Southwest Airlines Company (LUV)

Activity ratios

	Dec 31, 2025	Sep 30, 2025	Jun 30, 2025	Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021
Inventory turnover	29.90	28.96	29.63	29.11	28.78	30.41	29.48	27.75	27.10	26.21	28.70	27.16	24.13	23.29	21.77	23.11	21.74	19.89	20.68	19.38
Receivables turnover	24.42	24.64	27.12	25.59	24.76	23.26	20.08	19.73	22.61	17.34	20.39	19.86	22.90	17.24	15.23	10.89	11.64	8.62	7.43	7.33
Payables turnover	11.64	45.61	82.38	57.78	67.91	60.20	70.04	80.20	82.53	63.64	67.20	73.49	68.82	64.77	41.39	44.99	74.83	43.43	43.81	51.37
Working capital turnover	—	—	—	—	—	—	—	25.30	15.36	10.10	8.57	8.43	5.38	3.78	2.75	2.11	1.78	1.35	1.47	0.87

		Dec 31, 2025	Sep 30, 2025	Jun 30, 2025	Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021
Days of inventory on hand (DOH)	days	12.21	12.60	12.32	12.54	12.68	12.00	12.38	13.15	13.47	13.93	12.72	13.44	15.13	15.67	16.77	15.79	16.79	18.35	17.65	18.84
Days of sales outstanding (DSO)	days	14.94	14.81	13.46	14.27	14.74	15.69	18.18	18.50	16.14	21.05	17.91	18.38	15.94	21.17	23.97	33.51	31.37	42.33	49.13	49.81
Number of days of payables	days	31.37	8.00	4.43	6.32	5.37	6.06	5.21	4.55	4.42	5.73	5.43	4.97	5.30	5.64	8.82	8.11	4.88	8.40	8.33	7.11

	Dec 31, 2025	Sep 30, 2025	Jun 30, 2025	Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021
Fixed asset turnover	1.32	1.32	1.33	1.35	1.35	1.31	—	—	—	1.25	1.35	1.38	1.27	1.32	1.29	1.23	0.96	0.77	0.57	0.44
Total asset turnover	0.97	0.97	0.96	0.83	0.81	0.79	0.76	0.74	0.72	0.69	0.69	0.70	0.67	0.63	0.55	0.49	0.43	0.34	0.26	0.19