Southwest Airlines Company (LUV) — Working Capital to Net Assets Ratio
Southwest Airlines Company (LUV) has a Working Capital to Net Assets ratio of -94.8% as of March 2026. Working capital of $-6.51 Billion (current assets of $5.97 Billion minus current liabilities of $12.48 Billion) is measured against net assets of $6.88 Billion. A higher ratio indicates strong short-term liquidity financed by the equity base. See Southwest Airlines Company free cash flow to debt ratio to measure the company's free cash flow as a share of total liabilities.
WC/NA Ratio
Working Capital
Current Assets
Current Liabilities
Southwest Airlines Company Working Capital to Net Assets (1985–2025)
This chart shows how Southwest Airlines Company's Working Capital to Net Assets ratio has evolved across 41 annual periods from 1985 to 2025. As of March 2026, the ratio stands at -94.8%, reflecting working capital of $-6.51 Billion against net assets of $6.88 Billion USD. See operational self-sufficiency of Southwest Airlines Company to measure how many days the company can operate on defensive assets alone.
Annual Working Capital to Net Assets for Southwest Airlines Company (1985–2025)
The table below presents the year-by-year Working Capital to Net Assets ratio for Southwest Airlines Company from 1985 to 2025, covering 41 annual filings. Each row shows current assets, current liabilities, working capital, net assets, the ratio, and the change in percentage points compared to the prior year. For live market cap and the full company profile, see LUV stock market capitalisation.
| Year | WC/NA Ratio | Working Capital (USD) | Net Assets | Current Assets | Current Liabilities | Change (pp) |
|---|---|---|---|---|---|---|
| 2025 | -66.1% | $-5.28 Billion | $7.98 Billion | $5.64 Billion | $10.92 Billion | ▼ -56.4 pp |
| 2024 | -9.7% | $-1.00 Billion | $10.35 Billion | $11.27 Billion | $12.28 Billion | ▼ -25.8 pp |
| 2023 | 16.2% | $1.70 Billion | $10.52 Billion | $13.96 Billion | $12.26 Billion | ▼ -25.3 pp |
| 2022 | 41.5% | $4.43 Billion | $10.69 Billion | $14.81 Billion | $10.38 Billion | ▼ -43.7 pp |
| 2021 | 85.2% | $8.87 Billion | $10.41 Billion | $18.04 Billion | $9.16 Billion | ▼ -1.2 pp |
| 2020 | 86.4% | $7.67 Billion | $8.88 Billion | $15.17 Billion | $7.51 Billion | ▲ +116.7 pp |
| 2019 | -30.3% | $-2.98 Billion | $9.83 Billion | $5.97 Billion | $8.95 Billion | ▼ -1.1 pp |
| 2018 | -29.2% | $-2.88 Billion | $9.85 Billion | $5.03 Billion | $7.91 Billion | ▼ -9.2 pp |
| 2017 | -20.0% | $-2.09 Billion | $10.43 Billion | $4.82 Billion | $6.91 Billion | ▲ +7.8 pp |
| 2016 | -27.8% | $-2.35 Billion | $8.44 Billion | $4.50 Billion | $6.84 Billion | ▲ +18.2 pp |
| 2015 | -46.0% | $-3.38 Billion | $7.36 Billion | $4.02 Billion | $7.41 Billion | ▼ -20.2 pp |
| 2014 | -25.7% | $-1.66 Billion | $6.43 Billion | $4.27 Billion | $5.92 Billion | ▼ -9.1 pp |
| 2013 | -16.6% | $-1.22 Billion | $7.34 Billion | $4.46 Billion | $5.68 Billion | ▼ -10.4 pp |
| 2012 | -6.2% | $-432.00 Million | $6.97 Billion | $4.22 Billion | $4.65 Billion | ▼ -3.5 pp |
| 2011 | -2.7% | $-188.00 Million | $6.88 Billion | $4.34 Billion | $4.53 Billion | ▼ -18.4 pp |
| 2010 | 15.6% | $974.00 Million | $6.24 Billion | $4.28 Billion | $3.31 Billion | ▲ +3.1 pp |
| 2009 | 12.5% | $682.00 Million | $5.47 Billion | $3.36 Billion | $2.68 Billion | ▲ +10.6 pp |
| 2008 | 1.8% | $87.00 Million | $4.71 Billion | $2.89 Billion | $2.81 Billion | ▲ +7.5 pp |
| 2007 | -5.7% | $-395.00 Million | $6.94 Billion | $4.44 Billion | $4.84 Billion | ▼ -1.3 pp |
| 2006 | -4.4% | $-286.00 Million | $6.45 Billion | $2.60 Billion | $2.89 Billion | ▼ -0.9 pp |
| 2005 | -3.5% | $-228.00 Million | $6.46 Billion | $3.62 Billion | $3.85 Billion | ▼ -4.1 pp |
| 2004 | 0.5% | $30.00 Million | $5.52 Billion | $2.17 Billion | $2.14 Billion | ▼ -11.6 pp |
| 2003 | 12.1% | $590.00 Million | $4.87 Billion | $2.31 Billion | $1.72 Billion | ▼ -5.9 pp |
| 2002 | 18.0% | $798.13 Million | $4.42 Billion | $2.23 Billion | $1.43 Billion | ▲ +11.0 pp |
| 2001 | 7.0% | $281.03 Million | $4.01 Billion | $2.52 Billion | $2.24 Billion | ▲ +20.5 pp |
| 2000 | -13.5% | $-466.87 Million | $3.45 Billion | $831.54 Million | $1.30 Billion | ▼ -1.9 pp |
| 1999 | -11.6% | $-329.46 Million | $2.84 Billion | $631.00 Million | $960.47 Million | ▼ -0.1 pp |
| 1998 | -11.5% | $-276.50 Million | $2.40 Billion | $574.15 Million | $850.65 Million | ▼ -8.4 pp |
| 1997 | -3.1% | $-62.10 Million | $2.01 Billion | $806.42 Million | $868.51 Million | ▼ -2.2 pp |
| 1996 | -0.9% | $-14.41 Million | $1.65 Billion | $750.99 Million | $765.40 Million | ▲ +8.8 pp |
| 1995 | -9.6% | $-137.49 Million | $1.43 Billion | $473.14 Million | $610.62 Million | ▲ +7.1 pp |
| 1994 | -16.7% | $-207.37 Million | $1.24 Billion | $314.90 Million | $522.27 Million | ▼ -12.3 pp |
| 1993 | -4.4% | $-46.60 Million | $1.05 Billion | $432.00 Million | $478.60 Million | ▼ -20.5 pp |
| 1992 | 16.1% | $137.70 Million | $854.30 Million | $506.10 Million | $368.40 Million | ▲ +3.4 pp |
| 1991 | 12.7% | $80.10 Million | $628.50 Million | $340.00 Million | $259.90 Million | ▲ +23.9 pp |
| 1990 | -11.2% | $-67.60 Million | $604.90 Million | $157.80 Million | $225.40 Million | ▼ -12.5 pp |
| 1989 | 1.4% | $8.00 Million | $587.30 Million | $203.90 Million | $195.90 Million | ▼ -18.4 pp |
| 1988 | 19.8% | $112.10 Million | $567.40 Million | $265.00 Million | $152.90 Million | ▲ +2.5 pp |
| 1987 | 17.3% | $88.80 Million | $514.30 Million | $201.10 Million | $112.30 Million | ▲ +8.4 pp |
| 1986 | 8.8% | $45.20 Million | $511.90 Million | $128.00 Million | $82.80 Million | ▼ -1.0 pp |
| 1985 | 9.9% | $46.00 Million | $466.00 Million | $117.90 Million | $71.90 Million | — |