SOUTHWEST AIRLINES CO

Listed Company

LUVCIK 0000092380NYSELarge AcceleratedAir Transportation, ScheduledTexasFY ends Dec 31

Period

FY 2025

Revenue

$28.06B

Net Income

$441.00M

Total Assets

$29.06B

Equity

$7.98B

Shares Out

488.77M

Op. Cash Flow

$1.84B

Business

SOUTHWEST AIRLINES CO operates a major passenger airline providing scheduled air transportation using a single-family Boeing 737 fleet. The company offers passenger air travel plus ancillary services including fare products (e.g., multiple fare classes), checked baggage allowance, in‑flight entertainment and connectivity, upgraded boarding and other ancillary options, and a Rapid Rewards loyalty program. Its business is organized around core operations such as flight operations, network planning, digital distribution, and corporate/corporate-travel services. Southwest serves domestic U.S. markets and near‑international destinations, distributing primarily through its website, mobile app, and select third‑party travel search channels.

Summary from filing dated 2025-02-07

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total operating revenues	28,063	27,483	26,091	23,814	15,790
Salaries, wages, and benefits	12,963	12,240	11,152	9,376	7,743
Fuel and oil	5,240	5,812	6,217	5,975	3,310
Maintenance materials and repairs	1,227	1,353	1,188	852	854
Landing fees and airport rentals	2,178	1,962	1,789	1,508	1,456
Depreciation and amortization	1,560	1,657	1,522	1,351	1,272
Other operating expenses	4,467	4,138	3,999	3,735	2,394
Total operating expenses	27,635	27,162	25,867	22,797	14,069
OPERATING INCOME	428	321	224	1,017	1,721
Interest expense	167	249	259	340	—
Capitalized interest	−54	−35	−23	−39	−36
Interest income	−205	−497	−583	−217	−13
Other (gains) losses, net	−43	6	−62	12	50
Total non-operating expenses (income)	−135	−277	−409	289	396
INCOME BEFORE INCOME TAXES	563	598	633	728	1,325
PROVISION FOR INCOME TAXES	122	133	168	189	348
NET INCOME	441	465	465	539	977
NET INCOME PER SHARE, BASIC (in USD per share)	0.82	0.78	0.78	0.91	1.65
NET INCOME PER SHARE, DILUTED (in USD per share)	0.79	0.76	0.76	0.87	1.61

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	3,231	7,509	9,288	9,492	12,480
Short-term investments	0	1,216	2,186	2,800	3,024
Accounts and other receivables	1,149	1,110	1,154	1,040	1,357
Inventories of parts and supplies, at cost	775	800	807	790	537
Prepaid expenses and other current assets	490	639	520	686	638
Total current assets	5,645	11,274	13,955	14,808	18,036
Flight equipment	26,293	25,202	26,060	23,725	21,226
Ground property and equipment	9,163	8,244	7,460	6,855	6,342
Deposits on flight equipment purchase contracts	401	413	236	376	0
Assets constructed for others	88	88	62	28	6
Property and equipment, at cost	35,945	33,947	—	—	—
Less allowance for depreciation and amortization	15,700	14,891	—	—	—
Property and equipment, net	20,245	19,056	—	—	—
Goodwill	970	970	970	970	970
Operating lease right-of-use assets	1,089	1,369	1,223	1,394	1,590
Other assets	1,112	1,081	964	855	882
Total assets	29,061	33,750	36,487	35,369	36,320
Accounts payable	1,991	1,818	1,862	2,004	1,282
Accrued liabilities	2,349	2,206	3,606	2,043	1,624
Current operating lease liabilities	312	328	208	225	239
Air traffic liability	5,945	6,294	6,551	6,064	5,566
Current maturities of long-term debt	324	1,630	29	42	453
Total current liabilities	10,921	12,276	12,256	10,378	9,164
Long-term debt less current maturities	4,577	5,069	7,978	8,046	10,274
Air traffic liability - noncurrent	1,219	1,948	1,728	2,186	2,159
Deferred income taxes	2,289	2,167	2,044	1,985	1,770
Noncurrent operating lease liabilities	768	1,031	985	1,118	1,315
Other noncurrent liabilities	1,306	909	981	969	1,224
Common stock, $1.00 par value: 2,000,000,000 shares authorized; 888,111,634 shares issued in 2025 and 2024	888	888	888	888	888
Capital in excess of par value	4,322	4,199	4,153	4,037	4,224
Retained earnings	16,388	16,332	16,297	16,261	15,774
Accumulated other comprehensive loss	−24	−25	0	344	388
Treasury stock, at cost: 372,530,238 and 294,797,959 shares in 2025 and 2024, respectively	−13,593	−11,044	−10,823	−10,843	—
Total stockholders' equity	7,981	10,350	10,515	10,687	10,414
Total liabilities and stockholders' equity	29,061	33,750	36,487	35,369	36,320

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Impairment of long-lived assets	8	0	0	35	12
Unrealized mark-to-market adjustment on forward contract	−8	0	0	−2	−15
Deferred income taxes	122	132	159	228	−21
Gain on sale-leaseback transactions	−3	−92	0	0	0
Accounts and other receivables	51	19	−89	422	−701
Other assets	407	−8	60	−66	75
Accounts payable and accrued liabilities	218	−1,363	1,386	936	38
Air traffic liability	−1,078	−37	29	525	591
Other liabilities	−11	−197	−137	−334	−103
Cash collateral provided to derivative counterparties	−22	−28	−56	−69	141
Other, net	157	−86	−175	28	28
Net cash provided by operating activities	1,842	462	3,164	3,790	2,322
Capital expenditures, net	−2,673	−2,054	−3,520	−3,924	−505
Proceeds from sale-leaseback transactions	24	871	0	0	0
Purchases of short-term investments	−470	−5,014	−6,970	−5,592	−5,824
Proceeds from sales of short-term and other investments	1,693	5,995	7,591	5,792	5,071
Other, net	−3	−59	−33	0	—
Net cash used in investing activities	−1,429	−261	−2,932	−3,746	−1,264
Proceeds from issuance of long-term debt	1,500	0	0	0	0
Payroll Support Program stock warrants repurchase	0	−6	0	0	—
Proceeds from Employee stock plans	59	60	48	45	51
Repurchase of common stock	−2,550	−250	0	0	0
Payments of long-term debt and finance lease obligations	−3,275	−1,337	−85	−2,437	−612
Payments of cash dividends	−399	−430	−428	0	0
Proceeds of terminated interest rate derivative instruments	0	0	23	—	—
Other, net	−26	−17	6	8	77
Net cash used in financing activities	−4,691	−1,980	−436	−3,032	359
NET CHANGE IN CASH AND CASH EQUIVALENTS	−4,278	−1,779	−204	−2,988	1,417
Interest, net of amount capitalized	108	220	228	305	336
Right-of-use assets acquired or modified under operating leases	48	377	82	58	327
Flight and ground equipment acquired or modified under finance leases	6	15	0	0	—

Filings

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