Financials Southwest Airlines Co.

Equities

LUV

US8447411088

Airlines

Market Closed - Nyse Other stock markets 21:00:02 13/02/2026 GMT			5-day change	1st Jan Change
51.11 ^USD	+0.55%		-5.81%	+23.66%

02-13	US airlines must certify use of merit-based hiring for pilots, FAA says	RE
02-13	Airlines, travel groups warn of impact of partial government shutdown on airport screeners	RE

Projected Income Statement: Southwest Airlines Co.

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	15,790	23,814	26,091	27,483	28,063	31,681	33,036	34,404
Change	-	50.82%	9.56%	5.34%	2.11%	12.89%	4.28%	4.14%
EBITDA ¹	-9	2,471	2,422	2,114	2,099	4,365	4,700	4,886
Change	-	27,555.56%	-1.98%	-12.72%	-0.71%	107.96%	7.68%	3.96%
EBIT ¹	-1,281	1,120	900	457	539	2,733	2,998	3,138
Change	-	187.43%	-19.64%	-49.22%	17.94%	407.13%	9.69%	4.67%
Interest Paid ¹	-467	-340	-259	-249	-167	-160.5	-141.6	-128.7
Earnings before Tax (EBT) ¹	1,325	728	676	598	563	2,828	2,917	3,006
Change	-	-45.06%	-7.14%	-11.54%	-5.85%	402.38%	3.14%	3.03%
Net income ¹	977	539	498	465	441	2,066	2,235	2,246
Change	-	-44.83%	-7.61%	-6.63%	-5.16%	368.47%	8.16%	0.49%
Announcement Date	27/01/22	26/01/23	25/01/24	30/01/25	28/01/26	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	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	2027 Q1	2027 Q2	2027 Q3	2027 Q4
Net sales ¹	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	6,428	7,244	6,949	7,442	7,175	8,328	7,893	8,275	7,574	8,558	8,110	8,560
Change	-	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%	-7.26%	12.69%	-4.07%	7.09%	-3.59%	16.07%	-5.23%	4.85%	-8.48%	13%	-5.24%	5.56%
EBITDA ¹	-957	153	263	532	189	1,483	760	23	81	1,174	599	592	31	809	470	804	268	645	436	751	742.7	1,342	1,005	1,239	995	1,488	992	1,241
Change	-	115.99%	71.9%	102.28%	-64.47%	684.66%	-48.75%	-96.97%	252.17%	1,349.38%	-48.98%	-1.17%	-94.76%	2,509.68%	-41.9%	71.06%	-66.67%	140.67%	-32.4%	72.25%	-1.1%	80.67%	-25.08%	23.21%	-19.67%	49.55%	-33.33%	25.1%
EBIT ¹	-1,269	-162	-59	209	-135	1,158	425	-344	-284	807	224	177	-377	405	32	397	-128	245	42	380	348	948.4	609.8	845.7	614	1,105	607	854
Change	-	87.23%	63.58%	454.24%	-164.59%	957.78%	-63.3%	-180.94%	17.44%	384.15%	-72.24%	-20.98%	-312.99%	207.43%	-92.1%	1,140.62%	-132.24%	291.41%	-82.86%	804.76%	-8.41%	172.51%	-35.7%	38.67%	-27.4%	79.97%	-45.07%	40.69%
Charge d'intérêts ¹	-114	-116	-115	-123	-93	-93	-86	-68	-66	-65	-63	-66	-65	-63	-63	-59	-46	-39	-35	-48	-41.25	-38.25	-37.5	-44	-43	-38	-34	-36
Earnings before Tax (EBT) ¹	146	502	600	78	-376	1,036	353	-286	-205	886	237	-243	-298	478	89	329	-192	280	68	407	343.4	945.8	611.4	926.2	631	1,151	648	905
Change	-	243.84%	19.52%	-87%	-582.05%	375.53%	-65.93%	-181.02%	28.32%	532.2%	-73.25%	-202.53%	-22.63%	260.4%	-81.38%	269.66%	-158.36%	245.83%	-75.71%	498.53%	-15.63%	175.42%	-35.36%	51.49%	-31.87%	82.41%	-43.7%	39.66%
Net income ¹	116	348	446	68	-278	760	277	-220	-159	683	193	-219	-231	367	67	261	-149	213	54	323	262	729.1	459.2	710.5	486	886	499	697
Change	-	200%	28.16%	-84.75%	-508.82%	373.38%	-63.55%	-179.42%	27.73%	529.56%	-71.74%	-213.47%	-5.48%	258.87%	-81.74%	289.55%	-157.09%	242.95%	-74.65%	498.15%	-18.9%	178.32%	-37.02%	54.72%	-31.6%	82.3%	-43.68%	39.68%
Announcement Date	22/04/21	22/07/21	21/10/21	27/01/22	28/04/22	28/07/22	27/10/22	26/01/23	27/04/23	27/07/23	26/10/23	25/01/24	25/04/24	25/07/24	24/10/24	30/01/25	23/04/25	23/07/25	22/10/25	28/01/26	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Southwest Airlines Co.

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	-4,777	-4,204	-3,467	-2,026	1,670	3,256	3,349	4,379
Change	-	11.99%	17.53%	41.56%	182.43%	94.97%	2.86%	30.76%
Announcement Date	27/01/22	26/01/23	25/01/24	30/01/25	28/01/26	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Southwest Airlines Co.

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	505	3,924	3,520	2,054	2,673	3,190	3,213	3,330
Change	-	677.03%	-10.3%	-41.65%	30.14%	19.35%	0.71%	3.65%
Free Cash Flow (FCF) ¹	1,817	-134	-356	-1,592	-831	665	918.6	1,125
Change	-	-107.37%	-165.67%	-347.19%	47.8%	180.02%	38.14%	22.44%
Announcement Date	27/01/22	26/01/23	25/01/24	30/01/25	28/01/26	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Southwest Airlines Co.

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	-0.06%	10.38%	9.28%	7.69%	7.48%	13.78%	14.23%	14.2%
EBIT Margin (%)	-8.11%	4.7%	3.45%	1.66%	1.92%	8.63%	9.08%	9.12%
EBT Margin (%)	8.39%	3.06%	2.59%	2.18%	2.01%	8.93%	8.83%	8.74%
Net margin (%)	6.19%	2.26%	1.91%	1.69%	1.57%	6.52%	6.76%	6.53%
FCF margin (%)	11.51%	-0.56%	-1.36%	-5.79%	-2.96%	2.1%	2.78%	3.27%
FCF / Net Income (%)	185.98%	-24.86%	-71.49%	-342.37%	-188.44%	32.19%	41.11%	50.09%
Profitability
ROA	-3.58%	2.02%	2.74%	1.32%	1.63%	7.19%	7.66%	5.5%
ROE	-13.18%	6.85%	9.29%	4.46%	5.59%	26.17%	24.11%	22.07%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	0.8x	0.75x	0.71x	0.9x
Debt / Free cash flow	-	-	-	-	-2.01x	4.9x	3.65x	3.89x
Capital Intensity
CAPEX / Current Assets (%)	3.2%	16.48%	13.49%	7.47%	9.52%	10.07%	9.73%	9.68%
CAPEX / EBITDA (%)	-5,611.11%	158.8%	145.33%	97.16%	127.35%	73.08%	68.35%	68.15%
CAPEX / FCF (%)	27.79%	-2,928.36%	-988.76%	-129.02%	-321.66%	479.75%	349.76%	296.08%
Items per share
Cash flow per share ¹	3.813	5.903	4.944	0.7185	3.301	7.034	7.817	7.84
Change	-	54.83%	-16.26%	-85.47%	359.44%	113.08%	11.14%	0.29%
Dividend per Share ¹	-	-	0.72	0.72	-	0.756	0.7823	0.7886
Change	-	-	-	0%	-	-	3.47%	0.81%
Book Value Per Share ¹	17.59	18.02	17.67	17.44	14.78	15.87	19.64	23.63
Change	-	2.45%	-1.94%	-1.29%	-15.28%	7.41%	23.74%	20.31%
EPS ¹	1.61	0.87	0.81	0.76	0.79	4.062	4.39	4.725
Change	-	-45.96%	-6.9%	-6.17%	3.95%	414.24%	8.07%	7.62%
Nbr of stocks (in thousands)	591,920	593,752	596,115	599,737	517,155	491,318	491,318	491,318
Announcement Date	27/01/22	26/01/23	25/01/24	30/01/25	28/01/26	-	-	-