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

Running CAGR since the earliest displayed year.

Balance Sheet

Assets, liabilities, and equity

32 accounts · 10 years

Total assets $29.1B

Total liabilities $10.9B

Shareholders equity $8.0B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash and Cash Equivalents	+7.5%	+20.6%	+27.7%	+33.5%	+49.3%	+60.2%	+14.9%	+5.1%	-11.0%	—
Accounts Receivable	-17.4%	+9.3%	+11.3%	+11.3%	+20.0%	+19.9%	+25.8%	+2.0%	+21.2%	—
Inventory	+1.8%	+3.3%	+1.8%	-3.3%	-4.0%	-8.0%	+5.4%	+2.9%	-4.2%	—
Prepaid Expenses	+5.2%	+9.5%	+7.7%	+14.2%	+15.5%	-1.2%	-2.5%	+0.0%	+48.4%	—
Other Current Assets	+4.1%	+4.3%	+3.2%	+1.7%	+2.6%	—	-9.3%	-3.6%	+1.6%	—
Total Current Assets	+2.6%	+12.2%	+17.6%	+22.0%	+32.0%	+35.5%	+9.9%	+5.7%	+7.0%	—
Property,Plant and Equipment	+1.9%	—	+1.8%	+0.3%	-2.7%	-1.8%	-0.0%	+7.0%	+8.8%	—
Operating Lease Assets	—	—	—	—	—	—	—	—	—	—
Goodwill	+0.0%	+0.0%	+0.0%	+0.0%	+0.0%	+0.0%	+0.0%	+0.0%	+0.0%	—
Intangible Assets	-4.0%	-4.3%	-5.1%	-5.9%	-7.1%	-8.8%	-11.4%	-3.1%	-3.1%	—
Deferred Tax Assets	+4.9%	+4.8%	+5.6%	+5.0%	+4.4%	+7.5%	-9.0%	-15.5%	-38.0%	—
Other Noncurrent Assets	+4.1%	+4.3%	+3.2%	+1.7%	+2.6%	—	-9.3%	-3.6%	+1.6%	—
Total Assets	+2.5%	+4.7%	+6.6%	+7.2%	+9.3%	+10.4%	+3.6%	+6.2%	+7.8%	—
Liabilities
Accounts Payable	+6.0%	+5.6%	+6.8%	+9.3%	+1.7%	-5.7%	+10.1%	+9.6%	+12.1%	—
Accrued Liabilities	+1.9%	+1.3%	+8.9%	+0.5%	-3.9%	+3.3%	-4.1%	-6.1%	-10.5%	—
Deferred Revenue	—	—	—	—	—	—	—	—	—	—
Operating Lease Liabilities	—	—	—	—	—	—	—	—	—	—
Other Current Liabilities	+6.7%	+2.8%	+4.4%	+4.9%	+11.0%	+14.4%	-1.0%	-5.5%	-2.9%	—
Total Current Liabilities	+5.3%	+7.6%	+8.7%	+7.2%	+6.0%	+2.3%	+9.4%	+7.5%	+0.9%	—
Long Term Debt	+5.5%	+7.6%	+16.0%	+19.1%	+29.5%	+37.6%	-13.2%	-0.9%	+17.7%	—
Deferred Revenue Noncurrent	—	—	—	—	—	—	—	—	—	—
Operating Lease Liabilities Noncurrent	—	—	—	—	—	—	—	—	—	—
Deferred Tax Liabilities	-8.0%	-9.6%	-11.6%	-13.9%	-18.3%	-23.9%	-10.5%	-15.3%	-32.5%	—
Other Noncurrent Liabilities	+6.7%	+2.8%	+4.4%	+4.9%	+11.0%	+14.4%	-1.0%	-5.5%	-2.9%	—
Total Liabilities	+5.3%	+7.6%	+8.7%	+7.2%	+6.0%	+2.3%	+9.4%	+7.5%	+0.9%	—
Equity
Common Stock	+1.1%	+1.2%	+1.4%	+1.6%	+1.9%	+2.4%	+0.0%	+0.0%	+0.0%	—
Additional Paid In Capital	+13.3%	+14.6%	+16.7%	+19.2%	+24.5%	+31.3%	+3.9%	+3.5%	+2.9%	—
Retained Earnings	+4.1%	+4.6%	+5.2%	+6.1%	+6.7%	+6.7%	+16.3%	+18.3%	+28.1%	—
Treasury Stock	-6.8%	-31.0%	+12.1%	—	+17.4%	+22.2%	+28.9%	+31.7%	+32.6%	—
Accumulated Other Comprehensive Income	—	—	—	—	—	—	—	—	—	—
Total Stockholders Equity	+0.3%	+3.6%	+4.4%	+5.4%	+6.0%	+3.3%	+8.1%	+12.5%	+23.9%	—
Total Liabilitiesand Equity	+2.5%	+4.7%	+6.6%	+7.2%	+9.3%	+10.4%	+3.6%	+6.2%	+7.8%	—

Income Statement

Revenue, expense, and profitability

15 accounts · 10 years

Revenue $28.1B

Operating income $428.0M

Net income $441.0M

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IncomeStatement
Revenues Total Revenue	+3.7%	+3.9%	+3.7%	+2.7%	-4.9%	-18.3%	+3.4%	+4.0%	+4.2%	—
Expenses Depreciation and Amortization	+2.8%	+3.9%	+3.2%	+1.7%	+0.8%	+0.7%	-0.1%	-0.8%	-0.2%	—
Expenses Share Based Compensation	+13.0%	+4.0%	+14.7%	+16.8%	+11.9%	-15.3%	+18.6%	+18.1%	+12.1%	—
Other Income Expense Operating Income	-20.9%	-25.9%	-32.5%	-18.7%	-13.3%	—	-5.7%	-4.6%	-3.3%	—
Other Income Expense Interest Income	+26.9%	+46.1%	+57.7%	+44.3%	-11.5%	+7.5%	+55.4%	+69.6%	+45.8%	—
Other Income Expense Interest Expense	+3.6%	+9.3%	+11.4%	+18.6%	-31.1%	-34.8%	-1.1%	+3.6%	-6.6%	—
Other Income Expense Other Income/expense	—	—	—	—	—	—	—	—	—	—
Other Income Expense Income Before Tax	-18.2%	-19.7%	-21.5%	-22.8%	-17.4%	—	-5.0%	-4.2%	-5.4%	—
Income Tax Income Tax Expense	-22.9%	-24.6%	-25.1%	-27.2%	-22.8%	—	-19.7%	-25.7%	—	—
net Income net Income	-16.3%	-17.6%	-19.8%	-20.8%	-14.9%	—	+1.8%	+6.3%	+53.8%	—
net Income Comprehensive Income	-18.9%	-21.0%	-36.5%	-25.6%	-12.5%	—	-8.7%	-7.5%	+26.8%	—
Earnings Per Share Basic Eps	-14.8%	-17.1%	-19.2%	-20.0%	-13.9%	—	+7.1%	+11.2%	+60.3%	—
Earnings Per Share Diluted Eps	-15.1%	-17.2%	-19.4%	-20.5%	-14.1%	—	+7.4%	+11.5%	+61.4%	—
Earnings Per Share Weighted Average Shares Basic	-1.6%	-0.6%	-0.7%	-0.9%	-1.1%	-2.6%	-5.0%	-4.4%	-4.1%	—
Earnings Per Share Weighted Average Shares Diluted	-1.4%	+0.2%	+0.2%	+0.2%	-0.8%	-2.8%	-5.2%	-4.8%	-4.7%	—

Cash Flow Statement

Operating, investing, and financing flows

17 accounts · 10 years

Operating cash flow $1.8B

Investing cash flow $-1.4B

Financing cash flow $-4.7B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CashFlow
Operating Activities net Income	-16.3%	-17.6%	-19.8%	-20.8%	-14.9%	—	+1.8%	+6.3%	+53.8%	—
Operating Activities Depreciation and Amortization	+2.8%	+3.9%	+3.2%	+1.7%	+0.8%	+0.7%	-0.1%	-0.8%	-0.2%	—
Operating Activities Stock Based Compensation	+13.0%	+4.0%	+14.7%	+16.8%	+11.9%	-15.3%	+18.6%	+18.1%	+12.1%	—
Operating Activities Deferred Income Taxes	-12.8%	-13.5%	-13.0%	-9.7%	—	—	—	-15.3%	—	—
Operating Activities Changes In Operating Assets and Liabilities	—	—	—	—	—	—	—	—	—	—
Operating Activities Other Non Cash Items	—	—	—	—	—	—	—	—	—	—
Operating Activities net Cash From Operating Activities	-9.0%	-24.3%	-4.3%	-2.1%	-11.6%	—	-2.4%	+6.8%	-8.5%	—
Investing Activities net Cash From Investing Activities	—	—	—	—	—	—	—	—	—	—
Financing Activities Repurchase of Common Stock	+4.3%	-21.6%	—	—	—	-28.8%	+4.6%	+6.9%	-8.6%	—
Financing Activities Dividends Paid	+6.7%	+8.6%	+9.8%	—	—	-4.1%	+18.8%	+22.3%	+23.4%	—
Financing Activities Proceeds From Stock Issuance	+8.2%	+9.5%	+7.5%	+7.6%	+12.0%	+13.4%	+11.3%	+9.9%	+0.0%	—
Financing Activities Other Financing Activities	—	—	—	—	—	—	—	—	—	—
Financing Activities net Cash From Financing Activities	—	—	—	—	—	—	—	—	—	—
Cash Reconciliation Effect of Exchange Rate On Cash	—	—	—	—	—	—	—	—	—	—
Cash Reconciliation net Change In Cash	—	—	—	—	+71.0%	+206.1%	+92.7%	+92.4%	—	—
Cash Reconciliation Cash At Beginning of Period	+7.5%	+20.6%	+27.7%	+33.5%	+49.3%	+60.2%	+14.9%	+5.1%	-11.0%	—
Cash Reconciliation Cash At End of Period	+7.5%	+20.6%	+27.7%	+33.5%	+49.3%	+60.2%	+14.9%	+5.1%	-11.0%	—

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 10 years

Ratio	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Profitability
Gross margin	—	—	—	—	—	—	—	—	—	—
Operating margin	+1.5%	+1.2%	+0.9%	+4.3%	+10.9%	-42.2%	+13.2%	+14.6%	+16.1%	+17.4%
Net margin	+1.6%	+1.7%	+1.8%	+2.3%	+6.2%	-34.0%	+10.3%	+11.2%	+15.9%	+10.8%
FCF margin	—	—	—	—	—	—	—	—	—	—
Growth
Revenue CAGR (3y)	+5.6%	+20.3%	+42.3%	+2.0%	-10.4%	-24.6%	+3.4%	+3.5%	+4.4%	+4.7%
Returns
ROE	+5.5%	+4.5%	+4.4%	+5.0%	+9.4%	-34.6%	+23.4%	+25.0%	+34.8%	+28.0%
ROA	+1.5%	+1.4%	+1.3%	+1.5%	+2.7%	-8.9%	+8.9%	+9.4%	+13.4%	+9.4%
ROIC	+3.6%	+3.2%	+1.8%	+8.1%	+15.5%	-48.2%	+25.2%	+23.2%	+29.7%	+25.0%
Liquidity
Current ratio	0.52x	0.92x	1.14x	1.43x	1.97x	2.02x	0.67x	0.64x	0.70x	0.66x
Quick ratio	0.30x	0.70x	0.85x	1.01x	1.51x	1.62x	0.41x	0.31x	0.31x	0.33x
Leverage
D/E	1.37x	1.19x	1.17x	0.97x	0.88x	0.85x	0.91x	0.80x	0.72x	0.88x
Interest coverage	2.56x	1.29x	0.86x	2.99x	90.58x	-173.45x	25.06x	24.47x	29.89x	28.87x
Efficiency
Asset turnover	0.97x	0.81x	0.72x	0.67x	0.43x	0.26x	0.87x	0.84x	0.84x	0.87x
Cash conversion cycle	—	—	—	—	—	—	—	—	—	—

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Southwest Airlines

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