SOUTHWEST AIRLINES CO. (LUV) Free cash flow
- Free cash flow · 12 months (USD): Value (m); Formula and calculation Operating cash flow minus capital spending; distinct from the saved levered FCF quote figure. Period ending 2026-06-30..
- Price / free cash flow · 12 months: Value (m); Formula and calculation Market cap / trailing-year free cash flow; inverse of FCF yield before percent scaling. Period ending 2026-06-30..
- Free cash flow yield · 12 months: Value (m); Formula and calculation (Operating cash flow − capital spending) / current market cap. Period ending 2026-06-30..
- Free cash flow margin · 12 months: Value (m); Formula and calculation (Operating cash flow − capital spending) / revenue. Period ending 2026-06-30..
Free cash flow
Overview →Financial period ending 2026-06-30; current quote (m). Amounts retain their stated periods and units.
| Metric | Value | Formula and calculation |
|---|---|---|
| Free cash flow · 12 months (USD) | (m) | Operating cash flow minus capital spending; distinct from the saved levered FCF quote figure. Period ending 2026-06-30. Calculation unavailable: missing inputs remain (m). |
| Price / free cash flow · 12 months | (m) | Market cap / trailing-year free cash flow; inverse of FCF yield before percent scaling. Period ending 2026-06-30. Calculation unavailable: missing inputs remain (m). |
| Free cash flow yield · 12 months | (m) | (Operating cash flow − capital spending) / current market cap. Period ending 2026-06-30. Calculation unavailable: missing inputs remain (m). |
| Free cash flow margin · 12 months | (m) | (Operating cash flow − capital spending) / revenue. Period ending 2026-06-30. Calculation unavailable: missing inputs remain (m). |
| Free cash flow per share · 12 months | (m) | (Trailing-year operating cash flow − capital spending) / reported quarter-end common shares. Period ending 2026-06-30. Calculation unavailable: missing inputs remain (m). |
| Operating cash flow · 12 months | $2.53B | Cash generated by operating activities. Period ending 2026-06-30. |
| Operating cash flow / net income · 12 months | 3.02× | Operating cash flow / net income. Period ending 2026-06-30. $2.53B ÷ $837.00M ≈ 3.02× |
Calculation inputs
| Input | Amount with unit | Raw financial data |
|---|---|---|
| Operating cash flow | 2.53B USD | Net Cash Provided by (Used in) Operating Activities |
| Capital spending | (m) | Payments to Acquire Property, Plant, and Equipment |
| Market cap | (m) | |
| Free cash flow | (m) | Net Cash Provided by (Used in) Operating Activities · Payments to Acquire Property, Plant, and Equipment |
| Revenue | 30.07B USD | Revenue from Contract with Customer, Excluding Assessed Tax |
| Quarter-end shares | (m) | Common Stock, Shares, Outstanding |
| Net income | 837.00M USD | Net Income (Loss) Attributable to Parent |
Calculated history
Changes compare with the next older row (previous quarter), unless explicitly labeled otherwise. Rolling 12-month growth compares two successive quarter-end rolling totals; it is not year-over-year growth.
| Period ending | Free cash flow | FCF per share | Operating cash flow | Capital spending (USD) | Market cap (USD) | Revenue (USD) | Quarter-end shares (shares) | Net income (USD) | Price / FCF | FCF yield | FCF margin | Cash conversion |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026-06-30 | (m) | (m) | $2.53B | (m) | (m) | $30.07B | (m) | $837.00M | (m) | (m) | (m) | 3.02× |
| 2026-03-31 | (m) | (m) | $2.40B | (m) | (m) | $28.88B | (m) | $817.00M | (m) | (m) | (m) | 2.94× |
| 2025-12-31 | (m) | (m) | $1.84B | (m) | (m) | $28.06B | (m) | $441.00M | (m) | (m) | (m) | 4.18× |
| 2025-09-30 | (m) | (m) | $2.02B | (m) | (m) | $27.55B | (m) | $379.00M | (m) | (m) | (m) | 5.34× |
| 2025-06-30 | (m) | (m) | $1.85B | (m) | (m) | $27.47B | (m) | $392.00M | (m) | (m) | (m) | 4.72× |
| 2025-03-31 | (m) | (m) | $1.43B | (m) | (m) | $27.58B | (m) | $547.00M | (m) | (m) | (m) | 2.61× |
| 2024-12-31 | (m) | (m) | $462.00M | (m) | (m) | $27.48B | (m) | $465.00M | (m) | (m) | (m) | 0.99× |
| 2024-09-30 | (m) | (m) | $411.00M | (m) | (m) | $27.38B | (m) | $-48.00M | (m) | (m) | (m) | -8.56× |
| 2024-06-30 | (m) | (m) | $913.00M | (m) | (m) | $27.03B | (m) | $78.00M | (m) | (m) | (m) | 11.71× |
| 2024-03-31 | (m) | (m) | $2.35B | (m) | (m) | $26.71B | (m) | $393.00M | (m) | (m) | (m) | 5.99× |
| 2023-12-31 | (m) | (m) | $3.16B | (m) | (m) | $26.09B | (m) | $465.00M | (m) | (m) | (m) | 6.80× |
| 2023-09-30 | (m) | (m) | $3.32B | (m) | (m) | $25.44B | (m) | $497.00M | (m) | (m) | (m) | 6.68× |
| 2023-06-30 | (m) | (m) | $2.94B | (m) | (m) | $25.14B | (m) | $581.00M | (m) | (m) | (m) | 5.05× |
| 2023-03-31 | (m) | (m) | $3.42B | (m) | (m) | $24.83B | (m) | $658.00M | (m) | (m) | (m) | 5.21× |
| 2022-12-31 | (m) | (m) | $3.79B | (m) | (m) | $23.81B | (m) | $539.00M | (m) | (m) | (m) | 7.03× |
| 2022-09-30 | (m) | (m) | $3.46B | (m) | (m) | $22.69B | (m) | $827.00M | (m) | (m) | (m) | 4.18× |
| 2022-06-30 | (m) | (m) | $2.65B | (m) | (m) | $21.15B | (m) | $996.00M | (m) | (m) | (m) | 2.66× |
| 2022-03-31 | (m) | (m) | $2.75B | (m) | (m) | $18.43B | (m) | $583.00M | (m) | (m) | (m) | 4.71× |
| 2021-12-31 | (m) | (m) | $2.32B | (m) | (m) | $15.79B | (m) | $977.00M | (m) | (m) | (m) | 2.38× |
| 2021-09-30 | (m) | (m) | $1.48B | (m) | (m) | $12.75B | (m) | $1.00M | (m) | (m) | (m) | 1479.00× |
| 2021-06-30 | (m) | (m) | $1.00B | (m) | (m) | $9.87B | (m) | $-1.60B | (m) | (m) | (m) | -0.63× |
| 2021-03-31 | (m) | (m) | $-105.00M | (m) | (m) | $6.87B | (m) | $-2.86B | (m) | (m) | (m) | 0.04× |
| 2020-12-31 | (m) | (m) | $-1.13B | (m) | (m) | $9.05B | (m) | $-3.07B | (m) | (m) | (m) | 0.37× |
| 2020-09-30 | (m) | (m) | $293.00M | (m) | (m) | $12.77B | (m) | $-1.65B | (m) | (m) | (m) | -0.18× |
| 2020-06-30 | (m) | (m) | $2.44B | (m) | (m) | $16.61B | (m) | $163.00M | (m) | (m) | (m) | 14.94× |
| 2020-03-31 | (m) | (m) | $2.50B | (m) | (m) | $21.51B | (m) | $1.82B | (m) | (m) | (m) | 1.38× |
| 2019-12-31 | (m) | (m) | $3.99B | (m) | (m) | $22.43B | (m) | $2.30B | (m) | (m) | (m) | 1.73× |
| 2019-09-30 | (m) | (m) | $4.15B | (m) | (m) | $22.40B | (m) | $2.44B | (m) | (m) | (m) | 1.70× |
| 2019-06-30 | (m) | (m) | $4.33B | (m) | (m) | $22.34B | (m) | $2.40B | (m) | (m) | (m) | 1.81× |
| 2019-03-31 | (m) | (m) | $5.00B | (m) | (m) | $22.17B | (m) | $2.39B | (m) | (m) | (m) | 2.09× |
| 2018-12-31 | (m) | (m) | $4.89B | (m) | (m) | $21.96B | (m) | $2.46B | (m) | (m) | (m) | 1.98× |
| 2018-09-30 | (m) | (m) | $4.47B | (m) | (m) | $21.54B | (m) | $3.69B | (m) | (m) | (m) | 1.21× |
| 2018-06-30 | (m) | (m) | $4.19B | (m) | (m) | $21.27B | (m) | $3.60B | (m) | (m) | (m) | 1.16× |
| 2018-03-31 | (m) | (m) | $3.31B | (m) | (m) | $21.26B | (m) | $3.61B | (m) | (m) | (m) | 0.92× |
| 2017-12-31 | (m) | (m) | $3.93B | (m) | (m) | $21.17B | (m) | $3.49B | (m) | (m) | (m) | 1.13× |
| 2017-09-30 | (m) | (m) | $4.08B | (m) | (m) | $20.97B | (m) | $2.12B | (m) | (m) | (m) | 1.92× |
| 2017-06-30 | (m) | (m) | $3.94B | (m) | (m) | $20.84B | (m) | $2.01B | (m) | (m) | (m) | 1.96× |
| 2017-03-31 | (m) | (m) | $4.30B | (m) | (m) | $20.48B | (m) | $2.08B | (m) | (m) | (m) | 2.07× |
| 2016-12-31 | (m) | (m) | $4.29B | (m) | (m) | $20.43B | (m) | $2.24B | (m) | (m) | (m) | 1.91× |
| 2016-09-30 | (m) | (m) | $3.91B | (m) | (m) | $20.33B | (m) | $2.26B | (m) | (m) | (m) | 1.73× |
| 2016-06-30 | (m) | (m) | $3.89B | (m) | (m) | $20.50B | (m) | $2.45B | (m) | (m) | (m) | 1.58× |
| 2016-03-31 | (m) | (m) | $3.40B | (m) | (m) | $20.23B | (m) | $2.24B | (m) | (m) | (m) | 1.52× |
| 2015-12-31 | (m) | (m) | $3.24B | (m) | (m) | $19.82B | (m) | $2.18B | (m) | (m) | (m) | 1.48× |
| 2015-09-30 | (m) | (m) | $3.12B | (m) | (m) | $19.47B | (m) | $1.83B | (m) | (m) | (m) | 1.70× |
| 2015-06-30 | (m) | (m) | $2.52B | (m) | (m) | $18.95B | (m) | $1.58B | (m) | (m) | (m) | 1.60× |
| 2015-03-31 | (m) | (m) | $3.23B | (m) | (m) | $18.85B | (m) | $1.44B | (m) | (m) | (m) | 2.25× |
| 2014-12-31 | (m) | (m) | $2.90B | (m) | (m) | $18.61B | (m) | $1.14B | (m) | (m) | (m) | 2.55× |
| 2014-09-30 | (m) | (m) | $2.99B | (m) | (m) | $18.41B | (m) | $1.16B | (m) | (m) | (m) | 2.58× |
| 2014-06-30 | (m) | (m) | $3.17B | (m) | (m) | $18.15B | (m) | $1.09B | (m) | (m) | (m) | 2.92× |
| 2014-03-31 | (m) | (m) | $2.61B | (m) | (m) | $17.78B | (m) | $847.00M | (m) | (m) | (m) | 3.09× |
| 2013-12-31 | $1.03B | (m) | $2.48B | $1.45B | (m) | $17.70B | (m) | $754.00M | (m) | (m) | 5.82% | 3.29× |
| 2013-09-30 | $1.02B | (m) | $2.42B | $1.39B | (m) | $17.44B | (m) | $620.00M | (m) | (m) | 5.88% | 3.90× |
| 2013-06-30 | $922.00M | (m) | $2.45B | $1.53B | (m) | $17.21B | (m) | $377.00M | (m) | (m) | 5.36% | 6.51× |
| 2013-03-31 | $67.00M | (m) | $1.82B | $1.75B | (m) | $17.18B | (m) | $382.00M | (m) | (m) | 0.39% | 4.77× |
| 2012-12-31 | $716.00M | (m) | $2.06B | $1.35B | (m) | $17.09B | (m) | $421.00M | (m) | (m) | 4.19% | 4.90× |
| 2012-09-30 | $864.00M | (m) | $2.23B | $1.37B | (m) | $17.02B | (m) | $495.00M | (m) | (m) | 5.08% | 4.51× |
| 2012-06-30 | $314.00M | (m) | $1.55B | $1.24B | (m) | $17.03B | (m) | $339.00M | (m) | (m) | 1.84% | 4.58× |
| 2012-03-31 | $607.00M | (m) | $1.65B | $1.04B | (m) | $16.55B | (m) | $271.00M | (m) | (m) | 3.67% | 6.07× |
| 2011-12-31 | $417.00M | (m) | $1.39B | $968.00M | (m) | $15.66B | (m) | $178.00M | (m) | (m) | 2.66% | 7.78× |
| 2011-09-30 | $2.05B | (m) | $1.56B | $-493.00M | (m) | $12.10B | (m) | $459.00M | (m) | (m) | 16.97% | 3.40× |
| 2011-06-30 | $2.05B | (m) | $1.56B | $-493.00M | (m) | $12.10B | (m) | $459.00M | (m) | (m) | 16.97% | 3.40× |
| 2011-03-31 | $2.56B | (m) | $2.15B | $-411.00M | (m) | $12.58B | (m) | $453.00M | (m) | (m) | 20.39% | 4.75× |
| 2010-12-31 | $2.05B | (m) | $1.56B | $-493.00M | (m) | $12.10B | (m) | $459.00M | (m) | (m) | 16.97% | 3.40× |
| 2010-09-30 | $1.13B | (m) | $1.78B | $658.00M | (m) | $11.70B | (m) | $443.00M | (m) | (m) | 9.62% | 4.03× |
| 2010-06-30 | $919.00M | (m) | $1.48B | $559.00M | (m) | $11.18B | (m) | $222.00M | (m) | (m) | 8.22% | 6.66× |
| 2010-03-31 | $433.00M | (m) | $1.07B | $639.00M | (m) | $10.62B | (m) | $201.00M | (m) | (m) | 4.08% | 5.33× |
| 2009-12-31 | $400.00M | (m) | $985.00M | $585.00M | (m) | $10.35B | (m) | $99.00M | (m) | (m) | 3.86% | 9.95× |
| 2009-09-30 | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) |
| 2009-06-30 | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) |
| 2009-03-31 | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) |
| 2008-12-31 | $-2.44B | (m) | $-1.52B | $923.00M | (m) | $11.02B | (m) | $178.00M | (m) | (m) | -22.17% | -8.54× |
| 2008-09-30 | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) |
| 2008-06-30 | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) |
| 2008-03-31 | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) |
| 2007-12-31 | $1.51B | (m) | $2.85B | $1.33B | (m) | $9.86B | (m) | $645.00M | (m) | (m) | 15.35% | 4.41× |
(m) means missing inputs. Historical market-based ratios use the saved close on or immediately before period ending and that period’s reported shares; current quotes are not substituted. Five-year projections repeat historical CAGR, not analyst forecasts.
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