Southwest Airlines (LUV) Free Cash Flow (2009 - 2026)
Southwest Airlines' (LUV) quarterly Free Cash Flow came in at -$288.0 million in Q2 2026, down 11.2% on a YoY basis from -$324.3 million in Q2 2025, and down 136.55% quarter-over-quarter from $788.0 million in Q1 2026.
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Southwest Airlines (LUV) Free Cash Flow (2009 - 2026) Analysis & Trends
Southwest Airlines (LUV) has reported Free Cash Flow for 18 consecutive years, with -$288.0 million the latest figure, recorded in Q2 2026.
- For the quarter ending Q2 2026, Free Cash Flow fell 11.2% year-over-year to -$288.0 million; the trailing twelve-month figure through Jun 2026 stood at -$455.0 million (down 44.9% YoY), and the FY2025 full-year result was -$831.0 million, up 47.8% from the prior year.
- Free Cash Flow retreated to -$288.0 million in Q2 2026 per LUV's latest filing, from $788.0 million in the prior quarter.
- Across five years, Free Cash Flow topped out at $919.0 million in Q2 2022 and bottomed at -$838.0 million in Q3 2022.
- Historically, Free Cash Flow has averaged -$45.1 million across 5 years, with a median of -$242.5 million in 2023.
- The sharpest annual moves came in 2022 and 2025: Free Cash Flow surged 219.4% in 2022, then sank 3625.0% in 2025.
- Over 5 years, Free Cash Flow stood at $214.0 million in 2022, then soared by 78.04% to $381.0 million in 2023, then plunged by 95.8% to $16.0 million in 2024, then tumbled by 3625.0% to -$564.0 million in 2025, then surged by 48.94% to -$288.0 million in 2026.
- According to Business Quant data, Free Cash Flow over the past three periods registered -$288.0 million, $788.0 million, and -$564.0 million for Q2 2026, Q1 2026, and Q4 2025 respectively.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Free Cash Flow (Qtr) |
|---|---|---|---|---|---|
| 1 | Delta Air Lines | 52.35 Bn | 47.68 Bn | 19.07 Bn | 2.38 Bn |
| 2 | Ryanair Holdings | 27.93 Bn | 24.00 Bn | - | 1.95 Bn |
| 3 | Southwest Airlines | 20.05 Bn | 16.26 Bn | 7.33 Bn | -288.00 Mn |
| 4 | Copa Holdings | 5.42 Bn | 4.16 Bn | 1.03 Bn | - |
| 5 | Alaska Air | 4.52 Bn | 1.86 Bn | 3.76 Bn | 107.00 Mn |
| 6 | Skywest | 3.74 Bn | 3.14 Bn | 1.01 Bn | 283.85 Mn |
| 7 | Grupo Aeromexico, S.A.B. de C.V | 2.25 Bn | 1.21 Bn | - | 83.00 Mn |
| 8 | Allegiant Travel | 2.14 Bn | 1.08 Bn | 902.77 Mn | -74.63 Mn |
| 9 | Jetblue Airways | 1.65 Bn | -372.51 Mn | 2.32 Bn | -377.00 Mn |
| 10 | Frontier Group Holdings | 1.34 Bn | 384.76 Mn | - | 119.00 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | -288.00 Mn |
| Mar 31, 2026 | 788.00 Mn |
| Dec 31, 2025 | -564.00 Mn |
| Sep 30, 2025 | -391.00 Mn |
| Jun 30, 2025 | -259.00 Mn |
| Mar 31, 2025 | 333.00 Mn |
| Dec 31, 2024 | 16.00 Mn |
| Sep 30, 2024 | -404.00 Mn |
| Jun 30, 2024 | -517.00 Mn |
| Mar 31, 2024 | -687.00 Mn |
| Dec 31, 2023 | 381.00 Mn |
| Sep 30, 2023 | -226.00 Mn |
| Jun 30, 2023 | 491.00 Mn |
| Mar 31, 2023 | -340.00 Mn |
| Dec 31, 2022 | 214.00 Mn |
| Sep 30, 2022 | -838.00 Mn |
| Jun 30, 2022 | 919.00 Mn |
| Mar 31, 2022 | 561.00 Mn |
| Dec 31, 2021 | 67.00 Mn |
| Sep 30, 2021 | -710.00 Mn |
API Access
Southwest Airlines Free Cash Flow API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=free-cash-flow&ticker=LUV&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "free-cash-flow", "ticker": "LUV", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=free-cash-flow&ticker=LUV&period=max&api_key=YOUR_API_KEY");
const data = await res.json();