Southwest Airlines Co.

LUV · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Valuation
Market cap	$21,374	$20,163	$17,216	$19,992	$25,358	$27,589	$31,952	$27,512	$38,741	$29,501	$25,488	$29,074	$13,376	$7,680	$6,625	$9,683	$8,470	$6,336	$9,258	$12,134	$13,036	$12,739	$12,508	$13,958	$14,099	$16,656	$8,105	$7,533	$5,399	$3,333	$3,316	$2,473	$5,442	$2,677	$1,513	$774	$759	$644	$395	$647	$797
Enterprise value	$24,124	$19,496	$14,942	$17,173	$22,135	$26,454	$31,876	$27,200	$39,136	$29,583	$25,615	$28,778	$13,044	$7,864	$7,232	$9,525	$9,392	$8,194	$8,570	$12,064	$12,500	$13,280	$12,182	$13,827	$13,660	$17,003	$8,566	$7,790	$5,525	$3,414	$3,673	$2,891	$5,802	$2,976	$1,876	$1,027	$983	$814	$513	$922	$1,122
P/E (TTM) at period end	48.36×	41.57×	35.57×	35.64×	25.95×	–	13.89×	11.16×	11.54×	13.50×	11.67×	25.50×	17.67×	18.11×	37.22×	21.10×	85.55×	35.59×	14.35×	24.32×	23.79×	40.70×	28.30×	57.92×	27.58×	27.62×	17.09×	17.38×	16.99×	16.07×	18.16×	13.79×	32.09×	25.87×	56.25×	16.43×	10.60×	11.11×	19.57×	12.93×	16.86×
P/S (TTM) at period end	0.76×	0.73×	0.66×	0.84×	1.61×	3.05×	1.42×	1.25×	1.83×	1.44×	1.29×	1.56×	0.76×	0.45×	0.42×	0.80×	0.82×	0.57×	0.94×	1.34×	1.72×	1.95×	2.11×	2.53×	2.54×	2.95×	1.71×	1.81×	1.41×	0.98×	1.15×	0.95×	2.37×	1.59×	1.15×	0.65×	0.75×	0.75×	0.52×	0.86×	1.17×
P/B at period end	2.68×	1.95×	1.64×	1.87×	2.43×	3.11×	3.25×	2.79×	4.02×	3.79×	3.77×	4.29×	1.82×	1.10×	0.96×	1.55×	1.55×	1.28×	1.33×	1.88×	1.95×	2.31×	2.48×	3.16×	3.51×	4.83×	2.86×	3.14×	2.69×	2.02×	2.32×	2.00×	5.16×	3.13×	2.41×	1.28×	1.29×	1.14×	0.77×	1.26×	1.71×
EV / EBITDA (TTM)	12.13×	9.86×	8.56×	7.25×	7.40×	–	7.63×	6.17×	8.46×	6.24×	4.99×	9.10×	6.08×	5.36×	5.14×	5.89×	10.70×	7.82×	36.31×	8.33×	10.47×	13.48×	15.97×	19.83×	14.40×	13.05×	8.31×	8.57×	7.68×	6.39×	7.81×	6.34×	33.59×	36.52×	–	394.96×	38.70×	–	–	–	–
EV / Sales (TTM)	0.86×	0.71×	0.57×	0.72×	1.40×	2.92×	1.42×	1.24×	1.85×	1.45×	1.29×	1.55×	0.74×	0.46×	0.46×	0.79×	0.91×	0.74×	0.87×	1.33×	1.65×	2.03×	2.05×	2.50×	2.46×	3.01×	1.81×	1.87×	1.45×	1.00×	1.28×	1.12×	2.53×	1.77×	1.43×	0.87×	0.97×	0.95×	0.67×	1.22×	1.65×
Returns
Return on equity	5.5%	4.7%	4.6%	5.2%	9.4%	(34.6%)	23.4%	25.0%	34.8%	28.1%	32.3%	16.8%	10.3%	6.1%	2.6%	7.4%	1.8%	3.6%	9.3%	7.7%	8.2%	5.7%	8.7%	5.4%	12.7%	17.5%	16.7%	18.1%	15.8%	12.6%	12.8%	14.5%	16.1%	12.1%	4.3%	7.8%	12.2%	10.2%	3.9%	9.8%	10.2%
Return on invested capital	3.1%	2.3%	1.6%	7.1%	12.4%	(27.5%)	20.4%	22.0%	28.8%	23.5%	30.9%	17.0%	9.1%	4.2%	3.9%	7.3%	2.0%	4.0%	7.1%	8.7%	7.0%	5.8%	4.9%	4.1%	10.9%	16.5%	14.6%	15.8%	15.1%	12.3%	10.5%	11.4%	12.3%	9.8%	3.9%	6.0%	7.8%	7.9%	1.9%	7.4%	7.7%
Dividend yield	1.9%	2.1%	2.5%	–	–	0.7%	1.2%	1.2%	0.7%	0.8%	0.7%	0.5%	0.5%	0.3%	0.2%	0.1%	0.2%	0.2%	0.2%	0.1%	0.1%	0.1%	0.1%	0.1%	0.1%	0.1%	0.1%	0.1%	0.1%	0.2%	0.2%	0.2%	0.1%	0.2%	0.3%	0.5%	0.6%	–	–	–	–
Financial health
Current ratio	0.52×	0.92×	1.14×	1.43×	1.97×	2.02×	0.67×	0.64×	0.70×	0.66×	0.54×	0.66×	0.79×	0.91×	0.96×	1.29×	1.25×	0.95×	0.92×	0.90×	0.94×	1.01×	1.34×	1.56×	1.13×	0.64×	0.66×	0.67×	0.93×	0.98×	0.77×	0.60×	0.90×	1.37×	1.31×	0.70×	1.04×	1.73×	1.79×	1.55×	1.64×
Debt / equity	0.61×	0.65×	0.76×	0.76×	1.03×	1.16×	0.27×	0.34×	0.38×	0.44×	0.47×	0.40×	0.38×	0.45×	0.55×	0.54×	0.64×	0.74×	0.30×	0.26×	0.30×	0.33×	0.30×	0.38×	0.46×	0.25×	0.31×	0.26×	0.37×	0.40×	0.47×	0.48×	0.62×	0.83×	0.99×	0.56×	0.63×	0.67×	0.51×	0.68×	0.85×
Effective tax rate	21.7%	22.2%	26.5%	26.0%	26.3%	27.8%	22.2%	22.1%	(2.8%)	36.7%	37.3%	37.4%	37.6%	38.5%	44.9%	38.4%	39.6%	36.0%	39.0%	36.8%	37.9%	36.0%	38.4%	47.9%	38.2%	38.5%	38.7%	38.5%	38.5%	39.3%	40.2%	40.1%	40.6%	38.0%	38.6%	37.0%	35.5%	32.1%	30.6%	23.5%	22.2%
Share count
Diluted shares outstanding	558	643	640	642	609	565	539	574	603	633	669	696	718	757	775	747	741	739	768	818	807	824	809	1,004	811	792	805	793	766	779	730	747	737	690	672	673	716	725	673	714	676

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Revenue and gross profit
Revenue	$31,545	$28,063	$27,483	$26,091	$23,814	$15,790	$9,048	$22,428	$21,965	$21,171	$20,425	$19,820	$18,605	$17,699	$17,088	$15,658	$12,104	$10,350	$11,023	$9,861	$9,086	$7,584	$6,530	$5,937	$5,522	$5,555	$5,650	$4,736	$4,164	$3,817	$3,406	$2,873	$2,592	$2,297	$1,685	$1,314	$1,187	$1,015	$860	$765	$756	$680
Cost of revenue	–	($23,168)	($23,024)	($21,868)	($19,062)	($11,675)	($10,938)	($16,445)	($15,907)	($14,892)	–	($13,423)	($14,049)	($14,209)	($14,243)	($12,952)	($9,690)	($4,667)	($3,618)	($2,590)	($5,238)	($4,210)	($3,687)	($3,353)	($3,233)	($3,150)	($2,966)	($2,522)	($2,221)	($2,204)	($2,107)	($1,748)	($1,526)	($1,099)	($793)	($675)	($596)	($483)	($400)	($352)	($267)	($311)
Gross profit	–	$4,895	$4,459	$4,223	$4,752	$4,115	($1,890)	$5,983	$6,058	$6,254	–	$6,397	$4,556	$3,490	$2,845	$2,706	$2,414	$5,683	$7,405	$7,271	$3,848	$3,374	$2,843	$2,584	$2,289	$2,405	$2,684	$2,214	$1,943	$1,613	$1,299	$1,125	$1,066	$1,198	$892	$638	$591	$532	$460	$414	$489	$368
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	–	($12,963)	($12,240)	($11,152)	($9,376)	($4,783)	($5,844)	($12,640)	($12,265)	($11,381)	($10,587)	($9,999)	($10,727)	($10,798)	($10,869)	($10,970)	($8,075)	($3,468)	($3,340)	($3,213)	($3,705)	($3,319)	($3,032)	($2,827)	($2,579)	($1,856)	($2,145)	($2,053)	($1,703)	($1,542)	($1,519)	($1,321)	($1,188)	($787)	($608)	($489)	($429)	($362)	($308)	($331)	($345)	($236)
Total operating expenses	($9,665)	($4,467)	($4,138)	($3,999)	($3,735)	($2,394)	($1,926)	($3,026)	($2,852)	($2,847)	–	($2,281)	($2,331)	($2,212)	($2,222)	($2,013)	($1,426)	($5,421)	($6,956)	($6,480)	($2,914)	($2,649)	($2,289)	($2,205)	($1,948)	($1,774)	($1,662)	($1,432)	($1,259)	($1,089)	($948)	($811)	($749)	($906)	($709)	($575)	($509)	($435)	($374)	($396)	($413)	($290)
Total costs and expenses	($30,160)	($27,635)	($27,162)	($25,867)	($22,797)	($14,069)	($12,864)	($19,471)	($18,759)	($17,764)	($16,903)	($15,704)	($16,380)	($16,421)	($16,465)	($14,965)	($11,116)	($10,088)	($10,574)	($9,070)	($8,152)	($6,859)	($5,976)	($5,558)	($5,181)	($4,924)	($4,628)	($3,954)	($3,480)	($3,293)	($3,055)	($2,559)	($2,275)	($2,005)	($1,502)	($1,251)	($1,105)	($917)	($774)	($748)	($680)	($601)
Operating income	$1,385	$428	$321	$224	$1,017	$1,721	($3,816)	$2,957	$3,206	$3,407	$3,522	$4,116	$2,225	$1,278	$623	$693	$988	$262	$449	$791	$934	$725	$554	$379	$341	$631	$1,022	$782	$684	$524	$351	$314	$317	$292	$183	$63	$82	$98	$86	$17	$76	$79
Earnings
EBITDA	$2,954	$1,988	$1,978	$1,746	$2,368	$2,993	($2,561)	$4,176	$4,407	$4,625	$4,743	$5,131	$3,163	$2,145	$1,467	$1,408	$1,616	$878	$1,048	$236	$1,449	$1,194	$985	$763	$697	$949	$1,303	$1,031	$909	$720	$534	$470	$456	$173	$82	($23)	$3	$25	–	–	–	–
Interest income	$122	$205	$497	$583	$217	$13	$32	$90	$69	$35	$24	$9	$7	$6	$7	$10	$12	$13	($26)	$44	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($222)	($167)	($249)	($259)	($340)	($431)	($314)	($118)	($131)	($114)	($122)	($121)	($130)	($131)	($147)	($194)	($167)	($186)	($130)	($119)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$1,354	$563	$598	$633	$728	$1,325	($4,256)	$2,957	$3,164	$3,265	$3,450	$3,479	$1,816	$1,209	$685	$323	$745	$164	$278	$1,058	$790	$779	$489	$604	$317	$828	$1,018	$774	$705	$517	$341	$305	$300	$260	$147	$44	$75	$111	$85	$29	$65	$61
Income tax expense	($301)	($122)	($133)	($168)	($189)	($348)	$1,182	($657)	($699)	$92	($1,267)	($1,298)	($680)	($455)	($264)	($145)	($286)	($65)	($100)	($413)	($291)	($295)	($176)	($232)	($152)	($317)	($392)	($299)	($272)	($199)	($134)	($122)	($120)	($105)	($56)	($17)	($28)	($39)	($27)	($9)	($15)	($14)
Net income	$1,053	$441	$465	$465	$539	$977	($3,074)	$2,300	$2,465	$3,357	$2,183	$2,181	$1,136	$754	$421	$178	$459	$99	$178	$645	$499	$548	$313	$442	$241	$511	$603	$474	$433	$318	$207	$183	$179	$170	$104	$27	$47	$72	$58	$20	$50	$47
Per share
Diluted EPS (GAAP)	$2.08	$0.79	$0.76	$0.76	$0.87	$1.61	($5.44)	$4.27	$4.29	$5.57	$3.45	$3.27	$1.64	$1.05	$0.56	$0.23	$0.61	$0.13	$0.24	$0.84	$0.61	$0.68	$0.38	$0.55	$0.24	$0.63	$0.76	$0.59	$0.55	$0.41	$0.27	$0.25	$0.24	$0.23	$0.15	$0.04	$0.07	$0.10	$0.08	$0.03	$0.07	$0.07
Basic EPS (GAAP)	$2.11	$0.82	$0.78	$0.78	$0.91	$1.65	($5.44)	$4.28	$4.30	$5.58	$3.48	$3.30	$1.65	$1.06	$0.56	$0.23	$0.62	$0.13	$0.24	$0.85	$0.63	$0.69	$0.40	$0.57	$0.24	$0.67	$0.81	$0.63	$0.58	$0.43	$0.27	$0.25	$0.24	$0.23	$0.15	$0.04	$0.07	$0.10	$0.08	$0.03	$0.07	$0.07
Basic shares outstanding	498	540	598	595	593	592	565	538	573	601	627	661	687	710	750	774	746	741	735	759	792	793	782	775	1,004	763	745	754	747	740	766	730	747	737	690	672	673	716	725	673	714	676
Margins
Gross margin	–	17.4%	16.2%	16.2%	20.0%	26.1%	(20.9%)	26.7%	27.6%	29.5%	–	32.3%	24.5%	19.7%	16.6%	17.3%	19.9%	54.9%	67.2%	73.7%	42.4%	44.5%	43.5%	43.5%	41.5%	43.3%	47.5%	46.8%	46.7%	42.3%	38.1%	39.2%	41.1%	52.2%	52.9%	48.6%	49.8%	52.4%	53.5%	54.0%	64.7%	54.2%
Operating margin	4.4%	1.5%	1.2%	0.9%	4.3%	10.9%	(42.2%)	13.2%	14.6%	16.1%	17.2%	20.8%	12.0%	7.2%	3.6%	4.4%	8.2%	2.5%	4.1%	8.0%	10.3%	9.6%	8.5%	6.4%	6.2%	11.4%	18.1%	16.5%	16.4%	13.7%	10.3%	10.9%	12.2%	12.7%	10.8%	4.8%	6.9%	9.6%	10.0%	2.2%	10.1%	11.6%
Net margin	3.3%	1.6%	1.7%	1.8%	2.3%	6.2%	(34.0%)	10.3%	11.2%	15.9%	10.7%	11.0%	6.1%	4.3%	2.5%	1.1%	3.8%	1.0%	1.6%	6.5%	5.5%	7.2%	4.8%	7.4%	4.4%	9.2%	10.7%	10.0%	10.4%	8.3%	6.1%	6.4%	6.9%	7.4%	6.1%	2.0%	4.0%	7.1%	6.7%	2.6%	6.6%	7.0%

Analyst consensus

Hold45 analysts

Bearish · 4 · Hold · 22 · Bullish · 19

Earnings history

	EPS	Estimate
Q4 2024	$0.56	$0.46	Beat
Q1 2025	$-0.13	$-0.18	Beat
Q2 2025	$0.43	$0.51	Miss
Q3 2025	$0.11	$-0.04	Beat
Q4 2025	$0.58	$0.57	Beat
Q1 2026	$0.45	$0.47	Miss
Q2 2026	$0.94	$0.51	Beat
Q3 2026	$0.66	$0.57	Beat

Peers

Company overview

IPO dateJan 2, 1980

CEORobert E. Jordan

Employees73,456

SectorIndustrials

IndustryAirlines, Airports & Air Services

CountryUS

ExchangeNew York Stock Exchange

Websitewww.southwest.com

Southwest Airlines Co. functions as a passenger airline, offering scheduled air travel services predominantly across the United States and to select neighboring international markets. As of December 31, 2021, the company maintained a consistent fleet of 728 Boeing 737 aircraft. Its extensive route network served 121 different locations, spanning 42 U.S. states, the District of Columbia, and the Commonwealth of Puerto Rico, along with 10 international countries close by. These international destinations include Mexico, Jamaica, the Bahamas, Aruba, the Dominican Republic, Costa Rica, Belize, Cuba, the Cayman Islands, and Turks and Caicos. To enhance the passenger journey, Southwest provides in-flight entertainment and internet access on its Wi-Fi-enabled planes. The airline also runs the Rapid Rewards loyalty program, enabling members to accumulate points proportional to the money spent on Southwest's base fares. For customer convenience in travel planning, the company offers a range of digital tools, including its official websites and mobile applications, as well as SWABIZ, a dedicated online booking platform for business clients. Additional services available include EarlyBird Check-In, preferred boarding options, and transportation for pets and unaccompanied minors. The company was founded in 1967 and its corporate headquarters are situated in Dallas, Texas.

Athenic provides research and information tools for educational purposes only and is not a registered investment adviser or broker-dealer. Nothing on this page is investment advice or a recommendation to buy or sell any security. Market data may be delayed. Past performance is not indicative of future results. Investing involves risk, including the possible loss of principal.