LUV · XBRL financial data

Southwest Airlines financial statements, every fiscal year

The same tables from 10 filings, lined up. Matched by XBRL tag: renamed lines keep their history.

How these numbers work

Every number comes from the company's XBRL financial data filed with the SEC, and each one links to its filing.
Lines are matched by XBRL tag, so a line renamed between filings keeps its history.
* marks a quarter worked out from the filing totals: the 10-K year minus the first three quarters, or a year-to-date total minus the earlier one. Fourth-quarter earnings per share is fourth-quarter net income over the fourth-quarter weighted shares.
0 means a filing states zero; a dash (—) means no filing states that number.
“year only” means the 10-K gives the full year but not the quarters needed to work out the fourth. A worked-out quarter of revenue, cost of revenue or operating cash flow more than twice the company's largest quarter of the two years before is shown this way too.
Gross profit is shown as the company reports it; a worked-out quarter must equal revenue less cost of revenue for that quarter, or it is a dash.
Operating income can be above gross profit when the company books other operating income between the two, shown on its own line.
Shares outstanding come from each filing's cover page, as of the date printed there.
Quarters are fiscal: Q2 FY27 is the second quarter of the company's fiscal 2027.

Income statement

Fiscal years (LUV's year ends in late December)

In millions of dollars	FY 2020Dec 31, 2020	FY 2021Dec 31, 2021	FY 2022Dec 31, 2022	FY 2023Dec 31, 2023	FY 2024Dec 31, 2024	FY 2025Dec 31, 2025
Revenue from contracts with customers	9,048	15,790	23,814	26,091	27,483	28,063
Operating income (loss)	(3,816)	1,721	1,017	224	321	428
Interest income	32	13	217	583	497	205
Interest expense	—	—	340	259	249	167
Other income (expense)	(158)	22	(12)	62	(4)	43
Income tax expense (benefit)	(1,182)	348	189	168	133	122
Net income (loss)	(3,074)	977	539	465	465	441
Earnings per share, basic USD per share	(5.44)	1.65	0.91	0.78	0.78	0.82
Earnings per share, diluted USD per share	(5.44)	1.61	0.87	0.76	0.76	0.79
Weighted average shares, basic millions of shares	565	592	593	595	598	540
Weighted average shares, diluted millions of shares	565	609	642	640	643	558

Fiscal years (LUV's year ends in late December)

In millions of dollars	FY 2020Dec 31, 2020	FY 2021Dec 31, 2021	FY 2022Dec 31, 2022	FY 2023Dec 31, 2023	FY 2024Dec 31, 2024	FY 2025Dec 31, 2025
Cash and cash equivalents	11,063	12,480	9,492	9,288	7,509	3,231
Short-term investments	2,271	3,024	2,800	2,186	1,216	0
Accounts receivable	46	58	117	104	47	98
Prepaid and other current assets	295	638	686	520	639	490
Total current assets	15,173	18,036	14,808	13,955	11,274	5,645
Property and equipment, net	15,831	14,842	17,342	19,375	19,056	20,245
Right-of-use asset	1,892	1,590	1,394	1,223	1,369	1,089
Goodwill	970	970	970	970	970	970
Total assets	34,588	36,320	35,369	36,487	33,750	29,061
Accounts payable	931	1,282	2,004	1,862	1,818	1,991
Accrued liabilities	2,259	1,624	2,043	3,606	2,206	2,349
Total current liabilities	7,506	9,164	10,378	12,256	12,276	10,921
Lease liability, non-current	1,562	1,315	1,118	985	1,031	768
Retained earnings	14,777	15,774	16,261	16,297	16,332	16,388
Total stockholders' equity	8,876	10,414	10,687	10,515	10,350	7,981
Total liabilities and equity	34,588	36,320	35,369	36,487	33,750	29,061
Common shares outstanding (cover page) millions of shares	591	592	594	597	593	491

Fiscal years (LUV's year ends in late December)

In millions of dollars	FY 2020Dec 31, 2020	FY 2021Dec 31, 2021	FY 2022Dec 31, 2022	FY 2023Dec 31, 2023	FY 2024Dec 31, 2024	FY 2025Dec 31, 2025
Net income (loss)	(3,074)	977	539	465	465	441
Net cash from operating activities	(1,127)	2,322	3,790	3,164	462	1,842
Net cash from investing activities	(16)	(1,264)	(3,746)	(2,932)	(261)	(1,429)
Proceeds from issuing common stock	2,294	0	0	—	—	—
Share repurchases	451	0	0	0	250	2,550
Dividends paid	188	0	0	428	430	399
Net cash from financing activities	9,658	359	(3,032)	(436)	(1,980)	(4,691)
Net change in cash	8,515	1,417	(2,988)	(204)	(1,779)	(4,278)

SIC 4512 and related industry codes, similar size. Each row is the latest quarter reported.

How peers are chosen

SIC 4512 and related industry codes with public float (or, where float is missing, quarterly revenue) between 0.2x and 5x the company's.
Each row is the latest quarter the company has reported, named in the Quarter column; when that filing is a 10-K, it is the fourth quarter, never the full year.
* marks a quarter worked out from the filing totals: for a 10-Q, the year-to-date total less the earlier one.
A cell reading “not reported” means the filings give no figure for that quarter alone.

Company	Cash ($M)	Revenue, quarter ($M)	Operating cash flow, quarter ($M)	Shares outstanding	Quarter
Southwest Airlines	3,624	8,422	513	489.6M	Q3 FY26 10-QSep 30, 2026
United Airlines Holdings	6,648	17,875	465*	324.9M	Q3 FY26 10-QSep 30, 2026
Delta Air Lines	3,787	20,186	1,713*	657.9M	Q3 FY26 10-QSep 30, 2026
American Airlines Group	1,124	16,335	(153)*	662.6M	Q3 FY26 10-QSep 30, 2026
Alaska Air Group	1,064	4,065	185*	111.6M	Q2 FY26 10-QJun 30, 2026
FedEx Freight Holding Company	388	2,442	not reported	149.5M	Q3 FY26 10-QSep 30, 2026
Fedex	7,961	22,855	not reported	234.2M	Q3 FY26 10-QSep 30, 2026
Skywest	72	1,117	131*	38.0M	Q3 FY26 10-QSep 30, 2026

Not investment advice. Not affiliated with the U.S. SEC.