Southwest Airlines Co. Files 10-Q for Q1 2024
Ticker: LUV · Form: 10-Q · Filed: Apr 26, 2024 · CIK: 92380
Sentiment: neutral
Topics: Southwest Airlines, LUV, 10-Q, Q1 2024, Financials
TL;DR
<b>Southwest Airlines Co. filed its Q1 2024 10-Q report detailing financial performance and equity changes.</b>
AI Summary
SOUTHWEST AIRLINES CO (LUV) filed a Quarterly Report (10-Q) with the SEC on April 26, 2024. Southwest Airlines Co. reported its Q1 2024 financial results on April 26, 2024. The filing covers the period ending March 31, 2024. Key financial data from previous periods (Q1 2023, FY 2023, FY 2022) are included for comparison. The company's primary business is scheduled air transportation. The filing includes detailed breakdowns of common stock, additional paid-in capital, retained earnings, and treasury stock as of various dates.
Why It Matters
For investors and stakeholders tracking SOUTHWEST AIRLINES CO, this filing contains several important signals. This 10-Q filing provides investors with the latest financial performance data for Southwest Airlines, crucial for assessing the company's operational health and investment potential. The detailed equity information allows for analysis of capital structure changes and shareholder value over time.
Risk Assessment
Risk Level: low — SOUTHWEST AIRLINES CO shows low risk based on this filing. The filing is a standard quarterly report (10-Q) with no immediate red flags, indicating routine financial disclosure.
Analyst Insight
Monitor future filings for revenue growth trends and operational cost management.
Revenue Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Passenger | ||
| Cargo and Freight | ||
| Product and Service Other |
Key Numbers
- 2024-03-31 — Period End Date (Conformed period of report)
- 2024-04-26 — Filing Date (Filed as of date)
- 75 — Public Document Count (Number of documents in the filing)
- 001-07259 — SEC File Number (SEC file number for the company)
Key Players & Entities
- SOUTHWEST AIRLINES CO (company) — Filer name
- LUV (company) — Ticker symbol
- 2024-03-31 (date) — Conformed period of report
- 2024-04-26 (date) — Filed as of date
- AIR TRANSPORTATION, SCHEDULED (industry) — Standard Industrial Classification
- TX (location) — State of incorporation
- 2147924000 (phone) — Business phone number
- 20240426163648 (accession_number) — Accession number
FAQ
When did SOUTHWEST AIRLINES CO file this 10-Q?
SOUTHWEST AIRLINES CO filed this Quarterly Report (10-Q) with the SEC on April 26, 2024.
What is a 10-Q filing?
A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by SOUTHWEST AIRLINES CO (LUV).
Where can I read the original 10-Q filing from SOUTHWEST AIRLINES CO?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by SOUTHWEST AIRLINES CO.
What are the key takeaways from SOUTHWEST AIRLINES CO's 10-Q?
SOUTHWEST AIRLINES CO filed this 10-Q on April 26, 2024. Key takeaways: Southwest Airlines Co. reported its Q1 2024 financial results on April 26, 2024.. The filing covers the period ending March 31, 2024.. Key financial data from previous periods (Q1 2023, FY 2023, FY 2022) are included for comparison..
Is SOUTHWEST AIRLINES CO a risky investment based on this filing?
Based on this 10-Q, SOUTHWEST AIRLINES CO presents a relatively low-risk profile. The filing is a standard quarterly report (10-Q) with no immediate red flags, indicating routine financial disclosure.
What should investors do after reading SOUTHWEST AIRLINES CO's 10-Q?
Monitor future filings for revenue growth trends and operational cost management. The overall sentiment from this filing is neutral.
Key Dates
- 2024-03-31: Quarter End — End of the reporting period for the 10-Q.
- 2024-04-26: Filing Date — Date the 10-Q was officially filed with the SEC.
Filing Stats: 4,672 words · 19 min read · ~16 pages · Grade level 19 · Accepted 2024-04-26 16:36:48
Key Financial Figures
- $1.00 — ange on which registered Common Stock ($1.00 par value) LUV New York Stock Exchange
Filing Documents
- luv-20240331.htm (10-Q) — 1472KB
- luv-3312024xex311.htm (EX-31.1) — 10KB
- luv-3312024xex312.htm (EX-31.2) — 10KB
- luv-3312024xex32.htm (EX-32) — 9KB
- luv-20240331_g1.jpg (GRAPHIC) — 63KB
- 0000092380-24-000055.txt ( ) — 7927KB
- luv-20240331.xsd (EX-101.SCH) — 50KB
- luv-20240331_cal.xml (EX-101.CAL) — 85KB
- luv-20240331_def.xml (EX-101.DEF) — 274KB
- luv-20240331_lab.xml (EX-101.LAB) — 569KB
- luv-20240331_pre.xml (EX-101.PRE) — 422KB
- luv-20240331_htm.xml (XML) — 1405KB
- FINANCIAL INFORMATION
PART I - FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements Condensed Consolidated Balance Sheet as of March 31, 2024 and December 31, 2023 Condensed Consolidated Statement of Comprehensive Loss for the three months ended March 31, 2024 and 2023 Condensed Consolidated Statement of Stockholders' Equity as of March 31, 2024 and 2023 Condensed Consolidated Statement of Cash Flows for the three months ended March 31, 2024 and 2023 Notes to Condensed Consolidated Financial Statements
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Controls and Procedures
Item 4. Controls and Procedures
- OTHER INFORMATION
PART II - OTHER INFORMATION
Legal Proceedings
Item 1. Legal Proceedings
Risk Factors
Item 1A. Risk Factors
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Defaults Upon Senior Securities
Item 3. Defaults Upon Senior Securities
Mine Safety Disclosures
Item 4. Mine Safety Disclosures
Other Information
Item 5. Other Information
SIGNATURES
SIGNATURES 2 Table of Contents SOUTHWEST AIRLINES CO. FORM 10-Q
– FINANCIAL INFORMATION
PART I – FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements Southwest Airlines Co. Condensed Consolidated Balance Sheet (in millions) (unaudited) March 31, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 8,367 $ 9,288 Short-term investments 2,145 2,186 Accounts and other receivables 1,354 1,154 Inventories of parts and supplies, at cost 812 807 Prepaid expenses and other current assets 603 520 Total current assets 13,281 13,955 Property and equipment, at cost: Flight equipment 26,131 26,060 Ground property and equipment 7,500 7,460 Deposits on flight equipment purchase contracts 395 236 Assets constructed for others 71 62 34,097 33,818 Less allowance for depreciation and amortization 14,536 14,443 19,561 19,375 Goodwill 970 970 Operating lease right-of-use assets 1,182 1,223 Other assets 1,024 964 $ 36,018 $ 36,487 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 1,949 $ 1,862 Accrued liabilities 2,400 3,606 Current operating lease liabilities 206 208 Air traffic liability 7,642 6,551 Current maturities of long-term debt 28 29 Total current liabilities 12,225 12,256 Long-term debt less current maturities 7,974 7,978 Air traffic liability - noncurrent 1,752 1,728 Deferred income taxes 1,981 2,044 Noncurrent operating lease liabilities 953 985 Other noncurrent liabilities 937 981 Stockholders' equity: Common stock 888 888 Capital in excess of par value 4,138 4,153 Retained earnings 15,959 16,297 Accumulated other comprehensive income 19 — Treasury stock, at cost ( 10,808 ) ( 10,823 ) Total stockholders' equity 10,196 10,515 $ 36,018 $ 36,487 See accompanying notes. 3 Table of Contents Southwest Airlines Co. Condensed Consolidated Statement of Comprehensive Loss (in millions, except per share amounts) (unaudited) Three months ended March 31, 2024 2023 OPERATING REVENUES: Passenger $ 5,712 $ 5,105 Freight 42 41 Other 575 560 Total operating revenues 6,329 5,706 OPERATING EXPE