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We consider the cubic Szeg\"o equation i u_t=Pi(|u|^2u) in the Hardy space on the upper half-plane, where Pi is the Szeg\"o projector on positive frequencies. It is a model for totally non-dispersive evolution equations and is completely integrable in the sense that it admits a Lax pair. We find an explicit formula for solutions of the Szeg\"o equation. As an application, we prove soliton resolution in H^s for all s>0, for generic data. As for non-generic data, we construct an example for which soliton resolution holds only in H^s, 0 1/2. As a second application, we construct explicit generalized action-angle coordinates by solving the inverse problem for the Hankel operator H_u appearing in the Lax pair. In particular, we show that the trajectories of the Szeg\"o equation with generic data are spirals around Lagrangian toroidal cylinders T^N \times R^N.

Explicit formula for the solution of the Szegö equation on the real line and applications