Financials Southwest Airlines Co.

Equities

LUV

US8447411088

Airlines

Market Closed - Nyse Other stock markets 04:00:02 2025-03-14 pm EDT			5-day change	1st Jan Change
31.73 ^USD	+2.35%		+8.66%	-5.62%

Mar. 14	Major air carriers challenge ruling on Biden airline fee rules	RE
Mar. 14	Booking Holdings Poised to Weather US Travel Slowdown, B. Riley Says	MT

Projected Income Statement: Southwest Airlines Co.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	9,048	15,790	23,814	26,091	27,483	29,074	30,714	32,037
Change	-	74.51%	50.82%	9.56%	5.34%	5.79%	5.64%	4.31%
EBITDA ¹	-3,777	-9	2,471	2,422	2,114	2,792	3,554	4,154
Change	-	-99.76%	-	-1.98%	-12.72%	32.05%	27.32%	16.87%
EBIT ¹	-5,032	-1,281	1,120	900	457	1,122	1,696	2,226
Change	-	-74.54%	-	-19.64%	-49.22%	145.59%	51.11%	31.24%
Interest Paid ¹	-349	-467	-340	-259	-249	-161	-167	-69.5
Earnings before Tax (EBT) ¹	-4,256	1,325	728	676	598	1,327	1,796	2,099
Change	-	-	-45.06%	-7.14%	-11.54%	121.96%	35.3%	16.9%
Net income ¹	-3,074	977	539	498	465	978.9	1,317	1,584
Change	-	-	-44.83%	-7.61%	-6.63%	110.51%	34.52%	20.32%
Announcement Date	1/28/21	1/27/22	1/26/23	1/25/24	1/30/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4
Net sales ¹	4,234	1,008	1,793	2,013	2,052	4,008	4,679	5,051	4,694	6,728	6,220	6,172	5,706	7,037	6,525	6,822	6,329	7,354	6,870	6,931	6,488	7,750	7,338	7,456	6,794	8,132	7,520	7,685
Change	-	-76.19%	77.88%	12.27%	1.94%	95.32%	16.74%	7.95%	-7.07%	43.33%	-7.55%	-0.77%	-7.55%	23.33%	-7.28%	4.55%	-7.23%	16.2%	-6.58%	0.89%	-6.39%	19.46%	-5.32%	1.61%	-8.88%	19.7%	-7.52%	2.18%
EBITDA ¹	201	-1,841	-1,262	-875	-957	153	263	532	189	1,483	760	23	81	1,174	599	592	15	809	470	804	205.5	970.7	631	861.7	272.4	1,258	572.6	967.4
Change	-	-	-31.45%	-30.67%	9.37%	-	71.9%	102.28%	-64.47%	684.66%	-48.75%	-96.97%	252.17%	1,349.38%	-48.98%	-1.17%	-97.47%	5,293.33%	-41.9%	71.06%	-74.44%	372.43%	-35%	36.57%	-68.39%	361.85%	-54.49%	68.95%
EBIT ¹	-110	-2,154	-1,577	-1,191	-1,269	-162	-59	209	-135	1,158	425	-344	-284	807	224	177	-393	405	32	397	-190.2	618.2	229.8	437.4	-149.6	843	121.1	524.4
Change	-	1,858.18%	-26.79%	-24.48%	6.55%	-87.23%	-63.58%	-	-	-	-63.3%	-	-17.44%	-	-72.24%	-20.98%	-	-	-92.1%	1,140.62%	-	-	-62.83%	90.35%	-	-	-85.64%	333.07%
Charge d'intérêts ¹	-28	-96	-111	-113	-114	-116	-115	-123	-93	-93	-86	-68	-66	-65	-63	-66	-65	-63	-63	-59	-50.67	-42	-38	-36	-	-	-	-
Earnings before Tax (EBT) ¹	-144	-1,239	-1,542	-1,331	146	502	600	78	-376	1,036	353	-286	-205	886	237	-243	-298	478	89	329	-136	724	259.3	495.3	-	-	-	-
Change	-	760.42%	24.46%	-13.68%	-	243.84%	19.52%	-87%	-	-	-65.93%	-	-28.32%	-	-73.25%	-	22.63%	-	-81.38%	269.66%	-	-	-64.18%	91%	-100%	-	-	-
Net income ¹	-94	-915	-1,157	-908	116	348	446	68	-278	760	277	-220	-159	683	193	-219	-231	367	67	261	-100.9	524.1	193.9	354.9	-107	664.4	108.2	411.2
Change	-	873.4%	26.45%	-21.52%	-	200%	28.16%	-84.75%	-	-	-63.55%	-	-27.73%	-	-71.74%	-	5.48%	-	-81.74%	289.55%	-	-	-63%	83.03%	-	-	-83.72%	280.07%
Announcement Date	4/28/20	7/23/20	10/22/20	1/28/21	4/22/21	7/22/21	10/21/21	1/27/22	4/28/22	7/28/22	10/27/22	1/26/23	4/27/23	7/27/23	10/26/23	1/25/24	4/25/24	7/25/24	10/24/24	1/30/25	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Southwest Airlines Co.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-3,003	-4,777	-4,204	-3,467	-2,026	498	650	-1,121
Change	-	-259.07%	-188.01%	-182.47%	-158.44%	-75.42%	30.52%	-272.46%
Announcement Date	1/28/21	1/27/22	1/26/23	1/25/24	1/30/25	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Southwest Airlines Co.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	515	505	3,924	3,520	2,054	2,601	2,860	3,276
Change	-	-1.94%	677.03%	-10.3%	-41.65%	26.63%	9.94%	14.57%
Free Cash Flow (FCF) ¹	-1,642	1,817	-134	-356	-1,592	-82.17	553.3	115.1
Change	-	-210.66%	-107.37%	165.67%	347.19%	-94.84%	-773.38%	-79.2%
Announcement Date	1/28/21	1/27/22	1/26/23	1/25/24	1/30/25	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Southwest Airlines Co.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	-41.74%	-0.06%	10.38%	9.28%	7.69%	9.6%	11.57%	12.97%
EBIT Margin (%)	-55.61%	-8.11%	4.7%	3.45%	1.66%	3.86%	5.52%	6.95%
EBT Margin (%)	-47.04%	8.39%	3.06%	2.59%	2.18%	4.57%	5.85%	6.55%
Net margin (%)	-33.97%	6.19%	2.26%	1.91%	1.69%	3.37%	4.29%	4.95%
FCF margin (%)	-18.15%	11.51%	-0.56%	-1.36%	-5.79%	-0.28%	1.8%	0.36%
FCF / Net Income (%)	53.42%	185.98%	-24.86%	-71.49%	-342.37%	-8.39%	42.02%	7.26%
Profitability
ROA	-10.16%	-3.58%	2.02%	2.74%	1.32%	3.13%	3.97%	4.53%
ROE	-37.54%	-13.18%	6.85%	9.29%	4.46%	9.88%	13.34%	15.1%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	0.18x	0.18x	-
Debt / Free cash flow	-	-	-	-	-	-6.06x	1.17x	-
Capital Intensity
CAPEX / Current Assets (%)	5.69%	3.2%	16.48%	13.49%	7.47%	8.95%	9.31%	10.23%
CAPEX / EBITDA (%)	-13.64%	-5,611.11%	158.8%	145.33%	97.16%	93.18%	80.46%	78.87%
CAPEX / FCF (%)	-31.36%	27.79%	-2,928.36%	-988.76%	-129.02%	-3,165.6%	516.84%	2,847.4%
Items per share
Cash flow per share ¹	-1.995	3.813	5.903	4.944	0.7185	4.205	4.793	6.661
Change	-	-291.15%	54.83%	-16.26%	-85.47%	485.28%	13.98%	38.97%
Dividend per Share ¹	0.18	-	-	0.72	0.72	0.7544	0.7874	0.85
Change	-	-	-	-	0%	4.78%	4.37%	7.95%
Book Value Per Share ¹	15.71	17.59	18.02	17.67	17.44	17.08	19.16	23.51
Change	-	11.98%	2.45%	-1.94%	-1.29%	-2.06%	12.16%	22.69%
EPS ¹	-5.44	1.61	0.87	0.81	0.76	1.658	2.372	2.971
Change	-	-129.6%	-45.96%	-6.9%	-6.17%	118.12%	43.09%	25.27%
Nbr of stocks (in thousands)	590,273	591,920	593,752	596,115	599,737	592,661	592,661	592,661
Announcement Date	1/28/21	1/27/22	1/26/23	1/25/24	1/30/25	-	-	-