Southwest Airlines Co.

LUVNYSEIndustrials● Active

$41.36

$-0.18(-0.43%)

Market Cap$20.2B

P/E Ratio—

52W High$55.11

52W Low$28.98

Avg Volume7.9M

Open$41.30

Beta1.16

Overview

Southwest Airlines Co. (LUV) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

LUV · free cash flow · updated Jun 8, 2026

Core FCF metrics

LUV · FCF · TTM · margin & CAGR

Free cash flow was −$831.0M for FY2025 (fiscal year ending 2025-12-31), up 48.6% year-over-year The FCF margin was -3.0%.

FY2025 Free Cash Flow−$831.0M▲ +48.6% YoY

Trailing 12M (TTM)−$401.0Mtrailing 4 quarters sum

FCF Margin-3.0%−$831.0M ÷ revenue

3-Year CAGRN/AN/A — contains negative FCF

5-Year CAGRN/AN/A — contains negative FCF

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

LUV · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$1.84B(2.67B)−$831.0M▲ +48.6%-3.0%

FY2024$462.0M(2.08B)−$1.62B▼ 315.9%-5.9%

FY2023$3.16B(3.55B)−$389.0M▼ 149.4%-1.5%

FY2022$3.79B(3.95B)−$156.0M▼ 108.6%-0.7%

FY2021$2.32B(511M)$1.81B▲ +210.3%11.5%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

LUV · P/FCF · FCF yield · FCF per share

Southwest Airlines Co. (LUV) reported negative free cash flow of −$0.83B. FCF-based valuation ratios are not meaningful when FCF is negative.

FCF Yield (TTM)

N/A

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

N/A

TTM FCF ÷ Shares Outstanding

Price / FCF

N/A

Share Price ÷ FCF per Share

EV / FCF (TTM)

N/A

Enterprise Value basis

FCF-based valuation ratios are only meaningful when free cash flow is positive. Negative FCF indicates capital expenditures exceeded operating cash flow.

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

LUV · cash flow statement · operating / investing / financing

For FY2025, Southwest Airlines Co. generated $1.84B in operating cash flow and spent 2.67B in capital expenditures, yielding −$831.0M in free cash flow.

Operating Activities

+$1.84B

Cash from core business operations

2025-12-31

Investing Activities

−$1.43B

CapEx, acquisitions & investments

2025-12-31

Financing Activities

−$4.69B

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($1.84B) − |CapEx| (2.67B) = FCF (−$831.0M)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Industrials)

LUV vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Southwest Airlines Co.YOU

LUV

−$831.0M+48.6%-3.0%

Loss

Union Pacific Corporation

Industrials · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Southwest Airlines Co. (LUV) reported free cash flow of −$831.0M for FY2025 (fiscal year ending 2025-12-31), up 48.6% year-over-year. The FCF margin was -3.0%.

Based on available data, Southwest Airlines Co. has maintained positive free cash flow for at least 10 fiscal year(s). FCF peaked at $2.96B in FY2019.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

LUV free cash flow · 8 questions

Southwest Airlines Co. free cash flow was −$831.0M for FY2025, up 48.6% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at −$401.0M.

LUV free cash flowLUV FCFLUV FCF 2025LUV free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Southwest Airlines Co. · Southwest Airlines Co. SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026