What is Southwest Airlines's capex?

Southwest Airlines (LUV) reported capex of $818M in Q2 2026.

How has Southwest Airlines's capex changed year-over-year?

Southwest Airlines's capex increased by 23.9% year-over-year, from $660M to $818M.

What is the long-term trend for Southwest Airlines's capex?

Over 4 years (2021 to 2025), Southwest Airlines's capex has grown at a 52.4% compound annual growth rate (CAGR), from $505M to $2.72B.

What does capex mean?

Cash spent on property, plant, and equipment — the primary measure of investment in productive capacity and infrastructure.

Southwest Airlines LUV CapEx

CapEx at other companies

United Airlines HoldingsUAL

-$4.69B-464%

Alaska Air GroupALK

-$185M-315%

JetBlue AirwaysJBLU

$126M-28.4%

ALG

Allegiant TravelALGT

$45.43M-39.0%

Frontier Group Holdings, Inc.ULCC

$12M-33.3%

SkyWestSKYW

$8.01M+44.8%

Other financials

Income statement

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Revenue$8.4B+16.4%

Operating income$285.0M+26.7%

Net income$233.0M+9.4%

EPS (diluted)$0.47+20.5%

Balance sheet

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Cash & equivalents$3.8B+9.1%

Total debt$6.9B+29.0%

Total equity$7.1B-11.5%

Total assets$30.1B+4.9%

Cash flow

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Operating cash flow$530.0M+32.2%

Free cash flow-$288.0M-11.2%

Valuation

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Market cap$22.05B+29.1%

Enterprise value$25.15B+32.8%

P/E26.4×-17.2×

P/S0.7×+0.1×

Profitability

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Operating margin3.5%+2.3pp

Net margin2.8%+1.4pp

FCF margin-1.5%+0.5pp

Returns & leverage

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Return on equity11.1%+6.9pp

Debt / equity1×+0.3×

Current ratio0.5×-0.1×

Where this comes from

Reported directly by Southwest Airlines in its filing.

Tagged under the XBRL concept us-gaap:PaymentsToAcquireProductiveAssets.

The official record: Southwest Airlines’s 10-Q, filed July 23, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Southwest Airlines's capex?: Southwest Airlines (LUV) reported capex of $818M in Q2 2026.
How has Southwest Airlines's capex changed year-over-year?: Southwest Airlines's capex increased by 23.9% year-over-year, from $660M to $818M.
What is the long-term trend for Southwest Airlines's capex?: Over 4 years (2021 to 2025), Southwest Airlines's capex has grown at a 52.4% compound annual growth rate (CAGR), from $505M to $2.72B.
What does capex mean?: Cash spent on property, plant, and equipment — the primary measure of investment in productive capacity and infrastructure.