Southwest AirlinesLUVRevenue: is the business selling more than it used to?
$28.1B+2% YoYFY 2025
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→Revenue reached $28.1B in 2025, compounding +6% a year since 2022 and the pace is picking up. The trailing twelve months are already running at $30.1B, ahead of the last full year.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Southwest AirlinesLUVNet income: how much of that revenue becomes profit?
$441M−5% YoYFY 2025
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→Net income was $441M in 2025, compounding -6% a year over three years. Earnings per share moved +113% over the last twelve months. Trailing twelve-month profit stands at $837M.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Southwest AirlinesLUVHow fast is it growing, year by year?
+2.1%revenue growth, FY 2025
Off the axis: 2020 earnings -233.7% - rebounds off a collapsed prior year.
→Revenue grew +2% in 2025 against a five-year average of +28%. Earnings went the other way (-5%) even as sales grew, so margins compressed: costs rose faster than revenue. 2020's swing into loss (-234%) sits off the axis.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Southwest AirlinesLUVRevenue per share: is your slice growing as fast as the company?
$50.29revenue per share, FY 2025
◌ 2026 = trailing twelve months to the latest filed quarter (2026-06-30), not a full fiscal year
→Revenue per share reached $50.29 in 2025, compounding +11% a year against +6% for LUV as a whole. Buybacks added roughly 5.1 points to your per-share result. Free cash flow per share stands at $-1.49.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Southwest AirlinesLUVFree cash flow: what is left in real cash after everything?
$-831MFY 2025
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→The business consumed $831M of cash in 2025 after investment. Growth is being funded from the balance sheet, not from operations.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Southwest AirlinesLUVHow much of every sales dollar ends up as free cash?
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→Free cash flow is negative, so no share of revenue is currently converting to spare cash. Every sales dollar is being reinvested or consumed.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Southwest AirlinesLUVWhat does staying competitive cost, per dollar of sales?
◌ 2026 = trailing twelve months to the latest filed quarter (2026-06-30), not a full fiscal year
→The biggest claim on each sales dollar is capital spending, at 10% of revenue (stock compensation 0%). That share has fallen since 2022, so the cost of competing is easing.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Southwest AirlinesLUVWhen sales grow, do profits grow faster?
→Operating profit outgrew revenue in only 2 of the last 5 years. Costs are growing roughly in step with the business, so scale isn't yet paying for itself.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Southwest AirlinesLUVMargins: of every $1 of sales, how much survives each cost layer?
◌ 2026 = trailing twelve months to the latest filed quarter (2026-06-30), not a full fiscal year
→Operating margin compressed 3 points to 2% since 2022. After everything, 2 cents of each sales dollar reaches net profit. LUV doesn't tag a gross-profit line in its filings, so the chart starts at operating margin.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Southwest AirlinesLUVWhat does it earn on the money it uses?
◌ 2026 = trailing twelve months to the latest filed quarter (2026-06-30), not a full fiscal year
→ROE of 12% sits well above ROCE of 2%. A meaningful share of the shareholder return is manufactured with leverage rather than operations.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Southwest AirlinesLUVWhat has the market paid for LUV over time?
26.4xP/E today
◌ 2026 = at the latest close (2026-09-04), over the trailing twelve months; earlier years are annual averages
→At 26.4x earnings, the market is paying 12% less than LUV's own 10-year median of 30.1x. Pessimism is priced in - the question is whether it is deserved.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Southwest AirlinesLUVWhat cash return does the business throw off per dollar of market value?
-2.1%FCF yield today
◌ 2026 = at the latest close (2026-09-04), over the trailing twelve months; earlier years are annual averages
→Every dollar of market value currently buys -2.1% of annual free cash flow, less than its 11-year median of 4.7% - you are paying up for the same cash.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Southwest AirlinesLUVCould it handle its debt if things went wrong?
→The company holds $3.8B in cash against $3.8B of debt - a net-cash balance sheet, which means a bad year is an inconvenience rather than a threat.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Southwest AirlinesLUVIs the company's own capital growing?
→The company's own capital shrank from $10.5B in 2023 to $7.1B (-33%). Buybacks or losses are drawing the buffer down - the distinction matters.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Southwest AirlinesLUVHow much goes back, and how much leaks out as stock comp?
→Shareholders received $2.5B in buybacks and $399M in dividends in 2025. Stock compensation issued $99M of new shares in the same year, offsetting 3% of that.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Southwest AirlinesLUVHow fast is your ownership being diluted - or concentrated?
→The share count shrank 13.2% in 2025, averaging 4.4% a year over three years. Buybacks are concentrating your ownership: the same business, split fewer ways.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Southwest AirlinesLUVIs the dividend cheque growing?
→The dividend per share reached $0.72 in 2025, compounding +17% a year since 2020.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Southwest AirlinesLUVCan it afford the dividend?
◌ 2026 = trailing twelve months to the latest filed quarter (2026-06-30), not a full fiscal year
→The dividend consumed 90% of profit and 13% of free cash flow in 2025. That is a thin cushion: a bad year would put the payment under real pressure.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Southwest AirlinesLUVDoes LUV earn more on its capital than that capital costs?
→LUV earns 2.4% on the capital it employs, below the 10% most investors treat as the cost of capital. It was 4.1% in 2022, so the trend is down, and the pace is picking up.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Southwest AirlinesLUVLUV has issued or retired shares - did shareholders end up better off?
→LUV has shrunk its share count -28% from 2011 to 2025, so each remaining share owns more of the business. Revenue per share is +149% over the same years.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Southwest AirlinesLUVAre the people running it buying or selling?
→Insiders bought $145,455 and sold $306,534 on the open market, a net sale of $161,079. A further 38 filings were grants, option exercises or tax withholding, which say nothing either way.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30