Southwest Airlines Co. Cash Flow Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	441	465	465	539	977
Depreciation & Amortization	1,560	1,386	1,276	1,119	1,059
Other Amortization	-	271	246	232	213
Loss (Gain) From Sale of Assets	-3	-92	-	-	-
Asset Writedown & Restructuring Costs	8	-	-	35	12
Loss (Gain) From Sale of Investments	-	-	-4	4	-
Other Operating Activities	249	18	-68	378	161
Change in Accounts Receivable	51	19	-89	422	-701
Change in Accounts Payable	218	-1,363	1,386	936	38
Change in Unearned Revenue	-1,078	-37	29	525	591
Change in Other Net Operating Assets	396	-205	-77	-400	-28
Operating Cash Flow	1,842	462	3,164	3,790	2,322
Operating Cash Flow Growth	298.70%	-85.40%	-16.52%	63.22%	-
Capital Expenditures	-2,673	-2,080	-3,553	-3,946	-511
Investment in Securities	1,223	981	621	200	-753
Other Investing Activities	21	838	-	-	-
Investing Cash Flow	-1,429	-261	-2,932	-3,746	-1,264
Long-Term Debt Issued	1,500	-	-	-	1,136
Total Debt Issued	1,500	-	-	-	1,136
Long-Term Debt Repaid	-3,275	-1,337	-85	-3,085	-905
Total Debt Repaid	-3,275	-1,337	-85	-3,085	-905
Net Debt Issued (Repaid)	-1,775	-1,337	-85	-3,085	231
Issuance of Common Stock	59	60	48	45	51
Repurchase of Common Stock	-2,550	-250	-	-	-
Common Dividends Paid	-399	-430	-428	-	-
Other Financing Activities	-26	-23	29	8	77
Financing Cash Flow	-4,691	-1,980	-436	-3,032	359
Net Cash Flow	-4,278	-1,779	-204	-2,988	1,417
Free Cash Flow	-831	-1,618	-389	-156	1,811
Free Cash Flow Margin	-2.96%	-5.89%	-1.49%	-0.66%	11.47%
Free Cash Flow Per Share	-1.49	-2.52	-0.61	-0.24	2.97
Cash Interest Paid	-	220	228	305	336
Cash Income Tax Paid	-	9	18	20	445
Levered Free Cash Flow	-775.38	-2,103	399.88	-412.88	643
Unlevered Free Cash Flow	-704.75	-1,969	547.38	-224.75	912.38
Change in Working Capital	-413	-1,586	1,249	1,483	-100

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q