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

Running CAGR since the earliest displayed year.

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	-28.7%	-15.6%	-13.7%	-23.9%	—
Short Term Investments	—	-26.2%	-15.0%	-7.4%	—
Accounts Receivable	-4.1%	-6.5%	-7.8%	-23.4%	—
Inventory	+9.6%	+14.2%	+22.6%	+47.1%	—
Prepaid Expenses	-6.4%	+0.1%	-9.7%	+7.5%	—
Total Current Assets	-25.2%	-14.5%	-12.0%	-17.9%	—
Property,Plant and Equipment	+8.1%	+8.7%	+14.3%	+16.8%	—
Operating Lease Assets	-9.0%	-4.9%	-12.3%	-12.3%	—
Goodwill	+0.0%	+0.0%	+0.0%	+0.0%	—
Other Noncurrent Assets	+6.0%	+7.0%	+4.5%	-3.1%	—
Total Assets	-5.4%	-2.4%	+0.2%	-2.6%	—
Liabilities
Accounts Payable	+11.6%	+12.3%	+20.5%	+56.3%	—
Accrued Liabilities	+9.7%	+10.7%	+49.0%	+25.8%	—
Deferred Revenue	+1.7%	+4.2%	+8.5%	+8.9%	—
Current Portion of Long Term Debt	-8.0%	+53.2%	-74.7%	-90.7%	—
Operating Lease Liabilities	+6.9%	+11.1%	-6.7%	-5.9%	—
Total Current Liabilities	+4.5%	+10.2%	+15.6%	+13.2%	—
Long Term Debt	-18.3%	-21.0%	-11.9%	-21.7%	—
Deferred Revenue Noncurrent	-13.3%	-3.4%	-10.5%	+1.3%	—
Operating Lease Liabilities Noncurrent	-12.6%	-7.8%	-13.5%	-15.0%	—
Deferred Tax Liabilities	+6.6%	+7.0%	+7.5%	+12.1%	—
Other Noncurrent Liabilities	+1.6%	-9.4%	-10.5%	-20.8%	—
Equity
Common Stock	+0.0%	+0.0%	+0.0%	+0.0%	—
Additional Paid In Capital	+0.6%	-0.2%	-0.8%	-4.4%	—
Retained Earnings	+1.0%	+1.2%	+1.6%	+3.1%	—
Treasury Stock	+5.8%	+0.6%	-0.2%	-0.2%	—
Accumulated Other Comprehensive Income	—	—	—	-11.3%	—
Total Stockholders Equity	-6.4%	-0.2%	+0.5%	+2.6%	—
Total Liabilitiesand Equity	-5.4%	-2.4%	+0.2%	-2.6%	—

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	+15.5%	+20.3%	+28.5%	+50.8%	—
Expenses Selling,General and Administrative	+13.7%	+16.5%	+20.0%	+21.1%	—
Expenses Depreciation and Amortization	+5.2%	+9.2%	+9.4%	+6.2%	—
Expenses Other Operating Expenses	+26.9%	+37.9%	+61.6%	+138.8%	—
Other Income Expense Operating Income	-29.4%	-42.9%	-63.9%	-40.9%	—
Other Income Expense Interest Income	+99.3%	+236.9%	+569.7%	+1569.2%	—
Other Income Expense Interest Expense	-28.4%	-20.8%	-26.0%	-30.2%	—
Other Income Expense Other Income/expense	+18.2%	—	+67.9%	—	—
Other Income Expense Income Before Tax	-19.3%	-23.3%	-30.9%	-45.1%	—
Income Tax Income Tax Expense	-23.1%	-27.4%	-30.5%	-45.7%	—
net Income net Income	-18.0%	-21.9%	-31.0%	-44.8%	—
net Income Comprehensive Income	-26.2%	-33.4%	-71.5%	-66.8%	—
Earnings Per Share Basic Eps	-16.0%	-22.1%	-31.2%	-44.8%	—
Earnings Per Share Diluted Eps	-16.3%	-22.1%	-31.3%	-46.0%	—

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	-18.0%	-21.9%	-31.0%	-44.8%	—
Operating Activities Depreciation and Amortization	+5.2%	+9.2%	+9.4%	+6.2%	—
Operating Activities Deferred Income Taxes	—	—	—	—	—
Operating Activities Changes In Operating Assets and Liabilities	—	—	+439.4%	+3348.8%	—
Operating Activities Other Non Cash Items	+30.6%	—	—	+386.8%	—
Operating Activities net Cash From Operating Activities	-5.6%	-41.6%	+16.7%	+63.2%	—
Investing Activities Capital Expenditures	—	—	—	—	—
Investing Activities Purchases of Investments	—	—	—	—	—
Investing Activities Proceeds From Sale of Investments	-24.0%	+5.7%	+22.3%	+14.2%	—
Investing Activities Other Investing Activities	—	—	—	—	—
Investing Activities net Cash From Investing Activities	—	—	—	—	—
Financing Activities Proceeds From Debt	+7.2%	—	—	—	—
Financing Activities Repayment of Debt	—	—	—	—	—
Financing Activities Repurchase of Common Stock	—	—	—	—	—
Financing Activities Dividends Paid	—	—	—	—	—
Financing Activities Proceeds From Stock Issuance	+3.7%	+5.6%	-3.0%	-11.8%	—
Financing Activities Other Financing Activities	—	—	-38.6%	-89.6%	—
Financing Activities net Cash From Financing Activities	—	—	—	—	—
Cash Reconciliation net Change In Cash	—	—	—	—	—

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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