Southwest Airlines (LUV) FY2014 results: revenue $18.6 billion, up 5.1% on the year
Southwest Airlines Co. (LUV) reported revenue of $18.6 billion for fiscal 2014, the year ended 31 December 2014, up 5.1% on the year before. Net income was $1.1 billion, up 50.7%, and diluted earnings per share $1.64. The figures are the company's own, from the 10-K it filed with the SEC on 6 February 2015.
Revenue
$18.6 billion
+5.1% on the year
FY2007FY2014
Operating margin
12.0%
7.2% a year earlier
FY2007FY2014
Net income
$1.1 billion
+50.7% on the year
FY2007FY2014
Diluted EPS
$1.64
+56.2% on the year
FY2007FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
18,605
17,699
17,088
+5.1%
Operating income
2,225
1,278
623
+74.1%
Operating margin
12.0%
7.2%
3.6%
Interest expense
130
131
147
-0.8%
Pre-tax income
1,816
1,209
685
+50.2%
Income tax
680
455
264
+49.5%
Effective tax rate
37.4%
37.6%
38.5%
Net income
1,136
754
421
+50.7%
Net margin
6.1%
4.3%
2.5%
Diluted EPS
$1.64
$1.05
$0.56
+56.2%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
2,902
2,477
2,064
+17.2%
Capital expenditure
1,748
1,447
1,348
+20.8%
Free cash flow
1,154
1,030
716
+12.0%
Free cash flow margin
6.2%
5.8%
4.2%
Cash from investing
-1,727
-1,384
-833
Cash from financing
-1,248
-851
-947
Depreciation and amortisation
938
867
844
+8.2%
Share-based compensation
21.0
18.0
16.0
+16.7%
Buybacks
955
540
400
+76.9%
Dividends paid
139
71.0
22.0
+95.8%
Dividend per share
$0.22
$0.13
$0.03
+69.2%
Diluted shares, weighted
696m
718m
757m
-3.1%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
6,775
7,336
6,992
-7.6%
Debt
2,692
2,820
3,154
-4.5%
Other liabilities
10,256
9,189
8,450
+11.6%
Total liabilities and equity
19,723
19,345
18,596
+2.0%
Fixed assets
14,292
13,389
12,766
+6.7%
Goodwill
970
970
970
0.0%
Intangible assets
363
166
138
+118.7%
Investments
1,741
1,841
1,898
-5.4%
Cash and equivalents
1,282
1,355
1,113
-5.4%
Other assets
1,075
1,624
1,711
-33.8%
Total assets
19,723
19,345
18,596
+2.0%
10-K for the year ended 31 December 2014, filed 6 February 2015: the filing.