Southwest Airlines Company (LUV) Financial Statements (2026 and earlier)
Company Profile
| Business Address |
2702 LOVE FIELD DR DALLAS, TX 75235 |
| State of Incorp. | TX |
| Fiscal Year End | December 31 |
| Industry (SIC) | 4512 - Air Transportation, Scheduled (benchmarking) |
| More info | Complete Financial Analysis Financial Benchmarking |
Balance Sheet (Statement of Financial Position) ($ in millions)
| 6/30/2025 MRQ | 12/31/2024 | 12/31/2023 | 12/31/2022 | 12/31/2021 | 12/31/2020 | 12/31/2019 | |||
|---|---|---|---|---|---|---|---|---|---|
| ASSETS | |||||||||
| Current Assets | |||||||||
| Cash, cash equivalents, and short-term investments | 8,725 | 11,474 | 12,292 | 15,504 | 13,334 | 4,072 | |||
| Cash and cash equivalent | 7,509 | 9,288 | 9,492 | 12,480 | 11,063 | 2,548 | |||
| Short-term investments | 1,216 | 2,186 | 2,800 | 3,024 | 2,271 | 1,524 | |||
| Receivables | 178 | 337 | 326 | 784 | 775 | 142 | |||
| Inventory, net of allowances, customer advances and progress billings | 800 | 807 | 790 | 537 | 414 | 529 | |||
| Inventory | 800 | 807 | 790 | 537 | 414 | 529 | |||
| Other undisclosed current assets | 1,571 | 1,337 | 1,400 | 1,211 | 650 | 1,231 | |||
| Total current assets: | 11,274 | 13,955 | 14,808 | 18,036 | 15,173 | 5,974 | |||
| Noncurrent Assets | |||||||||
| Finance lease, right-of-use asset, after accumulated amortization | 102 | 125 | 297 | 556 | |||||
| Operating lease, right-of-use asset | 1,369 | 1,223 | 1,394 | 1,590 | 1,892 | 1,349 | |||
| Property, plant and equipment | 8,244 | 7,460 | 6,855 | 6,342 | 15,831 | 17,025 | |||
| Intangible assets, net (including goodwill) | 970 | 970 | 970 | 970 | 970 | 970 | |||
| Goodwill | 970 | 970 | 970 | 970 | 970 | 970 | |||
| Other noncurrent assets | 1,081 | 964 | 855 | 882 | 577 | ||||
| Other undisclosed noncurrent assets | 10,710 | 11,790 | 10,190 | 7,944 | 722 | ||||
| Total noncurrent assets: | 22,476 | 22,532 | 20,561 | 18,284 | 19,415 | 19,921 | |||
| TOTAL ASSETS: | 33,750 | 36,487 | 35,369 | 36,320 | 34,588 | 25,895 | |||
| LIABILITIES AND EQUITY | |||||||||
| Liabilities | |||||||||
| Current Liabilities | |||||||||
| Accounts payable and accrued liabilities | 4,024 | 5,468 | 4,047 | 2,906 | 3,190 | 3,323 | |||
| Accounts payable | 1,818 | 1,862 | 2,004 | 1,282 | 931 | 1,574 | |||
| Accrued liabilities | 2,206 | 3,606 | 2,043 | 1,624 | 2,259 | 1,749 | |||
| Deferred revenue | 6,294 | 6,551 | 6,064 | 5,566 | 3,790 | ||||
| Debt | 1,630 | 29 | 42 | 453 | 220 | 819 | |||
| Other undisclosed current liabilities | 328 | 208 | 225 | 239 | 306 | 4,810 | |||
| Total current liabilities: | 12,276 | 12,256 | 10,378 | 9,164 | 7,506 | 8,952 | |||
| Noncurrent Liabilities | |||||||||
| Long-term debt and lease obligation, including: | 5,069 | 7,978 | 8,046 | 10,274 | 10,111 | 1,846 | |||
| Finance lease, liability | 69 | 75 | 147 | 377 | 459 | 542 | |||
| Other undisclosed long-term debt and lease obligation | 5,000 | 7,903 | 7,899 | 8,582 | 8,090 | 326 | |||
| Liabilities, other than long-term debt | 6,055 | 5,738 | 6,258 | 5,153 | 6,224 | 706 | |||
| Deferred revenue | 1,948 | 1,728 | 2,186 | 2,159 | 3,343 | ||||
| Deferred income tax liabilities | 2,167 | 2,044 | 1,985 | 1,770 | 1,634 | ||||
| Other liabilities | 909 | 981 | 969 | 1,224 | 1,247 | 706 | |||
| Operating lease, liability | 1,031 | 985 | 1,118 | 1,315 | 1,562 | 978 | |||
| Total noncurrent liabilities: | 11,124 | 13,716 | 14,304 | 15,427 | 16,335 | 2,552 | |||
| Total liabilities: | 23,400 | 25,972 | 24,682 | 24,591 | 23,841 | 11,504 | |||
| Equity | |||||||||
| Equity, attributable to parent | 10,350 | 10,515 | 10,687 | 10,414 | 8,876 | 9,832 | |||
| Common stock | 888 | 888 | 888 | 888 | 888 | 808 | |||
| Treasury stock, value | (11,044) | (10,823) | (10,843) | (10,860) | (10,875) | (10,441) | |||
| Additional paid in capital | 4,199 | 4,153 | 4,037 | 4,224 | 4,191 | 1,581 | |||
| Accumulated other comprehensive income (loss) | (25) | 344 | 388 | (105) | (61) | ||||
| Retained earnings | 16,332 | 16,297 | 16,261 | 15,774 | 14,777 | 17,945 | |||
| Total equity: | 10,350 | 10,515 | 10,687 | 10,414 | 8,876 | 9,832 | |||
| Other undisclosed liabilities and equity | 1,315 | 1,871 | 4,559 | ||||||
| TOTAL LIABILITIES AND EQUITY: | 33,750 | 36,487 | 35,369 | 36,320 | 34,588 | 25,895 | |||
Income Statement (P&L) ($ in millions)
| 6/30/2025 TTM | 12/31/2024 | 12/31/2023 | 12/31/2022 | 12/31/2021 | 12/31/2020 | 12/31/2019 | ||
|---|---|---|---|---|---|---|---|---|
| Revenues | 27,483 | 26,091 | 23,814 | 15,790 | 9,048 | 22,428 | ||
| Cost of revenue (Cost of Product and Service Sold) | (1,962) | (1,789) | (1,508) | (1,456) | (1,240) | (4,347) | ||
| Gross profit: | 25,521 | 24,302 | 22,306 | 14,334 | 7,808 | 18,081 | ||
| Operating expenses | (27,162) | (25,867) | (22,797) | (14,069) | (12,864) | (19,471) | ||
| Other undisclosed operating income | 1,962 | 1,789 | 1,508 | 1,456 | 1,240 | 4,347 | ||
| Operating income (loss): | 321 | 224 | 1,017 | 1,721 | (3,816) | 2,957 | ||
| Nonoperating income (expense) | 277 | 409 | (289) | (396) | (440) | 82 | ||
| Investment income, nonoperating | 497 | 583 | 217 | 13 | 32 | 90 | ||
| Other nonoperating income (expense) | (4) | 62 | (12) | 22 | (158) | (8) | ||
| Interest and debt expense | (2) | (5) | (193) | (28) | (5) | (118) | ||
| Other undisclosed income from continuing operations before equity method investments, income taxes | 5 | 36 | ||||||
| Income (loss) from continuing operations before equity method investments, income taxes: | 596 | 628 | 535 | 1,297 | (4,256) | 2,957 | ||
| Other undisclosed income (loss) from continuing operations before income taxes | 2 | 5 | 193 | 28 | ||||
| Income (loss) from continuing operations before income taxes: | 598 | 633 | 728 | 1,325 | (4,256) | 2,957 | ||
| Income tax expense (benefit) | (133) | (168) | (189) | (348) | 1,182 | (657) | ||
| Income (loss) from continuing operations: | 465 | 465 | 539 | 977 | (3,074) | 2,300 | ||
| Income (loss) before gain (loss) on sale of properties: | ✕ | ✕ | ✕ | ✕ | 977 | (3,074) | 2,300 | |
| Net income (loss) attributable to parent: | 465 | 465 | 539 | 977 | (3,074) | 2,300 | ||
| Other undisclosed net income (loss) available to common stockholders, basic | 20 | 19 | (3,613) | |||||
| Net income (loss) available to common stockholders, basic: | 485 | 484 | (3,074) | 977 | (3,074) | 2,300 | ||
| Interest on convertible debt | 20 | 19 | 22 | |||||
| Net income (loss) available to common stockholders, diluted: | 505 | 503 | (3,052) | 977 | (3,074) | 2,300 | ||
Comprehensive Income ($ in millions)
| 6/30/2025 TTM | 12/31/2024 | 12/31/2023 | 12/31/2022 | 12/31/2021 | 12/31/2020 | 12/31/2019 | ||
|---|---|---|---|---|---|---|---|---|
| Net income (loss): | 465 | 465 | 539 | 977 | (3,074) | 2,300 | ||
| Other comprehensive income (loss) | (25) | (344) | (44) | 513 | (44) | (81) | ||
| Other undisclosed comprehensive loss | ||||||||
| Comprehensive income (loss): | 440 | 121 | 495 | 1,490 | (3,118) | 2,219 | ||
| Other undisclosed comprehensive loss, net of tax, attributable to parent | ||||||||
| Comprehensive income (loss), net of tax, attributable to parent: | 440 | 121 | 495 | 1,490 | (3,118) | 2,219 | ||
Statements Sources
The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.