Southwest Airlines Co. (LUV) quarterly cash flow statement — complete operating, investing & financing history
Southwest Airlines Co. (LUV) cash flow statement — 30-year operating, investing & financing cash flows
| Metric | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 |
|---|
| Cash from Operations | 511M | 364M | 1.42B | 295M | 287M | 401M | 860M | 476M | 113M | -23M | -104M | 425M | 616M | 1.42B | 706M | 579M | 234M | 1.91B | 1.07B | 247M |
| Operating CF Margin % | 6.07% | 4.32% | 19.56% | 3.96% | 4.13% | 5.54% | 13.38% | 6.87% | 1.64% | -0.31% | -1.64% | 6.23% | 9.44% | 20.12% | 12.37% | 9.38% | 3.76% | 28.33% | 22.82% | 4.89% |
| Operating CF Growth % | 78.05% | -9.23% | 64.88% | -38.03% | 153.98% | 1843.48% | 926.92% | 12% | -81.66% | -101.62% | -114.73% | -26.6% | 163.25% | -25.71% | -34.08% | 134.41% | 140.7% | -4.94% | 66.05% | 141.37% |
| Net Income | 270M | 233M | 227M | 323M | 54M | 213M | -149M | 261M | 67M | 367M | -231M | -252M | 193M | 683M | -159M | -220M | 277M | 760M | -278M | 68M |
| Depreciation & Amortization | 398M | 402M | 398M | 371M | 394M | 400M | 396M | 407M | 438M | 404M | 408M | 415M | 375M | 367M | 365M | 367M | 335M | 325M | 324M | 323M |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 84M | 0 | 0 | 0 | 0 |
| Deferred Taxes | 83M | 60M | 57M | 85M | 14M | 66M | -43M | 70M | 19M | 111M | -68M | -55M | 57M | 209M | -52M | 32M | 76M | 272M | -97M | -63M |
| Other Non-Cash Items | -184M | -165M | 657M | -8M | 1M | 7M | -3M | -135M | 14M | 3M | 1M | -48M | 38M | -118M | -94M | -174M | -296M | -22M | 543M | 66M |
| Working Capital Changes | -56M | -166M | 79M | -476M | -176M | -285M | 659M | -127M | -425M | -908M | -214M | 365M | -47M | 269M | 646M | 490M | -158M | 571M | 579M | -148M |
| Change in Receivables | -95M | 37M | -93M | -13M | -82M | 90M | 57M | 99M | 193M | 34M | -308M | 315M | -216M | 44M | -232M | -17M | 58M | 439M | -334M | -701M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 122M | -136M | 14M | 0 | 0 | 0 | 0 | 157M | 663M |
| Change in Payables | 41M | 23M | -79M | 427M | 11M | -95M | -126M | 0 | -196M | -576M | -897M | 742M | 352M | 364M | -72M | 936M | -70M | 328M | 177M | 38M |
| Cash from Investing | -509M | -560M | -445M | -742M | -428M | -882M | 623M | 73M | 458M | -206M | -585M | -664M | -64M | -627M | -1.58B | -933M | -1.12B | -1.55B | -139M | -183M |
| Capital Expenditures | -1.01B | -818M | -630M | -859M | -678M | -635M | -501M | -461M | -500M | -500M | -592M | -718M | -850M | -933M | -1.05B | -1.36B | -1.08B | -990M | -514M | -183M |
| CapEx % of Revenue | 11.94% | 9.7% | 8.69% | 11.54% | 9.76% | 8.77% | 7.79% | 6.65% | 7.28% | 6.8% | 9.35% | 10.52% | 13.03% | 13.26% | 18.44% | 22.1% | 17.35% | 14.71% | 10.95% | 3.62% |
| Acquisitions | 0 | 0 | 192M | 0 | 0 | 24M | 0 | 0 | 0 | 0 | 0 | 69M | 842M | -917M | 6M | 3.95B | 7M | 3M | 4M | 755M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 497M | 258M | -7M | 1M | 0 | -24M | 21M | 868M | -27M | 6M | -35M | -69M | -842M | 917M | -6M | -3.95B | -7M | -3M | -4M | -755M |
| Cash from Financing | -171M | 493M | -876M | 776M | -432M | -4.18B | -858M | -1.54B | -210M | 4M | -232M | 30M | -213M | 10M | -262M | -597M | -1.91B | -215M | -314M | -564M |
| Debt Issued (Net) | -5M | 569M | 494M | 828M | -5M | -2.59B | -5M | -1.31B | -11M | -8M | -8M | -7M | -11M | -8M | -59M | -612M | -1.92B | -231M | -323M | -607M |
| Equity Issued (Net) | 14M | 15M | -1.23B | -37M | -236M | -1.49B | -733M | -236M | 16M | 15M | 15M | 12M | 14M | 13M | 9M | 13M | 13M | 13M | 6M | 12M |
| Dividends Paid | -176M | -88M | -93M | 0 | -189M | -103M | -107M | 1M | -216M | 0 | -215M | 0 | -214M | 0 | -214M | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | -1.25B | -50M | -250M | -1.5B | -750M | -250M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -4M | -3M | -43M | -15M | -2M | 3M | -13M | 2M | 1M | -3M | -24M | 25M | -2M | 5M | 2M | 2M | 0 | 3M | 3M | 31M |
| Net Change in Cash | -169M | 297M | 97M | 329M | -573M | -4.66B | 625M | -994M | 361M | -225M | -921M | -209M | 339M | 799M | -1.13B | -951M | -2.79B | 136M | 618M | -500M |
| Free Cash Flow | -495M | -454M | 788M | -564M | -391M | -234M | 359M | 16M | -414M | -523M | -696M | -293M | -234M | 483M | -346M | -785M | -845M | 916M | 557M | 64M |
| FCF Margin % | -5.88% | -5.38% | 10.87% | -7.58% | -5.63% | -3.23% | 5.58% | 0.23% | -6.03% | -7.11% | -11% | -4.29% | -3.59% | 6.86% | -6.06% | -12.72% | -13.59% | 13.61% | 11.87% | 1.27% |
| FCF Growth % | -26.6% | -94.02% | 119.5% | -3625% | 5.56% | 55.26% | 151.58% | 105.46% | -76.92% | -208.28% | -101.16% | 62.68% | 72.31% | -47.27% | -162.12% | -1326.56% | -18.51% | -52.04% | 1.27% | 109.32% |
| FCF per Share | -1.00 | -0.91 | 1.57 | -1.08 | -0.74 | -0.43 | 0.61 | 0.02 | -0.69 | -0.81 | -1.17 | -0.49 | -0.37 | 0.76 | -0.58 | -1.32 | -1.32 | 1.44 | 0.94 | 0.11 |
| FCF Conversion (FCF/Net Income) | 1.89x | 1.56x | 6.25x | 0.91x | 5.31x | 1.88x | -5.77x | 1.82x | 1.69x | -0.06x | 0.45x | -1.69x | 3.19x | 2.07x | -4.44x | -2.63x | 0.84x | 2.51x | -3.85x | 3.63x |
| Interest Paid | 0 | 0 | 1M | 41M | 3M | 53M | 11M | 96M | 14M | 92M | 18M | 94M | 19M | 96M | 19M | 102M | 42M | 141M | 20M | 148M |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 4M | 1M | 2M | 0 | 4M | 3M | 9M | 1M | 6M | 2M | 1M | 8M | 7M | 4M | 154M |