• Southwest Airlines average return on tangible equity for 2023 was 5.65, a 26.34% decline from 2022.
• Southwest Airlines average return on tangible equity for 2022 was 7.67, a 174.68% decline from 2021.
• Southwest Airlines average return on tangible equity for 2021 was -10.27, a 31.33% decline from 2020.

Return on tangible equity can be defined as the amount of net income returned as a percentage of shareholders equity, after subtracting intangible assets, goodwill and preferred equity.