LUV · CIK 0000092380 · FY2025 live · 2025-12-31

SOUTHWEST AIRLINES CO

GreySEC 10-KZ″Industrials43rd percentile in Industrials · 489 names

View as

Model

Z″

FY2025

1.14

Zone

Grey

vs FY2024

−0.77

Market DD

—

1y PD

—

Meridian Rank

41.20

0–100 · Z″ tape · not a PD

Book standing
50
Year change
17
Market PD
—
O-score
50

Events on this name

Same published rows as Today. Not a live recompute.

APPROACHING DISTRESS
material · 62
- liveZ: 1.9111288547008547 → 1.1439131982376662
- cut: — → 1.1
LARGE SCORE DECLINE
material · 60
- liveZ: 1.9111288547008547 → 1.1439131982376662

1.14

Classic Z 1.81

−21.12.68+

Z″ 1.14 · distress below 1.10, grey to 2.60, safe above.

FY2016SEC 10-K printsFY2025 · 1.14

Z″ factor contributions

X1 Working capital / assets
Short-term liquidity. Carries more weight in Z″ than in classic Z.
−0.18
6.56 × = −1.19
X2 Retained earnings / assets
Cushion from years of profits. Share buybacks can push this negative at otherwise healthy firms.
0.56
3.26 × = 1.84
X3 EBIT / assets
Operating return on assets. Highest weight in Z″.
0.01
6.72 × = 0.10
X4 Book equity / liabilities
Book equity versus the liability stack. Sales / assets is omitted so asset-light names are not punished for turnover.
0.38
1.05 × = 0.40

Five-year path

Z″ plus liquidity (working capital / assets) and earnings (EBIT / assets) over the last 5 annual filings.

Overview

rule-v1

SOUTHWEST AIRLINES CO is on Z″ at 1.14 (grey) for FY2025, from an SEC 10-K. Retained earnings / assets is the line that sets the print; working capital / assets is the runner-up. Versus FY2024 the live print is still grey (−0.77 from 1.91). No market tape loaded. Z″ drops sales/assets so asset-light names are not punished for turnover. X4 is book equity on every name.

Book screen Grey; market PD —. Tape not priced — not a single default call.

MD&A excerpt

The company discusses a challenging year of operational reliability investment, labor-cost step-ups, and a still-dense 737 MAX delivery schedule. Management frames the balance sheet as conservatively positioned with a meaningful cash balance, while acknowledging that operating margin has compressed versus pre-2019. Capex for aircraft remains the primary cash use.

Market DD · naive Merton

No market tape yet.

Pull a year of closes (Yahoo, Nasdaq if Yahoo is limited) and size equity from Nasdaq cap or EDGAR shares. Distance-to-default and 1-year PD stay blank until then.

Sector peers

Closest Z″ scores · 43rd percentile in Industrials.

KPI widgets

Current assets

$5.6B

Total assets

$29.1B

Current liabilities

$10.9B

Total liabilities

$21.1B

Working capital

−$5.3B

Retained earnings

$16.4B

EBIT

$428M

Total sales

$28.1B

Book equity

$8.0B

Accession 0000092380-26-000004. Live rank is the latest 10-K on EDGAR (FY2025, period 2025-12-31). Z″ is the live score. View as does not rewrite the live rank. X4 is book equity. Pulled 13 Sept 2026.