Southwest Airlines Cash Flow Statement
NYSE: LUVConsumer DiscretionaryAir Freight/Delivery ServicesUSD
At close: Oct 9, 4:00 PM ET · Delayed 15 min
Southwest Airlines free cash flow
In fiscal 2025, Southwest Airlines generated $1.84 billion of operating cash flow and spent $2.67 billion on capital expenditures. That left free cash flow of -$831.0 million, a free-cash-flow margin of -3.0% of revenue. Southwest Airlines returned $2.95 billion to shareholders: $399.0 million in dividends and $2.55 billion in share repurchases.
Summary generated from market data by MetaCap's automated system. Methodology
Southwest Airlines cash flow statement (annual)
| Fiscal year (USD) | FY 20252025-12-31 | FY 20242024-12-31 | FY 20232023-12-31 | FY 20222022-12-31 | FY 20212021-12-31 | FY 20202020-12-31 | FY 20192019-12-31 | FY 20182018-12-31 | FY 20172017-12-31 | FY 20162016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | 441.00M | 465.00M | 465.00M | 539.00M | 977.00M | -3.07B | 2.30B | 2.46B | 3.36B | 2.18B |
| Net Income growth (YoY) | -5.16% | 0.00% | -13.73% | -44.83% | — | -233.65% | -6.69% | -26.57% | +53.78% | +0.09% |
| Depreciation & Amortization | 1.56B | 1.66B | 1.52B | 1.35B | 1.27B | 1.25B | 1.22B | 1.20B | 1.22B | 1.22B |
| Stock-Based Compensation | 99.00M | 45.00M | 86.00M | 84.00M | 58.00M | 17.00M | 55.00M | 46.00M | 37.00M | 33.00M |
| Change in Working Capital | -413.00M | -1.59B | 1.25B | 1.48B | -100.00M | 1.67B | 606.00M | 941.00M | -131.00M | 52.00M |
| Operating Cash Flow | 1.84B | 462.00M | 3.16B | 3.79B | 2.32B | -1.13B | 3.99B | 4.89B | 3.93B | 4.29B |
| Capital Expenditures | -2.67B | -2.05B | -3.52B | -3.92B | -505.00M | -515.00M | -1.03B | -1.92B | -2.12B | -2.04B |
| Investing Cash Flow | -1.43B | -261.00M | -2.93B | -3.75B | -1.26B | -16.00M | -303.00M | -2.04B | -2.41B | -2.27B |
| Dividends Paid | -399.00M | -430.00M | -428.00M | 0 | 0 | -188.00M | -372.00M | -332.00M | -274.00M | -222.00M |
| Share Repurchases | -2.55B | -250.00M | 0 | 0 | 0 | -451.00M | -2.00B | -2.00B | -1.60B | -1.75B |
| Debt Issued | 1.50B | 0 | 0 | 0 | 0 | 5.62B | 0 | 0 | 600.00M | 515.00M |
| Debt Repaid | — | — | — | — | — | -839.00M | -615.00M | -342.00M | -592.00M | -523.00M |
| Financing Cash Flow | -4.69B | -1.98B | -436.00M | -3.03B | 359.00M | 9.66B | -2.99B | -2.50B | -1.71B | -1.92B |
| Net Change in Cash | -4.28B | -1.78B | -204.00M | -2.99B | 1.42B | 8.52B | 694.00M | 359.00M | -185.00M | 97.00M |
| Free Cash Flow | -831.00M | -1.59B | -356.00M | -134.00M | 1.82B | -1.64B | 2.96B | 2.97B | 1.81B | 2.25B |
This table shows 10 annual periods of Southwest Airlines's cash flow statement, from FY 2025 back to FY 2016, across 14 line items including net income, depreciation & amortization, stock-based compensation. Values in USD; B = billions, M = millions. Fiscal periods follow LUV's reporting calendar. What is a cash flow statement?