Southwest Airlines

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

                    Revenue
                    FY2025
                
$28.1B
                    3y CAGR +5.6%
                    
                    P51
                    
                    +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
                    FCF margin -3.0%
                    
                    P1
                    
                    +298.7%

19 yrs · FY2007–FY2025 8 filed · 1 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s total assets.

Balance Sheet

Assets, liabilities, and equity

29 accounts · 5 years

Total assets $29.1B

Total liabilities ~$21.1B

Shareholders equity $8.0B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	11.1%	22.2%	25.5%	26.8%	34.4%
Short Term Investments	0.0%	3.6%	6.0%	7.9%	8.3%
Accounts Receivable	4.0%	3.3%	3.2%	2.9%	3.7%
Inventory	2.7%	2.4%	2.2%	2.2%	1.5%
Prepaid Expenses	1.7%	1.9%	1.4%	1.9%	1.8%
Total Current Assets	19.4%	33.4%	38.2%	41.9%	49.7%
Property,Plant and Equipment	69.7%	56.5%	53.1%	49.0%	40.9%
Operating Lease Assets	3.7%	4.1%	3.4%	3.9%	4.4%
Goodwill	3.3%	2.9%	2.7%	2.7%	2.7%
Other Noncurrent Assets	3.8%	3.2%	2.6%	2.4%	2.4%
Total Assets	100.0%	100.0%	100.0%	100.0%	100.0%
Liabilities
Accounts Payable	6.9%	5.4%	5.1%	5.7%	3.5%
Accrued Liabilities	8.1%	6.5%	9.9%	5.8%	4.5%
Deferred Revenue	20.5%	18.6%	18.0%	17.1%	15.3%
Current Portion of Long Term Debt	1.1%	4.8%	0.1%	0.1%	1.2%
Operating Lease Liabilities	1.1%	1.0%	0.6%	0.6%	0.7%
Total Current Liabilities	37.6%	36.4%	33.6%	29.3%	25.2%
Long Term Debt	15.7%	15.0%	21.9%	22.7%	28.3%
Deferred Revenue Noncurrent	4.2%	5.8%	4.7%	6.2%	5.9%
Operating Lease Liabilities Noncurrent	2.6%	3.1%	2.7%	3.2%	3.6%
Deferred Tax Liabilities	7.9%	6.4%	5.6%	5.6%	4.9%
Other Noncurrent Liabilities	4.5%	2.7%	2.7%	2.7%	3.4%
Equity
Common Stock	3.1%	2.6%	2.4%	2.5%	2.4%
Additional Paid In Capital	14.9%	12.4%	11.4%	11.4%	11.6%
Retained Earnings	56.4%	48.4%	44.7%	46.0%	43.4%
Treasury Stock	46.8%	32.7%	29.7%	30.7%	29.9%
Accumulated Other Comprehensive Income	-0.1%	-0.1%	0.0%	1.0%	1.1%
Total Stockholders Equity	27.5%	30.7%	28.8%	30.2%	28.7%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%	100.0%	100.0%

Income Statement

Revenue, expense, and profitability

14 accounts · 5 years

Revenue $28.1B

Operating income $428.0M

Net income $441.0M

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	96.6%	81.4%	71.5%	67.3%	43.5%
Expenses Selling,General and Administrative	44.6%	36.3%	30.6%	26.5%	21.3%
Expenses Depreciation and Amortization	5.4%	4.9%	4.2%	3.8%	3.5%
Expenses Other Operating Expenses	45.1%	39.3%	36.2%	34.1%	13.9%
Other Income Expense Operating Income	1.5%	1.0%	0.6%	2.9%	4.7%
Other Income Expense Interest Income	0.7%	1.5%	1.6%	0.6%	0.0%
Other Income Expense Interest Expense	0.4%	0.6%	0.6%	0.9%	1.2%
Other Income Expense Other Income/expense	0.1%	-0.0%	0.2%	-0.6%	0.1%
Other Income Expense Income Before Tax	1.9%	1.8%	1.7%	2.1%	3.6%
Income Tax Income Tax Expense	0.4%	0.4%	0.5%	0.5%	1.0%
net Income net Income	1.5%	1.4%	1.3%	1.5%	2.7%
net Income Comprehensive Income	1.5%	1.3%	0.3%	1.4%	4.1%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	0.0%	0.0%

Cash Flow Statement

Operating, investing, and financing flows

19 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	1.5%	1.4%	1.3%	1.5%	2.7%
Operating Activities Depreciation and Amortization	5.4%	4.9%	4.2%	3.8%	3.5%
Operating Activities Deferred Income Taxes	0.4%	0.4%	0.4%	0.6%	-0.1%
Operating Activities Changes In Operating Assets and Liabilities	-1.5%	-4.8%	3.3%	4.0%	0.1%
Operating Activities Other Non Cash Items	0.5%	-0.5%	-0.5%	0.7%	0.1%
Operating Activities net Cash From Operating Activities	6.3%	1.4%	8.7%	10.7%	6.4%
Investing Activities Capital Expenditures	-9.2%	-6.1%	-9.6%	-11.2%	-1.4%
Investing Activities Purchases of Investments	-1.6%	-14.9%	-19.1%	-15.8%	-16.0%
Investing Activities Proceeds From Sale of Investments	5.8%	17.8%	20.8%	16.4%	14.0%
Investing Activities Other Investing Activities	0.1%	2.4%	-0.1%	0.0%	—
Investing Activities net Cash From Investing Activities	-4.9%	-0.8%	-8.0%	-10.6%	-3.5%
Financing Activities Proceeds From Debt	5.2%	0.0%	0.0%	—	3.1%
Financing Activities Repayment of Debt	-11.3%	-4.0%	-0.2%	-8.7%	-2.5%
Financing Activities Repurchase of Common Stock	-8.8%	-0.7%	0.0%	0.0%	—
Financing Activities Dividends Paid	-1.4%	-1.3%	-1.2%	0.0%	0.0%
Financing Activities Proceeds From Stock Issuance	0.2%	0.2%	0.1%	0.1%	0.1%
Financing Activities Other Financing Activities	-0.1%	-0.1%	0.1%	0.0%	0.2%
Financing Activities net Cash From Financing Activities	-16.1%	-5.9%	-1.2%	-8.6%	1.0%
Cash Reconciliation net Change In Cash	-14.7%	-5.3%	-0.6%	-8.4%	3.9%

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	-3.0%	-5.8%	-1.4%	-0.7%	+11.5%
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	+3.5%	+2.6%	+1.8%	+8.1%	+14.7%
Liquidity
Current ratio	0.52x	0.92x	1.14x	1.43x	1.97x
Quick ratio	0.40x	0.70x	0.85x	1.01x	1.51x
Leverage
D/E	2.64x	2.26x	2.47x	2.31x	2.49x
Interest coverage	3.79x	1.50x	0.95x	3.38x	3.99x
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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