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.
SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.
| Line item | Trend | 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+2.1% | 27.5B+5.3% | 26.1B+9.6% | 23.8B+50.8% | 15.8B+74.5% | |
| Operating income | 428M+33.3% | 321M+43.3% | 224M-78.0% | 1.02B-40.9% | 1.72B+145.1% | |
| Interest expense | 167M-32.9% | 249M-3.9% | 259M-23.8% | 340M | — | |
| Interest & investment income | 205M-58.8% | 497M-14.8% | 583M+168.7% | 217M+1569.2% | 13.0M-59.4% | |
| Other non-operating income | 43.0M+816.7% | -6.00M-109.7% | 62.0M+616.7% | -12.0M-124.0% | 50.0M+131.6% | |
| Pre-tax income | 563M-5.9% | 598M-5.5% | 633M-13.0% | 728M-45.1% | 1.32B+131.1% | |
| Income tax | 122M-8.3% | 133M-20.8% | 168M-11.1% | 189M-45.7% | 348M+129.4% | |
| 441M-5.2% | 465M+0.0% | 465M-13.7% | 539M-44.8% | 977M+131.8% | ||
| Net income to common | 442M-8.9% | 485M+0.2% | 484M-13.7% | 561M-42.6% | 977M | |
| $0.79+3.9% | $0.76+0.0% | $0.76-12.6% | $0.87-46.0% | $1.61+129.6% | ||
| EPS (basic) | $0.82+5.1% | $0.78+0.0% | $0.78-14.3% | $0.91-44.8% | $1.65+130.3% | |
| Weighted-avg shares (basic) | 540M-9.7% | 598M+0.5% | 595M+0.3% | 593M+0.2% | 592M+4.8% | |
| Weighted-avg shares (diluted) | 558M-13.2% | 643M+0.5% | 640M-0.3% | 642M+5.4% | 609M+7.8% | |
| Dividends per share | $0.72+0.0% | $0.72+0.0% | $0.72+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-49.9% | 11.3B-19.2% | 14.0B-5.8% | 14.8B-17.9% | 18.0B+18.9% | ||
| Cash & equivalents | 3.23B-57.0% | 7.51B-19.2% | 9.29B-2.1% | 9.49B-23.9% | 12.5B+12.8% | |
| Short-term investments | 0.00-100.0% | 1.22B-44.4% | 2.19B-21.9% | 2.80B-7.4% | 3.02B+33.2% | |
| Accounts receivable | 98.0M+108.5% | 47.0M-54.8% | 104M-11.1% | 117M+101.7% | 58.0M+26.1% | |
| Prepaid expenses | 490M-23.3% | 639M+22.9% | 520M-24.2% | 686M+7.5% | 638M+116.3% | |
| 29.1B-13.9% | 33.8B-7.5% | 36.5B+3.2% | 35.4B-2.6% | 36.3B+5.0% | ||
| Property, plant & equipment | 20.2B+6.2% | 19.1B-1.6% | 19.4B+11.7% | 17.3B+16.8% | 14.8B-6.2% | |
| Operating lease right-of-use | 1.09B-20.5% | 1.37B+11.9% | 1.22B-12.3% | 1.39B-12.3% | 1.59B-16.0% | |
| Goodwill | 970M+0.0% | 970M+0.0% | 970M+0.0% | 970M+0.0% | 970M+0.0% | |
| Intangible assets | 296M-1.3% | 300M+1.4% | 296M+0.0% | 296M+0.3% | 295M+0.0% | |
| Other non-current assets | 1.11B+2.9% | 1.08B+12.1% | 964M+12.7% | 855M-3.1% | 882M+22.2% | |
| 10.9B-11.0% | 12.3B+0.2% | 12.3B+18.1% | 10.4B+13.2% | 9.16B+22.1% | ||
| Accounts payable | 1.99B+9.5% | 1.82B-2.4% | 1.86B-7.1% | 2.00B+56.3% | 1.28B+37.7% | |
| Accrued liabilities | 2.35B+6.5% | 2.21B-38.8% | 3.61B+76.5% | 2.04B+25.8% | 1.62B-28.1% | |
| Deferred revenue | 5.95B-5.5% | 6.29B-3.9% | 6.55B+8.0% | 6.06B+8.9% | 5.57B+46.9% | |
| Short-term & current debt | 324M-80.1% | 1.63B+5520.7% | 29.0M-31.0% | 42.0M-90.7% | 453M+105.9% | |
| Current lease liability | 312M-4.9% | 328M+57.7% | 208M-7.6% | 225M-5.9% | 239M-21.9% | |
| Finance lease liability (current) | 25.0M+13.6% | 22.0M-24.1% | 29.0M-31.0% | 42.0M-48.8% | 82.0M-1.2% | |
| Long-term debt | 4.58B-9.7% | 5.07B-36.5% | 7.98B-0.8% | 8.05B-21.7% | 10.3B+1.6% | |
| Deferred revenue (non-current) | 1.22B-37.4% | 1.95B+12.7% | 1.73B-21.0% | 2.19B+1.3% | 2.16B-35.4% | |
| Non-current lease liability | 768M-25.5% | 1.03B+4.7% | 985M-11.9% | 1.12B-15.0% | 1.31B-15.8% | |
| Operating lease liability (total) | 1.08B-20.5% | 1.36B+13.9% | 1.19B-11.2% | 1.34B-13.6% | 1.55B | |
| Finance lease liability (total) | 78.0M-14.3% | 91.0M-12.5% | 104M-45.0% | 189M-58.8% | 459M-15.3% | |
| Finance lease liability | 53.0M-23.2% | 69.0M-8.0% | 75.0M-49.0% | 147M-61.0% | 377M-17.9% | |
| Deferred tax liabilities | 2.29B+5.6% | 2.17B+6.0% | 2.04B+3.0% | 1.99B+12.1% | 1.77B+8.3% | |
| Other non-current liabilities | 1.31B+43.7% | 909M-7.3% | 981M+1.2% | 969M-20.8% | 1.22B-1.8% | |
| 7.98B-22.9% | 10.3B-1.6% | 10.5B-1.6% | 10.7B+2.6% | 10.4B+17.3% | ||
| Common stock | 888M+0.0% | 888M+0.0% | 888M+0.0% | 888M+0.0% | 888M+0.0% | |
| Additional paid-in capital | 4.32B+2.9% | 4.20B+1.1% | 4.15B+2.9% | 4.04B-4.4% | 4.22B+0.8% | |
| Retained earnings | 16.4B+0.3% | 16.3B+0.2% | 16.3B+0.2% | 16.3B+3.1% | 15.8B+6.7% | |
| Treasury stock | 13.6B+23.1% | 11.0B+2.0% | 10.8B-0.2% | 10.8B-0.2% | 10.9B-0.1% | |
| Accumulated other comprehensive income | -24.0M+4.0% | -25.0M | 0.00-100.0% | 344M-11.3% | 388M+469.5% | |
| Total equity incl. non-controlling | 7.98B-22.9% | 10.3B-1.6% | 10.5B-1.6% | 10.7B+2.6% | 10.4B+17.3% | |
| Total liabilities & equity | 29.1B-13.9% | 33.8B-7.5% | 36.5B+3.2% | 35.4B-2.6% | 36.3B+5.0% | |
| Common shares issued | 888M+0.0% | 888M+0.0% | 888M+0.0% | 888M+0.0% | 888M+0.0% | |
| Common shares outstanding | 516M-13.1% | 593M-0.5% | 597M+0.4% | 594M+0.3% | 592M+0.3% | |
| Shares outstanding (cover) | 491M-17.1% | 593M-0.7% | 597M+0.4% | 594M+0.3% | 592M+0.3% | |
| Treasury shares | 373M+26.4% | 295M+1.1% | 292M-0.9% | 294M-0.6% | 296M-0.6% | |
| Cash Flow | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 1.84B+298.7% | 462M-85.4% | 3.16B-16.5% | 3.79B+63.2% | 2.32B+306.0% | ||
| Depreciation & amortization | 1.56B-5.9% | 1.66B+8.9% | 1.52B+12.7% | 1.35B+6.2% | 1.27B+1.4% | |
| Deferred income taxes | 122M-7.6% | 132M-17.0% | 159M-30.3% | 228M+1240.0% | -20.0M+97.2% | |
| Other operating activities | 157M+282.6% | -86.0M+50.9% | -175M-725.0% | 28.0M+0.0% | 28.0M+129.5% | |
| -1.43B-447.5% | -261M+91.1% | -2.93B+21.7% | -3.75B-196.4% | -1.26B-7800.0% | ||
| Capital expenditure | 2.67B+30.1% | 2.05B-41.6% | 3.52B-10.3% | 3.92B+677.0% | 505M-1.9% | |
| Free cash flow | -831M+47.8% | -1.59B-347.2% | -356M-165.7% | -134M-107.4% | 1.82B+210.7% | |
| Acquisitions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| -4.69B-136.9% | -1.98B-354.1% | -436M+85.6% | -3.03B-944.6% | 359M-96.3% | ||
| Long-term debt issued | 1.50B | 0.00 | 0.00 | 0.00 | 0.00-100.0% | |
| Common stock issued | 0.00 | 0.00 | 0.00 | 0.00 | 0.00-100.0% | |
| Common stock repurchased | 2.55B+920.0% | 250M | 0.00 | 0.00 | 0.00-100.0% | |
| Dividends paid | 399M-7.2% | 430M+0.5% | 428M | 0.00 | 0.00-100.0% | |
| Other financing activities | -26.0M-52.9% | -17.0M-383.3% | 6.00M-25.0% | 8.00M-89.6% | 77.0M+57.1% | |
| Net change in cash | -4.28B-140.5% | -1.78B-772.1% | -204M+93.2% | -2.99B-310.9% | 1.42B-83.4% | |
| Interest paid | 108M-50.9% | 220M-3.5% | 228M-25.2% | 305M-9.2% | 336M+58.5% | |
| Income taxes paid | -1.00M-111.1% | 9.00M-50.0% | 18.0M-10.0% | 20.0M-95.5% | 445M+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 | 20.3B+1.9% | 19.9B+15.7% | 17.2B-13.9% | 20.0B-21.2% | 25.4B-7.8% | |
| P/E | 46.0×+7.5% | 42.9×+23.7% | 34.6×+43.3% | 24.2×-6.9% | 26.0× | |
| P/S | 0.7×-0.2% | 0.7×+7.1% | 0.7×-23.2% | 0.9×-45.2% | 1.6×-47.2% | |
| P/B | 2.5×+32.2% | 1.9×+23.6% | 1.6×-14.9% | 1.8×-24.9% | 2.4×-21.4% | |
| P/FCF | — | — | — | 28.2×+101.9% | 14.0× | |
| Earnings yield | 2.2%-6.9% | 2.3%-19.2% | 2.9%-30.2% | 4.1%+7.4% | 3.9% | |
| FCF yield | — | — | — | 3.5%-50.5% | 7.2% | |
| Dividend yield | 1.7%-18.7% | 2.1%-14.1% | 2.5%+366.3% | 0.53% | — | |
| Source filing | 10-K | 10-K | 10-K | 10-K | 10-K |
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.
