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14 Southwest Airlines Co. 2004 Annual Report
SELECTED CONSOLIDATED FINANCIAL DATA
(Dollars in millions, except per share amounts) 2004 2003(4) 2002(3) 2001(3)
Operating revenues:
Passenger(2) $ 6,280 $ 5,741 $ 5,341 $ 5,379
Freight 117 94 85 91
Other(2) 133 102 96 85
Total operating revenues 6,530 5,937 5,522 5,555
Operating expenses 5,976 5,454 5,105 4,924
Operating income 554 483 417 631
Other expenses (income), net 65 (225) 24 (197)
Income before income taxes 489 708 393 828
Provision for income taxes 176 266 152 317
Net income(1) $313 $442 $241 $511
Net income per share, basic(1) $.40 $.56 $.31 $.67
Net income per share, diluted(1) $.38 $.54 $.30 $.63
Cash dividends per common share $.0180 $.0180 $.0180 $.0180
Total assets $ 11,337 $ 9,878 $ 8,954 $ 8,997
Long-term debt less current maturities $1,700 $ 1,332 $ 1,553 $ 1,327
Stockholders’ equity $ 5,524 $ 5,052 $ 4,422 $ 4,014
CONSOLIDATED FINANCIAL RATIOS
Return on average total assets(1) 3.0% 4.7% 2.7% 6.5%
Return on average stockholders’ equity(1) 5.9% 9.3% 5.7% 13.7%
Operating margin 8.5% 8.1% 7.6% 11.4%
Net margin 4.8% 7.4% 4.4% 9.2%
CONSOLIDATED OPERATING STATISTICS
Revenue passengers carried 70,902,773 65,673,945 63,045,988 64,446,773
Enplaned passengers 81,066,038 74,719,340 72,462,123 73,628,723
RPMs (000s) 53,418,353 47,943,066 45,391,903 44,493,916
ASMs (000s) 76,861,296 71,790,425 68,886,546 65,295,290
Passenger load factor 69.5% 66.8% 65.9% 68.1%
Average length of passenger haul (miles) 753 730 720 690
Average stage length (miles) 576 558 537 514
Trips flown 981,591 949,882 947,331 940,426
Average passenger fare(2) $88.57 $87.42 $84.72 $83.46
Passenger revenue yield per RPM(2) 11.76¢ 11.97¢ 11.77¢ 12.09¢
Operating revenue yield perASM 8.50¢ 8.27¢ 8.02¢ 8.51¢
Operating expenses per ASM 7.77¢ 7.60¢ 7.41¢ 7.54¢
Operating expenses per ASM, excluding fuel 6.47¢ 6.44¢ 6.30¢ 6.36¢
Fuel cost per gallon (average) 82.8¢ 72.3¢ 68.0¢ 70.9¢
Number of Employees at yearend 31,011 32,847 33,705 31,580
Size of fleet at yearend(5) 417 388 375 355
(1) Before cumulative effect of change in accounting principle
(2) Includes effect of reclassification of revenue reported in 1999 through 1995 related to sale of flight segment
credits from Other to Passenger due to the accounting change implemented in 2000
(3) Certain figures in 2001 and 2002 include special items related to the September 11, 2001, terrorist attacks and Stabilization Act grant
(4) Certain figures in 2003 include special items related to the Wartime Act grant
(5) Includes leased aircraft
TEN-YEAR SUMMARY