Southwest Airlines Co
NYSE:LUV
Income Statement
Earnings Waterfall
Southwest Airlines Co
Revenue
|
26.1B
USD
|
Cost of Revenue
|
-8B
USD
|
Gross Profit
|
18.1B
USD
|
Operating Expenses
|
-17.8B
USD
|
Operating Income
|
331m
USD
|
Other Expenses
|
134m
USD
|
Net Income
|
465m
USD
|
Income Statement
Southwest Airlines Co
Dec-2013 | Mar-2014 | Jun-2014 | Sep-2014 | Dec-2014 | Mar-2015 | Jun-2015 | Sep-2015 | Dec-2015 | Mar-2016 | Jun-2016 | Sep-2016 | Dec-2016 | Mar-2017 | Jun-2017 | Sep-2017 | Dec-2017 | Mar-2018 | Jun-2018 | Sep-2018 | Dec-2018 | Mar-2019 | Jun-2019 | Sep-2019 | Dec-2019 | Mar-2020 | Jun-2020 | Sep-2020 | Dec-2020 | Mar-2021 | Jun-2021 | Sep-2021 | Dec-2021 | Mar-2022 | Jun-2022 | Sep-2022 | Dec-2022 | Mar-2023 | Jun-2023 | Sep-2023 | Dec-2023 | ||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Revenue | ||||||||||||||||||||||||||||||||||||||||||
Revenue |
17 699
N/A
|
17 782
+0%
|
18 151
+2%
|
18 406
+1%
|
18 605
+1%
|
18 853
+1%
|
18 953
+1%
|
19 471
+3%
|
19 820
+2%
|
20 232
+2%
|
20 505
+1%
|
20 326
-1%
|
20 289
0%
|
20 452
+1%
|
20 799
+2%
|
20 963
+1%
|
21 146
+1%
|
21 236
+0%
|
21 247
+0%
|
21 519
+1%
|
21 965
+2%
|
22 170
+1%
|
22 337
+1%
|
22 401
+0%
|
22 428
+0%
|
21 512
-4%
|
16 611
-23%
|
12 765
-23%
|
9 048
-29%
|
6 866
-24%
|
9 866
+44%
|
12 752
+29%
|
15 790
+24%
|
18 432
+17%
|
21 152
+15%
|
22 693
+7%
|
23 814
+5%
|
24 826
+4%
|
25 135
+1%
|
25 440
+1%
|
26 091
+3%
|
|
Gross Profit | ||||||||||||||||||||||||||||||||||||||||||
Cost of Revenue |
(7 227)
|
(7 071)
|
(6 993)
|
(6 907)
|
(6 699)
|
(6 261)
|
(5 829)
|
(5 382)
|
(5 020)
|
(5 011)
|
(4 919)
|
(4 924)
|
(5 012)
|
(5 197)
|
(5 335)
|
(5 443)
|
(5 368)
|
(5 592)
|
(5 769)
|
(5 940)
|
(6 111)
|
(6 071)
|
(5 978)
|
(5 830)
|
(5 710)
|
(5 569)
|
(4 608)
|
(3 860)
|
(3 089)
|
(2 661)
|
(3 335)
|
(4 014)
|
(4 766)
|
(5 335)
|
(6 153)
|
(6 932)
|
(7 483)
|
(8 089)
|
(7 927)
|
(7 803)
|
(8 006)
|
|
Gross Profit |
10 472
N/A
|
10 711
+2%
|
11 158
+4%
|
11 499
+3%
|
11 906
+4%
|
12 592
+6%
|
13 124
+4%
|
14 089
+7%
|
14 800
+5%
|
15 221
+3%
|
15 586
+2%
|
15 402
-1%
|
15 277
-1%
|
15 255
0%
|
15 464
+1%
|
15 520
+0%
|
15 778
+2%
|
15 644
-1%
|
15 478
-1%
|
15 579
+1%
|
15 854
+2%
|
16 099
+2%
|
16 359
+2%
|
16 571
+1%
|
16 718
+1%
|
15 943
-5%
|
12 003
-25%
|
8 905
-26%
|
5 959
-33%
|
4 205
-29%
|
6 531
+55%
|
8 738
+34%
|
11 024
+26%
|
13 097
+19%
|
14 999
+15%
|
15 761
+5%
|
16 331
+4%
|
16 737
+2%
|
17 208
+3%
|
17 637
+2%
|
18 085
+3%
|
|
Operating Income | ||||||||||||||||||||||||||||||||||||||||||
Operating Expenses |
(9 108)
|
(9 196)
|
(9 288)
|
(9 410)
|
(9 555)
|
(9 671)
|
(9 928)
|
(10 299)
|
(10 645)
|
(10 925)
|
(11 102)
|
(11 454)
|
(11 755)
|
(11 833)
|
(12 103)
|
(12 009)
|
(12 371)
|
(12 253)
|
(12 330)
|
(12 478)
|
(12 673)
|
(13 004)
|
(13 268)
|
(13 459)
|
(13 761)
|
(13 601)
|
(12 762)
|
(12 043)
|
(10 964)
|
(10 349)
|
(10 688)
|
(11 378)
|
(12 251)
|
(13 211)
|
(13 794)
|
(14 114)
|
(15 286)
|
(15 841)
|
(16 690)
|
(17 401)
|
(17 754)
|
|
Selling, General & Administrative |
(6 115)
|
(6 165)
|
(6 230)
|
(6 299)
|
(6 412)
|
(6 535)
|
(6 740)
|
(7 087)
|
(7 388)
|
(7 540)
|
(7 612)
|
(7 821)
|
(7 831)
|
(8 012)
|
(8 207)
|
(8 094)
|
(8 306)
|
(8 409)
|
(8 496)
|
(8 637)
|
(8 756)
|
(8 949)
|
(9 171)
|
(9 336)
|
(9 914)
|
(9 514)
|
(8 945)
|
(8 448)
|
(7 856)
|
(7 180)
|
(7 373)
|
(7 882)
|
(8 986)
|
(9 292)
|
(9 675)
|
(9 829)
|
(10 640)
|
(10 507)
|
(11 134)
|
(11 662)
|
(12 792)
|
|
Depreciation & Amortization |
(867)
|
(878)
|
(894)
|
(911)
|
(938)
|
(961)
|
(983)
|
(1 003)
|
(1 015)
|
(1 062)
|
(1 111)
|
(1 168)
|
(1 221)
|
(1 250)
|
(1 270)
|
(1 257)
|
(1 218)
|
(1 177)
|
(1 150)
|
(1 149)
|
(1 201)
|
(1 221)
|
(1 231)
|
(1 238)
|
(1 219)
|
(1 234)
|
(1 245)
|
(1 252)
|
(1 255)
|
(1 255)
|
(1 257)
|
(1 264)
|
(1 272)
|
(1 284)
|
(1 294)
|
(1 307)
|
(1 351)
|
(1 392)
|
(1 434)
|
(1 474)
|
(1 522)
|
|
Other Operating Expenses |
(2 126)
|
(2 153)
|
(2 164)
|
(2 200)
|
(2 205)
|
(2 175)
|
(2 205)
|
(2 209)
|
(2 242)
|
(2 323)
|
(2 379)
|
(2 465)
|
(2 703)
|
(2 571)
|
(2 626)
|
(2 658)
|
(2 847)
|
(2 667)
|
(2 684)
|
(2 692)
|
(2 716)
|
(2 834)
|
(2 866)
|
(2 885)
|
(2 628)
|
(2 853)
|
(2 572)
|
(2 343)
|
(1 853)
|
(1 914)
|
(2 058)
|
(2 232)
|
(1 993)
|
(2 635)
|
(2 825)
|
(2 978)
|
(3 295)
|
(3 942)
|
(4 122)
|
(4 265)
|
(3 440)
|
|
Operating Income |
1 364
N/A
|
1 515
+11%
|
1 870
+23%
|
2 089
+12%
|
2 351
+13%
|
2 921
+24%
|
3 196
+9%
|
3 790
+19%
|
4 155
+10%
|
4 296
+3%
|
4 484
+4%
|
3 948
-12%
|
3 522
-11%
|
3 422
-3%
|
3 361
-2%
|
3 511
+4%
|
3 407
-3%
|
3 391
0%
|
3 148
-7%
|
3 101
-1%
|
3 181
+3%
|
3 095
-3%
|
3 091
0%
|
3 112
+1%
|
2 957
-5%
|
2 342
-21%
|
(759)
N/A
|
(3 138)
-313%
|
(5 005)
-59%
|
(6 144)
-23%
|
(4 157)
+32%
|
(2 640)
+36%
|
(1 227)
+54%
|
(114)
+91%
|
1 205
N/A
|
1 647
+37%
|
1 045
-37%
|
896
-14%
|
518
-42%
|
236
-54%
|
331
+40%
|
|
Pre-Tax Income | ||||||||||||||||||||||||||||||||||||||||||
Interest Income Expense |
(98)
|
(94)
|
(53)
|
(171)
|
(409)
|
8
|
(71)
|
(274)
|
(637)
|
(707)
|
(571)
|
(356)
|
(72)
|
(161)
|
(236)
|
(167)
|
(142)
|
(70)
|
(31)
|
(27)
|
(24)
|
(12)
|
(2)
|
5
|
8
|
0
|
(82)
|
(181)
|
(282)
|
(377)
|
(403)
|
(411)
|
(418)
|
(404)
|
(356)
|
(257)
|
(88)
|
65
|
207
|
309
|
351
|
|
Non-Reccuring Items |
(86)
|
(91)
|
(104)
|
(99)
|
(126)
|
(132)
|
(97)
|
(80)
|
(39)
|
(16)
|
(13)
|
(7)
|
0
|
0
|
0
|
0
|
0
|
25
|
25
|
25
|
25
|
0
|
0
|
0
|
0
|
0
|
1 006
|
1 155
|
1 189
|
2 637
|
2 371
|
2 986
|
2 920
|
1 385
|
587
|
(257)
|
(221)
|
(132)
|
(74)
|
6
|
(107)
|
|
Total Other Income |
29
|
29
|
29
|
29
|
0
|
(502)
|
(502)
|
(502)
|
0
|
0
|
0
|
0
|
0
|
2
|
(1)
|
(6)
|
0
|
(12)
|
(13)
|
(16)
|
(18)
|
(16)
|
(14)
|
(9)
|
(8)
|
(33)
|
(63)
|
(95)
|
(158)
|
(82)
|
(36)
|
(18)
|
50
|
(64)
|
(99)
|
(43)
|
(8)
|
70
|
98
|
82
|
58
|
|
Pre-Tax Income |
1 209
N/A
|
1 359
+12%
|
1 742
+28%
|
1 848
+6%
|
1 816
-2%
|
2 295
+26%
|
2 526
+10%
|
2 934
+16%
|
3 479
+19%
|
3 573
+3%
|
3 900
+9%
|
3 585
-8%
|
3 450
-4%
|
3 263
-5%
|
3 124
-4%
|
3 338
+7%
|
3 265
-2%
|
3 334
+2%
|
3 129
-6%
|
3 083
-1%
|
3 164
+3%
|
3 067
-3%
|
3 075
+0%
|
3 108
+1%
|
2 957
-5%
|
2 309
-22%
|
102
-96%
|
(2 259)
N/A
|
(4 256)
-88%
|
(3 966)
+7%
|
(2 225)
+44%
|
(83)
+96%
|
1 325
N/A
|
803
-39%
|
1 337
+67%
|
1 090
-18%
|
728
-33%
|
899
+23%
|
749
-17%
|
633
-15%
|
633
N/A
|
|
Net Income | ||||||||||||||||||||||||||||||||||||||||||
Tax Provision |
(455)
|
(512)
|
(654)
|
(690)
|
(680)
|
(858)
|
(946)
|
(1 099)
|
(1 298)
|
(1 334)
|
(1 449)
|
(1 330)
|
(1 267)
|
(1 194)
|
(1 132)
|
(1 206)
|
(1 178)
|
(1 123)
|
(928)
|
(795)
|
(699)
|
(678)
|
(678)
|
(667)
|
(688)
|
(521)
|
30
|
575
|
1 182
|
1 102
|
624
|
85
|
(348)
|
(219)
|
(341)
|
(263)
|
(189)
|
(241)
|
(168)
|
(136)
|
(168)
|
|
Income from Continuing Operations |
754
|
847
|
1 088
|
1 158
|
1 136
|
1 437
|
1 580
|
1 835
|
2 181
|
2 239
|
2 451
|
2 255
|
2 183
|
2 069
|
1 992
|
2 132
|
2 087
|
2 211
|
2 201
|
2 288
|
2 465
|
2 389
|
2 397
|
2 441
|
2 269
|
1 788
|
132
|
(1 684)
|
(3 074)
|
(2 864)
|
(1 601)
|
2
|
977
|
584
|
996
|
827
|
539
|
658
|
581
|
497
|
465
|
|
Net Income (Common) |
757
N/A
|
850
+12%
|
1 090
+28%
|
1 160
+6%
|
1 140
-2%
|
1 439
+26%
|
1 582
+10%
|
1 836
+16%
|
2 185
+19%
|
2 243
+3%
|
2 455
+9%
|
2 259
-8%
|
2 183
-3%
|
2 071
-5%
|
1 994
-4%
|
2 134
+7%
|
3 357
+57%
|
3 481
+4%
|
3 471
0%
|
3 558
+3%
|
2 465
-31%
|
2 389
-3%
|
2 397
+0%
|
2 441
+2%
|
2 300
-6%
|
1 819
-21%
|
163
-91%
|
(1 653)
N/A
|
(3 074)
-86%
|
(2 864)
+7%
|
(1 601)
+44%
|
2
N/A
|
977
+48 750%
|
584
-40%
|
996
+71%
|
827
-17%
|
539
-35%
|
658
+22%
|
581
-12%
|
497
-14%
|
465
-6%
|
|
EPS (Diluted) |
1.07
N/A
|
1.21
+13%
|
1.55
+28%
|
1.66
+7%
|
1.64
-1%
|
2.1
+28%
|
2.35
+12%
|
2.76
+17%
|
3.27
+18%
|
3.46
+6%
|
3.84
+11%
|
3.61
-6%
|
3.45
-4%
|
3.37
-2%
|
3.29
-2%
|
3.56
+8%
|
5.56
+56%
|
5.92
+6%
|
5.99
+1%
|
6.25
+4%
|
4.29
-31%
|
4.32
+1%
|
4.42
+2%
|
4.57
+3%
|
4.26
-7%
|
3.53
-17%
|
0.28
-92%
|
-2.8
N/A
|
-5.44
-94%
|
-4.7
+14%
|
-2.6
+45%
|
0
N/A
|
1.6
N/A
|
0.98
-39%
|
1.57
+60%
|
1.29
-18%
|
0.84
-35%
|
1.1
+31%
|
0.9
-18%
|
0.77
-14%
|
0.73
-5%
|