financial statements

The full income statement, balance sheet, and cash-flow statement for Southwest Airlines Company (LUV), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

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PeriodRangeOrderChangeYoYQoQAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	28.1B YoY+2.1%	27.5B YoY+5.3%	26.1B YoY+9.6%	23.8B YoY+50.8%	15.8B YoY+74.5%
Operating income	428M YoY+33.3%	321M YoY+43.3%	224M YoY-78.0%	1.02B YoY-40.9%	1.72B YoY+145.1%
Interest expense	167M YoY-32.9%	249M YoY-3.9%	259M YoY-23.8%	340M	—
Interest & investment income	205M YoY-58.8%	497M YoY-14.8%	583M YoY+168.7%	217M YoY+1569.2%	13.0M YoY-59.4%
Other non-operating income	43.0M YoY+816.7%	-6.00M YoY-109.7%	62.0M YoY+616.7%	-12.0M YoY-124.0%	50.0M YoY+131.6%
Pre-tax income	563M YoY-5.9%	598M YoY-5.5%	633M YoY-13.0%	728M YoY-45.1%	1.32B YoY+131.1%
Income tax	122M YoY-8.3%	133M YoY-20.8%	168M YoY-11.1%	189M YoY-45.7%	348M YoY+129.4%
	441M YoY-5.2%	465M YoY+0.0%	465M YoY-13.7%	539M YoY-44.8%	977M YoY+131.8%
Net income to common	442M YoY-8.9%	485M YoY+0.2%	484M YoY-13.7%	561M YoY-42.6%	977M
	$0.79 YoY+3.9%	$0.76 YoY+0.0%	$0.76 YoY-12.6%	$0.87 YoY-46.0%	$1.61 YoY+129.6%
EPS (basic)	$0.82 YoY+5.1%	$0.78 YoY+0.0%	$0.78 YoY-14.3%	$0.91 YoY-44.8%	$1.65 YoY+130.3%
Weighted-avg shares (basic)	540M YoY-9.7%	598M YoY+0.5%	595M YoY+0.3%	593M YoY+0.2%	592M YoY+4.8%
Weighted-avg shares (diluted)	558M YoY-13.2%	643M YoY+0.5%	640M YoY-0.3%	642M YoY+5.4%	609M YoY+7.8%
Dividends per share	$0.72 YoY+0.0%	$0.72 YoY+0.0%	$0.72 YoY+300.0%	$0.18	—
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	5.64B YoY-49.9%	11.3B YoY-19.2%	14.0B YoY-5.8%	14.8B YoY-17.9%	18.0B YoY+18.9%
Cash & equivalents	3.23B YoY-57.0%	7.51B YoY-19.2%	9.29B YoY-2.1%	9.49B YoY-23.9%	12.5B YoY+12.8%
Short-term investments	0.00 YoY-100.0%	1.22B YoY-44.4%	2.19B YoY-21.9%	2.80B YoY-7.4%	3.02B YoY+33.2%
Accounts receivable	98.0M YoY+108.5%	47.0M YoY-54.8%	104M YoY-11.1%	117M YoY+101.7%	58.0M YoY+26.1%
Prepaid expenses	490M YoY-23.3%	639M YoY+22.9%	520M YoY-24.2%	686M YoY+7.5%	638M YoY+116.3%
	29.1B YoY-13.9%	33.8B YoY-7.5%	36.5B YoY+3.2%	35.4B YoY-2.6%	36.3B YoY+5.0%
Property, plant & equipment	20.2B YoY+6.2%	19.1B YoY-1.6%	19.4B YoY+11.7%	17.3B YoY+16.8%	14.8B YoY-6.2%
Operating lease right-of-use	1.09B YoY-20.5%	1.37B YoY+11.9%	1.22B YoY-12.3%	1.39B YoY-12.3%	1.59B YoY-16.0%
Goodwill	970M YoY+0.0%	970M YoY+0.0%	970M YoY+0.0%	970M YoY+0.0%	970M YoY+0.0%
Intangible assets	296M YoY-1.3%	300M YoY+1.4%	296M YoY+0.0%	296M YoY+0.3%	295M YoY+0.0%
Other non-current assets	1.11B YoY+2.9%	1.08B YoY+12.1%	964M YoY+12.7%	855M YoY-3.1%	882M YoY+22.2%
	10.9B YoY-11.0%	12.3B YoY+0.2%	12.3B YoY+18.1%	10.4B YoY+13.2%	9.16B YoY+22.1%
Accounts payable	1.99B YoY+9.5%	1.82B YoY-2.4%	1.86B YoY-7.1%	2.00B YoY+56.3%	1.28B YoY+37.7%
Accrued liabilities	2.35B YoY+6.5%	2.21B YoY-38.8%	3.61B YoY+76.5%	2.04B YoY+25.8%	1.62B YoY-28.1%
Deferred revenue	5.95B YoY-5.5%	6.29B YoY-3.9%	6.55B YoY+8.0%	6.06B YoY+8.9%	5.57B YoY+46.9%
Short-term & current debt	259M YoY+0.0%	259M YoY+0.0%	259M YoY+0.0%	259M YoY+0.0%	259M YoY+0.0%
Current lease liability	312M YoY-4.9%	328M YoY+57.7%	208M YoY-7.6%	225M YoY-5.9%	239M YoY-21.9%
Long-term debt	4.93B YoY-26.4%	6.70B YoY-16.4%	8.01B YoY-1.0%	8.10B YoY+209.5%	2.62B YoY+0.0%
Deferred revenue (non-current)	1.22B YoY-37.4%	1.95B YoY+12.7%	1.73B YoY-21.0%	2.19B YoY+1.3%	2.16B YoY-35.4%
Non-current lease liability	768M YoY-25.5%	1.03B YoY+4.7%	985M YoY-11.9%	1.12B YoY-15.0%	1.31B YoY-15.8%
Deferred tax liabilities	2.29B YoY+5.6%	2.17B YoY+6.0%	2.04B YoY+3.0%	1.99B YoY+12.1%	1.77B YoY+8.3%
Other non-current liabilities	1.31B YoY+43.7%	909M YoY-7.3%	981M YoY+1.2%	969M YoY-20.8%	1.22B YoY-1.8%
	7.98B YoY-22.9%	10.3B YoY-1.6%	10.5B YoY-1.6%	10.7B YoY+2.6%	10.4B YoY+17.3%
Common stock	888M YoY+0.0%	888M YoY+0.0%	888M YoY+0.0%	888M YoY+0.0%	888M YoY+0.0%
Additional paid-in capital	4.32B YoY+2.9%	4.20B YoY+1.1%	4.15B YoY+2.9%	4.04B YoY-4.4%	4.22B YoY+0.8%
Retained earnings	16.4B YoY+0.3%	16.3B YoY+0.2%	16.3B YoY+0.2%	16.3B YoY+3.1%	15.8B YoY+6.7%
Treasury stock	13.6B YoY+23.1%	11.0B YoY+2.0%	10.8B YoY-0.2%	10.8B YoY-0.2%	10.9B YoY-0.1%
Accumulated other comprehensive income	-24.0M YoY+4.0%	-25.0M	0.00 YoY-100.0%	344M YoY-11.3%	388M YoY+469.5%
Total liabilities & equity	29.1B YoY-13.9%	33.8B YoY-7.5%	36.5B YoY+3.2%	35.4B YoY-2.6%	36.3B YoY+5.0%
Common shares issued	888M YoY+0.0%	888M YoY+0.0%	888M YoY+0.0%	888M YoY+0.0%	888M YoY+0.0%
Common shares outstanding	746M YoY+0.0%	746M YoY+0.0%	746M YoY+0.0%	746M YoY+0.0%	746M YoY+0.0%
Shares outstanding (cover)	517M YoY-13.8%	600M YoY+0.6%	596M YoY+0.4%	594M YoY+0.3%	592M YoY+0.3%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	1.84B YoY+298.7%	462M YoY-85.4%	3.16B YoY-16.5%	3.79B YoY+63.2%	2.32B YoY+306.0%
Depreciation & amortization	1.56B YoY-5.9%	1.66B YoY+8.9%	1.52B YoY+12.7%	1.35B YoY+6.2%	1.27B YoY+1.4%
Deferred income taxes	122M YoY-7.6%	132M YoY-17.0%	159M YoY-30.3%	228M YoY+1240.0%	-20.0M YoY+97.2%
Other operating activities	157M YoY+282.6%	-86.0M YoY+50.9%	-175M YoY-725.0%	28.0M YoY+0.0%	28.0M YoY+129.5%
	-1.43B YoY-447.5%	-261M YoY+91.1%	-2.93B YoY+21.7%	-3.75B YoY-196.4%	-1.26B YoY-7800.0%
Capital expenditure	2.67B YoY+30.1%	2.05B YoY-41.6%	3.52B YoY-10.3%	3.92B YoY+677.0%	505M YoY-1.9%
	-4.69B YoY-136.9%	-1.98B YoY-354.1%	-436M YoY+85.6%	-3.03B YoY-944.6%	359M YoY-96.3%
Common stock issued	—	—	—	0.00	0.00 YoY-100.0%
Common stock repurchased	2.55B YoY+920.0%	250M	0.00	0.00	0.00 YoY-100.0%
Dividends paid	399M YoY-7.2%	430M YoY+0.5%	428M	0.00	0.00 YoY-100.0%
Other financing activities	-26.0M YoY-52.9%	-17.0M YoY-383.3%	6.00M YoY-25.0%	8.00M YoY-89.6%	77.0M YoY+57.1%
Net change in cash	-4.28B YoY-140.5%	-1.78B YoY-772.1%	-204M YoY+93.2%	-2.99B YoY-310.9%	1.42B YoY-83.4%
Interest paid	108M YoY-50.9%	220M YoY-3.5%	228M YoY-25.2%	305M YoY-9.2%	336M YoY+58.5%
Income taxes paid	-1.00M YoY+95.2%	-21.0M YoY+75.9%	-87.0M YoY-535.0%	20.0M YoY-95.5%	445M YoY+2242.1%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	21.4B YoY+6.0%	20.2B YoY+17.1%	17.2B YoY-13.9%	20.0B YoY-21.2%	25.4B YoY-7.8%
P/E	48.5× YoY+11.8%	43.4× YoY+25.3%	34.6× YoY+43.1%	24.2× YoY-6.8%	26.0×
P/S	0.8× YoY+3.8%	0.7× YoY+8.5%	0.7× YoY-23.2%	0.9× YoY-45.2%	1.6× YoY-47.2%
P/B	2.7× YoY+37.5%	1.9× YoY+25.2%	1.6× YoY-14.9%	1.8× YoY-24.9%	2.4× YoY-21.4%
P/FCF	—	—	—	28.2× YoY+101.9%	14.0×
Earnings yield	2.1% YoY-10.5%	2.3% YoY-20.2%	2.9% YoY-30.1%	4.1% YoY+7.3%	3.9%
FCF yield	—	—	—	3.5% YoY-50.5%	7.2%
Dividend yield	1.7% YoY-18.7%	2.1% YoY-14.1%	2.5% YoY+366.3%	0.5%	—
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: LUV's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all LUV filings on SEC EDGAR → Not investment advice.

LUV▼ financial statements

About this data

financial statements