Southwest Airlines Co. (LUV) financial statements: income statement, balance sheet and cash flow

Southwest Airlines Co.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Southwest Airlines Co. reported revenue of $28.1B (+2.1% year on year) and net income of $441.0M (-5.2% year on year).

Income statement

Southwest Airlines Co. income statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Total operating revenues	$28.1B	$27.5B	$26.1B	$23.8B
Salaries, wages, and benefits	$13.0B	$12.2B	$11.2B	$9.4B
Fuel and oil	$5.2B	$5.8B	$6.2B	$6.0B
Maintenance materials and repairs	$1.2B	$1.4B	$1.2B	$852.0M
Landing fees and airport rentals	$2.2B	$2.0B	$1.8B	$1.5B
Depreciation and amortization	$1.6B	$1.7B	$1.5B	$1.4B
Other operating expenses	$4.5B	$4.1B	$4.0B	$3.7B
Total operating expenses	$27.6B	$27.2B	$25.9B	$22.8B
OPERATING INCOME	$428.0M	$321.0M	$224.0M	$1.0B
Interest expense	$167.0M	$249.0M	$259.0M	$340.0M
Capitalized interest	($54.0M)	($35.0M)	($23.0M)	($39.0M)
Interest income	($205.0M)	($497.0M)	($583.0M)	($217.0M)
Other (gains) losses, net	($43.0M)	$4.0M	$62.0M	($12.0M)
Total non-operating expenses (income)	($135.0M)	($277.0M)	($409.0M)	$289.0M
INCOME BEFORE INCOME TAXES	$563.0M	$598.0M	$633.0M	$728.0M
PROVISION FOR INCOME TAXES	$122.0M	$133.0M	$168.0M	$189.0M
NET INCOME	$441.0M	$465.0M	$465.0M	$539.0M
NET INCOME PER SHARE, BASIC (in USD per share)	$0.82	$0.78	$0.78	$0.91
NET INCOME PER SHARE, DILUTED (in USD per share)	$0.79	$0.76	$0.76	$0.87

Southwest Airlines Co. income statement, quarters

Line item	Sep 30, 2026 · Q3	Jun 30, 2026 · Q2	Mar 31, 2026 · Q1	Sep 30, 2025 · Q3
Total operating revenues	$8.4B	$8.4B	$7.2B	$6.9B
Salaries, wages, and benefits	$3.5B	$3.5B	$3.3B	$3.2B
Aircraft fuel and related taxes	$2.2B	$2.2B	$1.4B	$1.3B
Maintenance materials and repairs	$303.0M	$294.0M	$259.0M	$299.0M
Landing fees and airport rentals	$623.0M	$636.0M	$572.0M	$548.0M
Depreciation and amortization	$398.0M	$402.0M	$398.0M	$394.0M
Other operating expenses	$1.0B	$1.1B	$1.0B	$1.1B
Total operating expenses	$8.0B	$8.1B	$6.9B	$6.9B
OPERATING INCOME	$379.0M	$285.0M	$330.0M	$35.0M
Interest expense	$70.0M	$64.0M	$54.0M	$35.0M
Capitalized interest	($13.0M)	($12.0M)	($12.0M)	($13.0M)
Interest income	($33.0M)	($33.0M)	($23.0M)	($34.0M)
Other gains, net	($1.0M)	($40.0M)	$26.0M	($21.0M)
Total non-operating expenses (income)	$24.0M	($21.0M)	$45.0M	($33.0M)
INCOME BEFORE INCOME TAXES	$355.0M	$306.0M	$285.0M	$68.0M
PROVISION FOR INCOME TAXES	$85.0M	$73.0M	$58.0M	$14.0M
NET INCOME	$270.0M	$233.0M	$227.0M	$54.0M
NET INCOME PER SHARE, BASIC (in dollars per share)	$0.55	$0.48	$0.45	$0.10
NET INCOME PER SHARE, DILUTED (in dollars per share)	$0.55	$0.47	$0.45	$0.10
COMPREHENSIVE INCOME	$300.0M	$256.0M	$250.0M	$83.0M
Basic (in shares)	489.0M	489.0M	498.0M	523.0M
Diluted (in shares)	494.0M	493.0M	503.0M	526.0M

Balance sheet

Southwest Airlines Co. balance sheet, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Cash and cash equivalents	$3.2B	$7.5B	$9.3B	$9.5B
Short-term investments	$0	$1.2B	$2.2B	$2.8B
Accounts and other receivables	$1.1B	$1.1B	$1.2B	$1.0B
Inventories of parts and supplies, at cost	$775.0M	$800.0M	$807.0M	$790.0M
Prepaid expenses and other current assets	$490.0M	$639.0M	$520.0M	$686.0M
Total current assets	$5.6B	$11.3B	$14.0B	$14.8B
Flight equipment	$26.3B	$25.2B	$26.1B	$23.7B
Ground property and equipment	$9.2B	$8.2B	$7.5B	$6.9B
Deposits on flight equipment purchase contracts	$401.0M	$413.0M	$236.0M	$376.0M
Assets constructed for others	$88.0M	$88.0M	$62.0M	$28.0M
Property and equipment, at cost	$35.9B	$33.9B	$33.8B	$31.0B
Less allowance for depreciation and amortization	$15.7B	$14.9B	$14.4B	$13.6B
Property and equipment, net	$20.2B	$19.1B	$19.4B	$17.3B
Goodwill	$970.0M	$970.0M	$970.0M	$970.0M
Operating lease right-of-use assets	$1.1B	$1.4B	$1.2B	$1.4B
Other assets	$1.1B	$1.1B	$964.0M	$855.0M
Total assets	$29.1B	$33.8B	$36.5B	$35.4B
Accounts payable	$2.0B	$1.8B	$1.9B	$2.0B
Accrued liabilities	$2.3B	$2.2B	$3.6B	$2.0B
Current operating lease liabilities	$312.0M	$328.0M	$208.0M	$225.0M
Air traffic liability	$5.9B	$6.3B	$6.6B	$6.1B
Current maturities of long-term debt	$324.0M	$1.6B	$29.0M	$42.0M
Total current liabilities	$10.9B	$12.3B	$12.3B	$10.4B
Long-term debt less current maturities	$4.6B	$5.1B	$8.0B	$8.0B
Air traffic liability - noncurrent	$1.2B	$1.9B	$1.7B	$2.2B
Deferred income taxes	$2.3B	$2.2B	$2.0B	$2.0B
Noncurrent operating lease liabilities	$768.0M	$1.0B	$985.0M	$1.1B
Other noncurrent liabilities	$1.3B	$909.0M	$981.0M	$969.0M
Common stock, $1.00 par value: 2,000,000,000 shares authorized; 888,111,634 shares issued in 2025 and 2024	888.0M	888.0M	888.0M	888.0M
Capital in excess of par value	$4.3B	$4.2B	$4.2B	$4.0B
Retained earnings	$16.4B	$16.3B	$16.3B	$16.3B
Accumulated other comprehensive loss	($24.0M)	($25.0M)	$0	$344.0M
Treasury stock, at cost: 372,530,238 and 294,797,959 shares in 2025 and 2024, respectively	-13.6B	-11.0B	-10.8B	—
Total stockholders' equity	$8.0B	$10.3B	$10.5B	$10.7B
Total liabilities and stockholders' equity	$29.1B	$33.8B	$36.5B	$35.4B

Southwest Airlines Co. balance sheet, quarters

Line item	Sep 30, 2026	Jun 30, 2026	Mar 31, 2026	Sep 30, 2025
Cash and cash equivalents	$3.6B	$3.8B	$3.3B	$2.9B
Accounts and other receivables	$1.3B	$1.2B	$1.3B	$1.1B
Inventories of parts and supplies, at cost	$997.0M	$917.0M	$833.0M	$792.0M
Prepaid expenses and other current assets	$572.0M	$556.0M	$554.0M	$467.0M
Total current assets	$6.5B	$6.5B	$6.0B	$5.4B
Flight equipment	$26.1B	$26.2B	$26.3B	$26.0B
Ground property and equipment	$9.7B	$9.5B	$9.3B	$8.8B
Deposits on flight equipment purchase contracts	$723.0M	$616.0M	$494.0M	$402.0M
Assets constructed for others	$88.0M	$88.0M	$88.0M	$88.0M
Property and equipment, at cost	$36.6B	$36.4B	$36.2B	$35.3B
Less allowance for depreciation and amortization	$15.7B	$15.7B	$15.8B	$15.6B
Property and equipment, net	$21.0B	$20.6B	$20.4B	$19.7B
Goodwill	$970.0M	$970.0M	$970.0M	$970.0M
Operating lease right-of-use assets	$994.0M	$953.0M	$1.0B	$1.2B
Other assets	$1.1B	$1.1B	$1.0B	$1.1B
Total assets	$30.5B	$30.1B	$29.4B	$28.3B
Accounts payable	$1.8B	$2.1B	$2.1B	$1.7B
Accrued liabilities	$2.4B	$2.2B	$2.2B	$2.1B
Current operating lease liabilities	$278.0M	$283.0M	$300.0M	$310.0M
Air traffic liability	$7.1B	$6.5B	$7.0B	$6.9B
Current maturities of long-term debt	$2.2B	$2.2B	$851.0M	$23.0M
Total current liabilities	$13.7B	$13.3B	$12.5B	$11.0B
Long-term debt less current maturities	$3.7B	$3.8B	$4.5B	$4.1B
Air traffic liability - noncurrent	$1.2B	$1.7B	$1.2B	$1.3B
Deferred income taxes	$2.5B	$2.4B	$2.4B	$2.2B
Noncurrent operating lease liabilities	$706.0M	$660.0M	$709.0M	$846.0M
Other noncurrent liabilities	$1.3B	$1.2B	$1.2B	$1.1B
Common stock	$888.0M	$888.0M	$888.0M	$888.0M
Capital in excess of par value	$4.3B	$4.3B	$4.3B	$4.3B
Retained earnings	$16.9B	$16.7B	$16.5B	$16.2B
Accumulated other comprehensive income (loss)	$51.0M	$22.0M	($1.0M)	($6.0M)
Treasury stock, at cost	($14.8B)	($14.8B)	($14.8B)	($13.5B)
Total stockholders' equity	$7.3B	$7.1B	$6.9B	$7.8B
Total liabilities and stockholders' equity	$30.5B	$30.1B	$29.4B	$28.3B

Cash flow statement

Southwest Airlines Co. cash flow statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Net income	$441.0M	$465.0M	$465.0M	$539.0M
Depreciation and amortization	$1.6B	$1.7B	$1.5B	$1.4B
Impairment of long-lived assets	$8.0M	$0	$0	$35.0M
Unrealized mark-to-market adjustment on forward contract	($8.0M)	$0	$0	($2.0M)
Deferred income taxes	$122.0M	$132.0M	$159.0M	$228.0M
Gain on sale-leaseback transactions	($3.0M)	($92.0M)	—	$0
Accounts and other receivables	$51.0M	$19.0M	($89.0M)	$422.0M
Other assets	$407.0M	($8.0M)	$60.0M	($66.0M)
Accounts payable and accrued liabilities	$218.0M	($1.4B)	$1.4B	$936.0M
Air traffic liability	($1.1B)	($37.0M)	$29.0M	$525.0M
Other liabilities	($11.0M)	($197.0M)	($137.0M)	($334.0M)
Cash collateral provided to derivative counterparties	($22.0M)	($28.0M)	($56.0M)	($69.0M)
Other, net	$157.0M	($88.0M)	($171.0M)	$28.0M
Net cash provided by operating activities	$1.8B	$462.0M	$3.2B	$3.8B
Capital expenditures, net	($2.7B)	($2.1B)	($3.5B)	($3.9B)
Proceeds from sale-leaseback transactions	$24.0M	$871.0M	—	$0
Purchases of short-term investments	($470.0M)	($5.0B)	($7.0B)	($5.6B)
Proceeds from sales of short-term and other investments	$1.7B	$6.0B	$7.6B	$5.8B
Other, net	($3.0M)	($33.0M)	—	—
Net cash used in investing activities	($1.4B)	($261.0M)	($2.9B)	($3.7B)
Proceeds from issuance of long-term debt	$1.5B	—	—	$0
Payroll Support Program stock warrants repurchase	$0	($6.0M)	—	—
Proceeds from Employee stock plans	$59.0M	$60.0M	$48.0M	$45.0M
Repurchase of common stock	($2.5B)	($250.0M)	—	$0
Payments of long-term debt and finance lease obligations	($3.3B)	($1.3B)	($85.0M)	($2.4B)
Payments of cash dividends	($399.0M)	($430.0M)	($428.0M)	$0
Proceeds of terminated interest rate derivative instruments	$0	$0	$23.0M	—
Other, net	($26.0M)	($17.0M)	$6.0M	$8.0M
Net cash used in financing activities	($4.7B)	($2.0B)	($436.0M)	($3.0B)
NET CHANGE IN CASH AND CASH EQUIVALENTS	($4.3B)	($1.8B)	($204.0M)	($3.0B)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	$7.5B	$9.3B	$9.5B	$12.5B
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$3.2B	$7.5B	$9.3B	$9.5B
Interest, net of amount capitalized	$108.0M	$220.0M	$228.0M	$305.0M
Right-of-use assets acquired or modified under operating leases	$48.0M	$377.0M	$82.0M	$58.0M
Flight and ground equipment acquired or modified under finance leases	$6.0M	$15.0M	—	—

Southwest Airlines Co. cash flow statement, quarters

Line item	Sep 30, 2026 · YTD	Jun 30, 2026 · YTD	Mar 31, 2026 · Q1	Sep 30, 2025 · YTD
Net income	$730.0M	$460.0M	$227.0M	$118.0M
Depreciation and amortization	$1.2B	$800.0M	$398.0M	$1.2B
Impairment of long-lived assets	$30.0M	$0	—	$8.0M
Deferred income taxes	$201.0M	$117.0M	$57.0M	$37.0M
Gain on sale of property and equipment	($272.0M)	—	—	—
Gain on sale-leaseback transactions	($118.0M)	$0	$0	($3.0M)
Accounts and other receivables	($151.0M)	($56.0M)	($93.0M)	$64.0M
Other assets	($156.0M)	($115.0M)	($61.0M)	$359.0M
Accounts payable and accrued liabilities	($14.0M)	($56.0M)	($79.0M)	($209.0M)
Air traffic liability	$1.1B	$1.0B	$1.1B	($117.0M)
Other liabilities	($216.0M)	($130.0M)	($77.0M)	($19.0M)
Cash collateral provided to derivative counterparties	$0	$0	$0	($22.0M)
Other, net	$115.0M	($94.0M)	($40.0M)	$142.0M
Net cash provided by operating activities	$2.5B	$1.9B	$1.4B	$1.5B
Capital expenditures	($2.5B)	($1.4B)	($630.0M)	($1.8B)
Proceeds from sale of property and equipment	$735.0M	$450.0M	$192.0M	—
Proceeds from sale-leaseback transactions	$212.0M	$0	$0	$23.0M
Purchases of short-term investments	$0	$0	$0	($470.0M)
Proceeds from sales of short-term and other investments	$0	$0	$0	$1.6B
Other, net	($6.0M)	($6.0M)	($7.0M)	($3.0M)
Net cash used in investing activities	($1.5B)	($1.0B)	($445.0M)	($687.0M)
Proceeds from issuance of long-term debt	$1.5B	$1.5B	$500.0M	—
Proceeds from Employee stock plans	$46.0M	$31.0M	$16.0M	$46.0M
Repurchase of common stock	($1.3B)	($1.3B)	($1.3B)	($2.5B)
Payments of long-term debt and finance lease obligations	($442.0M)	($437.0M)	($6.0M)	($2.6B)
Payments of cash dividends	($357.0M)	($181.0M)	($93.0M)	($399.0M)
Other, net	($51.0M)	($46.0M)	($43.0M)	($11.0M)
Net cash used in financing activities	($554.0M)	($383.0M)	($876.0M)	($5.5B)
NET CHANGE IN CASH AND CASH EQUIVALENTS	$393.0M	$560.0M	$97.0M	($4.6B)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	$3.2B	$3.2B	$3.2B	$7.5B
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$3.6B	$3.8B	$3.3B	$2.9B
Interest, net of amount capitalized	$110.0M	$93.0M	$1.0M	$67.0M
Right-of-use assets acquired or modified under operating leases	$133.0M	$17.0M	$5.0M	$38.0M
Flight and ground equipment acquired or modified under finance leases	$0	—	—	$6.0M

Southwest Airlines Co. score and earnings-call analysis · All covered companies

Figures as reported in SEC filings. General information, not investment advice.