Southwest Airlines (LUV) FY2016 results: revenue $20.3 billion, up 2.4% on the year
Southwest Airlines Co. (LUV) reported revenue of $20.3 billion for fiscal 2016, the year ended 31 December 2016, up 2.4% on the year before. Net income was $2.2 billion, up 0.1%, and diluted earnings per share $3.45. The figures are the company's own, from the 10-K it filed with the SEC on 7 February 2017.
Revenue
$20.3 billion
+2.4% on the year
FY2009FY2016
Operating margin
17.4%
20.8% a year earlier
FY2009FY2016
Net income
$2.2 billion
+0.1% on the year
FY2009FY2016
Diluted EPS
$3.45
+5.5% on the year
FY2009FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
20,289
19,820
18,605
+2.4%
Operating income
3,522
4,116
2,225
-14.4%
Operating margin
17.4%
20.8%
12.0%
Interest expense
122
121
130
+0.8%
Pre-tax income
3,450
3,479
1,816
-0.8%
Income tax
1,267
1,298
680
-2.4%
Effective tax rate
36.7%
37.3%
37.4%
Net income
2,183
2,181
1,136
+0.1%
Net margin
10.8%
11.0%
6.1%
Diluted EPS
$3.45
$3.27
$1.64
+5.5%
$ 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
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
4,293
3,238
2,902
+32.6%
Capital expenditure
2,038
2,041
1,748
-0.1%
Free cash flow
2,255
1,197
1,154
+88.4%
Free cash flow margin
11.1%
6.0%
6.2%
Cash from investing
-2,272
-1,913
-1,727
Cash from financing
-1,924
-1,024
-1,248
Depreciation and amortisation
1,221
1,015
938
+20.3%
Share-based compensation
33.0
29.0
21.0
+13.8%
Buybacks
1,750
1,180
955
+48.3%
Dividends paid
222
180
139
+23.3%
Dividend per share
$0.38
$0.28
$0.22
+31.6%
Diluted shares, weighted
633m
669m
696m
-5.4%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
7,784
6,762
6,775
+15.1%
Debt
3,387
3,178
2,692
+6.6%
Other liabilities
12,115
11,372
10,256
+6.5%
Total liabilities and equity
23,286
21,312
19,723
+9.3%
Fixed assets
17,044
15,601
14,292
+9.2%
Goodwill
970
970
970
0.0%
Intangible assets
426
464
363
-8.2%
Investments
1,625
1,508
1,741
+7.8%
Cash and equivalents
1,680
1,583
1,282
+6.1%
Other assets
1,541
1,186
1,075
+29.9%
Total assets
23,286
21,312
19,723
+9.3%
10-K for the year ended 31 December 2016, filed 7 February 2017: the filing.