Southwest Airlines Files Q2 2024 10-Q

Ticker: LUV · Form: 10-Q · Filed: Jul 29, 2024 · CIK: 92380

Sentiment: neutral

Topics: 10-Q, airline, financials, operations

Related Tickers: AAL, UAL, DAL

TL;DR

Southwest's Q2 10-Q is in: check financials for passenger & cargo ops.

AI Summary

Southwest Airlines Co. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance for the second quarter and first half of the year, including revenue from passenger and cargo operations. Key financial data and operational metrics are presented for comparison with prior periods.

Why It Matters

This filing provides investors and analysts with the official financial results and operational details for Southwest Airlines, crucial for understanding the company's current performance and future outlook.

Risk Assessment

Risk Level: medium — A 10-Q filing itself is a routine disclosure, but the financial and operational data within can reveal significant risks or opportunities for the company.

Key Numbers

Key Players & Entities

FAQ

What were Southwest Airlines' total revenues for the second quarter of 2024?

The filing does not explicitly state total revenues for Q2 2024 in the provided snippet, but it does reference revenue from 'us-gaap:PassengerMember' and 'us-gaap:CargoAndFreightMember'.

What is the fiscal year end for Southwest Airlines?

Southwest Airlines' fiscal year ends on December 31 (1231).

When was Southwest Airlines incorporated?

Southwest Airlines was incorporated in Texas (TX).

What is the SIC code for Southwest Airlines?

The Standard Industrial Classification (SIC) code for Southwest Airlines is 4512, which corresponds to AIR TRANSPORTATION, SCHEDULED.

What is the filing date for this 10-Q?

This 10-Q filing was made on July 29, 2024 (20240729).

Filing Stats: 4,815 words · 19 min read · ~16 pages · Grade level 18.3 · Accepted 2024-07-26 18:19:57

Key Financial Figures

Filing Documents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Condensed Consolidated Balance Sheet as of June 30, 2024 and December 31, 2023 Condensed Consolidated Statement of Comprehensive Income for the three and six months ended June 30, 2024 and 2023 Condensed Consolidated Statement of Stockholders' Equity as of June 30, 2024 and 2023 Condensed Consolidated Statement of Cash Flows for the three and six months ended June 30, 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) June 30, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 8,142 $ 9,288 Short-term investments 1,860 2,186 Accounts and other receivables 1,346 1,154 Inventories of parts and supplies, at cost 784 807 Prepaid expenses and other current assets 619 520 Total current assets 12,751 13,955 Property and equipment, at cost: Flight equipment 26,274 26,060 Ground property and equipment 7,704 7,460 Deposits on flight equipment purchase contracts 466 236 Assets constructed for others 77 62 34,521 33,818 Less allowance for depreciation and amortization 14,856 14,443 19,665 19,375 Goodwill 970 970 Operating lease right-of-use assets 1,132 1,223 Other assets 1,045 964 $ 35,563 $ 36,487 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 2,028 $ 1,862 Accrued liabilities 1,870 3,606 Current operating lease liabilities 198 208 Air traffic liability 7,086 6,551 Current maturities of long-term debt 2,931 29 Total current liabilities 14,113 12,256 Long-term debt less current maturities 5,065 7,978 Air traffic liability - noncurrent 1,990 1,728 Deferred income taxes 2,089 2,044 Noncurrent operating lease liabilities 915 985 Other noncurrent liabilities 926 981 Stockholders' equity: Common stock 888 888 Capital in excess of par value 4,151 4,153 Retained earnings 16,218 16,297 Accumulated other comprehensive income 11 — Treasury stock, at cost ( 10,803 ) ( 10,823 ) Total stockholders' equity 10,465 10,515 $ 35,563 $ 36,487 See accompanying notes. 3 Table of Contents Southwest Airlines Co. Condensed Consolidated Statement of Comprehensive Income (in millions, except per share amounts) (unaudited) Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 OPERATING REVENUES: Passenger $ 6,712 $ 6,409 $ 12,424 $ 11,514 Freight 45 47 87 87 Other

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