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Southwest Airlines LUV Compensation and benefits

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Other financials

Income statement

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Revenue$8.4B+16.4%
Operating income$285.0M+26.7%
Net income$233.0M+9.4%
EPS (diluted)$0.47+20.5%

Balance sheet

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Cash & equivalents$3.8B+9.1%
Total debt$6.9B+29.0%
Total equity$7.1B-11.5%
Total assets$30.1B+4.9%

Cash flow

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Operating cash flow$530.0M+32.2%
CapEx$818.0M+23.9%
Free cash flow-$288.0M-11.2%

Valuation

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Market cap$22.96B+47.2%
Enterprise value$26.06B+49.2%
P/E27.4×-12.4×
P/S0.8×+0.2×

Profitability

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Operating margin3.5%+2.3pp
Net margin2.8%+1.4pp
FCF margin-1.5%+0.5pp

Returns & leverage

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Return on equity11.1%+6.9pp
Debt / equity1×+0.3×
Current ratio0.5×-0.1×

Where this comes from

Reported directly by Southwest Airlines in its filing.

Tagged under the XBRL concept us-gaap:LaborAndRelatedExpense.

The source filing: Southwest Airlines’s 10-Q, filed July 23, 2026.

Filed
Jul 23, 2026, 4:11 PM EDT
Fiscal quarter
Q2 FY2026
Calendar quarter
Q2 2026
Accession
0000092380-26-000077
Line itemThree months ended June 30, 2026Three months ended June 30, 2025Six months ended June 30, 2026Six months ended June 30, 2025
Other6375731,2521,148
Total operating revenues8,4327,24415,68213,672
OPERATING EXPENSES:
Salaries, wages, and benefits3,4993,2626,7976,364
Aircraft fuel and related taxes2,2151,3263,5712,575
Maintenance materials and repairs294331552623
Landing fees and airport rentals6365671,2081,090
Depreciation and amortization402400800795

Item 1. Financial Statements

FAQ

What is Southwest Airlines's compensation and benefits?
Southwest Airlines (LUV) reported compensation and benefits of $3.5B in Q2 2026.
How has Southwest Airlines's compensation and benefits changed year-over-year?
Southwest Airlines's compensation and benefits increased by 7.3% year-over-year, from $3.26B to $3.5B.
What is the long-term trend for Southwest Airlines's compensation and benefits?
Over 4 years (2021 to 2025), Southwest Airlines's compensation and benefits has grown at a 13.7% compound annual growth rate (CAGR), from $7.74B to $12.96B.
What does compensation and benefits mean?
Total employee-related costs including salaries, wages, bonuses, commissions, stock-based compensation, health insurance, retirement contributions, and payroll taxes.

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