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)

9/30/2023
MRQ
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments12,29215,50413,3344,0723,6893,273
Cash and cash equivalents9,49212,48011,0632,5481,8541,495
Short-term investments2,8003,0242,2711,5241,8351,778
Receivables326784775142  
Inventory, net of allowances, customer advances and progress billings790537414529459375
Inventory790537414529459375
Derivative instruments and hedges, assets      
Other undisclosed current assets1,4001,2116501,2318801,167
Total current assets:14,80818,03615,1735,9745,0284,815
Noncurrent Assets
Finance lease, right-of-use asset, after accumulated amortization 297556  
Operating lease, right-of-use asset1,3941,5901,8921,349
Property, plant and equipment6,8556,34215,83117,02519,52518,539
Intangible assets, net (including goodwill)970970970970970970
Goodwill970970970970970970
Other noncurrent assets855882 577720786
Other undisclosed noncurrent assets 10,1907,944722   
Total noncurrent assets:20,56118,28419,41519,92121,21520,295
TOTAL ASSETS:35,36936,32034,58825,89526,24325,110
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable and accrued liabilities4,0472,9063,1903,3233,1653,097
Accounts payable2,0041,2829311,5741,4161,320
Accrued liabilities2,0431,6242,2591,7491,7491,777
Deferred revenue6,0645,5663,790 
Debt42453220819606348
Deferred revenue and credits3,460
Other undisclosed current liabilities2252393064,8104,134 
Total current liabilities:10,3789,1647,5068,9527,9056,905
Noncurrent Liabilities
Long-term debt and lease obligation, including:8,04610,27410,1111,8462,7713,320
Capital lease obligations646701
Finance lease, liability 147377459542
Other undisclosed long-term debt and lease obligation7,8998,5828,0903262,1252,619
Liabilities, other than long-term debt6,2585,1536,2247063,0773,065
Deferred revenue2,1862,1593,343 
Deferred tax liabilities, net2,4272,358
Deferred income tax liabilities1,9851,7701,634 
Other liabilities9691,2241,247706650707
Operating lease, liability1,1181,3151,562978
Total noncurrent liabilities:14,30415,42716,3352,5525,8486,385
Total liabilities:24,68224,59123,84111,50413,75313,290
Equity
Equity, attributable to parent10,68710,4148,8769,8329,85310,430
Common stock888888888808808808
Treasury stock, value(10,843)(10,860)(10,875)(10,441)(8,452)(6,462)
Additional paid in capital4,0374,2244,1911,5811,5101,451
Accumulated other comprehensive income (loss)344388(105)(61)2012
Retained earnings16,26115,77414,77717,94515,96714,621
Total equity:10,68710,4148,8769,8329,85310,430
Other undisclosed liabilities and equity  1,3151,8714,5592,6371,390
TOTAL LIABILITIES AND EQUITY:35,36936,32034,58825,89526,24325,110

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

9/30/2023
TTM
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
Revenues23,81415,7909,04822,42821,96521,171
Revenue, net21,171
Cost of revenue
(Cost of Goods and Services Sold)
(1,508)(1,456)(1,240)(4,347)(161)(1,292)
Gross profit:22,30614,3347,80818,08121,80419,879
Operating expenses(22,797)(14,069)(12,864)(19,471)(18,759)(17,656)
Other undisclosed operating income1,5081,4561,2404,3471611,292
Operating income (loss):1,0171,721(3,816)2,9573,2063,515
Nonoperating income (expense)(289)(396)(440)82(42)(264)
Investment income, nonoperating2171332906935
Other nonoperating income (expense)(12)22(158)(8)(18)(234)
Interest and debt expense(193)(28)(5)(118)(131)(114)
Other undisclosed income from continuing operations before equity method investments, income taxes   536131114
Income (loss) from continuing operations before equity method investments, income taxes:5351,297(4,256)2,9573,1643,251
Other undisclosed income from continuing operations before income taxes19328    
Income (loss) from continuing operations before income taxes:7281,325(4,256)2,9573,1643,251
Income tax expense (benefit)(189)(348)1,182(657)(699)237
Income (loss) from continuing operations:539977(3,074)2,3002,4653,488
Income (loss) before gain (loss) on sale of properties:977(3,074)2,3002,4653,488
Net income (loss) attributable to parent:539977(3,074)2,3002,4653,488
Other undisclosed net loss available to common stockholders, basic(3,613)     
Net income (loss) available to common stockholders, basic:(3,074)977(3,074)2,3002,4653,488
Interest on convertible debt22     
Net income (loss) available to common stockholders, diluted:(3,052)977(3,074)2,3002,4653,488

Comprehensive Income ($ in millions)

9/30/2023
TTM
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
Net income (loss):539977(3,074)2,3002,4653,488
Other comprehensive income (loss) (44)513(44)(81)26335
Other undisclosed comprehensive loss      
Comprehensive income (loss):4951,490(3,118)2,2192,4913,823
Other undisclosed comprehensive loss, net of tax, attributable to parent      
Comprehensive income (loss), net of tax, attributable to parent:4951,490(3,118)2,2192,4913,823

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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