Southwest Airlines Company (LUV)

Financial leverage ratio

Dec 31, 2025 Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021
Total assets US$ in thousands 29,061,000 33,750,000 36,487,000 35,369,000 36,320,000
Total stockholders’ equity US$ in thousands 7,981,000 10,350,000 10,515,000 10,687,000 10,414,000
Financial leverage ratio 3.64 3.26 3.47 3.31 3.49

December 31, 2025 calculation

Financial leverage ratio = Total assets ÷ Total stockholders’ equity
= $29,061,000K ÷ $7,981,000K
= 3.64