| Cash Flow | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 |
|---|---|---|---|---|
| Net income (loss) | 227 | 323 | 54 | 213 |
| Depreciation and amortization | 398 | 371 | 394 | 399 |
| Impairment of long-lived assets | NaN | -16 | 0 | 8 |
| Unrealized mark-to-market adjustment on forward contract | NaN | 8 | 0 | 0 |
| Deferred income taxes | -57 | -85 | -14 | -66 |
| Gain on sale-leaseback transactions | 0 | 0 | 0 | 0 |
| Accounts and other receivables | 93 | 13 | 82 | -89 |
| Other assets | 61 | -48 | -2 | -212 |
| Accounts payable and accrued liabilities | -79 | 427 | 11 | -94 |
| Air traffic liability | 1,086 | -961 | -172 | -605 |
| Other liabilities | -77 | 8 | 16 | 28 |
| Cash collateral provided to derivative counterparties | 0 | 0 | 0 | 0 |
| Other, net | -40 | 15 | 49 | 85 |
| Net cash provided by operating activities | 1,418 | 295 | 286 | 401 |
| Capital expenditures | 630 | 859 | 678 | 635 |
| Assets constructed for others | NaN | NaN | 0 | 0 |
| Proceeds from sale of property and equipment | 192 | NaN | NaN | NaN |
| Proceeds from sale-leaseback transactions | 0 | 1 | -1 | 0 |
| Purchases of short-term investments | 0 | 0 | 100 | 319 |
| Proceeds from sales of short-term and other investments | 0 | 116 | 351 | 72 |
| Other, net | -7 | 0 | 0 | 0 |
| Net cash provided by (used in) investing activities | -445 | -742 | -428 | -882 |
| Proceeds from issuance of long-term debt | 500 | 1,500 | NaN | NaN |
| Payroll support program stock warrants repurchase | NaN | 0 | 0 | 0 |
| Proceeds from employee stock plans | 16 | 13 | 14 | 15 |
| Repurchase of common stock | 1,250 | 50 | 250 | 1,500 |
| Payments of long-term debt and finance lease obligations | 6 | 672 | 5 | 2,593 |
| Payments of cash dividends | 93 | 0 | 189 | 103 |
| Proceeds of terminated interest rate derivative instruments | NaN | 0 | NaN | NaN |
| Other, net | -43 | -15 | -1 | 3 |
| Net cash used in financing activities | -876 | 776 | -431 | -4,178 |
| Net change in cash and cash equivalents | 97 | 329 | -573 | -4,659 |
| Cash and cash equivalents at beginning of period | 3,231 | 2,902 | 3,475 | 8,134 |
| Cash and cash equivalents at end of period | 3,328 | 3,231 | 2,902 | 3,475 |
SOUTHWEST AIRLINES CO (LUV)
SOUTHWEST AIRLINES CO (LUV)