← SOUTHWEST AIRLINES CO

Annual Trend FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025
Cash flows from operating activities:
Adjustments to reconcile net income to net cash provided by operating activities:
Net Income From Continuing Operations — — — — — — $539.0m $465.0m $465.0m $441.0m
Net Income (Loss) Attributable to Parent $2.2b $3.5b $2.5b $2.3b ($3.1b) $977.0m $539.0m $465.0m $465.0m $441.0m
Net Income (Loss) Available to Common Stockholders, Basic $2.2b $3.5b $2.5b $2.3b ($3.1b) $977.0m ($3.1b) $484.0m $485.0m $442.0m
Amortization of Debt Issuance Costs — — — — $5.0m — — — — —
Amortization of Intangible Assets $17.0m $13.0m $16.0m $15.0m — — — — — —
Capitalized Computer Software, Amortization $111.0m $168.0m $155.0m $177.0m $203.0m $213.0m $232.0m $246.0m $271.0m $318.0m
Depreciation Amortization Depletion — — — — — — $1.4b $1.5b $1.7b $1.6b
Depreciation and amortization $1.2b $1.2b $1.2b $1.2b $1.3b $1.3b $1.4b $1.5b $1.7b $1.6b
Depreciation, Depletion and Amortization, Nonproduction $1.2b $1.2b $1.2b $1.2b $1.3b $1.3b $1.4b $1.5b $1.7b $1.6b
Deferred Income Tax — — — — — — $228.0m $159.0m $132.0m $122.0m
Deferred Income Tax Expense (Benefit) $456.0m ($1.2b) $301.0m ($55.0m) ($716.0m) ($20.0m) $228.0m $159.0m $132.0m $122.0m
Deferred Other Tax Expense (Benefit) — — — — ($51.0m) $21.0m — — — —
Deferred Tax — — — — — — $228.0m $159.0m $132.0m $122.0m
Deferred income taxes $455.0m ($1.2b) ($301.0m) ($55.0m) ($716.0m) ($21.0m) $228.0m $159.0m $132.0m $122.0m
Asset Impairment Charge — — — — — — $35.0m $0 $0 $8.0m
Gain (Loss) on Sale of Assets and Asset Impairment Charges — — — — ($32.0m) ($12.0m) ($35.0m) $0 $0 ($8.0m)
Goodwill, Impairment Loss — — — — $0 — — — — —
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) $21.0m $0 $0 — $0 — — — — —
Impairment of long-lived assets — — $0 $0 $32.0m $12.0m $35.0m $0 $0 $8.0m
Share-based Payment Arrangement, Expense $33.0m $37.0m $46.0m $55.0m $17.0m $58.0m $84.0m $86.0m $45.0m $99.0m
Gain (Loss) on Extinguishment of Debt — — — — — — ($193.0m) $0 ($2.0m) —
Income Tax Expense (Benefit) $1.3b ($237.0m) $699.0m $657.0m ($1.2b) $348.0m $189.0m $168.0m $133.0m $122.0m
Interest Expense Nonoperating — — — — — — — — $249.0m $167.0m
Other Nonoperating Income (Expense) ($162.0m) ($234.0m) ($18.0m) ($8.0m) ($158.0m) $22.0m ($12.0m) $62.0m ($4.0m) $43.0m
Right-of-use assets acquired or modified under operating leases — — — — $915.0m $327.0m $58.0m $82.0m $377.0m $48.0m
Changes in operating assets and liabilities:
Additional Financial Items
Accounts and other receivables ($50.0m) ($102.0m) $117.0m ($94.0m) ($294.0m) ($701.0m) $422.0m ($89.0m) $19.0m $51.0m
Accounts payable and accrued liabilities $226.0m $246.0m $545.0m $298.0m $231.0m $38.0m $936.0m $1.4b ($1.4b) $218.0m
Air traffic liability $125.0m $345.0m $506.0m $440.0m $1.6b $591.0m $525.0m $29.0m ($37.0m) ($1.1b)
Beginning Cash Position — — — — — — $12.5b $9.5b $9.3b $7.5b
Cash Flow From Continuing Financing Activities — — — — — — ($3.0b) ($436.0m) ($2.0b) ($4.7b)
Cash Flow From Continuing Investing Activities — — — — — — ($3.7b) ($2.9b) ($261.0m) ($1.4b)
Cash collateral provided to derivative counterparties $535.0m $316.0m ($15.0m) $25.0m $9.0m $141.0m ($69.0m) ($56.0m) ($28.0m) ($22.0m)
Change In Other Current Assets — — — — — — ($66.0m) $60.0m ($8.0m) $407.0m
Change In Other Current Liabilities — — — — — — ($334.0m) ($137.0m) ($197.0m) ($11.0m)
Change In Other Working Capital — — — — — — $525.0m $29.0m ($37.0m) ($1.1b)
Change In Payables And Accrued Expense — — — — — — $936.0m $1.4b ($1.4b) $218.0m
Change In Receivables — — — — — — $422.0m ($89.0m) $19.0m $51.0m
Change In Working Capital — — — — — — $1.5b $1.2b ($1.6b) ($413.0m)
Changes In Cash — — — — — — ($3.0b) ($204.0m) ($1.8b) ($4.3b)
End Cash Position — — — — — — $9.5b $9.3b $7.5b $3.2b
Financing Cash Flow — — — — — — ($3.0b) ($436.0m) ($2.0b) ($4.7b)
Free Cash Flow — — — — — — ($156.0m) ($356.0m) ($1.6b) ($831.0m)
Gain Loss On Investment Securities — — — — — ($15.0m) ($2.0m) — — ($8.0m)
Gain Loss On Sale Of PPE — — — — — $0 $0 $0 ($92.0m) —
Gain on sale-leaseback transactions — — $0 $0 ($222.0m) $0 $0 $0 ($92.0m) ($3.0m)
Goodwill $970.0m $970.0m $970.0m $970.0m $970.0m $970.0m $970.0m $970.0m $970.0m $970.0m
Increase (Decrease) in Other Operating Assets $119.0m $262.0m $227.0m ($239.0m) ($415.0m) ($75.0m) $66.0m ($60.0m) $8.0m ($407.0m)
Interest, net of amount capitalized $100.0m $81.0m $107.0m $88.0m $212.0m $336.0m $305.0m $228.0m $220.0m $108.0m
Investing Cash Flow — — — — — — ($3.7b) ($2.9b) ($261.0m) ($1.4b)
Investment Income, Interest $24.0m $35.0m $69.0m $90.0m $32.0m $13.0m $217.0m $583.0m $497.0m $205.0m
Issuance Of Capital Stock — — — — — $0 $0 — — —
Net PPE Purchase And Sale — — — — — — ($22.0m) $0 $871.0m $24.0m
Nonoperating Income (Expense) ($213.0m) ($264.0m) ($42.0m) $0 ($440.0m) ($396.0m) ($289.0m) $409.0m $277.0m $135.0m
Operating Costs and Expenses — — — — $12.9b $14.1b $22.8b $25.9b $27.2b $27.6b
Operating Expenses $16.7b $17.7b $18.8b $19.5b — — — — — —
Operating Gains Losses — — — — — $13.0m $191.0m — ($90.0m) ($8.0m)
Other Non Cash Items — — — — — — ($41.0m) ($231.0m) ($206.0m) $132.0m
Other assets ($119.0m) ($262.0m) ($227.0m) $239.0m $415.0m $75.0m ($66.0m) $60.0m ($8.0m) $407.0m
Other liabilities — $0 $0 ($277.0m) ($306.0m) ($103.0m) ($334.0m) ($137.0m) ($197.0m) ($11.0m)
Other, net ($3.0m) $15.0m $3.0m ($43.0m) $49.0m $77.0m $8.0m $6.0m ($17.0m) ($26.0m)
Payroll Support Program stock warrants repurchase — — — — — — $0 $0 ($6.0m) $0
Proceeds From Stock Option Exercised — — — — — — $45.0m $48.0m $54.0m $59.0m
Proceeds from Employee stock plans $29.0m $29.0m $35.0m $40.0m $48.0m $51.0m $45.0m $48.0m $60.0m $59.0m
Proceeds from sale-leaseback transactions — — $0 $0 $815.0m $0 $0 $0 $871.0m $24.0m
Proceeds of terminated interest rate derivative instruments — — — — — $0 $0 $23.0m $0 $0
Purchase Of PPE $2.0b $2.1b $1.9b $1.0b $515.0m ($6.0m) ($22.0m) ($33.0m) ($26.0m) $2.7b
Repurchase Of Capital Stock — — — — — — $0 $0 ($250.0m) ($2.5b)
Sale Of PPE — — — — — — $0 $0 $871.0m $24.0m
Unrealized Gain (Loss) on Derivatives ($200.0m) ($50.0m) ($14.0m) $0 ($15.0m) $15.0m $2.0m $0 $0 $8.0m
Unrealized Gain (Loss) on Investments — — — — — — ($4.0m) $4.0m $0 —
Unrealized Gain Loss On Investment Securities — — — — — $0 $4.0m ($4.0m) $0 —
Unrealized mark-to-market adjustment on forward contract ($200.0m) ($50.0m) ($14.0m) $0 $15.0m ($15.0m) ($2.0m) $0 $0 ($8.0m)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement $0 — — $2.0m $0 $0 $2.0m $10.0m — —
Net Cash Provided by (Used in) Operating Activities $4.3b $3.9b $4.9b $4.0b ($1.1b) $2.3b $3.8b $3.2b $462.0m $1.8b
Cash flows from investing activities:
Capital Expenditure — — — — — — ($3.9b) ($3.5b) ($2.1b) ($2.7b)
Capital Expenditure Reported — — — — — — ($3.9b) ($3.5b) ($2.1b) ($2.7b)
Capital expenditures, net ($2.0b) ($2.1b) ($1.9b) ($1.0b) ($515.0m) ($505.0m) ($3.9b) ($3.5b) ($2.1b) ($2.7b)
Net Investment Purchase And Sale — — — — — — $200.0m $621.0m $981.0m $1.2b
Purchase Of Investment — — — — — — ($5.6b) ($7.0b) ($5.0b) ($470.0m)
Purchases of short-term investments ($2.4b) ($2.4b) ($2.4b) ($2.1b) ($5.1b) ($5.8b) ($5.6b) ($7.0b) ($5.0b) ($470.0m)
Proceeds from sales of short-term and other investments $2.3b $2.2b $2.3b $2.4b $4.3b $5.1b $5.8b $7.6b $6.0b $1.7b
Sale Of Investment — — — — — — $5.8b $7.6b $6.0b $1.7b
Net Other Investing Changes — — — — — — — ($33.0m) ($59.0m) ($3.0m)
Payments for (Proceeds from) Other Investing Activities $0 $0 ($5.0m) $0 $0 — — — — —
Net Cash Provided by (Used in) Investing Activities ($2.3b) ($2.4b) ($2.0b) ($303.0m) ($16.0m) ($1.3b) ($3.7b) ($2.9b) ($261.0m) ($1.4b)
Cash flows from financing activities:
Issuance Of Debt — — — — — — $0 $0 $0 $1.5b
Long Term Debt Issuance — — — — — — $0 $0 $0 $1.5b
Net Issuance Payments Of Debt — — — — — — ($3.1b) ($85.0m) ($1.3b) ($1.8b)
Net Long Term Debt Issuance — — — — — — ($3.1b) ($85.0m) ($1.3b) ($1.8b)
Net Short Term Debt Issuance — — — — — $0 $0 — — —
Proceeds from issuance of long-term debt $515.0m $600.0m $0 $0 $5.6b $0 $0 $0 $0 $1.5b
Short Term Debt Issuance — — — — — $0 $0 — — —
Long Term Debt Payments — — — — — — ($3.1b) ($85.0m) ($1.3b) ($3.3b)
Payments of long-term debt and finance lease obligations — ($592.0m) ($342.0m) ($615.0m) ($839.0m) ($612.0m) ($2.4b) ($85.0m) ($1.3b) ($3.3b)
Repayment Of Debt — — — — — — ($3.1b) ($85.0m) ($1.3b) ($3.3b)
Short Term Debt Payments — — — — — $0 $0 — — —
Common Stock Issuance — — — — — $0 $0 — — —
Net Common Stock Issuance — — — — — — $0 $0 ($250.0m) ($2.5b)
Proceeds from Issuance of Common Stock — — — — $2.3b $0 $0 — — —
Common Stock Payments — — — — — — $0 $0 ($250.0m) ($2.5b)
Payments for Repurchase of Common Stock $1.8b $1.6b $2.0b $2.0b $451.0m $0 $0 $0 $250.0m $2.5b
Payments of Ordinary Dividends, Common Stock $222.0m $274.0m $332.0m $372.0m $188.0m $0 $0 $428.0m $430.0m $399.0m
Repurchase of common stock ($1.8b) ($1.6b) ($2.0b) ($2.0b) ($451.0m) $0 $0 $0 ($250.0m) ($2.5b)
Cash Dividends Paid — — — — — — $0 ($428.0m) ($430.0m) ($399.0m)
Common Stock Dividend Paid — — — — — — $0 ($428.0m) ($430.0m) ($399.0m)
Dividends Payable — — — — $0 — $107.0m $107.0m $107.0m $93.0m
Payments of cash dividends ($222.0m) ($274.0m) $332.0m $372.0m ($188.0m) $0 $0 ($428.0m) ($430.0m) ($399.0m)
Net Other Financing Charges — — — — — — $8.0m $29.0m ($17.0m) ($26.0m)
Proceeds from (Payments for) Other Financing Activities ($3.0m) $15.0m $3.0m ($43.0m) $49.0m $77.0m $8.0m $6.0m ($17.0m) ($26.0m)
Net Cash Provided by (Used in) Financing Activities ($1.9b) ($1.7b) ($2.5b) ($3.0b) $9.7b $359.0m ($3.0b) ($436.0m) ($2.0b) ($4.7b)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect — — — — $8.5b $1.4b ($3.0b) ($204.0m) ($1.8b) ($4.3b)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD $1.6b $1.7b $1.5b $1.9b $2.5b $12.5b $9.5b $9.3b $7.5b $3.2b
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents — — — — — $12.5b $9.5b $9.3b $7.5b $3.2b
NET CHANGE IN CASH AND CASH EQUIVALENTS $97.0m ($185.0m) $359.0m $694.0m $8.5b $1.4b ($3.0b) ($204.0m) ($1.8b) ($4.3b)
Supplemental disclosure of cash flow information:
Change In Cash Supplemental As Reported — — — — — — ($3.0b) ($204.0m) ($1.8b) ($4.3b)
Interest Paid, Excluding Capitalized Interest, Operating Activities $100.0m $81.0m $107.0m $88.0m $212.0m $336.0m $305.0m $228.0m $220.0m $108.0m
Income Taxes Paid, Net — — — — — $445.0m $20.0m $18.0m $9.0m ($1.0m)

Data sourced from SEC EDGAR 10-K filings via EdgarTools. Amounts are shown in USD as reported in each fiscal year filing.

Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.