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Southwest Airlines LUV Flight credits (as a percent)

Flight credits (as a percent) at other companies

Healthcare Services Group logo
Healthcare Services GroupHCSG
24.8%-0.6pp
Johnson & Johnson logo
Johnson & JohnsonJNJ
-14%+28.0pp
Johnson & Johnson logo
Johnson & JohnsonJNJ
-27.2%+42.4pp
Johnson & Johnson logo
Johnson & JohnsonJNJ
-6.3%-1.6pp
Johnson & Johnson logo
Johnson & JohnsonJNJ
1.8%+1.2pp
Johnson & Johnson logo
Johnson & JohnsonJNJ
40.8%-12.5pp

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$23.87B+53.0%
Enterprise value$26.97B+54.4%
P/E28.5×-11.3×
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 / equity+0.3×
Current ratio0.5×-0.1×

Where this comes from

Reported directly by Southwest Airlines in its filing.

Tagged under the XBRL concept luv:ResidualTravelFunds.

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

The amount of Customer travel credits represents approximately 6 percent and 5 percent of the total Air traffic liability balance as of June 30, 2026, and December 31, 2025, respectively.

Item 1. Financial Statements

FAQ

What is Southwest Airlines's flight credits (as a percent)?
Southwest Airlines (LUV) reported flight credits (as a percent) of 6% in Q2 2026.
How has Southwest Airlines's flight credits (as a percent) changed year-over-year?
Southwest Airlines's flight credits (as a percent) decreased by 0.0% year-over-year, from 6% to 6%.
What is the long-term trend for Southwest Airlines's flight credits (as a percent)?
Over 5 years (2020 to 2025), Southwest Airlines's flight credits (as a percent) has grown at a 20.1% compound annual growth rate (CAGR), from 2% to 5%.
What does flight credits (as a percent) mean?
The percentage of total ticket revenue represented by outstanding flight credits held by customers for future use. This measures the volume of pre-paid travel that remains unutilized.

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