Southwest Airlines

Industrials Passenger Airlines Dallas, Texas Last filing Feb 5, 2026 · FY2025

                    Revenue
                    FY2025
                
$28.1B
                    3y CAGR +5.6%
                    
                    P53
                    
                    +2.1%
                    
                    Net income
                    FY2025
                
$441.0M
                    Net margin +1.6%
                    
                    P1
                    
                    -5.2%
                    
                    Total assets
                    FY2025
                
$29.1B
                    ROA +1.5%
                    
                    P3
                    
                    -13.9%
                    
                    Operating cash flow
                    FY2025
                
$1.8B
                    
                    +298.7%

19 yrs · FY2007–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Balance Sheet

Assets, liabilities, and equity

32 accounts · 5 years

Total assets $29.1B

Total liabilities $10.9B

Shareholders equity $8.0B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	$3.2B -57.0%	$7.5B -19.2%	$9.3B -2.1%	$9.5B -23.9%	$12.5B
Accounts Receivable	$98.0M -91.2%	$1.1B -3.8%	$1.2B 11.0%	$1.0B -23.4%	$1.4B
Inventory	$1.2B -9.3%	$1.4B 13.9%	$1.2B 39.4%	$852.0M -0.2%	$854.0M
Prepaid Expenses	$490.0M -23.3%	$639.0M 22.9%	$520.0M -24.2%	$686.0M 7.5%	$638.0M
Other Current Assets	$1.1B 2.9%	$1.1B 12.1%	$964.0M 12.7%	$855.0M -3.1%	$882.0M
Total Current Assets	$5.6B -49.9%	$11.3B -19.2%	$14.0B -5.8%	$14.8B -17.9%	$18.0B
Property,Plant and Equipment	$20.2B	$0 -100.0%	$19.4B 11.7%	$17.3B 16.8%	$14.8B
Operating Lease Assets	$1.1B -20.5%	$1.4B 11.9%	$1.2B -12.3%	$1.4B -12.3%	$1.6B
Goodwill	$970.0M 0.0%	$970.0M 0.0%	$970.0M 0.0%	$970.0M 0.0%	$970.0M
Intangible Assets	$296.0M -1.3%	$300.0M 1.4%	$296.0M 0.0%	$296.0M 0.3%	$295.0M
Deferred Tax Assets	$2.3B 5.6%	$2.2B -0.4%	$2.2B 9.0%	$2.0B 8.2%	$1.8B
Other Noncurrent Assets	$1.1B 2.9%	$1.1B 12.1%	$964.0M 12.7%	$855.0M -3.1%	$882.0M
Total Assets	$29.1B -13.9%	$33.8B -7.5%	$36.5B 3.2%	$35.4B -2.6%	$36.3B
Liabilities
Accounts Payable	$2.0B 9.5%	$1.8B -2.4%	$1.9B -7.1%	$2.0B 56.3%	$1.3B
Accrued Liabilities	$2.3B 6.5%	$2.2B -38.8%	$3.6B 76.5%	$2.0B 25.8%	$1.6B
Deferred Revenue	$5.9B -5.5%	$6.3B -3.9%	$6.6B 8.0%	$6.1B 8.9%	$5.6B
Operating Lease Liabilities	$312.0M -4.9%	$328.0M 57.7%	$208.0M -7.6%	$225.0M -5.9%	$239.0M
Other Current Liabilities	$1.3B 43.7%	$909.0M -7.3%	$981.0M 1.2%	$969.0M -20.8%	$1.2B
Total Current Liabilities	$10.9B -11.0%	$12.3B 0.2%	$12.3B 18.1%	$10.4B 13.2%	$9.2B
Long Term Debt	$4.6B -9.7%	$5.1B -36.5%	$8.0B -0.8%	$8.0B -21.7%	$10.3B
Deferred Revenue Noncurrent	$1.2B -37.4%	$1.9B 12.7%	$1.7B -21.0%	$2.2B 1.3%	$2.2B
Operating Lease Liabilities Noncurrent	$768.0M -25.5%	$1.0B 4.7%	$985.0M -11.9%	$1.1B -15.0%	$1.3B
Deferred Tax Liabilities	$2.3B 5.6%	$2.2B 6.0%	$2.0B 3.0%	$2.0B 12.1%	$1.8B
Other Noncurrent Liabilities	$1.3B 43.7%	$909.0M -7.3%	$981.0M 1.2%	$969.0M -20.8%	$1.2B
Total Liabilities	$10.9B -11.0%	$12.3B 0.2%	$12.3B 18.1%	$10.4B 13.2%	$9.2B
Equity
Common Stock	$888.0M 0.0%	$888.0M 0.0%	$888.0M 0.0%	$888.0M 0.0%	$888.0M
Additional Paid In Capital	$4.3B 2.9%	$4.2B 1.1%	$4.2B 2.9%	$4.0B -4.4%	$4.2B
Retained Earnings	$16.4B 0.3%	$16.3B 0.2%	$16.3B 0.2%	$16.3B 3.1%	$15.8B
Treasury Stock	$2.6B 925.9%	$251.0M -97.7%	$10.8B	$0 -100.0%	$10.9B
Accumulated Other Comprehensive Income	$-24.0M 4.0%	$-25.0M	$0 -100.0%	$344.0M -11.3%	$388.0M
Total Stockholders Equity	$8.0B -22.9%	$10.3B -1.6%	$10.5B -1.6%	$10.7B 2.6%	$10.4B
Total Liabilitiesand Equity	$29.1B -13.9%	$33.8B -7.5%	$36.5B 3.2%	$35.4B -2.6%	$36.3B

Income Statement

Revenue, expense, and profitability

15 accounts · 5 years

Revenue $28.1B

Operating income $428.0M

Net income $441.0M

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	$28.1B 2.1%	$27.5B 5.3%	$26.1B 9.6%	$23.8B 50.8%	$15.8B
Expenses Depreciation and Amortization	$1.6B -5.9%	$1.7B 8.9%	$1.5B 12.7%	$1.4B 6.2%	$1.3B
Expenses Share Based Compensation	$99.0M 120.0%	$45.0M -47.7%	$86.0M 2.4%	$84.0M 44.8%	$58.0M
Other Income Expense Operating Income	$428.0M 33.3%	$321.0M 43.3%	$224.0M -78.0%	$1.0B -40.9%	$1.7B
Other Income Expense Interest Income	$205.0M -58.8%	$497.0M -14.8%	$583.0M 168.7%	$217.0M 1569.2%	$13.0M
Other Income Expense Interest Expense	$167.0M -32.9%	$249.0M -3.9%	$259.0M -23.8%	$340.0M 1689.5%	$19.0M
Other Income Expense Other Income/expense	$43.0M 816.7%	$-6.0M -109.7%	$62.0M 616.7%	$-12.0M -124.0%	$50.0M
Other Income Expense Income Before Tax	$563.0M -5.9%	$598.0M -5.5%	$633.0M -13.0%	$728.0M -45.1%	$1.3B
Income Tax Income Tax Expense	$122.0M -8.3%	$133.0M -20.8%	$168.0M -11.1%	$189.0M -45.7%	$348.0M
net Income net Income	$441.0M -5.2%	$465.0M 0.0%	$465.0M -13.7%	$539.0M -44.8%	$977.0M
net Income Comprehensive Income	$442.0M 0.5%	$440.0M 263.6%	$121.0M -75.6%	$495.0M -66.8%	$1.5B
Earnings Per Share Basic Eps	$1 5.1%	$1 0.0%	$1 -14.3%	$1 -44.8%	$2
Earnings Per Share Diluted Eps	$1 3.9%	$1 0.0%	$1 -12.6%	$1 -46.0%	$2
Earnings Per Share Weighted Average Shares Basic	$540.0M -9.7%	$598.0M 0.5%	$595.0M 0.3%	$593.0M 0.2%	$592.0M
Earnings Per Share Weighted Average Shares Diluted	$558.0M -13.2%	$643.0M 0.5%	$640.0M -0.3%	$642.0M 5.4%	$609.0M

Cash Flow Statement

Operating, investing, and financing flows

17 accounts · 5 years

Operating cash flow $1.8B

Investing cash flow $-1.4B

Financing cash flow $-4.7B

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Income	$441.0M -5.2%	$465.0M 0.0%	$465.0M -13.7%	$539.0M -44.8%	$977.0M
Operating Activities Depreciation and Amortization	$1.6B -5.9%	$1.7B 8.9%	$1.5B 12.7%	$1.4B 6.2%	$1.3B
Operating Activities Stock Based Compensation	$99.0M 120.0%	$45.0M -47.7%	$86.0M 2.4%	$84.0M 44.8%	$58.0M
Operating Activities Deferred Income Taxes	$122.0M -7.6%	$132.0M -17.0%	$159.0M -30.3%	$228.0M 1240.0%	$-20.0M
Operating Activities Changes In Operating Assets and Liabilities	$-1.1B -157.9%	$1.9B 230.9%	$563.0M 7.2%	$525.0M -11.2%	$591.0M
Operating Activities Other Non Cash Items	$157.0M 282.6%	$-86.0M 50.9%	$-175.0M -725.0%	$28.0M 0.0%	$28.0M
Operating Activities net Cash From Operating Activities	$1.8B 298.7%	$462.0M -85.4%	$3.2B -16.5%	$3.8B 63.2%	$2.3B
Investing Activities net Cash From Investing Activities	$-1.4B -447.5%	$-261.0M 91.1%	$-2.9B 21.7%	$-3.7B -196.4%	$-1.3B
Financing Activities Repurchase of Common Stock	$2.5B 920.0%	$250.0M	$0	$0	$0
Financing Activities Dividends Paid	$399.0M -7.2%	$430.0M 0.5%	$428.0M	$0	$0
Financing Activities Proceeds From Stock Issuance	$59.0M -1.7%	$60.0M 25.0%	$48.0M 6.7%	$45.0M -11.8%	$51.0M
Financing Activities Other Financing Activities	$-26.0M -52.9%	$-17.0M -383.3%	$6.0M -25.0%	$8.0M -89.6%	$77.0M
Financing Activities net Cash From Financing Activities	$-4.7B -136.9%	$-2.0B -354.1%	$-436.0M 85.6%	$-3.0B -944.6%	$359.0M
Cash Reconciliation Effect of Exchange Rate On Cash	$3.2B -57.0%	$7.5B -19.2%	$9.3B -2.1%	$9.5B -23.9%	$12.5B
Cash Reconciliation net Change In Cash	$-4.3B -140.5%	$-1.8B -772.1%	$-204.0M 93.2%	$-3.0B -310.9%	$1.4B
Cash Reconciliation Cash At Beginning of Period	$3.2B -57.0%	$7.5B -19.2%	$9.3B -2.1%	$9.5B -23.9%	$12.5B
Cash Reconciliation Cash At End of Period	$3.2B -57.0%	$7.5B -19.2%	$9.3B -2.1%	$9.5B -23.9%	$12.5B

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	—	—	—	—	—
Operating margin	+1.5%	+1.2%	+0.9%	+4.3%	+10.9%
Net margin	+1.6%	+1.7%	+1.8%	+2.3%	+6.2%
FCF margin	—	—	—	—	—
Growth
Revenue CAGR (3y)	+5.6%	+20.3%	+42.3%	+2.0%	-10.4%
Returns
ROE	+5.5%	+4.5%	+4.4%	+5.0%	+9.4%
ROA	+1.5%	+1.4%	+1.3%	+1.5%	+2.7%
ROIC	+3.6%	+3.2%	+1.8%	+8.1%	+15.5%
Liquidity
Current ratio	0.52x	0.92x	1.14x	1.43x	1.97x
Quick ratio	0.30x	0.70x	0.85x	1.01x	1.51x
Leverage
D/E	1.37x	1.19x	1.17x	0.97x	0.88x
Interest coverage	2.56x	1.29x	0.86x	2.99x	90.58x
Efficiency
Asset turnover	0.97x	0.81x	0.72x	0.67x	0.43x
Cash conversion cycle	—	—	—	—	—

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Southwest Airlines

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