Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $20.3B | $21.1B | $22.0B | $22.4B | $9.05B | $15.8B | $23.8B | $26.1B | $27.5B | $28.1B |
| Revenue growth | — | 4.2% | 3.9% | 2.1% | -59.7% | 74.5% | 50.8% | 9.6% | 5.3% | 2.1% |
| Operating income | $3.52B | $3.41B | $3.21B | $2.96B | -$3.82B | $1.72B | $1.02B | $224M | $321M | $428M |
| Operating margin | 17.4% | 16.1% | 14.6% | 13.2% | -42.2% | 10.9% | 4.3% | 0.9% | 1.2% | 1.5% |
| Net income | $2.18B | $3.36B | $2.46B | $2.30B | -$3.07B | $977M | $539M | $465M | $465M | $441M |
| Net margin | 10.8% | 15.9% | 11.2% | 10.3% | -34.0% | 6.2% | 2.3% | 1.8% | 1.7% | 1.6% |
| EPS (diluted) | $3.45 | $5.57 | $4.29 | $4.27 | -$5.44 | $1.61 | $0.87 | $0.76 | $0.76 | $0.79 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $4.29B | $3.93B | $4.89B | $3.99B | -$1.13B | $2.32B | $3.79B | $3.16B | $462M | $1.84B |
| Capital expenditures | $2.04B | $2.12B | $1.92B | $1.03B | $515M | $505M | $3.92B | $3.52B | $2.05B | $2.67B |
| Free cash flow | $2.25B | $1.81B | $2.97B | $2.96B | -$1.64B | $1.82B | -$134M | -$356M | -$1.59B | -$831M |
| Share buybacks | $1.75B | $1.60B | $2.00B | $2.00B | $451M | $0.00 | $0.00 | $0.00 | $250M | $2.55B |
| Dividends paid | $222M | $274M | $332M | $372M | $188M | $0.00 | $0.00 | $428M | $430M | $399M |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $1.68B | $1.50B | $1.85B | $2.55B | $11.1B | $12.5B | $9.49B | $9.29B | $7.51B | $3.23B |
| Total assets | $23.3B | $25.1B | $26.2B | $25.9B | $34.6B | $36.3B | $35.4B | $36.5B | $33.8B | $29.1B |
| Long-term debt | — | — | — | — | — | — | $8.10B | $8.01B | $6.70B | $4.93B |
| Shareholders' equity | $7.78B | $9.64B | $9.85B | $9.83B | $8.88B | $10.4B | $10.7B | $10.5B | $10.3B | $7.98B |
| Retained earnings | $11.4B | $13.8B | $16.0B | $17.9B | $14.8B | $15.8B | $16.3B | $16.3B | $16.3B | $16.4B |
| Shares (wtd avg diluted) | 633M | 603M | 574M | 539M | 565M | 609M | 642M | 640M | 643M | 558M |
Every figure is extracted from SOUTHWEST AIRLINES CO’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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