Southwest Airlines Company (LUV)

Return on total capital

Dec 31, 2025 Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021
Earnings before interest and tax (EBIT) US$ in thousands 676,000 812,000 869,000 1,029,000 1,756,000
Long-term debt US$ in thousands — — — — —
Total stockholders’ equity US$ in thousands 7,981,000 10,350,000 10,515,000 10,687,000 10,414,000
Return on total capital 8.47% 7.85% 8.26% 9.63% 16.86%

December 31, 2025 calculation

Return on total capital = EBIT ÷ (Long-term debt + Total stockholders’ equity)
= $676,000K ÷ ($—K + $7,981,000K)
= 8.47%