Southwest Airlines (LUV) FY2019 results: revenue $22.4 billion, up 2.1% on the year
Southwest Airlines Co. (LUV) reported revenue of $22.4 billion for fiscal 2019, the year ended 31 December 2019, up 2.1% on the year before. Net income was $2.3 billion, down 6.7%, and diluted earnings per share $4.27. The figures are the company's own, from the 10-K it filed with the SEC on 4 February 2020.
Revenue
$22.4 billion
+2.1% on the year
FY2012FY2019
Operating margin
13.2%
14.6% a year earlier
FY2012FY2019
Net income
$2.3 billion
-6.7% on the year
FY2012FY2019
Diluted EPS
$4.27
-0.5% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
22,428
21,965
21,171
+2.1%
Operating income
2,957
3,206
3,407
-7.8%
Operating margin
13.2%
14.6%
16.1%
Interest expense
118
131
114
-9.9%
Pre-tax income
2,957
3,164
3,265
-6.5%
Income tax
657
699
-92.0
-6.0%
Effective tax rate
22.2%
22.1%
-2.8%
Net income
2,300
2,465
3,357
-6.7%
Net margin
10.3%
11.2%
15.9%
Diluted EPS
$4.27
$4.29
$5.57
-0.5%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
3,987
4,893
3,929
-18.5%
Capital expenditure
1,027
1,922
2,123
-46.6%
Free cash flow
2,960
2,971
1,806
-0.4%
Free cash flow margin
13.2%
13.5%
8.5%
Cash from investing
-303
-2,038
-2,408
Cash from financing
-2,990
-2,496
-1,706
Depreciation and amortisation
1,219
1,201
1,218
+1.5%
Share-based compensation
55.0
46.0
37.0
+19.6%
Buybacks
2,000
2,000
1,600
0.0%
Dividends paid
372
332
274
+12.0%
Dividend per share
$0.70
$0.60
$0.47
+15.7%
Diluted shares, weighted
539m
574m
603m
-6.1%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
9,832
9,853
9,641
-0.2%
Debt
2,665
3,377
3,668
-21.1%
Operating lease liabilities
978
0.0
n/a
Finance lease liabilities
542
n/a
n/a
Other liabilities
11,878
13,013
11,801
-8.7%
Total liabilities and equity
25,895
26,243
25,110
-1.3%
Fixed assets
17,025
19,525
18,539
-12.8%
Goodwill
970
970
970
0.0%
Intangible assets
296
400
413
-26.0%
Investments
1,524
1,835
1,778
-16.9%
Cash and equivalents
2,548
1,854
1,495
+37.4%
Other assets
3,532
1,659
1,915
+112.9%
Total assets
25,895
26,243
25,110
-1.3%
10-K for the year ended 31 December 2019, filed 4 February 2020: the filing.