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

Year-over-year change per cell; first column has no prior.

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	-57.0%	-19.2%	—
Short Term Investments	-100.0%	-44.4%	—
Accounts Receivable	+3.5%	-3.8%	—
Inventory	-3.1%	-0.9%	—
Prepaid Expenses	-23.3%	+22.9%	—
Total Current Assets	-49.9%	-19.2%	—
Property,Plant and Equipment	+6.2%	-1.6%	—
Operating Lease Assets	-20.5%	+11.9%	—
Goodwill	+0.0%	+0.0%	—
Other Noncurrent Assets	+2.9%	+12.1%	—
Total Assets	-13.9%	-7.5%	—
Liabilities
Accounts Payable	+9.5%	-2.4%	—
Accrued Liabilities	+6.5%	-38.8%	—
Deferred Revenue	-5.5%	-3.9%	—
Current Portion of Long Term Debt	-80.1%	+5520.7%	—
Operating Lease Liabilities	-4.9%	+57.7%	—
Total Current Liabilities	-11.0%	+0.2%	—
Long Term Debt	-9.7%	-36.5%	—
Deferred Revenue Noncurrent	-37.4%	+12.7%	—
Operating Lease Liabilities Noncurrent	-25.5%	+4.7%	—
Deferred Tax Liabilities	+5.6%	+6.0%	—
Other Noncurrent Liabilities	+43.7%	-7.3%	—
Equity
Common Stock	+0.0%	+0.0%	—
Additional Paid In Capital	+2.9%	+1.1%	—
Retained Earnings	+0.3%	+0.2%	—
Treasury Stock	+23.1%	+2.0%	—
Accumulated Other Comprehensive Income	+4.0%	—	—
Total Stockholders Equity	-22.9%	-1.6%	—
Total Liabilitiesand Equity	-13.9%	-7.5%	—

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	+2.1%	+5.3%	—
Expenses Selling,General and Administrative	+5.9%	+9.8%	—
Expenses Depreciation and Amortization	-5.9%	+8.9%	—
Expenses Other Operating Expenses	-1.2%	+0.5%	—
Other Income Expense Operating Income	+33.3%	+43.3%	—
Other Income Expense Interest Income	-58.8%	-14.8%	—
Other Income Expense Interest Expense	-47.2%	-9.3%	—
Other Income Expense Other Income/expense	+816.7%	-109.7%	—
Other Income Expense Income Before Tax	-5.9%	-5.5%	—
Income Tax Income Tax Expense	-8.3%	-20.8%	—
net Income net Income	-5.2%	+0.0%	—
net Income Comprehensive Income	+0.5%	+263.6%	—
Earnings Per Share Basic Eps	+5.1%	+0.0%	—
Earnings Per Share Diluted Eps	+3.9%	+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	-5.2%	+0.0%	—
Operating Activities Depreciation and Amortization	-5.9%	+8.9%	—
Operating Activities Deferred Income Taxes	-7.6%	-17.0%	—
Operating Activities Changes In Operating Assets and Liabilities	+73.0%	-235.3%	—
Operating Activities Other Non Cash Items	+186.5%	-1.7%	—
Operating Activities net Cash From Operating Activities	+298.7%	-85.4%	—
Investing Activities Capital Expenditures	-30.1%	+41.6%	—
Investing Activities Purchases of Investments	+90.6%	+28.1%	—
Investing Activities Proceeds From Sale of Investments	-71.8%	-21.0%	—
Investing Activities Other Investing Activities	-97.4%	+2560.6%	—
Investing Activities net Cash From Investing Activities	-447.5%	+91.1%	—
Financing Activities Proceeds From Debt	—	—	—
Financing Activities Repayment of Debt	-145.0%	-1472.9%	—
Financing Activities Repurchase of Common Stock	-920.0%	—	—
Financing Activities Dividends Paid	+7.2%	-0.5%	—
Financing Activities Proceeds From Stock Issuance	-1.7%	+25.0%	—
Financing Activities Other Financing Activities	-13.0%	-179.3%	—
Financing Activities net Cash From Financing Activities	-136.9%	-354.1%	—
Cash Reconciliation net Change In Cash	-140.5%	-772.1%	—

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

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FY2025 fundamentals · no price

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Southwest Airlines

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