LUV - NYSE

Southwest Airlines Co.

LUV·NYSE

$40.87

-3.5%

IndustrialsAirlines, Airports & Air Services

Southwest Airlines Co. operates as a passenger airline company that provide scheduled air transportation services in the United States and near-international markets. As of December 31, 2021, the company operated a total fleet of 728 Boeing 737 aircrafts; and served 121 destinations in 42 states, the District of Columbia, and the Commonwealth of Puerto Rico, as well as 10 near-international countries, including Mexico, Jamaica, the Bahamas, Aruba, the Dominican Republic, Costa Rica, Belize, Cuba, the Cayman Islands, and Turks and Caicos. It also provides inflight entertainment and connectivity services on Wi-Fi enabled aircrafts; and Rapid Rewards loyalty program that enables program members to earn points for dollars spent on Southwest base fares. In addition, the company offers a suite of digital platforms to support customers' travel needs, including websites and apps; and SWABIZ, an online booking tool. Further, it provides ancillary services, such as Southwest's EarlyBird Check-In, upgraded boarding, and transportation of pets and unaccompanied minors. The company was incorporated in 1967 and is headquartered in Dallas, Texas.

Statements Value Model

At a Glance

Live Snapshot

Market Cap$19.98B

EPS0.8200

P/E Ratio49.84

Earnings Date07/22/2026

29.06B

Assets

-14%

3Y-18.0%

5Y-16.0%

10Y+25.0%

21.08B

Total Liabilities

-10%

3Y-15.0%

5Y-18.0%

10Y+42.0%

7.98B

Total Equity

-23%

3Y-25.0%

5Y-10.0%

10Y-5.0%

Southwest Airlines Co. Funding & Solvency Profile

LUV · NYSE

Current Assets

Cash & Cash Equivalents3.23B

Net Receivables1.15B

Inventory775.00M

Other Current Assets490.00M

Total Current Assets6 B

Non-Current Assets

Property, Plant & Equipment21.33B

Goodwill & Intangible Assets1.27B

Long-Term Investments457.00M

Other Non-Current Assets359.00M

Total Non-Current Assets22 B

Total Assets

29.06B

Financial Health Analysis

Current Ratio

0.52x

Warning: Liquidity concerns. Current assets may not be sufficient to cover short-term obligations.

Debt-to-Equity Ratio

2.64x

High financial leverage. Heavy reliance on debt may indicate increased financial risk and potential solvency concerns.

Working Capital

-5276000000

Negative working capital indicates short-term liabilities exceed short-term assets—potential liquidity stress.

Asset Composition

19% Current

Capital-intensive business with significant long-term investments in property, equipment, or intangibles.

Financial Health Insight

Financial stress indicators: Both liquidity and leverage metrics raise concerns. The company may face challenges meeting obligations and should focus on strengthening its balance sheet.

Southwest Airlines Co. Balance Sheet

LUV • NYSE

Southwest Airlines Co. Balance Sheet	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017	Dec 2016	Dec 2015	Dec 2014	Dec 2013	Dec 2012	Dec 2011	Dec 2010	Dec 2009	Dec 2008	Dec 2007	Dec 2006
ASSETS
CURRENT ASSETS
Cash and Cash Equivalents	3.2B	7.5B	9.3B	9.5B	12.5B	11.1B	2.5B	1.9B	1.5B	1.7B	1.6B	1.3B	1.4B	1.1B	829M	1.3B	1.1B	1.4B	2.2B	1.4B
Short-Term Investments	0.0	1.2B	2.2B	2.8B	3B	2.3B	1.5B	1.8B	1.8B	1.6B	1.5B	1.7B	1.8B	1.9B	2.3B	2.3B	1.5B	435M	566M	369M
Cash & Short-Term Investments	3.2B	8.7B	11.5B	12.3B	15.5B	13.3B	4.1B	3.7B	3.3B	3.3B	3.1B	3B	3.2B	3B	3.1B	3.5B	2.6B	1.8B	2.8B	1.8B
Net Receivables	1.1B	1.1B	1.2B	1B	1.4B	1.1B	1.1B	568M	662M	546M	474M	365M	419M	332M	299M	195M	169M	209M	279M	241M
Accounts Receivables	98M	763M	805M	680M	573M	355M	944M	568M	662M	546M	474M	365M	419M	332M	299M	195M	169M	209M	279M	241M
Other Receivables	1.1B	347M	349M	360M	784M	775M	142M	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Inventory	775M	800M	807M	790M	537M	414M	529M	461M	420M	337M	311M	342M	467M	469M	401M	243M	221M	203M	259M	181M
Other Current Assets	490M	639M	520M	686M	638M	295M	287M	310M	460M	310M	188M	709M	418M	456M	501M	303M	375M	438M	1.1B	420M
Total Current Assets	5.6B	11.3B	14B	14.8B	18B	15.2B	6B	5B	4.8B	4.5B	4B	4.3B	4.5B	4.2B	4.3B	4.3B	3.4B	2.9B	4.4B	2.6B
NON-CURRENT ASSETS
Property, Plant, and Equipment (Net)	21.3B	20.4B	20.6B	18.7B	16.4B	17.7B	18.4B	19.5B	18.5B	17B	15.6B	14.3B	13.4B	12.8B	12.1B	10.6B	10.6B	11B	10.9B	10.1B
Goodwill	970M	970M	970M	970M	970M	970M	970M	970M	970M	970M	970M	970M	970M	970M	970M	0.0	0.0	0.0	0.0	0.0
Intangible Assets	296M	300M	296M	296M	295M	295M	296M	399M	413M	426M	464M	363M	166M	138M	155M	0.0	0.0	0.0	0.0	0.0
Goodwill & Intangible Assets	1.3B	1.3B	1.3B	1.3B	1.3B	1.3B	1.3B	1.4B	1.4B	1.4B	1.4B	1.3B	1.1B	1.1B	1.1B	0.0	0.0	0.0	0.0	0.0
Long-Term Investments	457M	367M	280M	235M	0.0	0.0	0.0	0.0	0.0	0.0	40M	35M	44M	41M	97M	0.0	0.0	0.0	0.0	0.0
Other Non-Current Assets	359M	414M	388M	324M	587M	427M	281M	320M	373M	348M	213M	136M	320M	454M	374M	606M	277M	375M	1.5B	765M
Total Non-Current Assets	23.4B	22.5B	22.5B	20.6B	18.3B	19.4B	19.9B	21.2B	20.3B	18.8B	17.3B	15.8B	14.9B	14.4B	13.7B	11.2B	10.9B	11.4B	12.3B	10.9B
Total Assets	29.1B	33.8B	36.5B	35.4B	36.3B	34.6B	25.9B	26.2B	25.1B	23.3B	21.3B	19.7B	19.3B	18.6B	18.1B	15.5B	14.3B	14.1B	16.8B	13.5B
LIABILITIES
CURRENT LIABILITIES
Total Payables	2B	1.9B	1.8B	1.8B	1.3B	1B	1.7B	1.5B	1.4B	1.2B	1.3B	1.3B	1.3B	1.2B	1.1B	739M	746M	668M	759M	643M
Accounts Payable	389M	339M	265M	277M	156M	111M	304M	263M	186M	138M	178M	123M	189M	174M	1.1B	739M	746M	668M	759M	643M
Other Payables	1.6B	1.6B	1.6B	1.6B	1.2B	904M	1.3B	1.2B	1.2B	1.1B	1.1B	1.2B	1.1B	1B	69M	0.0	0.0	0.0	0.0	0.0
Accrued Expenses	700M	646M	582M	491M	231M	306M	250M	423M	426M	292M	649M	395M	396M	351M	322M	863M	696M	1B	3.1B	1.3B
Short Term Debt	324M	1.6B	29M	42M	371M	137M	734M	606M	348M	566M	637M	258M	629M	271M	644M	505M	190M	163M	41M	122M
Capital Lease Obligations (Current)	312M	328M	208M	267M	321M	389M	438M	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Tax Payables	406M	371M	365M	279M	301M	133M	306M	288M	260M	252M	241M	244M	211M	195M	69M	0.0	0.0	0.0	0.0	0.0
Deferred Revenue	5.9B	6.3B	6.6B	6.1B	5.6B	3.8B	4.5B	4.1B	3.5B	3.1B	3B	2.9B	2.6B	2.2B	1.8B	0.0	0.0	0.0	0.0	0.0
Other Current Liabilities	1.6B	1.4B	3B	1.7B	1.3B	1.9B	1.4B	1.3B	1.2B	1.6B	1.9B	1.1B	768M	684M	605M	1.2B	1B	963M	931M	799M
Total Current Liabilities	10.9B	12.3B	12.3B	10.4B	9.2B	7.5B	9B	7.9B	6.9B	6.8B	7.4B	5.9B	5.7B	4.7B	4.5B	3.3B	2.7B	2.8B	4.8B	2.9B
NON-CURRENT LIABILITIES
Long Term Debt	4.6B	5.1B	8B	7.9B	9.9B	9.7B	1.3B	2.8B	3.3B	2.8B	2.5B	2.4B	2.2B	2.9B	3.1B	2.9B	3.3B	3.5B	2.1B	1.6B
Deferred Revenue (Non-Current)	1.6B	1.9B	1.7B	2.2B	2.2B	3.3B	1.1B	936M	1.1B	30M	43M	53M	65M	63M	75M	88M	102M	105M	106M	120M
Deferred Tax Liabilities (Non-Current)	2.3B	2.2B	2B	2B	1.8B	1.6B	2.4B	2.4B	2.4B	3.4B	2.5B	3.1B	2.9B	2.9B	2.6B	2.5B	2.2B	1.9B	2.5B	2.1B
Other Non-Current Liabilities	877M	909M	981M	969M	1.2B	1.6B	870M	2.4B	2.1B	1.8B	1.5B	1.8B	1.1B	1.1B	910M	465M	493M	802M	302M	333M
Total Non-Current Liabilities	10.2B	11.1B	13.7B	14.3B	16.7B	18.2B	7.1B	8.5B	8.6B	8B	6.5B	7B	6.3B	7B	6.7B	5.9B	6.1B	6.3B	5B	4.1B
Capital Lease Obligations	1.1B	1.4B	1.2B	1.5B	2B	2.4B	1.3B	48M	85M	125M	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Total Liabilities	21.1B	23.4B	26B	24.7B	25.9B	25.7B	16.1B	16.4B	14.7B	14.8B	14B	13.3B	12B	11.6B	11.2B	9.2B	8.8B	9.4B	9.8B	7B
SHAREHOLDERS' EQUITY
Treasury Stock	-13.6B	-11B	-10.8B	-10.8B	-10.9B	-10.9B	-10.4B	-8.5B	-6.5B	-4.9B	-3.2B	-2B	-1.1B	-675M	-324M	-891M	-963M	-1B	-1.1B	-390M
Common Stock	888M	888M	888M	888M	888M	888M	808M	808M	808M	808M	808M	808M	808M	808M	808M	808M	808M	808M	808M	808M
Additional Paid-In Capital	4.3B	4.2B	4.2B	4B	4.2B	4.2B	1.6B	1.5B	1.5B	1.4B	1.4B	1.3B	1.2B	1.2B	1.2B	1.2B	1.2B	1.2B	1.2B	1.1B
Retained Earnings	16.4B	16.3B	16.3B	16.3B	15.8B	14.8B	17.9B	16B	14.6B	11.4B	9.4B	7.4B	6.4B	5.8B	5.4B	5.4B	5B	4.9B	4.8B	4.3B
Accumulated Other Comprehensive Income/Loss	-24M	-25M	0.0	344M	388M	-105M	-61M	20M	12M	-323M	-1.1B	-738M	-3M	-119M	-224M	-262M	-578M	-984M	1.2B	582M
Total Stockholders' Equity	8B	10.4B	10.5B	10.7B	10.4B	8.9B	9.8B	9.9B	10.4B	8.4B	7.4B	6.8B	7.3B	7B	6.9B	6.2B	5.5B	5B	6.9B	6.4B
Total Equity	8B	10.4B	10.5B	10.7B	10.4B	8.9B	9.8B	9.9B	10.4B	8.4B	7.4B	6.8B	7.3B	7B	6.9B	6.2B	5.5B	5B	6.9B	6.4B
SUMMARY
Total Liabilities & Equity	29.1B	33.8B	36.5B	35.4B	36.3B	34.6B	25.9B	26.2B	25.1B	23.3B	21.3B	20.1B	19.3B	18.6B	18.1B	15.5B	14.3B	14.3B	16.8B	13.5B
Total Investments	457M	1.6B	2.5B	3B	3B	2.3B	1.5B	1.8B	1.8B	1.6B	1.5B	1.7B	1.8B	1.9B	2.4B	2.3B	1.5B	435M	566M	369M
Total Debt	6B	8.1B	9.2B	9.5B	12.3B	12.2B	4B	3.4B	3.7B	3.4B	3.2B	2.7B	2.8B	3.2B	3.8B	3.4B	3.5B	3.7B	2.1B	1.7B
Net Debt	2.8B	549M	-88M	-19M	-199M	1.1B	1.4B	1.5B	2.2B	1.7B	1.6B	1.4B	1.5B	2B	2.9B	2.1B	2.4B	2.3B	-122M	299M
Shares Outstanding	517,155,080	517,155,080	517,155,080	517,155,080	517,155,080	517,155,080	517,155,080	517,155,080	517,155,080	517,155,080	517,155,080	517,155,080	517,155,080	517,155,080	517,155,080	517,155,080	517,155,080	517,155,080	517,155,080	517,155,080

SEC Filings

LUV - Filing history and reports

Filing Type	Filing Date	Period Ending	Fiscal Year	Actions
8-K 8-K 2026 N/A	May 19, 2026	May 19, 2026	2026	View Filing
8-K 8-K 2026 N/A	May 11, 2026	May 07, 2026	2026	View Filing
10-Q 10-Q 2026 Q1 Q1	April 23, 2026	March 31, 2026	2026	View Filing
8-K 8-K 2026 N/A	April 22, 2026	April 22, 2026	2026	View Filing
DEF 14A DEF 14A 2026 N/A	March 27, 2026	May 07, 2026	2026	View Filing
8-K 8-K 2026 N/A	March 12, 2026	March 11, 2026	2026	View Filing
8-K 8-K 2026 N/A	February 10, 2026	February 09, 2026	2026	View Filing
10-K/A 10-K/A 2025 FY (Amended) FY	February 06, 2026	December 31, 2025	2025	View Filing
10-K 10-K 2025 FY FY	February 05, 2026	December 31, 2025	2025	View Filing
8-K 8-K 2026 N/A	January 28, 2026	January 28, 2026	2026	View Filing

Showing 1 to 10 of 592 filings

Related Guides

Blog Categories

Continue your LUV research with focused valuation guides.

Fundamentals

Decode statement quality and operating durability.

Accounting

Interpret line items with cleaner analytical framing.

Forecasting

Translate historical performance into forward scenarios.

Reference

Use practical frameworks for statement-led valuation.

Research Paths

Pick your next lens

Snapshot

Start with context, operating signals, and key market metrics.

Value Model

Stress test fair value across bear, base, and bull assumptions.

Statements

Validate revenue quality, margins, and balance sheet durability.

Earnings Call

Read management commentary and compare it with reported outcomes.

Dividends

Check payout sustainability and long-term distribution behavior.

Analyst Expectations

Review consensus spread and where estimate risk is concentrated.