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Southwest Airlines (LUV)

Market Price (10/21/2025): $34.48 | Market Cap: $18.6 Bil
Sector: Industrials | Industry: Passenger Airlines

Southwest Airlines (LUV)

Market Price (10/21/2025): $34.48
Market Cap: $18.6 Bil
Sector: Industrials
Industry: Passenger Airlines

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0 Attractive yield
Dividend Yield is 2.3%		 Weak multi-year price returns
2Y Excs Rtn is -13%, 3Y Excs Rtn is -70%		 Expensive valuation multiples
P/EPrice/Earnings or Price/(Net Income) is 47x
1 Low stock price volatility
Vol 12M is 41%		  Weak revenue growth
Rev Chg QQuarterly Revenue Change % is -1.5%
0 Attractive yield
Dividend Yield is 2.3%
1 Low stock price volatility
Vol 12M is 41%
2 Weak multi-year price returns
2Y Excs Rtn is -13%, 3Y Excs Rtn is -70%
3 Expensive valuation multiples
P/EPrice/Earnings or Price/(Net Income) is 47x
4 Weak revenue growth
Rev Chg QQuarterly Revenue Change % is -1.5%

Market Valuation & Key Metrics

LUVS&P 500
REVENUE GROWTH 
Rev LTM ($ Bil)27.5
Rev Chg Q-1.5%6.1%
Rev Chg LTM1.6%5.2%
Rev Chg 3Y Avg9.3%5.4%
PROFITABILITYVERY POOR
Op Inc LTM ($ Bil)0.3
Op Mgn LTM1.2%18.6%
CFO LTM ($ Bil)1.9
CFO/Rev LTM6.7%20.4%
Net Inc LTM ($ Bil)0.4
Net Inc Mgn1.4%12.7%
VALUATIONHIGH
P/S0.73.2
P/CFO10.015.9
P/FCF-67.920.7
P/E47.324.0
STABILITYGOOD
Debt/Equity0.290.22
Cash/Assets0.130.07

LUV Stock

Return vs. Risk

Price Returns Compared

 202020212022202320242025Total [1]
Returns
LUV Return-13%-8%-21%-12%19%4%-33%
Peers Return19%5%-11%9%52%5%94%
S&P 500 Return16%27%-19%24%23%15%106%

Monthly Win Rates [3]
LUV Win Rate58%33%50%33%75%44% 
Peers Win Rate27%40%42%35%46%42% 
S&P 500 Win Rate58%75%42%67%75%67% 

Max Drawdowns [4]
LUV Max Drawdown-56%-16%-28%-33%-17%-28% 
Peers Max Drawdown-52%-9%-22%-10%-7%-27% 
S&P 500 Max Drawdown-31%-1%-25%-1%-2%-15% 

[1] Cumulative total returns since the beginning of 2020
[2] Peers: VTOL, CAKR, RJET, DAL, UAL. See LUV Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 10/20/2025 (YTD)

Downturns Compared

Unique KeyEventLUVS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-65.3%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven188.3%34.1%
2022 Inflation ShockTime to BreakevenTime to BreakevenNot Fully Recovered days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-59.2%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven145.2%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven285 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-33.0%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven49.3%24.7%
2018 CorrectionTime to BreakevenTime to BreakevenNot Fully Recovered days120 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-69.8%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven231.3%131.3%
2008 Global Financial CrisisTime to BreakevenTime to Breakeven1694 days1480 days


How Low Can It Go?

Southwest Airlines's stock fell -65.3% during the 2022 Inflation Shock from a high on 4/6/2021. A -65.3% loss requires a 188.3% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

Interactive Breakdown

Southwest Airlines Interactive Breakdown Analysis

Better Bets than Southwest Airlines (LUV)

 LUVBetter Performance than LUV
MetricValueIndustry (Passenger Airlines)
Rev Chg LTM1.6%DAL (4.3%), UAL (4.2%), AL (6.2%), ALK (27.8%), SKYW (20.5%)
Rev Chg 3Y Avg9.3%DAL (10.8%), UAL (13.2%), AAL (10.8%), ALK (18.6%), CPA (16.9%)
Op Mgn LTM1.2%DAL (9.7%), UAL (8.8%), AAL (5.1%), AL (21.2%), ALK (6.0%)
CFO/Rev LTM6.7%DAL (12.7%), UAL (16.1%), AAL (7.5%), AL (61.0%), ALK (10.6%)
FCF/Rev LTM-1.0%DAL (4.9%), UAL (6.4%), AAL (2.9%), ALK (-0.1%), CPA (29.1%)
Total Yield4.4%DAL (12.1%), UAL (10.0%), AAL (7.1%), AL (15.1%), ALK (5.4%)
 LUVBetter Performance than LUV
MetricValueAll Other Sectors
Rev Chg LTM1.6%NVDA (71.6%), AAPL (6.0%), MSFT (14.9%), GOOGL (13.1%), AMZN (10.9%)
Rev Chg 3Y Avg9.3%NVDA (92.0%), MSFT (12.5%), GOOGL (10.2%), AMZN (11.3%), META (13.0%)
Op Mgn LTM1.2%NVDA (58.1%), AAPL (31.9%), MSFT (45.6%), GOOGL (32.7%), AMZN (11.4%)
CFO/Rev LTM6.7%NVDA (46.6%), AAPL (26.6%), MSFT (48.3%), GOOGL (36.0%), AMZN (18.1%)
FCF/Rev LTM-1.0%NVDA (43.6%), AAPL (23.5%), MSFT (25.4%), GOOGL (18.0%), AMZN (2.0%)
Total Yield4.4%JPM (6.7%), XOM (9.9%), JNJ (7.5%), BABA (36.3%), BAC (7.0%)
 Best Bets In Industrials Sector
 LUVGATX VRSK ADT CPRT NDSN TDG PCTY CSL CSW PAYC
What You Pay           
P/E47.319.435.911.527.929.239.139.611.629.427.1
P/EBIT27.79.324.95.425.519.819.029.912.822.719.8
What You Get           
Rev Chg Q-1.5%11.3%7.8%6.8%5.2%12.1%9.3%12.2%-0.1%16.6%10.5%
Rev Chg LTM1.6%11.7%7.6%6.6%9.7%4.5%12.8%7.0%4.4%12.3%10.2%
Rev Chg 3Y Avg9.3%9.8%10.0%2.6%9.9%3.6%18.2%22.7%5.2%11.3%17.6%
FCF/Rev 3Y Avg-4.5%38.6%32.4%24.1%23.7%21.5%20.8%20.5%18.3%18.1%18.1%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 16%, alpha of 4.2%, and sharpe of 0.76

Latest Trefis Analyses

TitleTopicDate
0DASHBOARDS  
1Southwest Airlines Earnings Notes  
2With Southwest Airlines Stock Climbed 7.9% In A Week, How Confident Are You?Return 
3Southwest Airlines vs GE Aerospace: Which Is A Better Investment?Counter-Intuitive Comparisons 
4Southwest Airlines vs United Airlines: Which Is A Better Investment?Counter-Intuitive Comparisons 
5How Does Southwest Airlines Stock Stack Up Against Its Peers?Peer Comparison 
6Better Bet Than LUV Stock: Pay Less Than Southwest Airlines To Get More From MU, CDE   
7Is The 21.6% Decline In Southwest Airlines (LUV) Stock A Dip Buying Opportunity?Actionable 
8Is The 21.2% Decline In Southwest Airlines (LUV) Stock A Dip Buying Opportunity?Actionable 
9Is The 21.0% Decline In Southwest Airlines (LUV) Stock A Dip Buying Opportunity?Actionable 
10Day 5 of Loss Streak for Southwest Airlines Stock with -18% Return (vs. -7.6% YTD) [7/30/2025]Notification 
11ARTICLES  
12LUV Lost 19% In A Month. Do You Buy Or Wait? August 13th, 2025
13Is The 21% Drop In LUV Stock, A Buying Opportunity? August 8th, 2025
14After A 21% Slide, Is LUV Stock Worth A Look? August 2nd, 2025
15LUV Stock Down -18% after 5-Day Loss Streak July 31st, 2025
16LUV Lost 12% In A Week. Past Slides Turned Into Crashes. July 29th, 2025
Title
0DASHBOARDS
1LUV Lost 19% In A Month. Do You Buy Or Wait?
2Is The 21% Drop In LUV Stock, A Buying Opportunity?
3After A 21% Slide, Is LUV Stock Worth A Look?
4LUV Stock Down -18% after 5-Day Loss Streak
5LUV Lost 12% In A Week. Past Slides Turned Into Crashes.
6ARTICLES
7Southwest Airlines Earnings Notes
8With Southwest Airlines Stock Climbed 7.9% In A Week, How Confident Are You?
9Southwest Airlines vs GE Aerospace: Which Is A Better Investment?
10Southwest Airlines vs United Airlines: Which Is A Better Investment?
11How Does Southwest Airlines Stock Stack Up Against Its Peers?
12Better Bet Than LUV Stock: Pay Less Than Southwest Airlines To Get More From MU, CDE 
13Is The 21.6% Decline In Southwest Airlines (LUV) Stock A Dip Buying Opportunity?
14Is The 21.2% Decline In Southwest Airlines (LUV) Stock A Dip Buying Opportunity?
15Is The 21.0% Decline In Southwest Airlines (LUV) Stock A Dip Buying Opportunity?
16Day 5 of Loss Streak for Southwest Airlines Stock with -18% Return (vs. -7.6% YTD) [7/30/2025]

Trade Ideas

Select past ideas related to LUV. For more, see Trefis Trade Ideas.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
FCN_9302025_Dip_Buyer_ValueBuy09302025FCNFTI ConsultingDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		-5.8%-5.8%-6.2%
ODFL_9122025_Monopoly_xInd_xCD_Getting_Cheaper09122025ODFLOld Dominion Freight LineMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		-4.7%-4.7%-7.3%
EFX_8312025_Monopoly_xInd_xCD_Getting_Cheaper08312025EFXEquifaxMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		-7.9%-7.9%-8.5%
UHAL_8312025_Monopoly_xInd_xCD_Getting_Cheaper08312025UHALU-HaulMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		-3.6%-3.6%-5.6%
BWXT_8312025_Quality_Momentum_RoomToRun_10%08312025BWXTBWX TechnologiesQualityQ | Momentum | UpsideQuality Stocks with Momentum and Upside
Buying quality stocks with strong momentum but still having room to run		25.4%25.4%-1.2%
LUV_4302020_Dip_Buyer_FCFYield04302020LUVSouthwest AirlinesDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		26.6%100.9%-23.6%
Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
FCN_9302025_Dip_Buyer_ValueBuy09302025FCNFTI ConsultingDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		-5.8%-5.8%-6.2%
ODFL_9122025_Monopoly_xInd_xCD_Getting_Cheaper09122025ODFLOld Dominion Freight LineMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		-4.7%-4.7%-7.3%
EFX_8312025_Monopoly_xInd_xCD_Getting_Cheaper08312025EFXEquifaxMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		-7.9%-7.9%-8.5%
UHAL_8312025_Monopoly_xInd_xCD_Getting_Cheaper08312025UHALU-HaulMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		-3.6%-3.6%-5.6%
BWXT_8312025_Quality_Momentum_RoomToRun_10%08312025BWXTBWX TechnologiesQualityQ | Momentum | UpsideQuality Stocks with Momentum and Upside
Buying quality stocks with strong momentum but still having room to run		25.4%25.4%-1.2%
LUV_4302020_Dip_Buyer_FCFYield04302020LUVSouthwest AirlinesDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		26.6%100.9%-23.6%

Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
1PRAXPraxis Precision Medicines234.5%127.5%
2NVTSNavitas Semiconductor71.5%379.0%
3BETRBetter Home & Finance60.2%812.4%
4KODKodiak Sciences52.6%77.9%
5CELCCelcuity48.9%439.2%
6SSIISS Innovations International47.6%26.5%
7CCOClear Channel Outdoor44.6%37.2%
8GRALGRAIL30.4%414.6%
9LBRTLiberty Energy28.9%-18.7%
10SANASana Biotechnology28.0%241.1%

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1SOCSable Offshore-31.3%-44.1%
2ONDSOndas-28.1%203.5%
3OLMAOlema Pharmaceuticals-27.7%33.3%
4IONQIonQ-27.0%43.5%
5AIVApartment Investment & Management-26.6%-7.0%
6RCATRed Cat-24.8%-10.0%
7MNPRMonopar Therapeutics-24.4%250.7%
8LARLithium Argentina-23.1% 
9ASPIASP Isotopes-23.0%126.5%
10ALABAstera Labs-21.7%18.0%

1 Month Top Gainers

#TickerCompany1M RtnYTD Rtn
1WOLFWolfspeed1245.3%350.5%
2QUREuniQure360.9%261.9%
3PRAXPraxis Precision Medicines314.7%127.5%
4NVTSNavitas Semiconductor143.9%379.0%
5CLPTClearPoint Neuro143.9%77.6%
6BETRBetter Home & Finance138.8%812.4%
7GRALGRAIL120.5%414.6%
8LACLithium Americas114.8%135.0%
9SESSES AI107.0%49.3%
10UAMYUnited States Antimony106.9%658.8%

1 Month Top Losers

#TickerCompany1M RtnYTD Rtn
1SOCSable Offshore-45.7%-44.1%
2FLYFirefly Aerospace-40.0% 
3ALABAstera Labs-36.3%18.0%
4UPWheels Up Experience-36.0%-3.0%
5PGYPagaya Technologies-31.7%211.2%
6KVYOKlaviyo-30.9%-41.0%
7USNAUsana Health Sciences-30.5%-42.4%
8VGVenture Global-29.9% 
9DOMODomo-28.4%82.6%
10MGNIMagnite-28.0%17.3%

Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
1PRAXPraxis Precision Medicines234.5%127.5%
2NVTSNavitas Semiconductor71.5%379.0%
3BETRBetter Home & Finance60.2%812.4%
4KODKodiak Sciences52.6%77.9%
5CELCCelcuity48.9%439.2%
6SSIISS Innovations International47.6%26.5%
7CCOClear Channel Outdoor44.6%37.2%
8GRALGRAIL30.4%414.6%
9LBRTLiberty Energy28.9%-18.7%
10SANASana Biotechnology28.0%241.1%

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1SOCSable Offshore-31.3%-44.1%
2ONDSOndas-28.1%203.5%
3OLMAOlema Pharmaceuticals-27.7%33.3%
4IONQIonQ-27.0%43.5%
5AIVApartment Investment & Management-26.6%-7.0%
6RCATRed Cat-24.8%-10.0%
7MNPRMonopar Therapeutics-24.4%250.7%
8LARLithium Argentina-23.1% 
9ASPIASP Isotopes-23.0%126.5%
10ALABAstera Labs-21.7%18.0%

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons for Southwest Airlines

Financials

LUVVTOLCAKRRJETDALUALMedian
NameSouthwes.Bristow Cambodia.Republic.Delta Ai.United A. 
Mkt Price34.4338.96--61.75101.2950.36
Mkt Cap18.51.1--40.132.825.7
Rev LTM27,4721,446--62,92058,36842,920
Op Inc LTM318133--6,0725,1652,742
FCF LTM-273-9--3,0743,7101,533
FCF 3Y Avg-1,171-42--1,8351,783871
CFO LTM1,850216--7,9769,3694,913
CFO 3Y Avg1,900104--7,2538,2204,576

Growth & Margins

LUVVTOLCAKRRJETDALUALMedian
NameSouthwes.Bristow Cambodia.Republic.Delta Ai.United A. 
Rev Chg LTM1.6%5.3%--4.3%4.2%4.3%
Rev Chg 3Y Avg9.3%6.9%--10.8%13.2%10.1%
Rev Chg Q-1.5%4.6%--6.4%2.6%3.6%
QoQ Delta Rev Chg LTM-0.4%1.2%--1.6%0.7%0.9%
Op Mgn LTM1.2%9.2%--9.7%8.8%9.0%
Op Mgn 3Y Avg0.7%6.7%--9.5%9.2%8.0%
QoQ Delta Op Mgn LTM-0.6%-0.7%--0.3%-0.5%-0.5%
CFO/Rev LTM6.7%14.9%--12.7%16.1%13.8%
CFO/Rev 3Y Avg7.3%7.4%--12.1%14.8%9.7%
FCF/Rev LTM-1.0%-0.6%--4.9%6.4%2.1%
FCF/Rev 3Y Avg-4.5%-3.1%--3.0%3.1%-0.1%

Valuation

LUVVTOLCAKRRJETDALUALMedian
NameSouthwes.Bristow Cambodia.Republic.Delta Ai.United A. 
Mkt Cap18.51.1--40.132.825.7
P/S0.70.8--0.60.60.7
P/EBIT27.76.1--6.16.06.1
P/E47.39.4--8.710.09.7
P/CFO10.05.2--5.03.55.1
Total Yield4.4%10.6%--12.1%10.0%10.3%
Dividend Yield2.3%0.0%--0.5%0.0%0.3%
FCF Yield 3Y Avg-6.2%-4.6%--5.7%7.7%0.6%
D/E0.30.9--0.51.00.7
Net D/E0.10.6--0.40.50.5

Returns

LUVVTOLCAKRRJETDALUALMedian
NameSouthwes.Bristow Cambodia.Republic.Delta Ai.United A. 
1M Rtn5.9%5.0%--3.6%-4.7%4.3%
3M Rtn-6.1%10.1%--10.9%9.7%9.9%
6M Rtn44.9%37.3%--57.9%55.1%50.0%
12M Rtn13.7%15.8%--12.0%36.6%14.7%
3Y Rtn11.3%38.5%--94.8%150.5%66.7%
1M Excs Rtn4.8%4.0%--2.6%-5.8%3.3%
3M Excs Rtn-13.6%2.4%--4.9%4.8%3.6%
6M Excs Rtn14.3%6.7%--27.4%24.5%19.4%
12M Excs Rtn-1.4%-2.0%---4.3%25.4%-1.7%
3Y Excs Rtn-69.9%-28.6%--25.4%102.6%-1.6%

Comparison Analyses

Title
0How Does Southwest Airlines Stock Stack Up Against Its Peers?
1DAL Could Deliver 19% Returns And Outperform LUV
2AAL Could Deliver 24% Returns And Outperform LUV
3With 17% Gains On The Table, LUV May Outshine UAL
4Southwest Airlines vs. MSCI: With Return Forecast Of 33%, Southwest Airlines Is A Better Bet
5Southwest Airlines vs. Chipotle Mexican Grill: With Return Forecast Of 31%-33%, Both Seem Like Good Bets
6Southwest Airlines vs. Fidelity National Information Services: With Return Forecast Of 33%-33%, Both Seem Like Good Bets
7Southwest Airlines vs. Hyatt Hotels: With Return Forecast Of 39%, Hyatt Hotels Is A Better Bet
8Southwest Airlines vs. Atlas Air Worldwide: With Return Forecast Of 31%-34%, Both Seem Like Good Bets
9Southwest Airlines vs. Exelon: With Return Forecast Of 41%, Southwest Airlines Is A Better Bet

Financials

$ Mil | FY: 12/312025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q22023Q12022Q42022Q3
Period End6/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/20236/30/20233/31/202312/31/20229/30/2022
Filing Date7/24/20254/25/20252/7/202510/28/20247/29/20244/26/20242/6/202410/30/20237/28/20234/28/20232/7/202310/31/2022
Key Financials Quarterly            
Total Revenue7,2446,4286,9306,8707,3546,3296,8236,5257,0375,7066,1726,220
Ebitda7062397835819371681876711,313220142763
Operating Income225-22327838398-393-404117795-284-385395
Net Income213-14926167367-231-252193683-159-220277
EPS0.40-0.260.440.110.61-0.39-0.370.321.15-0.27-0.370.47
Key Financials TTM            
Total Revenue TTM27,47227,58227,48327,37627,03126,71426,09125,44025,13524,82623,81422,693
Ebitda TTM2,3092,5402,4691,8731,9632,3392,3912,3462,4382,5682,3802,753
Operating Income TTM318491321-361-2821152242435218841,0171,597
Net Income TTM392546464-4977393465497581658539827
Growth Rates Quarterly            
Total Revenue Growth-1.5%1.6%1.6%5.3%4.5%10.9%10.5%4.9%4.6%21.6%22.2%32.9%
EBITDA Growth-24.7%42.3%318.7%-13.4%-28.6%-23.6%31.7%-12.1%-9.0%587.5%-72.4%-25.8%
Operating Income Growth-43.5%43.3%168.8%-67.5%-49.9%-38.4%-4.9%-70.4%-31.3%-88.1%-297.4%-46.1%
Net Income Growth-42.0%35.5%203.6%-65.3%-46.3%-45.3%-14.5%-30.3%-10.1%42.8%-423.5%-37.9%
Margins Quarterly            
EBITDA Margin9.7%3.7%11.3%8.5%12.7%2.7%2.7%10.3%18.7%3.9%2.3%12.3%
Operating Income Margin3.1%-3.5%4.0%0.6%5.4%-6.2%-5.9%1.8%11.3%-5.0%-6.2%6.4%
Net Income Margin2.9%-2.3%3.8%1.0%5.0%-3.6%-3.7%3.0%9.7%-2.8%-3.6%4.5%
Cash & Debt            
Total Cash3,8398,2528,7259,38210,00210,51211,47411,73312,17911,67412,29213,673
Total Debt5,3417,9958,0589,0959,1099,1619,2009,2739,3289,3769,43110,112
Net Debt / (Cash)1,502-257-667-287-893-1,351-2,274-2,460-2,851-2,298-2,861-3,561
Cash Flows Quarterly            
FCF from Operations401860476113-23-1044256161,416706579234
Cash Flows TTM            
FCF from Operations TTM1,8501,4264624119142,3533,1633,3172,9353,4253,7903,458
Returns to Shareholders Quarterly            
Dividends103107-121602150214021400
Share Repurchases1,500750-0-0-0-0-0-0-0-0-0-0
Return on Invested Capital (ROIC) Quarterly            
ROIC45.6%-----------
Return on Invested Capital (ROIC) TTM            
ROIC TTM16.4%-----------

Segment Financials

Revenue by Segment

$ Mil20242023202220212020
Single Segment26,09123,81415,7909,04822,428
Total26,09123,81415,7909,04822,428


Price Behavior

LUV Betas & Captures as of 9/30/2025

 1M2M3M6M1Y3Y
Beta-0.021.291.391.561.271.07
Up Beta-0.732.312.401.491.411.06
Down Beta2.452.061.791.931.631.29
Up Capture-45%71%61%105%75%66%
Bmk +ve Days13233574144420
Stock +ve Days12203369136391
Down Capture11%75%119%143%91%102%
Bmk -ve Days8192952107330
Stock -ve Days9223157113355

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Short Interest

Short Interest: As Of Date9302025
Short Interest: Shares Quantity33,930,195
Short Interest: % Change Since 9152025-11.5%
Average Daily Volume10,777,800
Days-to-Cover Short Interest3.15
Basic Shares Quantity538,000,000
Short % of Basic Shares6.3%

Returns Analyses

Earnings Returns History

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 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/23/2025-11.2%-18.0%-17.0%
4/23/20253.7%9.6%22.3%
1/30/2025-1.2%-2.4%-1.9%
10/24/2024-5.6%2.4%3.4%
7/25/20245.5%1.2%1.2%
4/25/2024-7.0%-12.4%-9.0%
1/25/2024-2.3%-3.9%8.6%
10/26/2023-0.9%-5.8%5.4%
...
SUMMARY STATS   
# Positive9913
# Negative151511
Median Positive3.6%5.4%6.3%
Median Negative-3.2%-4.3%-6.3%
Max Positive5.7%9.6%31.7%
Max Negative-11.2%-18.0%-17.0%

SEC Filings

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Report DateFiling DateFiling
6302025724202510-Q 6/30/2025
3312025425202510-Q 3/31/2025
12312024207202510-K 12/31/2024
93020241028202410-Q 9/30/2024
6302024729202410-Q 6/30/2024
3312024426202410-Q 3/31/2024
12312023206202410-K 12/31/2023
93020231030202310-Q 9/30/2023
6302023728202310-Q 6/30/2023
3312023428202310-Q 3/31/2023
12312022207202310-K 12/31/2022
93020221031202210-Q 9/30/2022
6302022802202210-Q 6/30/2022
3312022502202210-Q 3/31/2022
12312021207202210-K 12/31/2021
93020211026202110-Q 9/30/2021

Insider Activity

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