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Southwest Airlines LUV Debt-to-equity

Debt-to-equity at other companies

Delta Air Lines logo
Delta Air LinesDAL
-0.4×
United Airlines Holdings logo
United Airlines HoldingsUAL
-0.7×

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$22.81B-7.3%
Enterprise value$25.87B+8.9%
P/E27.9×-17.1×
P/S0.8×-0.1×

Profitability

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Operating margin3.4%+1.6pp
Net margin2.8%+0.8pp

Returns & leverage

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Return on equity10.1%+4.5pp
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-equity?
Southwest Airlines (LUV) reported debt-to-equity of 0.9× in Q1 2026.
How has Southwest Airlines's debt-to-equity changed year-over-year?
Southwest Airlines's debt-to-equity increased by 9.0% year-over-year, from 0.9× to 0.9×.
What is the long-term trend for Southwest Airlines's debt-to-equity?
Over 4 years (2021 to 2025), Southwest Airlines's debt-to-equity has grown at a -13.3% compound annual growth rate (CAGR), from 5.3× to 3×.
What does debt-to-equity mean?
How much debt the company carries for every dollar of shareholder equity.
How do you interpret debt-to-equity?
Lower is generally safer, but moderate leverage can boost returns. Read in the context of cash-flow stability — a utility tolerates more debt than a cyclical. Negative equity makes the ratio meaningless and it is suppressed there.
How does debt-to-equity compare across companies?
Comparable within an industry; capital structures differ sharply across sectors. Not meaningful for banks.