LUV Chart
About

Southwest Airlines Co. operates as a passenger airline company that provides scheduled air transportation services in the United States and internationally. It also provides Rapid Rewards loyalty program; SWABIZ, an online booking tool; and inflight entertainment platform that includes movies-on-demand live and on-demand television, flight tracker, and additional curated content, as well as a variety of premium snacks and coffee. In addition, the company offers ancillary services, such as in-flight purchases, baggage fees, EarlyBird Check-In, and upgraded boarding, as well as transportation of pets and unaccompanied minors. As of December 31, 2025, the company operated a total fleet of 803 Boeing 737 aircraft; and served 117 destinations in 42 states, the District of Columbia, and the Commonwealth of Puerto Rico, as well as ten near-international countries, including Mexico, Jamaica, the Bahamas, Aruba, the Dominican Republic, Costa Rica, Belize, Cuba, the Cayman Islands, and Turks and Caicos. Southwest Airlines Co. was incorporated in 1967 and is headquartered in Dallas, Texas.

Fundamentals
Scroll to Statements
Sector Industrials Industry Airlines Market Cap 26.19B
Enterprise Value 27.63B Income 441.00M Sales 28.06B
Book/sh 15.48 Cash/sh 6.58 Dividend Yield 142.00%
Payout 91.14% Employees 77397 IPO —
P/E 64.10 Forward P/E 10.58 PEG —
P/S 0.93 P/B 3.27 P/C —
EV/EBITDA 16.06 EV/Sales 0.98 Quick Ratio 0.40
Current Ratio 0.52 Debt/Eq 74.94 LT Debt/Eq —
EPS (ttm) 0.79 EPS next Y 4.78 EPS Growth 50.80%
Revenue Growth 7.40% Earnings 2026-04-22 ROA 0.95%
ROE 4.81% ROIC — Gross Margin 22.04%
Oper. Margin 5.09% Profit Margin 1.57% Shs Outstand 491.32M
Shs Float 438.57M Short Float 6.90% Short Ratio 3.11
Short Interest — 52W High 55.11 52W Low 23.82
Beta 1.11 Avg Volume 10.30M Volume 6.46M
Target Price $48.43 Recom Hold Prev Close $50.90
Price $50.64 Change -0.51%
Valuation Models

Price estimates from analyst targets and simple models.

1. Analyst consensus
$48.43
Mean price target
2. Current target
$50.64
Latest analyst target
3. DCF / Fair value
$-25.05
Simplified: (Free Cash Flow ÷ Shares) × 18 (P/FCF multiple). Not a …
Ratings
Current target
$50.64
Low
$24.00
High
$73.00
Mean
$48.43

Latest analyst rating changes

Date Action Analyst Rating Change Price Target
2026-02-17 up UBS Neutral → Buy $73
2026-02-03 main Susquehanna Neutral → Neutral $55
2026-02-02 main UBS Neutral → Neutral $51
2026-02-02 main Jefferies Hold → Hold $48
2026-01-30 main TD Cowen Hold → Hold $50
2026-01-30 main Goldman Sachs Sell → Sell $32
2026-01-30 main Wells Fargo Equal-Weight → Equal-Weight $50
2026-01-30 main Morgan Stanley Overweight → Overweight $55
2026-01-30 main B of A Securities Underperform → Underperform $42
2026-01-30 up BMO Capital Market Perform → Outperform $58
2026-01-29 main Evercore ISI Group In-Line → In-Line $45
2026-01-26 main Jefferies Hold → Hold $45
2026-01-13 main Goldman Sachs Sell → Sell $29
2026-01-09 main Susquehanna Neutral → Neutral $45
2026-01-09 up JP Morgan Underweight → Overweight $60
2026-01-07 main Citigroup Neutral → Neutral $44
2026-01-06 main UBS Neutral → Neutral $45
2026-01-06 main B of A Securities Underperform → Underperform $37
2025-12-18 init Wells Fargo — → Equal-Weight $45
2025-12-16 up Barclays Equal-Weight → Overweight $56
Insider Transactions
Date Shares Value Url Text Insider Position Transaction Start Date Ownership
0 8085 302056 — Sale at price 37.36 per share. JONES JUSTIN Officer — 2025-12-05 00:00:00 D
1 3345 100447 — Purchase at price 30.02 - 30.03 per share. SARETSKY GREGG A Director — 2025-08-06 00:00:00 D
2 1500 45008 — Purchase at price 30.00 - 30.01 per share. FEINBERG SARAH Director — 2025-08-05 00:00:00 D
3 5418 — — Stock Award(Grant) at price 0.00 per share. ATHERTON LISA M Director — 2025-05-14 00:00:00 D
4 5418 — — Stock Award(Grant) at price 0.00 per share. FEINBERG SARAH Director — 2025-05-14 00:00:00 D
5 5418 — — Stock Award(Grant) at price 0.00 per share. WATSON PATRICIA A Director — 2025-05-14 00:00:00 D
6 5418 — — Stock Award(Grant) at price 0.00 per share. BREBER PIERRE R. Director — 2025-05-14 00:00:00 D
7 5418 — — Stock Award(Grant) at price 0.00 per share. CUSH C DAVID Director — 2025-05-14 00:00:00 D
8 5418 — — Stock Award(Grant) at price 0.00 per share. REYNOLDS CHRISTOPHER P. Director — 2025-05-14 00:00:00 D
9 5418 — — Stock Award(Grant) at price 0.00 per share. FORNARO ROBERT L Director — 2025-05-14 00:00:00 D
Financials
Line Item2025-12-312024-12-312023-12-312022-12-31
TaxEffectOfUnusualItems8.90M-1.55M0.000.00
TaxRateForCalcs0.220.220.270.26
NormalizedEBITDA2.19B2.48B2.39B2.38B
TotalUnusualItems41.00M-7.00M60.00M-9.00M
TotalUnusualItemsExcludingGoodwill41.00M-7.00M60.00M-9.00M
NetIncomeFromContinuingOperationNetMinorityInterest441.00M465.00M465.00M539.00M
ReconciledDepreciation1.56B1.66B1.52B1.35B
ReconciledCostOfRevenue23.17B23.02B21.87B19.06B
EBITDA2.24B2.47B2.39B2.38B
EBIT676.00M812.00M869.00M1.03B
NetInterestIncome92.00M283.00M347.00M-84.00M
InterestExpense113.00M214.00M236.00M301.00M
InterestIncome205.00M497.00M583.00M217.00M
NormalizedIncome408.90M470.45M465.00M539.00M
NetIncomeFromContinuingAndDiscontinuedOperation441.00M465.00M465.00M539.00M
TotalExpenses27.64B27.16B25.87B22.80B
RentExpenseSupplemental2.18B1.96B1.79B1.51B
TotalOperatingIncomeAsReported428.00M321.00M224.00M1.02B
DilutedAverageShares563.00M643.00M640.00M642.00M
BasicAverageShares563.00M598.00M595.00M593.00M
DilutedEPS0.790.760.760.87
BasicEPS0.820.780.780.91
DilutedNIAvailtoComStockholders442.00M485.00M484.00M561.00M
NetIncomeCommonStockholders442.00M485.00M484.00M561.00M
OtherunderPreferredStockDividend-1.00M-20.00M-19.00M-22.00M
NetIncome441.00M465.00M465.00M539.00M
NetIncomeIncludingNoncontrollingInterests441.00M465.00M465.00M539.00M
NetIncomeContinuousOperations441.00M465.00M465.00M539.00M
TaxProvision122.00M133.00M168.00M189.00M
PretaxIncome563.00M598.00M633.00M728.00M
OtherIncomeExpense43.00M-6.00M62.00M-205.00M
OtherNonOperatingIncomeExpenses2.00M1.00M62.00M-205.00M
SpecialIncomeCharges-2.00M0.00-193.00M-28.00M
OtherSpecialCharges2.00M193.00M28.00M
GainOnSaleOfSecurity41.00M-7.00M60.00M-9.00M
NetNonOperatingInterestIncomeExpense92.00M283.00M347.00M-84.00M
InterestExpenseNonOperating113.00M214.00M236.00M301.00M
InterestIncomeNonOperating205.00M497.00M583.00M217.00M
OperatingIncome428.00M321.00M224.00M1.02B
OperatingExpense4.47B4.14B4.00B3.73B
OtherOperatingExpenses4.47B4.14B4.00B3.73B
GrossProfit4.89B4.46B4.22B4.75B
CostOfRevenue23.17B23.02B21.87B19.06B
TotalRevenue28.06B27.48B26.09B23.81B
OperatingRevenue25.71B25.16B23.81B21.59B
Line Item2025-12-312024-12-312023-12-312022-12-31
TreasurySharesNumber372.53M294.80M291.60M294.11M
OrdinarySharesNumber515.58M593.31M596.51M594.00M
ShareIssued888.11M888.11M888.11M888.11M
NetDebt1.67B
TotalDebt5.98B8.06B9.20B9.43B
TangibleBookValue6.71B9.08B9.25B9.42B
InvestedCapital12.88B17.05B18.52B18.59B
WorkingCapital-5.28B-1.00B1.70B4.43B
NetTangibleAssets6.71B9.08B9.25B9.42B
CapitalLeaseObligations1.08B1.36B1.19B1.53B
CommonStockEquity7.98B10.35B10.52B10.69B
TotalCapitalization12.56B15.42B18.49B18.59B
TotalEquityGrossMinorityInterest7.98B10.35B10.52B10.69B
StockholdersEquity7.98B10.35B10.52B10.69B
OtherEquityInterest273.00M435.00M
GainsLossesNotAffectingRetainedEarnings-24.00M-25.00M0.00344.00M
OtherEquityAdjustments-130.00M-192.00M-149.00M174.00M
MinimumPensionLiabilities106.00M167.00M149.00M170.00M
TreasuryStock13.59B11.04B10.82B10.84B
RetainedEarnings16.39B16.33B16.30B16.26B
AdditionalPaidInCapital4.32B4.20B4.15B4.04B
CapitalStock888.00M888.00M888.00M888.00M
CommonStock888.00M888.00M888.00M888.00M
TotalLiabilitiesNetMinorityInterest21.08B23.40B25.97B24.68B
TotalNonCurrentLiabilitiesNetMinorityInterest10.16B11.12B13.72B14.30B
OtherNonCurrentLiabilities44.00M77.00M293.00M250.00M
DerivativeProductLiabilities0.004.00M
EmployeeBenefits321.00M256.00M330.00M388.00M
NonCurrentPensionAndOtherPostretirementBenefitPlans321.00M256.00M330.00M388.00M
NonCurrentDeferredLiabilities4.45B4.69B4.13B4.50B
NonCurrentDeferredRevenue1.65B2.11B1.73B2.19B
NonCurrentDeferredTaxesLiabilities2.29B2.17B2.04B1.99B
LongTermDebtAndCapitalLeaseObligation5.34B6.10B8.96B9.16B
LongTermCapitalLeaseObligation768.00M1.03B985.00M1.26B
LongTermDebt4.58B5.07B7.98B7.90B
CurrentLiabilities10.92B12.28B12.26B10.38B
CurrentDeferredLiabilities6.11B6.36B6.55B6.06B
CurrentDeferredRevenue5.95B6.29B6.55B6.06B
CurrentDebtAndCapitalLeaseObligation636.00M1.96B237.00M267.00M
CurrentCapitalLeaseObligation312.00M328.00M208.00M267.00M
CurrentDebt324.00M1.63B29.00M42.00M
OtherCurrentBorrowings324.00M1.63B29.00M42.00M
PensionandOtherPostRetirementBenefitPlansCurrent1.44B1.43B3.04B1.71B
CurrentProvisions8.00M311.00M
PayablesAndAccruedExpenses2.74B2.52B2.43B2.34B
CurrentAccruedExpenses700.00M577.00M582.00M491.00M
InterestPayable27.00M23.00M34.00M45.00M
Payables2.04B1.94B1.85B1.84B
OtherPayable1.15B1.13B1.11B1.18B
DividendsPayable93.00M107.00M107.00M107.00M
TotalTaxPayable406.00M371.00M365.00M279.00M
IncomeTaxPayable63.00M37.00M65.00M
AccountsPayable389.00M339.00M265.00M277.00M
TotalAssets29.06B33.75B36.49B35.37B
TotalNonCurrentAssets23.42B22.48B22.53B20.56B
OtherNonCurrentAssets60.00M61.00M28.00M31.00M
NonCurrentPrepaidAssets299.00M263.00M258.00M119.00M
FinancialAssets0.0090.00M102.00M174.00M
InvestmentsAndAdvances457.00M367.00M280.00M235.00M
InvestmentinFinancialAssets457.00M367.00M280.00M235.00M
AvailableForSaleSecurities457.00M367.00M280.00M235.00M
GoodwillAndOtherIntangibleAssets1.27B1.27B1.27B1.27B
OtherIntangibleAssets296.00M300.00M296.00M296.00M
Goodwill970.00M970.00M970.00M970.00M
NetPPE21.33B20.43B20.60B18.74B
AccumulatedDepreciation-15.70B-14.89B-14.44B-13.64B
GrossPPE37.03B35.32B35.04B32.38B
ConstructionInProgress401.00M413.00M236.00M376.00M
OtherProperties1.18B1.46B1.28B1.42B
Properties9.16B8.24B7.46B6.86B
CurrentAssets5.64B11.27B13.96B14.81B
OtherCurrentAssets490.00M621.00M449.00M440.00M
HedgingAssetsCurrent0.0019.00M83.00M280.00M
PrepaidAssets638.00M
Inventory775.00M800.00M807.00M790.00M
Receivables1.15B1.11B1.14B1.01B
OtherReceivables306.00M478.00M502.00M278.00M
DuefromRelatedPartiesCurrent739.00M573.00M501.00M478.00M
TaxesReceivable6.00M11.00M35.00M133.00M
AccountsReceivable98.00M47.00M104.00M117.00M
CashCashEquivalentsAndShortTermInvestments3.23B8.72B11.47B12.29B
OtherShortTermInvestments0.001.22B2.19B2.80B
CashAndCashEquivalents3.23B7.51B9.29B9.49B
CashEquivalents3.23B7.51B9.29B9.49B
Line Item2025-12-312024-12-312023-12-312022-12-31
FreeCashFlow-831.00M-1.59B-356.00M-156.00M
RepurchaseOfCapitalStock-2.55B-250.00M0.000.00
RepaymentOfDebt-3.27B-1.34B-85.00M-3.08B
IssuanceOfDebt1.50B0.000.000.00
IssuanceOfCapitalStock0.000.00
CapitalExpenditure-2.67B-2.05B-3.52B-3.95B
InterestPaidSupplementalData108.00M220.00M228.00M305.00M
IncomeTaxPaidSupplementalData9.00M18.00M20.00M445.00M
EndCashPosition3.23B7.51B9.29B9.49B
BeginningCashPosition7.51B9.29B9.49B12.48B
ChangesInCash-4.28B-1.78B-204.00M-2.99B
FinancingCashFlow-4.69B-1.98B-436.00M-3.03B
CashFlowFromContinuingFinancingActivities-4.69B-1.98B-436.00M-3.03B
NetOtherFinancingCharges-26.00M-17.00M29.00M8.00M
ProceedsFromStockOptionExercised59.00M54.00M48.00M45.00M
CashDividendsPaid-399.00M-430.00M-428.00M0.00
CommonStockDividendPaid-399.00M-430.00M-428.00M0.00
NetCommonStockIssuance-2.55B-250.00M0.000.00
CommonStockPayments-2.55B-250.00M0.000.00
CommonStockIssuance0.000.00
NetIssuancePaymentsOfDebt-1.77B-1.34B-85.00M-3.08B
NetShortTermDebtIssuance0.000.00
ShortTermDebtPayments0.000.00
ShortTermDebtIssuance0.000.00
NetLongTermDebtIssuance-1.77B-1.34B-85.00M-3.08B
LongTermDebtPayments-3.27B-1.34B-85.00M-3.08B
LongTermDebtIssuance1.50B0.000.000.00
InvestingCashFlow-1.43B-261.00M-2.93B-3.75B
CashFlowFromContinuingInvestingActivities-1.43B-261.00M-2.93B-3.75B
NetOtherInvestingChanges-3.00M-59.00M-33.00M
NetInvestmentPurchaseAndSale1.22B981.00M621.00M200.00M
SaleOfInvestment1.69B6.00B7.59B5.79B
PurchaseOfInvestment-470.00M-5.01B-6.97B-5.59B
NetPPEPurchaseAndSale24.00M871.00M0.00-22.00M
SaleOfPPE24.00M871.00M0.000.00
PurchaseOfPPE-26.00M-33.00M-22.00M-6.00M
CapitalExpenditureReported-2.67B-2.05B-3.52B-3.92B
OperatingCashFlow1.84B462.00M3.16B3.79B
CashFlowFromContinuingOperatingActivities1.84B462.00M3.16B3.79B
ChangeInWorkingCapital-413.00M-1.59B1.25B1.48B
ChangeInOtherWorkingCapital-1.08B-37.00M29.00M525.00M
ChangeInOtherCurrentLiabilities-11.00M-197.00M-137.00M-334.00M
ChangeInOtherCurrentAssets407.00M-8.00M60.00M-66.00M
ChangeInPayablesAndAccruedExpense218.00M-1.36B1.39B936.00M
ChangeInReceivables51.00M19.00M-89.00M422.00M
OtherNonCashItems132.00M-206.00M-231.00M-41.00M
UnrealizedGainLossOnInvestmentSecurities0.00-4.00M4.00M0.00
AssetImpairmentCharge8.00M0.000.0035.00M
DeferredTax122.00M132.00M159.00M228.00M
DeferredIncomeTax122.00M132.00M159.00M228.00M
DepreciationAmortizationDepletion1.56B1.66B1.52B1.35B
DepreciationAndAmortization1.56B1.66B1.52B1.35B
OperatingGainsLosses-8.00M-90.00M191.00M13.00M
GainLossOnInvestmentSecurities-8.00M-2.00M-15.00M
GainLossOnSaleOfPPE-92.00M0.000.000.00
NetIncomeFromContinuingOperations441.00M465.00M465.00M539.00M
SEC Filings

Recent 10-K, 10-Q, 8-K, and Form 4 (insider) filings.

Public Trades for LUV
Date User Asset Broker Type Position Size Entry Price Patterns