Southwest Airlines (LUV) FY2013 results: revenue $17.7 billion, up 3.6% on the year
Southwest Airlines Co. (LUV) reported revenue of $17.7 billion for fiscal 2013, the year ended 31 December 2013, up 3.6% on the year before. Net income was $754 million, up 79.1%, and diluted earnings per share $1.05. The figures are the company's own, from the 10-K it filed with the SEC on 4 February 2014.
Revenue
$17.7 billion
+3.6% on the year
FY2007FY2013
Operating margin
7.2%
3.6% a year earlier
FY2007FY2013
Net income
$754 million
+79.1% on the year
FY2007FY2013
Diluted EPS
$1.05
+87.5% on the year
FY2007FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
17,699
17,088
15,658
+3.6%
Operating income
1,278
623
693
+105.1%
Operating margin
7.2%
3.6%
4.4%
Interest expense
131
147
194
-10.9%
Pre-tax income
1,209
685
323
+76.5%
Income tax
455
264
145
+72.3%
Effective tax rate
37.6%
38.5%
44.9%
Net income
754
421
178
+79.1%
Net margin
4.3%
2.5%
1.1%
Diluted EPS
$1.05
$0.56
$0.23
+87.5%
$ 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
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
2,477
2,064
1,356
+20.0%
Capital expenditure
1,447
1,348
968
+7.3%
Free cash flow
1,030
716
388
+43.9%
Free cash flow margin
5.8%
4.2%
2.5%
Cash from investing
-1,384
-833
-1,022
Cash from financing
-851
-947
-766
Depreciation and amortisation
867
844
715
+2.7%
Share-based compensation
18.0
16.0
13.0
+12.5%
Buybacks
540
400
225
+35.0%
Dividends paid
71.0
22.0
14.0
+222.7%
Dividend per share
$0.13
$0.03
$0.02
+276.8%
Diluted shares, weighted
718m
757m
775m
-5.2%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
7,336
6,992
6,877
+4.9%
Debt
2,820
3,154
3,751
-10.6%
Other liabilities
9,189
8,450
7,440
+8.7%
Total liabilities and equity
19,345
18,596
18,068
+4.0%
Fixed assets
13,389
12,766
12,127
+4.9%
Goodwill
970
970
970
0.0%
Intangible assets
166
138
155
+20.3%
Investments
1,841
1,898
2,412
-3.0%
Cash and equivalents
1,355
1,113
829
+21.7%
Receivables
n/a
n/a
299
Other assets
1,624
1,711
1,276
-5.1%
Total assets
19,345
18,596
18,068
+4.0%
10-K for the year ended 31 December 2013, filed 4 February 2014: the filing.