Monday 19 October 2026 Export LUV’s income statement to Excel — free account

Southwest Airlines Co.

Southwest Airlines Co.’s revenue for fiscal 2025 (year ended December 2025) was $28.1 billion, up 2.11% from fiscal 2024. In the quarter to June 2026, revenue grew 16.4%, EPS grew 20.0%, free cash flow grew 86.8% and total debt rose 44.9%, each against the same quarter a year earlier. Member of the S&P 500; dividend growth for three consecutive years, revenue growth for five.

39.61 0.11 +0.28%

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Market cap: $19.3B
P/E: 23.8×
Fwd P/E: 14.6×
Dividend yield: 1.82%
F-score: 7/9
Altman Z: 2.22
Beneish M: −2.66
Dividend safety: 24/100

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Insider Decisions trades per month

Total sells 0.31

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	1	—	—	—	1	—	—	—	—	—	—

Insider Ownership 1.04%

Capital & Financial Ratios $m

Market Cap 19,320.00

Revenue 30,072.00

Net Income 837.00

Free Cash Flow (7.00)

Net Debt 2,155.00

Current Ratio 0.49

Debt/Equity 0.84

P/E ratio 23.80

Fwd P/E 14.60

P/S ratio 0.64

P/B ratio 2.73

Past 5Y EPS Growth —

This Y EPS Growth 204.81%

Next Y EPS Growth 48.53%

Next Y revenue growth 18.42%

Next 5Y EPS Growth 80.25%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 52.12%

10-year low 10-year high

P/S against its own 10 years 10.50%

10-year low 10-year high

P/B against its own 10 years 45.96%

10-year low 10-year high

EV/Sales against its own 10 years 28.31%

10-year low 10-year high

Dividends

Payout Ratio 0.44

Annual Dividend Rate 0.72

Annual Dividend Yield 1.82%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	0.72	0.18 0.18 0.18
2025	0.72	0.18 0.18 0.18 0.18
2024	0.72	0.18 0.18 0.18 0.18
2023	0.90	0.18 0.18 0.18 0.18 0.18
2022	Powerpack
2021	Powerpack
2020	0.18	0.18
2019	0.70	0.16 0.18 0.18 0.18
2018	0.61	0.13 0.16 0.16 0.16
2017	0.48	0.10 0.13 0.13 0.13
2016	0.38	0.08 0.10 0.10 0.10

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	11,474	8,725	3,231	3,791
Receivables	1,154	1,110	1,149	1,218
Inventory	807	800	775	917
Other	—	—	—	—
	13,955	11,274	5,645	6,482

	2023	2024	2025	Q'26
Payables	1,862	1,818	1,991	2,072
ST’ Debt	29	1,630	324	2,156
Other	6,551	6,294	5,945	6,510
	12,256	12,276	10,921	13,268

Compound Annual Growth %

	10y	5y	3y
Sales	3.54%	25.41%	5.63%
Cash Flow	(5.48%)	0.00%	(21.38%)
Earnings	(14.75%)	0.00%	(6.40%)
Book Value	0.82%	(2.10%)	(9.27%)

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	7,249	8,432	—	—	—
’25	6,428	7,244	6,949	7,442	28,063
’24	6,329	7,354	6,870	6,930	27,483
’23	5,706	7,037	6,525	6,823	26,091
’22	4,694	6,728	6,220	6,172	23,814
’21	2,052	4,008	4,679	5,051	15,790
’20	4,234	1,008	1,793	2,013	9,048

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	1,418	529	—	—	—
’25	860	401	286	295	1,842
’24	(104)	(24)	114	476	462
’23	706	1,417	616	425	3,164
’22	1,071	1,906	234	579	3,790
’21	645	2,005	(575)	247	2,322
’20	(377)	897	(1,051)	(596)	(1,127)

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	980	(31)	—	—	—
’25	359	(234)	(392)	(564)	(831)
’24	(687)	(518)	(403)	16	(1,592)
’23	(340)	492	(225)	(283)	(356)
’22	561	919	(837)	(777)	(134)
’21	550	1,910	(710)	67	1,817
’20	(301)	913	(1,140)	(686)	(1,214)

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	0.45	0.47	—	—	—
’25	(0.26)	0.39	0.10	0.61	0.79
’24	(0.39)	0.58	0.11	0.42	0.76
’23	(0.27)	1.08	0.31	(0.37)	0.81
’22	(0.47)	1.20	0.44	(0.37)	0.87
’21	0.19	0.57	0.73	0.11	1.61
’20	(0.18)	(1.63)	(1.96)	(1.54)	(5.44)

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	33.96	48.71	44.28	44.61	22.47	38.66	30.20	21.91	23.58	23.82	Analyst estimates 2026–2028 Powerpack
	High	51.31	66.99	66.52	58.77	58.83	64.75	50.10	39.53	36.12	43.54
People
People	Employees	53,500	56,100	58,800	60,800	56,500	55,100	66,656	74,806	72,450	72,790
	Revenue/emp, $m	0.38	0.38	0.37	0.37	0.16	0.29	0.36	0.35	0.38	0.39
Income, $m
Income, $m	Revenue	20,289	21,146	21,965	22,428	9,048	15,790	23,814	26,091	27,483	28,063
	Gross margin, %	36.70	35.34	33.05	32.11	(7.02)	34.12	25.63	22.02	22.25	23.00
	EBT	3,450	3,265	3,164	2,957	(4,256)	1,325	728	633	598	563
	EBT margin, %	17.00	15.44	14.40	13.18	(47.04)	8.39	3.06	2.43	2.18	2.01
	Net income	2,183	3,357	2,465	2,300	(3,074)	977	539	465	465	441
	Depreciation	1,221	1,218	1,201	1,219	1,255	1,272	1,351	1,522	1,657	1,560
Per share, $
Per share, $	Revenue	32.36	35.18	38.33	41.69	16.01	26.67	40.16	43.85	45.96	51.97
	Earnings	3.58	5.80	4.30	4.28	(5.44)	1.65	0.91	0.84	0.78	0.82
	Cash flow	6.85	6.54	8.54	7.41	(1.99)	3.92	6.39	5.32	0.77	3.41
	Capex	(3.25)	(3.53)	(3.35)	(1.17)	(0.15)	(0.85)	(6.62)	(5.92)	(3.43)	(4.95)
	Free cash flow	3.60	3.01	5.19	6.25	(2.15)	3.07	(0.23)	(0.60)	(2.66)	(1.54)
	Book value	13.46	16.04	17.20	18.28	15.71	17.59	18.02	17.67	17.31	14.78
	Shares, m	627	601	573	538	565	592	593	595	598	540
Valuation, ×
Valuation, ×	P/E	13.96	11.35	10.78	12.58	0.00	25.96	35.82	34.31	43.66	47.51
	P/S	1.54	1.88	1.21	1.29	2.91	1.61	0.81	0.65	0.73	0.80
	P/B	3.71	4.13	2.70	2.95	2.97	2.44	1.81	1.61	1.94	2.80
	EV/Sales	1.60	1.97	1.28	1.24	2.61	1.30	0.64	0.52	0.66	0.85
	EV/FCF	14.41	23.05	9.43	8.27	(19.47)	11.33	(112.89)	(37.86)	(11.36)	(28.87)
Cash, $m
Cash, $m	Operating cash flow	4,293	3,929	4,893	3,987	(1,127)	2,322	3,790	3,164	462	1,842
	Capex	(2,038)	(2,123)	(1,922)	(627)	(87)	(505)	(3,924)	(3,520)	(2,054)	(2,673)
	Free cash flow	2,255	1,806	2,971	3,360	(1,214)	1,817	(134)	(356)	(1,592)	(831)
Balance, $m
Balance, $m	Working capital	(2,346)	(2,048)	(2,877)	(2,978)	7,667	8,872	4,430	1,699	(1,002)	(5,276)
	Total debt	4,465	5,058	5,078	2,829	10,640	10,727	8,088	8,007	6,699	4,901
	Net debt	1,160	1,785	1,389	(1,243)	(2,694)	(4,777)	(4,204)	(3,467)	(2,026)	1,670
	Shareholders’ equity	8,441	9,641	9,853	9,832	8,876	10,414	10,687	10,515	10,350	7,981
Returns, %
Returns, %	ROA	9.79	13.87	9.60	8.82	(10.16)	2.76	1.50	1.35	1.38	1.41
	ROIC	22.93	18.64	17.82	21.52	(38.58)	19.08	9.80	1.99	2.41	2.77
	ROE	27.63	37.13	25.29	23.37	(32.86)	10.13	5.11	4.57	4.65	4.82

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 0.52 Actual 0.94

−0.13 0.17 0.48 0.78 1.08

Q3 FY25 Beat +0.10

Q4 FY25 Beat +0.02

Q1 FY26 Met 0.00

Q2 FY26 Beat +0.42

Q3 FY26 — Oct 21

Earnings per share against the consensus, by quarter
Quarter	Estimate	Reported	Result
Q3 FY25	0.01	0.11	Beat by 0.10
Q4 FY25	0.56	0.58	Beat by 0.02
Q1 FY26	0.45	0.45	Met by 0.00
Q2 FY26	0.52	0.94	Beat by 0.42
Q3 FY26	0.61	—	Reports 21 October 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
DAL Delta Air Lines, Inc.	$49.6B	15.0×	14.9×	+21.07% (above 0%: growing)	−47.25% (below 0%: shrinking)	−56.40% (below 0%: shrinking)	21.85%	7.20%	Compare
UAL United Airlines Holdings Inc	$31.2B	9.0×	10.1×	+15.99% (above 0%: growing)	−17.17% (below 0%: shrinking)	−69.34% (below 0%: shrinking)	61.75%	6.20%	Compare
RYAAY Ryanair Holdings PLC	$27.2B	5.3×	—	+3.52% (above 0%: growing)	−72.60% (below 0%: shrinking)	−10.66% (below 0%: shrinking)	49.61%	13.12%	Compare
LUV Southwest Airlines Co.	$19.3B	23.8×	14.6×	+16.40% (above 0%: growing)	+20.00% (above 0%: growing)	+86.75% (above 0%: growing)	21.20%	3.38%
ZNH China Southern Airlines Company Limited	$17.7B	— (loss-making)	—	−21.77% (below 0%: shrinking)	n/m	+258.94% (above 0%: growing)	10.93%	3.41%	Compare
LTM LATAM Airlines Group S.A.	$13.6B	8.7×	9.5×	+27.15% (above 0%: growing)	−45.68% (below 0%: shrinking)	−20.71% (below 0%: shrinking)	16.27%	5.29%	Compare
AAL American Airlines Group Inc.	$7.9B	— (loss-making)	— (loss-making)	+16.28% (above 0%: growing)	−87.91% (below 0%: shrinking)	−175.65% (below 0%: shrinking)	20.73%	2.67%	Compare
CPA Copa Holdings, S.A.	$5.5B	8.7×	8.7×	+25.72% (above 0%: growing)	−53.74% (below 0%: shrinking)	+207.63% (above 0%: growing)	50.85%	8.65%	Compare
ALK Alaska Air Group, Inc.	$3.9B	— (loss-making)	— (loss-making)	+9.75% (above 0%: growing)	n/m	−14.61% (below 0%: shrinking)	100.00%	(4.13%)	Compare
Median of peers	$15.7B	8.7×	9.8×	+16.14%	−50.49%	−17.66%	35.73%	5.75%

All 20 Airlines stocks →

Southwest Airlines Co. (LUV) key facts

Strength: Southwest Airlines Co.’s revenue for fiscal 2025 (year ended December 2025) was $28.1 billion, up 2.11% from fiscal 2024.
Southwest Airlines Co. (LUV) is an Airlines company in the Industrials sector, listed on the New York Stock Exchange.
As of October 19, 2026, LUV traded at $39.61, a market capitalization of $19.3 billion.
Southwest Airlines Co. pays an annual dividend of $0.72 per share, a yield of 1.82%, with a payout ratio of 44.2%.
Return on equity was 4.82% and debt-to-equity 0.84.
Its Piotroski F-score is 7 out of 9 and its Altman Z-score is 2.22 (grey zone) for fiscal 2025.