• Southwest Airlines average debt/equity ratio for 2023 was 0.75, a 9.64% decline from 2022.
• Southwest Airlines average debt/equity ratio for 2022 was 0.83, a 20.95% decline from 2021.
• Southwest Airlines average debt/equity ratio for 2021 was 1.05, a 25% decline from 2020.

Debt/equity ratio can be defined as a measure of a company's financial leverage calculated by dividing its long-term debt by stockholders' equity.