Is the business growing?

Reviewing the financials, it does not appear that Southwest is growing a lot. Their 2024 Annual report documents 2024, 2023, and 2022; using those years, the net income in 2022 was $539MM whereas, in 2024, the net income was $465MM. This indicates that, over the past 3 years, their net income has been shrinking.

Looking at their balance sheet, their balances are as follows:

• December 31, 2021: $10,414MM

• December 31, 2022: $10,687MM

• December 31, 2023: $10,515MM

• December 31, 2024: $10,350MM

The above again indicates that their business is shrinking.