Southwest Airlines Cash Flow Statement

LUV / Industrials|15 years of annual SEC 10-K data (FY2011-FY2025)

Covers operating cash flow, capital expenditures, free cash flow, share buybacks, and dividends paid across 15 fiscal years. All figures from audited SEC 10-K filings.

Southwest Airlines generated $1.8B in operating cash flow and negative free cash flow of $831M in FY2025. The company returned $399M in dividends and $2.5B in share buybacks to shareholders in FY2025.

Based on SEC 10-K filings.

Key Data Points

High earnings quality (cash-backed earnings)

Data sourced from SEC EDGAR filings. Not investment advice.

Item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011
Net Income	$441.0M	$465.0M	$465.0M	$539.0M	$2.3B	$2.5B	$3.4B	$2.2B	$3.4B	$2.2B	$2.2B	$1.1B	$754.0M	$459.0M	$99.0M
Depreciation & Amortization	$1.6B	$1.7B	$1.5B	$1.4B	$1.2B	$1.2B	$1.2B	$1.2B	$1.2B	$1.2B	$1.0B	$938.0M	$867.0M	$628.0M	$616.0M
Operating Cash Flow	$1.8B	$462.0M	$3.2B	$3.8B	$4.0B	$4.9B	$3.9B	$4.3B	$3.9B	$4.3B	$3.2B	$2.9B	$2.5B	$1.6B	$985.0M
Capital Expenditures	$2.7B	$2.1B	$3.5B	$3.9B	$1.0B	$1.9B	$2.1B	$2.0B	$2.1B	$2.0B	$2.0B	$1.7B	$1.4B	$493.0M	$585.0M
Free Cash Flow	-$831.0M	-$1.6B	-$356.0M	-$134.0M	$3.0B	$3.0B	$1.8B	$2.3B	$1.8B	$2.3B	$1.2B	$1.2B	$1.0B	$1.1B	$400.0M
Share Buybacks	$2.5B	$250.0M	$0	$0	$2.0B	$2.0B	$1.6B	$1.8B	$1.6B	$1.8B	$1.2B	$955.0M	$540.0M	$0	$0
Dividends Paid	$399.0M	$430.0M	$428.0M	$0	$372.0M	$332.0M	$274.0M	$222.0M	$274.0M	$222.0M	$180.0M	$139.0M	$71.0M	$13.0M	$13.0M
FCF Margin	-3.0%	-5.8%	-1.4%	-0.6%	13.2%	13.5%	35.1%	45.6%	37.0%	11.0%	6.0%	6.2%	5.8%	8.8%	3.9%

Other Financial Statements

Income Statement Balance Sheet All Financial Data

Scores & Analysis

Piotroski F-Score Altman Z-Score Financial Ratios

Southwest Airlines Profile All Financial Data

Item

FY2025

FY2024

FY2023

FY2022

FY2021

FY2020

FY2019

FY2018

FY2017

FY2016

FY2015

FY2014

FY2013

FY2012

FY2011

Net Income

$441.0M

$465.0M

$539.0M

$2.3B

$2.5B

$3.4B

$2.2B

$3.4B

$2.2B

$1.1B

$754.0M

$459.0M

$99.0M

Depreciation & Amortization

$1.6B

$1.7B

$1.5B

$1.4B

$1.2B

$1.0B

$938.0M

$867.0M

$628.0M

$616.0M

Operating Cash Flow

$1.8B

$462.0M

$3.2B

$3.8B

$4.0B

$4.9B

$3.9B

$4.3B

$3.9B

$4.3B

$3.2B

$2.9B

$2.5B

$1.6B

$985.0M

Capital Expenditures

$2.7B

$2.1B

$3.5B

$3.9B

$1.0B

$1.9B

$2.1B

$2.0B

$2.1B

$2.0B

$1.7B

$1.4B

$493.0M

$585.0M

Free Cash Flow

-$831.0M

-$1.6B

-$356.0M

-$134.0M

$3.0B

$1.8B

$2.3B

$1.8B

$2.3B

$1.2B

$1.0B

$1.1B

$400.0M

Share Buybacks

$2.5B

$250.0M

$2.0B

$1.6B

$1.8B

$1.6B

$1.8B

$1.2B

$955.0M

$540.0M

Dividends Paid

$399.0M

$430.0M

$428.0M

$372.0M

$332.0M

$274.0M

$222.0M

$274.0M

$222.0M

$180.0M

$139.0M

$71.0M

$13.0M

FCF Margin

-3.0%

-5.8%

-1.4%

-0.6%

13.2%

13.5%

35.1%

45.6%

37.0%

11.0%

6.0%

6.2%

5.8%

8.8%

3.9%