InsiderClue
Stocks · Industrials · Air Transportation, Scheduled

Southwest Airlines

LUV Clue Score40
United States Fiscal year ends December CIK 0000092380
$41.66 +0.73% Close, 9 Oct 2026
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Price $41.66 −19.37% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue20.29Operating income3.52Net income2.18EPS, diluted3.45Fiscal year 2017Revenue21.15 +4.2%Operating income3.41Net income3.36 +53.8%EPS, diluted5.57 +61.4%Fiscal year 2018Revenue21.97 +3.9%Operating income3.21Net income2.47 −26.6%EPS, diluted4.29 −23.0%Fiscal year 2019Revenue22.43 +2.1%Operating income2.96Net income2.30 −6.7%EPS, diluted4.27 −0.5%Fiscal year 2020Revenue9.05 −59.7%Operating income−3.82Net income−3.07 −233.7%EPS, diluted−5.44 −227.4%Fiscal year 2021Revenue15.79 +74.5%Operating income1.72Net income0.98EPS, diluted1.61Fiscal year 2022Revenue23.81 +50.8%Operating income1.02Net income0.54 −44.8%EPS, diluted0.87 −46.0%Fiscal year 2023Revenue26.09 +9.6%Operating income0.22Net income0.47 −13.7%EPS, diluted0.76 −12.6%Fiscal year 2024Revenue27.48 +5.3%Operating income0.32Net income0.47 +0.0%EPS, diluted0.76 +0.0%Fiscal year 2025Revenue28.06 +2.1%Operating income0.43Net income0.44 −5.2%EPS, diluted0.79 +3.9%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 20.29 21.15 21.97 22.43 9.05 15.79 23.81 26.09 27.48 28.06
Growth +4.2% +3.9% +2.1% −59.7% +74.5% +50.8% +9.6% +5.3% +2.1%
Operating income 3.52 3.41 3.21 2.96 −3.82 1.72 1.02 0.22 0.32 0.43
Net income 2.18 3.36 2.47 2.30 −3.07 0.98 0.54 0.47 0.47 0.44
Growth +53.8% −26.6% −6.7% −233.7% −44.8% −13.7% +0.0% −5.2%
EPS, diluted 3.45 5.57 4.29 4.27 −5.44 1.61 0.87 0.76 0.76 0.79
Growth +61.4% −23.0% −0.5% −227.4% −46.0% −12.6% +0.0% +3.9%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin17.4%Net margin10.8%Free cash flow margin11.1%Fiscal year 2017Operating margin16.1%Net margin15.9%Free cash flow margin8.5%Fiscal year 2018Operating margin14.6%Net margin11.2%Free cash flow margin13.5%Fiscal year 2019Operating margin13.2%Net margin10.3%Free cash flow margin13.2%Fiscal year 2020Operating margin−42.2%Net margin−34.0%Free cash flow margin−18.1%Fiscal year 2021Operating margin10.9%Net margin6.2%Free cash flow margin11.5%Fiscal year 2022Operating margin4.3%Net margin2.3%Free cash flow margin−0.6%Fiscal year 2023Operating margin0.9%Net margin1.8%Free cash flow margin−1.4%Fiscal year 2024Operating margin1.2%Net margin1.7%Free cash flow margin−5.8%Fiscal year 2025Operating margin1.5%Net margin1.6%Free cash flow margin−3.0%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin 17.4% 16.1% 14.6% 13.2% −42.2% 10.9% 4.3% 0.9% 1.2% 1.5%
Net margin 10.8% 15.9% 11.2% 10.3% −34.0% 6.2% 2.3% 1.8% 1.7% 1.6%
Free cash flow margin 11.1% 8.5% 13.5% 13.2% −18.1% 11.5% −0.6% −1.4% −5.8% −3.0%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow4.29Capital expenditure−2.04Free cash flow2.26Buybacks−1.75Dividends paid−0.22Fiscal year 2017Operating cash flow3.93Capital expenditure−2.12Free cash flow1.81 −19.9%Buybacks−1.60Dividends paid−0.27Fiscal year 2018Operating cash flow4.89Capital expenditure−1.92Free cash flow2.97 +64.5%Buybacks−2.00Dividends paid−0.33Fiscal year 2019Operating cash flow3.99Capital expenditure−1.03Free cash flow2.96 −0.4%Buybacks−2.00Dividends paid−0.37Fiscal year 2020Operating cash flow−1.13Capital expenditure−0.52Free cash flow−1.64 −155.5%Buybacks−0.45Dividends paid−0.19Fiscal year 2021Operating cash flow2.32Capital expenditure−0.51Free cash flow1.82Buybacks0.00Dividends paid0.00Fiscal year 2022Operating cash flow3.79Capital expenditure−3.92Free cash flow−0.13 −107.4%Buybacks0.00Dividends paid0.00Fiscal year 2023Operating cash flow3.16Capital expenditure−3.52Free cash flow−0.36Buybacks0.00Dividends paid−0.43Fiscal year 2024Operating cash flow0.46Capital expenditure−2.05Free cash flow−1.59Buybacks−0.25Dividends paid−0.43Fiscal year 2025Operating cash flow1.84Capital expenditure−2.67Free cash flow−0.83Buybacks−2.55Dividends paid−0.40
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 4.29 3.93 4.89 3.99 −1.13 2.32 3.79 3.16 0.46 1.84
Capital expenditure −2.04 −2.12 −1.92 −1.03 −0.52 −0.51 −3.92 −3.52 −2.05 −2.67
Free cash flow 2.26 1.81 2.97 2.96 −1.64 1.82 −0.13 −0.36 −1.59 −0.83
Growth −19.9% +64.5% −0.4% −155.5% −107.4%
Buybacks −1.75 −1.60 −2.00 −2.00 −0.45 0.00 0.00 0.00 −0.25 −2.55
Dividends paid −0.22 −0.27 −0.33 −0.37 −0.19 0.00 0.00 −0.43 −0.43 −0.40

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash1.68Shareholders’ equity7.78Fiscal year 2017Cash1.50Shareholders’ equity9.64Fiscal year 2018Cash1.85Shareholders’ equity9.85Fiscal year 2019Cash2.55Shareholders’ equity9.83Fiscal year 2020Cash11.06Shareholders’ equity8.88Fiscal year 2021Cash12.48Shareholders’ equity10.41Fiscal year 2022Cash9.49Total debt8.10Net cash (debt)1.40Shareholders’ equity10.69Debt to equity0.76Fiscal year 2023Cash9.29Total debt8.01Net cash (debt)1.28Shareholders’ equity10.52Debt to equity0.76Fiscal year 2024Cash7.51Total debt6.70Net cash (debt)0.81Shareholders’ equity10.35Debt to equity0.65Fiscal year 2025Cash3.23Total debt4.93Net cash (debt)−1.70Shareholders’ equity7.98Debt to equity0.62
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 1.68 1.50 1.85 2.55 11.06 12.48 9.49 9.29 7.51 3.23
Total debt n/a n/a n/a n/a n/a n/a 8.10 8.01 6.70 4.93
Net cash (debt) n/a n/a n/a n/a n/a n/a 1.40 1.28 0.81 −1.70
Shareholders’ equity 7.78 9.64 9.85 9.83 8.88 10.41 10.69 10.52 10.35 7.98
Debt to equity n/a n/a n/a n/a n/a n/a 0.76 0.76 0.65 0.62

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
17.4% 16.1% 14.6% 13.2% −42.2% 10.9% 4.3% 0.9% 1.2% 1.5%
17.0% 15.4% 14.4% 13.2% −47.0% 8.4% 3.1% 2.4% 2.2% 2.0%
10.8% 15.9% 11.2% 10.3% −34.0% 6.2% 2.3% 1.8% 1.7% 1.6%
11.1% 8.5% 13.5% 13.2% −18.1% 11.5% −0.6% −1.4% −5.8% −3.0%
Spending
10.0% 10.0% 8.8% 4.6% 5.7% 3.2% 16.5% 13.5% 7.5% 9.5%
36.7% −2.8% 22.1% 22.2% n/a 26.3% 26.0% 26.5% 22.2% 21.7%
Returns
28.0% 34.8% 25.0% 23.4% −34.6% 9.4% 5.0% 4.4% 4.5% 5.5%
9.4% 13.4% 9.4% 8.9% −8.9% 2.7% 1.5% 1.3% 1.4% 1.5%
Balance and payout
n/a n/a n/a n/a n/a n/a 0.76 0.76 0.65 0.62
10.2% 8.2% 13.5% 16.2% n/a 0.0% 0.0% 92.0% 92.5% 90.5%
87.5% 103.8% 78.5% 80.1% n/a 0.0% n/a n/a n/a n/a