What is Southwest Airlines Co.'s earnings per share (EPS)?

Southwest Airlines Co. (LUV) reported diluted earnings per share of $0.79 for fiscal year 2025. This represents a 3.9% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Southwest Airlines Co. (LUV) Financials

LUV

Trailing 12 months to June 30, 2026

Revenue $30.1B +9.5% YoY

Net Income $837.0M +113.0% YoY

EPS (Diluted) $1.60 +142.4% YoY

Free Cash Flow -$455.0M -44.9% YoY

Market Cap $20.2B as of Oct 9, 2026

Price / Sales 0.7x on $30.1B revenue, trailing 12 months to June 30, 2026

Price / Earnings 24.2x on $837.0M net income, trailing 12 months to June 30, 2026

Price / Book 2.9x on $7.1B equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 9, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Jul 23, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Jul 23, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the LUV SEC filings page.

Southwest Airlines Co. (LUV) reported $30.1B in revenue over the twelve months to Jun 30, 2026, up 9.5% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI LUV FY2025 2026-10-04

Revenue has recovered, but thin margins and weakening short-term liquidity show Southwest converting scale into only modest financial resilience.

By FY2025, operating cash flow was $1.8B while free cash flow was -$831M. That gap indicates capital spending absorbed the cash produced by operations, so reported profitability did not translate into discretionary cash for the period.

Revenue expanded from $15.8B in FY2021 to $28.1B in FY2025, showing substantial top-line recovery. Yet operating margin moved from 10.9% to 1.5%, meaning the cost base or revenue mix absorbed much of the added sales rather than producing proportionate operating earnings.

The short-term liquidity cushion narrowed: the current ratio fell from 2.0x in FY2021 to 0.5x in FY2025, leaving current assets below current liabilities. Debt-to-equity was only 0.6x in FY2025, so the balance-sheet pressure looks more like reduced working-capital flexibility than sharply increased leverage.

Financial Health Signals

Financial Health Score 33/100

Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Southwest Airlines Co.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Southwest Airlines Co. has an operating margin of 1.5%, meaning the company retains $2 of operating profit per $100 of revenue. This results in a moderate score of 37/100, indicating healthy but not exceptional operating efficiency. This is up from 1.2% the prior year.

Growth

Southwest Airlines Co.'s revenue grew a modest 2.1% year-over-year to $28.1B. This slow but positive growth earns a score of 44/100.

Leverage

Southwest Airlines Co. has a moderate D/E ratio of 0.57. This balance of debt and equity financing earns a leverage score of 55/100.

Liquidity

Southwest Airlines Co.'s current ratio of 0.52 is below the typical benchmark, resulting in a score of 5/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Cash Flow

While Southwest Airlines Co. generated $1.8B in operating cash flow, capex of $2.7B consumed most of it, leaving -$831.0M in free cash flow. This results in a low score of 18/100, reflecting heavy capital investment rather than weak cash generation.

Returns

Southwest Airlines Co.'s ROE of 5.5% shows moderate profitability relative to equity, earning a score of 40/100. This is up from 4.5% the prior year.

Altman Z-Score Grey Zone

2.16

Southwest Airlines Co. scores 2.16, placing it in the grey zone between 1.81 and 2.99. This signals moderate financial risk that warrants monitoring.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial

6/8

Southwest Airlines Co. passes 6 of 8 computable financial strength tests (1 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed

4.18x

For every $1 of reported earnings, Southwest Airlines Co. generates $4.18 in operating cash flow ($1.8B OCF vs $441.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Adequate

2.56x

Southwest Airlines Co. earns $2.56 in operating income for every $1 of interest expense ($428.0M vs $167.0M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.

Key Financial Metrics

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Earnings & Revenue

Revenue

$8.4B

YoY+16.4%

QoQ+16.3%

5Y CAGR+16.0%

10Y CAGR+4.6%

Southwest Airlines Co. generated $8.4B in revenue in Q2 2026. This represents an increase of 16.4% from the same quarter a year earlier. Against the prior quarter it is up 16.3%.

EBITDA

$687.0M

YoY+9.9%

QoQ-5.6%

5Y CAGR-5.4%

10Y CAGR-8.0%

Southwest Airlines Co.'s EBITDA was $687.0M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 9.9% from the same quarter a year earlier. Against the prior quarter it is down 5.6%.

Net Income

$233.0M

YoY+9.4%

QoQ+2.6%

5Y CAGR-7.7%

10Y CAGR-11.8%

Southwest Airlines Co. reported $233.0M in net income in Q2 2026. This represents an increase of 9.4% from the same quarter a year earlier. Against the prior quarter it is up 2.6%.

EPS (Diluted)

$0.47

YoY+20.5%

QoQ+4.4%

5Y CAGR-3.8%

10Y CAGR-9.5%

Southwest Airlines Co. earned $0.47 per diluted share (EPS) in Q2 2026. This represents an increase of 20.5% from the same quarter a year earlier. Against the prior quarter it is up 4.4%.

Cash & Balance Sheet

Free Cash Flow

-$288.0M

YoY-11.2%

QoQ-136.5%

Southwest Airlines Co. recorded an outflow of $288.0M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents a decrease of 11.2% from the same quarter a year earlier. Against the prior quarter it is down 136.5%.

Cash & Debt

$3.8B

YoY+9.1%

QoQ+13.9%

5Y CAGR-23.1%

10Y CAGR+6.4%

Southwest Airlines Co. held $3.8B in cash against $3.8B in long-term debt as of Q2 2026.

Dividends Per Share

$0.18

YoY0.0%

QoQ0.0%

Southwest Airlines Co. paid $0.18 per share in dividends in Q2 2026. That is unchanged from the same quarter a year earlier. It is unchanged from the prior quarter.

Shares Outstanding

489M

YoY-6.9%

QoQ+0.1%

5Y CAGR-3.7%

10Y CAGR-2.3%

Southwest Airlines Co. had 489M shares outstanding in Q2 2026. This represents a decrease of 6.9% from the same quarter a year earlier. Against the prior quarter it is up 0.1%.

Margins & Returns

Operating Margin

3.4%

YoY+0.3pp

QoQ-1.2pp

5Y change-11.4pp

10Y change-20.3pp

Southwest Airlines Co.'s operating margin was 3.4% in Q2 2026, reflecting core business profitability. This is up 0.3 percentage points from the same quarter a year earlier. Against the prior quarter it is down 1.2 percentage points.

Net Margin

2.8%

YoY-0.2pp

QoQ-0.4pp

5Y change-5.9pp

10Y change-12.5pp

Southwest Airlines Co.'s net profit margin was 2.8% in Q2 2026, showing the share of revenue converted to profit. This is down 0.2 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.4 percentage points.

Return on Equity

3.3%

YoY+0.6pp

QoQ0.0pp

5Y change-0.3pp

10Y change-7.2pp

Southwest Airlines Co.'s ROE was 3.3% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 0.6 percentage points from the same quarter a year earlier. It is unchanged from the prior quarter.

Gross Margin

Not reported for Q2 2026.

Capital Allocation

Share Buybacks

YoY-100.0%

QoQ-100.0%

Southwest Airlines Co. repurchased no shares in Q2 2026. This represents a decrease of 100.0% from the same quarter a year earlier. Against the prior quarter it is down 100.0%.

Capital Expenditures

$818.0M

YoY+23.9%

QoQ+29.8%

5Y CAGR+53.8%

10Y CAGR+5.9%

Southwest Airlines Co. invested $818.0M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 23.9% from the same quarter a year earlier. Against the prior quarter it is up 29.8%.

R&D Spending

Not reported for Q2 2026.

LUV Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

LUV quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	$30.1B	$28.1B+2.1%	$27.5B+5.3%	$26.1B+9.6%	$23.8B+50.8%	$15.8B+74.5%	$9.0B-59.7%	$22.4B+2.1%	$22.0B+3.8%	$21.2B+3.7%	$20.4B+3.1%	$19.8B+6.5%	$18.6B+5.1%	$17.7B+3.6%	$17.1B+9.1%	$15.7B
SG&A Expenses	$13.4B	$13.0B+5.9%	$12.2B+9.8%	$11.2B+18.9%	$9.4B+21.1%	$7.7B+13.7%	$6.8B-17.9%	$8.3B+8.4%	$7.6B+4.7%	$7.3B+7.6%	$6.8B+6.3%	$6.4B+17.5%	$5.4B+7.9%	$5.0B+6.0%	$4.7B+8.6%	$4.4B
Operating Income	$1.0B	$428.0M+33.3%	$321.0M+43.3%	$224.0M-78.0%	$1.0B-40.9%	$1.7B+145.1%	-$3.8B-229.0%	$3.0B-7.8%	$3.2B-5.9%	$3.4B-3.3%	$3.5B-14.4%	$4.1B+85.0%	$2.2B+74.1%	$1.3B+105.1%	$623.0M-10.1%	$693.0M
EBITDA	N/A	$2.0B+0.5%	$2.0B+13.3%	$1.7B-26.3%	$2.4B-20.9%	$3.0B+216.9%	-$2.6B-161.3%	$4.2B-5.2%	$4.4B-4.7%	$4.6B-2.5%	$4.7B-7.6%	$5.1B+62.2%	$3.2B+47.5%	$2.1B+46.2%	$1.5B+4.2%	$1.4B
Interest Expense	$200.0M	$167.0M-32.9%	$249.0M-3.9%	$259.0M-23.8%	$340.0M	N/A	N/A	$118.0M-9.9%	$131.0M+14.9%	$114.0M-6.6%	$122.0M+0.8%	$121.0M-6.9%	$130.0M-0.8%	$131.0M-10.9%	$147.0M-24.2%	$194.0M
Income Tax	$229.0M	$122.0M-8.3%	$133.0M-20.8%	$168.0M-11.1%	$189.0M-45.7%	$348.0M+129.4%	-$1.2B-279.9%	$657.0M-6.0%	$699.0M+859.8%	-$92.0M-107.3%	$1.3B-2.4%	$1.3B+90.9%	$680.0M+49.5%	$455.0M+72.3%	$264.0M+82.1%	$145.0M
Net Income	$837.0M	$441.0M-5.2%	$465.0M0.0%	$465.0M-13.7%	$539.0M-44.8%	$977.0M+131.8%	-$3.1B-233.7%	$2.3B-6.7%	$2.5B-26.6%	$3.4B+53.8%	$2.2B+0.1%	$2.2B+92.0%	$1.1B+50.7%	$754.0M+79.1%	$421.0M+136.5%	$178.0M
EPS (Basic)	N/A	$0.82+5.1%	$0.780.0%	$0.78-14.3%	$0.91-44.8%	$1.65+130.3%	-$5.44-227.1%	$4.28-0.5%	$4.30-22.9%	$5.58+60.3%	$3.48+5.5%	$3.30+100.0%	$1.65+55.7%	$1.06+89.3%	$0.56+143.5%	$0.23
EPS (Diluted)	$1.60	$0.79+3.9%	$0.760.0%	$0.76-12.6%	$0.87-46.0%	$1.61+129.6%	-$5.44-227.4%	$4.27-0.5%	$4.29-23.0%	$5.57+61.4%	$3.45+5.5%	$3.27+99.4%	$1.64+56.2%	$1.05+87.5%	$0.56+143.5%	$0.23
Diluted Shares (Avg)	N/A	558M-13.2%	643M+0.5%	640M-0.3%	642M+5.4%	609M+7.8%	565M+4.8%	539M-6.1%	574M-4.8%	603M-4.7%	633M-5.4%	669M-3.9%	696M-3.1%	718M-5.2%	757M-2.3%	775M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$8.4B+16.4%	$7.2B+12.8%	$7.4B+7.4%	$6.9B+1.1%	$7.2B-1.5%	$6.4B+1.6%	$6.9B+1.6%	$6.9B+5.3%
SG&A Expenses	$3.5B+7.3%	$3.3B+6.3%	$3.4B+4.6%	$3.2B+4.9%	$3.3B+8.8%	$3.1B+5.5%	$3.2B+2.2%	$3.1B+12.5%
Operating Income	$285.0M+26.7%	$330.0M+248.0%	$391.0M+40.6%	$35.0M-7.9%	$225.0M-43.5%	-$223.0M+43.3%	$278.0M+168.8%	$38.0M-67.5%
EBITDA	$687.0M+9.9%	$728.0M+320.8%	$761.0M+11.1%	$429.0M-9.9%	$625.0M-22.1%	$173.0M+1053.3%	$685.0M+6127.3%	$476.0M-3.3%
Interest Expense	$64.0M+64.1%	$54.0M+17.4%	$47.0M-19.0%	$35.0M-44.4%	$39.0M-38.1%	$46.0M-29.2%	$58.0M	$63.0M0.0%
Income Tax	$73.0M+9.0%	$58.0M+234.9%	$84.0M+25.4%	$14.0M-36.4%	$67.0M-39.6%	-$43.0M+35.8%	$67.0M+303.0%	$22.0M-50.0%
Net Income	$233.0M+9.4%	$227.0M+252.3%	$323.0M+23.3%	$54.0M-19.4%	$213.0M-42.0%	-$149.0M+35.5%	$262.0M+204.0%	$67.0M-65.3%
EPS (Basic)	$0.48+20.0%	$0.45+273.1%	$0.61+38.6%	$0.10-9.1%	$0.40-34.4%	-$0.26+33.3%	$0.44+204.8%	$0.11-65.6%
EPS (Diluted)	$0.47+20.5%	$0.45+273.1%	$0.58+38.1%	$0.10-9.1%	$0.39-32.8%	-$0.26+33.3%	$0.42+207.7%	$0.11-64.5%
Diluted Shares (Avg)	493M-8.9%	503M-13.9%	N/A	526M-12.5%	541M-15.9%	584M-2.2%	N/A	601M-6.1%

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses.

LUV Balance Sheet

LUV quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Total Assets	$29.1B-13.9%	$33.8B-7.5%	$36.5B+3.2%	$35.4B-2.6%	$36.3B+5.0%	$34.6B+33.6%	$25.9B-1.3%	$26.2B+4.5%	$25.1B+7.8%	$23.3B+9.3%	$21.3B+8.1%	$19.7B+2.0%	$19.3B+4.0%	$18.6B+2.9%	$18.1B
Current Assets	$5.6B-49.9%	$11.3B-19.2%	$14.0B-5.8%	$14.8B-17.9%	$18.0B+18.9%	$15.2B+154.0%	$6.0B+18.8%	$5.0B+4.4%	$4.8B+7.0%	$4.5B+11.8%	$4.0B+2.5%	$3.9B-11.9%	$4.5B+5.4%	$4.2B-2.7%	$4.3B
Cash & Equivalents	$3.2B-57.0%	$7.5B-19.2%	$9.3B-2.1%	$9.5B-23.9%	$12.5B+12.8%	$11.1B+334.2%	$2.5B+37.4%	$1.9B+24.0%	$1.5B-11.0%	$1.7B+6.1%	$1.6B+23.5%	$1.3B-5.4%	$1.4B+21.7%	$1.1B+34.3%	$829.0M
Short-Term Investments	$0-100.0%	$1.2B-44.4%	$2.2B-21.9%	$2.8B-7.4%	$3.0B+33.2%	$2.3B+49.0%	$1.5B-16.9%	$1.8B+3.2%	$1.8B+9.4%	$1.6B+10.7%	$1.5B-14.0%	$1.7B-5.1%	$1.8B-3.2%	$1.9B-19.8%	$2.3B
Accounts Receivable	$98.0M+108.5%	$47.0M-54.8%	$104.0M-11.1%	$117.0M+101.7%	$58.0M+26.1%	$46.0M	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0-100.0%	$40.0M+14.3%	$35.0M-20.5%	$44.0M+7.3%	$41.0M-57.7%	$97.0M
Goodwill	$970.0M0.0%	$970.0M0.0%	$970.0M0.0%	$970.0M0.0%	$970.0M0.0%	$970.0M0.0%	$970.0M0.0%	$970.0M0.0%	$970.0M0.0%	$970.0M0.0%	$970.0M0.0%	$970.0M0.0%	$970.0M0.0%	$970.0M0.0%	$970.0M
Total Liabilities	$21.1B-9.9%	$23.4B-9.9%	$26.0B+5.2%	$24.7B-4.7%	$25.9B+0.8%	$25.7B+60.1%	$16.1B-2.0%	$16.4B+6.0%	$15.5B-0.2%	$15.5B+6.5%	$14.6B+12.4%	$12.9B+7.8%	$12.0B+3.5%	$11.6B+3.7%	$11.2B
Current Liabilities	$10.9B-11.0%	$12.3B+0.2%	$12.3B+18.1%	$10.4B+13.2%	$9.2B+22.1%	$7.5B-16.2%	$9.0B+13.2%	$7.9B+15.2%	$6.9B+0.3%	$6.8B-7.6%	$7.4B+25.0%	$5.9B+4.4%	$5.7B+22.1%	$4.7B+2.6%	$4.5B
Non-Current Liabilities	$10.2B-8.7%	$11.1B-18.9%	$13.7B-4.1%	$14.3B-14.6%	$16.7B-8.0%	$18.2B+156.0%	$7.1B-16.2%	$8.5B-1.4%	$8.6B-0.6%	$8.7B+21.2%	$7.1B+1.7%	$7.0B+10.9%	$6.3B-8.9%	$7.0B+4.4%	$6.7B
Long-Term Debt	$4.6B-9.7%	$5.1B-36.5%	$8.0B-0.8%	$8.0B-21.7%	$10.3B+1.6%	$10.1B+447.7%	$1.8B-33.4%	$2.8B-16.5%	$3.3B+17.7%	$2.8B+11.0%	$2.5B+4.4%	$2.4B+11.1%	$2.2B-24.0%	$2.9B-7.2%	$3.1B
Total Equity	$8.0B-22.9%	$10.3B-1.6%	$10.5B-1.6%	$10.7B+2.6%	$10.4B+17.3%	$8.9B-9.7%	$9.8B-0.2%	$9.9B+2.2%	$9.6B+23.9%	$7.8B+15.1%	$6.8B-0.2%	$6.8B-7.6%	$7.3B+4.9%	$7.0B+1.7%	$6.9B
Retained Earnings	$16.4B+0.3%	$16.3B+0.2%	$16.3B+0.2%	$16.3B+3.1%	$15.8B+6.7%	$14.8B-17.7%	$17.9B+12.4%	$16.0B+15.4%	$13.8B+21.1%	$11.4B+21.4%	$9.4B+26.9%	$7.4B+15.3%	$6.4B+11.5%	$5.8B+6.9%	$5.4B

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$30.1B+4.9%	$29.4B-11.6%	$29.1B-13.9%	$28.3B-18.8%	$28.7B-19.3%	$33.2B-7.8%	$33.8B-7.5%	$34.8B-5.8%
Current Assets	$6.5B+6.4%	$6.0B-44.4%	$5.6B-49.9%	$5.4B-54.8%	$6.1B-52.2%	$10.7B-19.2%	$11.3B-19.2%	$11.9B-18.5%
Cash & Equivalents	$3.8B+9.1%	$3.3B-59.1%	$3.2B-57.0%	$2.9B-65.9%	$3.5B-57.3%	$8.1B-2.8%	$7.5B-19.2%	$8.5B-10.5%
Short-Term Investments	$0-100.0%	$0-100.0%	$0-100.0%	$116.0M-86.8%	$364.0M-80.4%	$118.0M-94.5%	$1.2B-44.4%	$879.0M-60.7%
Accounts Receivable	$78.0M+30.0%	$171.0M+263.8%	$98.0M+108.5%	$52.0M+4.0%	$60.0M-10.4%	$47.0M-19.0%	$47.0M-54.8%	$50.0M-64.8%
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$970.0M0.0%	$970.0M0.0%	$970.0M0.0%	$970.0M0.0%	$970.0M0.0%	$970.0M0.0%	$970.0M0.0%	$970.0M0.0%
Total Liabilities	$23.0B+11.2%	$22.5B-5.7%	$21.1B-9.9%	$20.5B-16.0%	$20.7B-17.5%	$23.8B-7.6%	$23.4B-9.9%	$24.4B-5.7%
Current Liabilities	$13.3B+21.8%	$12.5B-10.2%	$10.9B-11.0%	$11.0B-18.5%	$10.9B-22.8%	$13.9B+13.7%	$12.3B+0.2%	$13.5B+11.4%
Non-Current Liabilities	$9.8B-0.5%	$10.0B+0.5%	$10.2B-8.7%	$9.5B-12.8%	$9.8B-10.6%	$9.9B-26.9%	$11.1B-18.9%	$10.9B-20.8%
Long-Term Debt	$3.8B-7.1%	$4.5B+11.0%	$4.6B-9.7%	$4.1B-19.6%	$4.1B-19.4%	$4.1B-48.8%	$5.1B-36.5%	$5.1B-36.4%
Total Equity	$7.1B-11.5%	$6.9B-26.6%	$8.0B-22.9%	$7.8B-25.3%	$8.0B-23.6%	$9.4B-8.2%	$10.3B-1.6%	$10.4B-5.8%
Retained Earnings	$16.7B+2.9%	$16.5B+2.8%	$16.4B+0.3%	$16.2B-0.1%	$16.2B-0.1%	$16.1B+0.8%	$16.3B+0.2%	$16.2B-2.9%

Not reported in any period shown, so not listed: Inventory.

LUV Cash Flow Statement

LUV quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	$2.5B	$1.8B+298.7%	$462.0M-85.4%	$3.2B-16.5%	$3.8B+63.2%	$2.3B+306.0%	-$1.1B-128.3%	$4.0B-18.5%	$4.9B+24.5%	$3.9B-8.5%	$4.3B+32.6%	$3.2B+11.6%	$2.9B+17.2%	$2.5B+20.0%	$2.1B+52.2%	$1.4B
Depreciation & Amortization	N/A	$1.6B-5.9%	$1.7B+8.9%	$1.5B+12.7%	$1.4B+6.2%	$1.3B+1.4%	$1.3B+3.0%	$1.2B+1.5%	$1.2B-1.4%	$1.2B-0.2%	$1.2B+20.3%	$1.0B+8.2%	$938.0M+8.2%	$867.0M+2.7%	$844.0M+18.0%	$715.0M
Stock-Based Compensation	N/A	$99.0M+120.0%	$45.0M-47.7%	$86.0M+2.4%	$84.0M+44.8%	$58.0M+241.2%	$17.0M-69.1%	$55.0M+19.6%	$46.0M+24.3%	$37.0M+12.1%	$33.0M+13.8%	$29.0M+38.1%	$21.0M+16.7%	$18.0M+12.5%	$16.0M+23.1%	$13.0M
Capital Expenditures	$3.0B	$2.7B+30.1%	$2.1B-41.6%	$3.5B-10.3%	$3.9B+677.0%	$505.0M-1.9%	$515.0M-49.9%	$1.0B-46.6%	$1.9B-9.5%	$2.1B+4.2%	$2.0B-0.1%	$2.0B+16.8%	$1.7B+20.8%	$1.4B+7.3%	$1.3B+39.3%	$968.0M
Free Cash Flow	-$455.0M	-$831.0M+47.8%	-$1.6B-347.2%	-$356.0M-165.7%	-$134.0M-107.4%	$1.8B+210.7%	-$1.6B-155.5%	$3.0B-0.4%	$3.0B+64.5%	$1.8B-19.9%	$2.3B+88.4%	$1.2B+3.7%	$1.2B+12.0%	$1.0B+43.9%	$716.0M+84.5%	$388.0M
Investing Cash Flow	-$2.2B	-$1.4B-447.5%	-$261.0M+91.1%	-$2.9B+21.7%	-$3.7B-196.4%	-$1.3B-7800.0%	-$16.0M+94.7%	-$303.0M+85.1%	-$2.0B+15.4%	-$2.4B-6.0%	-$2.3B-18.8%	-$1.9B-10.8%	-$1.7B-24.8%	-$1.4B-66.1%	-$833.0M+18.5%	-$1.0B
Financing Cash Flow	-$39.0M	-$4.7B-136.9%	-$2.0B-354.1%	-$436.0M+85.6%	-$3.0B-944.6%	$359.0M-96.3%	$9.7B+423.0%	-$3.0B-19.8%	-$2.5B-46.3%	-$1.7B+11.3%	-$1.9B-87.9%	-$1.0B+17.9%	-$1.2B-46.7%	-$851.0M+10.1%	-$947.0M-23.6%	-$766.0M
Dividends Paid	$370.0M	$399.0M-7.2%	$430.0M+0.5%	$428.0M	$0	$0-100.0%	$188.0M-49.5%	$372.0M+12.0%	$332.0M+21.2%	$274.0M+23.4%	$222.0M+23.3%	$180.0M+29.5%	$139.0M+95.8%	$71.0M+222.7%	$22.0M+57.1%	$14.0M
Share Buybacks	$1.6B	$2.5B+920.0%	$250.0M	$0	$0	$0-100.0%	$451.0M-77.5%	$2.0B0.0%	$2.0B+25.0%	$1.6B-8.6%	$1.8B+48.3%	$1.2B+23.6%	$955.0M+76.9%	$540.0M+35.0%	$400.0M+77.8%	$225.0M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	$530.0M+32.2%	$1.4B+64.9%	$295.0M-38.0%	$287.0M+154.0%	$401.0M+1843.5%	$860.0M+926.9%	$476.0M+12.0%	$113.0M-81.7%
Depreciation & Amortization	$402.0M+0.5%	$398.0M+0.5%	$371.0M-8.8%	$394.0M-10.0%	$400.0M-1.0%	$396.0M-2.9%	$407.0M-1.9%	$438.0M+16.8%
Capital Expenditures	$818.0M+23.9%	$630.0M+19.5%	$859.0M+86.7%	$678.0M+31.1%	$660.0M+33.6%	$527.0M-9.6%	$460.0M-35.0%	$517.0M-38.6%
Free Cash Flow	-$288.0M-11.2%	$788.0M+136.6%	-$564.0M-3625.0%	-$391.0M+3.2%	-$259.0M+49.9%	$333.0M+148.5%	$16.0M+105.7%	-$404.0M-78.8%
Investing Cash Flow	-$560.0M+36.5%	-$445.0M-171.4%	-$742.0M-1116.4%	-$428.0M-193.4%	-$882.0M-328.2%	$623.0M+206.5%	$73.0M+111.0%	$458.0M+815.6%
Financing Cash Flow	$493.0M+111.8%	-$876.0M-2.1%	$776.0M+150.3%	-$432.0M-105.7%	-$4.2B-104550.0%	-$858.0M-269.8%	-$1.5B-5243.3%	-$210.0M+1.4%
Dividends Paid	$88.0M-14.6%	$93.0M-13.1%	$0+100.0%	$189.0M-12.5%	$103.0M	$107.0M-50.2%	-$1.0M	$216.0M+0.9%
Share Buybacks	$0-100.0%	$1.3B+66.7%	$50.0M-80.0%	$250.0M	$1.5B	$750.0M	$250.0M	$0

Not reported in any period shown, so not listed: Stock-Based Compensation.

LUV Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

LUV quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Margin	1.5%+0.4pp	1.2%+0.3pp	0.9%-3.4pp	4.3%-6.6pp	10.9%+53.1pp	-42.2%-55.4pp	13.2%-1.4pp	14.6%-1.5pp	16.1%-1.2pp	17.2%-3.5pp	20.8%+8.8pp	12.0%+4.7pp	7.2%+3.6pp	3.6%-0.8pp	4.4%
Net Margin	1.6%-0.1pp	1.7%-0.1pp	1.8%-0.5pp	2.3%-3.9pp	6.2%+40.2pp	-34.0%-44.2pp	10.3%-1.0pp	11.2%-4.6pp	15.9%+5.2pp	10.7%-0.3pp	11.0%+4.9pp	6.1%+1.9pp	4.3%+1.8pp	2.5%+1.3pp	1.1%
Return on Equity	5.5%+1.0pp	4.5%+0.1pp	4.4%-0.6pp	5.0%-4.3pp	9.4%+44.0pp	-34.6%-58.0pp	23.4%-1.6pp	25.0%-9.8pp	34.8%+6.8pp	28.0%-4.2pp	32.3%+15.5pp	16.8%+6.5pp	10.3%+4.3pp	6.0%+3.4pp	2.6%
Return on Assets	1.5%+0.1pp	1.4%+0.1pp	1.3%-0.3pp	1.5%-1.2pp	2.7%+11.6pp	-8.9%-17.8pp	8.9%-0.5pp	9.4%-4.0pp	13.4%+4.0pp	9.4%-0.9pp	10.2%+4.5pp	5.8%+1.9pp	3.9%+1.6pp	2.3%+1.3pp	1.0%
Current Ratio	0.52-0.4x	0.92-0.2x	1.14-0.3x	1.43-0.5x	1.97-0.1x	2.02+1.4x	0.670.0x	0.64-0.1x	0.700.0x	0.66+0.1x	0.54-0.1x	0.66-0.1x	0.79-0.1x	0.910.0x	0.96
Debt-to-Equity	0.57+0.1x	0.49-0.3x	0.760.0x	0.75-0.2x	0.99-0.2x	1.14+1.0x	0.19-0.1x	0.28-0.1x	0.340.0x	0.360.0x	0.380.0x	0.36+0.1x	0.30-0.1x	0.410.0x	0.45
Asset Turnover	0.97+0.2x	0.81+0.1x	0.720.0x	0.67+0.2x	0.43+0.2x	0.26-0.6x	0.870.0x	0.840.0x	0.840.0x	0.88-0.1x	0.930.0x	0.940.0x	0.910.0x	0.92+0.1x	0.87
FCF Margin	-3.0%+2.8pp	-5.8%-4.4pp	-1.4%-0.8pp	-0.6%-12.1pp	11.5%+29.7pp	-18.1%-31.4pp	13.2%-0.3pp	13.5%+5.0pp	8.5%-2.5pp	11.0%+5.0pp	6.0%-0.2pp	6.2%+0.4pp	5.8%+1.6pp	4.2%+1.7pp	2.5%

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Margin	3.4%+0.3pp	4.5%+8.0pp	5.3%+1.2pp	0.5%0.0pp	3.1%-2.3pp	-3.5%+2.7pp	4.0%+9.9pp	0.5%-1.2pp
Net Margin	2.8%-0.2pp	3.1%+5.5pp	4.3%+0.6pp	0.8%-0.2pp	2.9%-2.1pp	-2.3%+1.3pp	3.8%+7.5pp	1.0%-2.0pp
Return on Equity	3.3%+0.6pp	3.3%+4.9pp	4.0%+1.5pp	0.7%0.0pp	2.7%-0.9pp	-1.6%+0.7pp	2.5%+4.9pp	0.6%-1.1pp
Return on Assets	0.8%0.0pp	0.8%+1.2pp	1.1%+0.3pp	0.2%0.0pp	0.7%-0.3pp	-0.4%+0.2pp	0.8%+1.5pp	0.2%-0.3pp
Current Ratio	0.49-0.1x	0.48-0.3x	0.52-0.4x	0.49-0.4x	0.56-0.3x	0.77-0.3x	0.92-0.2x	0.88-0.3x
Debt-to-Equity	0.540.0x	0.66+0.2x	0.57+0.1x	0.520.0x	0.510.0x	0.44-0.3x	0.49-0.3x	0.49-0.2x
Asset Turnover	0.280.0x	0.25+0.1x	0.26+0.1x	0.250.0x	0.250.0x	0.190.0x	0.210.0x	0.200.0x
FCF Margin	-3.4%+0.2pp	10.9%+5.7pp	-7.6%-7.8pp	-5.6%+0.2pp	-3.6%+3.5pp	5.2%+16.0pp	0.2%+4.4pp	-5.9%-2.4pp

Not reported in any period shown, so not listed: Gross Margin.

Note: The current ratio is below 1.0 (0.52), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Southwest Airlines Co. LUV	FY2025	$28.1B	$441.0M	1.6%	$20.2B	33/100
Delta Air Lines, Inc. DAL	FY2025	$63.4B	$5.0B	7.9%	$54.6B	47/100
United Airlines Holdings, Inc. UAL	FY2025	$59.1B	$3.4B	5.7%	$35.8B	41/100
American Airlines Group Inc. AAL	FY2025	$54.6B	$111.0M	0.2%	$8.5B	27/100
Alaska Air Group, Inc. ALK	FY2025	$14.2B	$100.0M	0.7%	$4.4B	34/100
Skywest Inc SKYW	FY2025	$4.1B	$428.3M	10.5%	$3.8B	56/100

Where Southwest Airlines Co. Ranks

Frequently Asked Questions

What is Southwest Airlines Co.'s annual revenue?

Southwest Airlines Co. (LUV) reported $28.1B in total revenue for fiscal year 2025. This represents a 2.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Southwest Airlines Co.'s revenue growing?

Southwest Airlines Co. (LUV) revenue grew by 2.1% year-over-year, from $27.5B to $28.1B in fiscal year 2025.

Is Southwest Airlines Co. profitable?

Yes, Southwest Airlines Co. (LUV) reported a net income of $441.0M in fiscal year 2025, with a net profit margin of 1.6%.

What is Southwest Airlines Co.'s EBITDA?

Southwest Airlines Co. (LUV) had EBITDA of $2.0B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Southwest Airlines Co. have?

As of fiscal year 2025, Southwest Airlines Co. (LUV) had $3.2B in cash and equivalents against $4.6B in long-term debt.

What is Southwest Airlines Co.'s operating margin?

Southwest Airlines Co. (LUV) had an operating margin of 1.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Southwest Airlines Co.'s net profit margin?

Southwest Airlines Co. (LUV) had a net profit margin of 1.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Southwest Airlines Co. pay dividends?

Yes, Southwest Airlines Co. (LUV) paid $0.72 per share in dividends during fiscal year 2025.

What is Southwest Airlines Co.'s return on equity (ROE)?

Southwest Airlines Co. (LUV) has a return on equity of 5.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Southwest Airlines Co.'s free cash flow?

Southwest Airlines Co. (LUV) recorded an outflow of $831.0M in free cash flow during fiscal year 2025. This represents a 47.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Southwest Airlines Co.'s operating cash flow?

Southwest Airlines Co. (LUV) generated $1.8B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Southwest Airlines Co.'s total assets?

Southwest Airlines Co. (LUV) had $29.1B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Southwest Airlines Co.'s capital expenditures?

Southwest Airlines Co. (LUV) invested $2.7B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Does Southwest Airlines Co. buy back shares?

Yes, Southwest Airlines Co. (LUV) spent $2.5B on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Southwest Airlines Co. have outstanding?

Southwest Airlines Co. (LUV) had 491M shares outstanding as of fiscal year 2025.

What is Southwest Airlines Co.'s current ratio?

Southwest Airlines Co. (LUV) had a current ratio of 0.52 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

What is Southwest Airlines Co.'s debt-to-equity ratio?

Southwest Airlines Co. (LUV) had a debt-to-equity ratio of 0.57 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Southwest Airlines Co.'s return on assets (ROA)?

Southwest Airlines Co. (LUV) had a return on assets of 1.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Southwest Airlines Co.'s P/E ratio?

Southwest Airlines Co. (LUV) trades at 24.2x earnings, its market capitalization divided by net income of $837.0M net income, trailing 12 months to June 30, 2026. The market capitalization is $20.2B as of Oct 9, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Southwest Airlines Co.'s price-to-sales ratio?

Southwest Airlines Co. (LUV) trades at 0.7x sales, its market capitalization divided by revenue of $30.1B revenue, trailing 12 months to June 30, 2026. The market capitalization is $20.2B as of Oct 9, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Southwest Airlines Co.'s Altman Z-Score?

Southwest Airlines Co. (LUV) has an Altman Z-Score of 2.16, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Southwest Airlines Co.'s Piotroski F-Score?

Southwest Airlines Co. (LUV) has a Piotroski F-Score of 6 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Southwest Airlines Co.'s earnings high quality?

Southwest Airlines Co. (LUV) has an earnings quality ratio of 4.18x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Southwest Airlines Co. cover its interest payments?

Southwest Airlines Co. (LUV) has an interest coverage ratio of 2.56x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Southwest Airlines Co.?

Southwest Airlines Co. (LUV) scores 33 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.