Southwest Airlines (LUV) FY2020 results: revenue $9.0 billion, down 59.7% on the year
Southwest Airlines Co. (LUV) reported revenue of $9.0 billion for fiscal 2020, the year ended 31 December 2020, down 59.7% on the year before. Net income was -$3.1 billion, and diluted earnings per share $-5.44. The figures are the company's own, from the 10-K it filed with the SEC on 8 February 2021.
Revenue
$9.0 billion
-59.7% on the year
FY2013FY2020
Operating margin
-42.2%
13.2% a year earlier
FY2013FY2020
Net income
-$3.1 billion
FY2013FY2020
Diluted EPS
-$5.44
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
9,048
22,428
21,965
-59.7%
Operating income
-3,816
2,957
3,206
Operating margin
-42.2%
13.2%
14.6%
Interest expense
n/a
118
131
Pre-tax income
-4,256
2,957
3,164
Income tax
-1,182
657
699
Effective tax rate
n/a
22.2%
22.1%
Net income
-3,074
2,300
2,465
Net margin
-34.0%
10.3%
11.2%
Diluted EPS
-$5.44
$4.27
$4.29
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
-1,127
3,987
4,893
Capital expenditure
515
1,027
1,922
-49.9%
Free cash flow
-1,642
2,960
2,971
Free cash flow margin
-18.1%
13.2%
13.5%
Cash from investing
-16.0
-303
-2,038
Cash from financing
9,658
-2,990
-2,496
Depreciation and amortisation
1,255
1,219
1,201
+3.0%
Share-based compensation
17.0
55.0
46.0
-69.1%
Buybacks
451
2,000
2,000
-77.5%
Dividends paid
188
372
332
-49.5%
Dividend per share
$0.18
$0.70
$0.60
-74.3%
Diluted shares, weighted
565m
539m
574m
+4.8%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
8,876
9,832
9,853
-9.7%
Debt
10,331
2,665
3,377
+287.7%
Operating lease liabilities
1,562
978
0.0
+59.7%
Finance lease liabilities
459
542
n/a
-15.3%
Other liabilities
13,360
11,878
13,013
+12.5%
Total liabilities and equity
34,588
25,895
26,243
+33.6%
Fixed assets
15,831
17,025
19,525
-7.0%
Goodwill
970
970
970
0.0%
Intangible assets
295
296
400
-0.3%
Investments
2,271
1,524
1,835
+49.0%
Cash and equivalents
11,063
2,548
1,854
+334.2%
Receivables
46.0
n/a
n/a
Other assets
4,112
3,532
1,659
+16.4%
Total assets
34,588
25,895
26,243
+33.6%
10-K for the year ended 31 December 2020, filed 8 February 2021: the filing.