CASE STUDY
Balance Sheet
SOUTHWEST AIRLINES CO (LUV) CashFlowFlag BALANCE SHEET DELTA AIR LINES INC (DAL) CashFlowFlag BALANCE SHEET UNITED CONTINENTAL HOLDINGS INC (UAL) CashFlowFlag BALANCE SHEET AMERICAN AIRLINES GROUP INC (AAL) BALANCE SHEET
Fiscal year ends in December. USD in millions except per share data. 2014 2015 2016 Delta 2014-2015 Delta 2015-2016 Fiscal year ends in December. USD in millions except per share data. 2014 2015 2016 Delta 2014-2015 Delta 2015-2016 Fiscal year ends in December. USD in millions except per share data. 2014 2015 2016 Delta 2014-2015 Delta 2015-2016 Fiscal year ends in December. USD in millions except per share data. 2014 2015 2016 Delta 2014-2015 Delta 2015-2016
Assets Assets Assets Assets
Current assets Current assets Current assets Current assets
Cash Cash Cash Cash
Cash and cash equivalents 1282 1583 1680 0.2347893916 0.0612760581 Cash and cash equivalents 2088 1972 2762 -0.0555555556 0.4006085193 Cash and cash equivalents 2002 3006 2179 0.5014985015 -0.2751164338 Cash and cash equivalents 994 390 322 -0.6076458753 -0.1743589744
Short-term investments 1706 1468 1625 -0.1395076202 0.1069482289 Short-term investments 1217 1465 487 0.2037797864 -0.6675767918 Short-term investments 2382 2190 2249 -0.080604534 0.0269406393 Short-term investments 6309 5864 6037 -0.0705341576 0.0295020464
Total cash 2988 3051 3305 0.0210843373 0.083251393 Total cash 3305 3437 3249 0.0399394856 -0.0546988653 Total cash 4384 5196 4428 0.1852189781 -0.1478060046 Total cash 7303 6254 6359 -0.1436396002 0.0167892549
Receivables 365 474 546 0.298630137 0.1518987342 Restricted cash ERROR:#DIV/0! ERROR:#DIV/0! Restricted cash 621 26 -0.9581320451 -1 Restricted cash 774 695 638 -0.1020671835 -0.0820143885
Inventories 342 311 337 -0.0906432749 0.0836012862 Receivables 3222 2139 2064 -0.3361266294 -0.0350631136 Receivables 1146 1128 1176 -0.0157068063 0.0425531915 Receivables 1771 1425 1594 -0.1953698475 0.1185964912
Deferred income taxes 477 -1 ERROR:#DIV/0! Inventories 852 697 891 -0.1819248826 0.2783357245 Inventories 666 738 873 0.1081081081 0.1829268293 Inventories 1004 863 1094 -0.140438247 0.2676709154
Prepaid expenses 232 188 310 -0.1896551724 0.6489361702 Deferred income taxes 3275 -1 ERROR:#DIV/0! Deferred income taxes 591 -1 ERROR:#DIV/0! Prepaid expenses 1260 748 639 -0.4063492063 -0.1457219251
Total current assets 4404 4024 4498 -0.0862851953 0.1177932406 Prepaid expenses 733 796 854 0.0859481583 0.0728643216 Prepaid expenses 730 740 832 0.0136986301 0.1243243243 Other current assets ERROR:#DIV/0! ERROR:#DIV/0!
Non-current assets ERROR:#DIV/0! ERROR:#DIV/0! Other current assets 1078 1987 393 0.8432282004 -0.8022143936 Total current assets 8138 7828 7309 -0.0380928975 -0.0663004599 Total current assets 12112 9985 10324 -0.1756109643 0.0339509264
Property, plant and equipment ERROR:#DIV/0! ERROR:#DIV/0! Total current assets 12465 9056 7451 -0.2734857601 -0.1772305654 Non-current assets ERROR:#DIV/0! ERROR:#DIV/0! Non-current assets ERROR:#DIV/0! ERROR:#DIV/0!
Gross property, plant and equipment 22513 24685 26464 0.0964775907 0.0720680575 Non-current assets ERROR:#DIV/0! ERROR:#DIV/0! Property, plant and equipment ERROR:#DIV/0! ERROR:#DIV/0! Property, plant and equipment ERROR:#DIV/0! ERROR:#DIV/0!
Accumulated Depreciation -8221 -9084 -9420 0.1049750639 0.036988111 Property, plant and equipment ERROR:#DIV/0! ERROR:#DIV/0! Gross property, plant and equipment 26726 30917 34234 0.1568135898 0.107287253 Gross property, plant and equipment 35343 40654 45353 0.1502702091 0.1155851823
Net property, plant and equipment 14292 15601 17044 0.0915897005 0.0924940709 Gross property, plant and equipment 31269 33910 36831 0.0844606479 0.0861397818 Accumulated Depreciation -7965 -9337 -10916 0.1722536095 0.1691121345 Accumulated Depreciation -12259 -13144 -14194 0.072191859 0.0798843579
Equity and other investments 35 40 0.1428571429 -1 Accumulated Depreciation -9340 -10871 -12456 0.1639186296 0.1458007543 Net property, plant and equipment 18761 21580 23318 0.150258515 0.0805375348 Net property, plant and equipment 23084 27510 31159 0.1917345347 0.1326426754
Goodwill 970 970 970 0 0 Net property, plant and equipment 21929 23039 24375 0.0506179032 0.057988628 Goodwill 4523 4523 4523 0 0 Goodwill 4091 4091 4091 0 0
Intangible assets 363 464 426 0.2782369146 -0.0818965517 Goodwill 9794 9794 9794 0 0 Intangible assets 4284 4136 3632 -0.0345471522 -0.1218568665 Intangible assets 2240 2249 2173 0.0040178571 -0.0337927968
Other long-term assets 136 213 348 0.5661764706 0.6338028169 Intangible assets 4603 4861 4844 0.0560504019 -0.0034972228 Deferred income taxes 2037 655 ERROR:#DIV/0! -0.6784486991 Deferred income taxes 2477 1498 ERROR:#DIV/0! -0.3952361728
Total non-current assets 15796 17288 18788 0.0944542922 0.0867653864 Deferred income taxes 4320 4956 3064 0.1472222222 -0.3817594835 Other long-term assets 1647 757 703 -0.540376442 -0.071334214 Other long-term assets 2244 2103 2029 -0.0628342246 -0.0351878269
Total assets 20200 21312 23286 0.055049505 0.0926238739 Other long-term assets 1010 1428 1733 0.4138613861 0.2135854342 Total non-current assets 29215 33033 32831 0.1306862913 -0.006115097 Total non-current assets 31659 38430 40950 0.2138728324 0.0655737705
Liabilities and stockholders’ equity ERROR:#DIV/0! ERROR:#DIV/0! Total non-current assets 41656 44078 43810 0.0581428846 -0.0060801307 Total assets 37353 40861 40140 0.0939148127 -0.0176451873 Total assets 43771 48415 51274 0.1060976446 0.0590519467
Liabilities ERROR:#DIV/0! ERROR:#DIV/0! Total assets 54121 53134 51261 -0.0182369136 -0.0352504987 Liabilities and stockholders’ equity ERROR:#DIV/0! ERROR:#DIV/0! Liabilities and stockholders’ equity ERROR:#DIV/0! ERROR:#DIV/0!
Current liabilities ERROR:#DIV/0! ERROR:#DIV/0! Liabilities and stockholders’ equity ERROR:#DIV/0! ERROR:#DIV/0! Liabilities ERROR:#DIV/0! ERROR:#DIV/0! Liabilities ERROR:#DIV/0! ERROR:#DIV/0!
Short-term debt 258 637 566 1.4689922481 -0.1114599686 Liabilities ERROR:#DIV/0! ERROR:#DIV/0! Current liabilities ERROR:#DIV/0! ERROR:#DIV/0! Current liabilities ERROR:#DIV/0! ERROR:#DIV/0!
Accounts payable 1203 178 138 -0.8520365752 -0.2247191011 Current liabilities ERROR:#DIV/0! ERROR:#DIV/0! Short-term debt 1313 1224 849 -0.0677837014 -0.306372549 Short-term debt ERROR:#DIV/0! ERROR:#DIV/0!
Taxes payable 241 252 ERROR:#DIV/0! 0.0456431535 Capital leases 1216 1563 1131 0.2853618421 -0.2763915547 Capital leases 110 135 116 0.2272727273 -0.1407407407 Capital leases 1708 2231 1855 0.306206089 -0.1685342896
Accrued liabilities 1565 2529 1917 0.6159744409 -0.2419928826 Accounts payable 2622 2743 2572 0.0461479786 -0.0623405031 Accounts payable 1882 1869 2139 -0.0069075452 0.1444622793 Accounts payable 1377 1563 1592 0.1350762527 0.0185540627
Other current liabilities 2897 3821 3971 0.3189506386 0.0392567391 Taxes payable ERROR:#DIV/0! ERROR:#DIV/0! Accrued liabilities 1818 2350 2307 0.2926292629 -0.0182978723 Accrued liabilities 3291 3539 3724 0.0753570343 0.0522746539
Total current liabilities 5923 7406 6844 0.2503798751 -0.075884418 Accrued liabilities 4393 4501 4574 0.0245845664 0.0162186181 Deferred revenues 5759 5870 5865 0.0192741795 -0.0008517888 Other current liabilities 7059 6272 6701 -0.1114888794 0.0683992347
Non-current liabilities ERROR:#DIV/0! ERROR:#DIV/0! Deferred revenues 1580 1635 1648 0.0348101266 0.0079510703 Other current liabilities 1626 966 1010 -0.405904059 0.0455486542 Total current liabilities 13435 13605 13872 0.0126535169 0.0196251378
Long-term debt 2434 2541 2821 0.0439605588 0.1101928375 Other current liabilities 7068 7084 5314 0.0022637238 -0.2498588368 Total current liabilities 12508 12414 12286 -0.0075151903 -0.0103109393 Non-current liabilities ERROR:#DIV/0! ERROR:#DIV/0!
Capital leases 165 ERROR:#DIV/0! -1 Total current liabilities 16879 17526 15239 0.0383316547 -0.1304918407 Non-current liabilities ERROR:#DIV/0! ERROR:#DIV/0! Long-term debt ERROR:#DIV/0! ERROR:#DIV/0!
Deferred taxes liabilities 3259 2490 3374 -0.2359619515 0.3550200803 Non-current liabilities ERROR:#DIV/0! ERROR:#DIV/0! Long-term debt 10121 9673 9918 -0.0442644008 0.0253282332 Capital leases ERROR:#DIV/0! ERROR:#DIV/0!
Deferred revenues 43 ERROR:#DIV/0! -1 Deferred taxes liabilities ERROR:#DIV/0! ERROR:#DIV/0! Capital leases 571 727 822 0.2732049037 0.1306740028 Deferred revenues ERROR:#DIV/0! ERROR:#DIV/0!
Pensions and other benefits 201 ERROR:#DIV/0! -1 Deferred revenues 2602 2246 2278 -0.1368178324 0.0142475512 Deferred taxes liabilities 1591 -1 ERROR:#DIV/0! Pensions and other benefits 7562 7450 7842 -0.0148108966 0.0526174497
Other long-term liabilities 1809 1108 1806 -0.3875069099 0.6299638989 Pensions and other benefits 15138 13855 13378 -0.0847536002 -0.0344280043 Deferred revenues 2879 2826 3178 -0.0184091699 0.1245576787 Other long-term liabilities 20753 21725 25775 0.0468366019 0.1864211738
Total non-current liabilities 7502 6548 8001 -0.127166089 0.2218998167 Other long-term liabilities 10689 8657 8079 -0.190101974 -0.0667667783 Pensions and other benefits 4159 3370 3473 -0.1897090647 0.0305637982 Total non-current liabilities 28315 29175 33617 0.030372594 0.1522536418
Total liabilities 13425 13954 14845 0.0394040968 0.0638526587 Total non-current liabilities 28429 24758 23735 -0.1291287066 -0.0413199774 Other long-term liabilities 3128 2885 1804 -0.077685422 -0.3746967071 Total liabilities 41750 42780 47489 0.0246706587 0.1100748013
Stockholders’ equity ERROR:#DIV/0! ERROR:#DIV/0! Total liabilities 45308 42284 38974 -0.06674318 -0.0782802005 Total non-current liabilities 22449 19481 19195 -0.1322107889 -0.0146809712 Stockholders’ equity ERROR:#DIV/0! ERROR:#DIV/0!
Common stock 808 808 808 0 0 Stockholders’ equity ERROR:#DIV/0! ERROR:#DIV/0! Total liabilities 34957 31895 31481 -0.0875933289 -0.0129800909 Common stock 7 6 5 -0.1428571429 -0.1666666667
Additional paid-in capital 1315 1374 1410 0.0448669202 0.0262008734 Additional paid-in capital 12981 10875 12294 -0.1622371158 0.1304827586 Stockholders’ equity ERROR:#DIV/0! ERROR:#DIV/0! Additional paid-in capital 15135 11591 7223 -0.2341592336 -0.3768441032
Retained earnings 7416 9409 11418 0.2687432578 0.2135189712 Retained earnings 3456 7623 7903 1.2057291667 0.0367309458 Common stock 4 4 3 0 -0.25 Retained earnings -8562 -1230 1640 -0.8563419762 -2.3333333333
Treasury stock -2026 -3182 -4872 0.5705824284 0.5311125079 Treasury stock -313 -373 -274 0.1916932907 -0.2654155496 Additional paid-in capital 7721 7946 6569 0.0291413029 -0.1732947395 Treasury stock ERROR:#DIV/0! ERROR:#DIV/0!
Accumulated other comprehensive income -738 -1051 -323 0.4241192412 -0.6926736441 Accumulated other comprehensive income -7311 -7275 -7636 -0.004924087 0.0496219931 Retained earnings -3883 3457 3427 -1.8902910121 -0.0086780445 Accumulated other comprehensive income -4559 -4732 -5083 0.0379469182 0.0741758242
Total stockholders’ equity 6775 7358 8441 0.0860516605 0.1471867355 Total stockholders’ equity 8813 10850 12287 0.2311358221 0.1324423963 Treasury stock -367 -1610 -511 3.3869209809 -0.6826086957 Total stockholders’ equity 2021 5635 3785 1.7882236517 -0.3283052351
Total liabilities and stockholders’ equity 20200 21312 23286 0.055049505 0.0926238739 Total liabilities and stockholders’ equity 54121 53134 51261 -0.0182369136 -0.0352504987 Accumulated other comprehensive income -1079 -831 -829 -0.2298424467 -0.0024067389 Total liabilities and stockholders’ equity 43771 48415 51274 0.1060976446 0.0590519467
Total stockholders’ equity 2396 8966 8659 2.7420701169 -0.034240464
Total liabilities and stockholders’ equity 37353 40861 40140 0.0939148127 -0.0176451873
http://financials.morningstar.com/balance-sheet/bs.html?t=LUV®ion=usa&culture=en-US http://financials.morningstar.com/balance-sheet/bs.html?t=DLA http://financials.morningstar.com/balance-sheet/bs.html?t=UAL http://financials.morningstar.com/balance-sheet/bs.html?t=AAL®ion=usa&culture=en-UShttp://financials.morningstar.com/balance-sheet/bs.html?t=LUV®ion=usa&culture=en-US http://financials.morningstar.com/balance-sheet/bs.html?t=DLA http://financials.morningstar.com/balance-sheet/bs.html?t=UAL
Cash Flows
SOUTHWEST AIRLINES CO (LUV) Statement of CASH FLOW DELTA AIR LINES INC (DAL) Statement of CASH FLOW UNITED CONTINENTAL HOLDINGS INC (UAL) Statement of CASH FLOW AMERICAN AIRLINES GROUP INC (AAL) Statement of CASH FLOW
Fiscal year ends in December. USD in millions except per share data. 2014 2015 2016 Delta 2014-2015 Delta 2015-2016 Fiscal year ends in December. USD in millions except per share data. 2014 2015 2016 Delta 2014-2015 Delta 2015-2016 Fiscal year ends in December. USD in millions except per share data. 2014 2015 2016 Delta 2014-2015 Delta 2015-2016 Fiscal year ends in December. USD in millions except per share data. 2014 2015 2016 Delta 2014-2015 Delta 2015-2016
Cash Flows From Operating Activities ERROR:#DIV/0! ERROR:#DIV/0! Cash Flows From Operating Activities Cash Flows From Operating Activities Cash Flows From Operating Activities
Net income 1136 2181 2244 0.9198943662 0.0288858322 Net income 659 4526 4373 5.8679817906 -0.033804684 Net income 1132 7340 2263 5.4840989399 -0.6916893733 Net income 2882 7610 2676 1.6405274115 -0.6483574244
Depreciation & amortization 938 1015 1221 0.0820895522 0.202955665 Depreciation & amortization 1771 1835 1902 0.0361377753 0.0365122616 Depreciation & amortization 1679 1819 1977 0.0833829661 0.0868609126 Depreciation & amortization 1513 1609 1818 0.0634500991 0.1298943443
Amortization of debt discount/premium and issuance costs ERROR:#DIV/0! ERROR:#DIV/0! Amortization of debt discount/premium and issuance costs 59 -1 ERROR:#DIV/0! Amortization of debt discount/premium and issuance costs ERROR:#DIV/0! ERROR:#DIV/0! Amortization of debt discount/premium and issuance costs -171 -122 -119 -0.2865497076 -0.0245901639
Investment/asset impairment charges 21 ERROR:#DIV/0! ERROR:#DIV/0! Deferred income taxes 414 2581 2223 5.2342995169 -0.1387059279 Deferred income taxes 13 -3177 1648 -245.3846153846 -1.5187283601 Deferred income taxes 346 -3014 1611 -9.710982659 -1.5345056403
Deferred income taxes 501 -109 455 -1.2175648703 -5.1743119266 Stock based compensation ERROR:#DIV/0! ERROR:#DIV/0! Stock based compensation ERROR:#DIV/0! ERROR:#DIV/0! Stock based compensation 304 284 100 -0.0657894737 -0.6478873239
Accounts receivable ERROR:#DIV/0! ERROR:#DIV/0! Inventory 172 155 -140 -0.0988372093 -1.9032258065 Accounts payable -251 -77 239 -0.6932270916 -4.1038961039 Accounts receivable -160 352 -160 -3.2 -1.4545454545
Other working capital 48 1070 182 21.2916666667 -0.8299065421 Prepaid expenses 58 -102 -26 -2.7586206897 -0.7450980392 Other working capital 4 -275 -1085 -69.75 2.9454545455 Inventory ERROR:#DIV/0! ERROR:#DIV/0!
Other non-cash items 279 -919 170 -4.29390681 -1.1849836779 Other working capital -998 1196 -7 -2.1983967936 -1.0058528428 Other non-cash items 57 362 500 5.350877193 0.3812154696 Other working capital -1526 -538 414 -0.6474442988 -1.7695167286
Net cash provided by operating activities 2902 3238 4293 0.1157822192 0.3258184064 Other non-cash items 2812 -2264 -1120 -1.8051209104 -0.5053003534 Net cash provided by operating activities 2634 5992 5542 1.2748671222 -0.0751001335 Other non-cash items -108 68 184 -1.6296296296 1.7058823529
Cash Flows From Investing Activities ERROR:#DIV/0! ERROR:#DIV/0! Net cash provided by operating activities 4947 7927 7205 0.602385284 -0.0910811152 Cash Flows From Investing Activities ERROR:#DIV/0! ERROR:#DIV/0! Net cash provided by operating activities 3080 6249 6524 1.0288961039 0.0440070411
Investments in property, plant, and equipment -80 -102 -109 0.275 0.068627451 Cash Flows From Investing Activities ERROR:#DIV/0! ERROR:#DIV/0! Investments in property, plant, and equipment -2005 -2747 -3223 0.370074813 0.1732799418 Cash Flows From Investing Activities ERROR:#DIV/0! ERROR:#DIV/0!
Purchases of investments -3080 -1986 -2388 -0.3551948052 0.2024169184 Investments in property, plant, and equipment -2249 -2945 -3391 0.3094708759 0.1514431239 Property, plant, and equipment reductions 94 86 28 -0.085106383 -0.6744186047 Investments in property, plant, and equipment -5311 -6151 -5731 0.1581623047 -0.0682815802
Sales/Maturities of investments 3185 2223 2263 -0.3020408163 0.0179937022 Property, plant, and equipment reductions 226 ERROR:#DIV/0! ERROR:#DIV/0! Purchases of investments -1041 -2517 -2768 1.4178674352 0.0997218911 Property, plant, and equipment reductions 33 35 123 0.0606060606 2.5142857143
Other investing activities -1752 -2048 -2038 0.1689497717 -0.0048828125 Acquisitions, net -276 ERROR:#DIV/0! -1 Sales/Maturities of investments 584 2707 2712 3.6352739726 0.0018470632 Acquisitions, net ERROR:#DIV/0! ERROR:#DIV/0!
Net cash used for investing activities -1727 -1913 -2272 0.107701216 0.187663356 Purchases of investments -1795 -1498 -1707 -0.16545961 0.1395193591 Other investing activities 112 -22 13 -1.1964285714 -1.5909090909 Purchases of investments -5380 -8126 -6241 0.5104089219 -0.2319714497
Cash Flows From Financing Activities ERROR:#DIV/0! ERROR:#DIV/0! Sales/Maturities of investments 1533 739 2686 -0.5179386823 2.6346414073 Net cash used for investing activities -2256 -2493 -3238 0.1050531915 0.2988367429 Sales/Maturities of investments 7179 8569 6092 0.1936202814 -0.2890652351
Debt issued 300 500 515 0.6666666667 0.03 Other investing activities 48 25 31 -0.4791666667 0.24 Cash Flows From Financing Activities ERROR:#DIV/0! ERROR:#DIV/0! Other investing activities 568 79 59 -0.860915493 -0.253164557
Debt repayment -561 -213 -600 -0.6203208556 1.8169014085 Net cash used for investing activities -2463 -3955 -2155 0.6057653268 -0.4551201011 Debt issued 1432 1073 808 -0.250698324 -0.246971109 Net cash used for investing activities -2911 -5594 -5698 0.9216763999 0.0185913479
Common stock issued 46 ERROR:#DIV/0! -1 Cash Flows From Financing Activities ERROR:#DIV/0! ERROR:#DIV/0! Debt repayment -2630 -2301 -1351 -0.125095057 -0.4128639722 Cash Flows From Financing Activities ERROR:#DIV/0! ERROR:#DIV/0!
Repurchases of treasury stock -955 -1180 -1750 0.2356020942 0.4830508475 Debt issued 1038 450 ERROR:#DIV/0! -0.5664739884 Repurchases of treasury stock -312 -1233 -2614 2.9519230769 1.1200324412 Debt issued 3302 5009 7701 0.5169594185 0.5374326213
Cash dividends paid -139 -180 -222 0.2949640288 0.2333333333 Debt repayment -2928 -2558 -1709 -0.1263661202 -0.3318999218 Other financing activities -86 -34 -56 -0.6046511628 0.6470588235 Debt repayment -3132 -2153 -3827 -0.3125798212 0.7775197399
Other financing activities 107 3 133 -0.9719626168 43.3333333333 Repurchases of treasury stock -1100 -2200 -2601 1 0.1822727273 Net cash provided by (used for) financing activities -1596 -2495 -3213 0.563283208 0.2877755511 Repurchases of treasury stock -1062 -3846 -4500 2.6214689266 0.1700468019
Net cash provided by (used for) financing activities -1248 -1024 -1924 -0.1794871795 0.87890625 Cash dividends paid -251 -359 -509 0.4302788845 0.4178272981 Net change in cash -1218 1004 -909 -1.8243021346 -1.9053784861 Cash dividends paid -144 -278 -224 0.9305555556 -0.1942446043
Net change in cash -73 301 97 -5.1232876712 -0.6777408638 Other financing activities 1039 -9 109 -1.0086621752 -13.1111111111 Cash at beginning of period 3220 2002 3212 -0.3782608696 0.6043956044 Other financing activities 721 9 -44 -0.987517337 -5.8888888889
Cash at beginning of period 1355 1282 1583 -0.0538745387 0.2347893916 Net cash provided by (used for) financing activities -3240 -4088 -4260 0.2617283951 0.042074364 Cash at end of period 2002 3006 2303 0.5014985015 -0.2338656021 Net cash provided by (used for) financing activities -315 -1259 -894 2.9968253968 -0.2899126291
Cash at end of period 1282 1583 1680 0.2347893916 0.0612760581 Net change in cash -756 -116 790 -0.8465608466 -7.8103448276 Free Cash Flow ERROR:#DIV/0! ERROR:#DIV/0! Net change in cash -146 -604 -68 3.1369863014 -0.8874172185
Free Cash Flow ERROR:#DIV/0! ERROR:#DIV/0! Cash at beginning of period 2844 2088 1972 -0.2658227848 -0.0555555556 Operating cash flow 2634 5992 5542 1.2748671222 -0.0751001335 Cash at beginning of period 1140 994 390 -0.1280701754 -0.6076458753
Operating cash flow 2902 3238 4293 0.1157822192 0.3258184064 Cash at end of period 2088 1972 2762 -0.0555555556 0.4006085193 Capital expenditure -2005 -2747 -3223 0.370074813 0.1732799418 Cash at end of period 994 390 322 -0.6076458753 -0.1743589744
Capital expenditure -1828 -2143 -2147 0.1723194748 0.0018665422 Free Cash Flow ERROR:#DIV/0! ERROR:#DIV/0! Free cash flow 629 3245 2319 4.1589825119 -0.2853620955 Free Cash Flow ERROR:#DIV/0! ERROR:#DIV/0!
Free cash flow 1074 1095 2146 0.0195530726 0.9598173516 Operating cash flow 4947 7927 7205 0.602385284 -0.0910811152 Supplemental schedule of cash flow data ERROR:#DIV/0! ERROR:#DIV/0! Operating cash flow 3080 6249 6524 1.0288961039 0.0440070411
Supplemental schedule of cash flow data ERROR:#DIV/0! ERROR:#DIV/0! Capital expenditure -2249 -2945 -3391 0.3094708759 0.1514431239 Cash paid for income taxes 15 14 ERROR:#DIV/0! -0.0666666667 Capital expenditure -5311 -6151 -5731 0.1581623047 -0.0682815802
Cash paid for income taxes 155 1440 902 8.2903225806 -0.3736111111 Free cash flow 2698 4982 3814 0.8465530022 -0.2344439984 Cash paid for interest 660 584 ERROR:#DIV/0! -0.1151515152 Free cash flow -2231 98 793 -1.0439264904 7.0918367347
Cash paid for interest 128 105 100 -0.1796875 -0.0476190476 Supplemental schedule of cash flow data ERROR:#DIV/0! ERROR:#DIV/0! Supplemental schedule of cash flow data
Cash paid for interest 452 385 ERROR:#DIV/0! -0.1482300885
http://financials.morningstar.com/cash-flow/cf.html?t=LUV http://financials.morningstar.com/cash-flow/cf.html?t=DAL http://financials.morningstar.com/cash-flow/cf.html?t=UAL®ion=usa&culture=en-US http://financials.morningstar.com/cash-flow/cf.html?t=AAL®ion=usa&culture=en-US http://financials.morningstar.com/cash-flow/cf.html?t=UAL®ion=usa&culture=en-US http://financials.morningstar.com/cash-flow/cf.html?t=DAL http://financials.morningstar.com/cash-flow/cf.html?t=LUV
Income Statements
SOUTHWEST AIRLINES CO (LUV) CashFlowFlag INCOME STATEMENT DELTA AIR LINES INC (DAL) CashFlowFlag INCOME STATEMENT UNITED CONTINENTAL HOLDINGS INC (UAL) CashFlowFlag INCOME STATEMENT AMERICAN AIRLINES GROUP INC (AAL) INCOME STATEMENT
Fiscal year ends in December. USD in millions except per share data. 2014 2015 2016 Delta 2014-2015 Delta 2015-2016 Fiscal year ends in December. USD in millions except per share data. 2014 2015 2016 Delta 2014-2015 Delta 2015-2016 Fiscal year ends in December. USD in millions except per share data. 2014 2015 2016 Delta 2014-2015 Delta 2015-2016 Fiscal year ends in December. USD in millions except per share data. 2014 2015 2016 Delta 2014-2015 Delta 2015-2016
Revenue 18605 19820 20425 0.0653050255 0.0305247225 Revenue 40362 40704 39639 0.0084733165 -0.0261645047 Revenue 38901 37864 36556 -0.0266574124 -0.0345446862 Revenue 42650 40990 40180 -0.0389214537 -0.0197609173
Cost of revenue 7677 6025 6132 -0.2151882246 0.0177593361 Cost of revenue 22967 17096 15940 -0.2556276397 -0.0676181563 Cost of revenue 18072 13666 12604 -0.2438025675 -0.0777111079 Cost of revenue 22136 17079 15924 -0.2284513914 -0.0676269102
Gross profit 10928 13795 14293 0.2623535871 0.0361000362 Gross profit 17395 23608 23699 0.357171601 0.0038546256 Gross profit 20829 24198 23952 0.1617456431 -0.0101661294 Gross profit 20514 23911 24256 0.1655942283 0.0144285057
Operating expenses ERROR:#DIV/0! ERROR:#DIV/0! Operating expenses ERROR:#DIV/0! ERROR:#DIV/0! Operating expenses ERROR:#DIV/0! ERROR:#DIV/0! Operating expenses ERROR:#DIV/0! ERROR:#DIV/0!
Sales, General and administrative 5434 6383 6798 0.1746411483 0.0650164499 Sales, General and administrative 10905 11938 11744 0.0947271894 -0.0162506282 Sales, General and administrative 11191 11809 11578 0.055222947 -0.0195613515 Sales, General and administrative 10052 10918 12213 0.0861520096 0.1186114673
Depreciation and amortization 938 1015 1221 0.0820895522 0.202955665 Depreciation and amortization 1771 1835 1902 0.0361377753 0.0365122616 Depreciation and amortization 1679 1819 1977 0.0833829661 0.0868609126 Depreciation and amortization 1295 1364 1525 0.0532818533 0.1180351906
Other operating expenses 2331 2281 2514 -0.0214500215 0.1021481806 Restructuring, merger and acquisition 716 35 -0.9511173184 -1 Other operating expenses 5586 5404 6059 -0.0325814536 0.1212065137 Other operating expenses 4918 5425 5234 0.1030906873 -0.0352073733
Total operating expenses 8703 9679 10533 0.1121452373 0.0882322554 Other operating expenses 1797 1998 3101 0.1118530885 0.5520520521 Total operating expenses 18456 19032 19614 0.0312093628 0.0305800757 Total operating expenses 16265 17707 18972 0.0886566247 0.0714406732
Operating income 2225 4116 3760 0.8498876404 -0.0864917396 Total operating expenses 15189 15806 16747 0.0406215024 0.059534354 Operating income 2373 5166 4338 1.1769911504 -0.1602787456 Operating income 4249 6204 5284 0.4601082608 -0.1482914249
Interest Expense 107 90 75 -0.1588785047 -0.1666666667 Operating income 2206 7802 6952 2.5367180417 -0.108946424 Interest Expense 683 620 542 -0.0922401171 -0.1258064516 Interest Expense 887 880 991 -0.00789177 0.1261363636
Other income (expense) -302 -547 -138 0.8112582781 -0.747714808 Interest Expense ERROR:#DIV/0! ERROR:#DIV/0! Other income (expense) -562 -327 23 -0.4181494662 -1.0703363914 Other income (expense) -150 -708 6 3.72 -1.0084745763
Income before income taxes 1816 3479 3547 0.9157488987 0.0195458465 Other income (expense) -1134 -645 -316 -0.4312169312 -0.5100775194 Income before income taxes 1128 4219 3819 2.740248227 -0.0948091965 Income before income taxes 3212 4616 4299 0.4371108344 -0.0686741768
Provision for income taxes 680 1298 1303 0.9088235294 0.0038520801 Income before income taxes 1072 7157 6636 5.6763059701 -0.0727958642 Provision for income taxes -4 -3121 1556 779.25 -1.4985581544 Provision for income taxes 330 -2994 1623 -10.0727272727 -1.5420841683
Net income from continuing ops 1136 2181 2244 0.9198943662 0.0288858322 Provision for income taxes 413 2631 2263 5.3704600484 -0.1398707716 Net income from continuing ops 1132 7340 2263 5.4840989399 -0.6916893733 Net income from continuing ops 2882 7610 2676 1.6405274115 -0.6483574244
Net income 1136 2181 2244 0.9198943662 0.0288858322 Net income from continuing ops 659 4526 4373 5.8679817906 -0.033804684 Net income 1132 7340 2263 5.4840989399 -0.6916893733 Net income 2882 7610 2676 1.6405274115 -0.6483574244
Net income available to common shareholders 1136 2181 2244 0.9198943662 0.0288858322 Net income 659 4526 4373 5.8679817906 -0.033804684 Net income available to common shareholders 1132 7340 2263 5.4840989399 -0.6916893733 Net income available to common shareholders 2882 7610 2676 1.6405274115 -0.6483574244
Earnings per share ERROR:#DIV/0! ERROR:#DIV/0! Net income available to common shareholders 659 4526 4373 5.8679817906 -0.033804684 Earnings per share ERROR:#DIV/0! ERROR:#DIV/0! Earnings per share ERROR:#DIV/0! ERROR:#DIV/0!
Basic 1.65 3.3 3.58 1 0.0848484848 Earnings per share ERROR:#DIV/0! ERROR:#DIV/0! Basic 3.05 19.52 6.86 5.4 -0.6485655738 Basic 4.02 11.39 4.85 1.8333333333 -0.5741878841
Diluted 1.64 3.27 3.55 0.993902439 0.0856269113 Basic 0.79 5.68 5.82 6.1898734177 0.0246478873 Diluted 2.93 19.47 6.85 5.6450511945 -0.6481766821 Diluted 3.93 11.07 4.81 1.8167938931 -0.5654923216
Weighted average shares outstanding ERROR:#DIV/0! ERROR:#DIV/0! Diluted 0.78 5.63 5.79 6.2179487179 0.0284191829 Weighted average shares outstanding ERROR:#DIV/0! ERROR:#DIV/0! Weighted average shares outstanding ERROR:#DIV/0! ERROR:#DIV/0!
Basic 687 661 627 -0.037845706 -0.0514372163 Weighted average shares outstanding ERROR:#DIV/0! ERROR:#DIV/0! Basic 371 376 330 0.0134770889 -0.1223404255 Basic 717 668 552 -0.0683403068 -0.1736526946
Diluted 696 669 633 -0.0387931034 -0.0538116592 Basic 836 797 751 -0.0466507177 -0.0577164366 Diluted 390 377 330 -0.0333333333 -0.124668435 Diluted 734 687 556 -0.0640326975 -0.1906841339
EBITDA 2861 4584 4843 0.6022369801 0.0565008726 Diluted 845 804 755 -0.0485207101 -0.0609452736 EBITDA 3490 6658 6338 0.9077363897 -0.0480624812 EBITDA 5612 7105 7108 0.2660370634 0.0004222379
EBITDA 3977 9637 8854 1.423183304 -0.0812493515
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Sheet3
