M | 471M | 406M | 367M | 324M | 333M | 331M | 357M | 587M |
| Total Assets | 30.54B | 30.12B | 29.36B | 29.06B | 28.31B | 28.71B | 33.21B | 33.75B | 34.85B | 35.56B | 36.02B | 36.49B | 36.98B | 36.52B | 35.55B | 35.37B | 35.95B | 38.3B | 37.26B | 36.32B |
| Asset Turnover | 0.28x | 0.28x | 0.25x | 0.26x | 0.24x | 0.23x | 0.19x | 0.20x | 0.20x | 0.21x | 0.17x | 0.19x | 0.18x | 0.20x | 0.16x | 0.17x | 0.17x | 0.18x | 0.13x | 0.14x |
| Asset Growth % | 7.87% | 4.91% | -11.61% | -13.89% | -18.75% | -19.26% | -7.79% | -7.5% | -5.77% | -2.62% | 1.33% | 3.16% | 2.88% | -4.66% | -4.61% | -2.62% | -3.14% | 0.25% | 4.98% | 5.01% |
| Total Current Liabilities | 13.74B | 13.27B | 12.48B | 10.92B | 10.99B | 10.89B | 13.9B | 12.28B | 13.49B | 14.11B | 12.22B | 12.26B | 12.11B | 11.73B | 11.33B | 10.38B | 10.42B | 11.71B | 10.07B | 9.16B |
| Accounts Payable | 1.85B | 2.07B | 404M | 389M | 503M | 278M | 396M | 339M | 389M | 330M | 281M | 265M | 329M | 305M | 272M | 277M | 279M | 395M | 320M | 156M |
| Days Payables Outstanding | 22.41 | -17.28 | 5.47 | 6.92 | 6.2 | 5.21 | 5.95 | 5.87 | 5.75 | 4.74 | 4.36 | 4.48 | 5.35 | 4.97 | 4.9 | 4.95 | 6.19 | 6.81 | 5.21 | 4.3 |
| Short-Term Debt | 2.15B | 2.16B | 851M | 324M | 23M | 22M | 2.61B | 1.63B | 2.93B | 2.93B | 28M | 29M | 30M | 31M | 32M | 42M | 381M | 1.66B | 415M | 371M |
| Deferred Revenue (Current) | 7.08B | 6.51B | 7.05B | 5.95B | 6.86B | 6.7B | 7.06B | 6.29B | 6.74B | 7.09B | 7.64B | 6.55B | 7.25B | 7.12B | 7.22B | 6.06B | 6.37B | 6.31B | 6.41B | 5.57B |
| Other Current Liabilities | 0 | 0 | 1.45B | 1.6B | 1.29B | 1.25B | 1.23B | 1.43B | 1.27B | 1.22B | 1.69B | 3.04B | 2.46B | 2.07B | 1.68B | 1.67B | 1.47B | 1.08B | 897M | 1.33B |
| Current Ratio | 0.47x | 0.49x | 0.48x | 0.52x | 0.49x | 0.56x | 0.77x | 0.92x | 0.88x | 0.90x | 1.09x | 1.14x | 1.21x | 1.25x | 1.26x | 1.43x | 1.58x | 1.66x | 1.87x | 1.97x |
| Quick Ratio | 0.40x | 0.42x | 0.41x | 0.45x | 0.42x | 0.49x | 0.72x | 0.85x | 0.83x | 0.85x | 1.02x | 1.07x | 1.14x | 1.19x | 1.19x | 1.35x | 1.50x | 1.59x | 1.81x | 1.91x |
| Cash Conversion Cycle | 2.36 | 18.4 | 20.54 | 19.25 | 20.33 | 19.97 | 22.2 | 21.97 | 23.57 | 24.35 | 26.59 | 25.31 | 26.45 | 23.57 | 26.79 | 26.55 | 27.84 | 27.11 | 36.71 | 33.08 |
| Total Non-Current Liabilities | 9.47B | 9.77B | 10B | 10.16B | 9.54B | 9.82B | 9.95B | 11.12B | 10.95B | 10.98B | 13.6B | 13.72B | 13.81B | 14B | 13.91B | 14.3B | 14.61B | 15.47B | 16.78B | 16.74B |
| Long-Term Debt | 3.73B | 3.79B | 4.54B | 4.58B | 4.08B | 4.08B | 4.09B | 5.07B | 5.08B | 5.07B | 7.97B | 7.98B | 7.98B | 7.99B | 8B | 7.9B | 8.31B | 8.88B | 10.31B | 9.9B |
| Capital Lease Obligations | 706M | 660M | 709M | 768M | 846M | 915M | 970M | 1.03B | 888M | 915M | 953M | 985M | 1.04B | 1.08B | 1.11B | 1.26B | 1.18B | 1.22B | 1.28B | 1.69B |
| Deferred Tax Liabilities | 2.51B | 2.42B | 2.35B | 2.29B | 2.21B | 2.19B | 2.12B | 2.17B | 2.09B | 2.09B | 1.98B | 2.04B | 2.16B | 2.06B | 1.89B | 1.99B | 2B | 2.07B | 1.83B | 1.77B |
| Other Non-Current Liabilities | 1.32B | 1.23B | 1.57B | 877M | 1.14B | 1.04B | 923M | 909M | 933M | 926M | 937M | 981M | 880M | 936M | 936M | 969M | 1.06B | 1.1B | 1.16B | 1.22B |
| Total Liabilities | 23.21B | 23.04B | 22.48B | 21.08B | 20.54B | 20.71B | 23.85B | 23.4B | 24.44B | 25.1B | 25.82B | 25.97B | 25.93B | 25.73B | 25.24B | 24.68B | 25.02B | 27.18B | 26.84B | 25.91B |
| Total Debt | 6.87B | 6.89B | 6.4B | 5.98B | 5.26B | 5.34B | 8B | 8.06B | 9.1B | 9.11B | 9.16B | 9.2B | 9.27B | 9.33B | 9.38B | 9.47B | 10.11B | 12B | 12.24B | 12.28B |
| Net Debt | 3.25B | 3.1B | 3.52B | 3.15B | 2.36B | 1.87B | -139M | 549M | 592M | 967M | 794M | -88M | -224M | 170M | 1.02B | -19M | -331M | -1.23B | -857M | -199M |
| Debt / Equity | 0.94x | 0.97x | 0.93x | 0.75x | 0.68x | 0.67x | 0.85x | 0.78x | 0.87x | 0.87x | 0.90x | 0.87x | 0.84x | 0.86x | 0.91x | 0.89x | 0.93x | 1.08x | 1.18x | 1.18x |
| Debt / EBITDA | 8.84x | 10.03x | 8.79x | 7.85x | 12.26x | 8.55x | 46.21x | 11.76x | 19.11x | 11.36x | 610.73x | 836.36x | 18.85x | 8.03x | 115.75x | - | 13.85x | 8.09x | 70.76x | 23.71x |
| Net Debt / EBITDA | 4.18x | 4.51x | 4.83x | 4.13x | 5.49x | 2.99x | -0.80x | 0.80x | 1.24x | 1.21x | 52.93x | -8.00x | -0.46x | 0.15x | 12.56x | - | -0.45x | -0.83x | -4.95x | -0.38x |
| Interest Coverage | 7.23x | 3.79x | 7.79x | 14.13x | 4.09x | 11.77x | -4.49x | 8.00x | 2.65x | 9.69x | -4.14x | -3.93x | 5.02x | 15.77x | -2.42x | -3.75x | 5.71x | 13.63x | -3.48x | 1.67x |
| Total Equity | 7.33B | 7.08B | 6.88B | 7.98B | 7.78B | 8B | 9.37B | 10.35B | 10.41B | 10.46B | 10.2B | 10.52B | 11.05B | 10.79B | 10.3B | 10.69B | 10.92B | 11.12B | 10.42B | 10.41B |
| Equity Growth % | -5.75% | -11.47% | -26.59% | -22.89% | -25.31% | -23.55% | -8.15% | -1.57% | -5.82% | -3% | -1.03% | -1.61% | 1.19% | -2.98% | -1.1% | 2.62% | 6.58% | 14.78% | 14.56% | 17.33% |
| Book Value per Share | 14.84 | 14.22 | 13.67 | 15.32 | 14.78 | 14.79 | 16.04 | 16.15 | 17.32 | 16.28 | 17.08 | 17.64 | 17.27 | 16.88 | 17.34 | 17.99 | 17.10 | 17.51 | 17.60 | 17.27 |
| Total Shareholders' Equity | 7.33B | 7.08B | 6.88B | 7.98B | 7.78B | 8B | 9.37B | 10.35B | 10.41B | 10.46B | 10.2B | 10.52B | 11.05B | 10.79B | 10.3B | 10.69B | 10.92B | 11.12B | 10.42B | 10.41B |
| Common Stock | 888M | 888M | 888M | 888M | 888M | 888M | 888M | 888M | 888M | 888M | 888M | 888M | 888M | 888M | 888M | 888M | 888M | 888M | 888M | 888M |
| Retained Earnings | 16.85B | 16.67B | 16.53B | 16.39B | 16.16B | 16.2B | 16.08B | 16.33B | 16.18B | 16.22B | 15.96B | 16.3B | 16.66B | 16.57B | 15.99B | 16.26B | 16.59B | 16.31B | 15.55B | 15.77B |
| Treasury Stock | -14.79B | -14.79B | -14.8B | -13.59B | -13.55B | -13.3B | -11.79B | -11.04B | -10.8B | -10.8B | -10.81B | -10.82B | -10.83B | -10.83B | -10.84B | -10.84B | -10.85B | -10.85B | -10.85B | -10.86B |
| Accumulated OCI | 51M | 22M | -1M | -24M | -6M | -35M | -24M | -25M | -37M | 11M | 19M | 0 | 201M | 58M | 197M | 344M | 305M | 805M | 891M | 388M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |