LUV NYSE
Southwest Airlines Co.
1W: +10.5%
1M: +0.4%
3M: -7.0%
YTD: +5.2%
1Y: +37.8%
3Y: +87.6%
5Y: -6.2%
$43.44
+0.59 (+1.38%)
After Hours: $43.68 (+0.24, +0.55%)
Weekly Expected Move ±4.9%
$38
$40
$42
$44
$46
Credit Risk of going bust: higher than 52% of companies Debt: 24.7% of company value Bonds: $179.5M held by 196 funds, 70 bp over Treasuries → details ▾
Of US companies ranked in the middle of the pack, about 1 in 580 filed for bankruptcy within a year (2020-2025).
If the stock fell to about $1.35 (down 97%), Southwest Airlines Co. would be worth roughly what it owes.
Total debt $6.87B against a stock market value of $20.96B.
Distance to default 4.90 (Merton model): prices to 2026-10-26, balance sheet 2026-09-30, debt counted $4.02B (short-term plus half of long-term), stock volatility 43.4%; Altman Z'' 0.90. A ranking and a back-test, not a forecast.
Bond figures are fund-reported marks (SEC N-PORT) as of Jul 2026. How these are computed.
If the stock fell to about $1.35 (down 97%), Southwest Airlines Co. would be worth roughly what it owes.
Total debt $6.87B against a stock market value of $20.96B.
Distance to default 4.90 (Merton model): prices to 2026-10-26, balance sheet 2026-09-30, debt counted $4.02B (short-term plus half of long-term), stock volatility 43.4%; Altman Z'' 0.90. A ranking and a back-test, not a forecast.
Bond figures are fund-reported marks (SEC N-PORT) as of Jul 2026. How these are computed.
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Revenue by Segment (5-Year Trend)
Income Trends
Revenue
$28.1B
+2.1% ▲
5Y CAGR: +25.4%
Gross Profit
$4.9B
+9.8% ▲
Operating Income
$428M
+33.3% ▲
Net Income
$441M
-5.2% ▼
EPS (Diluted)
$0.79
+5.3% ▲
EBITDA
$2.2B
-9.4% ▼
Profit Margins
Year-over-Year Growth
View Full Income Statement
| Line Item | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Revenue | $15.8B | $23.8B | $26.1B | $27.5B | $28.1B |
| YoY Growth | +74.5% | +50.8% | +9.6% | +5.3% | +2.1% |
| 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 |
| Gross Margin | 26.1% | 20.0% | 16.2% | 16.2% | 17.4% |
| R&D Expenses | $0 | $0 | $0 | $0 | $0 |
| SG&A Expenses | $0 | $0 | $0 | $346M | $4.5B |
| Operating Expenses | $2.4B | $3.7B | $4.0B | $4.1B | $4.5B |
| Operating Income | $1.7B | $1.0B | $224M | $321M | $428M |
| Operating Margin | 10.9% | 4.3% | 0.9% | 1.2% | 1.5% |
| Interest Expense | $431M | $301M | $236M | $214M | $113M |
| Income Before Tax | $1.3B | $728M | $633M | $598M | $563M |
| Tax Expense | $348M | $189M | $168M | $133M | $122M |
| Net Income | $977M | $539M | $465M | $465M | $441M |
| Net Margin | 6.2% | 2.3% | 1.8% | 1.7% | 1.6% |
| EPS (Diluted) | $1.61 | $0.87 | $0.76 | $0.75 | $0.79 |
| EBITDA | $3.0B | $2.4B | $2.4B | $2.5B | $2.2B |
| Shares Outstanding | 609M | 642M | 640M | 643M | 558M |