Southwest Airlines (LUV) FY2021 results: revenue $15.8 billion, up 74.5% on the year
Southwest Airlines Co. (LUV) reported revenue of $15.8 billion for fiscal 2021, the year ended 31 December 2021, up 74.5% on the year before. Net income was $977 million, and diluted earnings per share $1.61. The figures are the company's own, from the 10-K it filed with the SEC on 7 February 2022.
Revenue
$15.8 billion
+74.5% on the year
FY2014FY2021
Operating margin
10.9%
-42.2% a year earlier
FY2014FY2021
Net income
$977 million
FY2014FY2021
Diluted EPS
$1.61
FY2014FY2021
this yearthe year beforeHover a bar for its figure.
$ 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
FY2021
FY2020
FY2019
On the year
Last 8 years
Operating cash flow
2,322
-1,127
3,987
Capital expenditure
505
515
1,027
-1.9%
Free cash flow
1,817
-1,642
2,960
Free cash flow margin
11.5%
-18.1%
13.2%
Cash from investing
-1,264
-16.0
-303
Cash from financing
359
9,658
-2,990
-96.3%
Depreciation and amortisation
1,272
1,255
1,219
+1.4%
Share-based compensation
58.0
17.0
55.0
+241.2%
Buybacks
0.0
451
2,000
Dividends paid
0.0
188
372
Dividend per share
n/a
$0.18
$0.70
Diluted shares, weighted
609m
565m
539m
+7.8%
Balance sheet
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Shareholders' equity
10,414
8,876
9,832
+17.3%
Debt
10,727
10,331
2,665
+3.8%
Operating lease liabilities
1,315
1,562
978
-15.8%
Finance lease liabilities
377
459
542
-17.9%
Other liabilities
13,487
13,360
11,878
+1.0%
Total liabilities and equity
36,320
34,588
25,895
+5.0%
Fixed assets
14,842
15,831
17,025
-6.2%
Goodwill
970
970
970
0.0%
Intangible assets
295
295
296
0.0%
Investments
3,024
2,271
1,524
+33.2%
Cash and equivalents
12,480
11,063
2,548
+12.8%
Receivables
58.0
46.0
n/a
+26.1%
Other assets
4,651
4,112
3,532
+13.1%
Total assets
36,320
34,588
25,895
+5.0%
10-K for the year ended 31 December 2021, filed 7 February 2022: the filing.