L

SOUTHWEST AIRLINES CO.

LUV · CIK 0000092380

19 fiscal years · 0 SEC filings · every number carries its receipt

Revenue (FY)
$28.06B2.1%
FY2025
Net income (FY)
$441.0M5.2%
FY2025
Free cash flow (FY)
−$831.0M47.8%
FY2025
Diluted EPS (FY)
$0.793.9%
FY2025
The story, charted

The shape of the business

FY2007–FY2025 · hover any year for its receipt
Revenue & net incomeRevenueNet income
$0$10B$20B$30BFY2007 · Revenue $9.86B · Net income $645.0M · 0001193125-10-017191 · filed 2010-01-29FY07Revenue $9.86BNet income $645.0M0001193125-10-017191 · filed 2010-01-29FY2008 · Revenue $11.02B · Net income $178.0M · 0001193125-11-026045 · filed 2011-02-08FY08Revenue $11.02BNet income $178.0M0001193125-11-026045 · filed 2011-02-08FY2009 · Revenue $10.35B · Net income $99.0M · 0001193125-12-049647 · filed 2012-02-09FY09Revenue $10.35BNet income $99.0M0001193125-12-049647 · filed 2012-02-09FY2010 · Revenue $12.10B · Net income $459.0M · 0001193125-13-041608 · filed 2013-02-07FY10Revenue $12.10BNet income $459.0M0001193125-13-041608 · filed 2013-02-07FY2011 · Revenue $15.66B · Net income $178.0M · 0000092380-14-000010 · filed 2014-02-04FY11Revenue $15.66BNet income $178.0M0000092380-14-000010 · filed 2014-02-04FY2012 · Revenue $17.09B · Net income $421.0M · 0000092380-15-000027 · filed 2015-02-06FY12Revenue $17.09BNet income $421.0M0000092380-15-000027 · filed 2015-02-06FY2013 · Revenue $17.70B · Net income $754.0M · 0000092380-16-000175 · filed 2016-02-03FY13Revenue $17.70BNet income $754.0M0000092380-16-000175 · filed 2016-02-03FY2014 · Revenue $18.61B · Net income $1.14B · 0000092380-17-000029 · filed 2017-02-07FY14Revenue $18.61BNet income $1.14B0000092380-17-000029 · filed 2017-02-07FY2015 · Revenue $19.82B · Net income $2.18B · 0000092380-18-000031 · filed 2018-02-07FY15Revenue $19.82BNet income $2.18B0000092380-18-000031 · filed 2018-02-07FY2016 · Revenue $20.29B · Net income $2.18B · 0000092380-19-000022 · filed 2019-02-05FY16Revenue $20.29BNet income $2.18B0000092380-19-000022 · filed 2019-02-05FY2017 · Revenue $21.15B · Net income $3.36B · 0000092380-20-000024 · filed 2020-02-04FY17Revenue $21.15BNet income $3.36B0000092380-20-000024 · filed 2020-02-04FY2018 · Revenue $21.96B · Net income $2.46B · 0000092380-21-000033 · filed 2021-02-08FY18Revenue $21.96BNet income $2.46B0000092380-21-000033 · filed 2021-02-08FY2019 · Revenue $22.43B · Net income $2.30B · 0000092380-22-000007 · filed 2022-02-07FY19Revenue $22.43BNet income $2.30B0000092380-22-000007 · filed 2022-02-07FY2020 · Revenue $9.05B · Net income −$3.07B · 0000092380-23-000010 · filed 2023-02-07FY20Revenue $9.05BNet income −$3.07B0000092380-23-000010 · filed 2023-02-07FY2021 · Revenue $15.79B · Net income $977.0M · 0000092380-24-000027 · filed 2024-02-06FY21Revenue $15.79BNet income $977.0M0000092380-24-000027 · filed 2024-02-06FY2022 · Revenue $23.81B · Net income $539.0M · 0000092380-25-000024 · filed 2025-02-07FY22Revenue $23.81BNet income $539.0M0000092380-25-000024 · filed 2025-02-07FY2023 · Revenue $26.09B · Net income $465.0M · 0000092380-26-000004 · filed 2026-02-05FY23Revenue $26.09BNet income $465.0M0000092380-26-000004 · filed 2026-02-05FY2024 · Revenue $27.48B · Net income $465.0M · 0000092380-26-000004 · filed 2026-02-05FY24Revenue $27.48BNet income $465.0M0000092380-26-000004 · filed 2026-02-05FY2025 · Revenue $28.06B · Net income $441.0M · 0000092380-26-000004 · filed 2026-02-05FY25Revenue $28.06BNet income $441.0M0000092380-26-000004 · filed 2026-02-05FY25Revenue $28.06BNet income $441.0M0000092380-26-000004 · filed 2026-02-05FY07FY10FY13FY16FY19FY22FY25

revenue 2.8× since FY2007 · net margin 6.5% → 1.6%

MarginsNet marginFCF margin
-20%0%FY2007 · Net margin 6.5% · FCF margin 15.4%FY07Net margin 6.5%FCF margin 15.4%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2008 · Net margin 1.6% · FCF margin -5.4%FY08Net margin 1.6%FCF margin -5.4%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2009 · Net margin 1.0% · FCF margin 3.9%FY09Net margin 1.0%FCF margin 3.9%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2010 · Net margin 3.8% · FCF margin 8.8%FY10Net margin 3.8%FCF margin 8.8%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2011 · Net margin 1.1% · FCF margin 2.5%FY11Net margin 1.1%FCF margin 2.5%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2012 · Net margin 2.5% · FCF margin 4.2%FY12Net margin 2.5%FCF margin 4.2%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2013 · Net margin 4.3% · FCF margin 5.8%FY13Net margin 4.3%FCF margin 5.8%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2014 · Net margin 6.1% · FCF margin 6.2%FY14Net margin 6.1%FCF margin 6.2%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2015 · Net margin 11.0% · FCF margin 6.0%FY15Net margin 11.0%FCF margin 6.0%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2016 · Net margin 10.8% · FCF margin 11.1%FY16Net margin 10.8%FCF margin 11.1%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2017 · Net margin 15.9% · FCF margin 8.5%FY17Net margin 15.9%FCF margin 8.5%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2018 · Net margin 11.2% · FCF margin 13.5%FY18Net margin 11.2%FCF margin 13.5%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2019 · Net margin 10.3% · FCF margin 13.2%FY19Net margin 10.3%FCF margin 13.2%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2020 · Net margin -34.0% · FCF margin -18.1%FY20Net margin -34.0%FCF margin -18.1%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2021 · Net margin 6.2% · FCF margin 11.5%FY21Net margin 6.2%FCF margin 11.5%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2022 · Net margin 2.3% · FCF margin -0.6%FY22Net margin 2.3%FCF margin -0.6%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2023 · Net margin 1.8% · FCF margin -1.4%FY23Net margin 1.8%FCF margin -1.4%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2024 · Net margin 1.7% · FCF margin -5.8%FY24Net margin 1.7%FCF margin -5.8%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2025 · Net margin 1.6% · FCF margin -3.0%FY25Net margin 1.6%FCF margin -3.0%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY25Net margin 1.6%FCF margin -3.0%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue’09’13’17’21’25

FY2025: net 1.6% · free cash flow -3.0% of revenue

Cash engineOperating cash flowFree cash flow
−$2B$0$2B$4BFY2007 · OCF $2.85B · FCF $1.51B · 0001193125-10-017191 · filed 2010-01-29FY07OCF $2.85BFCF $1.51B0001193125-10-017191 · filed 2010-01-29FY2008 · OCF −$1.52B · FCF −$598.0M · 0001193125-11-026045 · filed 2011-02-08FY08OCF −$1.52BFCF −$598.0M0001193125-11-026045 · filed 2011-02-08FY2009 · OCF $985.0M · FCF $400.0M · 0001193125-12-049647 · filed 2012-02-09FY09OCF $985.0MFCF $400.0M0001193125-12-049647 · filed 2012-02-09FY2010 · OCF $1.56B · FCF $1.07B · 0001193125-13-041608 · filed 2013-02-07FY10OCF $1.56BFCF $1.07B0001193125-13-041608 · filed 2013-02-07FY2011 · OCF $1.36B · FCF $388.0M · 0000092380-14-000010 · filed 2014-02-04FY11OCF $1.36BFCF $388.0M0000092380-14-000010 · filed 2014-02-04FY2012 · OCF $2.06B · FCF $716.0M · 0000092380-15-000027 · filed 2015-02-06FY12OCF $2.06BFCF $716.0M0000092380-15-000027 · filed 2015-02-06FY2013 · OCF $2.48B · FCF $1.03B · 0000092380-16-000175 · filed 2016-02-03FY13OCF $2.48BFCF $1.03B0000092380-16-000175 · filed 2016-02-03FY2014 · OCF $2.90B · FCF $1.15B · 0000092380-17-000029 · filed 2017-02-07FY14OCF $2.90BFCF $1.15B0000092380-17-000029 · filed 2017-02-07FY2015 · OCF $3.24B · FCF $1.20B · 0000092380-18-000031 · filed 2018-02-07FY15OCF $3.24BFCF $1.20B0000092380-18-000031 · filed 2018-02-07FY2016 · OCF $4.29B · FCF $2.25B · 0000092380-19-000022 · filed 2019-02-05FY16OCF $4.29BFCF $2.25B0000092380-19-000022 · filed 2019-02-05FY2017 · OCF $3.93B · FCF $1.81B · 0000092380-20-000024 · filed 2020-02-04FY17OCF $3.93BFCF $1.81B0000092380-20-000024 · filed 2020-02-04FY2018 · OCF $4.89B · FCF $2.97B · 0000092380-21-000033 · filed 2021-02-08FY18OCF $4.89BFCF $2.97B0000092380-21-000033 · filed 2021-02-08FY2019 · OCF $3.99B · FCF $2.96B · 0000092380-22-000007 · filed 2022-02-07FY19OCF $3.99BFCF $2.96B0000092380-22-000007 · filed 2022-02-07FY2020 · OCF −$1.13B · FCF −$1.64B · 0000092380-23-000010 · filed 2023-02-07FY20OCF −$1.13BFCF −$1.64B0000092380-23-000010 · filed 2023-02-07FY2021 · OCF $2.32B · FCF $1.82B · 0000092380-24-000027 · filed 2024-02-06FY21OCF $2.32BFCF $1.82B0000092380-24-000027 · filed 2024-02-06FY2022 · OCF $3.79B · FCF −$134.0M · 0000092380-25-000024 · filed 2025-02-07FY22OCF $3.79BFCF −$134.0M0000092380-25-000024 · filed 2025-02-07FY2023 · OCF $3.16B · FCF −$356.0M · 0000092380-26-000004 · filed 2026-02-05FY23OCF $3.16BFCF −$356.0M0000092380-26-000004 · filed 2026-02-05FY2024 · OCF $462.0M · FCF −$1.59B · 0000092380-26-000004 · filed 2026-02-05FY24OCF $462.0MFCF −$1.59B0000092380-26-000004 · filed 2026-02-05FY2025 · OCF $1.84B · FCF −$831.0M · 0000092380-26-000004 · filed 2026-02-05FY25OCF $1.84BFCF −$831.0M0000092380-26-000004 · filed 2026-02-05FY25OCF $1.84BFCF −$831.0M0000092380-26-000004 · filed 2026-02-05’09’13’17’21’25

FY2025: $1.84B operating cash − $2.67B capex = −$831.0M free cash flow

Returns on capitalReturn on equityReturn on assets
-20%0%20%40%FY2008 · ROE 3.6% · ROA 1.3%FY08ROE 3.6%ROA 1.3%derived: net income ÷ equity · derived: net income ÷ assetsFY2009 · ROE 1.8% · ROA 0.7%FY09ROE 1.8%ROA 0.7%derived: net income ÷ equity · derived: net income ÷ assetsFY2010 · ROE 7.4% · ROA 3.0%FY10ROE 7.4%ROA 3.0%derived: net income ÷ equity · derived: net income ÷ assetsFY2011 · ROE 2.6% · ROA 1.0%FY11ROE 2.6%ROA 1.0%derived: net income ÷ equity · derived: net income ÷ assetsFY2012 · ROE 6.0% · ROA 2.3%FY12ROE 6.0%ROA 2.3%derived: net income ÷ equity · derived: net income ÷ assetsFY2013 · ROE 10.3% · ROA 3.9%FY13ROE 10.3%ROA 3.9%derived: net income ÷ equity · derived: net income ÷ assetsFY2014 · ROE 16.8% · ROA 5.8%FY14ROE 16.8%ROA 5.8%derived: net income ÷ equity · derived: net income ÷ assetsFY2015 · ROE 29.6% · ROA 10.2%FY15ROE 29.6%ROA 10.2%derived: net income ÷ equity · derived: net income ÷ assetsFY2016 · ROE 25.9% · ROA 9.4%FY16ROE 25.9%ROA 9.4%derived: net income ÷ equity · derived: net income ÷ assetsFY2017 · ROE 34.8% · ROA 13.4%FY17ROE 34.8%ROA 13.4%derived: net income ÷ equity · derived: net income ÷ assetsFY2018 · ROE 25.0% · ROA 9.4%FY18ROE 25.0%ROA 9.4%derived: net income ÷ equity · derived: net income ÷ assetsFY2019 · ROE 23.4% · ROA 8.9%FY19ROE 23.4%ROA 8.9%derived: net income ÷ equity · derived: net income ÷ assetsFY2020 · ROE -34.6% · ROA -8.9%FY20ROE -34.6%ROA -8.9%derived: net income ÷ equity · derived: net income ÷ assetsFY2021 · ROE 9.4% · ROA 2.7%FY21ROE 9.4%ROA 2.7%derived: net income ÷ equity · derived: net income ÷ assetsFY2022 · ROE 5.0% · ROA 1.5%FY22ROE 5.0%ROA 1.5%derived: net income ÷ equity · derived: net income ÷ assetsFY2023 · ROE 4.4% · ROA 1.3%FY23ROE 4.4%ROA 1.3%derived: net income ÷ equity · derived: net income ÷ assetsFY2024 · ROE 4.5% · ROA 1.4%FY24ROE 4.5%ROA 1.4%derived: net income ÷ equity · derived: net income ÷ assetsFY2025 · ROE 5.5% · ROA 1.5%FY25ROE 5.5%ROA 1.5%derived: net income ÷ equity · derived: net income ÷ assetsFY25ROE 5.5%ROA 1.5%derived: net income ÷ equity · derived: net income ÷ assets’09’13’17’21’25

return on equity 4% (FY2008) → 6% (FY2025) · on assets 1.5%

The receipts