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NEW YORK STOCK EXCHANGE, INC. · Airlines · CIK 0000092380
$39.65
+2.19% · delayed ~15 min
Last price from Oct 20, 2026
$23.50B market value
From SOUTHWEST AIRLINES CO's FY2025 10-K, filed Feb 5, 2026 · read the filing
SOUTHWEST AIRLINES runs airlines. It took in $28.06B last year, which makes it a large company. Of every dollar it sells, about 2 cents is left as profit.
The financial picture is led by debt, with profitability and growth worth watching.
A conclusion from the filings, not a recommendation. Detailed figures and supporting evidence appear in their dedicated sections below.
Financial health
Generally healthy, with a few things to watch.
From SOUTHWEST AIRLINES CO's FY2025 annual filing · share price scored separately
Largest year-over-year changes in FY2025
Free cash flow
-$1.59B → -$831.0M
Cash
$7.51B → $3.23B
Operating income
$321.0M → $428.0M
Long-term debt
$6.70B → $4.93B
Measured against FY2024, from the 10-K filed Feb 5, 2026
Improved: $761.0M narrower
-$1.59B to -$831.0MCritical
Why it matters: Cash left after paying for the plant that produced it — the money genuinely available for dividends, buybacks or paying down debt. Harder to flatter than profit.
How the latest move compares (quote delayed ~15 min), and what was published around it
LUV rose 2.19% on the latest quote. The average Industrials company tracked here moved +0.29%, and the S&P 500 −1.04%. That is 1.9 points above its sector and 3.2 points above the market.
Expectations
Not from the filings — what other people are betting on, and what the price already assumes.
Opinions from 30 analysts covering this company, as of . Their views, not this site's.
Of 30 analysts publishing on this company, 2 say strong buy, 12 say buy, 13 say hold and 3 say sell. Analysts are paid to publish a view and are wrong often; the split above says how much they agree with each other, which is the part a single headline rating hides.
Published by Finnhub. Analyst coverage skews towards larger companies and towards optimism — sell ratings are rare across the whole market, so a company with none is ordinary rather than endorsed.
The essentials
Each answered from the filings, with the numbers behind it.
Yes. It keeps about 2 cents of every dollar of sales as profit, earning $441.0M last year. Note that after $2.67B of spending on property and equipment, it consumed $831.0M more cash than it generated.
Barely. Sales were roughly flat, up 2.1%.
Core operating and valuation reference metrics
Whether the dividend is covered by what the business actually earns
It pays out 90 cents of every dollar of profit, which leaves little room for the payment to survive a bad year. It paid out 22% of the cash its operations generated. It has paid in each of the last 3 years.
MixedFigures from the FY2025 annual filing
Last year it earned $441.0M and generated $1.84B of cash from operations.
Reported annual figures
As reported to the SEC, in USD. Hover or show sources to see where each figure came from.
| Income statement | FY202510-K · Feb 5, 2026Filing for FY2025 | FY202410-K · Feb 5, 2026Filing for FY2024 | FY202310-K · Feb 7, 2025Filing for FY2023 | FY202210-K · Feb 7, 2025Filing for FY2022 | FY202110-K · Feb 7, 2022Filing for FY2021 | ChangeFY2025 vs FY2024 |
|---|---|---|---|---|---|---|
| RevenueWhat is this? | $28.06B | $27.48B | $26.09B | $23.81B | $15.79B | +2.1% |
| Operating income | $428.0M | $321.0M | $224.0M | $1.02B | $1.72B | +33.3% |
| Operating marginOperating income ÷ revenueWhat is this? | 1.5% | 1.2% | 0.9% | 4.3% | 10.9% | +0.4 pts |
| Interest expense | $167.0M | $249.0M | $259.0M | $340.0M | — | −32.9% |
| Income before tax | $563.0M | $598.0M | $633.0M | $728.0M | $1.32B | −5.9% |
| Net income | $441.0M | $465.0M | $465.0M | $539.0M | $977.0M | −5.2% |
| Net marginNet income ÷ revenueWhat is this? | 1.6% | 1.7% | 1.8% | 2.3% | 6.2% | −0.1 pts |
| Earnings per shareNet income ÷ shares outstanding at the period end — close to, but not the same as, the reported EPSWhat is this? | $0.7441 | $0.7793 | $0.7825 | $0.9099 | $1.65 | −4.5% |
† calculated from other reported figures, such as total liabilities as assets minus equity.
This company's latest filing beside its peers' stored scores
| Company | Health | F-Score | Revenue growth | Profit margin | P/E | Debt to equity |
|---|---|---|---|---|---|---|
| LUVSOUTHWEST AIRLINES CO · this page | 7.3/10 | 6/8 |
Insider activity, ownership stakes and what's coming — straight from EDGAR, before any article is written about it
Officers, directors and major shareholders must report within two business days of a trade.
Was granted or awarded shares — 2,697 shares
Holds 27,941 shares after this filing.
Had shares withheld to cover taxes — 179 shares at $40.38 ($7.2K)
Holds 25,244 shares after this filing.
20 recent filings, newest first. Each is labelled from its form and item numbers, not from its wording.
Quarterly report for Q3 FY2026
Revenue +21.2% · Operating margin +4.0 pts · Operating income +982.9% — against Q3 FY2025
Read the filingPublished results
Read the filingWrite down why you are following SOUTHWEST AIRLINES CO, what has to go right and what would change your mind, then see each new annual report measured against it. Sign in to start one.
Go deeper
Every figure above traces back to a filing in the timeline, each linked to the document itself.
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Every company's figures are checked for internal consistency: the balance sheet adding up, figures sharing one currency, cash flow and share counts within plausible ranges, and how recent the latest annual report is. Nothing here changes a figure.
Financial figures are from LUV's 10-K for fiscal year 2025 (period ending 2025-12-31, filed Feb 5, 2026), reported under the US GAAP taxonomy. View the source filing. Total liabilities were not tagged directly and were calculated as assets minus equity.
3 of 4 scored areas had enough reported figures to judge
The score averages profitability, growth, debt and accounting. Accounting had too few reported figures and is left out of the average rather than counted as a weakness, so a company is never marked down for a figure it did not publish. Cash generation is shown for context and already feeds profitability. Valuation is scored separately, because a share price says nothing about whether the business is sound. 8 of the 9 Piotroski checks could be evaluated. How the score works
Each year scored only from its annual report as it was first filed
| Fiscal year | Health | F-Score | Scored from |
|---|---|---|---|
| FY2025 | 7.3 | 6/8 | 10-K, filed Feb 5, 2026 |
| FY2024 | 6.0 | 5/8 | 10-K, filed Feb 7, 2025 |
| FY2023 | 7.3 | 6/8 | 10-K, filed Feb 6, 2024 |
| FY2022 | 8.7 | 6/8 | 10-K, filed Feb 7, 2023 |
| FY2021 | 8.7 | 6/8 | 10-K, filed Feb 7, 2022 |
| FY2020 | 4.7 | 3/8 | 10-K, filed Feb 8, 2021 |
A later restatement never reaches back into an earlier year, and every year is scored without a share price, so the latest point can differ a little from the headline score, which uses today's price.
Every check behind the three models, and what each one tests
6 of 8 checks passed
Nine yes-or-no tests of whether this year's finances improved on last year's. One could not be evaluated and is excluded from the total rather than counted as a failure.
1.14
In the grey zone
For this model, above 2.6 is safe and below 1.1 is distress.
Distance from bankruptcy, from a model fitted on companies that did and did not go bust. It describes a balance sheet's shape today; it does not forecast a failure.
not reported — This company has not reported enough of the required figures to calculate this score.
This company has not reported enough of the required figures to calculate this score.
Screens eight accounting ratios for the pattern earnings manipulators tend to leave. A flag is a reason to read the filing closely, never evidence of wrongdoing.
Every figure above comes from the FY2025 filing as filed with the SEC.
Deteriorated: -57.0%
$7.51B to $3.23BCritical
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Improved: +33.3%
$321.0M to $428.0MSignificant
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Improved: -26.4%
$6.70B to $4.93BSignificant
Why it matters: Rising debt is not automatically bad — borrowing to build something that earns more than the interest is ordinary. It matters when it grows faster than the profit meant to service it.
Changed: +30.1%
$2.05B to $2.67BSignificant
Why it matters: Neither good nor bad on its own. Heavy spending is a company building capacity or a company struggling to stand still, and the two look identical in this figure.
Deteriorated: -5.2%
$465.0M to $441.0MNotable
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Changed: -7.2%
$430.0M to $399.0MNotable
Why it matters: Cash handed to shareholders. A rise can be a higher dividend or simply more shares, and a cut is a decision the company explains in its own filing — neither is rated here.
Q3 FY2026 against Q3 FY2025, from the 10-Q filed Oct 22, 2026 — read it.
Improved: +982.9%
$35.0M to $379.0MCritical
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Improved: +400.0%
$54.0M to $270.0MCritical
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Improved: +434.8%
$0.10 to $0.55Critical
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Improved: +21.2%
$6.95B to $8.42BSignificant
Why it matters: Sales are what everything else is built on. A fall can be lost customers, lower prices, or a business the company sold — the filing itself says which.
Improved: +4.0 pts
0.5% to 4.5%Significant
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Improved: +24.9%
$2.90B to $3.62BSignificant
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Improved: -6.5%
523.0M to 489.0MSignificant
Why it matters: The company bought back stock, so each remaining holding owns slightly more of it. Worth checking it was not funded by borrowing.
Changed: +36.9%
$735.0M to $1.01BSignificant
Why it matters: Neither good nor bad on its own. Heavy spending is a company building capacity or a company struggling to stand still, and the two look identical in this figure.
Improved: +2.4 pts
0.8% to 3.2%Notable
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Deteriorated: $45.0M wider
-$448.0M to -$493.0MNotable
Why it matters: Cash left after paying for the plant that produced it — the money genuinely available for dividends, buybacks or paying down debt. Harder to flatter than profit.
Improved: -8.5%
$4.08B to $3.73BNotable
Why it matters: Rising debt is not automatically bad — borrowing to build something that earns more than the interest is ordinary. It matters when it grows faster than the profit meant to service it.
Changed: -6.9%
$189.0M to $176.0MNotable
Why it matters: Cash handed to shareholders. A rise can be a higher dividend or simply more shares, and a cut is a decision the company explains in its own filing — neither is rated here.
Q3 FY2026 against Q2 FY2026, from the 10-Q filed Oct 22, 2026 — read it. Quarter-to-quarter moves include seasonal swings — a retailer's holiday quarter — which the year-earlier comparison removes.
Deteriorated: $205.0M wider
-$288.0M to -$493.0MCritical
Why it matters: Cash left after paying for the plant that produced it — the money genuinely available for dividends, buybacks or paying down debt. Harder to flatter than profit.
Changed: +100.0%
$88.0M to $176.0MCritical
Why it matters: Cash handed to shareholders. A rise can be a higher dividend or simply more shares, and a cut is a decision the company explains in its own filing — neither is rated here.
Improved: +33.0%
$285.0M to $379.0MSignificant
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Improved: +15.9%
$233.0M to $270.0MSignificant
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Improved: +15.9%
$0.48 to $0.55Significant
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Changed: +23.0%
$818.0M to $1.01BSignificant
Why it matters: Neither good nor bad on its own. Heavy spending is a company building capacity or a company struggling to stand still, and the two look identical in this figure.
Improved: +1.1 pts
3.4% to 4.5%Notable
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
5 other measures barely moved. Figures compare the two most recent annual filings — read the latest one. Moves are graded on fixed lines — 5%, 15% and 40% for amounts, and 1, 3 and 8 points for margins — as notable, significant or critical. Nothing here reads the management commentary, which is where a company explains its own numbers.
These coincide with the move in time. None is presented as its cause: a price can move on news that names no company, on the wider market, or on trading that no document records.
Filter by minute, hour, day or week — or compare against peers
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Measured on and published about a week later — this is a fortnightly snapshot, not a live position.
About 4.1% of this company's shares have been borrowed and sold by people expecting to buy them back cheaper. That is a bet the price falls. Those people can be wrong, and when a heavily shorted share rises they have to buy it back, which pushes it up further.
Collected by FINRA from broker-dealers twice a month. It counts positions, not intentions, and some of it is hedging rather than a directional bet against the company.
Nothing in this section is a figure this company reported about itself. These are expectations and positions — what the price implies, what analysts have published, what short sellers are betting, and what large funds held at the last count. WylthIQ reports them; it does not endorse them, does not forecast prices, and takes no view on whether any of them will turn out to be right.
No. At its current cash flow it could clear its debt in about 1.1 years. For every $1 it owes, it owns $1.38 in assets.
The trailing P/E is 30.0x — investors pay $30.0 for each $1 of trailing profit.
This company has not reported enough of the required figures to calculate this score.
| 2.1% |
| 1.6% |
| 53.29x |
| 2.64x |
| DALDELTA AIR LINES, INC. | 4.7/10 | 7/8 | 2.8% | 7.9% | 10.23x | 2.90x |
|---|
| UALUnited Airlines Holdings, Inc. | 4.7/10 | 7/8 | 3.5% | 5.7% | 9.84x | 4.00x |
|---|
| AALAmerican Airlines Group Inc. | 4.7/10 | 5/8 | 0.8% | 0.2% | 74.95x | -17.57x |
|---|
| ALKALASKA AIR GROUP, INC. | 6.0/10 | 5/8 | 21.3% | 0.7% | 40.87x | 3.94x |
|---|
| Median of peers | 4.7/10 | — | 3.2% | 3.2% | 25.55x | 3.42x |
|---|
Peers come from the company's industry classification. A difference describes the companies; it does not rank them.
Was granted or awarded shares — 3,787 shares
Holds 3,787 shares after this filing.
Was granted or awarded shares — 3,787 shares
Holds 3,787 shares after this filing.
Was granted or awarded shares — 9,506 shares
Holds 73,179 shares after this filing.
Was granted or awarded shares — 8,568 shares
Holds 85,784 shares after this filing.
Estimated from how often this has happened before, not a confirmed date.
Not investment advice, and not a signal to act on by itself — a filing says what happened, not why, and insiders trade for ordinary reasons having nothing to do with where they think the company is headed.
Signed a material agreement · Terminated a material agreement · Took on a direct financial obligation
Had a director or senior officer leave or join
Read the filingHad a director or senior officer leave or join
Read the filingQuarterly report for Q2 FY2026
Revenue +16.4% · Operating income +26.7% · Earnings per share +20.4% — against Q2 FY2025
Read the filingPublished results
Read the filingSigned a material agreement · Took on a direct financial obligation
Read the filingHeld a shareholder vote
Read the filingQuarterly report for Q1 FY2026
Revenue +12.8% · Operating margin +8.0 pts · Operating income turned positive — against Q1 FY2025
Read the filingPublished results
Read the filingProxy statement for a shareholder meeting
Read the filingSigned a material agreement · Took on a direct financial obligation
Read the filingHad a director or senior officer leave or join
Read the filingAnnual report for FY2025
Free cash flow $761.0M narrower · Cash -57.0% · Operating income +33.3% — against FY2024
Read the filingAnnual report for FY2025
Free cash flow $761.0M narrower · Cash -57.0% · Operating income +33.3% — against FY2024
Read the filingPublished results
Read the filingMade a Regulation FD disclosure
Read the filingSigned a material agreement · Took on a direct financial obligation · Reported another event
Read the filingQuarterly report for Q3 FY2025
Cash -65.9% · Shares in issue -12.7% · Capital spending +42.2% — against Q3 FY2024
Read the filingPrimary sources and further research