SOUTHWEST AIRLINES CO. (LUV)

39.64 -0.30% (-0.12)

Over 3Y: +35.5%

2026-08-28
Style
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20 30 40 50
2023 2024 2025 2026

Financials Quarterly

Figures
Revenue Gross Profit Operating Income Cost of Revenue Operating Cash Flow Free Cash Flow Net Income

A share count and earnings a share are not here: neither is money, so neither can share this axis. Both have their own panel on All charts.

All charts ›
Q3 '21 — Revenue: 4.7B Q3 '21 — Operating Cash Flow: -575M Q3 '21 — Free Cash Flow: -710M Q3 '21 — Net Income: 446M Q4 '21 — Revenue: 5.1B Q4 '21 — Operating Cash Flow: 247M Q4 '21 — Free Cash Flow: 67M Q4 '21 — Net Income: 68M Q1 '22 — Revenue: 4.7B Q1 '22 — Operating Cash Flow: 1.1B Q1 '22 — Free Cash Flow: 561M Q1 '22 — Net Income: -278M Q2 '22 — Revenue: 6.7B Q2 '22 — Operating Cash Flow: 1.9B Q2 '22 — Free Cash Flow: 919M Q2 '22 — Net Income: 760M Q3 '22 — Revenue: 6.2B Q3 '22 — Operating Cash Flow: 234M Q3 '22 — Free Cash Flow: -838M Q3 '22 — Net Income: 277M Q4 '22 — Revenue: 6.2B Q4 '22 — Operating Cash Flow: 579M Q4 '22 — Free Cash Flow: -777M Q4 '22 — Net Income: -220M Q1 '23 — Revenue: 5.7B Q1 '23 — Operating Cash Flow: 706M Q1 '23 — Free Cash Flow: -340M Q1 '23 — Net Income: -159M Q2 '23 — Revenue: 7B Q2 '23 — Operating Cash Flow: 1.4B Q2 '23 — Free Cash Flow: 491M Q2 '23 — Net Income: 683M Q3 '23 — Revenue: 6.5B Q3 '23 — Operating Cash Flow: 616M Q3 '23 — Free Cash Flow: -226M Q3 '23 — Net Income: 193M Q4 '23 — Revenue: 6.8B Q4 '23 — Operating Cash Flow: 425M Q4 '23 — Free Cash Flow: -283M Q4 '23 — Net Income: -252M Q1 '24 — Revenue: 6.3B Q1 '24 — Operating Cash Flow: -104M Q1 '24 — Free Cash Flow: -687M Q1 '24 — Net Income: -231M Q2 '24 — Revenue: 7.4B Q2 '24 — Operating Cash Flow: -23M Q2 '24 — Free Cash Flow: -517M Q2 '24 — Net Income: 367M Q3 '24 — Revenue: 6.9B Q3 '24 — Operating Cash Flow: 113M Q3 '24 — Free Cash Flow: -404M Q3 '24 — Net Income: 67M Q4 '24 — Revenue: 6.9B Q4 '24 — Operating Cash Flow: 476M Q4 '24 — Free Cash Flow: 16M Q4 '24 — Net Income: 261M Q1 '25 — Revenue: 6.4B Q1 '25 — Operating Cash Flow: 860M Q1 '25 — Free Cash Flow: 333M Q1 '25 — Net Income: -149M Q2 '25 — Revenue: 7.2B Q2 '25 — Operating Cash Flow: 401M Q2 '25 — Free Cash Flow: -259M Q2 '25 — Net Income: 213M Q3 '25 — Revenue: 6.9B Q3 '25 — Operating Cash Flow: 287M Q3 '25 — Free Cash Flow: -391M Q3 '25 — Net Income: 54M Q4 '25 — Revenue: 7.4B Q4 '25 — Operating Cash Flow: 295M Q4 '25 — Free Cash Flow: -564M Q4 '25 — Net Income: 323M Q1 '26 — Revenue: 7.2B Q1 '26 — Operating Cash Flow: 1.4B Q1 '26 — Free Cash Flow: 788M Q1 '26 — Net Income: 227M Q2 '26 — Revenue: 8.4B Q2 '26 — Operating Cash Flow: 530M Q2 '26 — Free Cash Flow: -288M Q2 '26 — Net Income: 233M 0 2B 4B 6B 8B 10B
Q4 '21 Q3 '22 Q2 '23 Q1 '24 Q4 '24 Q3 '25 Q2 '26
Revenue Operating Cash Flow Free Cash Flow Net Income

Figures as at 2026-06-30, reported in USD. The newest fact in the filings is dated 2026-06-30, 61 days ago. Nothing on this page is advice.

How it scores

Five questions, each answered by the measures under it. Every figure is the company's own; the bar beside it is where that figure sits among the companies read here — the top fifth, the bottom fifth, or somewhere between. Not among all listed companies, and for a valuation multiple the low end is the good end.

Quality

How much of the revenue is really kept — and what did it take to earn it?

3.3
SBC / sales 0.33%
ROIC 9.9%
OE margin -1.8%
Accruals -5.6%
OCF / EBIT 2.4×
ROA 2.8%
ROE 11.8%
OCF margin 8.4%
ROCE 6.2%
FCF margin -1.5%
Gross margin —

5 of 17 counted in the score. The rest are measures this model does not include here, or figures these filings do not carry — switch any of them on and the score changes.

Valuation

What does the price ask for what the company earns, owns and pays out?

0.5
Div. yield —
EV/EBIT —
EV/GP —
EV/OE —
EV/Sales —
FCF yield —
Fwd P/E —
P/B —
P/C —
P/E —
PEG —

0 of 12 counted in the score. The rest are measures this model does not include here, or figures these filings do not carry — switch any of them on and the score changes.

Durability

How predictable is the revenue, and how much of it is already committed?

5.1
RPO / sales 0.22×
RPO growth —
Segment HHI —

3 of 7 counted in the score. The rest are measures this model does not include here, or figures these filings do not carry — switch any of them on and the score changes.

Resilience

Can the balance sheet absorb a bad year?

3.9
ND/EBITDA —
Current ratio 0.96×
Net debt / Eq 0.17×
Cash / Debt 0.76×
F-score 6.8 pts
Payout 44.2%
Debt / Eq 0.71×
Quick ratio 0.49×
Cash runway —
Debt payback —

3 of 12 counted in the score. The rest are measures this model does not include here, or figures these filings do not carry — switch any of them on and the score changes.

Growth

Is the business getting bigger, and is it getting more profitable?

4.7
Sales/sh Y/Y +26.2%
Sales CAGR 4Y +15.5%
EBIT Y/Y +227.4%
EPS Y/Y +146.1%
Shares change -13.2%
Sales Q/Q +16.4%
EBIT CAGR +0.67%
Div. growth -7.2%
EPS CAGR 4Y -16.3%
EPS next Y —

4 of 13 counted in the score. The rest are measures this model does not include here, or figures these filings do not carry — switch any of them on and the score changes.

A measure absent from a block could not be computed from this company's filings. It is left out rather than scored as though it were bad, and the dimension is averaged over what remains. A score is measured against a fixed scale this model states; the bar is measured against the other companies, so the two can disagree — and where they do, that disagreement is the more interesting figure.