• Southwest Airlines average return on tangible equity for 2023 was 5.02, a 32.53% increase from 2022.
• Southwest Airlines average return on tangible equity for 2022 was 7.44, a 514.88% decline from 2021.
• Southwest Airlines average return on tangible equity for 2021 was 1.21, a 105.53% increase 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.