SOUTHWEST AIRLINES CO LUV

Industrials SIC 4512 - Air Transportation, Scheduled NAICS Transportation and Warehousing › Air Transportation › Scheduled Air Transportation derived NYSE

Last close 41.75 2026-10-23
Market cap $20.42B 2026-06-30 share count
52-week range 29.26 - 55.11

Valuation FY2025 figures against the last close

P/S0.7x
P/E52.8x
P/FCF—
EV/EBITDA51.7x
Dividend yield2.0%
Diluted EPS0.79

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $28.06B$27.48B$26.09B$23.81B$15.79B$9.05B$22.43B$21.96B$21.15B$20.29B
Total operating expenses ——————$19.47B$18.76B$17.74B$16.77B
Operating income $428.0M$321.0M$224.0M$1.02B$1.72B-$3.82B$2.96B$3.21B$3.41B$3.52B
Interest expense $167.0M$249.0M$259.0M$340.0M——$118.0M$131.0M$114.0M$122.0M
Pre-tax income $563.0M$598.0M$633.0M$728.0M$1.32B-$4.26B$2.96B$3.16B$3.27B$3.45B
Income tax $122.0M$133.0M$168.0M$189.0M$348.0M$1.18B$657.0M$699.0M$92.0M$1.27B
Net income $441.0M$465.0M$465.0M$539.0M$977.0M-$3.07B$2.30B$2.46B$3.36B$2.18B
EPS, basic 0.820.780.780.911.65-5.444.284.305.583.48
EPS, diluted 0.790.760.760.871.61-5.444.274.295.573.45
Shares, diluted (wtd. avg.) 558.0M643.0M640.0M642.0M609.0M565.0M539.0M574.0M603.0M633.0M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $3.23B$7.51B$9.29B$9.49B$12.48B$11.06B$2.55B$1.85B$1.50B$1.68B
Short-term investments $0$1.22B$2.19B$2.80B$3.02B$2.27B$1.52B$1.83B$1.78B$1.62B
Receivables $98.0M$47.0M————————
Total current assets $5.64B$11.27B$13.96B$14.81B$18.04B$15.17B$5.97B$5.03B$4.82B$4.50B
Property, plant and equipment $20.25B$19.06B———$15.83B$17.02B$19.52B$18.54B$17.04B
Goodwill $970.0M$970.0M$970.0M$970.0M$970.0M$970.0M$970.0M$970.0M$970.0M$970.0M
Other intangibles $296.0M$300.0M$296.0M$296.0M$295.0M$295.0M$296.0M$400.0M$413.0M$426.0M
Total assets $29.06B$33.75B$36.49B$35.37B$36.32B$34.59B$25.89B$26.24B$25.11B$23.29B
Accounts payable $1.99B$1.82B$1.86B$2.00B$1.28B$931.0M$1.57B$1.42B$1.32B$1.18B
Total current liabilities $10.92B$12.28B$12.26B$10.38B$9.16B$7.51B$8.95B$7.91B$6.86B$6.84B
Long-term debt $4.93B$6.70B$8.01B$8.10B——————
Retained earnings $16.39B$16.33B$16.30B$16.26B$15.77B$14.78B$17.95B$15.97B$13.83B$11.42B
Total equity $7.98B$10.35B$10.52B$10.69B$10.41B$8.88B$9.83B$9.85B$9.64B$7.78B

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $1.84B$462.0M$3.16B$3.79B$2.32B-$1.13B$3.99B$4.89B$3.93B$4.29B
Capital expenditure $2.67B$2.05B$3.52B$3.92B$505.0M$515.0M$1.03B$1.92B$2.12B$2.04B
Investing cash flow -$1.43B-$261.0M-$2.93B-$3.75B-$1.26B-$16.0M-$303.0M-$2.04B-$2.41B-$2.27B
Financing cash flow -$4.69B-$1.98B-$436.0M-$3.03B$359.0M$9.66B-$2.99B-$2.50B-$1.71B-$1.92B
Dividends paid $399.0M$430.0M$428.0M$0$0$188.0M$372.0M$332.0M$274.0M$222.0M
Buybacks $2.55B$250.0M$0$0$0$451.0M$2.00B$2.00B$1.60B$1.75B

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000092380-26-000006.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -10B 0 10B 20B 30B Revenue, FY2016: 20.3B Net income, FY2016: 2.2B Revenue, FY2017: 21.1B Net income, FY2017: 3.4B Revenue, FY2018: 22B Net income, FY2018: 2.5B Revenue, FY2019: 22.4B Net income, FY2019: 2.3B Revenue, FY2020: 9B Net income, FY2020: -3.1B Revenue, FY2021: 15.8B Net income, FY2021: 977M Revenue, FY2022: 23.8B Net income, FY2022: 539M Revenue, FY2023: 26.1B Net income, FY2023: 465M Revenue, FY2024: 27.5B Net income, FY2024: 465M Revenue, FY2025: 28.1B Net income, FY2025: 441M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $20.29B $21.15B $21.96B $22.43B $9.05B $15.79B $23.81B $26.09B $27.48B $28.06B
Gross profit — — — — — — — — — —
Net income $2.18B $3.36B $2.46B $2.30B -$3.07B $977.0M $539.0M $465.0M $465.0M $441.0M

Recent filings and events

  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Material agreement terminated An agreement that mattered has ended. Often the other half of a deal that fell through. Item 1.02
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Officer or director change Item 5.02
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Material agreement signed Item 1.01
  • New debt or obligation Item 2.03
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Material agreement signed Item 1.01
  • New debt or obligation Item 2.03

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

Others in SIC 4512

TickerCompanyMarket capP/ERevenue growth
DAL DELTA AIR LINES, INC. $50.49B 10.0x 2.8%
UAL United Airlines Holdings, Inc. $31.79B 9.6x 3.5%
AAL American Airlines Group Inc. $8.02B 71.2x 0.8%
ALK ALASKA AIR GROUP, INC. $3.84B 41.4x 21.3%
SKYW SKYWEST INC $3.61B 9.0x 15.0%
ALGT Allegiant Travel CO $1.85B — 4.8%
ULCC Frontier Group Holdings, Inc. $1.14B — -1.4%
JBLU JETBLUE AIRWAYS CORP $990.4M — -2.3%