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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$21.6B
P/E Ratio26.50
ROE10.06%

Investing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Capital expenditures$460M$527M$635M$678M$859M$630M
Payments to Acquire Short-Term Investments$1.2B$51M$319M$100M$0$0
Other, net-$30M-$3M$0$0$0-$7M
Proceeds from disposals of property, plant and equipment—$26M———$192M
Proceeds From Sale Of Short Term Investments$835M$1.2B$72M$350M$116M$0
Proceeds from sale-leaseback transactions$871M$24M$0$0$1M$0
Net cash from investing activities—$623M-$882M-$428M-$742M-$445M
Proceeds from maturities/sales of investments$835M$1.2B$72M$350M$116M$0
Proceeds from sale of property, plant and equipment—$26M———$192M
Purchases of investments$1.2B$51M$319M$100M$0$0

Operating

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Change in accounts payable—-$126M-$95M$11M$427M-$79M
Change in deferred revenue-$458M$660M-$606M-$172M-$961M$1.1B
Change in other assets$12M-$145M-$212M-$3M-$48M$61M
Change in other liabilities-$61M-$63M$28M$16M—-$77M
Other working capital changes-$26M$8M$85M$50M$15M-$40M
Change in receivables-$99M-$57M-$90M$83M—$93M
Deferred income taxes-$70M$43M-$66M-$14M-$85M-$57M
Depreciation and amortization$407M$396M$400M$394M$371M$398M
Net cash from operating activities$476M$860M$401M$287M$295M$1.4B
Net income$261M-$149M$213M$54M$323M$227M
Gain (Loss) on Sale of Assets and Asset Impairment Charges$0-$2M-$2M-$2M-$2M—
Collateral (posted) received, net$0-$22M$0$0$0$0
Increase (Decrease) in Accounts and Other Receivables-$99M-$57M-$90M$83M—$93M
Increase (Decrease) in Deferred Income Taxes-$70M$43M-$66M-$14M-$85M-$57M
Increase (Decrease) in Other Operating Assets$12M-$145M-$212M-$3M-$48M$61M
Gain on sale-leaseback transaction$92M$3M$0$0$0$0

Financing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Proceeds from issuance of debt$0$0———$500M
Dividends paid$0$107M$103M$189M$0$93M
Proceeds from issuances of debt$0$0———$500M
Other, net—-$13M$2M-$1M-$15M-$43M
Proceeds from issuance of common stock relating to employee stock plans$14M$17M$15M$14M$13M$16M
Proceeds of terminated interest rate derivative instruments$0$0$0$0$0—
Repayments Of Other Long-Term Debt And Finance Lease Obligations$1.3B$5M$2.6B$6M$672M$6M
Net cash from financing activities-$1.5B-$858M-$4.2B-$432M—-$876M
Other financing activities—-$13M$2M-$1M-$15M-$43M
Proceeds from issuance of common stock$14M$17M$15M$14M$13M$16M
Repurchases of common stock$250M$750M$1.5B$250M$50M$1.3B

Free Cash Flow

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Free cash flow$0$333M-$234M-$391M-$564M$788M

Supplemental

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Interest paid$96M$11M$53M$3M$41M$1M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net increase (decrease) in cash-$994M$625M-$4.7B-$573M$0$97M
Leased assets obtained in exchange for operating lease liabilities$335M$14M$20M$4M$10M$5M