Investing
CapEx
Southwest Airlines CapEx decreased by 26.7% to $630M in Q1 2026 compared to the prior quarter. Year-over-year, this metric grew by 19.5%, from $527M to $630M. Over 4 years (FY 2021 to FY 2025), CapEx shows an upward trend with a 52.0% CAGR.
Analysis
StatementCash Flow Statement
SectionInvesting
CategoryCapital Allocation
SignalContext dependent
VolatilityModerate
First reportedQ1 2013
Last reportedQ1 2026Apr 23, 2026
How to read this metric
High levels indicate aggressive growth or fleet modernization, while low levels may suggest maintenance-only spending or capital constraints.
Detailed definition
Represents the cash outflows used to acquire, upgrade, and maintain physical assets such as property, buildings, and equ...
Peer comparison
High in capital-intensive industries like aviation, utilities, and telecommunications.
Metric ID:
capital_expendituresHistorical Data
20 periods
| Q2 '21 | Q3 '21 | Q4 '21 | Q1 '22 | Q2 '22 | Q3 '22 | Q4 '22 | Q1 '23 | Q2 '23 | Q3 '23 | Q4 '23 | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Value | $95M | $135M | $180M | $510M | $987M | $1.07B | $1.36B | $1.05B | $925M | $842M | $708M | $583M | $494M | $517M | $460M | $527M | $635M | $678M | $859M | $630M |
| QoQ Change | — | +42.1% | +33.3% | +183.3% | +93.5% | +8.6% | +26.5% | -22.9% | -11.6% | -9.0% | -15.9% | -17.7% | -15.3% | +4.7% | -11.0% | +14.6% | +20.5% | +6.8% | +26.7% | -26.7% |
| YoY Change | — | — | — | — | +938.9% | +694.1% | +653.3% | +105.1% | -6.3% | -21.5% | -47.8% | -44.3% | -46.6% | -38.6% | -35.0% | -9.6% | +28.5% | +31.1% | +86.7% | +19.5% |
Range$95M – $1.36B
CAGR+48.9%
Avg YoY Growth+144.2%
Median YoY Growth+6.6%
CapEx at Other Companies
Frequently Asked Questions
- What is Southwest Airlines's capex?
- Southwest Airlines (LUV) reported capex of $630M in Q1 2026.
- How has Southwest Airlines's capex changed year-over-year?
- Southwest Airlines's capex increased by 19.5% year-over-year, from $527M to $630M.
- 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 52.0% compound annual growth rate (CAGR), from $505M to $2.7B.
- What does capex mean?
- Cash spent on purchasing or maintaining long-term physical assets.