LUVSOUTHWEST AIRLINES CO
Air Transportation, Scheduled
- Revenue
- $28.1B
- 2.1% YoY
- Operating margin
- 1.5%
- 31% YoY
- EBITDA
- $2.0B
- 0.5% YoY
- Market cap
- $31.7B
- Employees
- 4,607
- $6M revenue each
- Net debt / EBITDA
- 0.1×
- $110M net debt
- AI in 10-K
- 3.2
- mentions per 10K words
Takeover score 1 of 13
Fixable underperformance 1 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo418% of net incomeCash flow under 80% of net income
- Dilutive SBCNo0% of revenueOver 10% of revenue
- Payouts exceed cash flowYes160% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo3% of assetsOver 40% of assets
- Shareholder dissentNo96% lowest supportAny vote under 80% support
Buyer economics 0 of 4
- Low revenue per employeeNo$6M · 86th pctBottom quartile of its SIC industry
- Quiet on AINo3.2 per 10K words · 71st pctBottom quartile of AI mentions in 10-Ks
- Net cashNo0.1× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedNo$31.7B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$307K netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $15.8B | $23.8B | $26.1B | $27.5B | $28.1B | 2.1% |
| Operating income | $1.7B | $1.0B | $224M | $321M | $428M | 33% |
| Net income | $977M | $539M | $465M | $465M | $441M | 5.2% |
| Operating cash flow | $2.3B | $3.8B | $3.2B | $462M | $1.8B | 299% |
| Capex | $505M | $3.9B | $3.5B | $2.1B | $2.7B | 30% |
| Stock-based comp | $58M | $84M | $86M | $45M | $99M | 120% |
| Buybacks | $0 | $0 | $0 | $250M | $2.5B | 920% |
| Dividends | $0 | $0 | $428M | $430M | $399M | 7.2% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Apr 3, 2026 | Elliott Investment Management L.P. | SCHEDULE 13D/A | 4.9% | Passive |
| Feb 23, 2026 | Elliott Investment Management L.P. | SCHEDULE 13D/A | 9.3% | Passive |
| Feb 2, 2026 | Elliott Investment Management L.P. | SCHEDULE 13D/A | 9.0% | Passive |
| Dec 16, 2025 | Elliott Investment Management L.P. | SCHEDULE 13D/A | 9.9% | Passive |
| Sep 16, 2025 | Elliott Investment Management L.P. | SCHEDULE 13D/A | 9.7% | Passive |
| Aug 20, 2025 | Elliott Investment Management L.P. | SCHEDULE 13D/A | 9.7% | Passive |
| Feb 21, 2025 | Elliott Investment Management L.P. | SCHEDULE 13D/A | 9.1% | Passive |
| Feb 6, 2025 | Elliott Investment Management L.P. | SCHEDULE 13D/A | 9.0% | Passive |
| Oct 30, 2024 | Elliott Investment Management L.P. | SC 13D/A | 9.9% | Passive |
| Oct 24, 2024 | Elliott Investment Management L.P. | SC 13D/A | 10.2% | Passive |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $307K · 2
- Net
- −$307K
Pay vs performance
No pay-versus-performance disclosure yet.