Southwest Airlines
LUV · NYSEAir Transportation, Scheduled · Fiscal year ends Dec 31
Southwest Airlines reported revenue of $28.1B in the fiscal year ended Dec 2025, up 2.1% from the year before. Operating income was $428M, an operating margin of 1.5%, and net income was $441M. Operating cash flow of $1.8B less capital expenditure of $2.7B left free cash flow of −$831M. Net debt was $1.7B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $15.8B | $23.8B | $26.1B | $27.5B | $28.1B |
| Operating income | $1.7B | $1B | $224M | $321M | $428M |
| Interest expense | – | $340M | $259M | $249M | $167M |
| Pre-tax income | $1.3B | $728M | $633M | $598M | $563M |
| Income tax | $348M | $189M | $168M | $133M | $122M |
| Net income | $977M | $539M | $465M | $465M | $441M |
| Diluted EPS | 1.61 | 0.87 | 0.76 | 0.76 | 0.79 |
| Diluted shares | 609M | 642M | 640M | 643M | 558M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $12.5B | $9.5B | $9.3B | $7.5B | $3.2B |
| Receivables | $58M | $117M | $104M | $47M | $98M |
| Current assets | $18B | $14.8B | $14B | $11.3B | $5.6B |
| Net PP&E | $14.8B | $17.3B | $19.4B | $19.1B | $20.2B |
| Goodwill | $970M | $970M | $970M | $970M | $970M |
| Total assets | $36.3B | $35.4B | $36.5B | $33.8B | $29.1B |
| Payables | $1.3B | $2B | $1.9B | $1.8B | $2B |
| Deferred revenue | $5.6B | $6.1B | $6.6B | $6.3B | $5.9B |
| Current liabilities | $9.2B | $10.4B | $12.3B | $12.3B | $10.9B |
| Long-term debt | $10.3B | $8.1B | $8B | $6.7B | $4.9B |
| Shareholders' equity | $10.4B | $10.7B | $10.5B | $10.4B | $8B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $2.3B | $3.8B | $3.2B | $462M | $1.8B |
| Capital expenditure | $505M | $3.9B | $3.5B | $2.1B | $2.7B |
| Free cash flow | $1.8B | −$134M | −$356M | −$1.6B | −$831M |
| Depreciation & amortisation | $1.3B | $1.4B | $1.5B | $1.7B | $1.6B |
| Stock-based compensation | $58M | $84M | $86M | $45M | $99M |
| Share buybacks | $0 | $0 | $0 | $250M | $2.6B |
| Dividends paid | $0 | $0 | $428M | $430M | $399M |
| Dividend per share | – | 0.18 | 0.72 | 0.72 | 0.72 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 50.8% | 9.6% | 5.3% | 2.1% |
| Operating income growth (YoY) | – | −40.9% | −78.0% | 43.3% | 33.3% |
| EPS growth (YoY) | – | −46.0% | −12.6% | 0.0% | 3.9% |
| Operating margin | 10.9% | 4.3% | 0.9% | 1.2% | 1.5% |
| Net margin | 6.2% | 2.3% | 1.8% | 1.7% | 1.6% |
| Return on equityBlank when equity is negative | 9.4% | 5.0% | 4.4% | 4.5% | 5.5% |
| ROCEEBIT ÷ (assets − current liabilities) | 6.3% | 4.1% | 0.9% | 1.5% | 2.4% |
| Free cash flow margin | 11.5% | −0.6% | −1.4% | −5.8% | −3.0% |
| Cash conversion (CFO ÷ net income) | 2.38x | 7.03x | 6.80x | 0.99x | 4.18x |
| Receivable days | 1 | 2 | 1 | 1 | 1 |
| Interest cover | – | 2.99x | 0.86x | 1.29x | 2.56x |
| Debt ÷ equity | 0.99x | 0.76x | 0.76x | 0.65x | 0.62x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −$2.2B | −$1.4B | −$1.3B | −$812M | $1.7B |
| Current ratio | 1.97x | 1.43x | 1.14x | 0.92x | 0.52x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.