Southwest Airlines Company (LUV) financial statements (2022 and earlier)

Company profile

Business Address 2702 LOVE FIELD DR
DALLAS, TX 75235
State of Incorp. TX
Fiscal Year End December 31
SIC 4512 - Air Transportation, Scheduled (benchmarking)
More info Complete financial analysis Financial benchmarking

Balance sheet (Statement of financial position) ($ in millions)

12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
12/31/2016
12/31/2015
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments15,50413,3344,0723,6893,2733,3053,051
Cash and cash equivalents12,48011,0632,5481,8541,4951,6801,583
Short-term investments3,0242,2711,5241,8351,7781,6251,468
Receivables784775142    
Inventory, net of allowances, customer advances and progress billings537414529459375280264
Inventory537414529459375280264
Other undisclosed current assets1,2116501,2318801,167913709
Total current assets:18,03615,1735,9745,0284,8154,4984,024
Noncurrent Assets
Finance lease, right-of-use asset556  
Operating lease, right-of-use asset1,5901,8921,349
Property, plant and equipment6,34215,83117,02519,52518,53917,04415,601
Intangible assets, net (including goodwill)970970970970970970970
Goodwill970970970970970970970
Other noncurrent assets882 577720786774717
Other undisclosed noncurrent assets7,944722     
Total noncurrent assets:18,28419,41519,92121,21520,29518,78817,288
TOTAL ASSETS:36,32034,58825,89526,24325,11023,28621,312
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable and accrued liabilities2,9063,1903,3233,1653,0973,1633,779
Accounts payable1,2829311,5741,4161,3201,1781,188
Accrued liabilities1,6242,2591,7491,7491,7771,9852,591
Deferred revenue5,5663,790 
Debt453220819606348566637
Deferred revenue and credits3,4603,1152,990
Other undisclosed current liabilities2393064,8104,134   
Total current liabilities:9,1647,5068,9527,9056,9056,8447,406
Noncurrent Liabilities
Long-term debt and lease obligation, including:10,27410,1111,8462,7713,3202,8212,541
Finance lease, liability377459542
Capital lease obligations646701557324
Operating lease, liability1,3151,562978
Other undisclosed long-term debt and lease obligation8,5828,0903262,1252,6192,2642,217
Liabilities, other than long-term debt5,1536,2247063,0773,0654,1023,250
Deferred revenue2,1593,343 
Deferred tax liabilities, net2,4272,3583,3742,490
Deferred income tax liabilities1,7701,634 
Other liabilities1,2241,247706650707728760
Total noncurrent liabilities:15,42716,3352,5525,8486,3856,9235,791
Total liabilities:24,59123,84111,50413,75313,29013,76713,197
Stockholders' equity
Stockholders' equity attributable to parent10,4148,8769,8329,85310,4308,4417,358
Common stock888888808808808808808
Treasury stock, value(10,860)(10,875)(10,441)(8,452)(6,462)(4,872)(3,182)
Additional paid in capital4,2244,1911,5811,5101,4511,4101,374
Accumulated other comprehensive income (loss)388(105)(61)2012(323)(1,051)
Retained earnings15,77414,77717,94515,96714,62111,4189,409
Total stockholders' equity:10,4148,8769,8329,85310,4308,4417,358
Other undisclosed liabilities and equity1,3151,8714,5592,6371,3901,078757
TOTAL LIABILITIES AND EQUITY:36,32034,58825,89526,24325,11023,28621,312

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

12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
12/31/2016
12/31/2015
Revenues15,7909,04822,42821,96521,17120,42519,820
Revenue, net21,17120,42519,648
Cost of revenue
(Cost of Goods and Services Sold)
(1,456)(1,240)(4,347)(161)(1,292)(229)(3,616)
Gross profit:14,3347,80818,08121,80419,87920,19616,204
Operating expenses(14,069)(12,864)(19,471)(18,759)(17,656)(16,665)(15,704)
Other undisclosed operating income1,4561,2404,3471611,2922293,616
Operating income (loss):1,721(3,816)2,9573,2063,5153,7604,116
Nonoperating income (expense)(396)(440)82(42)(264)(213)(637)
Investment income, nonoperating1332906935249
Other nonoperating income (expense)22(158)(8)(18)(234)(162)(556)
Interest and debt expense(28)(5)(118)(131)(114)(122)(121)
Other undisclosed income from continuing operations before equity method investments, income taxes 536131114122121
Income (loss) from continuing operations before equity method investments, income taxes:1,297(4,256)2,9573,1643,2513,5473,479
Other undisclosed income from continuing operations before income taxes28      
Income (loss) from continuing operations before income taxes:1,325(4,256)2,9573,1643,2513,5473,479
Income tax expense (benefit)(348)1,182(657)(699)237(1,303)(1,298)
Net income (loss) available to common stockholders, basic:977(3,074)2,3002,4653,4882,2442,181
Interest on convertible debt     24
Net income (loss) available to common stockholders, diluted:977(3,074)2,3002,4653,4882,2462,185

Comprehensive Income ($ in millions)

12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
12/31/2016
12/31/2015
Net income (loss):977(3,074)2,3002,4653,4882,2442,181
Other comprehensive income (loss)513(44)(81)26335728(313)
Comprehensive income (loss), net of tax, attributable to parent:1,490(3,118)2,2192,4913,8232,9721,868

Statements sources

The financial statements are based on the company's filings with the 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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