Income StatementBalance SheetCash FlowSegments
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Southwest Airlines Cash Flow Statement

Operating, investing, and financing cash movements

Southwest Airlines generated $2.4B in operating cash flow over the trailing twelve months. After $2.8B in capital expenditures, free cash flow was -$401.0M. Free cash flow increased 0.3% year-over-year. Based on the Q1 2026 filing.

Net Cash From Operating (TTM)$2.4BNet Cash From Investing (TTM)-$2.5BNet Cash From Financing (TTM)-$7.0BCapital Expenditures (TTM)$2.8BDepreciation And Amortization Cf (TTM)$1.6BNet Change In Cash (TTM)-$5.1B
Latest FilingQ1 2026
Report Date2026-04-23
Market Cap$21.2B
P/E Ratio25.91
ROE10.06%

Supplemental

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
ROU assets obtained - operating leases$335.0M$14.0M$20.0M$4.0M$10.0M$5.0M
Interest paid$96.0M$11.0M$53.0M$3.0M$41.0M$1.0M
ROU Asset Obtained for Lease Liability$335.0M$14.0M$20.0M$4.0M$10.0M$5.0M

Investing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Capital expenditures$460.0M$527.0M$635.0M$678.0M$859.0M$630.0M
Payments to Acquire Short-Term Investments$1.2B$51.0M$319.0M$100.0M$0.0$0.0
Other, net-$30.0M-$3.0M$0.0$0.0$0.0-$7.0M
Proceeds from disposals of property, plant and equipment—$26.0M———$192.0M
Proceeds From Sale Of Short Term Investments$835.0M$1.2B$72.0M$350.0M$116.0M$0.0
Proceeds from sale-leaseback transactions$871.0M$24.0M$0.0$0.0$1.0M$0.0
Net cash from investing activities—$623.0M-$882.0M-$428.0M-$742.0M-$445.0M
Proceeds from maturities/sales of investments$835.0M$1.2B$72.0M$350.0M$116.0M$0.0
Proceeds from sale of property, plant and equipment—$26.0M———$192.0M
Purchases of investments$1.2B$51.0M$319.0M$100.0M$0.0$0.0

Operating

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Change in accounts payable—-$126.0M-$95.0M$11.0M$427.0M-$79.0M
Change in deferred revenue-$458.0M$660.0M-$606.0M-$172.0M-$961.0M$1.1B
Change in other assets$12.0M-$145.0M-$212.0M-$3.0M-$48.0M$61.0M
Change in other liabilities-$61.0M-$63.0M$28.0M$16.0M—-$77.0M
Other working capital changes-$26.0M$8.0M$85.0M$50.0M$15.0M-$40.0M
Change in receivables-$99.0M-$57.0M-$90.0M$83.0M—$93.0M
Deferred income taxes-$70.0M$43.0M-$66.0M-$14.0M-$85.0M-$57.0M
Depreciation and amortization$407.0M$396.0M$400.0M$394.0M$371.0M$398.0M
Gain (Loss) on Sale of Assets and Asset Impairment Charges$0.0-$2.0M-$2.0M-$2.0M-$2.0M—
Net cash from operating activities$476.0M$860.0M$401.0M$287.0M$295.0M$1.4B
Net income$261.0M-$149.0M$213.0M$54.0M$323.0M$227.0M
Gain (Loss) on Sale of Assets and Asset Impairment Charges$0.0-$2.0M-$2.0M-$2.0M-$2.0M—
Collateral (posted) received, net$0.0-$22.0M$0.0$0.0$0.0$0.0
Increase (Decrease) in Accounts and Other Receivables-$99.0M-$57.0M-$90.0M$83.0M—$93.0M
Increase (Decrease) in Deferred Income Taxes-$70.0M$43.0M-$66.0M-$14.0M-$85.0M-$57.0M
Increase (Decrease) in Other Operating Assets$12.0M-$145.0M-$212.0M-$3.0M-$48.0M$61.0M
Gain on sale-leaseback transaction$92.0M$3.0M$0.0$0.0$0.0$0.0

Financing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Proceeds from issuance of debt$0.0$0.0———$500.0M
Dividends paid$0.0$107.0M$103.0M$189.0M$0.0$93.0M
Proceeds from issuances of debt$0.0$0.0———$500.0M
Other, net—-$13.0M$2.0M-$1.0M-$15.0M-$43.0M
Proceeds from issuance of common stock relating to employee stock plans$14.0M$17.0M$15.0M$14.0M$13.0M$16.0M
Proceeds of terminated interest rate derivative instruments$0.0$0.0$0.0$0.0$0.0—
Repayments Of Other Long-Term Debt And Finance Lease Obligations$1.3B$5.0M$2.6B$6.0M$672.0M$6.0M
Payment of Deferred Purchase Consideration—-$13.0M$2.0M-$1.0M-$15.0M-$43.0M
Noncontrolling interest transactions and other—-$13.0M$2.0M-$1.0M-$15.0M-$43.0M
Net cash from financing activities-$1.5B-$858.0M-$4.2B-$432.0M—-$876.0M
Other financing activities—-$13.0M$2.0M-$1.0M-$15.0M-$43.0M
Noncontrolling Interests Activity and Other—-$13.0M$2.0M-$1.0M-$15.0M-$43.0M
Proceeds from issuance of common stock$14.0M$17.0M$15.0M$14.0M$13.0M$16.0M
Repurchases of common stock$250.0M$750.0M$1.5B$250.0M$50.0M$1.3B

Free Cash Flow

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Free cash flow$0.0$333.0M-$234.0M-$391.0M-$564.0M$788.0M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net increase (decrease) in cash-$994.0M$625.0M-$4.7B-$573.0M$0.0$97.0M
Leased assets obtained in exchange for operating lease liabilities$335.0M$14.0M$20.0M$4.0M$10.0M$5.0M