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LUVSouthwest Airlines

Industrials · Airlines · NYSE

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FY2025 at a glance

Sales up 2.1%, free cash flow up to -$831.0M

XBRL, from each 10-K

RevenueStatements ↓

$28.1B

from $27.5B in FY2024

FY2016FY2025

Net incomeStatements ↓

$441.0M

from $465.0M in FY2024

FY2016FY2025

Free cash flowStatements ↓

-$831.0M

from -$1.6B in FY2024

FY2016FY2025

EPS (diluted)Statements ↓

$0.79

from $0.76 in FY2024

FY2016FY2025

Operating marginStatements ↓

1.5%

from 1.2% in FY2024

FY2016FY2025

Total debtStatements ↓

$4.9B

from $6.7B in FY2024

FY2016FY2025

Price and key numbers

The latest figures

All key numbers (38, from the latest 10-K and 10-Q) From EDGAR

EPS (ttm)	2.05	Sales (ttm)	31.5B	Net income (ttm)	1.1B	Sales growth	+2.1%	EPS growth	+3.9%	Sales Q/Q	+21.2%
Free cash flow	-450.0M	Gross margin	-	Oper. margin	4.4%	Net margin	3.3%	FCF margin	-1.4%	ROE	14.4%
ROA	3.4%	R&D / sales	-	Dividend	0.72	Debt/Eq	0.80	Curr. ratio	0.47	Cash	3.6B
Op. cash flow (ttm)	2.8B	EBITDA	2.0B	EBITDA margin	7.1%	Net debt	2.3B	Quick ratio	0.47	Interest cover	2.56
ROIC	2.5%	Payout ratio	91.1%	Tax rate	21.7%	Stock pay / sales	0.4%	Shares out.	489.6M	Shares Y/Y	-13.2%
Book / share	14.97	Cash / share	7.40	Sales / share	64.43	Asset turnover	1.03	Days sales out.	1	Sales 3Y CAGR	+5.6%
Sales 5Y CAGR	+25.4%	EPS 3Y CAGR	-3.2%

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024

Debt fell 26%$6.7B → $4.9B · Short-term + long-term debt at year end

What management wrote about it → · Every company →

LUV against Industrials peers

Ten years, side by side → · All 83 →

LUVPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 83 companies, the better end on the right. Hover a dot for the company.

Sales growth

+2.1%57th of 82 · median +4.8%

Net margin

3.3%80th of 82 · median 13.0%

Return on equity

14.4%58th of 77 · median 24.9%

Free cash flow margin

-1.4%78th of 79 · median 13.0%

Debt / equity (less is better)

0.8040th of 72 · median 0.72

LUV and the 5 peers closest in revenue
Company	Revenue (ttm)	Sales growth	Gross margin	Net margin	ROE	FCF margin	Debt / equity
LUV Southwest Airlines	$31.5B	+2.1%	-	3.3%	14.4%	-1.4%	0.80
CMI Cummins	$35.8B	-1.3%	25.9%	9.3%	24.9%	9.7%	0.54
FERG Ferguson Enterprises	$32.2B	+3.8%	30.6%	6.0%	28.8%	3.4%	0.93
ETN Eaton Corporation	$32.0B	+10.3%	35.0%	12.2%	18.6%	11.9%	0.96
PCAR Paccar	$29.1B	-15.5%	20.1%	9.5%	13.2%	10.5%	-
UNP Union Pacific Corporation	$26.4B	+1.1%	-	28.9%	34.6%	25.4%	1.38

Profitability

0 of 3

!
Net margin below the peer median3.3% vs 13.0%
!
Return on equity below 15%14.4%
!
A profit in 9 of 10 years

Net margin, FY2016 to FY2025: 10.7% → 1.6%

Balance sheet

1 of 3

!
Interest covered less than 5 timesOperating income is 2.6× interest expense
✓
Debt smaller than equityDebt / equity 0.80 on the latest balance sheet (peer median 0.72)
!
Current ratio below 1Current ratio 0.47

Debt / equity at each year end, FY2016 to FY2025: 0.44 → 0.62

What the debt is made of ↓

Cash and shareholders

3 of 4

!
Free cash flow positive in 5 of 10 years−$831.0M last year
✓
Share count down over 5 years−1.2%
✓
Dividend per share up over 5 years$0.18 → $0.72
✓
Cash from operations above net income$1.8B vs $441.0M

Free cash flow, FY2016 to FY2025: 2.3B → -831.0M

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Debt

$4.9B of principal due, schedule of Dec 31, 2025

Repayment schedule →

From the balance sheet in the latest 10-K or 10-Q (XBRL). When each part falls due, year by year, and the debt note's own lines are on the Debt tab.

Revenue and net income, FY2016 to FY2025

Revenue 28.1B Net income 441.0M

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Where the $28.1B of revenue came from

by region, year to Dec 31, 2025

North America $27.3B · 97%
Latin America $756.0M · 3%

From the segment tables in the 10-K XBRL. Revenue by segment, product and region →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

LUV's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly

Revenue28.1B

Net income441.0M

Free cash flow-831.0M

EPS (diluted)0.79

Dividend per share0.72

Diluted shares558.0M

Revenue by product or service

year to Dec 31, 2025

	Revenue	Share	vs year before
Passenger	25.5B	91.0%	+2.2%
Passenger non-loyalty	20.4B	72.8%	-0.1%
Passenger loyalty - air transportation	3.3B	11.6%	-6.5%
Other Revenue	2.6B	9.3%	+18.2%
Passenger ancillary sold separately	1.8B	6.5%	+78.3%
Freight	171.0M	0.6%	-2.3%

10-K 0000092380-26-000004, segment and revenue notes (XBRL).

Revenue by region

year to Dec 31, 2025

	Revenue	Share	vs year before
North America	27.3B	97.3%	+2.2%
Latin America	756.0M	2.7%	-5.3%

10-K 0000092380-26-000004, segment and revenue notes (XBRL).

Income statement

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	20.4B	21.2B	22.0B	22.4B	9.0B	15.8B	23.8B	26.1B	27.5B	28.1B
Operating income	3.5B	3.4B	3.2B	3.0B	-3.8B	1.7B	1.0B	224.0M	321.0M	428.0M
Interest expense	122.0M	114.0M	131.0M	118.0M	212.0M	336.0M	340.0M	259.0M	249.0M	167.0M
Pretax income	3.5B	3.3B	3.2B	3.0B	-4.3B	1.3B	728.0M	633.0M	598.0M	563.0M
Income tax	1.3B	-92.0M	699.0M	657.0M	-1.2B	348.0M	189.0M	168.0M	133.0M	122.0M
Net income	2.2B	3.4B	2.5B	2.3B	-3.1B	977.0M	539.0M	465.0M	465.0M	441.0M
EPS (diluted)	3.45	5.57	4.29	4.27	-5.44	1.61	0.87	0.76	0.76	0.79
Diluted shares	633.0M	603.0M	574.0M	539.0M	565.0M	609.0M	642.0M	640.0M	643.0M	558.0M
Depreciation & amortization	1.2B	1.2B	1.2B	1.2B	1.3B	1.3B	1.4B	1.5B	1.7B	1.6B
EBITDA	4.7B	4.6B	4.4B	4.2B	-2.6B	3.0B	2.4B	1.7B	2.0B	2.0B
Operating margin	17.2%	16.1%	14.6%	13.2%	-42.2%	10.9%	4.3%	0.9%	1.2%	1.5%
Net margin	10.7%	15.9%	11.2%	10.3%	-34.0%	6.2%	2.3%	1.8%	1.7%	1.6%
Revenue growth	-	+3.7%	+3.8%	+2.1%	-59.7%	+74.5%	+50.8%	+9.6%	+5.3%	+2.1%
EPS growth	-	+61.4%	-23.0%	-0.5%	-227%	-	-46.0%	-12.6%	0.0%	+3.9%

Balance sheet

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash	1.7B	1.5B	1.9B	2.5B	11.1B	12.5B	9.5B	9.3B	7.5B	3.2B
Short-term investments	1.6B	1.8B	1.8B	1.5B	2.3B	3.0B	2.8B	2.2B	1.2B	0
Receivables	-	-	-	-	46.0M	58.0M	117.0M	104.0M	47.0M	98.0M
Current assets	4.5B	4.8B	5.0B	6.0B	15.2B	18.0B	14.8B	14.0B	11.3B	5.6B
Property & equipment	17.0B	18.5B	19.5B	17.0B	15.8B	14.8B	17.3B	19.4B	19.1B	20.2B
Goodwill	970.0M	970.0M	970.0M	970.0M	970.0M	970.0M	970.0M	970.0M	970.0M	970.0M
Total assets	23.3B	25.1B	26.2B	25.9B	34.6B	36.3B	35.4B	36.5B	33.8B	29.1B
Accounts payable	1.2B	1.3B	1.4B	1.6B	931.0M	1.3B	2.0B	1.9B	1.8B	2.0B
Current liabilities	6.8B	6.9B	7.9B	9.0B	7.5B	9.2B	10.4B	12.3B	12.3B	10.9B
Total debt	3.4B	3.7B	3.4B	2.7B	10.3B	10.7B	8.1B	8.0B	6.7B	4.9B
Shareholders' equity	7.8B	9.6B	9.9B	9.8B	8.9B	10.4B	10.7B	10.5B	10.3B	8.0B
Retained earnings	11.4B	13.8B	16.0B	17.9B	14.8B	15.8B	16.3B	16.3B	16.3B	16.4B

Cash flow

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating cash flow	4.3B	3.9B	4.9B	4.0B	-1.1B	2.3B	3.8B	3.2B	462.0M	1.8B
Capital spending	2.0B	2.1B	1.9B	1.0B	515.0M	505.0M	3.9B	3.5B	2.1B	2.7B
Free cash flow	2.3B	1.8B	3.0B	3.0B	-1.6B	1.8B	-134.0M	-356.0M	-1.6B	-831.0M
Stock-based pay (added back)	33.0M	37.0M	46.0M	55.0M	17.0M	58.0M	84.0M	86.0M	45.0M	99.0M
Dividends paid	222.0M	274.0M	332.0M	372.0M	188.0M	0	0	428.0M	430.0M	399.0M
Buybacks	1.8B	1.6B	2.0B	2.0B	451.0M	0	0	0	250.0M	2.5B
Debt raised	515.0M	600.0M	0	0	5.6B	0	0	0	0	1.5B
Investing cash flow	-2.3B	-2.4B	-2.0B	-303.0M	-16.0M	-1.3B	-3.7B	-2.9B	-261.0M	-1.4B
Financing cash flow	-1.9B	-1.7B	-2.5B	-3.0B	9.7B	359.0M	-3.0B	-436.0M	-2.0B	-4.7B
Dividend per share	0.38	0.47	0.60	0.70	0.18	-	0.18	0.72	0.72	0.72

Stock-based pay and leases

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Stock-based pay (expense)	33.0M	37.0M	46.0M	55.0M	17.0M	58.0M	84.0M	86.0M	45.0M	99.0M
Stock-based pay / revenue	0.2%	0.2%	0.2%	0.2%	0.2%	0.4%	0.4%	0.3%	0.2%	0.4%
Operating lease cash paid	-	-	-	379.0M	398.0M	346.0M	303.0M	251.0M	258.0M	346.0M
Finance lease principal paid	-	-	-	85.0M	85.0M	83.0M	78.0M	32.0M	26.0M	22.0M
Right-of-use assets	-	-	0	1.3B	1.9B	1.6B	1.4B	1.2B	1.4B	1.1B
Operating lease liabilities	-	-	0	1.3B	1.9B	1.6B	1.3B	1.2B	1.4B	1.1B
Finance lease liabilities	-	-	845.0M	627.0M	542.0M	459.0M	189.0M	104.0M	91.0M	78.0M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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