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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$21.6B
P/E Ratio26.50
ROE10.06%

Current Liabilities

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Accounts payable$1.8B$1.9B$1.8B$1.7B$2B$2.1B
Accrued compensation$536M$498M$519M$452M$563M$559M
Accrued Employee Benefits$178M$185M$205M$225M$242M$247M
Accrued expenses$2.2B$2B$2B$2.1B$2.3B$2.2B
Accrued interest$23M$44M$17M$36M$27M$68M
Accrued liabilities and other current$223M$218M$184M$166M$210M$141M
Accrued Progress Collections and Price Adjustments$1.9B$1.8B$1.6B$1.3B$1.2B$1.2B
Other Commercial Liabilities$2.2B$2B$2B$2.1B$2.3B$2.2B
Commercial Paper Outstanding$377M———$272M—
Contract liabilities$1.9B$1.8B$1.6B$1.3B$1.2B$1.2B
Accrued Liabilities, Current$2.2B$2B$2B$2.1B$2.3B$2.2B
Accrued Vacation Current$657M$670M$673M$682M$684M$697M
Current portion of long-term debt$1.6B$2.6B$22M$23M$324M$851M
Current Portion of Long-Term Debt and Finance Lease Obligations$1.6B$2.6B$22M$23M$324M$851M
Deferred Compensation Liability (Current)$151M$38M$54M$44M$157M$109M
Deferred revenue$6.3B$7.1B$6.7B$6.9B$5.9B$7B
Dividends payable$107M$103M$95M$0$93M$89M
Derivative liabilities————$16M$20M
Finance Lease Liability Payment Due$99M———$84M—
Finance Lease Liability - Undiscounted Excess Amount$8M———$6M—
Income taxes payable$318M$438M$391M$302M$333M$474M
Operating Lease Liability Payments - 2024 (Lessee)$328M———$248M—
Operating Lease Liability Payments - 2025 (Lessee)$174M———$142M—
Lease Liability Payments - Remainder of Fiscal Year$368M———$345M—
Operating lease liabilities, current$328M$331M$323M$310M$312M$300M
Operating Lease Liability Payments Due$1.6B———$1.2B—
Operating Lease Liability - Undiscounted Excess Amount$206M———$164M—
Supplier Finance Program Obligations$0——$12M$24M$21M
Total current liabilities$12.3B$13.9B$10.9B$11B$10.9B$12.5B

Current Assets

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Accounts receivable, net$1.1B$1.1B$1B$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$800M$786M$773M$792M$775M$833M
Other accounts receivable (net of allowances of $37 in 2026 and $37 in 2025)$167M$61M$31M$24M$65M$68M
Derivative Assets - Fair Value$130M———$16M$20M
Income taxes receivable$11M$11M$10M$10M$6M$6M
Other Receivables$167M$61M$31M$24M$65M$68M
Prepaid expenses and other current assets$639M$618M$467M$467M$490M$554M
Total current assets$11.3B$10.7B$6.1B$5.4B$5.6B$6B

Non-Current Liabilities

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Accrued Employee Benefits (Non-Current)-$256M———-$321M—
Contract Liabilities, Non-Current$1.9B$1.8B$1.6B$1.3B$1.2B$1.2B
Debt Maturity - 1 to 5 Years$273M———$331M—
Debt Maturity - 2024$25M———$33M—
Debt Maturity - 2025$39M———$45M—
Debt Maturity - 2027$2.1B———$766M—
Unamortized Discount and Issuance Costs$5M———$18M—
Deferred tax liabilities$99M———$99M—
Deferred Tax Liabilities - Leasing Arrangements$314M———$249M—
Finance Lease Liabilities (Total)$91M———$78M—
Operating Lease Liability Payments - 2026 (Lessee)$240M———$179M—
Operating Lease Liability Payments - 2027 (Lessee)$138M———$86M—
Operating Lease Liability Payments - 2028 (Lessee)$174M———$142M—
Operating Lease Liability Payments - 2029 (Lessee)$138M———$86M—
Lease Liability Payments - Due After Year Five$3M———$1M—
Operating Lease Liability Payments - Thereafter (Lessee)$317M———$244M—
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—
Deferred revenue, net of current portion$1.9B$1.8B$1.6B$1.3B$1.2B$1.2B
Retirement and nonpension postretirement benefit obligations$256M$259M$260M$261M$321M$318M
Operating lease liabilities, non-current$1B$970M$915M$846M$768M$709M
Operating Lease Liabilities (Total)$1.4B———$1.1B—
Other non-current liabilities$909M$923M$1B$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)-$25M-$24M-$35M-$6M-$24M-$1M
AOCI - Defined Benefit Plan Net Gains/Losses$179M———$120M—
AOCI - Defined Benefit Plan Prior Service Cost$13M———$12M—
Common stock$2B$888M$888M$888M$888M$888M
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$888M$888M$888M$888M$888M$888M
Retained earnings$16.3B$16.1B$16.2B$16.2B$16.4B$16.5B
Share-Based Payment - Unrecognized Cost of Nonvested Awards$58M———$100M—
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$8B$7.8B$8B$6.9B
Treasury stock$11B$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$26B$26.3B$26.3B
Capitalized Computer Software, Net$1.1B———$1.3B—
Deferred Finance Costs, Gross$5M———$18M—
Deferred tax assets$352M$2.1B$2.2B$2.2B$2.3B$2.4B
Deferred Tax Assets and Other Non-Current Assets$267M$1B$1B$1.1B$260M$1B
Derivative Assets, Non-Current$90M———$0—
Equity Securities (FV-NI) - Non-Current$367M$352M$394M$433M$457M$348M
Equity Securities (Non-Current)$367M$352M$394M$433M$457M$348M
Total investment securities$122M—————
Total investments$367M$352M$394M$433M$457M$348M
Accumulated Amortization on Finance Lease Assets$452M———$440M—
Goodwill$970M$970M$970M$970M$970M$970M
Equity securities$367M———$457M$348M
Intangible assets, net$300M$299M$295M$295M$296M$296M
Net Investment in Lease$1.4B$1.3B$1.2B$1.2B$1.1B$1B
Assets constructed for others$88M$88M$88M$88M$88M$88M
Capitalized software licenses$1.1B———$1.3B—
Other intangible assets—net$300M$299M$295M$295M$296M$296M
Operating lease right-of-use assets$1.4B$1.3B$1.2B$1.2B$1.1B$1B
Other non-current assets$1.1B$1B$1B$1.1B$1.1B$1B
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$1.3B$1.2B$1.2B$1.1B$1B
Operating Lease Right-of-Use Assets in Other Assets$1.4B$1.3B$1.2B$1.2B$1.1B$1B
Other non-current assets$61M$8.5B$8.7B$8.8B$60M$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$1B$1B$1.1B$1.3B$1B
Tax Credit Carryforward Valuation Allowance$0———$9M—
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-$257M———-$321M—
Defined Benefit Plan Funded Status-$256M———-$321M—
Property and income taxes$53M$70M$69M$69M$73M$69M
Aircraft maintenance$92M$109M$118M$138M$85M$56M
Accrued bonuses$208M$77M$97M$112M$147M$39M
Third party services$176M$141M$210M$177M$201M$205M
Aircraft maintenance payable$33M$47M$49M$43M$45M$34M
Business partners$573M—$648M$736M$739M$725M
Common stock, capital shares reserved for future issuance$80M———$80M—
Number of votes per share1.00———1.00—
Common stock, shares authorized (in shares)$2B———$2B—
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$69M———$142M$127M
Air traffic liability - passenger travel and ancillary passenger services$3.4B$4.1B$3.6B$3.6B$2.8B$4B
Air traffic liability - loyalty program$4.8B$4.8B$4.7B$4.5B$4.3B$4.3B
Deferred co-brand revenue$164M———$429M$432M
Credit card receivables$143M$192M$144M$199M$152M$206M
Debt instrument, collateral amount$0———$0—
Deferred Tax Liabilities, Gross$4B———$4.3B—
Deferred income taxes$2.2B$2.1B$2.2B$2.2B$2.3B$2.4B
Loyalty program and flight credit liability$604M———$540M—
Deferred Tax Assets, Net of Valuation Allowance$1.9B———$2B—
Operating lease liabilities$319M———$252M—
Deferred Tax Assets, Operating Loss Carryforwards$352M———$644M—
R&D credit carryforward$53M———$75M—
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Benefits$337M———$356M—
Deferred Tax Assets, Valuation Allowance$0———$9M—
Deferred Tax Liabilities, Net$2.2B———$2.3B—
Deferred Tax Liabilities, Other$99M———$99M—
Prepaid expenses$282M———$329M—
Deferred Tax Liabilities, Property, Plant and Equipment$3.4B———$3.7B—
Defined Benefit Plan Accumulated Other Comprehensive Income Before Tax$165M———$108M—
2030$39M———$45M—
2026$17M———$24M—
2028$25M———$33M—
2031 — 2035$273M———$331M—
2029$32M———$40M—
2027$20M———$28M—
Purchase deposits for flight equipment$413M$344M$221M$402M$401M$494M
Derivatives$90M———$0—
Unrecognized compensation cost related to non-vested awards$58M———$100M—
Finance Lease Liability Payments Due$99M———$84M—
Finance Lease Liability Payments Due After Year Five$3M———$1M—
2027$25M———$27M—
Finance Lease Liability Payments Due Year Five$10M———$4M—
Finance Lease Liability Payments Due Year Four$15M———$11M—
Finance Lease Liability Payments Due Year Three$23M———$17M—
Finance Lease Liability Payments Due Year Two$23M———$24M—
Finance Lease Liability Undiscounted Excess Amount$8M———$6M—
Finance Lease, Right-of-Use Asset, Accumulated Amortization$452M———$440M—
Financial Instruments Owned US Government And Agency Obligations At Fair Value$1.1B—————
Fuel payable$86M$84M$85M$65M$157M$208M
Tax receivable within other current assets$11M$11M$10M$10M$6M$6M
Investments Fair Value Disclosure$122M—————
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$206M———$164M—
Letters of Credit Outstanding, Amount$377M———$272M—
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$22M$23M$324M$851M
2028$320M———$2.2B—
2029$2.1B———$766M—
2029$9M———$504M—
2030$15M———$11M—
Thereafter$2.6B———$1.2B—
2027$1.6B———$321M—
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$286M$324M$381M$372M$387M$374M
Other Assets, Miscellaneous$61M$64M$60M$63M$60M$66M
Deferred compensation liabilities$412M$403M$446M$487M$512M$397M
Other$77M$261M$332M$396M$44M$50M
Prepaid maintenance$263M$262M$257M$282M$299M$311M
Reinsurance payable and losses payable$249M——$181M$175M$155M
Reinsurance payable and losses payable$249M———$175M—
Reinsurance receivable and losses recoverable$168M——$97M$89M$78M
Reinsurance receivable and losses recoverable$168M———$89M—
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)$28M———$21M—
The remaining balance of shares originally authorized for issue under the employee stock purchase plan (in shares)14M———12M—
Share Repurchase Program, Authorized, Amount———$2B——
Treasury stock, shares (in shares)$294.8M———$372.5M—
Average price paid per share (in USD per share)$26.38———$28.54—