Southwest Airlines (LUV) FY2011 results: revenue $15.7 billion, up 29.4% on the year
Southwest Airlines Co. (LUV) reported revenue of $15.7 billion for fiscal 2011, the year ended 31 December 2011, up 29.4% on the year before. Net income was $178 million, down 61.2%, and diluted earnings per share $0.23. The figures are the company's own, from the 10-K it filed with the SEC on 9 February 2012.
Revenue
$15.7 billion
+29.4% on the year
FY2007FY2011
Operating margin
4.4%
8.2% a year earlier
FY2007FY2011
Net income
$178 million
-61.2% on the year
FY2007FY2011
Diluted EPS
$0.23
-62.3% on the year
FY2007FY2011
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Revenue
15,658
12,104
10,350
+29.4%
Operating income
693
988
262
-29.9%
Operating margin
4.4%
8.2%
2.5%
Interest expense
194
167
186
+16.2%
Pre-tax income
323
745
164
-56.6%
Income tax
145
286
65.0
-49.3%
Effective tax rate
44.9%
38.4%
39.6%
Net income
178
459
99.0
-61.2%
Net margin
1.1%
3.8%
1.0%
Diluted EPS
$0.23
$0.61
$0.13
-62.3%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Operating cash flow
1,356
1,561
985
-13.1%
Capital expenditure
968
493
585
+96.3%
Free cash flow
388
1,068
400
-63.7%
Free cash flow margin
2.5%
8.8%
3.9%
Cash from investing
-1,022
-1,265
-1,569
Cash from financing
-766
-149
330
Depreciation and amortisation
715
628
616
+13.9%
Share-based compensation
13.0
12.0
13.0
+8.3%
Buybacks
225
0.0
0.0
Dividends paid
14.0
13.0
13.0
+7.7%
Dividend per share
$0.02
$0.02
$0.02
0.0%
Diluted shares, weighted
775m
747m
741m
+3.7%
Balance sheet
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Shareholders' equity
6,877
6,237
5,454
+10.3%
Debt
3,751
3,380
3,515
+11.0%
Other liabilities
7,440
5,846
5,300
+27.3%
Total liabilities and equity
18,068
15,463
14,269
+16.8%
Fixed assets
12,127
10,578
10,634
+14.6%
Goodwill
970
0.0
n/a
Intangible assets
155
60.0
n/a
+158.3%
Investments
2,412
2,374
1,479
+1.6%
Cash and equivalents
829
1,261
1,114
-34.3%
Receivables
299
195
n/a
+53.3%
Other assets
1,276
995
1,042
+28.2%
Total assets
18,068
15,463
14,269
+16.8%
10-K for the year ended 31 December 2011, filed 9 February 2012: the filing.