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Southwest Airlines (LUV)

NYSE Industrials Passenger Airlines S&P 500
$44.45
+0.01 (+0.02%)
Close of Nov 06, 2026 · end-of-day data
Source: Southwest Airlines's 10-K / 10-Q XBRL data on SEC EDGAR · fetched Nov 06, 2026

Revenue, net income & free cash flow

Income statement

fiscal years · USD
Fiscal yearFY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue$20.29B$21.15B$21.96B$22.43B$9.05B$15.79B$23.81B$26.09B$27.48B$28.06B
Operating income$3.52B$3.41B$3.21B$2.96B-$3.82B$1.72B$1.02B$224.00M$321.00M$428.00M
Interest expense$122.00M$114.00M$131.00M$118.00M——$340.00M$259.00M$249.00M$167.00M
Pre-tax income$3.45B$3.27B$3.16B$2.96B-$4.26B$1.32B$728.00M$633.00M$598.00M$563.00M
Income tax$1.27B-$92.00M$699.00M$657.00M-$1.18B$348.00M$189.00M$168.00M$133.00M$122.00M
Net income$2.18B$3.36B$2.46B$2.30B-$3.07B$977.00M$539.00M$465.00M$465.00M$441.00M
EBITDA$4.74B$4.62B$4.41B$4.18B-$2.56B$2.99B$2.37B$1.75B$1.98B$1.99B
EPS (basic)$3.48$5.58$4.30$4.28$-5.44$1.65$0.91$0.78$0.78$0.82
EPS (diluted)$3.45$5.57$4.29$4.27$-5.44$1.61$0.87$0.76$0.76$0.79
Diluted shares633.00M603.00M574.00M539.00M565.00M609.00M642.00M640.00M643.00M558.00M
Operating margin17.4%16.1%14.6%13.2%-42.2%10.9%4.3%0.9%1.2%1.5%
Net margin10.8%15.9%11.2%10.3%-34.0%6.2%2.3%1.8%1.7%1.6%

Balance sheet

fiscal years · USD
Fiscal yearFY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash & equivalents$1.68B$1.50B$1.85B$2.55B$11.06B$12.48B$9.49B$9.29B$7.51B$3.23B
Short-term investments$1.62B$1.78B$1.83B$1.52B$2.27B$3.02B$2.80B$2.19B$1.22B$0
Receivables————$46.00M$58.00M$117.00M$104.00M$47.00M$98.00M
Total current assets$4.50B$4.82B$5.03B$5.97B$15.17B$18.04B$14.81B$13.96B$11.27B$5.64B
Goodwill$970.00M$970.00M$970.00M$970.00M$970.00M$970.00M$970.00M$970.00M$970.00M$970.00M
Total assets$23.29B$25.11B$26.24B$25.89B$34.59B$36.32B$35.37B$36.49B$33.75B$29.06B
Total current liabilities$6.84B$6.86B$7.91B$8.95B$7.51B$9.16B$10.38B$12.26B$12.28B$10.92B
Short-term debt$566.00M$348.00M$606.00M$819.00M$220.00M$453.00M$42.00M$29.00M$1.63B$324.00M
Long-term debt$2.82B$3.32B$2.77B$1.85B$10.11B$10.27B$8.10B$8.01B$6.70B$4.93B
Total debt$3.39B$3.67B$3.38B$2.67B$10.33B$10.73B$8.14B$8.04B$8.33B$5.25B
Total liabilities$15.50B$15.47B$16.39B$16.06B$25.71B$25.91B$24.68B$25.97B$23.40B$21.08B
Shareholders' equity$7.78B$9.64B$9.85B$9.83B$8.88B$10.41B$10.69B$10.52B$10.35B$7.98B

Cash flow

fiscal years · USD
Fiscal yearFY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow$4.29B$3.93B$4.89B$3.99B-$1.13B$2.32B$3.79B$3.16B$462.00M$1.84B
Capital expenditures$2.04B$2.12B$1.92B$1.03B$515.00M$505.00M$3.92B$3.52B$2.05B$2.67B
Free cash flow$2.25B$1.81B$2.97B$2.96B-$1.64B$1.82B-$134.00M-$356.00M-$1.59B-$831.00M
Investing cash flow-$2.27B-$2.41B-$2.04B-$303.00M-$16.00M-$1.26B-$3.75B-$2.93B-$261.00M-$1.43B
Financing cash flow-$1.92B-$1.71B-$2.50B-$2.99B$9.66B$359.00M-$3.03B-$436.00M-$1.98B-$4.69B
Dividends paid$222.00M$274.00M$332.00M$372.00M$188.00M$0$0$428.00M$430.00M$399.00M
Share buybacks$1.75B$1.60B$2.00B$2.00B$451.00M$0$0$0$250.00M$2.55B
Stock-based compensation$33.00M$37.00M$46.00M$55.00M$17.00M$58.00M$84.00M$86.00M$45.00M$99.00M
Depreciation & amortization$1.22B$1.22B$1.20B$1.22B$1.25B$1.27B$1.35B$1.52B$1.66B$1.56B

Quarterly figures are rebuilt from the year-to-date totals companies report — Q4 is the full year minus the first nine months, since no 10-Q is filed for it. Values are as filed; later restatements replace earlier ones. Fiscal years are labelled by the calendar year in which they end.