LUVNYSEAir Transportation, ScheduledFiscal year ends December 31
SOUTHWEST AIRLINES CO
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Jul 23, 2026
$38.80−0.70 (-1.77%)
Close on Oct 19, 2026
- Market cap
- $19.13B
- P/E (TTM)
- 24.6
- Dividend yield
- 1.86%
Margins
Share of revenue, fiscal years 2011 to 2025
Operating margin
1.5%+43.7 pts over 5 years
Net margin
1.6%+35.5 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +2.1% | +5.6% | +25.4% | +3.5% | |
| Operating income | +33.3% | -25.1% | – | -20.3% | |
| Net income | -5.2% | -6.5% | – | -14.8% | |
| EPS, diluted | +3.9% | -3.2% | – | -13.2% | |
| Dividend per share | 0.0% | +58.7% | +32.0% | +9.7% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 30.0% | -32.9% | 4.8% | |
| Return on assets | 9.8% | -10.2% | 1.4% | |
| Current ratio | 0.66 | 2.02 | 0.52 | |
| Debt to equity | 0.44 | 1.16 | 0.61 | |
| Net debt to EBITDA | 0.36× | 0.29× | 0.84× | |
| Interest coverage | 28.9× | – | 2.6× | |
| Capex to revenue | 10.0% | 5.7% | 9.5% | |
| Diluted shares | 633M | 565M | 558M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Southwest Airlines generated $11.58B from operations and spent $16.73B on capital expenditure, dividends and share buybacks. 76% of that went back into the business.
Generated
$11.58B
Used
$16.73B
Capital expenditure$12.68B76%Dividends$1.26B8%Share buybacks$2.80B17%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin1.6%
×Asset turnover0.89×
×Equity multiplier3.43×
=Return on equity, FY20254.8%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 1.6% | 0.89× | 3.43× | 4.8% |
| FY2024 | 1.7% | 0.78× | 3.37× | 4.5% |
| FY2023 | 1.8% | 0.73× | 3.39× | 4.4% |
| FY2022 | 2.3% | 0.66× | 3.40× | 5.1% |
| FY2021 | 6.2% | 0.45× | 3.68× | 10.1% |
| FY2020 | -34.0% | 0.30× | 3.23× | -32.9% |
| FY2019 | 10.3% | 0.86× | 2.65× | 23.4% |
| FY2018 | 11.2% | 0.86× | 2.63× | 25.3% |
| FY2017 | 15.9% | 0.87× | 2.78× | 38.5% |
| FY2016 | 10.8% | 0.91× | 3.07× | 30.0% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
6of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$441.00M
- Cash generatingOperating cash flow above zero$1.84B
- Return on assets improvedROA up on the prior year1.3% → 1.3%
- Earnings backed by cashOperating cash flow above net income$1.84B vs $441.00M
- Less leverageLong-term debt to assets fell15.0% → 15.7%
- Better liquidityCurrent ratio rose0.92 → 0.52
- No dilutionShare count did not rise643M → 558M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.75 → 0.83