Southwest Airlines (LUV) Financials

$24.71 -0.15 (-0.59%)

Closing price 04/17/2025 03:59 PM Eastern

Extended Trading

$24.76 +0.04 (+0.17%)

As of 04/17/2025 06:24 PM Eastern

Annual Income Statements for Southwest Airlines

This table shows Southwest Airlines' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	2,181	2,183	3,357	2,465	2,300	-3,074	977	539	465	465
Consolidated Net Income / (Loss)	2,181	2,183	3,357	2,465	2,300	-3,074	977	539	465	465
Net Income / (Loss) Continuing Operations	2,181	2,183	3,357	2,465	2,300	-3,074	977	539	465	465
Total Pre-Tax Income	3,479	3,450	3,265	3,164	2,957	-4,256	1,325	728	633	598
Total Operating Income	4,116	3,522	3,407	3,206	2,957	-3,816	1,721	1,017	224	321
Total Gross Profit	8,578	8,657	7,472	7,259	8,565	-1,602	2,427	7,611	7,534	8,078
Total Revenue	19,820	20,289	21,146	21,965	22,428	9,048	15,790	23,814	26,091	27,483
Operating Revenue	18,650	20,289	21,146	21,965	22,428	9,048	15,790	23,814	26,091	27,483
Total Cost of Revenue	11,242	11,632	13,674	14,706	13,863	10,650	13,363	16,203	18,557	19,405
Operating Cost of Revenue	11,242	11,632	13,674	14,706	13,863	10,650	13,363	16,203	18,557	19,405
Total Operating Expenses	4,462	5,135	4,065	4,053	5,608	2,214	706	6,594	7,310	7,757
Selling, General & Admin Expense	2,242	2,703	2,847	2,852	3,026	1,926	2,394	3,735	3,999	4,138
Depreciation Expense	1,015	1,221	1,218	1,201	1,219	1,255	1,272	1,351	1,522	1,657
Other Operating Expenses / (Income)	1,166	1,211	-	0.00	1,363	-967	-2,960	1,508	1,789	1,962
Total Other Income / (Expense), net	-637	-72	-142	-42	0.00	-440	-396	-289	409	277
Interest Expense	90	75	65	93	82	314	459	494	236	216
Interest & Investment Income	9.00	24	35	69	90	32	13	217	583	497
Other Income / (Expense), net	-556	-21	-112	-18	-8.00	-158	50	-12	62	-4.00
Income Tax Expense	1,298	1,267	-92	699	657	-1,182	348	189	168	133
Basic Earnings per Share	$3.30	-	$5.58	$4.30	$4.28	($5.44)	$1.65	$0.91	$0.78	$0.78
Weighted Average Basic Shares Outstanding	661M	627M	601M	573M	517.30M	1.18B	592.34M	594.29M	596.66M	592.66M
Diluted Earnings per Share	$3.27	-	$5.57	$4.29	$4.27	($5.44)	$1.61	$0.87	$0.76	$0.76
Weighted Average Diluted Shares Outstanding	661M	627M	601M	573M	517.30M	1.18B	592.34M	594.29M	596.66M	592.66M
Weighted Average Basic & Diluted Shares Outstanding	661M	627M	601M	573M	517.30M	1.18B	592.34M	594.29M	596.66M	592.66M
Cash Dividends to Common per Share	$0.29	$0.00	$0.00	$0.61	$0.70	$0.18	-	$0.18	-	$0.72

This table shows Southwest Airlines' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Income / (Loss) Attributable to Common Shareholders	277	-220	-159	683	193	-252	-231	367	67	262
Consolidated Net Income / (Loss)	277	-220	-159	683	193	-252	-231	367	67	262
Net Income / (Loss) Continuing Operations	277	-220	-159	683	193	-252	-231	367	67	262
Total Pre-Tax Income	353	-285	-205	886	237	-285	-298	478	89	329
Total Operating Income	395	-385	-284	795	117	-404	-393	398	38	278
Total Gross Profit	1,944	1,755	1,441	2,577	1,907	1,609	1,497	2,406	2,048	2,127
Total Revenue	6,220	6,172	5,706	7,037	6,525	6,823	6,329	7,354	6,870	6,930
Operating Revenue	6,220	6,172	5,706	7,037	6,525	6,823	6,329	7,354	6,870	6,930
Total Cost of Revenue	4,276	4,417	4,265	4,460	4,618	5,214	4,832	4,948	4,822	4,803
Operating Cost of Revenue	4,276	4,417	4,265	4,460	4,618	5,214	4,832	4,948	4,822	4,803
Total Operating Expenses	1,549	2,140	1,725	1,782	1,790	2,013	1,890	2,008	2,010	1,849
Selling, General & Admin Expense	819	1,394	952	956	958	1,133	1,018	1,093	1,079	948
Depreciation Expense	335	367	365	367	375	415	408	404	438	407
Other Operating Expenses / (Income)	395	379	408	459	457	465	464	511	493	494
Total Other Income / (Expense), net	-42	100	79	91	120	119	95	80	51	51
Interest Expense	151	62	60	60	59	57	58	55	54	49
Interest & Investment Income	70	116	125	144	156	158	141	130	121	105
Other Income / (Expense), net	39	46	14	7.00	23	18	12	5.00	-16	-5.00
Income Tax Expense	76	-65	-46	203	44	-33	-67	111	22	67
Basic Earnings per Share	$0.47	($0.38)	($0.27)	$1.15	$0.32	($0.42)	($0.39)	$0.61	$0.11	$0.45
Weighted Average Basic Shares Outstanding	593M	594.29M	594M	595M	596M	596.66M	597M	599M	599M	592.66M
Diluted Earnings per Share	$0.44	($0.30)	($0.27)	$1.08	$0.31	($0.36)	($0.39)	$0.58	$0.11	$0.46
Weighted Average Diluted Shares Outstanding	639M	594.29M	594M	639M	640M	596.66M	597M	643M	601M	592.66M
Weighted Average Basic & Diluted Shares Outstanding	593.75M	594.29M	595.07M	595.63M	596.12M	596.66M	598.46M	599.16M	599.74M	592.66M

This table details how cash moves in and out of Southwest Airlines' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Change in Cash & Equivalents	301	97	-185	359	694	8,515	1,417	-2,988	-204	-1,779
Net Cash From Operating Activities	3,238	4,293	3,929	4,893	3,987	-1,127	2,322	3,790	3,164	462
Net Cash From Continuing Operating Activities	3,012	4,693	3,929	4,893	3,987	-1,127	2,322	3,790	3,164	462
Net Income / (Loss) Continuing Operations	2,181	2,183	3,357	2,465	2,300	-3,074	977	539	465	465
Consolidated Net Income / (Loss)	2,181	2,183	3,357	2,465	2,300	-3,074	977	539	465	465
Depreciation Expense	1,015	1,221	1,218	1,201	1,219	1,255	1,272	1,351	1,522	1,657
Non-Cash Adjustments To Reconcile Net Income	0.00	21	63	0.00	0.00	-190	40	232	-4.00	-90
Changes in Operating Assets and Liabilities, net	-184	1,268	-709	1,227	468	882	33	1,668	1,181	-1,570
Net Cash From Investing Activities	-1,913	-2,272	-2,408	-2,038	-303	-16	-1,264	-3,746	-2,932	-261
Net Cash From Continuing Investing Activities	-1,913	-2,272	-2,408	-2,038	-303	-16	-1,264	-3,746	-2,932	-261
Purchase of Property, Plant & Equipment	-2,041	-2,038	-2,123	-1,922	-1,027	-515	-505	-3,924	-3,520	-2,054
Purchase of Investments	-1,986	-2,388	-2,380	-2,409	-2,122	-5,080	-5,824	-5,592	-6,970	-5,014
Sale and/or Maturity of Investments	2,223	2,263	2,221	2,342	2,446	4,336	5,071	5,792	7,591	5,995
Other Investing Activities, net	-109	-109	-126	-49	400	1,243	-6.00	-22	-33	812
Net Cash From Financing Activities	-1,024	-1,924	-1,706	-2,496	-2,990	9,658	359	-3,032	-436	-1,980
Net Cash From Continuing Financing Activities	-1,024	-1,924	-1,706	-2,496	-2,990	9,658	359	-3,032	-436	-1,980
Repayment of Debt	-246	-603	-602	-372	-615	-5,473	-828	-3,077	-85	-1,337
Repurchase of Preferred Equity	-	-	-	-	-	-	-	0.00	0.00	-6.00
Repurchase of Common Equity	-1,180	-1,750	-1,600	-2,000	-2,000	-451	-	0.00	0.00	-250
Payment of Dividends	-180	-222	-274	-332	-372	-188	0.00	0.00	-428	-430
Issuance of Debt	500	515	615	3.00	-43	12,605	-	-	6.00	-17
Issuance of Common Equity	46	29	29	35	40	2,342	51	45	48	60
Other Financing Activities, net	36	107	126	170	0.00	823	1,136	0.00	23	0.00
Cash Interest Paid	105	100	81	107	88	212	336	305	228	220
Cash Income Taxes Paid	1,440	902	992	327	779	19	445	20	18	9.00

This table details how cash moves in and out of Southwest Airlines' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Change in Cash & Equivalents	-2,791	-951	-1,133	799	339	-209	-921	-225	361	-994
Net Cash From Operating Activities	234	579	706	1,417	616	425	-104	-24	114	476
Net Cash From Continuing Operating Activities	234	579	706	1,417	616	425	-104	-24	114	476
Net Income / (Loss) Continuing Operations	277	-220	-159	683	193	-252	-231	368	67	261
Consolidated Net Income / (Loss)	277	-220	-159	683	193	-252	-231	368	67	261
Depreciation Expense	335	367	365	366	376	415	408	404	438	407
Non-Cash Adjustments To Reconcile Net Income	80	-2.00	-4.00	-	-	-	0.00	-	-	-90
Changes in Operating Assets and Liabilities, net	-458	434	504	368	47	262	-281	-796	-391	-102
Net Cash From Investing Activities	-1,120	-933	-1,577	-627	-64	-664	-585	-206	457	73
Net Cash From Continuing Investing Activities	-1,120	-933	-1,577	-627	-64	-664	-585	-206	457	73
Purchase of Property, Plant & Equipment	-1,071	-1,356	-1,046	-925	-841	-708	-583	-494	-517	-460
Purchase of Investments	-1,743	-1,379	-2,204	-1,523	-1,620	-1,623	-1,678	-1,532	-635	-1,169
Sale and/or Maturity of Investments	1,702	1,810	1,679	1,829	2,406	1,677	1,720	1,820	1,620	835
Other Investing Activities, net	-8.00	-8.00	-6.00	-8.00	-9.00	-10	-44	-	-11	867
Net Cash From Financing Activities	-1,905	-597	-262	9.00	-213	30	-232	5.00	-210	-1,543
Net Cash From Continuing Financing Activities	-1,905	-597	-262	9.00	-213	30	-232	5.00	-210	-1,543
Repayment of Debt	-1,918	-610	-59	-2.00	-17	-7.00	-32	-4.00	9.00	-1,310
Payment of Dividends	-	-	-214	-	-214	-	-215	-	-216	1.00
Issuance of Debt	-	-	2.00	-	-	2.00	-	-	-	2.00
Issuance of Common Equity	13	13	9.00	13	14	12	15	15	16	14
Cash Interest Paid	42	102	19	96	19	94	18	92	14	96
Cash Income Taxes Paid	8.00	1.00	2.00	6.00	1.00	9.00	3.00	4.00	-	2.00

This table presents Southwest Airlines' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Total Assets	21,312	23,286	25,110	26,243	25,895	34,588	36,320	35,369	36,487	33,750
Total Current Assets	4,024	4,498	4,815	5,028	5,974	15,173	18,036	14,808	13,955	11,274
Cash & Equivalents	1,583	1,680	1,495	1,854	2,548	11,063	12,480	9,492	9,288	7,509
Short-Term Investments	1,468	1,625	1,778	1,835	1,524	2,271	3,024	2,800	2,186	1,216
Accounts Receivable	474	546	662	568	1,086	1,130	1,357	1,040	1,154	1,110
Inventories, net	311	337	420	461	529	414	537	790	807	800
Prepaid Expenses	188	310	460	310	287	295	638	686	520	639
Plant, Property, & Equipment, net	15,601	17,044	18,539	19,525	17,025	15,831	14,842	17,342	19,375	19,056
Plant, Property & Equipment, gross	24,685	26,464	28,229	29,256	27,713	27,574	27,574	30,984	33,818	33,947
Accumulated Depreciation	9,084	9,420	9,690	9,731	10,688	11,743	12,732	13,642	14,443	14,891
Total Noncurrent Assets	1,687	1,744	1,756	1,690	2,319	3,584	3,442	3,219	3,157	3,420
Goodwill	970	970	970	970	970	970	970	970	970	970
Other Noncurrent Operating Assets	717	774	786	720	1,349	2,614	2,472	2,249	2,187	2,450
Total Liabilities & Shareholders' Equity	21,312	23,286	25,110	26,243	25,895	34,588	36,320	35,369	36,487	33,750
Total Liabilities	13,954	14,845	15,469	16,390	16,063	25,712	25,906	24,682	25,972	23,400
Total Current Liabilities	7,406	6,844	6,863	7,905	8,952	7,506	9,164	10,378	12,256	12,276
Short-Term Debt	637	566	348	606	819	220	453	42	29	1,630
Accounts Payable	1,188	1,178	1,320	1,416	1,574	931	1,282	2,004	1,862	1,818
Accrued Expenses	2,591	1,985	1,700	1,749	1,749	2,259	1,624	2,043	3,606	2,206
Current Deferred Revenue	2,990	3,115	3,495	4,134	4,457	-	5,566	6,064	6,551	6,294
Other Current Liabilities	-	-	-	0.00	353	4,096	239	225	208	328
Total Noncurrent Liabilities	6,548	8,001	8,606	8,485	7,111	18,206	16,742	14,304	13,716	11,124
Long-Term Debt	2,541	2,821	3,320	2,771	1,846	10,111	10,274	8,046	7,978	5,069
Noncurrent Deferred & Payable Income Tax Liabilities	2,490	3,374	2,119	2,427	2,364	1,634	1,770	1,985	2,044	2,167
Other Noncurrent Operating Liabilities	1,517	1,806	3,167	3,287	2,901	4,899	4,698	4,273	3,694	3,888
Total Equity & Noncontrolling Interests	7,358	8,441	9,641	9,853	9,832	8,876	10,414	10,687	10,515	10,350
Total Preferred & Common Equity	7,358	8,441	9,641	9,853	9,832	8,876	10,414	10,687	10,515	10,350
Total Common Equity	7,358	8,441	9,641	9,853	9,832	8,876	10,414	10,687	10,515	10,350
Common Stock	2,182	2,218	2,259	2,318	2,389	5,079	5,112	4,925	5,041	5,087
Retained Earnings	9,409	11,418	13,832	15,967	17,945	14,777	15,774	16,261	16,297	16,332
Treasury Stock	-3,182	-4,872	-6,462	-8,452	-10,441	-10,875	-10,860	-10,843	-10,823	-11,044
Accumulated Other Comprehensive Income / (Loss)	-1,051	-323	12	20	-61	-105	388	344	0.00	-25

This table presents Southwest Airlines' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Total Assets	35,946	35,369	35,546	36,519	36,980	36,487	36,018	35,563	34,847	33,750
Total Current Assets	16,418	14,808	14,274	14,661	14,631	13,955	13,281	12,751	11,930	11,274
Cash & Equivalents	10,443	9,492	8,359	9,158	9,497	9,288	8,367	8,142	8,503	7,509
Short-Term Investments	3,230	2,800	3,315	3,021	2,236	2,186	2,145	1,860	879	1,216
Accounts Receivable	1,316	1,040	1,250	1,233	1,467	1,154	1,354	1,346	1,177	1,110
Inventories, net	776	790	736	714	799	807	812	784	770	800
Prepaid Expenses	653	686	614	535	632	520	603	619	601	639
Plant, Property, & Equipment, net	16,337	17,342	18,024	18,596	19,075	19,375	19,561	19,665	19,773	19,056
Plant, Property & Equipment, gross	29,838	30,984	31,902	32,755	33,464	33,818	34,097	34,521	34,864	33,947
Accumulated Depreciation	13,501	13,642	13,878	14,159	14,389	14,443	14,536	14,856	15,091	14,891
Total Noncurrent Assets	3,191	3,219	3,248	3,262	3,274	3,157	3,176	3,147	3,144	3,420
Goodwill	970	970	970	970	970	970	970	970	970	970
Other Noncurrent Operating Assets	2,221	2,249	2,278	2,292	2,304	2,187	2,206	2,177	2,174	2,450
Total Liabilities & Shareholders' Equity	35,946	35,369	35,546	36,519	36,980	36,487	36,018	35,563	34,847	33,750
Total Liabilities	25,022	24,682	25,244	25,730	25,926	25,972	25,822	25,098	24,436	23,400
Total Current Liabilities	10,416	10,378	11,329	11,728	12,112	12,256	12,225	14,113	13,489	12,276
Short-Term Debt	381	42	32	31	30	29	28	2,931	2,930	1,630
Accounts Payable	1,553	2,004	1,729	1,882	1,736	1,862	1,949	2,028	1,518	1,818
Accrued Expenses	1,881	2,043	2,118	2,468	2,880	3,606	2,400	1,870	2,096	2,206
Current Deferred Revenue	6,368	6,064	7,217	7,121	7,246	6,551	7,642	7,086	6,743	6,294
Other Current Liabilities	233	225	233	226	220	208	206	198	202	328
Total Noncurrent Liabilities	14,606	14,304	13,915	14,002	13,814	13,716	13,597	10,985	10,947	11,124
Long-Term Debt	8,315	8,046	7,999	7,994	7,984	7,978	7,974	5,065	5,075	5,069
Noncurrent Deferred & Payable Income Tax Liabilities	1,995	1,985	1,888	2,057	2,157	2,044	1,981	2,089	2,094	2,167
Other Noncurrent Operating Liabilities	4,296	4,273	4,028	3,951	3,673	3,694	3,642	3,831	3,778	3,888
Total Equity & Noncontrolling Interests	10,924	10,687	10,302	10,789	11,054	10,515	10,196	10,465	10,411	10,350
Total Preferred & Common Equity	10,924	10,687	10,302	10,789	11,054	10,515	10,196	10,465	10,411	10,350
Total Common Equity	10,924	10,687	10,302	10,789	11,054	10,515	10,196	10,465	10,411	10,350
Common Stock	4,877	4,925	4,946	4,991	5,023	5,041	5,026	5,039	5,068	5,087
Retained Earnings	16,588	16,261	15,995	16,571	16,657	16,297	15,959	16,218	16,178	16,332
Treasury Stock	-10,846	-10,843	-10,836	-10,831	-10,827	-10,823	-10,808	-10,803	-10,798	-11,044
Accumulated Other Comprehensive Income / (Loss)	305	344	197	58	201	0.00	19	11	-37	-25

This table displays calculated financial ratios and metrics derived from Southwest Airlines' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	6.53%	2.37%	4.22%	3.87%	2.11%	-59.66%	74.51%	50.82%	9.56%	5.34%
EBITDA Growth	60.30%	3.21%	-4.43%	-2.75%	-5.04%	-165.24%	211.92%	-22.58%	-23.26%	9.18%
EBIT Growth	85.80%	-1.66%	-5.88%	-3.25%	-7.50%	-234.76%	144.56%	-43.25%	-71.54%	10.84%
NOPAT Growth	85.39%	-13.63%	57.19%	-28.70%	-7.92%	-216.14%	147.51%	-40.66%	-78.15%	51.69%
Net Income Growth	91.99%	0.09%	53.78%	-26.57%	-6.69%	-233.65%	131.78%	-44.83%	-13.73%	0.00%
EPS Growth	99.39%	0.00%	0.00%	-22.98%	-0.47%	-227.40%	129.60%	-45.96%	-12.64%	0.00%
Operating Cash Flow Growth	11.58%	32.58%	-8.48%	24.54%	-18.52%	-128.27%	306.03%	63.22%	-16.52%	-85.40%
Free Cash Flow Firm Growth	-17.87%	-24.38%	67.15%	50.39%	33.42%	-156.55%	235.82%	-103.03%	-330.46%	-156.31%
Invested Capital Growth	15.53%	13.87%	17.75%	-4.93%	-17.74%	-5.26%	-24.18%	15.01%	8.72%	18.10%
Revenue Q/Q Growth	1.79%	-0.18%	1.53%	2.07%	0.12%	-29.12%	23.82%	4.94%	2.56%	0.39%
EBITDA Q/Q Growth	13.58%	-1.81%	-3.03%	6.07%	-3.96%	-229.18%	89.71%	-17.36%	0.06%	49.21%
EBIT Q/Q Growth	17.65%	-3.87%	-3.00%	6.66%	-4.96%	-91.15%	420.88%	-34.91%	-14.11%	192.69%
NOPAT Q/Q Growth	11.18%	-10.20%	67.41%	-30.77%	-5.93%	-92.44%	406.38%	-37.78%	-13.75%	198.78%
Net Income Q/Q Growth	18.86%	-3.28%	62.02%	-30.72%	-5.78%	-85.96%	48,750.00%	-34.75%	-6.44%	1,048.98%
EPS Q/Q Growth	20.66%	0.00%	0.00%	-29.09%	-4.04%	-94.29%	994.44%	-32.56%	-7.32%	1,366.67%
Operating Cash Flow Q/Q Growth	3.85%	9.85%	-3.58%	9.54%	-3.97%	-484.64%	57.00%	9.60%	-4.64%	12.41%
Free Cash Flow Firm Q/Q Growth	-33.91%	5.75%	73.13%	12.19%	21.96%	-250.56%	270.14%	-112.45%	66.55%	47.41%
Invested Capital Q/Q Growth	14.45%	7.94%	13.54%	-2.43%	-12.31%	22.65%	2.79%	9.01%	-3.91%	-7.86%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	43.28%	42.67%	35.34%	33.05%	38.19%	-17.71%	15.37%	31.96%	28.88%	29.39%
EBITDA Margin	23.08%	23.27%	21.34%	19.98%	18.58%	-30.05%	19.27%	9.89%	6.93%	7.18%
Operating Margin	20.77%	17.36%	16.11%	14.60%	13.18%	-42.18%	10.90%	4.27%	0.86%	1.17%
EBIT Margin	17.96%	17.26%	15.58%	14.51%	13.15%	-43.92%	11.22%	4.22%	1.10%	1.15%
Profit (Net Income) Margin	11.00%	10.76%	15.88%	11.22%	10.26%	-33.97%	6.19%	2.26%	1.78%	1.69%
Tax Burden Percent	62.69%	63.28%	102.82%	77.91%	77.78%	72.23%	73.74%	74.04%	73.46%	77.76%
Interest Burden Percent	97.72%	98.54%	99.09%	99.25%	100.27%	107.10%	74.82%	72.44%	221.33%	188.64%
Effective Tax Rate	37.31%	36.72%	-2.82%	22.09%	22.22%	0.00%	26.26%	25.96%	26.54%	22.24%
Return on Invested Capital (ROIC)	36.96%	27.84%	37.75%	25.52%	26.45%	-34.96%	19.42%	12.43%	2.43%	3.25%
ROIC Less NNEP Spread (ROIC-NNEP)	509.55%	-15.75%	-23.47%	-53.33%	26.45%	-11.44%	28.81%	17.19%	-5.40%	-4.59%
Return on Net Nonoperating Assets (RNNOA)	-6.09%	-0.21%	-0.62%	-0.23%	-3.09%	2.09%	-9.29%	-7.32%	1.95%	1.21%
Return on Equity (ROE)	30.86%	27.63%	37.13%	25.29%	23.37%	-32.86%	10.13%	5.11%	4.39%	4.46%
Cash Return on Invested Capital (CROIC)	22.55%	14.87%	21.45%	30.57%	45.93%	-29.55%	46.92%	-1.54%	-5.92%	-13.35%
Operating Return on Assets (OROA)	17.35%	15.70%	13.62%	12.42%	11.31%	-13.14%	5.00%	2.80%	0.80%	0.90%
Return on Assets (ROA)	10.63%	9.79%	13.87%	9.60%	8.82%	-10.16%	2.76%	1.50%	1.29%	1.32%
Return on Common Equity (ROCE)	30.86%	27.63%	37.13%	25.29%	23.37%	-32.86%	10.13%	5.11%	4.39%	4.46%
Return on Equity Simple (ROE_SIMPLE)	29.64%	25.86%	34.82%	25.02%	23.39%	-34.63%	9.38%	5.04%	4.42%	4.49%
Net Operating Profit after Tax (NOPAT)	2,580	2,229	3,503	2,498	2,300	-2,671	1,269	753	165	250
NOPAT Margin	13.02%	10.98%	16.57%	11.37%	10.26%	-29.52%	8.04%	3.16%	0.63%	0.91%
Net Nonoperating Expense Percent (NNEP)	-472.59%	43.60%	61.22%	78.85%	0.00%	-23.52%	-9.39%	-4.77%	7.83%	7.84%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	4.01%	0.89%	1.46%
Cost of Revenue to Revenue	56.72%	57.33%	64.66%	66.95%	61.81%	117.71%	84.63%	68.04%	71.12%	70.61%
SG&A Expenses to Revenue	11.31%	13.32%	13.46%	12.98%	13.49%	21.29%	15.16%	15.68%	15.33%	15.06%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	22.51%	25.31%	19.22%	18.45%	25.00%	24.47%	4.47%	27.69%	28.02%	28.22%
Earnings before Interest and Taxes (EBIT)	3,560	3,501	3,295	3,188	2,949	-3,974	1,771	1,005	286	317
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	4,575	4,722	4,513	4,389	4,168	-2,719	3,043	2,356	1,808	1,974
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.54	3.41	3.81	2.54	2.80	3.02	2.37	1.78	1.60	1.95
Price to Tangible Book Value (P/TBV)	4.08	3.85	4.24	2.81	3.11	3.39	2.61	1.96	1.76	2.15
Price to Revenue (P/Rev)	1.31	1.42	1.74	1.14	1.23	2.96	1.56	0.80	0.64	0.73
Price to Earnings (P/E)	11.94	13.18	10.94	10.14	11.97	0.00	25.25	35.26	36.18	43.36
Dividend Yield	0.71%	0.80%	0.77%	1.36%	1.34%	1.59%	0.00%	0.00%	3.19%	2.14%
Earnings Yield	8.38%	7.59%	9.14%	9.87%	8.36%	0.00%	3.96%	2.84%	2.76%	2.31%
Enterprise Value to Invested Capital (EV/IC)	3.49	3.39	3.70	2.59	3.33	3.41	3.53	2.28	1.90	2.18
Enterprise Value to Revenue (EV/Rev)	1.32	1.42	1.76	1.12	1.16	2.80	1.26	0.62	0.51	0.66
Enterprise Value to EBITDA (EV/EBITDA)	5.72	6.11	8.23	5.62	6.27	0.00	6.54	6.28	7.39	9.19
Enterprise Value to EBIT (EV/EBIT)	7.35	8.24	11.27	7.74	8.86	0.00	11.23	14.73	46.71	57.22
Enterprise Value to NOPAT (EV/NOPAT)	10.14	12.95	10.60	9.88	11.36	0.00	15.67	19.66	81.18	72.66
Enterprise Value to Operating Cash Flow (EV/OCF)	8.08	6.72	9.45	5.04	6.55	0.00	8.57	3.91	4.22	39.26
Enterprise Value to Free Cash Flow (EV/FCFF)	16.62	24.24	18.66	8.24	6.54	0.00	6.49	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.43	0.40	0.38	0.34	0.27	1.34	1.03	0.76	0.76	0.65
Long-Term Debt to Equity	0.35	0.33	0.34	0.28	0.19	1.32	0.99	0.75	0.76	0.49
Financial Leverage	-0.01	0.01	0.03	0.00	-0.12	-0.18	-0.32	-0.43	-0.36	-0.26
Leverage Ratio	2.90	2.82	2.68	2.63	2.65	3.23	3.68	3.40	3.39	3.37
Compound Leverage Factor	2.84	2.78	2.65	2.61	2.66	3.46	2.75	2.46	7.50	6.35
Debt to Total Capital	30.16%	28.64%	27.56%	25.53%	21.33%	57.26%	50.74%	43.08%	43.23%	39.29%
Short-Term Debt to Total Capital	6.05%	4.79%	2.61%	4.58%	6.55%	1.06%	2.14%	0.22%	0.16%	9.56%
Long-Term Debt to Total Capital	24.12%	23.85%	24.95%	20.94%	14.77%	56.20%	48.60%	42.85%	43.07%	29.73%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	69.84%	71.36%	72.44%	74.47%	78.67%	42.74%	49.26%	56.92%	56.77%	60.71%
Debt to EBITDA	0.69	0.72	0.81	0.77	0.64	-4.37	3.53	3.43	4.43	3.39
Net Debt to EBITDA	0.03	0.02	0.09	-0.07	-0.34	0.53	-1.57	-1.78	-1.92	-1.03
Long-Term Debt to EBITDA	0.56	0.60	0.74	0.63	0.44	-4.29	3.38	3.42	4.41	2.57
Debt to NOPAT	1.23	1.52	1.05	1.35	1.16	-4.45	8.45	10.74	48.66	26.84
Net Debt to NOPAT	0.05	0.04	0.11	-0.12	-0.61	0.54	-3.76	-5.58	-21.07	-8.12
Long-Term Debt to NOPAT	0.98	1.27	0.95	1.11	0.80	-4.37	8.10	10.69	48.48	20.31
Altman Z-Score	3.03	3.10	3.37	2.87	3.10	1.37	2.07	2.02	1.81	2.00
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.54	0.66	0.70	0.64	0.67	2.02	1.97	1.43	1.14	0.92
Quick Ratio	0.48	0.56	0.57	0.54	0.58	1.93	1.84	1.28	1.03	0.80
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	1,574	1,191	1,990	2,993	3,993	-2,258	3,067	-93	-400	-1,026
Operating Cash Flow to CapEx	158.65%	210.65%	185.07%	254.58%	388.22%	-218.84%	459.80%	96.59%	89.89%	22.49%
Free Cash Flow to Firm to Interest Expense	17.49	15.87	30.62	32.18	48.70	-7.19	6.68	-0.19	-1.70	-4.75
Operating Cash Flow to Interest Expense	35.98	57.24	60.45	52.61	48.62	-3.59	5.06	7.67	13.41	2.14
Operating Cash Flow Less CapEx to Interest Expense	13.30	30.07	27.78	31.95	36.10	-5.23	3.96	-0.27	-1.51	-7.37
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.97	0.91	0.87	0.86	0.86	0.30	0.45	0.66	0.73	0.78
Accounts Receivable Turnover	47.25	39.78	35.01	35.72	27.12	8.17	12.70	19.87	23.78	24.28
Inventory Turnover	34.43	35.90	36.13	33.38	28.01	22.59	28.10	24.42	23.24	24.15
Fixed Asset Turnover	1.33	1.24	1.19	1.15	1.23	0.55	1.03	1.48	1.42	1.43
Accounts Payable Turnover	9.40	9.83	10.95	10.75	9.27	8.50	12.08	9.86	9.60	10.55
Days Sales Outstanding (DSO)	7.73	9.17	10.43	10.22	13.46	44.70	28.74	18.37	15.35	15.03
Days Inventory Outstanding (DIO)	10.60	10.17	10.10	10.93	13.03	16.16	12.99	14.95	15.71	15.11
Days Payable Outstanding (DPO)	38.81	37.12	33.34	33.95	39.36	42.93	30.22	37.01	38.02	34.61
Cash Conversion Cycle (CCC)	-20.49	-17.78	-12.81	-12.80	-12.87	17.93	11.51	-3.70	-6.97	-4.46
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	7,485	8,523	10,036	9,541	7,848	7,435	5,637	6,483	7,048	8,324
Invested Capital Turnover	2.84	2.53	2.28	2.24	2.58	1.18	2.42	3.93	3.86	3.58
Increase / (Decrease) in Invested Capital	1,006	1,038	1,513	-495	-1,693	-413	-1,798	846	565	1,276
Enterprise Value (EV)	26,159	28,861	37,124	24,673	26,122	25,322	19,890	14,802	13,359	18,137
Market Capitalization	26,032	28,779	36,729	24,985	27,529	26,763	24,667	19,006	16,826	20,163
Book Value per Share	$11.31	$13.71	$16.25	$17.52	$18.68	$15.04	$17.59	$18.00	$17.64	$17.26
Tangible Book Value per Share	$9.82	$12.14	$14.61	$15.80	$16.84	$13.39	$15.95	$16.37	$16.01	$15.64
Total Capital	10,536	11,828	13,309	13,230	12,497	20,769	21,141	18,775	18,522	17,049
Total Debt	3,178	3,387	3,668	3,377	2,665	11,893	10,727	8,088	8,007	6,699
Total Long-Term Debt	2,541	2,821	3,320	2,771	1,846	11,673	10,274	8,046	7,978	5,069
Net Debt	127	82	395	-312	-1,407	-1,441	-4,777	-4,204	-3,467	-2,026
Capital Expenditures (CapEx)	2,041	2,038	2,123	1,922	1,027	515	505	3,924	3,520	2,054
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-5,796	-5,085	-4,973	-5,960	-6,231	-5,447	-6,179	-7,820	-9,746	-8,097
Debt-free Net Working Capital (DFNWC)	-2,745	-1,780	-1,700	-2,271	-2,159	7,887	9,325	4,472	1,728	628
Net Working Capital (NWC)	-3,382	-2,346	-2,048	-2,877	-2,978	7,667	8,872	4,430	1,699	-1,002
Net Nonoperating Expense (NNE)	399	46	146	33	0.00	403	292	214	-300	-215
Net Nonoperating Obligations (NNO)	127	82	395	-312	-1,984	-1,441	-4,777	-4,204	-3,467	-2,026
Total Depreciation and Amortization (D&A)	1,015	1,221	1,218	1,201	1,219	1,255	1,272	1,351	1,522	1,657
Debt-free, Cash-free Net Working Capital to Revenue	-29.24%	-25.06%	-23.52%	-27.13%	-27.78%	-60.20%	-39.13%	-32.84%	-37.35%	-29.46%
Debt-free Net Working Capital to Revenue	-13.85%	-8.77%	-8.04%	-10.34%	-9.63%	87.17%	59.06%	18.78%	6.62%	2.29%
Net Working Capital to Revenue	-17.06%	-11.56%	-9.69%	-13.10%	-13.28%	84.74%	56.19%	18.60%	6.51%	-3.65%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$3.30	$3.58	$5.80	$0.00	$4.28	($5.44)	$1.65	$0.91	$0.78	$0.78
Adjusted Weighted Average Basic Shares Outstanding	638.07M	615.25M	587.95M	552.69M	517.30M	1.18B	592.34M	594.29M	596.66M	592.66M
Adjusted Diluted Earnings per Share	$3.27	$3.55	$5.79	$0.00	$4.27	($5.44)	$1.61	$0.87	$0.76	$0.76
Adjusted Weighted Average Diluted Shares Outstanding	638.07M	615.25M	587.95M	552.69M	517.30M	1.18B	592.34M	594.29M	596.66M	592.66M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$4.28	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	638.07M	615.25M	587.95M	552.69M	517.30M	1.18B	592.34M	594.29M	596.66M	592.66M
Normalized Net Operating Profit after Tax (NOPAT)	2,605	2,229	2,385	2,498	2,300	-2,671	1,269	753	165	250
Normalized NOPAT Margin	13.14%	10.98%	11.28%	11.37%	10.26%	-29.52%	8.04%	3.16%	0.63%	0.91%
Pre Tax Income Margin	17.55%	17.00%	15.44%	14.40%	13.18%	-47.04%	8.39%	3.06%	2.43%	2.18%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	39.56	46.68	50.69	34.28	35.96	-12.66	3.86	2.03	1.21	1.47
NOPAT to Interest Expense	28.67	29.71	53.89	26.86	28.05	-8.51	2.76	1.52	0.70	1.16
EBIT Less CapEx to Interest Expense	16.88	19.51	18.03	13.61	23.44	-14.30	2.76	-5.91	-13.70	-8.04
NOPAT Less CapEx to Interest Expense	5.99	2.54	21.23	6.19	15.52	-10.15	1.66	-6.42	-14.22	-8.35
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	8.25%	10.17%	8.16%	13.47%	16.17%	-6.12%	0.00%	0.00%	92.04%	92.47%
Augmented Payout Ratio	62.36%	90.33%	55.82%	94.60%	103.13%	-20.79%	0.00%	0.00%	92.04%	146.24%

This table displays calculated financial ratios and metrics derived from Southwest Airlines' official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	32.93%	22.19%	21.56%	4.59%	4.90%	10.55%	10.92%	4.50%	5.29%	1.57%
EBITDA Growth	-25.92%	-94.65%	-5.94%	-19.89%	-32.90%	3.57%	-71.58%	-30.91%	-10.85%	2,244.83%
EBIT Growth	-39.39%	-269.50%	-21.08%	-29.21%	-67.74%	-13.86%	-41.11%	-49.75%	-84.29%	170.73%
NOPAT Growth	-43.11%	-258.83%	-88.08%	-27.86%	-69.26%	-4.94%	-38.38%	-50.14%	-69.98%	178.28%
Net Income Growth	-37.89%	-428.36%	42.81%	-10.13%	-30.32%	-14.55%	-45.28%	-46.27%	-65.29%	203.97%
EPS Growth	-39.73%	-350.00%	42.55%	-10.00%	-29.55%	-20.00%	-44.44%	-46.30%	-64.52%	227.78%
Operating Cash Flow Growth	140.70%	134.41%	-34.08%	-25.66%	163.25%	-26.60%	-114.73%	-101.69%	-81.49%	12.00%
Free Cash Flow Firm Growth	-113.63%	-156.69%	85.82%	-275.48%	-744.68%	24.00%	-624.19%	-91.20%	-29.22%	-24.39%
Invested Capital Growth	8.44%	15.01%	-0.28%	26.91%	23.34%	8.72%	15.42%	27.49%	23.16%	18.10%
Revenue Q/Q Growth	-7.55%	-0.77%	-7.55%	23.33%	-7.28%	4.57%	-7.24%	16.20%	-6.58%	0.87%
EBITDA Q/Q Growth	-47.26%	-96.36%	239.29%	1,129.47%	-55.82%	-94.38%	-6.90%	2,888.89%	-43.00%	47.83%
EBIT Q/Q Growth	-61.69%	-178.11%	20.35%	397.04%	-82.54%	-375.71%	1.30%	205.77%	-94.54%	1,140.91%
NOPAT Q/Q Growth	-63.51%	-186.95%	26.23%	408.27%	-84.45%	-396.81%	2.72%	211.08%	-90.64%	673.89%
Net Income Q/Q Growth	-63.55%	-179.42%	27.73%	529.56%	-71.74%	-230.57%	8.33%	258.87%	-81.74%	291.04%
EPS Q/Q Growth	-63.33%	-168.18%	10.00%	500.00%	-71.30%	-216.13%	0.00%	248.72%	-81.03%	318.18%
Operating Cash Flow Q/Q Growth	-87.72%	147.44%	21.93%	100.71%	-56.53%	-31.01%	-124.47%	76.92%	575.00%	317.54%
Free Cash Flow Firm Q/Q Growth	27.64%	-628.88%	83.88%	-341.69%	-62.78%	34.42%	-53.59%	-16.61%	-10.01%	36.86%
Invested Capital Q/Q Growth	13.75%	9.01%	2.71%	-0.36%	10.55%	-3.91%	9.05%	10.06%	6.80%	-7.86%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	31.25%	28.43%	25.25%	36.62%	29.23%	23.58%	23.65%	32.72%	29.81%	30.69%
EBITDA Margin	12.36%	0.45%	1.66%	16.60%	7.91%	0.43%	0.43%	10.97%	6.70%	9.81%
Operating Margin	6.35%	-6.24%	-4.98%	11.30%	1.79%	-5.92%	-6.21%	5.41%	0.55%	4.01%
EBIT Margin	6.98%	-5.49%	-4.73%	11.40%	2.15%	-5.66%	-6.02%	5.48%	0.32%	3.94%
Profit (Net Income) Margin	4.45%	-3.56%	-2.79%	9.71%	2.96%	-3.69%	-3.65%	4.99%	0.98%	3.78%
Tax Burden Percent	78.47%	77.19%	77.56%	77.09%	81.43%	88.42%	77.52%	76.78%	75.28%	79.64%
Interest Burden Percent	81.34%	84.07%	75.93%	110.47%	169.29%	73.83%	78.22%	118.61%	404.55%	120.51%
Effective Tax Rate	21.53%	0.00%	0.00%	22.91%	18.57%	0.00%	0.00%	23.22%	24.72%	20.36%
Return on Invested Capital (ROIC)	19.79%	-17.16%	-12.97%	36.90%	5.59%	-15.98%	-16.19%	14.88%	1.39%	11.42%
ROIC Less NNEP Spread (ROIC-NNEP)	20.46%	-18.26%	-14.05%	35.51%	3.35%	-16.79%	-17.62%	12.89%	-0.11%	9.94%
Return on Net Nonoperating Assets (RNNOA)	-9.42%	7.77%	5.01%	-16.28%	-1.32%	6.07%	5.29%	-3.74%	0.03%	-2.62%
Return on Equity (ROE)	10.37%	-9.39%	-7.97%	20.62%	4.27%	-9.91%	-10.90%	11.15%	1.42%	8.81%
Cash Return on Invested Capital (CROIC)	13.07%	-1.54%	9.99%	-16.91%	-18.03%	-5.92%	-13.15%	-26.35%	-23.85%	-13.35%
Operating Return on Assets (OROA)	4.33%	-3.65%	-3.23%	7.66%	1.50%	-4.11%	-4.49%	4.11%	0.24%	3.08%
Return on Assets (ROA)	2.77%	-2.37%	-1.90%	6.52%	2.06%	-2.68%	-2.72%	3.74%	0.74%	2.96%
Return on Common Equity (ROCE)	10.37%	-9.39%	-7.97%	20.62%	4.27%	-9.91%	-10.90%	11.15%	1.42%	8.81%
Return on Equity Simple (ROE_SIMPLE)	7.56%	0.00%	6.39%	5.39%	4.50%	0.00%	3.85%	0.74%	-0.47%	0.00%
Net Operating Profit after Tax (NOPAT)	310	-270	-199	613	95	-283	-275	306	29	221
NOPAT Margin	4.98%	-4.37%	-3.48%	8.71%	1.46%	-4.14%	-4.35%	4.16%	0.42%	3.19%
Net Nonoperating Expense Percent (NNEP)	-0.68%	1.10%	1.08%	1.40%	2.25%	0.80%	1.43%	1.99%	1.51%	1.48%
Return On Investment Capital (ROIC_SIMPLE)	-	-1.44%	-	-	-	-1.53%	-	-	-	1.30%
Cost of Revenue to Revenue	68.75%	71.57%	74.75%	63.38%	70.77%	76.42%	76.35%	67.28%	70.19%	69.31%
SG&A Expenses to Revenue	13.17%	22.59%	16.68%	13.59%	14.68%	16.61%	16.08%	14.86%	15.71%	13.68%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	24.90%	34.67%	30.23%	25.32%	27.43%	29.50%	29.86%	27.30%	29.26%	26.68%
Earnings before Interest and Taxes (EBIT)	434	-339	-270	802	140	-386	-381	403	22	273
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	769	28	95	1,168	516	29	27	807	460	680
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.63	1.78	1.84	1.95	1.42	1.60	1.71	1.64	1.71	1.95
Price to Tangible Book Value (P/TBV)	1.79	1.96	2.03	2.14	1.56	1.76	1.89	1.80	1.88	2.15
Price to Revenue (P/Rev)	0.78	0.80	0.76	0.84	0.62	0.64	0.65	0.63	0.65	0.73
Price to Earnings (P/E)	21.55	35.26	28.74	36.23	31.68	36.18	44.28	222.36	0.00	43.36
Dividend Yield	0.00%	0.00%	1.13%	1.53%	2.72%	3.19%	2.47%	2.52%	2.43%	2.14%
Earnings Yield	4.64%	2.84%	3.48%	2.76%	3.16%	2.76%	2.26%	0.45%	0.00%	2.31%
Enterprise Value to Invested Capital (EV/IC)	2.16	2.28	2.29	2.55	1.64	1.90	1.94	1.79	1.81	2.18
Enterprise Value to Revenue (EV/Rev)	0.57	0.62	0.61	0.67	0.47	0.51	0.56	0.56	0.60	0.66
Enterprise Value to EBITDA (EV/EBITDA)	4.50	6.28	6.50	8.20	6.66	7.39	8.56	10.96	12.38	9.19
Enterprise Value to EBIT (EV/EBIT)	8.31	14.73	15.94	26.95	36.11	46.71	85.09	0.00	0.00	57.22
Enterprise Value to NOPAT (EV/NOPAT)	10.60	19.66	23.59	41.80	63.03	81.18	177.92	0.00	0.00	72.66
Enterprise Value to Operating Cash Flow (EV/OCF)	3.71	3.91	4.46	5.75	3.62	4.22	6.33	16.56	39.84	39.26
Enterprise Value to Free Cash Flow (EV/FCFF)	17.16	0.00	22.92	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.80	0.76	0.78	0.74	0.73	0.76	0.78	0.76	0.77	0.65
Long-Term Debt to Equity	0.76	0.75	0.78	0.74	0.72	0.76	0.78	0.48	0.49	0.49
Financial Leverage	-0.46	-0.43	-0.36	-0.46	-0.40	-0.36	-0.30	-0.29	-0.24	-0.26
Leverage Ratio	3.45	3.40	3.51	3.42	3.32	3.39	3.49	3.39	3.35	3.37
Compound Leverage Factor	2.81	2.86	2.67	3.77	5.62	2.50	2.73	4.02	13.54	4.06
Debt to Total Capital	44.32%	43.08%	43.81%	42.65%	42.03%	43.23%	43.97%	43.31%	43.47%	39.29%
Short-Term Debt to Total Capital	1.94%	0.22%	0.17%	0.16%	0.16%	0.16%	0.15%	15.88%	15.91%	9.56%
Long-Term Debt to Total Capital	42.38%	42.85%	43.63%	42.49%	41.87%	43.07%	43.82%	27.44%	27.56%	29.73%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	55.68%	56.92%	56.19%	57.35%	57.97%	56.77%	56.03%	56.69%	56.53%	60.71%
Debt to EBITDA	3.05	3.43	3.42	3.90	4.44	4.43	4.60	5.80	6.05	3.39
Net Debt to EBITDA	-1.75	-1.78	-1.55	-2.02	-2.06	-1.92	-1.44	-1.45	-1.04	-1.03
Long-Term Debt to EBITDA	2.92	3.42	3.40	3.88	4.42	4.41	4.58	3.67	3.84	2.57
Debt to NOPAT	7.19	10.74	12.41	19.86	42.00	48.66	95.61	-48.61	-31.68	26.84
Net Debt to NOPAT	-4.11	-5.58	-5.63	-10.28	-19.49	-21.07	-29.99	12.19	5.45	-8.12
Long-Term Debt to NOPAT	6.87	10.69	12.36	19.78	41.85	48.48	95.28	-30.79	-20.08	20.31
Altman Z-Score	1.94	1.90	1.85	1.98	1.78	1.75	1.77	1.80	1.82	2.00
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.58	1.43	1.26	1.25	1.21	1.14	1.09	0.90	0.88	0.92
Quick Ratio	1.44	1.28	1.14	1.14	1.09	1.03	0.97	0.80	0.78	0.80
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-153	-1,116	-180	-794	-1,293	-848	-1,302	-1,518	-1,670	-1,055
Operating Cash Flow to CapEx	21.85%	42.70%	67.50%	153.19%	73.25%	60.03%	-17.84%	-4.86%	22.05%	103.48%
Free Cash Flow to Firm to Interest Expense	-1.01	-17.99	-3.00	-13.24	-21.91	-14.87	-22.45	-27.61	-30.93	-21.52
Operating Cash Flow to Interest Expense	1.55	9.34	11.77	23.62	10.44	7.46	-1.79	-0.44	2.11	9.71
Operating Cash Flow Less CapEx to Interest Expense	-5.54	-12.53	-5.67	8.20	-3.81	-4.96	-11.84	-9.42	-7.46	0.33
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.62	0.66	0.68	0.67	0.70	0.73	0.75	0.75	0.76	0.78
Accounts Receivable Turnover	16.24	19.87	16.88	19.17	18.28	23.78	20.52	20.96	20.71	24.28
Inventory Turnover	24.29	24.42	27.27	25.84	24.47	23.24	27.02	28.57	27.54	24.15
Fixed Asset Turnover	1.45	1.48	1.51	1.47	1.44	1.42	1.42	1.41	1.41	1.43
Accounts Payable Turnover	11.24	9.86	10.98	9.99	11.72	9.60	11.37	10.95	13.28	10.55
Days Sales Outstanding (DSO)	22.48	18.37	21.63	19.04	19.96	15.35	17.79	17.41	17.63	15.03
Days Inventory Outstanding (DIO)	15.03	14.95	13.38	14.13	14.92	15.71	13.51	12.77	13.25	15.11
Days Payable Outstanding (DPO)	32.48	37.01	33.26	36.55	31.15	38.02	32.10	33.34	27.49	34.61
Cash Conversion Cycle (CCC)	5.02	-3.70	1.75	-3.38	3.73	-6.97	-0.80	-3.16	3.39	-4.46
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	5,947	6,483	6,659	6,635	7,335	7,048	7,686	8,459	9,034	8,324
Invested Capital Turnover	3.97	3.93	3.72	4.24	3.83	3.86	3.72	3.58	3.34	3.58
Increase / (Decrease) in Invested Capital	463	846	-19	1,407	1,388	565	1,027	1,824	1,699	1,276
Enterprise Value (EV)	12,823	14,802	15,266	16,895	12,026	13,359	14,891	15,116	16,376	18,137
Market Capitalization	17,800	19,006	18,909	21,049	15,745	16,826	17,401	17,122	17,753	20,163
Book Value per Share	$18.41	$18.00	$17.34	$18.13	$18.56	$17.64	$17.08	$17.49	$17.38	$17.26
Tangible Book Value per Share	$16.78	$16.37	$15.70	$16.50	$16.93	$16.01	$15.45	$15.87	$15.76	$15.64
Total Capital	19,620	18,775	18,333	18,814	19,068	18,522	18,198	18,461	18,416	17,049
Total Debt	8,696	8,088	8,031	8,025	8,014	8,007	8,002	7,996	8,005	6,699
Total Long-Term Debt	8,315	8,046	7,999	7,994	7,984	7,978	7,974	5,065	5,075	5,069
Net Debt	-4,977	-4,204	-3,643	-4,154	-3,719	-3,467	-2,510	-2,006	-1,377	-2,026
Capital Expenditures (CapEx)	1,071	1,356	1,046	925	841	708	583	494	517	460
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-7,290	-7,820	-8,697	-9,215	-9,184	-9,746	-9,428	-8,433	-8,011	-8,097
Debt-free Net Working Capital (DFNWC)	6,383	4,472	2,977	2,964	2,549	1,728	1,084	1,569	1,371	628
Net Working Capital (NWC)	6,002	4,430	2,945	2,933	2,519	1,699	1,056	-1,362	-1,559	-1,002
Net Nonoperating Expense (NNE)	33	-50	-40	-70	-98	-31	-44	-61	-38	-41
Net Nonoperating Obligations (NNO)	-4,977	-4,204	-3,643	-4,154	-3,719	-3,467	-2,510	-2,006	-1,377	-2,026
Total Depreciation and Amortization (D&A)	335	367	365	366	376	415	408	404	438	407
Debt-free, Cash-free Net Working Capital to Revenue	-32.12%	-32.84%	-35.03%	-36.66%	-36.10%	-37.35%	-35.29%	-31.20%	-29.26%	-29.46%
Debt-free Net Working Capital to Revenue	28.13%	18.78%	11.99%	11.79%	10.02%	6.62%	4.06%	5.80%	5.01%	2.29%
Net Working Capital to Revenue	26.45%	18.60%	11.86%	11.67%	9.90%	6.51%	3.95%	-5.04%	-5.69%	-3.65%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.47	($0.38)	$0.00	$1.15	$0.32	($0.42)	($0.39)	$0.61	$0.11	$0.45
Adjusted Weighted Average Basic Shares Outstanding	593M	594.29M	594M	595M	596M	596.66M	597M	599M	599M	592.66M
Adjusted Diluted Earnings per Share	$0.44	($0.30)	$0.00	$1.08	$0.31	($0.36)	($0.39)	$0.58	$0.11	$0.46
Adjusted Weighted Average Diluted Shares Outstanding	639M	594.29M	594M	639M	640M	596.66M	597M	643M	601M	592.66M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	593.75M	594.29M	595.07M	595.63M	596.12M	596.66M	598.46M	599.16M	599.74M	592.66M
Normalized Net Operating Profit after Tax (NOPAT)	310	-270	-199	613	95	-283	-275	306	29	221
Normalized NOPAT Margin	4.98%	-4.37%	-3.48%	8.71%	1.46%	-4.14%	-4.35%	4.16%	0.42%	3.19%
Pre Tax Income Margin	5.68%	-4.62%	-3.59%	12.59%	3.63%	-4.18%	-4.71%	6.50%	1.30%	4.75%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.87	-5.47	-4.50	13.37	2.37	-6.77	-6.57	7.33	0.41	5.57
NOPAT to Interest Expense	2.05	-4.35	-3.31	10.21	1.61	-4.96	-4.74	5.56	0.53	4.52
EBIT Less CapEx to Interest Expense	-4.22	-27.34	-21.93	-2.05	-11.88	-19.19	-16.62	-1.65	-9.17	-3.82
NOPAT Less CapEx to Interest Expense	-5.04	-26.22	-20.75	-5.20	-12.64	-17.38	-14.79	-3.43	-9.04	-4.87
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	32.52%	36.83%	86.12%	92.04%	109.16%	557.14%	-879.59%	92.47%
Augmented Payout Ratio	0.00%	0.00%	32.52%	36.83%	86.12%	92.04%	109.16%	557.14%	-879.59%	146.24%

Frequently Asked Questions About Southwest Airlines' Financials

When does Southwest Airlines's financial year end?

According to the most recent income statement we have on file, Southwest Airlines' fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Southwest Airlines' net income changed over the last 9 years?

Southwest Airlines' net income appears to be on a downward trend, with a most recent value of $465 million in 2024, falling from $2.18 billion in 2015. The previous period was $465 million in 2023.

What is Southwest Airlines's operating income?

Southwest Airlines's total operating income in 2024 was $321 million, based on the following breakdown:

Total Gross Profit: $8.08 billion
Total Operating Expenses: $7.76 billion

How has Southwest Airlines revenue changed over the last 9 years?

Over the last 9 years, Southwest Airlines' total revenue changed from $19.82 billion in 2015 to $27.48 billion in 2024, a change of 38.7%.

How much debt does Southwest Airlines have?

Southwest Airlines' total liabilities were at $23.40 billion at the end of 2024, a 9.9% decrease from 2023, and a 67.7% increase since 2015.

How much cash does Southwest Airlines have?

In the past 9 years, Southwest Airlines' cash and equivalents has ranged from $1.50 billion in 2017 to $12.48 billion in 2021, and is currently $7.51 billion as of their latest financial filing in 2024.

How has Southwest Airlines' book value per share changed over the last 9 years?

Over the last 9 years, Southwest Airlines' book value per share changed from 11.31 in 2015 to 17.26 in 2024, a change of 52.5%.

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This page (NYSE:LUV) was last updated on 4/20/2025 by MarketBeat.com Staff

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Southwest Airlines (LUV) Financials

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Southwest Airlines (LUV) Financials

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