Southwest Airlines Co. (LUV) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q4 26	$0.52	$0.94	+80.8%	—	—	—
Q3 26	$0.47	$0.45	-4.3%	—	—	—
Q2 26	$0.57	$0.58	+1.8%	—	—	—
Q1 26	-$0.04	$0.11	+375.0%	—	—	—
Q4 25	$0.51	$0.43	-15.7%	—	—	—
Q3 25	-$0.19	-$0.13	+31.6%	—	—	—
Q2 25	$0.46	$0.56	+21.7%	—	—	—
Q1 25	$0.04	$0.15	+275.0%	—	—	—
Q4 24	$0.51	$0.58	+13.7%	—	—	—
Q3 24	-$0.34	-$0.36	-5.9%	—	—	—
Q2 24	$0.13	$0.37	+184.6%	—	—	—
Q1 24	$0.39	$0.38	-2.6%	—	—	—
Q4 23	$1.1	$1.09	-0.9%	—	—	—
Q3 23	-$0.23	-$0.27	-17.4%	—	—	—
Q2 23	-$0.11	-$0.38	-245.5%	—	—	—
Q1 23	$0.42	$0.5	+19.0%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$0.82	—	—	$28.1B	—
FY24	—	$0.78	—	—	$27.5B	—
FY23	—	$0.84	—	—	$26.1B	—
FY22	—	$0.91	—	—	$23.8B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$20.3B	$21.1B	$22B	$22.4B	$9B	$15.8B	$23.8B	$26.1B	$27.5B	$28.1B
YoY change	+2.37%	+4.22%	+3.87%	+2.11%	-59.7%	+74.5%	+50.8%	+9.56%	+5.34%	+2.11%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	20.3B	21.1B	22B	22.4B	9B	15.8B	23.8B	26.1B	27.5B	28.1B
Cost of revenue	14.1B	14.9B	15.9B	16.4B	10.9B	11.7B	19.1B	21.9B	23B	23.2B
Gross profit	6.2B	6.3B	6.1B	6B	-1.9B	4.1B	4.8B	4.2B	4.5B	4.9B
Gross margin	30.7%	29.6%	27.6%	26.7%	-20.9%	26.1%	20%	16.2%	16.2%	17.4%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	—	—	—	—	—	—	—	—	—	—
Operating expenses	2.7B	2.8B	2.9B	3B	1.9B	2.4B	3.7B	4B	4.1B	4.5B
Operating income	3.5B	3.4B	3.2B	3B	-3.8B	1.7B	1B	224M	321M	428M
Operating margin	17.4%	16.1%	14.6%	13.2%	-42.2%	10.9%	4.27%	0.86%	1.17%	1.53%
Non-operating income, net	-21M	-112M	-18M	-8M	-158M	22M	-205M	62M	-6M	43M
Pretax income	3.5B	3.3B	3.2B	3B	-4.3B	1.3B	728M	633M	598M	563M
Income tax	1.3B	-92M	699M	657M	-1.2B	348M	189M	168M	133M	122M
Net income	2.2B	3.4B	2.5B	2.3B	-3.1B	977M	539M	465M	465M	441M
Net margin	10.8%	15.9%	11.2%	10.3%	-34%	6.19%	2.26%	1.78%	1.69%	1.57%
EBITDA	4.7B	4.5B	4.5B	4.3B	-2.7B	3.1B	2.6B	2.3B	2.5B	2.2B
EPS	3.58	5.8	4.3	4.28	-5.44	1.65	0.91	0.84	0.78	0.82
Diluted EPS	3.55	5.79	4.29	4.27	-5.44	1.61	0.87	0.81	0.76	0.79

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	6.5B	6.8B	6.3B	7.4B	6.9B	6.9B	6.4B	7.2B	6.9B	7.4B	7.2B	8.4B
Cost of revenue	5.5B	6.1B	5.7B	5.9B	5.8B	5.7B	5.6B	5.9B	5.8B	5.9B	5.9B	7B
Gross profit	1.1B	727M	625M	1.5B	1.1B	1.2B	867M	1.4B	1.2B	1.5B	1.4B	1.4B
Gross margin	16.5%	10.7%	9.88%	20.3%	16.3%	17.7%	13.5%	18.7%	16.7%	20.3%	18.9%	16.4%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	—	—	—	—	—	—	—	—	—	—	—	—
Operating expenses	958M	1.1B	1B	1.1B	1.1B	950M	1.1B	1.1B	1.1B	1.1B	1B	1.1B
Operating income	117M	-404M	-393M	398M	38M	278M	-223M	225M	35M	391M	330M	285M
Operating margin	1.79%	-5.92%	-6.21%	5.41%	0.55%	4.01%	-3.47%	3.11%	0.5%	5.25%	4.55%	3.38%
Non-operating income, net	23M	18M	12M	5M	-16M	-7M	-18M	27M	21M	15M	-26M	40M
Pretax income	237M	-286M	-298M	478M	89M	329M	-192M	280M	68M	408M	285M	306M
Income tax	44M	-34M	-67M	111M	22M	68M	-43M	67M	14M	85M	58M	73M
Net income	193M	-252M	-231M	367M	67M	261M	-149M	213M	54M	323M	227M	233M
Net margin	2.96%	-3.69%	-3.65%	4.99%	0.98%	3.77%	-2.32%	2.94%	0.78%	4.34%	3.13%	2.76%
EBITDA	647M	174M	155M	930M	598M	794M	257M	678M	461M	803M	750M	760M
EPS	0.32	-0.37	-0.39	0.61	0.11	0.44	-0.26	0.4	0.1	0.63	0.45	0.48
Diluted EPS	0.31	-0.37	-0.39	0.58	0.11	0.42	-0.26	0.39	0.1	0.61	0.45	0.47

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	31.2B	39.3B	26.6B	29B	26.3B	25.4B	20B	17.2B	20.1B	22.3B	20.7B
Enterprise value	31.3B	39.7B	26.3B	29B	25.2B	22.1B	17.1B	14.9B	19.4B	25.1B	24B
Shares outstanding	627M	601M	573M	538M	565M	592M	593M	595M	598M	540M	540M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	14.3	11.7	10.8	12.6	—	26	37	37	43.2	50.6	26.3
P/S	1.54	1.86	1.21	1.29	2.91	1.61	0.84	0.66	0.73	0.8	0.68
P/B	3.7	4.08	2.7	2.95	2.97	2.44	1.87	1.63	1.94	2.8	2.9
EV/EBITDA	6.6	8.74	5.9	6.8	-9.38	7.24	6.62	6.4	7.85	11.4	10.3
EV/Sales	1.54	1.88	1.2	1.29	2.79	1.4	0.72	0.57	0.71	0.89	0.8
Earnings yield	6.99%	8.53%	9.26%	7.92%	—	3.85%	2.7%	2.71%	2.31%	1.98%	3.81%
FCF yield	6.87%	4.27%	11%	10.2%	-6.24%	7.14%	-0.78%	-2.26%	-8.05%	-3.72%	-4.04%
PEG	—	—	—	—	—	—	—	—	—	—	1.31

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	30.7%	29.6%	27.6%	26.7%	-20.9%	26.1%	20%	16.2%	16.2%	17.4%	16.4%
Operating margin	17.4%	16.1%	14.6%	13.2%	-42.2%	10.9%	4.27%	0.86%	1.17%	1.53%	3.38%
Net margin	10.8%	15.9%	11.2%	10.3%	-34%	6.19%	2.26%	1.78%	1.69%	1.57%	2.78%
ROE	25.9%	34.8%	25%	23.4%	-34.6%	9.38%	5.04%	4.42%	4.49%	5.53%	11.1%
ROA	9.37%	13.4%	9.39%	8.88%	-8.89%	2.69%	1.52%	1.27%	1.38%	1.52%	2.32%
ROIC	26.1%	33.9%	26.2%	23.6%	-49.3%	17.6%	9.62%	2%	2.58%	3.12%	8.02%
Return on tangible assets	10.7%	15%	10.5%	9.84%	-9.59%	2.89%	1.64%	1.37%	1.49%	1.66%	3.03%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.66	0.7	0.64	0.67	2.02	1.97	1.43	1.14	0.92	0.52	0.49
Quick ratio	0.61	0.64	0.58	0.61	1.97	1.91	1.35	1.07	0.85	0.45	0.42
Debt / equity	0.4	0.38	0.34	0.41	1.37	1.18	0.88	0.87	0.78	0.75	0.97
Debt / assets	0.15	0.15	0.13	0.15	0.35	0.34	0.27	0.25	0.24	0.21	0.23
Net debt / EBITDA	0.02	0.09	-0.07	-0.02	0.42	-1.05	-1.11	-0.98	-0.27	1.25	1.12
Interest coverage	47	51.2	35	37.1	-12.6	4.07	3.42	3.68	3.79	5.98	8.26
Effective tax rate	36.7%	0%	22.1%	22.2%	0%	26.3%	26%	26.5%	22.2%	21.7%	21.6%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	32.4	35.2	38.3	41.7	16	26.7	40.2	43.9	46	52	59.4
EPS (basic)	3.58	5.8	4.3	4.28	-5.44	1.65	0.91	0.84	0.78	0.82	0.82
EPS (diluted)	3.55	5.79	4.29	4.27	-5.44	1.61	0.87	0.81	0.76	0.79	1.6
Book value per share	13.5	16	17.2	18.3	15.7	17.6	18	17.7	17.3	14.8	14.5
FCF per share	3.42	2.8	5.09	5.5	-2.91	3.06	-0.26	-0.65	-2.71	-1.54	-0.92
Cash per share	5.27	5.45	6.44	7.57	23.6	26.2	20.7	19.3	14.6	5.98	7.75
Capex per share	0.17	0.21	0.09	0	1.44	0.01	0.04	0.06	1.41	4.95	6.05

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0.54%	0.6%	0.25%	0%	9.01%	0.04%	0.09%	0.13%	3.07%	9.52%	9.93%
Capex / operating cash flow	2.43%	3.36%	1.24%	0%	-68.9%	0.27%	0.84%	1.85%	44.1%	145.1%	118%
Payout ratio	10.2%	8.16%	13.5%	16.2%	-6.12%	0%	0%	92%	92.5%	90.5%	45%
Dividend yield	0.71%	0.7%	1.25%	1.28%	0.71%	0%	0%	2.49%	2.14%	1.79%	1.7%

Yield

1.7%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.18

ex-dividend Sep 3, 2026

Payout ratio

45%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 3, 2026	$0.18
Jun 11, 2026	$0.18
Mar 12, 2026	$0.18

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$6.5B	$6.8B	$6.3B	$7.4B	$6.9B	$6.9B	$6.4B	$7.2B	$6.9B	$7.4B	$7.2B	$8.4B
YoY change	+4.9%	+10.5%	+10.9%	+4.5%	+5.29%	+1.57%	+1.56%	-1.5%	+1.15%	+7.39%	+12.8%	+16.4%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	3.3B	3.3B	3.7B	4.1B	13.3B	15.5B	12.3B	11.5B	8.7B	3.2B
Receivables	546M	662M	57M	53M	46M	58M	117M	104M	47M	98M
Inventory	337M	420M	461M	529M	414M	537M	790M	807M	800M	775M
Total current assets	4.5B	4.8B	5B	6B	15.2B	18B	14.8B	14B	11.3B	5.6B
Property, plant & equipment	548M	1.6B	2.7B	-3.3B	-3.2B	-4.8B	-5B	-5.5B	-4.8B	-5B
Goodwill & intangibles	2.8B	2.8B	2.7B	2.5B	2.5B	2.5B	2.5B	2.5B	2.5B	2.5B
Total assets	23.3B	25.1B	26.2B	25.9B	34.6B	36.3B	35.4B	36.5B	33.8B	29.1B
Accounts payable	138M	186M	263M	304M	111M	156M	277M	265M	339M	389M
Short-term debt	566M	348M	606M	1.2B	526M	692M	267M	237M	2B	636M
Total current liabilities	6.8B	6.9B	7.9B	9B	7.5B	9.2B	10.4B	12.3B	12.3B	10.9B
Long-term debt	2.8B	3.3B	2.8B	2.8B	11.7B	11.6B	9.2B	9B	6.1B	5.3B
Total liabilities	14.8B	15.5B	16.4B	16.1B	25.7B	25.9B	24.7B	26B	23.4B	21.1B
Shareholders' equity	8.4B	9.6B	9.9B	9.8B	8.9B	10.4B	10.7B	10.5B	10.3B	8B
Total debt	3.4B	3.7B	3.4B	4B	12.2B	12.3B	9.4B	9.2B	8.1B	6B
Net debt	1.7B	2.2B	1.5B	1.4B	1.1B	-199M	-61M	-88M	549M	2.8B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	11.7B	11.5B	10.5B	10B	9.4B	8.7B	8.3B	3.8B	3B	3.2B	3.3B	3.8B
Receivables	142M	104M	58M	67M	50M	47M	47M	60M	52M	98M	171M	78M
Inventory	799M	807M	812M	784M	770M	800M	786M	773M	792M	775M	833M	917M
Total current assets	14.6B	14B	13.3B	12.8B	11.9B	11.3B	10.7B	6.1B	5.4B	5.6B	6B	6.5B
Property, plant & equipment	-5.4B	-5.5B	-5.4B	-5.5B	-5.5B	-4.8B	-4.9B	-5.2B	-5.1B	-5B	-4.9B	-4.6B
Goodwill & intangibles	2.5B	2.5B	2.5B	2.5B	2.5B	2.5B	2.5B	2.5B	2.5B	2.5B	2.5B	2.5B
Total assets	37B	36.5B	36B	35.6B	34.8B	33.8B	33.2B	28.7B	28.3B	29.1B	29.4B	30.1B
Accounts payable	329M	265M	281M	330M	389M	339M	396M	278M	503M	389M	404M	368M
Short-term debt	250M	237M	234M	3.1B	3.1B	2B	2.9B	345M	333M	636M	1.2B	2.4B
Total current liabilities	12.1B	12.3B	12.2B	14.1B	13.5B	12.3B	13.9B	10.9B	11B	10.9B	12.5B	13.3B
Long-term debt	9B	9B	8.9B	6B	6B	6.1B	5.1B	5B	4.9B	5.3B	5.2B	4.5B
Total liabilities	25.9B	26B	25.8B	25.1B	24.4B	23.4B	23.8B	20.7B	20.5B	21.1B	22.5B	23B
Shareholders' equity	11.1B	10.5B	10.2B	10.5B	10.4B	10.3B	9.4B	8B	7.8B	8B	6.9B	7.1B
Total debt	9.3B	9.2B	9.2B	9.1B	9.1B	8.1B	8B	5.3B	5.3B	6B	6.4B	6.9B
Net debt	-224M	-88M	794M	967M	592M	549M	-139M	1.9B	2.4B	2.8B	3.1B	3.1B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	2.2B	3.4B	2.5B	2.3B	-3.1B	977M	539M	465M	465M	441M
Depreciation & amortization	1.2B	1.2B	1.2B	1.2B	1.3B	1.3B	1.4B	1.5B	1.7B	1.6B
Stock-based compensation	—	—	—	—	—	—	—	—	—	—
Change in working capital	285M	-21M	396M	308M	1.4B	-138M	547M	-137M	-223M	-631M
Operating cash flow	4.5B	3.7B	4.4B	3.7B	-1.2B	2.3B	2.6B	1.8B	1.9B	1.8B
Capital expenditure	-109M	-126M	-54M	0	815M	-6M	-22M	-33M	845M	-2.7B
Investing cash flow	-234M	-285M	-116M	724M	499M	-759M	178M	588M	1.8B	-1.5B
Dividends paid	-222M	-274M	-332M	-372M	-188M	0	0	-428M	-430M	-399M
Share repurchases	-1.8B	-1.6B	-2B	-2B	-451M	0	0	—	-250M	-2.5B
Financing cash flow	-2B	-1.7B	-2.5B	-3B	4.9B	308M	-3.1B	-484M	-2B	-4.8B
Net change in cash	2.3B	1.7B	1.7B	1.4B	4.2B	1.8B	-275M	1.9B	1.7B	-4.4B
Free cash flow	2.1B	1.7B	2.9B	3B	-1.6B	1.8B	-156M	-389M	-1.6B	-831M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	193M	-252M	-231M	367M	67M	261M	-149M	213M	54M	323M	227M	233M
Depreciation & amortization	375M	415M	408M	404M	438M	407M	396M	400M	394M	371M	398M	402M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	-399M	-376M	722M	-296M	-215M	-432M	799M	-276M	-236M	-918M	855M	-135M
Operating cash flow	285M	-330M	792M	552M	294M	278M	989M	488M	287M	295M	1.4B	530M
Capital expenditure	-8M	-10M	-9M	-6M	-10M	871M	24M	0	-678M	-859M	-630M	-818M
Investing cash flow	778M	44M	-2M	288M	975M	533M	1.1B	-247M	-428M	-743M	-637M	-818M
Dividends paid	-214M	0	-215M	0	-216M	1M	-107M	-103M	-189M	0	-93M	-88M
Share repurchases	—	—	—	—	—	—	-750M	-1.5B	-250M	-50M	-1.3B	0
Financing cash flow	-226M	18M	-247M	-5M	-225M	-1.3B	-875M	-4.2B	-446M	-737M	-892M	478M
Net change in cash	837M	-268M	543M	835M	1B	-496M	1.2B	-4B	-587M	-1.2B	-111M	190M
Free cash flow	-234M	-293M	-696M	-523M	-414M	16M	359M	-234M	-391M	-564M	788M	-288M

Date	Ratio
Feb 16, 2001	3:2
Jul 20, 1999	3:2
Aug 21, 1998	3:2
Nov 28, 1997	3:2
Jul 16, 1993	3:2
Jul 16, 1992	2:1
Aug 30, 1990	3:2
Jan 30, 1984	5:4
Jan 24, 1983	2:1
Oct 23, 1981	5:4
Sep 23, 1980	3:2

Southwest Airlines Co. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history