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Southwest Airlines cash flow statement

In fiscal 2025, Southwest Airlines's operations generated $1.84bn of cash; it spent $2.67bn on capital projects, leaving free cash flow of −$831m. It returned $399m in dividends and $2.55bn through buybacks.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2009Dec 20092010Dec 20102011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Cash from operations9851,5611,3562,0642,4772,9023,2384,2933,9294,8933,987−1,1272,3223,7903,1644621,8422,756
Depreciation and amortisation6166287158448679381,0151,2211,2181,2011,2191,2551,2721,3511,5221,6571,5601,569
Stock-based pay1312131618212933374655175884864599—
Capital spending5854939681,3481,4471,7482,0412,0382,1231,9221,0275155053,9243,5202,0542,6733,205
Free cash flow4001,0683887161,0301,1541,1972,2551,8062,9712,960−1,6421,817−134−356−1,592−831−449
Free cash flow after stock pay3871,0563757001,0121,1331,1682,2221,7692,9252,905−1,6591,759−218−442−1,637−930—
Dividends paid131314227113918022227433237218800428430399357
Share buybacks002254005409551,1801,7501,6002,0002,0004510002502,5501,300
Shares issued—————————002,29400————

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Southwest Airlines's SEC filings (10-K and 10-Q), retrieved October 23, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Southwest Airlines.