Southwest Airlines (LUV) FY2024 results: revenue $27.5 billion, up 5.3% on the year
Southwest Airlines Co. (LUV) reported revenue of $27.5 billion for fiscal 2024, the year ended 31 December 2024, up 5.3% on the year before. Net income was $465 million, unchanged, and diluted earnings per share $0.76. The figures are the company's own, from the 10-K it filed with the SEC on 7 February 2025.
Revenue
$27.5 billion
+5.3% on the year
FY2017FY2024
Operating margin
1.2%
0.9% a year earlier
FY2017FY2024
Net income
$465 million
0.0% on the year
FY2017FY2024
Diluted EPS
$0.76
0.0% on the year
FY2017FY2024
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
FY2024
FY2023
FY2022
On the year
Last 8 years
Operating cash flow
462
3,164
3,790
-85.4%
Capital expenditure
2,054
3,520
3,924
-41.6%
Free cash flow
-1,592
-356
-134
Free cash flow margin
-5.8%
-1.4%
-0.6%
Cash from investing
-261
-2,932
-3,746
Cash from financing
-1,980
-436
-3,032
Depreciation and amortisation
1,657
1,522
1,351
+8.9%
Share-based compensation
45.0
86.0
84.0
-47.7%
Buybacks
250
0.0
0.0
Dividends paid
430
428
0.0
+0.5%
Dividend per share
$0.72
$0.72
$0.18
0.0%
Diluted shares, weighted
643m
640m
642m
+0.5%
Balance sheet
$ million
FY2024
FY2023
FY2022
On the year
Last 8 years
Shareholders' equity
10,350
10,515
10,687
-1.6%
Debt
6,697
8,012
8,097
-16.4%
Operating lease liabilities
1,031
985
1,118
+4.7%
Finance lease liabilities
69.0
75.0
147
-8.0%
Other liabilities
15,603
16,900
15,320
-7.7%
Total liabilities and equity
33,750
36,487
35,369
-7.5%
Fixed assets
19,056
19,375
17,342
-1.6%
Goodwill
970
970
970
0.0%
Intangible assets
300
296
296
+1.4%
Investments
1,216
2,186
2,800
-44.4%
Cash and equivalents
7,509
9,288
9,492
-19.2%
Receivables
47.0
104
117
-54.8%
Other assets
4,652
4,268
4,352
+9.0%
Total assets
33,750
36,487
35,369
-7.5%
10-K for the year ended 31 December 2024, filed 7 February 2025: the filing.