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Financials · LUV

Southwest Airlines Company (LUV) financials

For the twelve months ended Sep 30, 2026, Southwest Airlines Company reported $31.55B of revenue and $1.05B of net income.

Revenue, TTM
$31.55B
Revenue growth, YoY
+14.5%
Net income, TTM
$1.05B
Net income growth, YoY
+177.8%
Net margin
3.3%
Free cash flow, TTM
-$449.00M
EPS, diluted, TTM
$2.03
EPS growth, YoY
+194.2%
Cash
$3.62B
Total debt
$3.73B
P/E
20.67
P/S
0.69
Market cap
$21.76B
Annual revenue$28.06B
FY2016FY2025
Annual net income$441.00M
FY2016FY2025
Annual free cash flow-$831.00M
FY2016FY2025

LUV revenue and earnings growth

LUV revenueQ3 2026$8.42B

Quarter YoY
+21.2%
QoQ
-0.1%
FY YoY
+2.1%
5Y CAGR
+25.4%
10Y CAGR
+3.5%

LUV revenue was $8.42B in fiscal Q3 2026 (ended Sep 30, 2026), up 21.2% from a year earlier and down 0.1% from the prior quarter. For the full fiscal 2025 it was $28.06B, up 2.1% from fiscal 2024. Compound annual growth was +25.4% over 5 years and +3.5% over 10 years. It rose in 9 of the last 10 fiscal years. Fiscal 2025 is the highest of the 15 fiscal years on file.

LUV net incomeQ3 2026$270.00M

Quarter YoY
+400.0%
QoQ
+15.9%
FY YoY
-5.2%
10Y CAGR
-14.8%

LUV net income was $270.00M in fiscal Q3 2026 (ended Sep 30, 2026), up 400.0% from a year earlier and up 15.9% from the prior quarter. For the full fiscal 2025 it was $441.00M, down 5.2% from fiscal 2024. Compound annual growth was -14.8% over 10 years. It rose in 0 of the last 4 fiscal years.

LUV EPSQ3 2026$0.55

Quarter YoY
+450.0%
QoQ
+17.0%
FY YoY
+3.9%
10Y CAGR
-13.2%

LUV diluted EPS was $0.55 in fiscal Q3 2026 (ended Sep 30, 2026), up 450.0% from a year earlier and up 17.0% from the prior quarter. For the full fiscal 2025 it was $0.79, up 3.9% from fiscal 2024. Compound annual growth was -13.2% over 10 years.

LUV free cash flowQ3 2026-$493.00M

LUV free cash flow was -$493.00M in fiscal Q3 2026 (ended Sep 30, 2026), compared with -$448.00M a year earlier. For the full fiscal 2025 it was -$831.00M, compared with -$1.59B in fiscal 2024.

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Income statement

Income statement
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue$28.06B$27.48B$26.09B$23.81B$15.79B$9.05B$22.43B$21.96B$21.15B$20.29B
Operating income$428.00M$321.00M$224.00M$1.02B$1.72B-$3.82B$2.96B$3.21B$3.41B$3.52B
Interest expense$167.00M$249.00M$259.00M$340.00M--$118.00M$131.00M$114.00M$122.00M
Pre-tax income$563.00M$598.00M$633.00M$728.00M$1.32B-$4.26B$2.96B$3.16B$3.27B$3.45B
Income tax$122.00M$133.00M$168.00M$189.00M$348.00M-$1.18B$657.00M$699.00M-$92.00M$1.27B
Net income$441.00M$465.00M$465.00M$539.00M$977.00M-$3.07B$2.30B$2.46B$3.36B$2.18B
EPS, basic$0.82$0.78$0.78$0.91$1.65-$5.44$4.28$4.30$5.58$3.48
EPS, diluted$0.79$0.76$0.76$0.87$1.61-$5.44$4.27$4.29$5.57$3.45
Diluted shares558.0M643.0M640.0M642.0M609.0M565.0M539.0M574.0M603.0M633.0M

Balance sheet

Balance sheet
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Cash and equivalents$3.23B$7.51B$9.29B$9.49B$12.48B$11.06B$2.55B$1.85B$1.50B$1.68B
Short-term investments$0$1.22B$2.19B$2.80B$3.02B$2.27B$1.52B$1.83B$1.78B$1.63B
Receivables$98.00M$47.00M$104.00M$117.00M$58.00M$46.00M----
Current assets$5.64B$11.27B$13.96B$14.81B$18.04B$15.17B$5.97B$5.03B$4.82B$4.50B
Goodwill$970.00M$970.00M$970.00M$970.00M$970.00M$970.00M$970.00M$970.00M$970.00M$970.00M
Total assets$29.06B$33.75B$36.49B$35.37B$36.32B$34.59B$25.89B$26.24B$25.11B$23.29B
Current liabilities$10.92B$12.28B$12.26B$10.38B$9.16B$7.51B$8.95B$7.91B$6.86B$6.84B
Long-term debt$4.58B$5.07B$7.98B$8.05B$10.27B$10.11B$1.85B$2.77B$3.32B$2.82B
Total debt$4.58B$5.07B$7.98B$8.05B$10.27B$10.11B$1.85B$2.77B$3.32B$2.82B
Shareholders' equity$7.98B$10.35B$10.52B$10.69B$10.41B$8.88B$9.83B$9.85B$9.64B$7.78B

Cash flow

Cash flow
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Operating cash flow$1.84B$462.00M$3.16B$3.79B$2.32B-$1.13B$3.99B$4.89B$3.93B$4.29B
Capital expenditures$2.67B$2.05B$3.52B$3.92B$505.00M$515.00M$1.03B$1.92B$2.12B$2.04B
Free cash flow-$831.00M-$1.59B-$356.00M-$134.00M$1.82B-$1.64B$2.96B$2.97B$1.81B$2.25B
Investing cash flow-$1.43B-$261.00M-$2.93B-$3.75B-$1.26B-$16.00M-$303.00M-$2.04B-$2.41B-$2.27B
Financing cash flow-$4.69B-$1.98B-$436.00M-$3.03B$359.00M$9.66B-$2.99B-$2.50B-$1.71B-$1.92B
Dividends paid$399.00M$430.00M$428.00M$0$0$188.00M$372.00M$332.00M$274.00M$222.00M
Share repurchases$2.55B$250.00M$0$0$0$451.00M$2.00B$2.00B$1.60B$1.75B
Depreciation and amortization$1.56B$1.66B$1.52B$1.35B$1.27B$1.25B$1.22B$1.20B$1.22B$1.22B

Key ratios

Key ratios
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue growth, YoY2.1%5.3%9.6%50.8%74.5%-59.7%2.1%3.9%4.2%2.4%
Net income growth, YoY-5.2%0.0%-13.7%-44.8%---6.7%-26.6%53.8%0.1%
EPS growth, YoY3.9%0.0%-12.6%-46.0%---0.5%-23.0%61.4%5.5%
Operating margin1.5%1.2%0.9%4.3%10.9%-42.2%13.2%14.6%16.1%17.4%
Net margin1.6%1.7%1.8%2.3%6.2%-34.0%10.3%11.2%15.9%10.8%
Free cash flow margin-3.0%-5.8%-1.4%-0.6%11.5%-18.1%13.2%13.5%8.5%11.1%
Return on equity5.5%4.5%4.4%5.0%9.4%-34.6%23.4%25.0%34.8%28.0%
Return on assets1.5%1.4%1.3%1.5%2.7%-8.9%8.9%9.4%13.4%9.4%
Current ratio0.520.921.141.431.972.020.670.640.700.66
Debt to equity0.570.490.760.750.991.140.190.280.340.36

Source: XBRL data Southwest Airlines Company files with the SEC, latest filing dated Oct 22, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.

Per-share figures are as filed. The filings show no stock split in these periods.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

LUV peers

CompanyRevenueGrowthNet incomeNet marginMarket cap
LUV$31.55B+14.5%$1.05B3.3%$21.76B
FDX$94.72B+7.7%$4.43B4.7%$72.17B
DAL$71.80B+14.1%$3.29B4.6%$57.37B
UAL$65.55B+12.3%$3.58B5.5%$36.63B
RYAAY€15.54B+11.4%€2.17B14.0%$31.21B
FDXF$8.79B-1.1%$655.00M7.4%$18.47B
LTM$14.27B+11.2%$1.46B10.2%$13.69B
AAL$60.98B+12.3%-$481.00M-0.8%$8.73B
CPA$3.62B+5.0%$671.65M18.6%$5.87B

LUV FAQ

8 questions
  • What is LUV revenue?
    Southwest Airlines Company (LUV) reported $31.55B of revenue for the twelve months ended Sep 30, 2026. That is up 14.5% from the year before. Revenue for fiscal 2025 was $28.06B.
  • Is LUV profitable?
    Yes. Southwest Airlines Company earned $1.05B in net income for the twelve months ended Sep 30, 2026, a net margin of 3.3%.
  • How much cash and debt does LUV have?
    Southwest Airlines Company reported $3.62B in cash and cash equivalents and $3.73B of debt on its most recent balance sheet in SEC filings.
  • How fast is LUV revenue growing?
    Southwest Airlines Company's revenue changed +2.1% in fiscal 2025, to $28.06B. Its compound annual growth rate was +25.4% over 5 years and +3.5% over 10 years.
  • What is LUV free cash flow?
    Southwest Airlines Company generated -$449.00M of free cash flow for the twelve months ended Sep 30, 2026, which is operating cash flow of $2.76B less capital expenditures.
  • What is LUV earnings per share?
    Diluted earnings per share were $2.03 for the twelve months ended Sep 30, 2026, from SEC filings, restated for any stock split those filings show.
  • When did LUV last report financial results?
    The latest statements here come from Southwest Airlines Company's 10-Q filed on Oct 22, 2026, covering the period ended Sep 30, 2026.
  • Where does this LUV financial data come from?
    Quantisnow builds these statements from the structured XBRL data Southwest Airlines Company files with the SEC. It is provided for information only and is not investment advice.