Southwest Airlines Co. Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	2015 - 2019
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020	2015 - 2019
Net Income	379	465	465	539	977	-3,074	Upgrade
Depreciation & Amortization	1,325	1,386	1,276	1,119	1,059	1,052	Upgrade
Other Amortization	271	271	246	232	213	203	Upgrade
Loss (Gain) From Sale of Assets	-95	-92	-	-	-	-222	Upgrade
Asset Writedown & Restructuring Costs	8	-	-	35	12	32	Upgrade
Loss (Gain) From Sale of Investments	-	-	-4	4	-	-	Upgrade
Other Operating Activities	184	18	-68	378	161	-787	Upgrade
Change in Accounts Receivable	163	19	-89	422	-701	-294	Upgrade
Change in Accounts Payable	96	-1,363	1,386	936	38	231	Upgrade
Change in Unearned Revenue	-575	-37	29	525	591	1,623	Upgrade
Change in Other Net Operating Assets	267	-205	-77	-400	-28	109	Upgrade
Operating Cash Flow	2,023	462	3,164	3,790	2,322	-1,127	Upgrade
Operating Cash Flow Growth	392.21%	-85.40%	-16.52%	63.22%	-	-	Upgrade
Capital Expenditures	-2,274	-2,080	-3,553	-3,946	-511	-515	Upgrade
Investment in Securities	773	981	621	200	-753	-744	Upgrade
Other Investing Activities	887	838	-	-	-	1,243	Upgrade
Investing Cash Flow	-614	-261	-2,932	-3,746	-1,264	-16	Upgrade
Short-Term Debt Issued	-	-	-	-	-	4,683	Upgrade
Long-Term Debt Issued	-	-	-	-	1,136	8,938	Upgrade
Total Debt Issued	-	-	-	-	1,136	13,621	Upgrade
Short-Term Debt Repaid	-	-	-	-	-	-4,683	Upgrade
Long-Term Debt Repaid	-	-1,337	-85	-3,085	-905	-839	Upgrade
Total Debt Repaid	-3,913	-1,337	-85	-3,085	-905	-5,522	Upgrade
Net Debt Issued (Repaid)	-3,913	-1,337	-85	-3,085	231	8,099	Upgrade
Issuance of Common Stock	60	60	48	45	51	2,342	Upgrade
Repurchase of Common Stock	-2,750	-250	-	-	-	-451	Upgrade
Common Dividends Paid	-398	-430	-428	-	-	-188	Upgrade
Other Financing Activities	-9	-23	29	8	77	-144	Upgrade
Financing Cash Flow	-7,010	-1,980	-436	-3,032	359	9,658	Upgrade
Net Cash Flow	-5,601	-1,779	-204	-2,988	1,417	8,515	Upgrade
Free Cash Flow	-251	-1,618	-389	-156	1,811	-1,642	Upgrade
Free Cash Flow Margin	-0.91%	-5.89%	-1.49%	-0.66%	11.47%	-18.15%	Upgrade
Free Cash Flow Per Share	-0.44	-2.52	-0.61	-0.24	2.97	-2.91	Upgrade
Cash Interest Paid	163	220	228	305	336	212	Upgrade
Cash Income Tax Paid	7	9	18	20	445	19	Upgrade
Levered Free Cash Flow	-13.63	-2,103	399.88	-412.88	643	-2,681	Upgrade
Unlevered Free Cash Flow	67	-1,969	547.38	-224.75	912.38	-2,484	Upgrade
Change in Working Capital	-49	-1,586	1,249	1,483	-100	1,669	Upgrade

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.