Cash flow Southwest Airlines Co.

Stocks

LUV

US8447411088

Airlines

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46.49 ^USD	+2.24%		+14.38%	+13.53%

06-09	Boeing Delivered 60 Jets in May, Booked 22 Net Orders	DJ
06-09	Fuel price shock to widen product gap between US airlines	RE

2881.Qy56SCsvcHT4vrlFBhUqRoZwpNXW_sdwyfqdXU5OIIs.CGorJUFnOESVjftyM2Ryf9Q71ua6yoAX8azyGh4oT_5xGQM4TQIpRpqT3g

Published financial data: SOUTHWEST AIRLINES CO.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	14.25B	21.58B	23.81B	25.16B	25.71B
Other Revenues, Total	1.54B	2.23B	2.28B	2.33B	2.36B
Total Revenues	15.79B	23.81B	26.09B	27.48B	28.06B
Cost of Goods Sold, Total	13.63B	17.84B	20B	21.62B	21.88B
Gross Profit	2.16B	5.98B	6.1B	5.86B	6.18B
Selling General & Admin Expenses, Total	186M	226M	266M	346M	332M
Depreciation & Amortization - (IS)	1.27B	1.35B	1.52B	1.66B	1.56B
Other Operating Expenses	1.88B	3.29B	3.43B	3.57B	3.82B
Other Operating Expenses, Total	3.33B	4.87B	5.22B	5.58B	5.71B
Operating Income	-1.17B	1.11B	879M	285M	478M
Interest Expense, Total	-431M	-301M	-236M	-214M	-113M
Interest And Investment Income	13M	217M	583M	497M	205M
Net Interest Expenses	-418M	-84M	347M	283M	92M
Other Non Operating Income (Expenses)	36M	-70M	43M	46M	43M
EBT, Excl. Unusual Items	-1.55B	952M	1.27B	614M	613M
Restructuring Charges	-	-	-	-5M	-62M
Gain (Loss) On Sale Of Investments	60M	-4M	4M	-	-
Gain (Loss) On Sale Of Assets	-	-	-	-	-
Asset Writedown	-12M	-28M	-	-	-
Legal Settlements	-	-	-107M	-	-
Other Unusual Items	2.83B	-192M	-533M	-11M	12M
EBT, Incl. Unusual Items	1.32B	728M	633M	598M	563M
Income Tax Expense	348M	189M	168M	133M	122M
Earnings From Continuing Operations	977M	539M	465M	465M	441M
Net Income to Company	977M	539M	465M	465M	441M
Net Income - (IS)	977M	539M	465M	465M	441M
Net Income to Common Incl Extra Items	977M	539M	465M	465M	441M
Net Income to Common Excl. Extra Items	977M	539M	465M	465M	441M
Per Share Items
Net EPS - Basic	1.65	0.91	0.78	0.78	0.82
Basic EPS - Continuing Operations	1.65	0.91	0.78	0.78	0.82
Basic Weighted Average Shares Outstanding	592M	593M	595M	598M	540M
Net EPS - Diluted	1.61	0.87	0.76	0.75	0.79
Diluted EPS - Continuing Operations	1.61	0.87	0.76	0.75	0.79
Diluted Weighted Average Shares Outstanding	609M	642M	640M	643M	558M
Normalized Basic EPS	-1.64	1	1.33	0.64	0.71
Normalized Diluted EPS	-1.59	0.93	1.24	0.6	0.69
Dividend Per Share	-	0.18	0.72	0.72	0.72
Payout Ratio	-	-	92.04	92.47	90.48
American Depositary Receipts Ratio (ADR)	1	1	1	1	1
Supplemental Items
EBITDA	-112M	2.22B	2.16B	1.67B	1.72B
EBITA	-1.17B	1.11B	879M	285M	478M
EBIT	-1.17B	1.11B	879M	285M	478M
EBITDAR	1.58B	3.95B	4.18B	3.89B	4.25B
Total Revenues (As Reported)	15.79B	23.81B	26.09B	27.48B	28.06B
Effective Tax Rate - (Ratio)	26.26	25.96	26.54	22.24	21.67
Current Domestic Taxes	368M	-39M	9M	1M	0
Total Current Taxes	368M	-39M	9M	1M	0
Deferred Domestic Taxes	-20M	228M	159M	132M	122M
Total Deferred Taxes	-20M	228M	159M	132M	122M
Normalized Net Income	-971M	595M	793M	384M	383M
Interest Capitalized	36M	39M	23M	35M	54M
Interest on Long-Term Debt	467M	340M	259M	249M	167M
Non-Cash Pension Expense	-	-	-	0	0
Supplemental Operating Expense Items
Advertising Expense	185M	224M	266M	346M	332M
Selling and Marketing Expenses	185M	224M	266M	346M	332M
Net Rental Expense, Total	1.69B	1.72B	2.02B	2.22B	2.53B
Imputed Operating Lease Interest Expense	516M	431M	450M	511M	481M
Imputed Operating Lease Depreciation	1.18B	1.29B	1.57B	1.7B	2.05B
Maintenance & Repair Expenses, Total	854M	852M	1.19B	1.35B	1.23B
Stock-Based Comp., Other (Total)	58M	84M	86M	45M	99M
Total Stock-Based Compensation	58M	84M	86M	45M	99M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	12.48B	9.49B	9.29B	7.51B	3.23B
Short Term Investments	3.02B	2.8B	2.19B	1.22B	-
Total Cash And Short Term Investments	15.5B	12.29B	11.47B	8.72B	3.23B
Accounts Receivable, Total	141M	202M	304M	190M	250M
Other Receivables	1.22B	804M	838M	919M	899M
Total Receivables	1.36B	1.01B	1.14B	1.11B	1.15B
Inventory	537M	790M	807M	800M	775M
Prepaid Expenses	309M	440M	449M	621M	490M
Other Current Assets, Total	329M	280M	83M	19M	-
Total Current Assets	18.04B	14.81B	13.96B	11.27B	5.64B
Gross Property Plant And Equipment	29.16B	32B	34.8B	34.9B	36.63B
Accumulated Depreciation	-12.73B	-13.64B	-14.44B	-14.89B	-15.7B
Net Property Plant And Equipment	16.43B	18.36B	20.36B	20.01B	20.93B
Long-term Investments	-	14M	280M	367M	457M
Goodwill	970M	970M	970M	970M	970M
Other Intangibles, Total	295M	295M	296M	300M	296M
Accounts Receivable Long-Term	-	-	-	-	-
Other Long-Term Assets, Total	587M	922M	624M	827M	760M
Total Assets	36.32B	35.37B	36.49B	33.75B	29.06B
Liabilities
Accounts Payable, Total	1.28B	2B	1.86B	1.82B	1.99B
Accrued Expenses, Total	1.54B	2.04B	3.61B	2.21B	2.01B
Current Portion of Long-Term Debt	371M	-	-	1.61B	299M
Current Portion of Leases	321M	267M	237M	350M	337M
Unearned Revenue Current, Total	5.57B	6.06B	6.55B	6.29B	5.94B
Other Current Liabilities	80M	-	-	-	341M
Total Current Liabilities	9.16B	10.38B	12.26B	12.28B	10.92B
Long-Term Debt	9.9B	7.9B	7.9B	5B	4.52B
Long-Term Leases	1.69B	1.26B	1.06B	1.1B	821M
Unearned Revenue Non Current	2.16B	2.19B	1.73B	1.95B	1.22B
Pension & Other Post Retirement Benefits	330M	241M	269M	256M	321M
Deferred Tax Liability Non Current	1.77B	1.98B	2.04B	2.17B	2.29B
Other Non Current Liabilities	890M	728M	712M	653M	985M
Total Liabilities	25.91B	24.68B	25.97B	23.4B	21.08B
Common Stock, Total	888M	888M	888M	888M	888M
Additional Paid In Capital	4.22B	4.04B	4.15B	4.2B	4.32B
Retained Earnings	15.77B	16.26B	16.3B	16.33B	16.39B
Treasury Stock	-10.86B	-10.84B	-10.82B	-11.04B	-13.59B
Comprehensive Income and Other	388M	344M	-	-25M	-24M
Total Common Equity	10.41B	10.69B	10.52B	10.35B	7.98B
Total Equity	10.41B	10.69B	10.52B	10.35B	7.98B
Total Liabilities And Equity	36.32B	35.37B	36.49B	33.75B	29.06B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	592M	594M	597M	593M	491M
ECS Total Common Shares Outstanding	592M	594M	597M	593M	516M
Book Value / Share	17.59	17.99	17.63	17.44	15.48
Tangible Book Value	9.15B	9.42B	9.25B	9.08B	6.72B
Tangible Book Value Per Share	15.45	15.86	15.51	15.3	13.02
Total Debt	12.28B	9.43B	9.2B	8.06B	5.98B
Net Debt	-3.22B	-2.86B	-2.27B	-667M	2.75B
Debt Equivalent of Unfunded Proj. Benefit Obligation	-	-	-	-1M	-1M
Debt Equivalent Oper. Leases	13.54B	13.77B	16.18B	17.72B	20.22B
Account Code - Inventory Valuation	6	-	6	6	6
Inventories - Others	-	-	-	-	-
Machinery, Total	19.99B	22.79B	25.46B	24.65B	25.77B
Full Time Employees	55.1K	66.66K	74.81K	72.45K	77.4K
Assets under Capital Lease - Gross	-	-	-	-	-
Assets under Capital Lease - Accumulated Depreciation	-	-	-	-	-

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	977M	539M	465M	465M	441M
Depreciation & Amortization - CF	1.06B	1.12B	1.28B	1.39B	1.24B
Amortization of Goodwill and Intangible Assets - (CF)	-	-	-	-	-
Depreciation & Amortization, Total	1.06B	1.12B	1.28B	1.39B	1.24B
Amortization of Deferred Charges, Total - (CF)	213M	232M	246M	271M	318M
(Gain) Loss From Sale Of Asset	-	-	-	-92M	-3M
(Gain) Loss on Sale of Investments - (CF)	-	4M	-4M	-	-
Asset Writedown & Restructuring Costs	12M	35M	-	-	8M
Other Operating Activities, Total	161M	378M	-68M	18M	249M
Change In Accounts Receivable	-701M	422M	-89M	19M	51M
Change In Accounts Payable	38M	936M	1.39B	-1.36B	218M
Change in Unearned Revenues	591M	525M	29M	-37M	-1.08B
Change in Other Net Operating Assets	-28M	-400M	-77M	-205M	396M
Cash from Operations	2.32B	3.79B	3.16B	462M	1.84B
Capital Expenditure	-511M	-3.95B	-3.55B	-2.08B	-2.67B
Investment in Marketable and Equity Securities, Total	-753M	200M	621M	981M	1.22B
Other Investing Activities, Total	-	-	-	838M	21M
Cash from Investing	-1.26B	-3.75B	-2.93B	-261M	-1.43B
Short Term Debt Issued, Total	-	-	-	-	-
Long-Term Debt Issued, Total	1.14B	-	-	-	1.5B
Total Debt Issued	1.14B	-	-	-	1.5B
Short Term Debt Repaid, Total	-	-	-	-	-
Long-Term Debt Repaid, Total	-612M	-2.44B	-85M	-1.34B	-3.28B
Total Debt Repaid	-612M	-2.44B	-85M	-1.34B	-3.28B
Issuance of Common Stock	51M	45M	48M	60M	59M
Repurchase of Common Stock	-	-	-	-250M	-2.55B
Common Dividends Paid	-	-	-428M	-430M	-399M
Common & Preferred Stock Dividends Paid	-	-	-428M	-430M	-399M
Other Financing Activities, Total	-216M	-640M	29M	-23M	-26M
Cash from Financing	359M	-3.03B	-436M	-1.98B	-4.69B
Net Change in Cash	1.42B	-2.99B	-204M	-1.78B	-4.28B
Supplemental Items
Cash Interest Paid	336M	305M	228M	220M	108M
Cash Income Tax Paid (Refund)	445M	20M	18M	9M	-1M
Levered Free Cash Flow	617M	-353M	400M	-2.1B	-684M
Unlevered Free Cash Flow	886M	-165M	547M	-1.97B	-613M
Change In Net Working Capital	-799M	-1.66B	-1.94B	1.77B	-102M
Net Debt Issued / Repaid	524M	-2.44B	-85M	-1.34B	-1.78B

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	-2.06	1.93	1.53	0.51	0.95
Return on Total Capital	-3.34	3.23	2.76	0.93	1.85
Return On Equity %	10.13	5.11	4.39	4.46	4.81
Return on Common Equity	10.13	5.11	4.39	4.46	4.81
Margin Analysis
Gross Profit Margin %	13.69	25.09	23.36	21.32	22.04
SG&A Margin	1.18	0.95	1.02	1.26	1.18
EBITDA Margin %	-0.71	9.34	8.26	6.08	6.13
EBITA Margin %	-7.42	4.64	3.37	1.04	1.7
EBIT Margin %	-7.42	4.64	3.37	1.04	1.7
Income From Continuing Operations Margin %	6.19	2.26	1.78	1.69	1.57
Net Income Margin %	6.19	2.26	1.78	1.69	1.57
Net Avail. For Common Margin %	6.19	2.26	1.78	1.69	1.57
Normalized Net Income Margin	-6.15	2.5	3.04	1.4	1.37
Levered Free Cash Flow Margin	3.91	-1.48	1.53	-7.65	-2.44
Unlevered Free Cash Flow Margin	5.61	-0.69	2.1	-7.16	-2.19
Asset Turnover
Asset Turnover	0.45	0.66	0.73	0.78	0.89
Fixed Assets Turnover	0.93	1.37	1.35	1.36	1.37
Receivables Turnover (Average Receivables)	128.41	125.86	94.12	101.84	116.85
Inventory Turnover (Average Inventory)	28.66	26.88	25.04	26.91	27.78
Short Term Liquidity
Current Ratio	1.97	1.43	1.14	0.92	0.52
Quick Ratio	1.84	1.28	1.03	0.8	0.4
Operating Cash Flow to Current Liabilities	0.25	0.37	0.26	0.04	0.17
Days Sales Outstanding (Average Receivables)	2.84	2.9	3.88	3.59	3.12
Days Outstanding Inventory (Average Inventory)	12.74	13.58	14.58	13.6	13.14
Average Days Payable Outstanding	29.37	33.15	35.25	31.15	31.81
Cash Conversion Cycle (Average Days)	-13.79	-16.67	-16.8	-13.96	-15.55
Long Term Solvency
Total Debt/Equity	117.97	88.25	87.49	77.86	74.94
Total Debt / Total Capital	54.12	46.88	46.66	43.77	42.84
LT Debt/Equity	111.32	85.75	85.24	58.94	66.97
Long-Term Debt / Total Capital	51.07	45.55	45.46	33.14	38.28
Total Liabilities / Total Assets	71.33	69.78	71.18	69.33	72.54
EBIT / Interest Expense	-2.72	3.67	3.72	1.33	4.23
EBITDA / Interest Expense	3.67	13.11	17.7	18.16	37.59
(EBITDA - Capex) / Interest Expense	2.48	0	2.64	8.44	13.94
Total Debt / EBITDA	7.78	2.39	2.2	2.07	1.41
Net Debt / EBITDA	-2.04	-0.73	-0.54	-0.17	0.65
Total Debt / (EBITDA - Capex)	11.49	-	14.74	4.46	3.8
Net Debt / (EBITDA - Capex)	-3.01	-	-3.64	-0.37	1.75
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	74.51	50.82	9.56	5.34	2.11
Gross Profit, 1 Yr. Growth %	-214.63	192.22	2.11	-3.86	5.55
EBITDA, 1 Yr. Growth %	-97.19	-1.07K	-1.91	-22.46	2.93
EBITA, 1 Yr. Growth %	-76.77	-185.87	-18.46	-67.58	67.72
EBIT, 1 Yr. Growth %	-76.77	-185.87	-18.46	-67.58	67.72
Earnings From Cont. Operations, 1 Yr. Growth %	-131.78	-44.83	-13.73	0	-5.16
Net Income, 1 Yr. Growth %	-131.78	-44.83	-13.73	0	-5.16
Normalized Net Income, 1 Yr. Growth %	-70.93	-157.01	37.34	-51.62	0.16
Diluted EPS Before Extra, 1 Yr. Growth %	-129.59	-45.72	-13.46	-0.26	5.02
Accounts Receivable, 1 Yr. Growth %	74.07	43.26	50.5	-37.5	31.58
Inventory, 1 Yr. Growth %	29.71	47.11	2.15	-0.87	-3.12
Net Property, Plant and Equip., 1 Yr. Growth %	-5.66	11.73	10.9	-1.72	4.6
Total Assets, 1 Yr. Growth %	5.01	-2.62	3.16	-7.5	-13.89
Tangible Book Value, 1 Yr. Growth %	20.21	3	-1.83	-1.83	-26.05
Common Equity, 1 Yr. Growth %	17.33	2.62	-1.61	-1.57	-22.89
Cash From Operations, 1 Yr. Growth %	-306.03	63.22	-16.52	-85.4	298.7
Capital Expenditures, 1 Yr. Growth %	-0.78	672.21	-9.96	-41.46	30.14
Levered Free Cash Flow, 1 Yr. Growth %	-118.47	-164.91	-207.96	-625.82	-67.07
Unlevered Free Cash Flow, 1 Yr. Growth %	-128.35	-120.26	-400.34	-459.69	-68.44
Dividend Per Share, 1 Yr. Growth %	-	-	300	0	0
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-16.09	62.23	28.54	7.43	3.71
Gross Profit, 2 Yr. CAGR %	-44.47	163.61	61.63	-0.41	5.5
EBITDA, 2 Yr. CAGR %	-83.25	-13.34	454.85	-11.41	7.15
EBITA, 2 Yr. CAGR %	-36.97	-47.52	-11.76	-46.88	46.74
EBIT, 2 Yr. CAGR %	-36.97	-47.52	-11.76	-46.88	46.74
Earnings From Cont. Operations, 2 Yr. CAGR %	-34.82	-58.13	-31.01	-7.12	-2.61
Net Income, 2 Yr. CAGR %	-34.82	-58.13	-31.01	-7.12	-2.61
Normalized Net Income, 2 Yr. CAGR %	-27.53	-53.44	-7.62	-18.35	-1.59
Diluted EPS Before Extra, 2 Yr. CAGR %	-38.6	-59.92	-31.46	-7.09	2.34
Accounts Receivable, 2 Yr. CAGR %	-7.56	57.92	46.83	-3.02	-9.32
Inventory, 2 Yr. CAGR %	0.75	38.14	22.59	0.63	-2
Net Property, Plant and Equip., 2 Yr. CAGR %	-4.79	2.67	11.32	4.4	1.39
Total Assets, 2 Yr. CAGR %	18.43	1.12	0.23	-2.32	-10.75
Tangible Book Value, 2 Yr. CAGR %	3.35	11.26	0.55	-1.83	-14.79
Common Equity, 2 Yr. CAGR %	2.92	9.73	0.48	-1.59	-12.88
Cash From Operations, 2 Yr. CAGR %	-23.69	83.38	16.73	-65.09	-23.7
Capital Expenditures, 2 Yr. CAGR %	-29.46	176.81	163.69	-27.4	-12.86
Levered Free Cash Flow, 2 Yr. CAGR %	-43.81	-63.72	-21.14	125.67	454.4
Unlevered Free Cash Flow, 2 Yr. CAGR %	-33.51	-74.25	-22.54	195.98	90.07
Dividend Per Share, 2 Yr. CAGR %	-	0	-	100	0
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-10.42	2.02	42.34	20.29	5.63
Gross Profit, 3 Yr. CAGR %	-33.14	-5.19	92.08	35.93	1.54
EBITDA, 3 Yr. CAGR %	-70.19	-17.69	-10.07	187.93	-6.86
EBITA, 3 Yr. CAGR %	-28.32	-27.88	-39.73	-36.8	-22.07
EBIT, 3 Yr. CAGR %	-28.32	-27.88	-39.73	-36.8	-22.07
Earnings From Cont. Operations, 3 Yr. CAGR %	-26.54	-38.35	-46.72	-21.92	-6.47
Net Income, 3 Yr. CAGR %	-26.54	-38.35	-46.72	-21.92	-6.47
Normalized Net Income, 3 Yr. CAGR %	-21	-31.46	-33.89	-25.54	-12.69
Diluted EPS Before Extra, 3 Yr. CAGR %	-27.87	-41.07	-48.2	-22.33	-3.22
Accounts Receivable, 3 Yr. CAGR %	-4.91	6.98	55.4	10.45	7.36
Inventory, 3 Yr. CAGR %	5.22	14.3	24.92	14.21	-0.64
Net Property, Plant and Equip., 3 Yr. CAGR %	-4.3	0.43	5.34	6.79	4.47
Total Assets, 3 Yr. CAGR %	11.44	10.95	1.8	-2.42	-6.34
Tangible Book Value, 3 Yr. CAGR %	2.55	3.23	6.71	-0.25	-10.67
Common Equity, 3 Yr. CAGR %	1.86	2.82	5.81	-0.21	-9.27
Cash From Operations, 3 Yr. CAGR %	-22	-1.67	41.07	-41.62	-21.38
Capital Expenditures, 3 Yr. CAGR %	-36.29	56.63	90.37	59.67	-12.18
Levered Free Cash Flow, 3 Yr. CAGR %	-34.42	-43.47	-46.96	48.43	18.32
Unlevered Free Cash Flow, 3 Yr. CAGR %	-26.64	-56.52	-39.6	29.23	39.74
Dividend Per Share, 3 Yr. CAGR %	-	-36.41	58.74	-	58.74
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-4.89	2.4	3.5	4.15	25.41
Gross Profit, 5 Yr. CAGR %	-21.76	-3.97	-3.37	-3.52	48.38
EBITDA, 5 Yr. CAGR %	-52.87	-12.68	-12.6	-15.98	-10.31
EBITA, 5 Yr. CAGR %	-21.18	-19.96	-22.68	-37.33	-34.66
EBIT, 5 Yr. CAGR %	-21.11	-19.9	-22.68	-37.33	-34.66
Earnings From Cont. Operations, 5 Yr. CAGR %	-14.85	-30.64	-28.36	-27.37	-32.18
Net Income, 5 Yr. CAGR %	-14.85	-30.64	-28.36	-27.37	-32.18
Normalized Net Income, 5 Yr. CAGR %	-16.27	-21.66	-16.63	-26.98	-32.55
Diluted EPS Before Extra, 5 Yr. CAGR %	-14.15	-30.96	-29.33	-29.3	-31.98
Accounts Receivable, 5 Yr. CAGR %	-23.72	-21.13	13.14	2.86	25.28
Inventory, 5 Yr. CAGR %	9.77	13.47	11.85	8.62	13.36
Net Property, Plant and Equip., 5 Yr. CAGR %	0.72	0.83	1.66	2	3.74
Total Assets, 5 Yr. CAGR %	9.3	7.09	6.81	5.44	-3.42
Tangible Book Value, 5 Yr. CAGR %	5.37	2.67	1.74	1.17	-2.47
Common Equity, 5 Yr. CAGR %	4.29	2.08	1.31	1.03	-2.1
Cash From Operations, 5 Yr. CAGR %	-11.57	-0.72	-8.35	-35.02	10.32
Capital Expenditures, 5 Yr. CAGR %	-24.96	11.9	12.45	15.16	39.01
Levered Free Cash Flow, 5 Yr. CAGR %	-0.12	-17.58	-28.81	1.48	-23.91
Unlevered Free Cash Flow, 5 Yr. CAGR %	5.83	-29.83	-24.59	-0.36	-24.41
Dividend Per Share, 5 Yr. CAGR %	-	-17.64	3.54	0.56	31.95