— Know what they know.
/
Not Investment Advice

LUV

NYSE · USD
Southwest Airlines Co.
Industrials · Airlines, Airports & Air Services
CEO Robert E. Jordan Employees 72,790 R&D / revenue 0.0%
Last price
$39.50−3.26%last session
Market cap
$19.3B
P/E (TTM)
23.8x
From 52w high
−28.3%
From 52w low
+35.0%
1-year return
+20.8%
RSI 14 · vs SMA200
41.4 · −8.5%
IS score
52.3/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

LUV   SPY   XLI (sector ETF) · weekly closes
100120140160Jan 26Apr 26Jul 26Oct 26LUV 121SPY 116XLI 111

Score DNA

Each bar is a 0-100 score within the scored universe
36
Profitability
64
Growth
47
Value
91
Momentum
50
Risk (safety)
69
Quality
55
Balance sheet
86
Earnings quality

Flags

Strengths
✓ Congress buying
Warnings
▲ Negative free cash flow
Observations
Moat model: Narrow, Intangible AssetsPiotroski 7 / 9Altman Z 2.3Beta 1.123 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
No open-market sales on file
Form 144 notices (12m): 3, $1.3M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
1
Last disclosed purchase 2026-05-01
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+63
170 new holders, 97 closed
937 filers hold 92.7% · 308 added, 290 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+213
686 funds adding shares
473 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
40.6%
20-day avg 60.9%, 50-day avg 60.9%
Latest 20.3 pp under its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$28.1B
Revenue growth YoY+2.1%
Gross margin17.4%
Operating income$428.0M
Operating margin1.5%
Net income$441.0M
Net margin1.6%
EPS (diluted)$0.79
Cash flow
Operating cash flow$1.8B
Capital expenditure$2.7B
Free cash flow−$831.0M
FCF conversion (FCF / OCF)-45.1%
Stock-based compensation$0
FCF less SBC−$831.0M
Buybacks$2.5B
Dividends$399.0M
Balance sheet & returns
Cash & short-term investments$3.2B
Total debt$4.9B
Net debt$1.7B
Shareholders' equity$8.0B
Goodwill & intangibles$1.3B
Debt / equity0.97
ROE (TTM)11.3%
ROIC (TTM)4.2%
Operating margin by fiscal year
10.9%FY20214.3%FY20220.9%FY20231.2%FY20241.5%FY2025
Revenue $15.8B (FY2021) to $28.1B (FY2025), a 15.5% CAGR.

Valuation

P/E (TTM)23.8x
EV / EBITDA8.4x
Price / sales0.64x
Price / FCFn/m
FCF yield-3.21%
Buyback yield13.20%
SBC / revenue0.0%
Price / book2.76x
Forward P/E FY202613.7x
Forward P/E FY20279.4x
Forward P/E FY20287.2x
Forward multiples divide today's price by Street EPS estimates. Street mean target $51.56 across 9 analysts last quarter is theirs, not ours.

LUV vs industry median

91 companies in Airlines, Airports & Air Services
Gross margin 61.0% 19.8% Operating margin 3.5% 3.0% Net margin 2.8% 0.6% ROIC 4.2% 6.0%
LUV (TTM)Industry median Asset turnover 1.00 vs industry 0.69 · financial leverage 4.25

Earnings delivery

Next report 2026-10-21 · consensus EPS $0.57
67%
beat rate, 8 of 12 quarters
+17.5%
median EPS surprise
4
longest beat streak
+0+236-7+14+3650+21+29-16+399+2+0+84
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-10-26 to 2026-07-22. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
LUV Southwest Airlines Co. $19.3B23.8x11.3%2.8%+2.1% +20.8%
LTM LATAM Airlines Group S.A. $13.6B8.8x107.0%3.0%+20.1% +9.1%
UAL United Airlines Holdings, In $31.2B9.0x23.3%4.6%+8.5% −2.1%
AAL American Airlines Group Inc. $7.9Bn/m8.3%0.4%+7.5% −0.1%
DAL Delta Air Lines, Inc. $49.6B15.0x15.9%3.7%+14.1% +24.8%
CPA Copa Holdings, S.A. $5.5B8.7x23.1%6.4%+14.8% —
CAAP Corporacion America Airports $4.1B14.8x16.7%10.2%+7.8% —
ALK Alaska Air Group, Inc. $3.9Bn/m-4.6%-1.9%+9.8% —
12-month window: SPY +15.9%, sector ETF XLI +10.7%. Past returns describe history only.

Recent 8-K filings

2026-08-12Material Agreement; Termination of Agreement; Financial Obligation; Exhibits
2026-08-10Officer/Director Change
2026-08-07Officer/Director Change
2026-07-22Earnings Release; Exhibits
2026-05-19Material Agreement; Financial Obligation
2026-04-22Earnings Release; Exhibits

Context

Shares outstanding489,208,000
Free float98.9%
Institutional ownership92.7%
Beta1.12
Dividend yield1.82%
Last dividend$0.18 on 2026-09-03
50 / 200-day average$41.31 / $43.51
Large-cap Industrials median P/E29.8x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Narrow).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where LUV sits among 16 scored companies in Airlines, Airports & Air Services (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureLUVIndustry medianIndustry percentileSector median
P/E (TTM) 23.1x 13.3x
89th		 25.4x
PEG (P/E ÷ 3-yr EPS CAGR) 1.02 — 1.42
Price / sales 0.6x 0.6x
60th		 2.0x
Price / book 2.7x 2.0x
77th		 2.9x
Price / tangible book 4.4x 4.7x
42nd		 5.6x
Price / free cash flow —
Price / operating cash flow 8.2x 3.8x
92nd		 14.5x
Enterprise value $22.4B $5.4B
80th		 $4.8B
EV / sales 0.7x 1.2x
13th		 2.4x
EV / EBITDA 8.3x 6.4x
62nd		 13.6x
EV / EBIT 19.6x 10.4x
73rd		 19.9x
EV / free cash flow —
Earnings yield 4.3% 4.7%
47th		 3.3%
FCF yield -3.2% 5.0%
33rd		 3.8%
Operating cash flow yield 12.2% 24.3%
27th		 6.2%
Graham number (per share) $23.19 $44.61
12th		 $38.21

Profitability (TTM)

MeasureLUVIndustry medianIndustry percentileSector median
Gross margin 61.0% 30.6%
79th		 30.5%
EBITDA margin 9.0% 13.8%
33rd		 14.3%
Operating margin 3.5% 6.4%
40th		 9.8%
EBIT margin 3.8% 6.1%
40th		 9.9%
Net margin 2.8% 2.8%
53rd		 6.0%
NOPAT margin 2.7% 4.1%
40th		 7.8%
FCF margin -2.1% 4.0%
33rd		 7.0%
Operating cash flow margin 7.9% 14.3%
33rd		 11.2%
R&D / revenue 0.0% 0.0%
0th		 0.0%
SG&A / revenue 7.5% 6.9%
60th		 14.1%
Stock comp / revenue 0.0% 0.0%
0th		 0.6%
Effective tax rate 21.6% 21.0%
67th		 21.0%

Returns on capital

MeasureLUVIndustry medianIndustry percentileSector median
ROE (on average equity) 11.1% 7.8%
54th		 11.9%
ROA 2.8% 1.8%
60th		 4.8%
ROIC 8.0% 6.4%
53rd		 8.7%
ROCE 6.8% 6.5%
53rd		 9.4%
Return on tangible assets 3.9% 4.5%
47th		 7.9%
Cash ROIC (OCF / invested capital) 23.2% 21.3%
67th		 12.8%
Gross profitability (GP / assets) 60.9% 19.4%
93rd		 19.2%
ROIC, 3-yr average 3.8% 2.7%
55th		 7.8%
ROIC, 5-yr average 4.0% 3.2%
55th		 8.6%
ROE, 5-yr average 6.4% 5.0%
55th		 12.5%
Incremental ROIC 80.8% 14.3%
100th		 20.5%

Growth

MeasureLUVIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 9.5% 9.5%
50th		 8.6%
Revenue growth (QoQ) 16.3% 13.9%
53rd		 9.9%
Revenue CAGR, 3 yr 6.2% 5.9%
55th		 5.0%
Revenue CAGR, 5 yr 25.0% 25.3%
45th		 8.3%
Gross profit CAGR, 3 yr 58.1% 17.0%
82nd		 6.5%
Operating income CAGR, 3 yr 26.0% 1.2%
88th		 6.4%
Net income growth (TTM YoY) 113.5% 5.7%
100th		 11.3%
Net income CAGR, 3 yr 12.9% 11.2%
60th		 6.6%
EPS growth (TTM YoY) 132.0% 5.9%
100th		 13.3%
EPS CAGR, 3 yr 22.7% 15.8%
100th		 5.6%
EPS CAGR, 5 yr —
FCF growth (TTM YoY) —
FCF CAGR, 3 yr —
Operating cash flow CAGR, 3 yr -7.0% 2.1%
0th		 8.8%
Book value CAGR, 3 yr -5.6% 2.2%
27th		 7.3%
Dividend CAGR, 3 yr 3.8% — 2.7%
Sustainable growth rate 6.2% 13.4%
25th		 11.0%

Margin history & stability

MeasureLUVIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 30.7% 31.0%
45th		 30.6%
Operating margin, 3-yr average 1.2% 5.2%
27th		 10.0%
Net margin, 3-yr average 1.5% 1.3%
55th		 6.2%
FCF margin, 3-yr average -3.2% 2.1%
18th		 7.1%
Revenue stability (0-1) 0.84 0.83
58th		 0.81
Earnings stability (0-1) 0.31 0.36
33rd		 0.47
Margin stability (0-1) 0.02 0.00
67th		 0.90

Liquidity (latest quarter)

MeasureLUVIndustry medianIndustry percentileSector median
Cash & short-term investments $3.8B $1.6B
87th		 $249.6M
Net cash (− = net debt) −$3.1B −$3.1B
47th		 −$666.5M
Working capital −$6.8B −$1.1B
13th		 $376.4M
Current ratio 0.49 0.66
7th		 1.79
Quick ratio 0.42 0.62
13th		 1.33
Cash ratio (cash + ST investments / current liabilities) 0.29 0.40
7th		 0.32
Defensive interval (days) 106 days 451 days
7th		 614 days

Leverage & solvency (latest quarter)

MeasureLUVIndustry medianIndustry percentileSector median
Total debt $6.9B $4.7B
60th		 $919.8M
Debt / equity 0.97 1.29
46th		 0.65
Net debt / equity 0.44 0.84
23rd		 0.46
Debt / assets 22.9% 38.2%
20th		 29.3%
Debt / capital 49.3% 55.5%
46th		 39.5%
Debt / EBITDA 2.54 3.93
23rd		 2.44
Net debt / EBITDA 1.14 2.47
15th		 1.86
Interest coverage (EBIT / interest) 6.7x 3.4x
85th		 5.0x
Cash interest coverage 13.8x 5.7x
93rd		 6.1x
Debt payback (years of OCF) 2.9 yrs 2.9 yrs
50th		 3.2 yrs
Liabilities / assets 76.5% 78.4%
47th		 56.7%
IS credit model rating BBB- — —
Implied credit spread (bps) 350 512
27th		 200

Efficiency

MeasureLUVIndustry medianIndustry percentileSector median
Asset turnover 1.02 0.59
100th		 0.75
Fixed asset turnover 1.46 1.02
87th		 5.14
Inventory turnover 13.9 22.6
29th		 5.0
Receivables turnover 31.9 21.8
93rd		 6.7
Days sales outstanding 11 days 17 days
7th		 54 days
Days inventory outstanding 26 days 16 days
71st		 72 days
Days payables outstanding 14 days 31 days
13th		 41 days
Cash conversion cycle (days) 24 days 0 days
93rd		 63 days
Capex / revenue 9.9% 10.0%
40th		 3.0%
Capex / depreciation 1.91 1.70
60th		 0.76
Operating expense ratio 173.9% 22.1%
93rd		 17.7%

Cash flow & earnings quality

MeasureLUVIndustry medianIndustry percentileSector median
Operating cash flow / net income 2.82 2.49
67th		 1.50
FCF / net income −0.74 1.00
0th		 1.15
FCF / operating cash flow -26.3% 28.5%
8th		 74.0%
Capex / operating cash flow 126.3% 71.5%
92nd		 26.1%
Accruals ratio -5.2% -7.3%
80th		 -4.0%
Sloan accruals ratio -12.1% -5.8%
13th		 -2.4%
Earnings quality score (0-1) 0.75 0.75
0th		 1.00

Dividends & buybacks

MeasureLUVIndustry medianIndustry percentileSector median
Dividend yield 1.8% 0.0%
73rd		 0.6%
Dividend per share (TTM) $0.72 $0.00
73rd		 $0.44
Payout ratio (dividends / net income) 44.2% 0.0%
100th		 22.5%
Dividends / FCF —
Dividend growth (YoY) -5.4% — 5.6%
Buyback yield 8.0% 0.1%
93rd		 0.5%
Shareholder yield (dividends + buybacks) 9.9% 0.2%
100th		 2.0%
Share count change (YoY) -7.9% 0.1%
8th		 0.0%
Buybacks, last 5 years $0 $0
0th		 $76.0M

Scores & forensic checks

MeasureLUVIndustry medianIndustry percentileSector median
IS score 52 41
73rd		 53
IS profitability 36 24
67th		 37
IS growth 64 49
85th		 54
IS value 47 44
53rd		 47
IS momentum 91 70
85th		 76
IS risk (safety) 50 30
73rd		 80
IS quality 69 55
67th		 67
IS balance sheet 55 42
73rd		 56
IS earnings quality 86 71
100th		 70
IS cash flow 35 38
40th		 54
Piotroski F-score (0-9) 7 6
60th		 6
Altman Z-score 2.3 1.4
87th		 3.3
Beneish M-score −2.80 −2.79
42nd		 −2.52
Ohlson O-score −6.49 −6.59
53rd		 −7.49
IS credit score 52 40
73rd		 65

Per share

MeasureLUVIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $1.68 $1.25
60th		 $2.21
Book value per share $14.22 $12.80
53rd		 $18.38
Tangible book per share $11.77 $3.40
64th		 $4.39
Revenue per share $60.39 $57.77
53rd		 $36.64
FCF per share −$1.25 $2.94
13th		 $2.70
Operating cash flow per share $4.75 $8.52
27th		 $4.28
Cash per share $7.61 $7.36
53rd		 $3.02

Size (TTM)

MeasureLUVIndustry medianIndustry percentileSector median
Market cap $19.3B $4.0B
87th		 $3.9B
Revenue $30.1B $4.2B
80th		 $2.7B
EBITDA $2.7B $858.9M
73rd		 $394.8M
Net income $837.0M $90.7M
80th		 $136.3M
Free cash flow −$621.0M $227.8M
13th		 $162.9M
Total assets $30.1B $7.4B
80th		 $3.5B
Shareholders' equity $7.1B $1.8B
87th		 $1.4B
Employees 73,456 16,080
80th		 6,050

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-09-15Martinez Jimmy Ryan
Principal Accounting Officer
 Award / grant 2,697——27,941
2026-08-21Martinez Jimmy Ryan
Principal Accounting Officer
 Tax withholding 179$40.38$7,22825,244
2026-08-10Liberty Jason T
Director
 Award / grant 3,787——3,787
2026-08-10Krishna Varun
Director
 Award / grant 3,787——3,787
2026-08-05Jones Justin
EVP & Chief Commercial Officer
 Award / grant 8,568——85,784
2026-08-05Roach Anthony
Chief Customer & Brand Officer
 Award / grant 9,506——73,179
2026-08-05Woods Lauren Tauscher
EVP & CIO
 Award / grant 7,598——56,658
2026-08-05Watterson Andrew M
Chief Operating Officer
 Award / grant 2,995——209,840
2026-08-05Jordan Robert E
Director, CEO & President
 Award / grant 28,321——534,055
2026-08-05Doxey Tom
EVP, Chief Financial Officer
 Award / grant 6,316——111,116
2026-05-07Brooks Douglas H
Director
 Award / grant 4,108——84,223
2026-05-07Breber Pierre R
Director
 Award / grant 4,108——13,537

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprMayAugSep

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired18110,547—
Tax withholdingDisposed1179$7,228
—Disposed20—
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 3 notices · 28,085 shares · $1.3M
FiledFilerShares proposedEst. proceeds
2026-02-25Cush C. David10,000$498,000
2026-02-25Cush C. David10,000$498,000
2025-12-05Jones Justin8,085$302,056
2025-06-06Green Ryan C.20,910$688,790
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 2 trades (1 purchases) · Senate 0 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-06-16Matt Van EppsHouseSale$1,001 - $15,0002026-06-17
2026-05-01Ro KhannaHousePurchase$1,001 - $15,0002026-06-11
2025-09-05Gilbert CisnerosHousePurchase$1,001 - $15,0002025-10-13
2025-09-04Gilbert Ray CisnerosHousePurchase$1,001 - $15,0002025-10-10
2023-08-22Dan SullivanSenateSale$1,001 - $15,0002023-09-22
2023-08-22Dan SullivanSenateSale (Full)$1,001 - $15,0002023-09-21
2023-08-22Daniel Scott SullivanSenateSale (Full)$1,001 - $15,0002023-09-21
2023-08-22Dan SullivanSenateSale (Full)$1,001 - $15,0002023-09-18
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
PRIMECAP MANAGEMENT CO/CA/48,797,725$2.5B9.97%
FRANKLIN RESOURCES INC46,577,802$2.4B9.52%
VANGUARD CAPITAL MANAGEMENT LLC31,614,180$1.6B6.46%
BlackRock, Inc.29,917,962$1.5B6.12%
STATE STREET CORP29,326,975$1.5B5.99%
Elliott Investment Management L.P.24,308,000$1.2B4.97%
VANGUARD PORTFOLIO MANAGEMENT LLC23,999,965$1.2B4.91%
PRICE T ROWE ASSOCIATES INC /MD/13,905,409$715.0M2.84%
GEODE CAPITAL MANAGEMENT, LLC12,739,007$653.9M2.60%
AMERIPRISE FINANCIAL INC10,777,353$554.0M2.20%
GOLDMAN SACHS GROUP INC10,409,159$535.2M2.13%
FMR LLC9,621,712$494.7M1.97%
JPMORGAN CHASE & CO7,956,910$410.6M1.63%
Crake Asset Management LLP7,065,875$363.3M1.44%
Invesco Ltd.6,953,490$357.5M1.42%

Institutional ownership by quarter

2023-092026-0692.7%
% of shares held by 13F filers
2023-092026-06937
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-3093792.7%17030829097
2026-03-3187488.1%147286280106
2025-12-3185298.1%17622429169
2025-09-30766104.2%83249272100
2025-06-30796101.5%115240301126
2025-03-31815107.2%105258295113
2024-12-31839111.3%14324428292
2024-09-30802109.4%11222232371
2024-06-30770108.7%92235288111
2024-03-3179897.1%10723731293
2023-12-3179696.4%12321732590
2023-09-3077396.8%79236316149

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-10-07SCHEDULE 13G/APutnam Investment Management, LLC7.6%37,056,435
2026-10-05SCHEDULE 13G/APRIMECAP MANAGEMENT CO/CA/10.0%49,003,285
2026-05-13SCHEDULE 13G/APRIMECAP MANAGEMENT CO/CA/9.6%47,069,495
2026-04-30SCHEDULE 13GVanguard Capital Management7.2%35,624,805
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VPMAX1.41%$1.4B
VPMCX1.41%$1.4B
VITSX0.03%$648.2M
VTI0.03%$648.2M
VTSAX0.03%$648.2M
VSMPX0.03%$648.2M

Share structure

Shares outstanding489,208,000
Float483,927,489
Free float98.9%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$15.8B$23.8B$26.1B$27.5B$28.1B
Cost of revenue$11.7B$19.1B$21.9B$23.0B$23.2B
Gross profit$4.1B$4.8B$4.2B$4.5B$4.9B
R&D$0$0$0$0$0
SG&A$0$0$0$346.0M$4.5B
Operating income$1.7B$1.0B$224.0M$321.0M$428.0M
EBITDA$3.0B$2.4B$2.4B$2.5B$2.2B
Pretax income$1.3B$728.0M$633.0M$598.0M$563.0M
Income tax$348.0M$189.0M$168.0M$133.0M$122.0M
Net income$977.0M$539.0M$465.0M$465.0M$441.0M
EPS, diluted$1.61$0.87$0.76$0.75$0.79
Diluted shares609.0M642.0M640.0M643.0M558.0M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$15.5B$12.3B$11.5B$8.7B$3.2B
Receivables$1.4B$1.0B$1.2B$1.1B$1.1B
Inventory$537.0M$790.0M$807.0M$800.0M$775.0M
Total current assets$18.0B$14.8B$14.0B$11.3B$5.6B
PP&E, net$16.4B$18.7B$20.6B$20.4B$21.3B
Goodwill & intangibles$1.3B$1.3B$1.3B$1.3B$1.3B
Total assets$36.3B$35.4B$36.5B$33.8B$29.1B
Accounts payable$156.0M$277.0M$265.0M$339.0M$389.0M
Total current liabilities$9.2B$10.4B$12.3B$12.3B$10.9B
Long-term debt$9.9B$7.9B$8.0B$5.1B$4.6B
Total liabilities$25.9B$24.7B$26.0B$23.4B$21.1B
Shareholders' equity$10.4B$10.7B$10.5B$10.3B$8.0B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$977.0M$539.0M$465.0M$465.0M$441.0M
Depreciation & amortization$1.3B$1.4B$1.5B$1.7B$1.6B
Stock-based compensation$58.0M$84.0M$0$0$0
Change in working capital−$100.0M$1.5B$1.2B−$1.6B−$278.0M
Operating cash flow$2.3B$3.8B$3.2B$462.0M$1.8B
Capital expenditure−$511.0M−$3.9B−$3.6B−$2.1B−$2.7B
Free cash flow$1.8B−$156.0M−$389.0M−$1.6B−$831.0M
Investing cash flow−$1.3B−$3.7B−$2.9B−$261.0M−$1.4B
Net debt issued / repaid$231.0M−$3.1B−$85.0M−$1.3B−$1.8B
Buybacks$0$0$0−$250.0M−$2.5B
Dividends paid$0$0−$428.0M−$430.0M−$399.0M

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin26.1%19.9%16.2%16.2%17.4%
Operating margin10.9%4.3%0.9%1.2%1.5%
Net margin6.2%2.3%1.8%1.7%1.6%
FCF margin11.5%-0.7%-1.5%-5.9%-3.0%
ROE10.1%5.1%4.4%4.4%4.8%
ROIC17.7%9.6%2.0%2.6%3.1%
ROA2.8%1.5%1.3%1.3%1.4%
Debt / equity1.180.890.870.780.75
Interest coverage4.1x3.4x3.7x3.8x5.9x
Current ratio1.971.431.140.920.52
Revenue growth+74.5%+50.8%+9.6%+5.3%+2.1%
EPS growth+131.1%−44.1%−14.0%−7.2%+16.9%
P/E at year end24.7x34.7x35.6x45.6x48.8x
EV / EBITDA at year end6.9x6.7x6.0x8.3x10.9x
FCF yield at year end7.50%-0.84%-2.36%-7.64%-3.85%
Dividend payout0.0%0.0%92.0%92.7%90.5%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Passenger$14.1B$21.4B$23.6B$25.0B$25.5B
Product and Service, Other$1.5B$2.2B$2.3B$2.3B$2.4B
Cargo and Freight$187.0M$177.0M$175.0M$175.0M$171.0M

Revenue by region · FY2025

North America$27.3B · 97%
Latin America$756.0M · 3%

Street estimates by fiscal year

Next report 2026-10-21 · consensus EPS $0.57 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$33.1B$32.6B – $33.5B$2.88$2.26 – $3.471313.7x
2027$34.9B$33.6B – $36.8B$4.21$2.81 – $6.68149.4x
2028$36.1B$34.4B – $37.6B$5.45$4.87 – $6.5787.2x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-07-22$0.51$0.94+84.3%$8.6B$8.4B−1.8%
2026-04-22$0.45$0.450.0%$7.3B$7.2B−0.3%
2026-01-28$0.57$0.58+2.1%$7.5B$7.4B−0.8%
2025-10-22$-0.04$0.11+398.9%$6.9B$6.9B+0.5%
2025-07-23$0.51$0.43−15.9%$7.3B$7.2B−0.7%
2025-04-23$-0.18$-0.13+29.2%$6.4B$6.4B+0.6%
2025-01-30$0.46$0.56+21.3%$7.0B$6.9B−0.4%
2024-10-24$0.00$0.15+3,650.0%$6.8B$6.9B+1.4%
2024-07-25$0.51$0.58+13.7%$7.3B$7.4B+0.4%
2024-04-25$-0.34$-0.36−7.1%$6.4B$6.3B−1.4%
2024-01-25$0.11$0.37+236.4%$6.7B$6.8B+1.2%
2023-10-26$0.38$0.380.0%$6.6B$6.5B−1.5%
2023-07-27$1.10$1.09−0.9%$7.0B$7.0B+0.9%
2023-04-27$-0.21$-0.27−28.6%$5.7B$5.7B−0.4%
2023-01-26$-0.12$-0.38−227.0%$6.2B$6.2B−0.8%
2022-10-27$0.42$0.50+19.0%$6.2B$6.2B+0.0%
2022-07-28$1.19$1.30+9.2%$6.7B$6.7B+0.6%
2022-04-28$-0.34$-0.32+5.9%$4.7B$4.7B+0.5%
2022-01-27$0.07$0.14+100.0%$4.5B$5.1B+12.1%
2021-10-21$-0.27$-0.23+14.8%$4.8B$4.7B−3.1%
2021-07-22$-0.21$-0.35−66.7%$3.3B$4.0B+21.2%
2021-04-22$-1.82$-1.72+5.5%$2.2B$2.1B−6.6%
2021-01-28$-1.69$-1.29+23.7%$2.5B$2.0B−18.8%
2020-10-22$-2.44$-1.99+18.4%$2.1B$1.8B−15.3%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.306-150.406-220.306-290.407-060.307-130.407-200.307-270.308-030.208-100.208-170.208-240.208-31
Week ofNotionalSharesTrades
2026-08-31$213.2M5,512,25797,276
2026-08-24$185.4M4,568,91384,599
2026-08-17$191.8M4,598,55290,191
2026-08-10$174.8M3,875,22687,310
2026-08-03$265.3M5,551,580111,617
2026-07-27$285.9M6,306,810110,030

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1540.6%
DateShort shareShort volumeTotal volume
2026-10-1540.6%770,5831,897,934
2026-10-1453.7%1,155,0842,152,447
2026-10-1358.2%773,5561,329,049
2026-10-1258.0%908,7271,565,973
2026-10-0965.9%1,094,1381,659,412
2026-10-0855.9%1,198,2902,145,047
2026-10-0773.9%1,223,7761,655,922
2026-10-0663.4%1,021,0301,610,342
2026-10-0577.9%1,527,0141,960,439
2026-10-0269.4%1,895,5622,730,608
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+1.6Jan+1.5Feb-0.1Mar-1.5Apr+0.5May-1.1Jun+1.4Jul+0.0Aug+1.5Sep-0.3Oct+5.5Nov+1.8Dec
MonthAvg returnUp yearsYears
Jan+1.6%60%20
Feb+1.5%45%20
Mar−0.1%57%21
Apr−1.5%50%20
May+0.5%45%20
Jun−1.1%55%20
Jul+1.4%50%20
Aug+0.0%35%20
Sep+1.5%55%20
Oct−0.3%50%20
Nov+5.5%75%20
Dec+1.8%60%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1441.4
MFI40.1
ADX14.2
Stochastic %K / %D19.6 / 17.6
Williams %R-90.0
CCI-146
TSI / signal-5.6 / -1.1
Chaikin money flow0.07
ATR$1.27
Bollinger width8.5%
Volume vs 20-day avg0.93x
SupertrendUp

Moving averages and bands

level (price vs level)
SMA 20$41.48 (−4.8%)
SMA 50$41.09 (−3.9%)
SMA 200$43.18 (−8.5%)
EMA 21$40.99 (−3.6%)
EMA 50$41.64 (−5.1%)
EMA 200$41.43 (−4.7%)
Bollinger upper$43.24 (−8.6%)
Bollinger lower$39.72 (−0.6%)
Parabolic SAR$42.19 (−6.4%)
Open the live chart, 110+ indicators

About Southwest Airlines Co.

Southwest Airlines Co. functions as a passenger airline, offering scheduled air travel services predominantly across the United States and to select neighboring international markets. As of December 31, 2021, the company maintained a consistent fleet of 728 Boeing 737 aircraft. Its extensive route network served 121 different locations, spanning 42 U.S. states, the District of Columbia, and the Commonwealth of Puerto Rico, along with 10 international countries close by. These international destinations include Mexico, Jamaica, the Bahamas, Aruba, the Dominican Republic, Costa Rica, Belize, Cuba, the Cayman Islands, and Turks and Caicos. To enhance the passenger journey, Southwest provides in-flight entertainment and internet access on its Wi-Fi-enabled planes. The airline also runs the Rapid Rewards loyalty program, enabling members to accumulate points proportional to the money spent on Southwest's base fares. For customer convenience in travel planning, the company offers a range of digital tools, including its official websites and mobile applications, as well as SWABIZ, a dedicated online booking platform for business clients. Additional services available include EarlyBird Check-In, preferred boarding options, and transportation for pets and unaccompanied minors. The company was founded in 1967 and its corporate headquarters are situated in Dallas, Texas.

https://www.southwest.com

Key executives

NameTitlePayBorn
Robert E. JordanPresident, Chief Executive Officer & Vice Chairman of the Board$3.5M1961
Andrew WattersonChief Operating Officer$2.2M1967
Tom DoxeyExecutive Vice President & Chief Financial Officer$1.9M1980
Justin JonesExecutive VP & Chief Commercial Officer$1.6M1979
Anthony RoachExecutive VP and Chief Customer & Brand Officer$1.3M1980
J. Ryan MartinezPrincipal Accounting Officer, Senior Vice President of Finance & Controller—1980
Jeff NovotaSenior Vice President, Chief Legal Officer & Corporate Secretary——
Lauren WoodsExecutive Vice President & Chief Information Officer—1977

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Robert E. Jordan Chief Executive Officer & President2025$844,792$13.1M$2.0M$16.6M
Tom Doxey Executive Vice President & Chief Financial Officer2025$467,188$7.3M$790,250$9.1M
Andrew M. Watterson Chief Operating Officer2025$675,833$6.6M$1.2M$8.8M
Justin Jones Executive Vice President Operations2025$535,625$4.1M$879,074$5.6M
Anthony Roach Executive Vice President Chief Customer & Brand Officer2025$489,583$3.7M$748,550$4.9M
Tammy Romo Former Executive Vice President & Chief Financial Officer2025$610,000$2.7M$983,918$4.7M

Employees

59k201861k201956k202055k202167k202275k202372k202473k2025

Dividends

Ex-dateAmountPaid
2026-09-03$0.182026-09-24
2026-06-11$0.182026-07-02
2026-03-12$0.182026-04-02
2025-12-26$0.182026-01-16
2025-09-03$0.182025-09-24
2025-06-18$0.182025-07-09
2025-03-12$0.182025-04-02
2024-12-26$0.182025-01-16

Moat model

Narrow · Intangible Assets · 2026-06-30
Cost advantage69
Intangibles76
Switching costs47
Network effect55
Efficient scale70
Our component scores (0-100) and overall 63.3; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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