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Southwest Airlines LUV Free cash flow

Free cash flow at other companies

United Airlines Holdings logo
United Airlines HoldingsUAL
$3.13B+26.2%
Alaska Air Group logo
Alaska Air GroupALK
$391M-6.2%
JetBlue Airways logo
JetBlue AirwaysJBLU
-$6M+90.3%
ALG
Allegiant TravelALGT
$222.64M+90.4%
Frontier Group Holdings, Inc. logo
Frontier Group Holdings, Inc.ULCC
$28M+127%
SkyWest logo
SkyWestSKYW
$130.43M-19.8%

Other financials

Income statement

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Revenue$7.2B+12.8%
Operating income$330.0M+248%
Net income$227.0M+252%
EPS (diluted)$0.45+273%

Balance sheet

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Cash & equivalents$3.3B-59.1%
Total debt$6.4B-20.0%
Total equity$6.9B-26.6%
Total assets$29.4B-11.6%

Cash flow

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Operating cash flow$1.4B+64.9%
CapEx$630.0M+19.5%

Valuation

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Market cap$23.67B+22.2%
Enterprise value$26.74B+26.0%
P/E29×-20.4×
P/S0.8×+0.1×

Profitability

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Operating margin3.4%+1.6pp
Net margin2.8%+0.8pp
FCF margin-1.4%-0.4pp

Returns & leverage

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Return on equity10.1%+4.5pp
Debt / equity0.9×+0.1×
Current ratio0.5×-0.3×

Where this comes from

Calculated from Southwest Airlines’s reported figures.

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

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Questions, answered.

What is Southwest Airlines's free cash flow?
Southwest Airlines (LUV) reported free cash flow of $788M in Q1 2026.
How has Southwest Airlines's free cash flow changed year-over-year?
Southwest Airlines's free cash flow increased by 136.6% year-over-year, from $333M to $788M.
What is the long-term trend for Southwest Airlines's free cash flow?
Over 4 years (2021 to 2025), Southwest Airlines's free cash flow has grown at a -17.2% compound annual growth rate (CAGR), from $1.82B to -$856M.
What does free cash flow mean?
Free cash flow represents the cash generated by a company after accounting for cash outflows to support operations and maintain or expand its capital asset base. It serves as a critical indicator of a company's ability to fund organic growth, pay down debt, or return capital to shareholders without relying on external financing.