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 revenue.

Balance Sheet

Assets, liabilities, and equity

29 accounts · 3 years

Total assets $29.1B

Total liabilities ~$21.1B

Shareholders equity $8.0B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	11.5%	27.3%	35.6%
Short Term Investments	0.0%	4.4%	8.4%
Accounts Receivable	4.1%	4.0%	4.4%
Inventory	2.8%	2.9%	3.1%
Prepaid Expenses	1.7%	2.3%	2.0%
Total Current Assets	20.1%	41.0%	53.5%
Property,Plant and Equipment	72.1%	69.3%	74.3%
Operating Lease Assets	3.9%	5.0%	4.7%
Goodwill	3.5%	3.5%	3.7%
Other Noncurrent Assets	4.0%	3.9%	3.7%
Total Assets	103.6%	122.8%	139.8%
Liabilities
Accounts Payable	7.1%	6.6%	7.1%
Accrued Liabilities	8.4%	8.0%	13.8%
Deferred Revenue	21.2%	22.9%	25.1%
Current Portion of Long Term Debt	1.2%	5.9%	0.1%
Operating Lease Liabilities	1.1%	1.2%	0.8%
Total Current Liabilities	38.9%	44.7%	47.0%
Long Term Debt	16.3%	18.4%	30.6%
Deferred Revenue Noncurrent	4.3%	7.1%	6.6%
Operating Lease Liabilities Noncurrent	2.7%	3.8%	3.8%
Deferred Tax Liabilities	8.2%	7.9%	7.8%
Other Noncurrent Liabilities	4.7%	3.3%	3.8%
Equity
Common Stock	3.2%	3.2%	3.4%
Additional Paid In Capital	15.4%	15.3%	15.9%
Retained Earnings	58.4%	59.4%	62.5%
Treasury Stock	48.4%	40.2%	41.5%
Accumulated Other Comprehensive Income	-0.1%	-0.1%	0.0%
Total Stockholders Equity	28.4%	37.7%	40.3%
Total Liabilitiesand Equity	103.6%	122.8%	139.8%

Income Statement

Revenue, expense, and profitability

14 accounts · 3 years

Revenue $28.1B

Operating income $428.0M

Net income $441.0M

Account	2025	2024	2023
IncomeStatement
Revenues Total Revenue	100.0%	100.0%	100.0%
Expenses Selling,General and Administrative	46.2%	44.5%	42.7%
Expenses Depreciation and Amortization	5.6%	6.0%	5.8%
Expenses Other Operating Expenses	46.7%	48.3%	50.6%
Other Income Expense Operating Income	1.5%	1.2%	0.9%
Other Income Expense Interest Income	0.7%	1.8%	2.2%
Other Income Expense Interest Expense	0.4%	0.8%	0.9%
Other Income Expense Other Income/expense	0.2%	-0.0%	0.2%
Other Income Expense Income Before Tax	2.0%	2.2%	2.4%
Income Tax Income Tax Expense	0.4%	0.5%	0.6%
net Income net Income	1.6%	1.7%	1.8%
net Income Comprehensive Income	1.6%	1.6%	0.5%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%

Cash Flow Statement

Operating, investing, and financing flows

19 accounts · 3 years

Operating cash flow $1.8B

Investing cash flow $-1.4B

Financing cash flow $-4.7B

Account	2025	2024	2023
CashFlow
Operating Activities net Income	1.6%	1.7%	1.8%
Operating Activities Depreciation and Amortization	5.6%	6.0%	5.8%
Operating Activities Deferred Income Taxes	0.4%	0.5%	0.6%
Operating Activities Changes In Operating Assets and Liabilities	-1.6%	-5.9%	4.6%
Operating Activities Other Non Cash Items	0.5%	-0.6%	-0.7%
Operating Activities net Cash From Operating Activities	6.6%	1.7%	12.1%
Investing Activities Capital Expenditures	-9.5%	-7.5%	-13.5%
Investing Activities Purchases of Investments	-1.7%	-18.2%	-26.7%
Investing Activities Proceeds From Sale of Investments	6.0%	21.8%	29.1%
Investing Activities Other Investing Activities	0.1%	3.0%	-0.1%
Investing Activities net Cash From Investing Activities	-5.1%	-0.9%	-11.2%
Financing Activities Proceeds From Debt	5.3%	0.0%	0.0%
Financing Activities Repayment of Debt	-11.7%	-4.9%	-0.3%
Financing Activities Repurchase of Common Stock	-9.1%	-0.9%	0.0%
Financing Activities Dividends Paid	-1.4%	-1.6%	-1.6%
Financing Activities Proceeds From Stock Issuance	0.2%	0.2%	0.2%
Financing Activities Other Financing Activities	-0.1%	-0.1%	0.1%
Financing Activities net Cash From Financing Activities	-16.7%	-7.2%	-1.7%
Cash Reconciliation net Change In Cash	-15.2%	-6.5%	-0.8%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 3 years

Ratio	2025	2024	2023
Profitability
Gross margin	—	—	—
Operating margin	+1.5%	+1.2%	+0.9%
Net margin	+1.6%	+1.7%	+1.8%
FCF margin	-3.0%	-5.8%	-1.4%
Growth
Revenue CAGR (3y)	+5.6%	+20.3%	+42.3%
Returns
ROE	+5.5%	+4.5%	+4.4%
ROA	+1.5%	+1.4%	+1.3%
ROIC	+3.5%	+2.6%	+1.8%
Liquidity
Current ratio	0.52x	0.92x	1.14x
Quick ratio	0.40x	0.70x	0.85x
Leverage
D/E	2.64x	2.26x	2.47x
Interest coverage	3.79x	1.50x	0.95x
Efficiency
Asset turnover	0.97x	0.81x	0.72x
Cash conversion cycle	—	—	—

Valuation

Price against fundamentals

FY2025 fundamentals · no price

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Southwest Airlines

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