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Southwest Airlines Balance Sheet Statement

Assets, liabilities, and shareholders' equity

Southwest Airlines holds $29.4B in total assets. Shareholders' equity is $6.9B against $6.4B in total debt. Cash and equivalents total $3.3B. The current ratio is 0.478 and debt-to-equity is 0.930. Based on the Q1 2026 filing.

Total Assets$29.4BTotal Stockholders Equity$6.9BLong Term Debt$4.5BCash And Equivalents$3.3BTotal Current Assets$6.0BTotal Current Liabilities$12.5B
Latest FilingQ1 2026
Report Date2026-04-23
Market Cap$21.2B
P/E Ratio25.91
ROE10.06%

Current Liabilities

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Accounts payable$1.8B$1.9B$1.8B$1.7B$2.0B$2.1B
Accrued compensation$536.0M$498.0M$519.0M$452.0M$563.0M$559.0M
Accrued Employee Benefits$178.0M$185.0M$205.0M$225.0M$242.0M$247.0M
Accrued expenses$2.2B$2.0B$2.0B$2.1B$2.3B$2.2B
Accrued interest$23.0M$44.0M$17.0M$36.0M$27.0M$68.0M
Accrued liabilities and other current$223.0M$218.0M$184.0M$166.0M$210.0M$141.0M
Accrued Progress Collections and Price Adjustments$1.9B$1.8B$1.6B$1.3B$1.2B$1.2B
Other Commercial Liabilities$2.2B$2.0B$2.0B$2.1B$2.3B$2.2B
Commercial Paper Outstanding$377.0M———$272.0M—
Contract liabilities$1.9B$1.8B$1.6B$1.3B$1.2B$1.2B
Accrued Liabilities, Current$2.2B$2.0B$2.0B$2.1B$2.3B$2.2B
Accrued Vacation Current$657.0M$670.0M$673.0M$682.0M$684.0M$697.0M
Current portion of long-term debt$1.6B$2.6B$22.0M$23.0M$324.0M$851.0M
Current Portion of Long-Term Debt and Finance Lease Obligations$1.6B$2.6B$22.0M$23.0M$324.0M$851.0M
Deferred Compensation Liability (Current)$151.0M$38.0M$54.0M$44.0M$157.0M$109.0M
Deferred revenue$6.3B$7.1B$6.7B$6.9B$5.9B$7.0B
Dividends payable$107.0M$103.0M$95.0M$0.0$93.0M$89.0M
Derivative liabilities————$16.0M$20.0M
Finance Lease Liability Payment Due$99.0M———$84.0M—
Finance Lease Liability - Undiscounted Excess Amount$8.0M———$6.0M—
Income taxes payable$318.0M$438.0M$391.0M$302.0M$333.0M$474.0M
Operating Lease Liability Payments - 2024 (Lessee)$328.0M———$248.0M—
Operating Lease Liability Payments - 2025 (Lessee)$174.0M———$142.0M—
Lease Liability Payments - Remainder of Fiscal Year$368.0M———$345.0M—
Operating lease liabilities, current$328.0M$331.0M$323.0M$310.0M$312.0M$300.0M
Operating Lease Liability Payments Due$1.6B———$1.2B—
Operating Lease Liability - Undiscounted Excess Amount$206.0M———$164.0M—
Supplier Finance Program Obligations$0.0——$12.0M$24.0M$21.0M
Total current liabilities$12.3B$13.9B$10.9B$11.0B$10.9B$12.5B

Current Assets

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Accounts receivable, net$1.1B$1.1B$1.0B$1.1B$1.1B$1.3B
Cash and cash equivalents$7.5B$8.1B$3.5B$2.9B$3.2B$3.3B
Inventories of parts and supplies, at cost$800.0M$786.0M$773.0M$792.0M$775.0M$833.0M
Other accounts receivable (net of allowances of $37 in 2026 and $37 in 2025)$167.0M$61.0M$31.0M$24.0M$65.0M$68.0M
Derivative Assets - Fair Value$130.0M———$16.0M$20.0M
Income taxes receivable$11.0M$11.0M$10.0M$10.0M$6.0M$6.0M
Other Receivables$167.0M$61.0M$31.0M$24.0M$65.0M$68.0M
Prepaid expenses and other current assets$639.0M$618.0M$467.0M$467.0M$490.0M$554.0M
Total current assets$11.3B$10.7B$6.1B$5.4B$5.6B$6.0B

Non-Current Liabilities

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Accrued Employee Benefits (Non-Current)-$256.0M———-$321.0M—
Contract Liabilities, Non-Current$1.9B$1.8B$1.6B$1.3B$1.2B$1.2B
Debt Maturity - 1 to 5 Years$273.0M———$331.0M—
Debt Maturity - 2024$25.0M———$33.0M—
Debt Maturity - 2025$39.0M———$45.0M—
Debt Maturity - 2027$2.1B———$766.0M—
Unamortized Discount and Issuance Costs$5.0M———$18.0M—
Deferred tax liabilities$99.0M———$99.0M—
Deferred Tax Liabilities - Leasing Arrangements$314.0M———$249.0M—
Finance Lease Liabilities (Total)$91.0M———$78.0M—
Operating Lease Liability Payments - 2026 (Lessee)$240.0M———$179.0M—
Operating Lease Liability Payments - 2027 (Lessee)$138.0M———$86.0M—
Operating Lease Liability Payments - 2028 (Lessee)$174.0M———$142.0M—
Operating Lease Liability Payments - 2029 (Lessee)$138.0M———$86.0M—
Lease Liability Payments - Due After Year Five$3.0M———$1.0M—
Operating Lease Liability Payments - Thereafter (Lessee)$317.0M———$244.0M—
Long-term debt$6.7B$4.1B$4.1B$4.1B$4.9B$4.5B
Long-Term Debt and Finance Lease Obligations$5.1B$4.1B$4.1B$4.1B$4.6B$4.5B
Long-term debt collateral$0.0———$0.0—
Deferred revenue, net of current portion$1.9B$1.8B$1.6B$1.3B$1.2B$1.2B
Retirement and nonpension postretirement benefit obligations$256.0M$259.0M$260.0M$261.0M$321.0M$318.0M
Operating lease liabilities, non-current$1.0B$970.0M$915.0M$846.0M$768.0M$709.0M
Operating Lease Liabilities (Total)$1.4B———$1.1B—
Other non-current liabilities$909.0M$923.0M$1.0B$1.1B$1.3B$1.2B

Equity

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Additional paid-in capital$4.2B$4.2B$4.2B$4.3B$4.3B$4.3B
Accumulated other comprehensive income (loss)-$25.0M-$24.0M-$35.0M-$6.0M-$24.0M-$1.0M
AOCI - Defined Benefit Plan Net Gains/Losses$179.0M———$120.0M—
AOCI - Defined Benefit Plan Prior Service Cost$13.0M———$12.0M—
Common stock$2.0B$888.0M$888.0M$888.0M$888.0M$888.0M
Common Stock Shares Issued888.1M———888.1M—
Additional paid-in capital$4.2B$4.2B$4.2B$4.3B$4.3B$4.3B
Common stock; $0.001 par value; 6,000 shares authorized; 3,755 and 3,751 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively$888.0M$888.0M$888.0M$888.0M$888.0M$888.0M
Retained earnings$16.3B$16.1B$16.2B$16.2B$16.4B$16.5B
Share-Based Payment - Unrecognized Cost of Nonvested Awards$58.0M———$100.0M—
Shares Reserved for Future Issuance Under Stock Plans80M———80M—
Total liabilities and stockholders' equity$33.8B$33.2B$28.7B$28.3B$29.1B$29.4B
Total stockholders' equity$10.4B$9.4B$8.0B$7.8B$8.0B$6.9B
Treasury stock$11.0B$11.8B$13.3B$13.5B$13.6B$14.8B

Non-Current Assets

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Flight equipment$25.2B$25.3B$25.9B$26.0B$26.3B$26.3B
Capitalized Computer Software, Net$1.1B———$1.3B—
Deferred Finance Costs, Gross$5.0M———$18.0M—
Deferred tax assets$352.0M$2.1B$2.2B$2.2B$2.3B$2.4B
Deferred Tax Assets and Other Non-Current Assets$267.0M$1.0B$1.0B$1.1B$260.0M$1.0B
Derivative Assets, Non-Current$90.0M———$0.0—
Equity Securities (FV-NI) - Non-Current$367.0M$352.0M$394.0M$433.0M$457.0M$348.0M
Equity Securities (Non-Current)$367.0M$352.0M$394.0M$433.0M$457.0M$348.0M
Total investment securities$122.0M—————
Total investments$367.0M$352.0M$394.0M$433.0M$457.0M$348.0M
Accumulated Amortization on Finance Lease Assets$452.0M———$440.0M—
Goodwill$970.0M$970.0M$970.0M$970.0M$970.0M$970.0M
Equity securities$367.0M———$457.0M$348.0M
Intangible assets, net$300.0M$299.0M$295.0M$295.0M$296.0M$296.0M
Net Investment in Lease$1.4B$1.3B$1.2B$1.2B$1.1B$1.0B
Assets constructed for others$88.0M$88.0M$88.0M$88.0M$88.0M$88.0M
Capitalized software licenses$1.1B———$1.3B—
Other intangible assets—net$300.0M$299.0M$295.0M$295.0M$296.0M$296.0M
Operating lease right-of-use assets$1.4B$1.3B$1.2B$1.2B$1.1B$1.0B
Other non-current assets$1.1B$1.0B$1.0B$1.1B$1.1B$1.0B
Property, plant and equipment at cost$33.9B$34.3B$34.8B$35.3B$35.9B$36.2B
Property, Plant and Equipment, Other, Gross$8.2B$8.5B$8.7B$8.8B$9.2B$9.3B
Operating lease right-of-use assets$0.0$1.3B$1.2B$1.2B$1.1B$1.0B
Operating Lease Right-of-Use Assets in Other Assets$1.4B$1.3B$1.2B$1.2B$1.1B$1.0B
Other non-current assets$61.0M$8.5B$8.7B$8.8B$60.0M$9.3B
Accumulated depreciation$14.9B$15.1B$15.4B$15.6B$15.7B$15.8B
Property and equipment, net$19.1B$19.2B$19.4B$19.7B$20.2B$20.4B
Software and Technology Licenses, Net$1.1B$1.0B$1.0B$1.1B$1.3B$1.0B
Tax Credit Carryforward Valuation Allowance$0.0———$9.0M—
Total assets$33.8B$33.2B$28.7B$28.3B$29.1B$29.4B

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Cumulative Cost Basis$33.9B$34.3B$34.8B$35.3B$35.9B$36.2B
Defined Benefit Plan Amounts Recognized in Balance Sheet-$257.0M———-$321.0M—
Defined Benefit Plan Funded Status-$256.0M———-$321.0M—
Property and income taxes$53.0M$70.0M$69.0M$69.0M$73.0M$69.0M
Aircraft maintenance$92.0M$109.0M$118.0M$138.0M$85.0M$56.0M
Accrued bonuses$208.0M$77.0M$97.0M$112.0M$147.0M$39.0M
Third party services$176.0M$141.0M$210.0M$177.0M$201.0M$205.0M
Aircraft maintenance payable$33.0M$47.0M$49.0M$43.0M$45.0M$34.0M
Business partners$573.0M—$648.0M$736.0M$739.0M$725.0M
Common stock, capital shares reserved for future issuance$80.0M———$80.0M—
Number of votes per share1.00———1.00—
Common stock, shares authorized (in shares)$2.0B———$2.0B—
Common stock, shares issued (in shares)$888.1M———$888.1M—
Contract with Customer, Liability$8.2B$8.9B$8.3B$8.1B$7.2B$8.3B
Advances and deposits$69.0M———$142.0M$127.0M
Air traffic liability - passenger travel and ancillary passenger services$3.4B$4.1B$3.6B$3.6B$2.8B$4.0B
Air traffic liability - loyalty program$4.8B$4.8B$4.7B$4.5B$4.3B$4.3B
Deferred co-brand revenue$164.0M———$429.0M$432.0M
Credit card receivables$143.0M$192.0M$144.0M$199.0M$152.0M$206.0M
Debt instrument, collateral amount$0.0———$0.0—
Deferred Tax Liabilities, Gross$4.0B———$4.3B—
Deferred income taxes$2.2B$2.1B$2.2B$2.2B$2.3B$2.4B
Loyalty program and flight credit liability$604.0M———$540.0M—
Deferred Tax Assets, Net of Valuation Allowance$1.9B———$2.0B—
Operating lease liabilities$319.0M———$252.0M—
Deferred Tax Assets, Operating Loss Carryforwards$352.0M———$644.0M—
R&D credit carryforward$53.0M———$75.0M—
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Benefits$337.0M———$356.0M—
Deferred Tax Assets, Valuation Allowance$0.0———$9.0M—
Deferred Tax Liabilities, Net$2.2B———$2.3B—
Deferred Tax Liabilities, Other$99.0M———$99.0M—
Prepaid expenses$282.0M———$329.0M—
Deferred Tax Liabilities, Property, Plant and Equipment$3.4B———$3.7B—
Defined Benefit Plan Accumulated Other Comprehensive Income Before Tax$165.0M———$108.0M—
2030$39.0M———$45.0M—
2026$17.0M———$24.0M—
2028$25.0M———$33.0M—
2031 — 2035$273.0M———$331.0M—
2029$32.0M———$40.0M—
2027$20.0M———$28.0M—
Purchase deposits for flight equipment$413.0M$344.0M$221.0M$402.0M$401.0M$494.0M
Derivatives$90.0M———$0.0—
Unrecognized compensation cost related to non-vested awards$58.0M———$100.0M—
Finance Lease Liability Payments Due$99.0M———$84.0M—
Finance Lease Liability Payments Due After Year Five$3.0M———$1.0M—
2027$25.0M———$27.0M—
Finance Lease Liability Payments Due Year Five$10.0M———$4.0M—
Finance Lease Liability Payments Due Year Four$15.0M———$11.0M—
Finance Lease Liability Payments Due Year Three$23.0M———$17.0M—
Finance Lease Liability Payments Due Year Two$23.0M———$24.0M—
Finance Lease Liability Undiscounted Excess Amount$8.0M———$6.0M—
Finance Lease, Right-of-Use Asset, Accumulated Amortization$452.0M———$440.0M—
Financial Instruments Owned US Government And Agency Obligations At Fair Value$1.1B—————
Fuel payable$86.0M$84.0M$85.0M$65.0M$157.0M$208.0M
Tax receivable within other current assets$11.0M$11.0M$10.0M$10.0M$6.0M$6.0M
Investments Fair Value Disclosure$122.0M—————
Lease Right Of Use Asset$1.5B———$1.2B—
Lessee Operating Lease Liability Payments Due$1.6B———$1.2B—
Lessee Operating Lease Liability Undiscounted Excess Amount$206.0M———$164.0M—
Letters of Credit Outstanding, Amount$377.0M———$272.0M—
Long-Term Debt and Lease Obligation$5.1B$4.1B$4.1B$4.1B$4.6B$4.5B
Less: current maturities$1.6B$2.6B$22.0M$23.0M$324.0M$851.0M
2028$320.0M———$2.2B—
2029$2.1B———$766.0M—
2029$9.0M———$504.0M—
2030$15.0M———$11.0M—
Thereafter$2.6B———$1.2B—
2027$1.6B———$321.0M—
Number Of Aircrafts Ordered—672.00672.00672.00—617.00
2026—136.00136.00136.00—167.00
2031—90.0090.0090.00—90.00
2030—90.0090.0090.00—90.00
2027—86.0086.0086.00—90.00
2029—90.0090.0090.00—90.00
2028—90.0090.0090.00—90.00
Number of aircrafts to be delivered——136.00136.00—167.00
Number of payroll support programs—3.003.003.003.003.00
Other accrued liabilities$286.0M$324.0M$381.0M$372.0M$387.0M$374.0M
Other Assets, Miscellaneous$61.0M$64.0M$60.0M$63.0M$60.0M$66.0M
Deferred compensation liabilities$412.0M$403.0M$446.0M$487.0M$512.0M$397.0M
Other$77.0M$261.0M$332.0M$396.0M$44.0M$50.0M
Prepaid maintenance$263.0M$262.0M$257.0M$282.0M$299.0M$311.0M
Reinsurance payable and losses payable$249.0M——$181.0M$175.0M$155.0M
Reinsurance payable and losses payable$249.0M———$175.0M—
Reinsurance receivable and losses recoverable$168.0M——$97.0M$89.0M$78.0M
Reinsurance receivable and losses recoverable$168.0M———$89.0M—
Flight credits (as a percent)8.0%7.0%6.0%5.0%5.0%4.0%
Revenue from contract with customer, number of performance obligations2.00———3.00—
Incentive stock program, shares reserved for future grants (in shares)$28.0M———$21.0M—
The remaining balance of shares originally authorized for issue under the employee stock purchase plan (in shares)14M———12M—
Share Repurchase Program, Authorized, Amount———$2.0B——
Treasury stock, shares (in shares)$294.8M———$372.5M—
Average price paid per share (in USD per share)$26.38———$28.54—