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Southwest Airlines LUV Debt-to-assets

Debt-to-assets at other companies

Delta Air Lines logo
Delta Air LinesDAL
0.2×0.0×
United Airlines Holdings logo
United Airlines HoldingsUAL
0.4×0.0×

Other financials

Income statement

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Revenue$7.2B+12.8%
Operating income$330.0M+248%
Net income$227.0M+252%
EPS (diluted)$0.45+273%

Balance sheet

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Cash & equivalents$3.3B-59.1%
Total debt$6.4B-20.0%
Total equity$6.9B-26.6%
Total assets$29.4B-11.6%

Cash flow

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Operating cash flow$1.4B+64.9%
CapEx$630.0M+19.5%
Free cash flow$788.0M+137%

Valuation

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Market cap$23.45B-7.3%
Enterprise value$26.51B+8.9%
P/E28.7×-17.6×
P/S0.8×-0.1×

Profitability

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Operating margin3.4%+1.6pp
Net margin2.8%+0.8pp
FCF margin-1.4%-0.4pp

Returns & leverage

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Return on equity10.1%+4.5pp
Debt / equity0.9×+0.1×
Current ratio0.5×-0.3×

Where this comes from

Calculated from Southwest Airlines’s reported figures.

Based on the most recent quarter.

The official record: Southwest Airlines’s 10-Q, filed April 23, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Southwest Airlines's debt-to-assets?
Southwest Airlines (LUV) reported debt-to-assets of 0.2× in Q1 2026.
How has Southwest Airlines's debt-to-assets changed year-over-year?
Southwest Airlines's debt-to-assets decreased by 9.5% year-over-year, from 0.2× to 0.2×.
What is the long-term trend for Southwest Airlines's debt-to-assets?
Over 5 years (2020 to 2025), Southwest Airlines's debt-to-assets has grown at a -10.1% compound annual growth rate (CAGR), from 0.4× to 0.2×.
What does debt-to-assets mean?
What fraction of everything the company owns is funded by debt.
How do you interpret debt-to-assets?
A lower ratio indicates a more conservatively financed balance sheet. Rising debt-to-assets over time signals increasing financial risk.
How does debt-to-assets compare across companies?
Comparable within an industry; bounded between 0 and 1 for most non-financials, which makes cross-company reads cleaner than debt-to-equity.