What are Southwest Airlines's total assets?

Southwest Airlines (LUV) holds $29.4B in total assets, down 11.6% year over year.

How much debt does Southwest Airlines have?

Southwest Airlines carries $6.4B in total debt against $6.9B of shareholders' equity, a debt-to-equity ratio of 0.93.

How much cash does Southwest Airlines have?

Southwest Airlines holds $3.3B in cash and equivalents.

Can Southwest Airlines cover its short-term obligations?

Its current ratio is 0.48 — current liabilities exceed current assets.

Where does Southwest Airlines's balance sheet data come from?

Every line is extracted from Southwest Airlines's SEC filings (10-K and 10-Q) and tagged in XBRL. Switch between quarterly, annual, and trailing-twelve-month views, or open any line for its full history and peer comparisons.

Southwest Airlines LUV Balance Sheet Statement

Income Statement Balance Sheet Cash Flow Ratios Segments

Quarterly Annual TTM

YoY

Simplified Detailed

	FY'25	FY'24	FY'23	FY'22
Cash and cash equivalents	$3.23B-57.0%	$7.51B-19.2%	$9.29B-2.1%	$9.49B-23.9%
Accounts receivable, net	$1.15B+3.5%	$1.11B-3.8%	$1.15B+11.0%	$1.04B-23.4%
Prepaid expenses and other current assets	$490M-23.3%	$639M+22.9%	$520M-24.2%	$686M+7.5%
Income taxes receivable	$6M-45.5%	$11M-68.6%	$35M-73.7%	$133M-81.0%
Total current assets	$5.65B-49.9%	$11.27B-19.2%	$13.96B-5.8%	$14.81B-17.9%
Property and equipment, net	$20.25B+6.2%	$19.06B-1.6%	$19.38B+11.7%	$17.34B+16.8%
Accumulated depreciation	$15.7B+5.4%	$14.89B+3.1%	$14.44B+5.9%	$13.64B+7.1%
Operating lease right-of-use assets	$1.09B+2,656,097,560,876%	$0.04+2.5%	$0.04+11.1%	$0.04+2.9%
Goodwill	$970M0.0%	$970M0.0%	$970M0.0%	$970M0.0%
Intangible assets, net	$296M-1.3%	$300M+1.4%	$296M0.0%	$296M+0.3%
Deferred tax assets	$2.29B+550%	$352M+13.9%	$309M-0.3%	$310M+761%
Other non-current assets	$60M-1.6%	$61M+118%	$28M-9.7%	$31M-92.2%
Total investment securities	——	$122M—	——	——
Total investments	$457M+24.5%	$367M+31.1%	$280M+19.1%	$235M—
Equity securities	$457M+24.5%	$367M—	——	——
Flight equipment	$26.29B+4.3%	$25.2B-3.3%	$26.06B+9.8%	$23.73B+11.8%
Total assets	$29.06B-13.9%	$33.75B-7.5%	$36.49B+3.2%	$35.37B-2.6%
Accounts payable	$1.99B+9.5%	$1.82B-2.4%	$1.86B-7.1%	$2B+56.3%
Accrued expenses	$2.35B+6.5%	$2.21B-38.8%	$3.61B+76.5%	$2.04B+25.8%
Accrued compensation	$563M+5.0%	$536M+34.0%	$400M-12.3%	$456M+23.9%
Deferred revenue	$5.95B-5.5%	$6.29B-3.9%	$6.55B+8.0%	$6.06B+8.9%
Current portion of long-term debt	$324M-80.1%	$1.63B+5,521%	$29M-31.0%	$42M-90.7%
Operating lease liabilities, current	$312M-4.9%	$328M+57.7%	$208M-7.6%	$225M-5.9%
Contract liabilities	$1.22B-37.4%	$1.95B+12.7%	$1.73B-21.0%	$2.19B+1.3%
Income taxes payable	$333M+4.7%	$318M+5.3%	$302M+24.8%	$242M+2.5%
Accrued interest	$27M+17.4%	$23M-32.4%	$34M-24.4%	$45M-2.2%
Dividends payable	$93M-13.1%	$107M0.0%	$107M0.0%	$107M—
Derivative liabilities	$16M—	——	——	——
Total current liabilities	$10.92B-11.0%	$12.28B+0.2%	$12.26B+18.1%	$10.38B+13.2%
Deferred tax liabilities	$99M0.0%	$99M+8.8%	$91M-40.9%	$154M-18.1%
Long-term debt	$4.92B-26.6%	$6.7B-16.4%	$8.02B-1.1%	$8.11B-24.6%
Operating lease liabilities, non-current	$768M-25.5%	$1.03B+4.7%	$985M-11.9%	$1.12B-15.0%
Finance Lease Liabilities (Total)	$78M-14.3%	$91M-12.5%	$104M-45.0%	$189M-58.8%
Operating Lease Liabilities (Total)	$1.08B-20.5%	$1.36B+13.9%	$1.19B-11.2%	$1.34B-13.6%
Other non-current liabilities	$1.31B+43.7%	$909M-7.3%	$981M+1.2%	$969M-20.8%
Common stock	$888M-55.6%	$2B0.0%	$2B0.0%	$2B0.0%
Additional paid-in capital	$4.32B+2.9%	$4.2B+1.1%	$4.15B+2.9%	$4.04B-4.4%
Retained earnings	$16.39B+0.3%	$16.33B+0.2%	$16.3B+0.2%	$16.26B+3.1%
Accumulated other comprehensive income (loss)	-$24M+4.0%	-$25M—	$0-100%	$344M-11.3%
Treasury stock	$13.59B+23.1%	$11.04B+2.0%	$10.82B-0.2%	$10.84B-0.2%
Total stockholders' equity	$7.98B-22.9%	$10.35B-1.6%	$10.52B-1.6%	$10.69B+2.6%
Total liabilities and stockholders' equity	$29.06B-13.9%	$33.75B-7.5%	$36.49B+3.2%	$35.37B-2.6%
Inventories of parts and supplies, at cost	$775M-3.1%	$800M-0.9%	$807M+2.2%	$790M+47.1%
Other accounts receivable (net of allowances of $37 in 2026 and $37 in 2025)	$65M-61.1%	$167M+6.4%	$157M-18.7%	$193M+151%
Derivative Assets - Fair Value	$16M-87.7%	$130M-41.7%	$223M-57.6%	$526M-24.4%
Other Receivables	$65M-61.1%	$167M+6.4%	$157M-18.7%	$193M+151%
Capitalized Computer Software, Net	$1.3B+18.2%	$1.1B+10.0%	$1B+7.8%	$928M+4.7%
Deferred Finance Costs, Gross	$18M+260%	$5M-68.8%	$16M-30.4%	$23M-20.7%
Deferred Tax Assets and Other Non-Current Assets	$260M-2.6%	$267M+15.1%	$232M-20.3%	$291M+85.4%
Derivative Assets, Non-Current	$0-100%	$90M-11.8%	$102M-41.4%	$174M-9.4%
Equity Securities (FV-NI) - Non-Current	$457M+24.5%	$367M+31.1%	$280M+19.1%	$235M—
Equity Securities (Non-Current)	$457M+24.5%	$367M+31.1%	$280M+19.1%	$235M—
Accumulated Amortization on Finance Lease Assets	$440M-2.7%	$452M-5.2%	$477M-24.8%	$634M-6.6%
Finance lease right-of-use assets	——	——	——	——
Net Investment in Lease	$1.09B-20.5%	$1.37B+11.9%	$1.22B-12.3%	$1.39B-12.3%
Assets constructed for others	$88M0.0%	$88M+41.9%	$62M+121%	$28M+367%
Capitalized software licenses	$1.3B+18.2%	$1.1B+10.0%	$1B+7.8%	$928M+4.7%
Other intangible assets—net	$296M-1.3%	$300M+1.4%	$296M0.0%	$296M+0.3%
Operating lease right-of-use assets	$1.09B-20.5%	$1.37B+11.9%	$1.22B-12.3%	$1.39B-12.3%
Other non-current assets	$1.11B+2.9%	$1.08B+12.1%	$964M+12.7%	$855M-3.1%
Property, plant and equipment at cost	$35.95B+5.9%	$33.95B+0.4%	$33.82B+9.1%	$30.98B+12.4%
Property, Plant and Equipment, Other, Gross	$9.16B+11.1%	$8.24B+10.5%	$7.46B+8.8%	$6.86B+8.1%
Operating Lease Right-of-Use Assets in Other Assets	$1.09B-20.5%	$1.37B+11.9%	$1.22B-12.3%	$1.39B-12.3%
Software and Technology Licenses, Net	$1.3B+18.2%	$1.1B+10.0%	$1B+7.8%	$928M+4.7%
Tax Credit Carryforward Valuation Allowance	$9M—	$0—	——	——
Accrued Employee Benefits	$242M+36.0%	$178M+33.8%	$133M-18.9%	$164M+16.3%
Accrued liabilities and other current	$210M-5.8%	$223M+2.3%	$218M+34.6%	$162M-47.7%
Accrued Progress Collections and Price Adjustments	$1.22B-37.4%	$1.95B+12.7%	$1.73B-21.0%	$2.19B+1.3%
Other Commercial Liabilities	$2.35B+6.5%	$2.21B-38.8%	$3.61B+76.5%	$2.04B+25.8%
Commercial Paper Outstanding	$272M-27.9%	$377M+243%	$110M-32.1%	$162M+30.6%
Accrued Liabilities, Current	$2.35B+6.5%	$2.21B-38.8%	$3.61B+76.5%	$2.04B+25.8%
Accrued Vacation Current	$684M+4.1%	$657M+27.3%	$516M+6.6%	$484M+7.3%
Current Portion of Long-Term Debt and Finance Lease Obligations	$324M-80.1%	$1.63B+5,521%	$29M-31.0%	$42M-90.7%
Deferred Compensation Liability (Current)	$157M+4.0%	$151M+7.1%	$141M-15.6%	$167M-36.3%
Finance Lease Liability Payment Due	$84M-15.2%	$99M-13.2%	$114M-45.7%	$210M-59.0%
Finance Lease Liability - Undiscounted Excess Amount	$6M-25.0%	$8M-20.0%	$10M-52.4%	$21M-60.4%
Operating Lease Liability Payments - 2024 (Lessee)	$248M-24.4%	$328M+63.2%	$201M-11.8%	$228M-8.4%
Operating Lease Liability Payments - 2025 (Lessee)	$142M-18.4%	$174M-2.8%	$179M+0.6%	$178M-3.3%
Lease Liability Payments - Remainder of Fiscal Year	$345M-6.3%	$368M+52.1%	$242M-9.0%	$266M-6.7%
Operating Lease Liability Payments Due	$1.24B-20.5%	$1.57B+11.2%	$1.41B-9.5%	$1.56B-13.4%
Operating Lease Liability - Undiscounted Excess Amount	$164M-20.4%	$206M-3.7%	$214M+0.9%	$212M-12.0%
Supplier Finance Program Obligations	$24M—	$0—	——	——
Accrued Employee Benefits (Non-Current)	-$321M-25.4%	-$256M+4.8%	-$269M-11.6%	-$241M+27.0%
Contract Liabilities, Non-Current	$1.22B-37.4%	$1.95B+12.7%	$1.73B-21.0%	$2.19B+1.3%
Debt Maturity - 1 to 5 Years	$331M+21.2%	$273M+115%	$127M—	——
Debt Maturity - 2024	$33M+32.0%	$25M+31.6%	$19M—	——
Debt Maturity - 2025	$45M+15.4%	$39M+85.7%	$21M—	——
Debt Maturity - 2027	$766M-64.4%	$2.15B+582%	$315M-89.3%	$2.94B+3,533%
Unamortized Discount and Issuance Costs	$18M+260%	$5M-68.8%	$16M-30.4%	$23M-20.7%
Deferred Tax Liabilities - Leasing Arrangements	$249M-20.7%	$314M+13.8%	$276M-11.3%	$311M-12.6%
Operating Lease Liability Payments - 2026 (Lessee)	$179M-25.4%	$240M+29.0%	$186M-0.5%	$187M-15.4%
Operating Lease Liability Payments - 2027 (Lessee)	$86M-37.7%	$138M-17.9%	$168M-3.4%	$174M-1.1%
Operating Lease Liability Payments - 2028 (Lessee)	$142M-18.4%	$174M-2.8%	$179M+0.6%	$178M-3.3%
Operating Lease Liability Payments - 2029 (Lessee)	$86M-37.7%	$138M-17.9%	$168M-3.4%	$174M-1.1%
Lease Liability Payments - Due After Year Five	$1M-66.7%	$3M-76.9%	$13M-63.9%	$36M-64.7%
Operating Lease Liability Payments - Thereafter (Lessee)	$244M-23.0%	$317M-26.5%	$431M-17.4%	$522M-23.2%
Long-Term Debt and Finance Lease Obligations	$4.58B-9.7%	$5.07B-36.5%	$7.98B-0.8%	$8.05B-21.7%
Long-term debt collateral	$0—	$0—	——	$2B—
Deferred revenue, net of current portion	$1.22B-37.4%	$1.95B+12.7%	$1.73B-21.0%	$2.19B+1.3%
Retirement and nonpension postretirement benefit obligations	$321M+25.4%	$256M-4.8%	$269M+11.6%	$241M-27.0%
AOCI - Defined Benefit Plan Net Gains/Losses	$120M-33.0%	$179M+18.5%	$151M-12.7%	$173M+151%
AOCI - Defined Benefit Plan Prior Service Cost	$12M-7.7%	$13M+550%	$2M-33.3%	$3M0.0%
Common Stock Shares Issued	888.1M0.0%	888.1M0.0%	888.1M0.0%	888.1M0.0%
Additional paid-in capital	$4.32B+2.9%	$4.2B+1.1%	$4.15B+2.9%	$4.04B-4.4%
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	$888M0.0%	$888M0.0%	$888M0.0%	$888M0.0%
Share-Based Payment - Unrecognized Cost of Nonvested Awards	$100M+72.4%	$58M-3.3%	$60M+7.1%	$56M+55.6%
Shares Reserved for Future Issuance Under Stock Plans	80M0.0%	80M+6.7%	75M0.0%	75M+25.0%
Cumulative Cost Basis	$35.95B+5.9%	$33.95B+0.4%	$33.82B+9.1%	$30.98B+12.4%
Defined Benefit Plan Amounts Recognized in Balance Sheet	-$321M-24.9%	-$257M+4.5%	-$269M-11.6%	-$241M+27.0%
Defined Benefit Plan Funded Status	-$321M-25.4%	-$256M+4.8%	-$269M-11.6%	-$241M+27.0%
Property and income taxes	$73M+37.7%	$53M-15.9%	$63M—	——
Aircraft maintenance	$85M-7.6%	$92M+254%	$26M—	——
Accrued bonuses	$147M-29.3%	$208M-89.7%	$2.02B+259%	$563M+275%
Third party services	$201M+14.2%	$176M-34.6%	$269M+37.2%	$196M—
Aircraft maintenance payable	$45M+36.4%	$33M-76.4%	$140M+115%	$65M+54.8%
Business partners	$739M+29.0%	$573M—	——	——
Common stock, capital shares reserved for future issuance	$80M0.0%	$80M+6.7%	$75M0.0%	$75M+25.0%
Number of votes per share	10.0%	10.0%	1—	——
Common stock, shares authorized (in shares)	$2B0.0%	$2B0.0%	$2B0.0%	$2B0.0%
Common stock, shares issued (in shares)	$888.11M0.0%	$888.11M0.0%	$888.11M0.0%	$888.11M0.0%
Contract with Customer, Liability	$7.16B-13.1%	$8.24B-0.4%	$8.28B+0.4%	$8.25B+6.8%
Advances and deposits	$142M+106%	$69M—	——	——
Air traffic liability - passenger travel and ancillary passenger services	$2.83B-16.6%	$3.39B+0.9%	$3.36B+9.9%	$3.06B+4.3%
Air traffic liability - loyalty program	$4.33B-10.6%	$4.85B-1.4%	$4.92B-5.3%	$5.19B+8.4%
Deferred co-brand revenue	$429M+162%	$164M—	——	——
Credit card receivables	$152M+6.3%	$143M-28.5%	$200M+135%	$85M+2.4%
Debt instrument, collateral amount	$0—	$0—	——	$2B—
Deferred Tax Liabilities, Gross	$4.33B+7.1%	$4.05B-4.1%	$4.22B+6.0%	$3.98B+10.1%
Deferred income taxes	$2.29B+5.6%	$2.17B+6.0%	$2.04B+3.0%	$1.99B+12.1%
Loyalty program and flight credit liability	$540M-10.6%	$604M+0.8%	$599M-9.1%	$659M+3.6%
Deferred Tax Assets, Net of Valuation Allowance	$2.04B+8.7%	$1.88B—	——	——
Operating lease liabilities	$252M-21.0%	$319M+14.3%	$279M-10.9%	$313M-15.6%
Deferred Tax Assets, Operating Loss Carryforwards	$644M+83.0%	$352M+13.9%	$309M-0.3%	$310M+761%
R&D credit carryforward	$75M+41.5%	$53M—	——	——
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Benefits	$356M+5.6%	$337M-55.5%	$757M+78.5%	$424M+24.3%
Deferred Tax Assets, Valuation Allowance	$9M—	$0—	——	——
Deferred Tax Liabilities, Net	$2.29B+5.6%	$2.17B+6.0%	$2.04B+3.0%	$1.99B+12.1%
Deferred Tax Liabilities, Other	$99M0.0%	$99M+8.8%	$91M-40.9%	$154M-18.1%
Prepaid expenses	$329M+16.7%	$282M+9.3%	$258M+8.4%	$238M+25.9%
Deferred Tax Liabilities, Property, Plant and Equipment	$3.66B+9.1%	$3.35B-6.8%	$3.6B+9.6%	$3.28B+13.7%
Defined Benefit Plan Accumulated Other Comprehensive Income Before Tax	$108M-34.5%	$165M+10.7%	$149M-12.4%	$170M+158%
2030	$45M+15.4%	$39M+85.7%	$21M—	——
2026	$24M+41.2%	$17M+13.3%	$15M—	——
2028	$33M+32.0%	$25M+31.6%	$19M—	——
2031 — 2035	$331M+21.2%	$273M+115%	$127M—	——
2029	$40M+25.0%	$32M+60.0%	$20M—	——
2027	$28M+40.0%	$20M+11.1%	$18M—	——
Purchase deposits for flight equipment	$401M-2.9%	$413M+75.0%	$236M-37.2%	$376M—
Derivatives	$0-100%	$90M-11.8%	$102M-41.4%	$174M-9.4%
Unrecognized compensation cost related to non-vested awards	$100M+72.4%	$58M-3.3%	$60M+7.1%	$56M+55.6%
Finance Lease Liability Payments Due	$84M-15.2%	$99M-13.2%	$114M-45.7%	$210M-59.0%
Finance Lease Liability Payments Due After Year Five	$1M-66.7%	$3M-76.9%	$13M-63.9%	$36M-64.7%
2027	$27M+8.0%	$25M-24.2%	$33M-32.7%	$49M-50.0%
Finance Lease Liability Payments Due Year Five	$4M-60.0%	$10M-16.7%	$12M-45.5%	$22M-59.3%
Finance Lease Liability Payments Due Year Four	$11M-26.7%	$15M-6.3%	$16M-33.3%	$24M-67.6%
Finance Lease Liability Payments Due Year Three	$17M-26.1%	$23M+43.8%	$16M-51.5%	$33M-63.3%
Finance Lease Liability Payments Due Year Two	$24M+4.3%	$23M-4.2%	$24M-47.8%	$46M-51.1%
Finance Lease Liability Undiscounted Excess Amount	$6M-25.0%	$8M-20.0%	$10M-52.4%	$21M-60.4%
Finance Lease, Right-of-Use Asset, Accumulated Amortization	$440M-2.7%	$452M-5.2%	$477M-24.8%	$634M-6.6%
Financial Instruments Owned US Government And Agency Obligations At Fair Value	——	$1.09B—	——	——
Fuel payable	$157M+82.6%	$86M-46.6%	$161M-14.4%	$188M+10.6%
Tax receivable within other current assets	$6M-45.5%	$11M-68.6%	$35M-73.7%	$133M-81.0%
Investments Fair Value Disclosure	——	$122M—	——	——
Lease Right Of Use Asset	$1.17B-20.4%	$1.47B+9.1%	$1.35B—	——
Lessee Operating Lease Liability Payments Due	$1.24B-20.5%	$1.57B+11.2%	$1.41B-9.5%	$1.56B-13.4%
Lessee Operating Lease Liability Undiscounted Excess Amount	$164M-20.4%	$206M-3.7%	$214M+0.9%	$212M-12.0%
Letters of Credit Outstanding, Amount	$272M-27.9%	$377M+243%	$110M-32.1%	$162M+30.6%
Long-Term Debt and Lease Obligation	$4.58B-9.7%	$5.07B-36.5%	$7.98B-0.8%	$8.05B-21.7%
Less: current maturities	$324M-80.1%	$1.63B+5,521%	$29M-31.0%	$42M-90.7%
2028	$2.15B+572%	$320M-89.1%	$2.93B+7,056%	$41M-96.8%
2029	$766M-64.4%	$2.15B+582%	$315M-89.3%	$2.94B+3,533%
2029	$504M+5,500%	$9M-18.2%	$11M-99.5%	$2.15B+513%
2030	$11M-26.7%	$15M-99.3%	$2.14B+565%	$322M-91.3%
Thereafter	$1.18B-54.2%	$2.57B-0.4%	$2.58B-0.8%	$2.6B-49.0%
2027	$321M-80.3%	$1.63B+5,531%	$29M-31.0%	$42M-90.7%
Number Of Aircrafts Ordered	——	——	694—	——
2026	——	——	——	——
2031	——	——	90—	——
2030	——	——	90—	——
2027	——	——	85—	——
2029	——	——	85—	——
2028	——	——	74—	——
Number of aircrafts to be delivered	——	——	——	——
Number of claims alleged in litigation case	——	——	——	——
Number of payroll support programs	3—	——	——	——
Other accrued liabilities	$387M+35.3%	$286M+13.0%	$253M+1.2%	$250M+35.1%
Other Assets, Miscellaneous	$60M-1.6%	$61M+118%	$28M-81.3%	$150M-62.0%
Deferred compensation liabilities	$512M+24.3%	$412M+15.1%	$358M+8.2%	$331M-10.3%
Other	$44M-42.9%	$77M-73.7%	$293M+17.2%	$250M-14.4%
Prepaid maintenance	$299M+13.7%	$263M+1.9%	$258M+117%	$119M—
Reinsurance payable and losses payable	$175M-29.7%	$249M—	——	——
Reinsurance payable and losses payable	$175M-29.7%	$249M—	——	——
Reinsurance receivable and losses recoverable	$89M-47.0%	$168M—	——	——
Reinsurance receivable and losses recoverable	$89M-47.0%	$168M—	——	——
Flight credits (as a percent)	5%-3.0%	8%0.0%	8%-1.0%	9%-7.0%
Revenue from contract with customer, number of performance obligations	3+50.0%	20.0%	2—	——
Incentive stock program, shares reserved for future grants (in shares)	$21M-25.0%	$28M-6.7%	$30M-11.8%	$34M+54.5%
The remaining balance of shares originally authorized for issue under the employee stock purchase plan (in shares)	12M-14.3%	14M-17.6%	17M-5.6%	18M+260%
Share Repurchase Program, Authorized, Amount	——	——	——	——
Treasury stock, shares (in shares)	$372.53M+26.4%	$294.8M+1.1%	$291.6M-0.9%	$294.11M—
Average price paid per share (in USD per share)	$28.54+8.2%	$26.38-3.9%	$27.46-23.9%	$36.10-23.7%

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Questions, answered.

What are Southwest Airlines's total assets?: Southwest Airlines (LUV) holds $29.4B in total assets, down 11.6% year over year.
How much debt does Southwest Airlines have?: Southwest Airlines carries $6.4B in total debt against $6.9B of shareholders' equity, a debt-to-equity ratio of 0.93.
How much cash does Southwest Airlines have?: Southwest Airlines holds $3.3B in cash and equivalents.
Can Southwest Airlines cover its short-term obligations?: Its current ratio is 0.48 — current liabilities exceed current assets.
Where does Southwest Airlines's balance sheet data come from?: Every line is extracted from Southwest Airlines's SEC filings (10-K and 10-Q) and tagged in XBRL. Switch between quarterly, annual, and trailing-twelve-month views, or open any line for its full history and peer comparisons.