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Southwest Airlines Co. (LUV)
NYSE: LUV · Real-Time Price · USD
46.43
+2.98 (6.86%)
At close: Nov 4, 2026, 4:00 PM EST
46.26
-0.17 (-0.37%)
After-hours: Nov 4, 2026, 6:45 PM EST

Southwest Airlines Co. Cash Flow Statement

Millions USD. Fiscal year is Jan - Dec.

Operating Activities

Fiscal Year
TTMFY 2025FY 2024FY 2023FY 2022FY 2021
Period Ending
Sep '26 Dec '25 Dec '24 Dec '23 Dec '22 Dec '21
Net Income
1,053441465465539977
Depreciation & Amortization
1,2511,2421,3861,2761,1191,059
Other Amortization
318318271246232213
Loss (Gain) From Sale of Assets
-362-3-92---
Asset Writedown & Restructuring Costs
308--3512
Loss (Gain) From Sale of Investments
----4-
Other Operating Activities
38024918-72378161
Change in Accounts Receivable
-1645119-89422-701
Change in Accounts Payable
413218-1,3631,38693638
Change in Unearned Revenue
152-1,078-3729525591
Change in Other Net Operating Assets
-316396-205-77-400-28
Operating Cash Flow
2,7551,8424623,1643,7902,322
Operating Cash Flow Growth
36.18%298.70%-85.40%-16.52%63.22%-

Investing Activities

Fiscal Year
TTMFY 2025FY 2024FY 2023FY 2022FY 2021
Period Ending
Sep '26 Dec '25 Dec '24 Dec '23 Dec '22 Dec '21
Capital Expenditures
-3,205-2,673-2,054-3,520-3,946-511
Investment in Securities
1161,223981621200-753
Other Investing Activities
20721812-33--
Investing Cash Flow
-2,255-1,429-261-2,932-3,746-1,264

Financing Activities

Fiscal Year
TTMFY 2025FY 2024FY 2023FY 2022FY 2021
Period Ending
Sep '26 Dec '25 Dec '24 Dec '23 Dec '22 Dec '21
Long-Term Debt Issued
-1,500---1,136
Total Debt Issued
3,0001,500---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)
1,886-1,775-1,337-85-3,085231
Issuance of Common Stock
595960484551
Repurchase of Common Stock
-1,300-2,550-250---
Common Dividends Paid
-357-399-430-428--
Other Financing Activities
-66-26-2329877
Financing Cash Flow
222-4,691-1,980-436-3,032359

Net Cash Flow

Fiscal Year
TTMFY 2025FY 2024FY 2023FY 2022FY 2021
Period Ending
Sep '26 Dec '25 Dec '24 Dec '23 Dec '22 Dec '21
Net Cash Flow
722-4,278-1,779-204-2,9881,417

Free Cash Flow

Fiscal Year
TTMFY 2025FY 2024FY 2023FY 2022FY 2021
Period Ending
Sep '26 Dec '25 Dec '24 Dec '23 Dec '22 Dec '21
Free Cash Flow
-450-831-1,592-356-1561,811
Free Cash Flow Growth
------
Free Cash Flow Margin
-1.43%-2.96%-5.79%-1.36%-0.66%11.47%
Free Cash Flow Per Share
-0.87-1.49-2.48-0.56-0.242.97
Levered Free Cash Flow
-612.88-683.88-2,07722.25-412.88643
Unlevered Free Cash Flow
-499.75-613.25-1,943169.75-224.75912.38

Additional Metrics

Fiscal Year
TTMFY 2025FY 2024FY 2023FY 2022FY 2021
Period Ending
Sep '26 Dec '25 Dec '24 Dec '23 Dec '22 Dec '21
Cash Interest Paid
151108220228305336
Cash Income Tax Paid
--1-21-8720445
Change in Working Capital
85-413-1,5861,2491,483-100
SEC Filings: 10-K · 10-Q