Southwest Airlines Co. (LUV)
NYSE: LUV · Real-Time Price · USD
39.29
-1.36 (-3.35%)
Oct 14, 2026, 3:07 PM EDT - Market open
Southwest Airlines Co. Cash Flow Statement
Financials in millions USD. Fiscal year is January - December.
Millions USD. Fiscal year is Jan - Dec.
Operating Activities
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 2026 | 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 | 837 | 441 | 465 | 465 | 539 | 977 |
Depreciation & Amortization | 1,247 | 1,242 | 1,386 | 1,276 | 1,119 | 1,059 |
Other Amortization | 318 | 318 | 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 | - |
Other Operating Activities | 178 | 249 | 18 | -72 | 378 | 161 |
Change in Accounts Receivable | -151 | 51 | 19 | -89 | 422 | -701 |
Change in Accounts Payable | 382 | 218 | -1,363 | 1,386 | 936 | 38 |
Change in Unearned Revenue | -112 | -1,078 | -37 | 29 | 525 | 591 |
Change in Other Net Operating Assets | -171 | 396 | -205 | -77 | -400 | -28 |
Operating Cash Flow | 2,528 | 1,842 | 462 | 3,164 | 3,790 | 2,322 |
Operating Cash Flow Growth | 36.58% | 298.70% | -85.40% | -16.52% | 63.22% | - |
Investing Activities
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 2026 | 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 |
Capital Expenditures | -2,934 | -2,673 | -2,054 | -3,520 | -3,946 | -511 |
Investment in Securities | 367 | 1,223 | 981 | 621 | 200 | -753 |
Other Investing Activities | -6 | 21 | 812 | -33 | - | - |
Investing Cash Flow | -2,174 | -1,429 | -261 | -2,932 | -3,746 | -1,264 |
Financing Activities
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 2026 | 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 |
Long-Term Debt Issued | - | 1,500 | - | - | - | 1,136 |
Total Debt Issued | 3,000 | 1,500 | - | - | - | 1,136 |
Long-Term Debt Repaid | - | -3,275 | -1,337 | -85 | -3,085 | -905 |
Total Debt Repaid | -1,114 | -3,275 | -1,337 | -85 | -3,085 | -905 |
Net Debt Issued (Repaid) | 1,886 | -1,775 | -1,337 | -85 | -3,085 | 231 |
Issuance of Common Stock | 58 | 59 | 60 | 48 | 45 | 51 |
Repurchase of Common Stock | -1,550 | -2,550 | -250 | - | - | - |
Common Dividends Paid | -370 | -399 | -430 | -428 | - | - |
Other Financing Activities | -62 | -26 | -23 | 29 | 8 | 77 |
Financing Cash Flow | -38 | -4,691 | -1,980 | -436 | -3,032 | 359 |
Net Cash Flow
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 2026 | 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 Cash Flow | 316 | -4,278 | -1,779 | -204 | -2,988 | 1,417 |
Free Cash Flow
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 2026 | 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 |
Free Cash Flow | -406 | -831 | -1,592 | -356 | -156 | 1,811 |
Free Cash Flow Growth | - | - | - | - | - | - |
Free Cash Flow Margin | -1.35% | -2.96% | -5.79% | -1.36% | -0.66% | 11.47% |
Free Cash Flow Per Share | -0.77 | -1.49 | -2.48 | -0.56 | -0.24 | 2.97 |
Levered Free Cash Flow | -834.75 | -683.88 | -2,077 | 22.25 | -412.88 | 643 |
Unlevered Free Cash Flow | -744.13 | -613.25 | -1,943 | 169.75 | -224.75 | 912.38 |
Additional Metrics
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 2026 | 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 |
Cash Interest Paid | 137 | 108 | 220 | 228 | 305 | 336 |
Cash Income Tax Paid | - | -1 | -21 | -87 | 20 | 445 |
Change in Working Capital | -52 | -413 | -1,586 | 1,249 | 1,483 | -100 |