Southwest Airlines (LUV) FY2015 results: revenue $19.8 billion, up 6.5% on the year
Southwest Airlines Co. (LUV) reported revenue of $19.8 billion for fiscal 2015, the year ended 31 December 2015, up 6.5% on the year before. Net income was $2.2 billion, up 92.0%, and diluted earnings per share $3.27. The figures are the company's own, from the 10-K it filed with the SEC on 3 February 2016.
Revenue
$19.8 billion
+6.5% on the year
FY2008FY2015
Operating margin
20.8%
12.0% a year earlier
FY2008FY2015
Net income
$2.2 billion
+92.0% on the year
FY2008FY2015
Diluted EPS
$3.27
+99.4% on the year
FY2008FY2015
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Revenue
19,820
18,605
17,699
+6.5%
Operating income
4,116
2,225
1,278
+85.0%
Operating margin
20.8%
12.0%
7.2%
Interest expense
121
130
131
-6.9%
Pre-tax income
3,479
1,816
1,209
+91.6%
Income tax
1,298
680
455
+90.9%
Effective tax rate
37.3%
37.4%
37.6%
Net income
2,181
1,136
754
+92.0%
Net margin
11.0%
6.1%
4.3%
Diluted EPS
$3.27
$1.64
$1.05
+99.4%
$ 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
FY2015
FY2014
FY2013
On the year
Last 8 years
Operating cash flow
3,238
2,902
2,477
+11.6%
Capital expenditure
2,041
1,748
1,447
+16.8%
Free cash flow
1,197
1,154
1,030
+3.7%
Free cash flow margin
6.0%
6.2%
5.8%
Cash from investing
-1,913
-1,727
-1,384
Cash from financing
-1,024
-1,248
-851
Depreciation and amortisation
1,015
938
867
+8.2%
Share-based compensation
29.0
21.0
18.0
+38.1%
Buybacks
1,180
955
540
+23.6%
Dividends paid
180
139
71.0
+29.5%
Dividend per share
$0.28
$0.22
$0.13
+29.5%
Diluted shares, weighted
669m
696m
718m
-3.9%
Balance sheet
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Shareholders' equity
6,762
6,775
7,336
-0.2%
Debt
3,178
2,692
2,820
+18.1%
Other liabilities
11,372
10,256
9,189
+10.9%
Total liabilities and equity
21,312
19,723
19,345
+8.1%
Fixed assets
15,601
14,292
13,389
+9.2%
Goodwill
970
970
970
0.0%
Intangible assets
464
363
166
+27.8%
Investments
1,508
1,741
1,841
-13.4%
Cash and equivalents
1,583
1,282
1,355
+23.5%
Other assets
1,186
1,075
1,624
+10.3%
Total assets
21,312
19,723
19,345
+8.1%
10-K for the year ended 31 December 2015, filed 3 February 2016: the filing.