Southwest Airlines Company (LUV)

Debt-to-capital ratio

Dec 31, 2025 Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021
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
Debt-to-capital ratio 0.00 0.00 0.00 0.00 0.00

December 31, 2025 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $—K ÷ ($—K + $7,981,000K)
= 0.00