Southwest Airlines (LUV): financials, SEC filings and peers
Southwest Airlines (LUV) is a passenger airlines company in the Industrials sector of the S&P 500, headquartered in Dallas, Texas.
It was founded in 1967 and joined the S&P 500 on July 1, 1994.
Its fiscal year ends in December, and its shares trade on the NYSE.
In its SEC filings it is classified as “Air Transportation, Scheduled”.
Southwest Airlines at a glance
- Revenue (12 months)
- $31.5B
- Revenue growth
- +14.5%
- Operating margin
- 4.4%
- Net income (12 months)
- $1.1B
- Free cash flow (12 months)
- −$449M
- Cash
- $3.6B
- Debt
- $5.9B
- Diluted EPS (12 months)
- $2.05
Twelve months to September 30, 2026, from the 10-Q filed October 22, 2026.
Latest twelve months
Over the twelve months to September 30, 2026, Southwest Airlines reported revenue of $31.5 billion, up 14.5% from a year earlier.
Its operating margin was 4.4%, up 3.2 percentage points from a year earlier: for every $100 of sales, about $4 was left as operating profit.
Net income was $1.1 billion (3.3% of revenue), 177.8% higher than a year earlier.
Operating cash flow was $2.8 billion and capital spending $3.2 billion, leaving free cash flow of −$449 million (-1.4% of revenue).
At the end of the period it held $3.6 billion in cash and $5.9 billion in debt, a net debt position of $2.3 billion.
The diluted share count fell 6.1% in a year, typically the result of buybacks.
Five-year trend
- Revenue went from $9.0 billion in fiscal 2020 to $28.1 billion in fiscal 2025, about 25.4% a year.
- Revenue has grown for 5 fiscal years in a row.
- Operating margin widened from -42.2% to 1.5% over the same years.
- Free cash flow was negative in 5 of the last 6 fiscal years.
- Southwest Airlines reported a net loss in 1 of the last 6 fiscal years.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $15.8B | $23.8B | $26.1B | $27.5B | $28.1B |
| Revenue growth | 74.5% | 50.8% | 9.6% | 5.3% | 2.1% |
| Operating margin | 10.9% | 4.3% | 0.9% | 1.2% | 1.5% |
| Net income | $977M | $539M | $465M | $465M | $441M |
| Free cash flow | $1.8B | −$134M | −$356M | −$1.6B | −$831M |
| Diluted EPS | $1.61 | $0.87 | $0.76 | $0.76 | $0.79 |
Fiscal years as reported in Southwest Airlines’s 10-K filings. Free cash flow is operating cash flow minus capital spending.
Recent SEC filings
- 8-K filed November 2, 2026 — Material agreement; New debt obligation
- 10-Q filed October 22, 2026 — quarterly report
- 8-K filed October 21, 2026 — Earnings results
- 8-K filed August 12, 2026 — Material agreement; Agreement terminated
- 8-K filed August 10, 2026 — Executive or director change
- 8-K filed August 7, 2026 — Executive or director change
- 10-Q filed July 23, 2026 — quarterly report
- 8-K filed July 22, 2026 — Earnings results
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Questions about Southwest Airlines
Is Southwest Airlines's revenue growing?
Yes. Revenue for the twelve months to September 30, 2026 was $31.5 billion, up 14.5% from a year earlier, according to its SEC filings.
Is Southwest Airlines profitable?
Yes. It earned $1.1 billion in net income over the twelve months to September 30, 2026, a net margin of 3.3%.
Does Southwest Airlines have more cash or more debt?
At September 30, 2026 it had $3.6 billion in cash and $5.9 billion in debt, so more debt than cash.
When did Southwest Airlines last file financial results?
Its latest quarterly report (10-Q) was filed with the SEC on October 22, 2026.
Which companies are similar to Southwest Airlines?
In the S&P 500, Southwest Airlines is grouped in Passenger Airlines within the Industrials sector. Delta Air Lines (DAL), United Airlines Holdings (UAL) are in the same group.
Understand the numbers
Source: Southwest Airlines’s filings with the U.S. Securities and Exchange Commission (EDGAR), retrieved November 11, 2026. Figures are as reported by the company and may be restated. This page is for information only and is not financial advice.