Southwest Airlines (LUV) FY2017 results: revenue $21.2 billion, up 4.3% on the year
Southwest Airlines Co. (LUV) reported revenue of $21.2 billion for fiscal 2017, the year ended 31 December 2017, up 4.3% on the year before. Net income was $3.4 billion, up 53.8%, and diluted earnings per share $5.57. The figures are the company's own, from the 10-K it filed with the SEC on 7 February 2018.
Revenue
$21.2 billion
+4.3% on the year
FY2010FY2017
Operating margin
16.1%
17.4% a year earlier
FY2010FY2017
Net income
$3.4 billion
+53.8% on the year
FY2010FY2017
Diluted EPS
$5.57
+61.4% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
21,171
20,289
19,820
+4.3%
Operating income
3,407
3,522
4,116
-3.3%
Operating margin
16.1%
17.4%
20.8%
Interest expense
114
122
121
-6.6%
Pre-tax income
3,265
3,450
3,479
-5.4%
Income tax
-92.0
1,267
1,298
Effective tax rate
-2.8%
36.7%
37.3%
Net income
3,357
2,183
2,181
+53.8%
Net margin
15.9%
10.8%
11.0%
Diluted EPS
$5.57
$3.45
$3.27
+61.4%
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
3,929
4,293
3,238
-8.5%
Capital expenditure
2,123
2,038
2,041
+4.2%
Free cash flow
1,806
2,255
1,197
-19.9%
Free cash flow margin
8.5%
11.1%
6.0%
Cash from investing
-2,408
-2,272
-1,913
Cash from financing
-1,706
-1,924
-1,024
Depreciation and amortisation
1,218
1,221
1,015
-0.2%
Share-based compensation
37.0
33.0
29.0
+12.1%
Buybacks
1,600
1,750
1,180
-8.6%
Dividends paid
274
222
180
+23.4%
Dividend per share
$0.47
$0.38
$0.28
+26.7%
Diluted shares, weighted
603m
633m
669m
-4.7%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
9,641
7,784
6,762
+23.9%
Debt
3,668
3,387
3,178
+8.3%
Other liabilities
11,801
12,115
11,372
-2.6%
Total liabilities and equity
25,110
23,286
21,312
+7.8%
Fixed assets
18,539
17,044
15,601
+8.8%
Goodwill
970
970
970
0.0%
Intangible assets
413
426
464
-3.1%
Investments
1,778
1,625
1,508
+9.4%
Cash and equivalents
1,495
1,680
1,583
-11.0%
Other assets
1,915
1,541
1,186
+24.3%
Total assets
25,110
23,286
21,312
+7.8%
10-K for the year ended 31 December 2017, filed 7 February 2018: the filing.