SuperworthSouthwest Airlines free cash flow LUV
Cash from operations less capital spending, by quarter and over the last twelve months, from 2008.
- Last 12 months, to Jun 30, 2026
- −$455M
- Latest quarter, Q2 FY26
- −$288M
- Fiscal year 2025
- −$881M
Southwest Airlines' free cash flow was −$455M over the twelve months to Jun 30, 2026.
In its latest quarter, Q2 FY26, it was −$288M.
Free cash flow over time
Fiscal year by fiscal year
| Fiscal year | Free cash flow | Change |
|---|---|---|
| FY2025 | −$881M | n/a |
| FY2024 | −$1.6B | n/a |
| FY2023 | −$390M | n/a |
| FY2022 | −$157M | −109% |
| FY2021 | $1.8B | n/a |
| FY2020 | −$1.6B | −155% |
| FY2019 | $3B | +1% |
| FY2018 | $2.9B | +74% |
| FY2017 | $1.7B | −22% |
| FY2016 | $2.1B | +96% |
| FY2015 | $1.1B | +2% |
| FY2014 | $1.1B | +4% |
| FY2013 | $1B | +44% |
| FY2012 | $717M | +72% |
| FY2011 | $416M | −64% |
Each fiscal year is the twelve months to its fourth quarter.
Quarter by quarter
| Quarter | Ended | Free cash flow | On a year earlier | Last 12 months |
|---|---|---|---|---|
| Q2 FY26 | −$288M | n/a | −$455M | |
| Q1 FY26 | $788M | +137% | −$426M | |
| Q4 FY25 | −$564M | −3625% | −$881M | |
| Q3 FY25 | −$391M | n/a | −$301M | |
| Q2 FY25 | −$259M | n/a | −$324M | |
| Q1 FY25 | $333M | n/a | −$588M | |
| Q4 FY24 | $16M | n/a | −$1.6B | |
| Q3 FY24 | −$414M | n/a | −$1.9B | |
| Q2 FY24 | −$523M | −208% | −$1.7B | |
| Q1 FY24 | −$696M | n/a | −$740M | |
| Q4 FY23 | −$293M | n/a | −$390M | |
| Q3 FY23 | −$234M | n/a | −$882M |
Against its peers
Companies in Airlines, Airports & Air Services nearest Southwest Airlines' size, closest first, today.
| Company | Free cash flow yield |
|---|---|
| LUVSouthwest Airlines | −2.2% |
| UALUnited Airlines | 8.0% |
| DALDelta Air Lines | n/m |
| SKYWSkywest | 25.2% |
| Peer median | 16.6% |
What the free cash flow tells you
Cash from operations minus capital spending. The cash the company could hand back or reinvest.
Seasonal and lumpy quarter to quarter. The TTM view is the one to trust.
More on Southwest Airlines
Valuation data, not investment advice. Prices as of . Reported figures come from the company's filings with the SEC.