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

Each cell as a share of that year’s revenue.

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	11.5%	27.3%	35.6%	39.9%	79.0%	122.3%	11.4%	8.4%	7.1%	8.3%
Accounts Receivable	0.3%	4.0%	4.4%	4.4%	8.6%	12.5%	4.8%	2.6%	3.1%	2.7%
Inventory	4.4%	4.9%	4.6%	3.6%	5.4%	8.3%	5.5%	5.0%	4.7%	5.2%
Prepaid Expenses	1.7%	2.3%	2.0%	2.9%	4.0%	3.3%	1.3%	1.4%	2.2%	1.5%
Other Current Assets	4.0%	3.9%	3.7%	3.6%	5.6%	—	2.6%	3.3%	3.7%	3.8%
Total Current Assets	20.1%	41.0%	53.5%	62.2%	114.2%	167.7%	26.6%	22.9%	22.8%	22.2%
Property,Plant and Equipment	72.1%	0.0%	74.3%	72.8%	94.0%	175.0%	75.9%	88.9%	87.7%	84.0%
Operating Lease Assets	3.9%	5.0%	4.7%	5.9%	10.1%	20.9%	6.0%	—	—	—
Goodwill	3.5%	3.5%	3.7%	4.1%	6.1%	10.7%	4.3%	4.4%	4.6%	4.8%
Intangible Assets	1.1%	1.1%	1.1%	1.2%	1.9%	3.3%	1.3%	1.8%	2.0%	2.1%
Deferred Tax Assets	8.2%	7.9%	8.3%	8.4%	11.7%	21.9%	5.0%	4.8%	4.4%	7.3%
Other Noncurrent Assets	4.0%	3.9%	3.7%	3.6%	5.6%	0.0%	2.6%	3.3%	3.7%	3.8%
Total Assets	103.6%	122.8%	139.8%	148.5%	230.0%	382.3%	115.5%	119.5%	118.7%	114.8%
Liabilities
Accounts Payable	7.1%	6.6%	7.1%	8.4%	8.1%	10.3%	7.0%	6.4%	6.2%	5.8%
Accrued Liabilities	8.4%	8.0%	13.8%	8.6%	10.3%	25.0%	7.8%	8.0%	8.4%	9.8%
Deferred Revenue	21.2%	22.9%	25.1%	25.5%	35.3%	41.9%	15.1%	13.7%	12.6%	—
Operating Lease Liabilities	1.1%	1.2%	0.8%	0.9%	1.5%	3.4%	1.6%	—	—	—
Other Current Liabilities	4.7%	3.3%	3.8%	4.1%	7.8%	13.8%	3.1%	3.0%	3.3%	3.6%
Total Current Liabilities	38.9%	44.7%	47.0%	43.6%	58.0%	83.0%	39.9%	36.0%	32.7%	33.7%
Long Term Debt	16.3%	18.4%	30.6%	33.8%	65.1%	111.7%	8.2%	12.6%	15.7%	13.9%
Deferred Revenue Noncurrent	4.3%	7.1%	6.6%	9.2%	13.7%	36.9%	15.1%	13.7%	12.6%	—
Operating Lease Liabilities Noncurrent	2.7%	3.8%	3.8%	4.7%	8.3%	17.3%	4.4%	—	—	—
Deferred Tax Liabilities	8.2%	7.9%	7.8%	8.3%	11.2%	18.1%	15.5%	15.9%	15.5%	24.0%
Other Noncurrent Liabilities	4.7%	3.3%	3.8%	4.1%	7.8%	13.8%	3.1%	3.0%	3.3%	3.6%
Total Liabilities	38.9%	44.7%	47.0%	43.6%	58.0%	83.0%	39.9%	36.0%	32.7%	33.7%
Equity
Common Stock	3.2%	3.2%	3.4%	3.7%	5.6%	9.8%	3.6%	3.7%	3.8%	4.0%
Additional Paid In Capital	15.4%	15.3%	15.9%	17.0%	26.8%	46.3%	7.0%	6.9%	6.9%	6.9%
Retained Earnings	58.4%	59.4%	62.5%	68.3%	99.9%	163.3%	80.0%	72.7%	69.1%	56.3%
Treasury Stock	9.2%	0.9%	41.5%	0.0%	68.8%	120.2%	46.6%	38.5%	30.6%	24.0%
Accumulated Other Comprehensive Income	-0.1%	-0.1%	0.0%	1.4%	2.5%	-1.2%	-0.3%	0.1%	0.1%	-1.6%
Total Stockholders Equity	28.4%	37.7%	40.3%	44.9%	66.0%	98.1%	43.8%	44.9%	45.6%	38.4%
Total Liabilitiesand Equity	103.6%	122.8%	139.8%	148.5%	230.0%	382.3%	115.5%	119.5%	118.7%	114.8%

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	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Expenses Depreciation and Amortization	5.6%	6.0%	5.8%	5.7%	8.1%	13.9%	5.4%	5.5%	5.8%	6.0%
Expenses Share Based Compensation	0.4%	0.2%	0.3%	0.4%	0.4%	0.2%	0.2%	0.2%	0.2%	0.2%
Other Income Expense Operating Income	1.5%	1.2%	0.9%	4.3%	10.9%	-42.2%	13.2%	14.6%	16.1%	17.4%
Other Income Expense Interest Income	0.7%	1.8%	2.2%	0.9%	0.1%	0.4%	0.4%	0.3%	0.2%	0.1%
Other Income Expense Interest Expense	0.6%	0.9%	1.0%	1.4%	0.1%	0.2%	0.5%	0.6%	0.5%	0.6%
Other Income Expense Other Income/expense	0.2%	-0.0%	0.2%	-0.1%	0.3%	-1.7%	-0.0%	-0.1%	-0.5%	-0.1%
Other Income Expense Income Before Tax	2.0%	2.2%	2.4%	3.1%	8.4%	-47.0%	13.2%	14.4%	15.4%	17.0%
Income Tax Income Tax Expense	0.4%	0.5%	0.6%	0.8%	2.2%	-13.1%	2.9%	3.2%	-0.4%	6.2%
net Income net Income	1.6%	1.7%	1.8%	2.3%	6.2%	-34.0%	10.3%	11.2%	15.9%	10.8%
net Income Comprehensive Income	1.6%	1.6%	0.5%	2.1%	9.4%	-34.5%	9.9%	11.3%	17.5%	14.3%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	0.0%	0.0%	-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%	-0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	1.9%	2.2%	2.3%	2.5%	3.7%	6.2%	2.4%	2.6%	2.8%	3.1%
Earnings Per Share Weighted Average Shares Diluted	2.0%	2.3%	2.5%	2.7%	3.9%	6.2%	2.4%	2.6%	2.9%	3.1%

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	1.6%	1.7%	1.8%	2.3%	6.2%	-34.0%	10.3%	11.2%	15.9%	10.8%
Operating Activities Depreciation and Amortization	5.6%	6.0%	5.8%	5.7%	8.1%	13.9%	5.4%	5.5%	5.8%	6.0%
Operating Activities Stock Based Compensation	0.4%	0.2%	0.3%	0.4%	0.4%	0.2%	0.2%	0.2%	0.2%	0.2%
Operating Activities Deferred Income Taxes	0.4%	0.5%	0.6%	1.0%	-0.1%	-7.9%	-0.2%	1.4%	-5.1%	2.1%
Operating Activities Changes In Operating Assets and Liabilities	-3.8%	6.8%	2.2%	2.2%	3.7%	17.9%	2.0%	2.3%	0.0%	0.0%
Operating Activities Other Non Cash Items	0.6%	-0.3%	-0.7%	0.1%	0.2%	-1.0%	-0.5%	0.1%	-0.6%	-0.8%
Operating Activities net Cash From Operating Activities	6.6%	1.7%	12.1%	15.9%	14.7%	-12.5%	17.8%	22.3%	18.6%	21.2%
Investing Activities net Cash From Investing Activities	-5.1%	-0.9%	-11.2%	-15.7%	-8.0%	-0.2%	-1.4%	-9.3%	-11.4%	-11.2%
Financing Activities Repurchase of Common Stock	9.1%	0.9%	0.0%	0.0%	0.0%	5.0%	8.9%	9.1%	7.6%	8.6%
Financing Activities Dividends Paid	1.4%	1.6%	1.6%	0.0%	0.0%	2.1%	1.7%	1.5%	1.3%	1.1%
Financing Activities Proceeds From Stock Issuance	0.2%	0.2%	0.2%	0.2%	0.3%	0.5%	0.2%	0.2%	0.1%	0.1%
Financing Activities Other Financing Activities	-0.1%	-0.1%	0.0%	0.0%	0.5%	0.5%	-0.2%	0.0%	0.1%	-0.0%
Financing Activities net Cash From Financing Activities	-16.7%	-7.2%	-1.7%	-12.7%	2.3%	106.7%	-13.3%	-11.4%	-8.1%	-9.5%
Cash Reconciliation Effect of Exchange Rate On Cash	11.5%	27.3%	35.6%	39.9%	79.0%	122.3%	11.4%	—	—	—
Cash Reconciliation net Change In Cash	-15.2%	-6.5%	-0.8%	-12.5%	9.0%	94.1%	3.1%	1.6%	-0.9%	0.5%
Cash Reconciliation Cash At Beginning of Period	11.5%	27.3%	35.6%	39.9%	79.0%	122.3%	11.4%	8.4%	7.1%	8.3%
Cash Reconciliation Cash At End of Period	11.5%	27.3%	35.6%	39.9%	79.0%	122.3%	11.4%	8.4%	7.1%	8.3%

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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