Southwest Airlines (LUV) FY2023 results: revenue $26.1 billion, up 9.6% on the year
Southwest Airlines Co. (LUV) reported revenue of $26.1 billion for fiscal 2023, the year ended 31 December 2023, up 9.6% on the year before. Net income was $465 million, down 13.7%, and diluted earnings per share $0.76. The figures are the company's own, from the 10-K it filed with the SEC on 6 February 2024.
Revenue
$26.1 billion
+9.6% on the year
FY2016FY2023
Operating margin
0.9%
4.3% a year earlier
FY2016FY2023
Net income
$465 million
-13.7% on the year
FY2016FY2023
Diluted EPS
$0.76
-12.6% on the year
FY2016FY2023
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
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
3,164
3,790
2,322
-16.5%
Capital expenditure
3,520
3,924
505
-10.3%
Free cash flow
-356
-134
1,817
Free cash flow margin
-1.4%
-0.6%
11.5%
Cash from investing
-2,932
-3,746
-1,264
Cash from financing
-436
-3,032
359
Depreciation and amortisation
1,522
1,351
1,272
+12.7%
Share-based compensation
86.0
84.0
58.0
+2.4%
Buybacks
0.0
0.0
0.0
Dividends paid
428
0.0
0.0
Dividend per share
$0.72
$0.18
n/a
+300.0%
Diluted shares, weighted
640m
642m
609m
-0.3%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
10,515
10,687
10,414
-1.6%
Debt
8,012
8,097
10,727
-1.0%
Operating lease liabilities
985
1,118
1,315
-11.9%
Finance lease liabilities
75.0
147
377
-49.0%
Other liabilities
16,900
15,320
13,487
+10.3%
Total liabilities and equity
36,487
35,369
36,320
+3.2%
Fixed assets
19,375
17,342
14,842
+11.7%
Goodwill
970
970
970
0.0%
Intangible assets
296
296
295
0.0%
Investments
2,186
2,800
3,024
-21.9%
Cash and equivalents
9,288
9,492
12,480
-2.1%
Receivables
104
117
58.0
-11.1%
Other assets
4,268
4,352
4,651
-1.9%
Total assets
36,487
35,369
36,320
+3.2%
10-K for the year ended 31 December 2023, filed 6 February 2024: the filing.