$LUV
SOUTHWEST AIRLINES CO Stock $luv

$luv Overview Financials Valuation SEC Filings Company Website

2023 Q2 Form 10-Q Financial Statement

#000009238023000024 Filed on April 28, 2023

Income Statement

Concept	2023 Q2	2023 Q1	2022 Q1
Revenue	$7.037B	$5.706B	$4.694B
YoY Change	4.59%	21.56%	128.75%
Cost Of Revenue	$1.862B	$1.955B	$1.350B
YoY Change	-8.0%	44.81%	72.63%
Gross Profit	$5.175B	$3.751B	$3.344B
YoY Change	10.01%	12.17%	163.31%
Gross Profit Margin	73.54%	65.74%	71.24%
Selling, General & Admin	$3.057B	$2.718B	$2.440B
YoY Change	25.8%	11.39%	39.91%
% of Gross Profit	59.07%	72.46%	72.97%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization	$366.0M	$365.0M	$324.0M
YoY Change	12.62%	12.65%	3.85%
% of Gross Profit	7.07%	9.73%	9.69%
Operating Expenses	$4.380B	$4.035B	$3.479B
YoY Change	24.04%	15.98%	38.11%
Operating Profit	$795.0M	-$284.0M	-$151.0M
YoY Change	-31.35%	88.08%	-175.88%
Interest Expense	$84.00M	$69.00M	-$86.00M
YoY Change	-244.83%	-180.23%	-14.85%
% of Operating Profit	10.57%
Other Income/Expense, Net	$7.000M	$79.00M	-$225.0M
YoY Change	-105.74%	-135.11%	324.53%
Pretax Income	$886.0M	-$205.0M	-$376.0M
YoY Change	-14.48%	-45.48%	-357.53%
Income Tax	$203.0M	-$46.00M	-$98.00M
% Of Pretax Income	22.91%
Net Earnings	$683.0M	-$159.0M	-$278.0M
YoY Change	-10.13%	-42.81%	-339.66%
Net Earnings / Revenue	9.71%	-2.79%	-5.92%
Basic Earnings Per Share	$1.15	-$0.27	-$0.47
Diluted Earnings Per Share	$1.07	-$0.27	-$0.47
COMMON SHARES
Basic Shares Outstanding	595.1M shares	594.3M shares	592.0M shares
Diluted Shares Outstanding	639.0M shares	594.0M shares	592.0M shares

Balance Sheet

Concept	2023 Q2	2023 Q1	2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments	$12.18B	$11.67B	$15.74B
YoY Change	-25.88%	-25.83%	9.7%
Cash & Equivalents	$9.158B	$8.359B	$13.10B
Short-Term Investments	$3.021B	$3.315B	$2.642B
Other Short-Term Assets	$535.0M	$614.0M	$767.0M
YoY Change	-35.15%	-19.95%	108.99%
Inventory	$714.0M	$736.0M	$623.0M
Prepaid Expenses
Receivables	$689.0M	$64.00M	$70.00M
Other Receivables	$544.0M	$312.0M	$99.00M
Total Short-Term Assets	$14.66B	$14.27B	$18.82B
YoY Change	-24.41%	-24.16%	16.91%
LONG-TERM ASSETS
Property, Plant & Equipment	$19.93B	$18.02B	$14.94B
YoY Change	27.81%	20.67%	-4.54%
Goodwill	$970.0M	$970.0M	$970.0M
YoY Change	0.0%	0.0%	0.0%
Intangibles	$296.0M	$295.0M	$295.0M
YoY Change	0.34%	0.0%	0.0%
Long-Term Investments
YoY Change
Other Assets	$661.0M	$898.0M	$978.0M
YoY Change	-21.96%	-8.18%	31.63%
Total Long-Term Assets	$21.86B	$21.27B	$18.44B
YoY Change	15.61%	15.36%	-4.91%
TOTAL ASSETS
Total Short-Term Assets	$14.66B	$14.27B	$18.82B
Total Long-Term Assets	$21.86B	$21.27B	$18.44B
Total Assets	$36.52B	$35.55B	$37.26B
YoY Change	-4.66%	-4.61%	4.98%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$778.0M	$1.729B	$1.648B
YoY Change	-59.22%	4.92%	50.64%
Accrued Expenses	$3.016B	$2.118B	$1.360B
YoY Change	90.04%	55.74%	-18.32%
Deferred Revenue	$7.121B	$7.217B	$6.406B
YoY Change	12.82%	12.66%	30.57%
Short-Term Debt	$0.00	$0.00	$0.00
YoY Change
Long-Term Debt Due	$31.00M	$32.00M	$415.0M
YoY Change	-98.13%	-92.29%	84.44%
Total Short-Term Liabilities	$11.73B	$11.33B	$10.07B
YoY Change	0.15%	12.51%	23.06%
LONG-TERM LIABILITIES
Long-Term Debt	$7.994B	$7.999B	$10.31B
YoY Change	-9.95%	-22.41%	-2.25%
Other Long-Term Liabilities	$3.951B	$936.0M	$1.160B
YoY Change	260.49%	-19.31%	3.29%
Total Long-Term Liabilities	$11.95B	$936.0M	$1.160B
YoY Change	989.87%	-19.31%	3.29%
TOTAL LIABILITIES
Total Short-Term Liabilities	$11.73B	$11.33B	$10.07B
Total Long-Term Liabilities	$11.95B	$936.0M	$1.160B
Total Liabilities	$25.73B	$12.27B	$11.23B
YoY Change	100.91%	9.23%	20.68%
SHAREHOLDERS EQUITY
Retained Earnings	$16.57B	$16.00B	$15.55B
YoY Change	1.59%	2.86%	4.29%
Common Stock	$4.991B	$4.946B	$4.828B
YoY Change	2.82%	2.44%	-5.48%
Preferred Stock
YoY Change
Treasury Stock (at cost)			$10.85B
YoY Change			-0.13%
Treasury Stock Shares
Shareholders Equity	$10.79B	$10.30B	$10.42B
YoY Change
Total Liabilities & Shareholders Equity	$36.52B	$35.55B	$37.26B
YoY Change	-4.66%	-4.61%	4.98%

Cashflow Statement

Concept	2023 Q2	2023 Q1	2022 Q1
OPERATING ACTIVITIES
Net Income	$683.0M	-$159.0M	-$278.0M
YoY Change	-10.13%	-42.81%	-339.66%
Depreciation, Depletion And Amortization	$366.0M	$365.0M	$324.0M
YoY Change	12.62%	12.65%	3.85%
Cash From Operating Activities	$1.417B	$706.0M	$1.071B
YoY Change	-25.66%	-34.08%	66.05%
INVESTING ACTIVITIES
Capital Expenditures	$933.0M	$1.052B	-$514.0M
YoY Change	-194.34%	-304.67%	441.05%
Acquisitions
YoY Change
Other Investing Activities	$306.0M	-$525.0M	$375.0M
YoY Change	-154.16%	-240.0%	-453.77%
Cash From Investing Activities	-$627.0M	-$1.577B	-$139.0M
YoY Change	-59.68%	1034.53%	-30.85%
FINANCING ACTIVITIES
Cash Dividend Paid	$0.00	$214.0M	$0.00
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities	9.000M	-$262.0M	-$314.0M
YoY Change	-104.19%	-16.56%	-167.67%
NET CHANGE
Cash From Operating Activities	1.417B	$706.0M	$1.071B
Cash From Investing Activities	-627.0M	-$1.577B	-$139.0M
Cash From Financing Activities	9.000M	-$262.0M	-$314.0M
Net Change In Cash	799.0M	-$1.133B	$618.0M
YoY Change	487.5%	-283.33%	-31.94%
FREE CASH FLOW
Cash From Operating Activities	$1.417B	$706.0M	$1.071B
Capital Expenditures	$933.0M	$1.052B	-$514.0M
Free Cash Flow	$484.0M	-$346.0M	$1.585B
YoY Change	-83.28%	-121.83%	114.19%

Facts In Submission

Frame	Concept Type	Concept / XBRL Key	Value	Unit
CY2023Q1	dei	Entity Central Index Key EntityCentralIndexKey	0000092380
CY2023Q1	dei	Current Fiscal Year End Date CurrentFiscalYearEndDate	--12-31
CY2023Q1	dei	Document Fiscal Year Focus DocumentFiscalYearFocus	2023
CY2023Q1	dei	Document Fiscal Period Focus DocumentFiscalPeriodFocus	Q1
CY2023Q1	dei	Amendment Flag AmendmentFlag	false
CY2021	us-gaap	Accounting Standards Update Extensible List AccountingStandardsUpdateExtensibleList	http://fasb.org/us-gaap/2022#AccountingStandardsUpdate202006Member
CY2023Q1	dei	Document Type DocumentType	10-Q
CY2023Q1	dei	Document Quarterly Report DocumentQuarterlyReport	true
CY2023Q1	dei	Document Period End Date DocumentPeriodEndDate	2023-03-31
CY2023Q1	dei	Document Transition Report DocumentTransitionReport	false
CY2023Q1	dei	Entity File Number EntityFileNumber	1-7259
CY2023Q1	dei	Entity Registrant Name EntityRegistrantName	SOUTHWEST AIRLINES CO.
CY2023Q1	dei	Entity Incorporation State Country Code EntityIncorporationStateCountryCode	TX
CY2023Q1	dei	Entity Tax Identification Number EntityTaxIdentificationNumber	74-1563240
CY2023Q1	dei	Entity Address Address Line1 EntityAddressAddressLine1	P.O. Box 36611
CY2023Q1	dei	Entity Address City Or Town EntityAddressCityOrTown	Dallas,
CY2023Q1	dei	Entity Address State Or Province EntityAddressStateOrProvince	TX
CY2023Q1	dei	Entity Address Postal Zip Code EntityAddressPostalZipCode	75235-1611
CY2023Q1	dei	City Area Code CityAreaCode	214
CY2023Q1	dei	Local Phone Number LocalPhoneNumber	792-4000
CY2023Q1	dei	Security12b Title Security12bTitle	Common Stock ($1.00 par value)
CY2023Q1	dei	Trading Symbol TradingSymbol	LUV
CY2023Q1	dei	Security Exchange Name SecurityExchangeName	NYSE
CY2023Q1	dei	Entity Current Reporting Status EntityCurrentReportingStatus	Yes
CY2023Q1	dei	Entity Interactive Data Current EntityInteractiveDataCurrent	Yes
CY2023Q1	dei	Entity Filer Category EntityFilerCategory	Large Accelerated Filer
CY2023Q1	dei	Entity Small Business EntitySmallBusiness	false
CY2023Q1	dei	Entity Emerging Growth Company EntityEmergingGrowthCompany	false
CY2023Q1	dei	Entity Shell Company EntityShellCompany	false
CY2023Q2	dei	Entity Common Stock Shares Outstanding EntityCommonStockSharesOutstanding	595073046	shares
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CY2023Q1	us-gaap	Long Term Debt And Capital Lease Obligations LongTermDebtAndCapitalLeaseObligations	7999000000	usd
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CY2023Q1	us-gaap	Contract With Customer Liability Noncurrent ContractWithCustomerLiabilityNoncurrent	1980000000	usd
CY2022Q4	us-gaap	Contract With Customer Liability Noncurrent ContractWithCustomerLiabilityNoncurrent	2186000000	usd
CY2023Q1	us-gaap	Deferred Income Tax Liabilities Net DeferredIncomeTaxLiabilitiesNet	1888000000	usd
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CY2022Q4	us-gaap	Operating Lease Liability Noncurrent OperatingLeaseLiabilityNoncurrent	1118000000	usd
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CY2022Q4	us-gaap	Other Liabilities Noncurrent OtherLiabilitiesNoncurrent	969000000	usd
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CY2023Q1	us-gaap	Basis Of Accounting BasisOfAccounting	BASIS OF PRESENTATION<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Southwest Airlines Co. (the "Company" or "Southwest") operates Southwest Airlines, a major passenger airline that provides scheduled air transportation in the United States and near-international markets. The unaudited Condensed Consolidated Financial Statements include accounts of the Company and its wholly owned subsidiaries.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">In late December 2022, the Company experienced a wide-scale operational disruption as historically extreme winter weather across a significant portion of the United States impacted its operational plan and flight schedules. Subsequent to Winter Storm Elliott, the Company was challenged to realign flight crews, flight schedules, and aircraft for a period of several days during this peak demand travel period. The Company returned to a normal operating schedule on December 30, 2022. This disruption and subsequent recovery efforts resulted in the cancellation of more than 16,700 flights during the period from December 21 through December 31, 2022. For first quarter 2023, these events also created a deceleration in bookings, primarily isolated to January and February 2023, as well as increased expenses of approximately $55 million, which are included in the accompanying unaudited Condensed Consolidated Statement of Comprehensive Income (Loss) for the three months ended March 31, 2023. These expenses included reimbursements to Customers impacted by the cancellations for costs they incurred in excess of the amounts accrued as of December 31, 2022, adjustments to the estimated value of Rapid Rewards points offered as a gesture of goodwill to Customers as a result of changes in the estimates of the points expected to be redeemed, and additional premium pay and additional compensation for Employees directly or indirectly impacted by the cancellations and recovery efforts. The financial impacts of the event to the Company also included the elimination of profitsharing expenses for the quarter. The continuing effects of this event significantly contributed to the Company recording a net loss for first quarter 2023 in the amount of $159 million.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The accompanying unaudited Condensed Consolidated Financial Statements of the Company and its subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles in the United States ("GAAP") for complete financial statements. The unaudited Condensed Consolidated Financial Statements for the interim periods ended March 31, 2023 and 2022 include all adjustments which are, in the opinion of management, necessary for a fair presentation of the results for the interim periods. This includes all normal and recurring adjustments and elimination of significant intercompany transactions. Financial results for the Company and airlines in general can be seasonal in nature. In many years, the Company's revenues, as well as its Operating income and Net income, have been better in its second and third fiscal quarters than in its first and fourth fiscal quarters. Air travel is also significantly impacted by general economic conditions, the amount of disposable income available to consumers and changes in consumer behavior, unemployment levels, corporate travel budgets, global pandemics such as COVID-19, extreme or severe weather and natural disasters, fears of terrorism or war, governmental actions, and other factors beyond the Company's control. These and other factors, such as the price of jet fuel in some periods, the nature of the Company's fuel hedging program, and the periodic volatility of commodities used by the Company for hedging jet fuel, have created, and may continue to create, significant volatility in the Company's financial results. See Note 3 for further information on fuel and the Company's hedging program. Operating results for the three months ended March 31, 2023, are not necessarily indicative of the results that may be expected for future quarters or for the year ended December 31, 2023. For further information, refer to the Consolidated Financial Statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2022.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div>Certain prior period amounts have been reclassified to conform to the current presentation. In the unaudited Condensed Consolidated Statement of Comprehensive Income for the three months ended March 31, 2022, the Company has reclassified $72 million from Other (gains) losses, net to Loss on extinguishment of debt.
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CY2023Q1	us-gaap	Other Liabilities Noncurrent OtherLiabilitiesNoncurrent	936000000	usd
CY2022Q4	us-gaap	Other Liabilities Noncurrent OtherLiabilitiesNoncurrent	969000000	usd
CY2023Q1	luv	Other Commitment Number Of Aircrafts To Be Purchased Year Two OtherCommitmentNumberOfAircraftsToBePurchasedYearTwo	136	aircraft
CY2023Q1	luv	Other Commitment Number Of Aircrafts To Be Purchased Year Three OtherCommitmentNumberOfAircraftsToBePurchasedYearThree	86	aircraft
CY2023Q1	luv	Other Commitment Number Of Aircrafts To Be Purchased Year Four OtherCommitmentNumberOfAircraftsToBePurchasedYearFour	86	aircraft
CY2023Q1	luv	Other Commitment Number Of Aircrafts To Be Purchased Year Five OtherCommitmentNumberOfAircraftsToBePurchasedYearFive	85	aircraft
CY2023Q1	luv	Other Commitment Number Of Aircrafts To Be Purchased Year Six OtherCommitmentNumberOfAircraftsToBePurchasedYearSix	36	aircraft
CY2023Q1	luv	Other Commitment Number Of Aircrafts To Be Purchased Year Seven OtherCommitmentNumberOfAircraftsToBePurchasedYearSeven	30	aircraft
CY2023Q1	luv	Other Commitment Number Of Aircrafts To Be Purchased Year Eight OtherCommitmentNumberOfAircraftsToBePurchasedYearEight	50	aircraft
CY2023Q1	luv	Other Commitment Number Of Aircrafts To Be Purchased Year Nine OtherCommitmentNumberOfAircraftsToBePurchasedYearNine	55	aircraft
CY2023Q1	luv	Other Commitment Number Of Aircrafts To Be Purchased Year Ten OtherCommitmentNumberOfAircraftsToBePurchasedYearTen	0	aircraft
CY2023Q1	luv	Other Commitment Number Of Aircrafts To Be Purchased OtherCommitmentNumberOfAircraftsToBePurchased	564	aircraft
CY2023Q1	luv	Other Commitment Number Of Aircrafts To Be Purchased Year Two OtherCommitmentNumberOfAircraftsToBePurchasedYearTwo	136	aircraft
CY2023Q1	us-gaap	Operating Income Loss OperatingIncomeLoss	-284000000	usd
CY2022Q1	us-gaap	Operating Income Loss OperatingIncomeLoss	-151000000	usd
CY2023Q1	us-gaap	Net Income Loss NetIncomeLoss	-159000000	usd
CY2022Q1	us-gaap	Net Income Loss NetIncomeLoss	-278000000	usd
CY2023Q1	us-gaap	Earnings Per Share Diluted EarningsPerShareDiluted	-0.27
CY2023Q1	us-gaap	Earnings Per Share Diluted EarningsPerShareDiluted	-0.27
CY2022Q1	us-gaap	Earnings Per Share Diluted EarningsPerShareDiluted	-0.47

Files In Submission

Name	View Source	Status
0000092380-23-000024-index-headers.html	Edgar Link	pending
0000092380-23-000024-index.html	Edgar Link	pending
0000092380-23-000024.txt	Edgar Link	pending
0000092380-23-000024-xbrl.zip	Edgar Link	pending
Financial_Report.xlsx	Edgar Link	pending
luv-20230331.htm	Edgar Link	pending
luv-20230331.xsd	Edgar Link	pending
luv-20230331_g1.jpg	Edgar Link	pending
luv-3312023xex311.htm	Edgar Link	pending
luv-3312023xex312.htm	Edgar Link	pending
luv-3312023xex32.htm	Edgar Link	pending
MetaLinks.json	Edgar Link	pending
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FilingSummary.xml	Edgar Link	unprocessable
luv-20230331_cal.xml	Edgar Link	unprocessable
luv-20230331_def.xml	Edgar Link	unprocessable
luv-20230331_pre.xml	Edgar Link	unprocessable
luv-20230331_lab.xml	Edgar Link	unprocessable
luv-20230331_htm.xml	Edgar Link	completed
R28.htm	Edgar Link	pending
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R9999.htm	Edgar Link	pending
report.css	Edgar Link	pending
Show.js	Edgar Link	pending

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$LUV
SOUTHWEST AIRLINES CO Stock $luv

2023 Q2 Form 10-Q Financial Statement

#000009238023000024 Filed on April 28, 2023

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$LUV SOUTHWEST AIRLINES CO Stock $luv

2023 Q2 Form 10-Q Financial Statement

#000009238023000024 Filed on April 28, 2023

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$LUV
SOUTHWEST AIRLINES CO Stock $luv