Southwest Airlines (LUV) FY2022 results: revenue $23.8 billion, up 50.8% on the year
Southwest Airlines Co. (LUV) reported revenue of $23.8 billion for fiscal 2022, the year ended 31 December 2022, up 50.8% on the year before. Net income was $539 million, down 44.8%, and diluted earnings per share $0.87. The figures are the company's own, from the 10-K it filed with the SEC on 7 February 2023.
Revenue
$23.8 billion
+50.8% on the year
FY2015FY2022
Operating margin
4.3%
10.9% a year earlier
FY2015FY2022
Net income
$539 million
-44.8% on the year
FY2015FY2022
Diluted EPS
$0.87
-46.0% on the year
FY2015FY2022
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
FY2022
FY2021
FY2020
On the year
Last 8 years
Operating cash flow
3,790
2,322
-1,127
+63.2%
Capital expenditure
3,924
505
515
+677.0%
Free cash flow
-134
1,817
-1,642
Free cash flow margin
-0.6%
11.5%
-18.1%
Cash from investing
-3,746
-1,264
-16.0
Cash from financing
-3,032
359
9,658
Depreciation and amortisation
1,351
1,272
1,255
+6.2%
Share-based compensation
84.0
58.0
17.0
+44.8%
Buybacks
0.0
0.0
451
Dividends paid
0.0
0.0
188
Dividend per share
$0.18
n/a
$0.18
Diluted shares, weighted
642m
609m
565m
+5.4%
Balance sheet
$ million
FY2022
FY2021
FY2020
On the year
Last 8 years
Shareholders' equity
10,687
10,414
8,876
+2.6%
Debt
8,097
10,727
10,331
-24.5%
Operating lease liabilities
1,118
1,315
1,562
-15.0%
Finance lease liabilities
147
377
459
-61.0%
Other liabilities
15,320
13,487
13,360
+13.6%
Total liabilities and equity
35,369
36,320
34,588
-2.6%
Fixed assets
17,342
14,842
15,831
+16.8%
Goodwill
970
970
970
0.0%
Intangible assets
296
295
295
+0.3%
Investments
2,800
3,024
2,271
-7.4%
Cash and equivalents
9,492
12,480
11,063
-23.9%
Receivables
117
58.0
46.0
+101.7%
Other assets
4,352
4,651
4,112
-6.4%
Total assets
35,369
36,320
34,588
-2.6%
10-K for the year ended 31 December 2022, filed 7 February 2023: the filing.