Southwest Airlines Co. (LUV) Balance Sheet
LUV balance sheet, 2025
December 31, 2025 · U.S. dollars$29.06B assets = $21.08B liabilities + $7.98B equity
Both columns are drawn to the same scale: what LUV owns equals what it owes plus shareholders’ equity. Hover a block for its value.
LUV financial health
Current ratio0.52
Tight · current assets cover current liabilities 0.52×
Debt / equity0.75
Moderate leverage · $0.75 of debt for each $1 of equity
Equity / assets27.5%
Balanced · of assets funded by shareholders
Cash / debt54.0%
Partial cover · cash & short-term investments vs total debt
Goodwill & intangibles4.4%
Mostly tangible · of total assets
Descriptive bands, not a rating. Fiscal 2025.
LUV balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $23.29B2016 | $29.06B2025 | +2.5%/yr | |
| Total liabilities | $14.85B2016 | $21.08B2025 | +4.0%/yr | |
| Shareholders’ equity | $8.44B2016 | $7.98B2025 | −0.6%/yr | |
| Cash & short-term investments | $3.31B2016 | $3.23B2025 | −0.3%/yr | |
| Total debt | $3.39B2016 | $5.98B2025 | +6.5%/yr | |
| Net cash (debt) | −$82.0M2016 | −$2.75B2025 | −$2.7B | |
| Working capital | −$2.35B2016 | −$5.28B2025 | −$2.9B | |
| Book value per share | $13.332016 | $14.302025 | +0.8%/yr | |
| Current ratio | 0.662016 | 0.522025 | −0.14 | |
| Debt / equity | 0.402016 | 0.752025 | +0.35 | |
| Shares outstanding | 633.0M2016 | 558.0M2025 | −1.4%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
LUV assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
LUV liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
LUV debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
LUV balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $3.23B | $8.72B | $11.47B | $12.29B | $15.50B | $13.33B | $4.07B | $3.69B | $3.27B | $3.31B |
| Cash & equivalents | $2.83B | $7.51B | $9.29B | $9.49B | $12.48B | $11.06B | $2.55B | $1.85B | $1.50B | $1.68B |
| Short-term investments | $400.0M | $1.22B | $2.19B | $2.80B | $3.02B | $2.27B | $1.52B | $1.83B | $1.78B | $1.62B |
| Receivables | $1.15B | $1.11B | $1.15B | $1.04B | $1.36B | $1.13B | $1.09B | $568.0M | $662.0M | $546.0M |
| Inventory | $775.0M | $800.0M | $807.0M | $790.0M | $537.0M | $414.0M | $529.0M | $461.0M | $420.0M | $337.0M |
| Other current assets | $490.0M | $639.0M | $520.0M | $686.0M | $638.0M | $295.0M | $287.0M | $310.0M | $460.0M | $310.0M |
| Total current assets | $5.64B | $11.27B | $13.96B | $14.81B | $18.04B | $15.17B | $5.97B | $5.03B | $4.82B | $4.50B |
| Property, plant & equipment (net) | $21.33B | $20.43B | $20.60B | $18.74B | $16.43B | $17.72B | $18.37B | $19.52B | $18.54B | $17.04B |
| Goodwill & intangible assets | $1.27B | $1.27B | $1.27B | $1.27B | $1.26B | $1.26B | $1.27B | $1.37B | $1.38B | $1.40B |
| Long-term investments | $457.0M | $367.0M | $280.0M | $235.0M | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $359.0M | $414.0M | $388.0M | $324.0M | $587.0M | $427.0M | $281.0M | $321.0M | $373.0M | $348.0M |
| Total assets | $29.06B | $33.75B | $36.49B | $35.37B | $36.32B | $34.59B | $25.89B | $26.24B | $25.11B | $23.29B |
| Liabilities | ||||||||||
| Accounts payable | $389.0M | $339.0M | $265.0M | $277.0M | $156.0M | $111.0M | $304.0M | $263.0M | $186.0M | $138.0M |
| Short-term debt | $636.0M | $1.96B | $237.0M | $309.0M | $692.0M | $526.0M | $1.17B | $606.0M | $348.0M | $566.0M |
| Deferred revenue | $5.95B | $6.29B | $6.55B | $6.06B | $5.57B | $3.79B | $4.46B | $4.13B | $3.50B | $3.12B |
| Total current liabilities | $10.92B | $12.28B | $12.26B | $10.38B | $9.16B | $7.51B | $8.95B | $7.91B | $6.91B | $6.84B |
| Long-term debt | $4.58B | $5.07B | $7.98B | $8.05B | $10.27B | $10.11B | $1.85B | $2.77B | $3.32B | $2.82B |
| Lease obligations | $1.08B | $1.36B | $1.19B | $1.34B | $1.55B | $1.87B | $1.33B | — | — | — |
| Other long-term liabilities | $5.58B | $6.05B | $5.74B | $6.26B | $6.47B | $8.10B | $5.26B | $5.71B | $5.29B | $5.18B |
| Total liabilities | $21.08B | $23.40B | $25.97B | $24.68B | $25.91B | $25.71B | $16.06B | $16.39B | $14.68B | $14.85B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $888.0M | $888.0M | $888.0M | $888.0M | $888.0M | $888.0M | $808.0M | $808.0M | $808.0M | $808.0M |
| Retained earnings (deficit) | $16.39B | $16.33B | $16.30B | $16.26B | $15.77B | $14.78B | $17.95B | $15.97B | $14.62B | $11.42B |
| Treasury stock | — | — | — | −$10.84B | −$10.86B | −$10.88B | −$10.44B | −$8.45B | −$6.46B | −$4.87B |
| Accumulated other comprehensive income | −$24.0M | −$25.0M | — | $344.0M | $388.0M | −$105.0M | −$61.0M | $20.0M | $12.0M | −$323.0M |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $7.98B | $10.35B | $10.52B | $10.69B | $10.41B | $8.88B | $9.83B | $9.85B | $10.43B | $8.44B |
| Key figures | ||||||||||
| Total debt | $5.98B | $8.06B | $9.20B | $9.47B | $12.28B | $12.20B | $4.00B | $3.38B | $3.67B | $3.39B |
| Net cash (debt) | −$2.75B | $667.0M | $2.27B | $2.82B | $3.22B | $1.14B | $76.0M | $312.0M | −$395.0M | −$82.0M |
| Working capital | −$5.28B | −$1.00B | $1.70B | $4.43B | $8.87B | $7.67B | −$2.98B | −$2.88B | −$2.09B | −$2.35B |
| Tangible book value | $6.71B | $9.08B | $9.25B | $9.42B | $9.15B | $7.61B | $8.57B | $8.48B | $9.05B | $7.04B |
| Book value per share | $14.30 | $16.10 | $16.43 | $16.65 | $17.10 | $15.71 | $18.24 | $17.17 | $17.30 | $13.33 |
| Shares outstanding | 558.0M | 643.0M | 640.0M | 642.0M | 609.0M | 565.0M | 539.0M | 574.0M | 603.0M | 633.0M |
| Current ratio | 0.52 | 0.92 | 1.14 | 1.43 | 1.97 | 2.02 | 0.67 | 0.64 | 0.70 | 0.66 |
| Quick ratio | 0.40 | 0.80 | 1.03 | 1.28 | 1.84 | 1.93 | 0.58 | 0.54 | 0.57 | 0.56 |
| Debt / equity | 0.75 | 0.78 | 0.87 | 0.89 | 1.18 | 1.37 | 0.41 | 0.34 | 0.35 | 0.40 |
| Equity / assets | 27.5% | 30.7% | 28.8% | 30.2% | 28.7% | 25.7% | 38.0% | 37.5% | 41.5% | 36.2% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $3.79B | $3.33B | $3.23B | $3.02B | $3.84B | $8.25B | $8.72B | $9.38B | $10.00B | $10.51B | $11.47B | $11.73B |
| Cash & equivalents | $3.39B | $2.88B | $2.83B | $2.90B | $3.48B | $8.13B | $7.51B | $8.50B | $8.14B | $8.37B | $9.29B | $9.50B |
| Short-term investments | $400.0M | $450.0M | $400.0M | $116.0M | $364.0M | $118.0M | $1.22B | $879.0M | $1.86B | $2.15B | $2.19B | $2.24B |
| Receivables | $1.22B | $1.25B | $1.15B | $1.12B | $1.01B | $1.08B | $1.11B | $1.18B | $1.35B | $1.35B | $1.15B | $1.47B |
| Inventory | $917.0M | $833.0M | $775.0M | $792.0M | $773.0M | $786.0M | $800.0M | $770.0M | $784.0M | $812.0M | $807.0M | $799.0M |
| Other current assets | $556.0M | $554.0M | $490.0M | $467.0M | $467.0M | $618.0M | $639.0M | $601.0M | $619.0M | $603.0M | $520.0M | $632.0M |
| Total current assets | $6.48B | $5.97B | $5.64B | $5.39B | $6.09B | $10.73B | $11.27B | $11.93B | $12.75B | $13.28B | $13.96B | $14.63B |
| Property, plant & equipment (net) | $20.55B | $20.38B | $21.33B | $20.87B | $20.64B | $20.46B | $20.43B | $20.87B | $20.80B | $20.74B | $20.60B | $20.36B |
| Goodwill & intangible assets | $1.27B | $1.27B | $1.27B | $1.26B | $1.26B | $1.27B | $1.27B | $1.27B | $1.27B | $1.26B | $1.27B | $1.27B |
| Long-term investments | $393.0M | $348.0M | $457.0M | $433.0M | $394.0M | $352.0M | $367.0M | $354.0M | $302.0M | $286.0M | $280.0M | $249.0M |
| Other non-current assets | $1.43B | $1.40B | $359.0M | $345.0M | $317.0M | $397.0M | $414.0M | $419.0M | $443.0M | $443.0M | $388.0M | $471.0M |
| Total assets | $30.12B | $29.36B | $29.06B | $28.31B | $28.71B | $33.21B | $33.75B | $34.85B | $35.56B | $36.02B | $36.49B | $36.98B |
| Liabilities | ||||||||||||
| Accounts payable | $631.0M | $404.0M | $389.0M | $503.0M | $278.0M | $396.0M | $339.0M | $389.0M | $330.0M | $281.0M | $265.0M | $329.0M |
| Short-term debt | $2.44B | $1.15B | $636.0M | $333.0M | $345.0M | $2.94B | $1.96B | $3.13B | $3.13B | $234.0M | $237.0M | $250.0M |
| Deferred revenue | $6.51B | $7.05B | $5.95B | $6.86B | $6.70B | $7.06B | $6.29B | $6.74B | $7.09B | $7.64B | $6.55B | $7.25B |
| Total current liabilities | $13.27B | $12.48B | $10.92B | $10.99B | $10.89B | $13.90B | $12.28B | $13.49B | $14.11B | $12.22B | $12.26B | $12.11B |
| Long-term debt | $3.79B | $4.54B | $4.58B | $4.08B | $4.08B | $4.09B | $5.07B | $5.08B | $5.07B | $7.97B | $7.98B | $7.98B |
| Lease obligations | $943.0M | $1.01B | $1.08B | $1.16B | $1.24B | $1.30B | $1.36B | $1.09B | $1.11B | $1.16B | $1.19B | $1.26B |
| Other long-term liabilities | $5.98B | $5.46B | $5.58B | $5.46B | $5.74B | $5.86B | $6.05B | $5.87B | $5.92B | $5.62B | $5.74B | $5.83B |
| Total liabilities | $23.04B | $22.48B | $21.08B | $20.54B | $20.71B | $23.85B | $23.40B | $24.44B | $25.10B | $25.82B | $25.97B | $25.93B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $888.0M | $888.0M | $888.0M | $888.0M | $888.0M | $888.0M | $888.0M | $888.0M | $888.0M | $888.0M | $888.0M | $888.0M |
| Retained earnings (deficit) | $16.67B | $16.53B | $16.39B | $16.16B | $16.20B | $16.08B | $16.33B | $16.18B | $16.22B | $15.96B | $16.30B | $16.66B |
| Accumulated other comprehensive income | $22.0M | −$1.0M | −$24.0M | −$6.0M | −$35.0M | −$24.0M | −$25.0M | −$37.0M | $11.0M | $19.0M | — | $201.0M |
| Total shareholders' equity | $7.08B | $6.88B | $7.98B | $7.78B | $8.00B | $9.37B | $10.35B | $10.41B | $10.46B | $10.20B | $10.52B | $11.05B |
| Key figures | ||||||||||||
| Total debt | $6.89B | $6.40B | $5.98B | $5.26B | $5.34B | $8.00B | $8.06B | $9.10B | $9.11B | $9.16B | $9.20B | $9.27B |
| Net cash (debt) | −$3.10B | −$3.07B | −$2.75B | −$2.24B | −$1.50B | $257.0M | $667.0M | $287.0M | $893.0M | $1.35B | $2.27B | $2.46B |
| Working capital | −$6.79B | −$6.51B | −$5.28B | −$5.60B | −$4.80B | −$3.17B | −$1.00B | −$1.56B | −$1.36B | $1.06B | $1.70B | $2.52B |
| Tangible book value | $5.82B | $5.61B | $6.71B | $6.51B | $6.74B | $8.10B | $9.08B | $9.14B | $9.20B | $8.93B | $9.25B | $9.79B |
| Book value per share | $14.22 | $13.67 | $15.32 | $14.78 | $14.79 | $16.04 | $16.15 | $17.32 | $16.28 | $17.08 | $17.64 | $17.27 |
| Shares outstanding | 498.0M | 503.0M | 521.0M | 526.0M | 541.0M | 584.0M | 641.0M | 601.0M | 643.0M | 597.0M | 596.0M | 640.0M |
| Current ratio | 0.49 | 0.48 | 0.52 | 0.49 | 0.56 | 0.77 | 0.92 | 0.88 | 0.90 | 1.09 | 1.14 | 1.21 |
| Quick ratio | 0.38 | 0.37 | 0.40 | 0.38 | 0.45 | 0.67 | 0.80 | 0.78 | 0.80 | 0.97 | 1.03 | 1.09 |
| Debt / equity | 0.97 | 0.93 | 0.75 | 0.68 | 0.67 | 0.85 | 0.78 | 0.87 | 0.87 | 0.90 | 0.87 | 0.84 |
| Equity / assets | 23.5% | 23.4% | 27.5% | 27.5% | 27.9% | 28.2% | 30.7% | 29.9% | 29.4% | 28.3% | 28.8% | 29.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 5, 2026); data from EODHD.
LUV financial position
At the end of fiscal 2025 (December 31, 2025), Southwest Airlines had total assets of $29.1 billion (down 13.9% from a year earlier), total liabilities of $21.1 billion and shareholders' equity of $8.0 billion. It held $3.2 billion in cash and short-term investments against $6.0 billion of debt, net debt of $2.8 billion. Its current ratio was 0.52. In the latest quarter (ended June 30, 2026) total assets were $30.1 billion and equity $7.1 billion.
Related: LUV income statement, LUV cash flow statement, LUV key metrics. See the LUV stock overview for the latest quote and news.
LUV balance sheet FAQ
What are Southwest Airlines's total assets?
Southwest Airlines reported total assets of $29.1 billion at the end of fiscal 2025 (December 31, 2025), compared with $33.8 billion a year earlier.
How much debt does Southwest Airlines have?
Southwest Airlines had $6.0 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.75.
How much cash does Southwest Airlines have?
Southwest Airlines held $3.2 billion in cash and short-term investments at the end of fiscal 2025; with $6.0 billion of debt that is net debt of $2.8 billion.
What is Southwest Airlines's book value?
Southwest Airlines's shareholders' equity (book value) was $8.0 billion at the end of fiscal 2025, or $14.30 per share.
What is Southwest Airlines's current ratio?
Southwest Airlines had current assets of $5.6 billion and current liabilities of $10.9 billion, a current ratio of 0.52 (current liabilities exceed current assets).
How much goodwill does Southwest Airlines have?
Southwest Airlines carried $1.3 billion of goodwill and intangible assets, 4.4% of total assets, at the end of fiscal 2025.