Income Statement Southwest Airlines Co.

Equities

LUV

US8447411088

Airlines

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Published financial data: SOUTHWEST AIRLINES CO.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Revenues	7.83B	14.25B	21.58B	23.81B	25.16B
Other Revenues, Total	1.22B	1.54B	2.23B	2.28B	2.33B
Total Revenues	9.05B	15.79B	23.81B	26.09B	27.48B
Cost of Goods Sold, Total	10.93B	13.63B	17.84B	20B	21.62B
Gross Profit	-1.89B	2.16B	5.98B	6.1B	5.86B
Selling General & Admin Expenses, Total	157M	186M	226M	266M	346M
Depreciation & Amortization - (IS)	1.26B	1.27B	1.35B	1.52B	1.66B
Other Operating Expenses	1.74B	1.88B	3.29B	3.43B	3.57B
Other Operating Expenses, Total	3.16B	3.33B	4.87B	5.22B	5.58B
Operating Income	-5.04B	-1.17B	1.11B	879M	285M
Interest Expense, Total	-342M	-431M	-301M	-236M	-214M
Interest And Investment Income	32M	13M	217M	583M	497M
Net Interest Expenses	-310M	-418M	-84M	347M	283M
Other Non Operating Income (Expenses)	8M	36M	-70M	43M	46M
EBT, Excl. Unusual Items	-5.34B	-1.55B	952M	1.27B	614M
Restructuring Charges	-1.4B	-	-	-	-5M
Merger & Related Restructuring Charges	-	-	-	-	-
Gain (Loss) On Sale Of Investments	-	60M	-4M	4M	-
Gain (Loss) On Sale Of Assets	222M	-	-	-	-
Asset Writedown	-32M	-12M	-28M	-	-
Legal Settlements	-	-	-	-107M	-
Other Unusual Items	2.3B	2.83B	-192M	-533M	-11M
EBT, Incl. Unusual Items	-4.26B	1.32B	728M	633M	598M
Income Tax Expense	-1.18B	348M	189M	168M	133M
Earnings From Continuing Operations	-3.07B	977M	539M	465M	465M
Net Income to Company	-3.07B	977M	539M	465M	465M
Net Income - (IS)	-3.07B	977M	539M	465M	465M
Net Income to Common Incl Extra Items	-3.07B	977M	539M	465M	465M
Net Income to Common Excl. Extra Items	-3.07B	977M	539M	465M	465M
Per Share Items
Net EPS - Basic	-5.44	1.65	0.91	0.78	0.78
Basic EPS - Continuing Operations	-5.44	1.65	0.91	0.78	0.78
Basic Weighted Average Shares Outstanding	565M	592M	593M	595M	598M
Net EPS - Diluted	-5.44	1.61	0.87	0.76	0.75
Diluted EPS - Continuing Operations	-5.44	1.61	0.87	0.76	0.75
Diluted Weighted Average Shares Outstanding	565M	609M	642M	640M	643M
Normalized Basic EPS	-5.91	-1.64	1	1.33	0.64
Normalized Diluted EPS	-5.91	-1.59	0.93	1.24	0.6
Dividend Per Share	0.18	-	0.18	0.72	0.72
Payout Ratio	-6.12	-	-	92.04	92.47
American Depositary Receipts Ratio (ADR)	1	1	1	1	1
Supplemental Items
EBITDA	-3.99B	-112M	2.22B	2.16B	1.67B
EBITA	-5.04B	-1.17B	1.11B	879M	285M
EBIT	-5.04B	-1.17B	1.11B	879M	285M
EBITDAR	-2.42B	1.58B	3.95B	4.18B	3.88B
Total Revenues (As Reported)	9.05B	15.79B	23.81B	26.09B	27.48B
Effective Tax Rate - (Ratio)	27.77	26.26	25.96	26.54	22.24
Current Domestic Taxes	-466M	368M	-39M	9M	1M
Total Current Taxes	-466M	368M	-39M	9M	1M
Deferred Domestic Taxes	-716M	-20M	228M	159M	132M
Total Deferred Taxes	-716M	-20M	228M	159M	132M
Normalized Net Income	-3.34B	-971M	595M	793M	384M
Interest Capitalized	35M	36M	39M	23M	35M
Interest on Long-Term Debt	349M	467M	340M	259M	249M
Non-Cash Pension Expense	-	-	-	-	0
Supplemental Operating Expense Items
Advertising Expense	156M	185M	224M	266M	346M
Selling and Marketing Expenses	156M	185M	224M	266M	346M
Net Rental Expense, Total	1.57B	1.69B	1.72B	2.02B	2.21B
Imputed Operating Lease Interest Expense	583M	516M	431M	450M	511M
Imputed Operating Lease Depreciation	983M	1.18B	1.29B	1.57B	1.7B
Maintenance & Repair Expenses, Total	750M	854M	852M	1.19B	1.35B
Stock-Based Comp., Other (Total)	17M	58M	84M	86M	45M
Total Stock-Based Compensation	17M	58M	84M	86M	45M

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	11.06B	12.48B	9.49B	9.29B	7.51B
Short Term Investments	2.27B	3.02B	2.8B	2.19B	1.22B
Total Cash And Short Term Investments	13.33B	15.5B	12.29B	11.47B	8.72B
Accounts Receivable, Total	81M	141M	202M	304M	190M
Other Receivables	1.05B	1.22B	804M	838M	919M
Total Receivables	1.13B	1.36B	1.01B	1.14B	1.11B
Inventory	414M	537M	790M	807M	800M
Prepaid Expenses	282M	309M	440M	449M	621M
Other Current Assets, Total	13M	329M	280M	83M	19M
Total Current Assets	15.17B	18.04B	14.81B	13.96B	11.27B
Gross Property Plant And Equipment	29.16B	29.16B	32B	34.8B	34.9B
Accumulated Depreciation	-11.74B	-12.73B	-13.64B	-14.44B	-14.89B
Net Property Plant And Equipment	17.42B	16.43B	18.36B	20.36B	20.01B
Long-term Investments	-	-	14M	280M	367M
Goodwill	970M	970M	970M	970M	970M
Other Intangibles, Total	295M	295M	295M	296M	300M
Accounts Receivable Long-Term	-	-	-	-	-
Other Long-Term Assets, Total	732M	587M	922M	624M	827M
Total Assets	34.59B	36.32B	35.37B	36.49B	33.75B
Liabilities
Accounts Payable, Total	931M	1.28B	2B	1.86B	1.82B
Accrued Expenses, Total	1.66B	1.54B	2.04B	3.61B	2.21B
Current Portion of Long-Term Debt	137M	371M	-	-	1.61B
Current Portion of Leases	389M	321M	267M	237M	350M
Unearned Revenue Current, Total	4.39B	5.57B	6.06B	6.55B	6.29B
Other Current Liabilities	-	80M	-	-	-
Total Current Liabilities	7.51B	9.16B	10.38B	12.26B	12.28B
Long-Term Debt	9.66B	9.9B	7.9B	7.9B	5B
Long-Term Leases	2.02B	1.69B	1.26B	1.06B	1.1B
Unearned Revenue Non Current	3.34B	2.16B	2.19B	1.73B	1.95B
Pension & Other Post Retirement Benefits	428M	330M	241M	269M	256M
Deferred Tax Liability Non Current	1.63B	1.77B	1.98B	2.04B	2.17B
Other Non Current Liabilities	1.12B	890M	728M	712M	653M
Total Liabilities	25.71B	25.91B	24.68B	25.97B	23.4B
Common Stock, Total	888M	888M	888M	888M	888M
Additional Paid In Capital	4.19B	4.22B	4.04B	4.15B	4.2B
Retained Earnings	14.78B	15.77B	16.26B	16.3B	16.33B
Treasury Stock	-10.88B	-10.86B	-10.84B	-10.82B	-11.04B
Comprehensive Income and Other	-105M	388M	344M	-	-25M
Total Common Equity	8.88B	10.41B	10.69B	10.52B	10.35B
Total Equity	8.88B	10.41B	10.69B	10.52B	10.35B
Total Liabilities And Equity	34.59B	36.32B	35.37B	36.49B	33.75B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	591M	592M	594M	597M	593M
ECS Total Common Shares Outstanding	590M	592M	594M	597M	593M
Book Value / Share	15.03	17.59	17.99	17.63	17.44
Tangible Book Value	7.61B	9.15B	9.42B	9.25B	9.08B
Tangible Book Value Per Share	12.89	15.45	15.86	15.51	15.3
Total Debt	12.2B	12.28B	9.43B	9.2B	8.06B
Net Debt	-1.13B	-3.22B	-2.86B	-2.27B	-667M
Debt Equivalent of Unfunded Proj. Benefit Obligation	-	-	-	-	-1M
Debt Equivalent Oper. Leases	12.53B	13.54B	13.77B	16.18B	17.71B
Account Code - Inventory Valuation	6	6	-	6	6
Inventories - Others	-	-	-	-	-
Machinery, Total	19.64B	19.99B	22.79B	25.46B	24.65B
Full Time Employees	56.5K	55.1K	66.66K	74.81K	72.45K
Assets under Capital Lease - Gross	-	-	-	-	-
Assets under Capital Lease - Accumulated Depreciation	-	-	-	-	-

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	-3.07B	977M	539M	465M	465M
Depreciation & Amortization - CF	1.05B	1.06B	1.12B	1.28B	1.39B
Amortization of Goodwill and Intangible Assets - (CF)	-	-	-	-	-
Depreciation & Amortization, Total	1.05B	1.06B	1.12B	1.28B	1.39B
Amortization of Deferred Charges, Total - (CF)	203M	213M	232M	246M	271M
(Gain) Loss From Sale Of Asset	-222M	-	-	-	-92M
(Gain) Loss on Sale of Investments - (CF)	-	-	4M	-4M	-
Asset Writedown & Restructuring Costs	32M	12M	35M	-	-
Other Operating Activities, Total	-787M	161M	378M	-68M	18M
Change In Accounts Receivable	-294M	-701M	422M	-89M	19M
Change In Accounts Payable	231M	38M	936M	1.39B	-1.36B
Change in Unearned Revenues	1.62B	591M	525M	29M	-37M
Change in Other Net Operating Assets	109M	-28M	-400M	-77M	-205M
Cash from Operations	-1.13B	2.32B	3.79B	3.16B	462M
Capital Expenditure	-515M	-511M	-3.95B	-3.55B	-2.08B
Investment in Marketable and Equity Securities, Total	-744M	-753M	200M	621M	981M
Other Investing Activities, Total	1.24B	-	-	-	838M
Cash from Investing	-16M	-1.26B	-3.75B	-2.93B	-261M
Short Term Debt Issued, Total	4.68B	-	-	-	-
Long-Term Debt Issued, Total	8.94B	1.14B	-	-	-
Total Debt Issued	13.62B	1.14B	-	-	-
Short Term Debt Repaid, Total	-4.68B	-	-	-	-
Long-Term Debt Repaid, Total	-839M	-612M	-2.44B	-85M	-1.34B
Total Debt Repaid	-5.52B	-612M	-2.44B	-85M	-1.34B
Issuance of Common Stock	2.34B	51M	45M	48M	60M
Repurchase of Common Stock	-451M	-	-	-	-250M
Common Dividends Paid	-188M	-	-	-428M	-430M
Common & Preferred Stock Dividends Paid	-188M	-	-	-428M	-430M
Other Financing Activities, Total	-144M	-216M	-640M	29M	-23M
Cash from Financing	9.66B	359M	-3.03B	-436M	-1.98B
Net Change in Cash	8.52B	1.42B	-2.99B	-204M	-1.78B
Supplemental Items
Cash Interest Paid	212M	336M	305M	228M	220M
Cash Income Tax Paid (Refund)	19M	445M	20M	18M	9M
Levered Free Cash Flow	-3.34B	617M	-353M	400M	-2.1B
Unlevered Free Cash Flow	-3.13B	886M	-165M	547M	-1.97B
Change In Net Working Capital	732M	-799M	-1.66B	-1.94B	1.77B
Net Debt Issued / Repaid	8.1B	524M	-2.44B	-85M	-1.34B

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	-10.42	-2.06	1.93	1.53	0.51
Return on Total Capital	-18.05	-3.34	3.23	2.76	0.93
Return On Equity %	-32.86	10.13	5.11	4.39	4.46
Return on Common Equity	-32.86	10.13	5.11	4.39	4.46
Margin Analysis
Gross Profit Margin %	-20.84	13.69	25.09	23.36	21.32
SG&A Margin	1.74	1.18	0.95	1.02	1.26
EBITDA Margin %	-44.09	-0.71	9.34	8.26	6.08
EBITA Margin %	-55.71	-7.42	4.64	3.37	1.04
EBIT Margin %	-55.71	-7.42	4.64	3.37	1.04
Income From Continuing Operations Margin %	-33.97	6.19	2.26	1.78	1.69
Net Income Margin %	-33.97	6.19	2.26	1.78	1.69
Net Avail. For Common Margin %	-33.97	6.19	2.26	1.78	1.69
Normalized Net Income Margin	-36.91	-6.15	2.5	3.04	1.4
Levered Free Cash Flow Margin	-36.91	3.91	-1.48	1.53	-7.65
Unlevered Free Cash Flow Margin	-34.54	5.61	-0.69	2.1	-7.16
Asset Turnover
Asset Turnover	0.3	0.45	0.66	0.73	0.78
Fixed Assets Turnover	0.51	0.93	1.37	1.35	1.36
Receivables Turnover (Average Receivables)	63.63	128.41	125.86	94.12	101.84
Inventory Turnover (Average Inventory)	23.19	28.66	26.88	25.04	26.91
Short Term Liquidity
Current Ratio	2.02	1.97	1.43	1.14	0.92
Quick Ratio	1.93	1.84	1.28	1.03	0.8
Operating Cash Flow to Current Liabilities	-0.15	0.25	0.37	0.26	0.04
Days Sales Outstanding (Average Receivables)	5.75	2.84	2.9	3.88	3.59
Days Outstanding Inventory (Average Inventory)	15.78	12.74	13.58	14.58	13.6
Average Days Payable Outstanding	42.37	29.37	33.15	35.25	31.15
Cash Conversion Cycle (Average Days)	-20.84	-13.79	-16.67	-16.8	-13.96
Long Term Solvency
Total Debt/Equity	137.51	117.97	88.25	87.49	77.86
Total Debt / Total Capital	57.9	54.12	46.88	46.66	43.77
LT Debt/Equity	131.58	111.32	85.75	85.24	58.94
Long-Term Debt / Total Capital	55.4	51.07	45.55	45.46	33.14
Total Liabilities / Total Assets	74.34	71.33	69.78	71.18	69.33
EBIT / Interest Expense	-14.74	-2.72	3.67	3.72	1.33
EBITDA / Interest Expense	-7.08	3.67	13.11	17.7	18.15
(EBITDA - Capex) / Interest Expense	-8.59	2.48	0	2.64	8.43
Total Debt / EBITDA	-5.04	7.78	2.39	2.2	2.07
Net Debt / EBITDA	0.47	-2.04	-0.73	-0.54	-0.17
Total Debt / (EBITDA - Capex)	-4.15	11.49	-	14.74	4.46
Net Debt / (EBITDA - Capex)	0.38	-3.01	-	-3.64	-0.37
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-59.66	74.51	50.82	9.56	5.34
Gross Profit, 1 Yr. Growth %	-126.9	-214.63	192.22	2.11	-3.86
EBITDA, 1 Yr. Growth %	-199.97	-97.19	-1.07K	-1.91	-22.46
EBITA, 1 Yr. Growth %	-271	-76.77	-185.87	-18.46	-67.58
EBIT, 1 Yr. Growth %	-271	-76.77	-185.87	-18.46	-67.58
Earnings From Cont. Operations, 1 Yr. Growth %	-233.65	-131.78	-44.83	-13.73	0
Net Income, 1 Yr. Growth %	-233.65	-131.78	-44.83	-13.73	0
Normalized Net Income, 1 Yr. Growth %	-280.69	-70.93	-157.01	37.34	-51.62
Diluted EPS Before Extra, 1 Yr. Growth %	-227.42	-129.59	-45.72	-13.46	-0.26
Accounts Receivable, 1 Yr. Growth %	-50.91	74.07	43.26	50.5	-37.5
Inventory, 1 Yr. Growth %	-21.74	29.71	47.11	2.15	-0.87
Net Property, Plant and Equip., 1 Yr. Growth %	-3.91	-5.66	11.73	10.9	-1.72
Total Assets, 1 Yr. Growth %	33.57	5.01	-2.62	3.16	-7.5
Tangible Book Value, 1 Yr. Growth %	-11.15	20.21	3	-1.83	-1.83
Common Equity, 1 Yr. Growth %	-9.72	17.33	2.62	-1.61	-1.57
Cash From Operations, 1 Yr. Growth %	-128.27	-306.03	63.22	-16.52	-85.4
Capital Expenditures, 1 Yr. Growth %	-49.85	-0.78	672.21	-9.96	-41.46
Levered Free Cash Flow, 1 Yr. Growth %	-270.96	-118.47	-164.91	-207.96	-625.82
Unlevered Free Cash Flow, 1 Yr. Growth %	-255.93	-128.35	-120.26	-400.34	-459.69
Dividend Per Share, 1 Yr. Growth %	-74.29	-	-	300	0
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-35.82	-16.09	62.23	28.54	7.43
Gross Profit, 2 Yr. CAGR %	-48.94	-44.47	163.61	61.63	-0.41
EBITDA, 2 Yr. CAGR %	-2.84	-83.25	-13.34	454.85	-11.41
EBITA, 2 Yr. CAGR %	25.91	-36.97	-47.52	-11.76	-46.88
EBIT, 2 Yr. CAGR %	25.91	-36.97	-47.52	-11.76	-46.88
Earnings From Cont. Operations, 2 Yr. CAGR %	11.67	-34.82	-58.13	-31.01	-7.12
Net Income, 2 Yr. CAGR %	11.67	-34.82	-58.13	-31.01	-7.12
Normalized Net Income, 2 Yr. CAGR %	30.24	-27.53	-53.44	-7.62	-18.35
Diluted EPS Before Extra, 2 Yr. CAGR %	12.62	-38.6	-59.92	-31.46	-7.09
Accounts Receivable, 2 Yr. CAGR %	-29.72	-7.56	57.92	46.83	-3.02
Inventory, 2 Yr. CAGR %	-5.23	0.75	38.14	22.59	0.63
Net Property, Plant and Equip., 2 Yr. CAGR %	-3.62	-4.79	2.67	11.32	4.4
Total Assets, 2 Yr. CAGR %	14.8	18.43	1.12	0.23	-2.32
Tangible Book Value, 2 Yr. CAGR %	-5.28	3.35	11.26	0.55	-1.83
Common Equity, 2 Yr. CAGR %	-5.09	2.92	9.73	0.48	-1.59
Cash From Operations, 2 Yr. CAGR %	-52.01	-23.69	83.38	16.73	-65.09
Capital Expenditures, 2 Yr. CAGR %	-48.95	-29.46	176.81	163.69	-27.4
Levered Free Cash Flow, 2 Yr. CAGR %	23.59	-43.81	-63.72	-21.14	125.67
Unlevered Free Cash Flow, 2 Yr. CAGR %	18.01	-33.51	-74.25	-22.54	195.98
Dividend Per Share, 2 Yr. CAGR %	-45.45	-	0	-	100
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-24.65	-10.42	2.02	42.34	20.29
Gross Profit, 3 Yr. CAGR %	-36.36	-33.14	-5.19	92.08	35.93
EBITDA, 3 Yr. CAGR %	-3.09	-70.19	-17.69	-10.07	187.93
EBITA, 3 Yr. CAGR %	14.4	-28.32	-27.88	-39.73	-36.8
EBIT, 3 Yr. CAGR %	14.55	-28.32	-27.88	-39.73	-36.8
Earnings From Cont. Operations, 3 Yr. CAGR %	-2.89	-26.54	-38.35	-46.72	-21.92
Net Income, 3 Yr. CAGR %	-2.89	-26.54	-38.35	-46.72	-21.92
Normalized Net Income, 3 Yr. CAGR %	18.32	-21	-31.46	-33.89	-25.54
Diluted EPS Before Extra, 3 Yr. CAGR %	-0.78	-27.87	-41.07	-48.2	-22.33
Accounts Receivable, 3 Yr. CAGR %	-50.36	-4.91	6.98	55.4	10.45
Inventory, 3 Yr. CAGR %	-0.48	5.22	14.3	24.92	14.21
Net Property, Plant and Equip., 3 Yr. CAGR %	-0.38	-4.3	0.43	5.34	6.79
Total Assets, 3 Yr. CAGR %	11.27	11.44	10.95	1.8	-2.42
Tangible Book Value, 3 Yr. CAGR %	-2.68	2.55	3.23	6.71	-0.25
Common Equity, 3 Yr. CAGR %	-2.72	1.86	2.82	5.81	-0.21
Cash From Operations, 3 Yr. CAGR %	-34.05	-22	-1.67	41.07	-41.62
Capital Expenditures, 3 Yr. CAGR %	-38.82	-36.29	56.63	90.37	59.67
Levered Free Cash Flow, 3 Yr. CAGR %	53.26	-34.42	-43.47	-46.96	48.43
Unlevered Free Cash Flow, 3 Yr. CAGR %	47.79	-26.64	-56.52	-39.6	29.23
Dividend Per Share, 3 Yr. CAGR %	-27.64	-	-36.41	58.74	-
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-14.37	-4.89	2.4	3.5	4.15
Gross Profit, 5 Yr. CAGR %	-23.61	-21.76	-3.97	-3.37	-3.52
EBITDA, 5 Yr. CAGR %	-3.9	-52.87	-12.68	-12.6	-15.98
EBITA, 5 Yr. CAGR %	4.86	-21.18	-19.96	-22.68	-37.33
EBIT, 5 Yr. CAGR %	4.96	-21.11	-19.9	-22.68	-37.33
Earnings From Cont. Operations, 5 Yr. CAGR %	7.1	-14.85	-30.64	-28.36	-27.37
Net Income, 5 Yr. CAGR %	7.1	-14.85	-30.64	-28.36	-27.37
Normalized Net Income, 5 Yr. CAGR %	7.3	-16.27	-21.66	-16.63	-26.98
Diluted EPS Before Extra, 5 Yr. CAGR %	10.75	-14.15	-30.96	-29.33	-29.3
Accounts Receivable, 5 Yr. CAGR %	-29.77	-23.72	-21.13	13.14	2.86
Inventory, 5 Yr. CAGR %	5.89	9.77	13.47	11.85	8.62
Net Property, Plant and Equip., 5 Yr. CAGR %	3.72	0.72	0.83	1.66	2
Total Assets, 5 Yr. CAGR %	10.17	9.3	7.09	6.81	5.44
Tangible Book Value, 5 Yr. CAGR %	5.14	5.37	2.67	1.74	1.17
Common Equity, 5 Yr. CAGR %	3.82	4.29	2.08	1.31	1.03
Cash From Operations, 5 Yr. CAGR %	-19.03	-11.57	-0.72	-8.35	-35.02
Capital Expenditures, 5 Yr. CAGR %	-24.81	-24.96	11.9	12.45	15.16
Levered Free Cash Flow, 5 Yr. CAGR %	6.94	-0.12	-17.58	-28.81	1.48
Unlevered Free Cash Flow, 5 Yr. CAGR %	5.04	5.83	-29.83	-24.59	-0.36
Dividend Per Share, 5 Yr. CAGR %	-8.78	-	-17.64	3.54	0.56