NYSE: LUV
Southwest Airlines
Industrials · Air Transportation, Scheduled
52-week range
$29.26$55.11
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$20.4B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $30.7B |
| FY2017, ended Dec 31, 2017 | $38.5B |
| FY2018, ended Dec 31, 2018 | $25.7B |
| FY2019, ended Dec 31, 2019 | $27.9B |
| FY2020, ended Dec 31, 2020 | $27.5B |
| FY2021, ended Dec 31, 2021 | $25.4B |
| FY2022, ended Dec 31, 2022 | $20.0B |
| FY2023, ended Dec 31, 2023 | $17.2B |
| FY2024, ended Dec 31, 2024 | $19.9B |
| FY2025, ended Dec 31, 2025 | $20.3B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $20.4B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$31.5B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $20.4B |
| FY2017, ended Dec 31, 2017 | $21.2B |
| FY2018, ended Dec 31, 2018 | $22.0B |
| FY2019, ended Dec 31, 2019 | $22.4B |
| FY2020, ended Dec 31, 2020 | $9.05B |
| FY2021, ended Dec 31, 2021 | $15.8B |
| FY2022, ended Dec 31, 2022 | $23.8B |
| FY2023, ended Dec 31, 2023 | $26.1B |
| FY2024, ended Dec 31, 2024 | $27.5B |
| FY2025, ended Dec 31, 2025 | $28.1B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $31.5B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $2.18B | $2.25B |
| FY2017, ended Dec 31, 2017 | $3.36B | $1.81B |
| FY2018, ended Dec 31, 2018 | $2.46B | $2.97B |
| FY2019, ended Dec 31, 2019 | $2.30B | $2.96B |
| FY2020, ended Dec 31, 2020 | −$3.07B | −$1.64B |
| FY2021, ended Dec 31, 2021 | $977M | $1.82B |
| FY2022, ended Dec 31, 2022 | $539M | −$134M |
| FY2023, ended Dec 31, 2023 | $465M | −$356M |
| FY2024, ended Dec 31, 2024 | $465M | −$1.59B |
| FY2025, ended Dec 31, 2025 | $441M | −$831M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $1.05B | −$450M |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$3.62B
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $1.68B |
| FY2017, ended Dec 31, 2017 | $1.50B |
| FY2018, ended Dec 31, 2018 | $1.85B |
| FY2019, ended Dec 31, 2019 | $2.55B |
| FY2020, ended Dec 31, 2020 | $11.1B |
| FY2021, ended Dec 31, 2021 | $12.5B |
| FY2022, ended Dec 31, 2022 | $9.49B |
| FY2023, ended Dec 31, 2023 | $9.29B |
| FY2024, ended Dec 31, 2024 | $7.51B |
| FY2025, ended Dec 31, 2025 | $3.23B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $3.62B |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$5.89B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $3.39B |
| FY2017, ended Dec 31, 2017 | $3.67B |
| FY2018, ended Dec 31, 2018 | $3.38B |
| FY2019, ended Dec 31, 2019 | $2.67B |
| FY2020, ended Dec 31, 2020 | $10.4B |
| FY2021, ended Dec 31, 2021 | $10.8B |
| FY2022, ended Dec 31, 2022 | $8.10B |
| FY2023, ended Dec 31, 2023 | $8.01B |
| FY2024, ended Dec 31, 2024 | $6.70B |
| FY2025, ended Dec 31, 2025 | $4.93B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $5.89B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Down 20.4% since 2016.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.490M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 615M |
| FY2017, ended Dec 31, 2017 | 588M |
| FY2018, ended Dec 31, 2018 | 553M |
| FY2019, ended Dec 31, 2019 | 517M |
| FY2020, ended Dec 31, 2020 | 591M |
| FY2021, ended Dec 31, 2021 | 592M |
| FY2022, ended Dec 31, 2022 | 594M |
| FY2023, ended Dec 31, 2023 | 597M |
| FY2024, ended Dec 31, 2024 | 593M |
| FY2025, ended Dec 31, 2025 | 491M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | 490M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Net: $1.30B more bought back than issued
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| Period | Bought back | Paid to employees | Sold for cash |
|---|---|---|---|
| FY2016, ended Dec 31, 2016 | $1.75B | $33.0M | — |
| FY2017, ended Dec 31, 2017 | $1.60B | $37.0M | — |
| FY2018, ended Dec 31, 2018 | $2.00B | $46.0M | $0 |
| FY2019, ended Dec 31, 2019 | $2.00B | $55.0M | $0 |
| FY2020, ended Dec 31, 2020 | $451M | $17.0M | $2.29B |
| FY2021, ended Dec 31, 2021 | $0 | $58.0M | $0 |
| FY2022, ended Dec 31, 2022 | $0 | $84.0M | $0 |
| FY2023, ended Dec 31, 2023 | $0 | $86.0M | — |
| FY2024, ended Dec 31, 2024 | $250M | $45.0M | — |
| FY2025, ended Dec 31, 2025 | $2.55B | $99.0M | — |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $1.30B | — | — |
Revenue (TTM)
$31.5B
+14.5% YoY
Net income (TTM)
$1.05B
+178% YoY
Cash
$3.62B
+24.9% YoY
Total debt
$5.89B
+43.5% YoY
Valuation
At current price- Market Cap
- $20.8B
- P/E
- 19.7×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 0.7×
- Price / Book
- 2.8×
- EV / EBITDA
- 7.8×
Growth
Trailing 12 months- Revenue (TTM)
- $31.5B
- Revenue Growth YoY
- 14.5%
- Revenue CAGR 3Y
- 5.6%
- Revenue CAGR 5Y
- 25.4%
- EPS Growth YoY
- 225%
- Net Income Growth YoY
- 178%
Profitability
Trailing 12 months- Gross Margin
- —
- Operating Margin
- 4.4%
- Net Margin
- 3.3%
- FCF Margin
- −1.4%
- Return on Equity
- 13.9%
Earnings
Trailing 12 months- Net Income
- $1.05B
- EPS (diluted)
- $2.05
- EBITDA
- $2.95B
- Operating Income
- $1.39B
Balance Sheet
As of Sep 30, 2026- Cash and cash equivalents
- $3.62B
- Total Debt
- $5.89B
- Net Debt
- $2.26B
- Total Assets
- $30.5B
- Total Liabilities
- $23.2B
- Shareholders' Equity
- $7.33B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $2.75B
- Capital Expenditure
- $3.21B
- Free Cash Flow
- −$450M
Dividends and risk
Last 12 months- Dividend Yield
- 1.7%
- Dividend / Share
- $0.72
- Beta (5Y)
- 1.15
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 14.5% year over year, at $31.5B.
Strength
Operating margin widened 3.2 pts in a year, to 4.4%.
Note
Net debt of $2.26B is 0.8× EBITDA, a manageable load.
Watch
Free cash flow was negative (−$450M) over the last year.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-Q for the quarter ended Sep 30, 2026 · filed Oct 22, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K58Nothing notable
58Nothing notable
10-K for the fiscal year ended Dec 31, 2025
Filed Feb 5, 2026 · Read the filing on EDGAR
- Revenue reached a record $28.1 billion, up 2.1%. Operating income rose 33% to $428 million, but net income fell 5.2% to $441 million on lower interest income.
- Bag fees, new fare types and cost cuts drove the operating gain; over 90% of reported operating income came in the fourth quarter.
- Assigned and extra legroom seating began January 27, 2026, after retrofitting 780 aircraft; management expects further earnings upside.
- Southwest returned $2.9 billion to shareholders and repaid debt, cutting available liquidity from $9.7 billion to $4.7 billion, close to its $4.5 billion target.
Business momentum
Mixed
“The Company's net income, as shown above on a GAAP and non-GAAP basis for the year ended December 31, 2025, decreased compared to the same prior year period primarily due to a decrease in interest income driven by a lower cash and investment balance.”
Outlook
Positive
“With assigned and extra legroom seating becoming operational, Southwest expects future earnings upside based on how booking behavior related to these initiatives unfolds.”
Financial stress
Low
“Given the Company's current liquidity position, available resources, and prevailing outlook, it expects to be able to fulfill both its short-term and long-term material cash requirements.”
Tone against the previous report
About the same
Red flags
None found in this report.
Positives
Record annual revenue
“The Company had a record full year revenue performance in 2025, producing operating revenues of $28.1 billion”
Operating income lifted by bag fees, cost cuts and cheaper fuel
“This increase was combined with outperformance of cost reduction goals and lower year-over-year Fuel and oil expense primarily driven by lower jet fuel prices, partially offset by higher salaries, wages, and benefits expense.”
Corporate job cuts are producing sizable savings
“As a result of the reduction in workforce, the Company incurred a one-time expense of $62 million during first quarter 2025, achieved 2025 savings of approximately $230 million, and estimates 2026 savings of approximately $310 million.”
Concerns
Large buybacks shrank the cash cushion and interest income
“Interest income for 2025 decreased by $292 million, or 58.8 percent compared with 2024, primarily due to lower cash and investment balances and a lower interest rate”
Labor costs keep climbing faster than revenue
“Salaries, wages, and benefits expense for 2025 increased by $723 million, or 5.9 percent, compared with 2024.”
Boeing delays keep aircraft plans uncertain
“The Company's aircraft delivery and retirement expectations for 2026 and beyond are fluid and subject to Boeing's production capability.”
New risks since the previous report
Ending fuel hedging leaves earnings fully exposed to fuel price swings
“Consequently, the Company is fully exposed to fluctuations in fuel prices like most of its competitors.”
Government shutdowns and FAA orders can force flight cuts
“in November 2025 during the partial government shutdown, the FAA issued an emergency order mandating an industry-wide reduction in flights at 40 major U.S. airports”
Growing use of AI brings operational, legal and competitive risks
“The implementation of AI technologies also presents significant operational, legal, and competitive risks to the Company.”
Adding a second aircraft type or maker could raise costs and complexity
“A shift away from a single fleet type could also add complexity to the Company’s operations, present operational and compliance risks, and materially increase the Company’s costs.”
New bylaw limits shareholders' ability to bring suits on the company's behalf
“no shareholder (as defined by the TBOC) may institute or maintain a derivative proceeding unless that shareholder beneficially owns at least three (3) percent of the outstanding shares of the Company”
Biggest risks named
- Dependence on Boeing, delivery delays and uncertain MAX 7 certification
- Failure to execute transformation, including customer rejection of bag fees and assigned seating
- Rising labor and airport costs eroding the low-cost advantage
- Unhedged fuel price swings, weaker economy and intense competition
- Operational disruption from weather, air traffic control, technology failures or cyberattacks
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | −3 | |
| Outlook | +3 | |
| Tone against the previous report | 0 | |
| Financial stress | 0 | |
| Red flags | 0 | |
| New risks | −2 | |
| Score | 58 | |
Written by AI (Claude Opus 5.5) from the report’s text. 14 of 14 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-Q | Oct 22, 2026 | Pro | |||
| 10-K | Feb 5, 2026 | 58 | Mixed | None | |
| 10-K | Feb 7, 2025 | 68 | Strong improvement | 2 medium1 minor | |
| 10-K | Feb 6, 2024 | 42 | Sharp deterioration | 2 medium1 minor | |
| 10-K | Feb 7, 2023 | 36 | Sharp deterioration | 1 medium1 minor | |
| 10-K | Feb 7, 2022 | 66 | Strong improvement | 1 minor | |
| 10-K | Feb 8, 2021 | 29 | Sharp deterioration | 2 minor | |
| 10-K | Feb 4, 2020 | 47 | Mixed | 1 medium2 minor | |
| 10-K | Feb 5, 2019 | 55 | Mixed | 1 minor | |
| 10-K | Feb 7, 2018 | 59 | Mixed | None |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q3 FY2026 (period ended Sep 30, 2026), filed Oct 22, 2026. View filings on SEC EDGAR