Southwest Airlines Co (LUV)

Southwest Airlines Co. operates as a passenger airline company that provides scheduled air transportation services in the United States and internationally. It also provides Rapid Rewards loyalty program; SWABIZ, an online booking tool; and inflight entertainment platform that includes movies-on-demand live and on-demand television, flight tracker, and additional curated content, as well as a variety of premium snacks and coffee. In addition, the company offers ancillary services, such as in-flight purchases, baggage fees, EarlyBird Check-In, and upgraded boarding, as well as transportation of pets and unaccompanied minors. As of December 31, 2025, the company operated a total fleet of 803 Boeing 737 aircraft; and served 117 destinations in 42 states, the District of Columbia, and the Commonwealth of Puerto Rico, as well as ten near-international countries, including Mexico, Jamaica, the Bahamas, Aruba, the Dominican Republic, Costa Rica, Belize, Cuba, the Cayman Islands, and Turks and Caicos. Southwest Airlines Co. was incorporated in 1967 and is headquartered in Dallas, Texas.

Symbol: LUV
Exchange: NYSE
Sector: Industrials
Industry: Airlines
Market cap: $20.77B
52 week range: 29.26 - 55.11

Valuation

Share price: $42.47 (close of 2026-10-02)
P/E (TTM): 26.38x
Price to book: 2.93x
Price to free cash flow: -51.15x
Enterprise value: $23.87B
Book value per share: $14.48

Price performance

Period	Change
1 day	+1.51%
5 days	-0.49%
1 month	+10.00%
3 months	-15.48%
6 months	+12.95%
Year to date	+2.76%
1 year	+31.45%
3 years	+56.20%
5 years	-21.86%
10 years	+9.21%
All time	+21135.00%

Members of Congress who disclosed LUV trades

Gilbert Ray Cisneros · James Comer · Matt Van Epps

Super investors holding LUV

Harry Burn (Sound Shore Management) · Ken Griffin (Citadel) · Ray Dalio (Bridgewater Associates) · Robert Olstein (Olstein Capital Management) · First Eagle Investment (First Eagle Investment Management, LLC)

Profitability and growth

Return on equity: 5.53%
Return on invested capital: 2.85%
Return on assets: 1.52%
Return on capital employed: 2.36%
Gross margin: 1.53%
Net margin: 1.57%
EBITDA margin: 7.08%
Revenue growth: 2.11%
Net income growth: -5.16%
Free cash flow growth: 47.80%

Cash flow and balance sheet

Free cash flow yield (TTM): -1.95%
Current ratio: 0.49x
Net debt to EBITDA: 1.11x

Latest reported year

Period end: 2025-12-31
Fiscal year: 2025
Revenue: $28.06B
Cost of revenue: $27.64B
Gross profit: $428.00M
EBITDA: $1.99B
Net income: $441.00M
Earnings per share: $0.82
Shares outstanding: 540.00M

Income statement by year

Period end	Revenue	Gross profit	Net income	EPS
2025-12-31	$28.06B	$428.00M	$441.00M	$0.82
2024-12-31	$27.48B	$321.00M	$465.00M	$0.78
2023-12-31	$26.09B	$224.00M	$465.00M	$0.78
2022-12-31	$23.81B	$1.02B	$539.00M	$0.91
2021-12-31	$15.79B	$1.72B	$977.00M	$1.65
2020-12-31	$9.05B	-	-$3.07B	$-5.44
2019-12-31	$22.43B	$2.96B	$2.30B	$4.28
2018-12-31	$21.96B	$3.21B	$2.46B	$4.30
2017-12-31	$21.15B	$3.41B	$3.36B	$5.58
2016-12-31	$20.29B	$3.52B	$2.18B	$3.48

Margins and returns by year

Period end	Gross margin	Net margin	Return on equity	Return on capital
2025-12-31	1.53%	1.57%	5.53%	2.85%
2024-12-31	1.17%	1.69%	4.49%	1.94%
2023-12-31	0.86%	1.78%	4.42%	1.36%
2022-12-31	4.27%	2.26%	5.04%	10.58%
2021-12-31	10.90%	6.19%	9.38%	-
2020-12-31	-	-33.97%	-34.63%	-
2019-12-31	13.18%	10.26%	23.39%	29.80%
2018-12-31	14.60%	11.22%	25.02%	35.77%
2017-12-31	16.11%	15.88%	34.82%	53.50%
2016-12-31	17.36%	10.76%	28.04%	50.35%

Cash and debt by year

Period end	Cash	Debt
2025-12-31	$3.23B	$4.93B
2024-12-31	$8.72B	$6.70B
2023-12-31	$11.47B	$8.01B
2022-12-31	$12.29B	$8.10B
2021-12-31	$15.50B	-
2020-12-31	$13.33B	-
2019-12-31	$4.07B	-
2018-12-31	$3.69B	-
2017-12-31	$3.27B	-
2016-12-31	$3.31B	-

Free cash flow by year

Period end	Free cash flow	Stock-based compensation
2025-12-31	-$831.00M	$99.00M
2024-12-31	-$1.59B	$45.00M
2023-12-31	-$356.00M	$86.00M
2022-12-31	-$134.00M	$84.00M
2021-12-31	$1.82B	$58.00M
2020-12-31	-$1.64B	$17.00M
2019-12-31	$2.96B	$55.00M
2018-12-31	$2.97B	$46.00M
2017-12-31	$1.81B	$37.00M
2016-12-31	$2.25B	$33.00M

Dividend history

Most recent payment: 2026-09-03
Paid in the last twelve months: $0.72

Payment date	Dividend per share
2026-09-03	$0.18
2026-06-11	$0.18
2026-03-12	$0.18
2025-12-26	$0.18
2025-09-03	$0.18
2025-06-18	$0.18
2025-03-12	$0.18
2024-12-26	$0.18

Investor relations

Next earnings report

Next confirmed report: 2026-10-28
Consensus EPS estimate: $0.62

Past earnings dates

Reported	Fiscal period	EPS estimate
2026-07-22	Jun/2026	$0.52
2026-04-22	Mar/2026	$0.45
2026-01-28	Dec/2025	$0.56
2025-10-22	Sep/2025	$0.01
2025-07-23	Jun/2025	$0.51
2025-04-23	Mar/2025	$-0.18
2025-01-30	Dec/2024	$0.45
2024-10-24	Sep/2024	$0.05

Filings and sources

Company website: southwest.com
SEC filings: 10-K, 10-Q and 8-K on EDGAR
Earnings calendar: All upcoming reports

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Price-to-earnings ratio · Discounted cash flow · Free cash flow · Earnings per share · Return on equity · Gross margin vs net margin · Reading a balance sheet · Debt and leverage · Dividend yield · Insider transactions and Form 4 · How to read a stock chart

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