What is Southwest Airlines's D&A?

Southwest Airlines (LUV) reported D&A of $402M in Q2 2026.

How has Southwest Airlines's D&A changed year-over-year?

Southwest Airlines's D&A increased by 0.5% year-over-year, from $400M to $402M.

What is the long-term trend for Southwest Airlines's D&A?

Over 4 years (2021 to 2025), Southwest Airlines's D&A has grown at a 5.3% compound annual growth rate (CAGR), from $1.27B to $1.56B.

Total non-cash depreciation of tangible assets and amortization of intangible assets — the largest add-back to net income in the operating cash flow reconciliation.

Southwest Airlines LUV D&A

D&A at other companies

Delta Air LinesDAL

$656M+7.4%

United Airlines HoldingsUAL

$762M+3.7%

Alaska Air GroupALK

$207M+4.0%

JetBlue AirwaysJBLU

$183M+7.0%

ALG

Allegiant TravelALGT

$57.93M-8.5%

SkyWestSKYW

$92.5M+1.5%

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%

CapEx$818.0M+23.9%

Free cash flow-$288.0M-11.2%

Valuation

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Market cap$21.71B+34.6%

Enterprise value$24.81B+37.9%

P/E25.9×-15.2×

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:DepreciationAndAmortization.

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 D&A?: Southwest Airlines (LUV) reported D&A of $402M in Q2 2026.
How has Southwest Airlines's D&A changed year-over-year?: Southwest Airlines's D&A increased by 0.5% year-over-year, from $400M to $402M.
What is the long-term trend for Southwest Airlines's D&A?: Over 4 years (2021 to 2025), Southwest Airlines's D&A has grown at a 5.3% compound annual growth rate (CAGR), from $1.27B to $1.56B.
What does D&A mean?: Total non-cash depreciation of tangible assets and amortization of intangible assets — the largest add-back to net income in the operating cash flow reconciliation.