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| Southwest Airlines Co (NYS: LUV) |
| Exchange rate used is that of the Year End reported date |
| As Reported Annual Income Statement |
| Report Date | 12/31/2020 | | 12/31/2019 | | 12/31/2018 |
| Currency | USD | | USD | | USD |
| Audit Status | Not Qualified | | Not Qualified | | Not Qualified |
| Consolidated | Yes | | Yes | | Yes |
| Scale | Thousands | | Thousands | | Thousands |
| Passenger revenues | 7665000 | | 20776000 | | 20455000 |
| Freight revenues | 161000 | | 172000 | | 175000 |
| Other revenues | 1222000 | | 1480000 | | 1335000 |
| Total operating revenues | 9048000 | | 22428000 | | 21965000 |
| Salaries, wages & benefits | 6811000 | | 8293000 | | 7649000 |
| Payroll support & voluntary employee programs, net | -967000 | | - | | - |
| Fuel & oil | 1849000 | | 4347000 | | 4616000 |
| Maintenance materials & repairs | 750000 | | 1223000 | | 1107000 |
| Landing fees & airport rentals | 1240000 | | 1363000 | | 1334000 |
| Depreciation & amortization | 1255000 | | 1219000 | | 1201000 |
| Other operating expenses | 1926000 | | 3026000 | | 2852000 |
| Total operating expenses, net | 12864000 | | 19471000 | | 18759000 |
| Operating income (loss) | -3816000 | | 2957000 | | 3206000 |
| Interest expense | 349000 | | 118000 | | 131000 |
| Capitalized interest | 35000 | | 36000 | | 38000 |
| Interest income | 32000 | | 90000 | | 69000 |
| Other gains (losses), net | -158000 | | -8000 | | -18000 |
| Total other expenses (income) | -440000 | | - | | -42000 |
| Income before income taxes | -4256000 | | 2957000 | | 3164000 |
| Current income taxes provision (benefit) - federal | -273000 | | 610000 | | 338000 |
| Current income taxes provision (benefit) - state | -5000 | | 102000 | | 60000 |
| Change in federal statutory rate | -188000 | | - | | - |
| Total current income taxes provision (benefit) | -466000 | | 712000 | | 398000 |
| Deferred income taxes provision (benefit) - federal | -589000 | | -18000 | | 299000 |
| Deferred income taxes provision (benefit) - state | -76000 | | -6000 | | 2000 |
| State net operating losses | -51000 | | - | | - |
| Change in federal statutory tax rate | - | | -31000 | | - |
| Total deferred income taxes provision (benefit) | -716000 | | -55000 | | 301000 |
| Provision for income taxes | -1182000 | | 657000 | | 699000 |
| Net income | -3074000 | | 2300000 | | 2465000 |
| Weighted average shares outstanding - basic | 565000 | | 538000 | | 573000 |
| Weighted average shares outstanding - diluted | 565000 | | 539000 | | 574000 |
| Year end shares outstanding | 590474.337 | | 519064.316 | | 552603.359 |
| Net income (loss) per share - basic | -5.44 | | 4.28 | | 4.3 |
| Net income (loss) per share - diluted | -5.44 | | 4.27 | | 4.29 |
| Cash dividends declared per common share | 0.18 | | 0.7 | | 0.605 |
| Number of full time employees | 56500 | | 60800 | | 58800 |
| Total number of employees | - | | 60800 | | 58800 |
| Number of common stockholders | 11858 | | 11920 | | 12267 |
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SWIncomeStatement.xlsx
