LUV Financials Southwest Airlines

15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated 29 h ago Overview →

Growth & profitability

Revenue has grown 25.4% per year over the past 5 years.
Operating margin has expanded, at 1.5% in the latest year.

Financial health

Total debt ($4.9B) exceeds cash ($3.2B); net debt is $1.7B.
Total debt has grown slower than revenue (-15.2% vs 25.4% per year).
Operating income covered interest expense 2.6× in the latest year.
Total debt is 2.5× EBITDA.

Shareholder returns

Dividends have been paid for 3 consecutive years, consuming 90.5% of earnings.
The dividend has grown 16.2% per year over the past 5 years.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	FCF	Total debt	Cash
2025	$28.1B	$441M	0.0%	1.5%	-$831M	$4.9B	$3.2B
2024	$27.5B	$465M	0.0%	1.2%	-$1.6B	$6.7B	$7.5B
2023	$26.1B	$465M	0.0%	0.9%	-$356M	$8.0B	$9.3B
2022	$23.8B	$539M	0.0%	4.3%	-$134M	$8.1B	$9.5B
2021	$15.8B	$977M	0.0%	10.9%	$1.8B	—	$12.5B
2020	$9.0B	-$3.1B	0.0%	-42.2%	-$1.6B	—	$11.1B
2019	$22.4B	$2.3B	0.0%	13.2%	$3.0B	—	$2.5B
2018	$22.0B	$2.5B	0.0%	14.6%	$3.0B	—	$1.9B
2017	$21.1B	$3.4B	0.0%	16.1%	$1.8B	—	$1.5B
2016	$20.3B	$2.2B	0.0%	17.4%	$2.3B	—	$1.7B
2015	—	$2.2B	—	—	$1.2B	—	$1.6B
2014	—	$1.1B	—	—	$1.2B	—	$1.3B
2013	—	$754M	—	—	$1.0B	—	$1.4B
2012	—	$421M	—	—	$716M	$3.2B	$1.1B
2011	—	$178M	—	—	—	$3.8B	$829M

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	FCF	Total debt	Cash
Mar '26	$7.2B	$227M	0.0%	4.6%	$788M	—	$3.3B
Dec '25	$7.4B	$323M	0.0%	5.3%	-$564M	$4.9B	$3.2B
Sep '25	$6.9B	$54M	0.0%	0.5%	-$391M	—	$2.9B
Jun '25	$7.2B	$213M	0.0%	3.1%	-$234M	—	$3.5B
Mar '25	$6.4B	-$149M	0.0%	-3.5%	$333M	—	$8.1B
Dec '24	$6.9B	$261M	0.0%	4.0%	$16M	$6.7B	$7.5B
Sep '24	$6.9B	$67M	0.0%	0.6%	-$404M	—	$8.5B
Jun '24	$7.4B	$367M	0.0%	5.4%	-$517M	—	$8.1B
Mar '24	$6.3B	-$231M	0.0%	-6.2%	-$687M	—	$8.4B
Dec '23	$6.8B	-$252M	0.0%	-5.9%	-$283M	$8.0B	$9.3B
Sep '23	$6.5B	$193M	0.0%	1.8%	-$226M	—	$9.5B
Jun '23	$7.0B	$683M	0.0%	11.3%	$491M	—	$9.2B
Mar '23	$5.7B	-$159M	0.0%	-5.0%	-$340M	—	$8.4B
Dec '22	$6.2B	-$220M	0.0%	-6.2%	-$777M	$8.1B	$9.5B
Sep '22	$6.2B	$277M	0.0%	6.4%	-$838M	—	$10.4B
Jun '22	$6.7B	$760M	0.0%	17.2%	$919M	—	$13.2B
Mar '22	$4.7B	-$278M	0.0%	-3.2%	$561M	—	$13.1B
Dec '21	$5.1B	$68M	0.0%	3.9%	$67M	—	$12.5B
Sep '21	$4.7B	$446M	0.0%	15.7%	-$710M	—	$13.0B
Jun '21	$4.0B	$348M	0.0%	14.8%	$1.9B	—	$14.1B

Valuation over time

How the market has priced LUV against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has risen from 29.5× (Mar '23) to 57.7× (Jun '26).
The price-to-sales ratio has risen from 0.7× (Mar '23) to 0.9× (Jun '26).
The dividend yield has fallen from 2.9% (Jan '24) to 1.6% (Jun '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Dividend yield (%)

Dividend yield %

Frequently asked questions

Is LUV growing its revenue and profit?

Over the past 5 years, Southwest Airlines's revenue has grown 25.4% per year. These are computed facts, not advice.

How much debt does LUV have?

As of FY2025, Southwest Airlines reported $4.9B of total debt against $3.2B of cash; operating income covered interest expense 2.6×.

What is LUV's profit margin?

In FY2025, gross margin was —, operating margin 1.5%, and net margin 1.6%.

What is LUV's P/E ratio?

As of Jun '26, Southwest Airlines traded at a price-to-earnings ratio of about 57.7× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.