Southwest Airlines Company (LUV) Financial Statements (2024 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)

3/31/2024
MRQ
12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments11,47412,29215,50413,3344,0723,689
Cash and cash equivalents9,2889,49212,48011,0632,5481,854
Short-term investments2,1862,8003,0242,2711,5241,835
Receivables337326784775142 
Inventory, net of allowances, customer advances and progress billings807790537414529459
Inventory807790537414529459
Derivative instruments and hedges, assets      
Other undisclosed current assets1,3371,4001,2116501,231880
Total current assets:13,95514,80818,03615,1735,9745,028
Noncurrent Assets
Finance lease, right-of-use asset, after accumulated amortization 125297556  
Operating lease, right-of-use asset1,2231,3941,5901,8921,349
Property, plant and equipment7,4606,8556,34215,83117,02519,525
Intangible assets, net (including goodwill)970970970970970970
Goodwill970970970970970970
Other noncurrent assets964855882 577720
Other undisclosed noncurrent assets 11,79010,1907,944722  
Total noncurrent assets:22,53220,56118,28419,41519,92121,215
TOTAL ASSETS:36,48735,36936,32034,58825,89526,243
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable and accrued liabilities5,4684,0472,9063,1903,3233,165
Accounts payable1,8622,0041,2829311,5741,416
Accrued liabilities3,6062,0431,6242,2591,7491,749
Deferred revenue6,5516,0645,5663,790 
Debt2942453220819606
Other undisclosed current liabilities2082252393064,8104,134
Total current liabilities:12,25610,3789,1647,5068,9527,905
Noncurrent Liabilities
Long-term debt and lease obligation, including:7,9788,04610,27410,1111,8462,771
Capital lease obligations646
Finance lease, liability 75147377459542
Other undisclosed long-term debt and lease obligation7,9037,8998,5828,0903262,125
Liabilities, other than long-term debt5,7386,2585,1536,2247063,077
Deferred revenue1,7282,1862,1593,343 
Deferred tax liabilities, net2,427
Deferred income tax liabilities2,0441,9851,7701,634 
Other liabilities9819691,2241,247706650
Operating lease, liability9851,1181,3151,562978
Total noncurrent liabilities:13,71614,30415,42716,3352,5525,848
Total liabilities:25,97224,68224,59123,84111,50413,753
Equity
Equity, attributable to parent10,51510,68710,4148,8769,8329,853
Common stock888888888888808808
Treasury stock, value(10,823)(10,843)(10,860)(10,875)(10,441)(8,452)
Additional paid in capital4,1534,0374,2244,1911,5811,510
Accumulated other comprehensive income (loss) 344388(105)(61)20
Retained earnings16,29716,26115,77414,77717,94515,967
Total equity:10,51510,68710,4148,8769,8329,853
Other undisclosed liabilities and equity   1,3151,8714,5592,637
TOTAL LIABILITIES AND EQUITY:36,48735,36936,32034,58825,89526,243

Income Statement (P&L) ($ in millions)

3/31/2024
TTM
12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
Revenues26,09123,81415,7909,04822,42821,965
Cost of revenue
(Cost of Goods and Services Sold)
(1,789)(1,508)(1,456)(1,240)(4,347)(161)
Gross profit:24,30222,30614,3347,80818,08121,804
Operating expenses(25,867)(22,797)(14,069)(12,864)(19,471)(18,759)
Other undisclosed operating income1,7891,5081,4561,2404,347161
Operating income (loss):2241,0171,721(3,816)2,9573,206
Nonoperating income (expense)409(289)(396)(440)82(42)
Investment income, nonoperating58321713329069
Other nonoperating income (expense)62(12)22(158)(8)(18)
Interest and debt expense (5)(193)(28)(5)(118)(131)
Other undisclosed income (loss) from continuing operations before equity method investments, income taxes   536131
Income (loss) from continuing operations before equity method investments, income taxes:6285351,297(4,256)2,9573,164
Other undisclosed income from continuing operations before income taxes519328   
Income (loss) from continuing operations before income taxes:6337281,325(4,256)2,9573,164
Income tax expense (benefit)(168)(189)(348)1,182(657)(699)
Income (loss) from continuing operations:465539977(3,074)2,3002,465
Income (loss) before gain (loss) on sale of properties:977(3,074)2,3002,465
Net income (loss) attributable to parent:465539977(3,074)2,3002,465
Other undisclosed net income (loss) available to common stockholders, basic19(3,613)    
Net income (loss) available to common stockholders, basic:484(3,074)977(3,074)2,3002,465
Interest on convertible debt1922    
Net income (loss) available to common stockholders, diluted:503(3,052)977(3,074)2,3002,465

Comprehensive Income ($ in millions)

3/31/2024
TTM
12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
Net income (loss):465539977(3,074)2,3002,465
Other comprehensive income (loss) (344)(44)513(44)(81)26
Other undisclosed comprehensive loss      
Comprehensive income (loss):1214951,490(3,118)2,2192,491
Other undisclosed comprehensive income, net of tax, attributable to parent      
Comprehensive income (loss), net of tax, attributable to parent:1214951,490(3,118)2,2192,491

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.

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