Southwest Airlines Co. (LUV)
NYSE: LUV · Real-Time Price · USD
46.31
+0.93 (2.05%)
At close: Jul 28, 2026, 4:00 PM EDT
46.19
-0.12 (-0.26%)
After-hours: Jul 28, 2026, 7:59 PM EDT
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 Quarter | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 | Q3 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 2026 | Mar '26 Mar 31, 2026 | Dec '25 Dec 31, 2025 | Sep '25 Sep 30, 2025 | Jun '25 Jun 30, 2025 | Mar '25 Mar 31, 2025 | Dec '24 Dec 31, 2024 | Sep '24 Sep 30, 2024 | Jun '24 Jun 30, 2024 | Mar '24 Mar 31, 2024 | Dec '23 Dec 31, 2023 | Sep '23 Sep 30, 2023 | Jun '23 Jun 30, 2023 | Mar '23 Mar 31, 2023 | Dec '22 Dec 31, 2022 | Sep '22 Sep 30, 2022 | Jun '22 Jun 30, 2022 | Mar '22 Mar 31, 2022 | Dec '21 Dec 31, 2021 | Sep '21 Sep 30, 2021 |
Net Income | 233 | 227 | 323 | 54 | 213 | -149 | 261 | 67 | 367 | -231 | -252 | 193 | 683 | -159 | -220 | 277 | 760 | -278 | 68 | 446 |
Depreciation & Amortization | 402 | 398 | 371 | 394 | 400 | 396 | 407 | 438 | 404 | 408 | 415 | 375 | 367 | 365 | 367 | 335 | 325 | 324 | 323 | 322 |
Other Adjustments | 60 | 57 | 85 | 14 | 74 | -46 | -24 | 34 | 111 | -67 | -55 | 36 | 215 | -56 | -15 | 130 | 314 | 30 | -25 | 77 |
Change in Receivables | 37 | -93 | -13 | -83 | 90 | 57 | 99 | 193 | 34 | -308 | 316 | -216 | 44 | -232 | 260 | 58 | 439 | -334 | 118 | -23 |
Changes in Accounts Payable | 23 | -79 | 427 | 11 | -95 | -126 | 305 | -196 | -576 | -897 | 741 | 352 | 364 | -72 | 500 | -70 | 328 | 177 | 63 | -948 |
Changes in Unearned Revenue | -65 | 1,086 | -961 | -172 | -606 | 660 | -458 | -377 | -317 | 1,115 | -721 | -59 | -137 | 947 | -175 | -93 | -92 | 885 | -512 | -442 |
Changes in Other Operating Activities | -160 | -178 | 71 | 69 | 325 | 68 | -99 | -46 | -46 | -124 | 13 | -65 | -120 | -87 | -110 | -403 | -168 | 267 | 212 | -7 |
Operating Cash Flow | 530 | 1,418 | 295 | 287 | 401 | 860 | 476 | 113 | -23 | -104 | 425 | 616 | 1,416 | 706 | 579 | 234 | 1,906 | 1,071 | 247 | -575 |
Operating Cash Flow Growth (YoY) | 32.17% | 64.88% | -38.02% | 153.98% | - | - | 12.00% | -81.66% | - | - | -26.60% | 163.25% | -25.71% | -34.08% | 134.41% | - | -4.94% | 66.05% | - | - |
Investing Activities
Fiscal Quarter | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 | Q3 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 2026 | Mar '26 Mar 31, 2026 | Dec '25 Dec 31, 2025 | Sep '25 Sep 30, 2025 | Jun '25 Jun 30, 2025 | Mar '25 Mar 31, 2025 | Dec '24 Dec 31, 2024 | Sep '24 Sep 30, 2024 | Jun '24 Jun 30, 2024 | Mar '24 Mar 31, 2024 | Dec '23 Dec 31, 2023 | Sep '23 Sep 30, 2023 | Jun '23 Jun 30, 2023 | Mar '23 Mar 31, 2023 | Dec '22 Dec 31, 2022 | Sep '22 Sep 30, 2022 | Jun '22 Jun 30, 2022 | Mar '22 Mar 31, 2022 | Dec '21 Dec 31, 2021 | Sep '21 Sep 30, 2021 |
Capital Expenditures | -818 | -630 | -859 | -678 | -660 | -527 | -460 | -517 | -494 | -583 | -708 | -842 | -925 | -1,046 | -1,356 | -1,072 | -987 | -510 | -180 | -135 |
Sale of Property, Plant & Equipment | 258 | 192 | 1 | - | 25 | 50 | 871 | - | - | - | - | - | - | - | - | - | - | - | - | - |
Purchases of Investments | - | - | 0 | -100 | -319 | -51 | -1,169 | -636 | -1,532 | -1,678 | -1,623 | -1,620 | -1,522 | -2,204 | -1,379 | -1,743 | -1,545 | -925 | -1,324 | -1,525 |
Proceeds from Sale of Investments | - | - | 116 | 350 | 72 | 1,154 | 835 | 1,621 | 1,820 | 1,720 | 1,677 | 2,406 | 1,828 | 1,679 | 1,810 | 1,702 | 980 | 1,300 | 1,324 | 1,251 |
Other Investing Activities | - | -7 | 0 | - | - | -3 | -4 | -10 | 0 | -44 | -33 | -8 | -8 | -6 | -8 | -7 | -3 | -4 | -3 | -3 |
Investing Cash Flow | -560 | -445 | -742 | -428 | -882 | 623 | 73 | 458 | -206 | -585 | -664 | -64 | -627 | -1,577 | -933 | -1,120 | -1,555 | -139 | -183 | -412 |
Financing Activities
Fiscal Quarter | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 | Q3 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 2026 | Mar '26 Mar 31, 2026 | Dec '25 Dec 31, 2025 | Sep '25 Sep 30, 2025 | Jun '25 Jun 30, 2025 | Mar '25 Mar 31, 2025 | Dec '24 Dec 31, 2024 | Sep '24 Sep 30, 2024 | Jun '24 Jun 30, 2024 | Mar '24 Mar 31, 2024 | Dec '23 Dec 31, 2023 | Sep '23 Sep 30, 2023 | Jun '23 Jun 30, 2023 | Mar '23 Mar 31, 2023 | Dec '22 Dec 31, 2022 | Sep '22 Sep 30, 2022 | Jun '22 Jun 30, 2022 | Mar '22 Mar 31, 2022 | Dec '21 Dec 31, 2021 | Sep '21 Sep 30, 2021 |
Long-Term Debt Issued | 1,000 | 500 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0 | - |
Long-Term Debt Repaid | -431 | -6 | -672 | -6 | -2,592 | -5 | -1,310 | -11 | -8 | -8 | -7 | -11 | -8 | -59 | -612 | -1,918 | -231 | -323 | -607 | -188 |
Net Long-Term Debt Issued (Repaid) | 569 | 494 | -672 | -6 | -2,592 | -5 | -1,310 | -11 | -8 | -8 | -7 | -11 | -8 | -59 | -612 | -1,918 | -231 | -323 | -607 | -188 |
Issuance of Common Stock | 15 | 16 | 13 | 14 | 15 | 17 | 14 | 15 | 15 | 15 | 12 | 13 | 14 | 9 | 13 | 12 | 13 | 6 | 12 | 13 |
Repurchase of Common Stock | - | -1,250 | -50 | -250 | -1,500 | -750 | -250 | - | - | - | - | - | - | - | - | - | - | - | - | - |
Net Common Stock Issued (Repurchased) | 15 | -1,234 | -37 | -236 | -1,485 | -733 | -236 | 15 | 15 | 15 | 12 | 13 | 14 | 9 | 13 | 12 | 13 | 6 | 12 | 13 |
Common Dividends Paid | -88 | -93 | 0 | -189 | -103 | -107 | 1 | -216 | - | -215 | 0 | -214 | - | -214 | 409 | - | - | - | - | - |
Other Financing Activities | -3 | -43 | -15 | -1 | 2 | -13 | 2 | 2 | -3 | -24 | 2 | -1 | 4 | 2 | 2 | 1 | 3 | 3 | 31 | 18 |
Financing Cash Flow | 493 | -876 | 776 | -432 | -4,178 | -858 | -1,543 | -210 | 4 | -232 | 30 | -213 | 10 | -262 | -597 | -1,905 | -215 | -314 | -564 | -157 |
Net Cash Flow
Fiscal Quarter | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 | Q3 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 2026 | Mar '26 Mar 31, 2026 | Dec '25 Dec 31, 2025 | Sep '25 Sep 30, 2025 | Jun '25 Jun 30, 2025 | Mar '25 Mar 31, 2025 | Dec '24 Dec 31, 2024 | Sep '24 Sep 30, 2024 | Jun '24 Jun 30, 2024 | Mar '24 Mar 31, 2024 | Dec '23 Dec 31, 2023 | Sep '23 Sep 30, 2023 | Jun '23 Jun 30, 2023 | Mar '23 Mar 31, 2023 | Dec '22 Dec 31, 2022 | Sep '22 Sep 30, 2022 | Jun '22 Jun 30, 2022 | Mar '22 Mar 31, 2022 | Dec '21 Dec 31, 2021 | Sep '21 Sep 30, 2021 |
Net Cash Flow | 463 | 97 | 329 | -573 | -4,659 | 625 | -994 | 361 | -225 | -921 | -209 | 339 | 799 | -1,133 | -951 | -2,791 | 136 | 618 | -500 | -1,144 |
Free Cash Flow
Fiscal Quarter | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 | Q3 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 2026 | Mar '26 Mar 31, 2026 | Dec '25 Dec 31, 2025 | Sep '25 Sep 30, 2025 | Jun '25 Jun 30, 2025 | Mar '25 Mar 31, 2025 | Dec '24 Dec 31, 2024 | Sep '24 Sep 30, 2024 | Jun '24 Jun 30, 2024 | Mar '24 Mar 31, 2024 | Dec '23 Dec 31, 2023 | Sep '23 Sep 30, 2023 | Jun '23 Jun 30, 2023 | Mar '23 Mar 31, 2023 | Dec '22 Dec 31, 2022 | Sep '22 Sep 30, 2022 | Jun '22 Jun 30, 2022 | Mar '22 Mar 31, 2022 | Dec '21 Dec 31, 2021 | Sep '21 Sep 30, 2021 |
Free Cash Flow | -288 | 788 | -564 | -391 | -259 | 333 | 16 | -404 | -517 | -687 | -283 | -226 | 491 | -340 | -777 | -838 | 919 | 561 | 67 | -710 |
Free Cash Flow Growth (YoY) | - | 136.64% | - | - | - | - | - | - | - | - | - | - | -46.57% | - | - | - | -51.89% | 2.00% | - | - |
FCF Margin | -3.42% | 10.87% | -7.58% | -5.63% | -3.58% | 5.18% | 0.23% | -5.88% | -7.03% | -10.85% | -4.15% | -3.46% | 6.98% | -5.96% | -12.59% | -13.47% | 13.66% | 11.95% | 1.33% | -15.17% |
Free Cash Flow Per Share | -0.58 | 1.57 | -1.08 | -0.74 | -0.48 | 0.57 | 0.02 | -0.67 | -0.80 | -1.15 | -0.47 | -0.35 | 0.77 | -0.57 | -1.31 | -1.31 | 1.45 | 0.95 | 0.11 | -1.17 |
Levered Free Cash Flow | 184 | 1,318 | -1,300 | -328 | -3,015 | 317 | -1,354 | -642 | -670 | -320 | -519 | -57 | 224 | -111 | -1,606 | -2,944 | -65 | 542 | -633 | -952 |
Unlevered Free Cash Flow | -400.99 | 858.92 | -641.46 | -348.21 | -464.84 | 297.94 | -84.46 | -669.39 | -723.42 | -385.64 | -615.97 | -143.72 | 161.85 | -113.27 | -1,071 | -993.04 | 255.5 | 1,031 | 78.21 | -665.14 |