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SOUTHWEST AIRLINES CO

LISTEDNYSE

SYMBOLLUV

SIC4512

STATE OF INC.TX

FISCAL YEAR ENDSDecember 31

CIK92380

AIR TRANSPORTATION, SCHEDULED · LARGE ACCELERATED FILER · 10 FISCAL YEARS OF SEC XBRL DATA, 2016–2025

Fiscal years labelled by the calendar year in which they end. Bars in $ billions; per-share figures as reported.

CAPITALIZATION 12/31/25

($ millions)	Amount	%
Total debt	4,929	38.2
Stockholders' equity	7,981	61.8
Total capitalization	12,910	100.0

489,208,201 shares outstanding at 22 July 2026 (cover page of the 10-Q filed 23 July 2026).

LONG-TERM DEBT 12/31/25

($ millions)	Amount
Long-term debt, incl. current maturities	4,929
Long-term debt, noncurrent	4,577
Current maturities	324

CAPITAL STOCK 12/31/25

Common shares authorized	2,000,000,000
Common shares issued	888,111,634
Treasury shares	372,530,238
Par or stated value per share ($)	1
Outstanding at 7/22/26	489,208,201

DIVIDENDS DECLARED/PAID

Fiscal year	Per share $	Payout %
2025	0.72	91.1
2024	0.72	94.7
2023	0.72	94.7
2022	0.18	20.7
2021	–	–

HISTORY AND BUSINESS

HISTORY: Incorporated in Texas.

BUSINESS: Classified by the SEC under Standard Industrial Classification 4512, Air Transportation, Scheduled. Large accelerated filer. Principal executive office: 2702 Love Field Dr, P O Box 36611, Dallas, TX 75235. Fiscal year ends December 31. For a description of the business, see Item 1 of the latest 10-K.

CONSOLIDATED INCOME ACCOUNT, YEARS ENDED

($ millions)	12/31/25	12/31/24	12/31/23
Revenues	28,063	27,483	26,091
Depreciation and amortization	1,560	1,657	1,522
Operating income	428	321	224
Interest expense	167	249	259
Income before income taxes	563	598	633
Income taxes	122	133	168
Net income	441	465	465
Earned per share, diluted ($)	0.79	0.76	0.76
Dividends per share ($)	0.72	0.72	0.72

CONSOLIDATED BALANCE SHEET

($ millions)	12/31/25	12/31/24
Cash and equivalents	3,231	7,509
Receivables, net	98	47
Total current assets	5,645	11,274
Property, plant and equipment, net	20,245	19,056
Goodwill	970	970
Total assets	29,061	33,750
Total current liabilities	10,921	12,276
Long-term debt	4,577	5,069
Stockholders' equity	7,981	10,350
Total liabilities and equity	29,061	33,750

TEN-YEAR STATISTICS: FISCAL YEARS ($ millions except per share)

Fiscal year ended	Revenues	Oper. income	Net income	Net margin %	EPS diluted $	Div. per share $	Oper. cash flow	Capital expend.	Free cash flow	Total assets	Total liabilities	Total debt	Stockholders' equity	ROE %	Debt / equity
12/31/25	28,063	428	441	1.6	0.79	0.72	1,842	2,673	(831)	29,061	21,080d	4,929	7,981	5.5	0.62
12/31/24	27,483	321	465	1.7	0.76	0.72	462	2,054	(1,592)	33,750	23,400d	6,697	10,350	4.5	0.65
12/31/23	26,091	224	465	1.8	0.76	0.72	3,164	3,520	(356)	36,487	25,972d	8,012	10,515	4.4	0.76
12/31/22	23,814	1,017	539	2.3	0.87	0.18	3,790	3,924	(134)	35,369	24,682d	8,097	10,687	5.0	0.76
12/31/21	15,790	1,721	977	6.2	1.61	–	2,322	505	1,817	36,320	25,906d	10,756	10,414	9.4	1.03
12/31/20	9,048	(3,816)	(3,074)	-34.0	(5.44)	0.18	(1,127)	515	(1,642)	34,588	25,712d	10,381	8,876	-34.6	1.17
12/31/19	22,428	2,957	2,300	10.3	4.27	0.70	3,987	1,027	2,960	25,895	16,063d	2,665	9,832	23.4	0.27
12/31/18	21,965	3,206	2,465	11.2	4.29	0.60	4,893	1,922	2,971	26,243	16,390d	3,377	9,853	25.0	0.34
12/31/17	21,171	3,407	3,357	15.9	5.57	0.47	3,929	2,123	1,806	25,110	15,469d	3,668	9,641	34.8	0.38
12/31/16	20,425	3,522	2,183	10.7	3.45	0.38	4,293	2,038	2,255	23,286	15,502d	3,387	7,784	28.0	0.44

Net margin = net income ÷ revenues; ROE = net income ÷ year-end stockholders’ equity; total debt = long-term debt including current maturities plus short-term borrowings/commercial paper, as tagged in XBRL; free cash flow = operating cash flow − purchases of property, plant and equipment; d = derived as total assets − total equity where the filing does not tag total liabilities; – = not reported in XBRL for that year.

REGISTRANT:

SOUTHWEST AIRLINES CO
CIK 92380 · EIN 74-1563240

PRINCIPAL OFFICE:

2702 Love Field Dr, P O Box 36611, Dallas, TX 75235
Tel.: 2147924000

INCORPORATED:

Texas

INDUSTRY (SEC SIC CODE):

4512 · Air Transportation, Scheduled

FILER STATUS:

Large accelerated filer

LATEST ANNUAL REPORT:

10-K for period ended 12/31/25, filed 5 February 2026

RECENT FILINGS (ANNUAL REPORT REFERENCES BELOW):

8/12/26	8-K	period 8/10/26
8/10/26	8-K	period 8/10/26
8/7/26	8-K	period 8/5/26
7/23/26	10-Q	period 6/30/26
7/22/26	8-K	period 7/22/26
5/19/26	8-K	period 5/19/26
5/11/26	8-K	period 5/7/26
4/23/26	10-Q	period 3/31/26

Sources: SEC XBRL company facts (all financial figures) · SEC submissions (registrant, address, SIC, filings) · annual reports: 10-K FY2025 (filed 2/5/26) · 10-K FY2024 (filed 2/7/25) · 10-K FY2023 (filed 2/6/24) · 10-K FY2022 (filed 2/7/23) · 10-K FY2021 (filed 2/7/22) · 10-K FY2020 (filed 2/8/21) · 10-K FY2019 (filed 2/4/20) · 10-K FY2018 (filed 2/5/19). Values are the latest figures filed for each fiscal year (restated where a later 10-K restated them). Ratios and free cash flow are Pathos calculations from those figures. Retrieved 31 October 2026.