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% YoY from -$324.3 million in Q2 2025, and down 136.55% on a QoQ basis from $788.0 million in Q1 2026.
Southwest Airlines (LUV) Free Cash Flow (2009 - 2026) Analysis & Trends
Southwest Airlines (LUV) has 18 years of Free Cash Flow data on file, last reported at -$288.0 million in Q2 2026.
- Quarterly Free Cash Flow fell 11.2% year-over-year to -$288.0 million in Q2 2026, while the trailing twelve-month figure through Jun 2026 was -$455.0 million (down 44.9% YoY) and the FY2025 annual result came in at -$831.0 million, up 47.8% from the prior year.
- Free Cash Flow eased to -$288.0 million in Q2 2026, from $788.0 million in the prior quarter.
- In the past five years, Free Cash Flow ranged from a high of $919.0 million in Q2 2022 to a low of -$838.0 million in Q3 2022.
- A 5-year average of $8.2 million and a median of -$105.0 million in 2023 frame the typical range for Free Cash Flow.
- Annual changes were most pronounced in 2022 — Free Cash Flow jumped 219.4% — and 2025, when it plunged 3625.0%.
- Tracing LUV's Free Cash Flow over 5 years: stood at $214.0 million in 2022, then jumped by 78.04% to $381.0 million in 2023, then slumped by 95.8% to $16.0 million in 2024, then sank by 3625.0% to -$564.0 million in 2025, then soared by 48.94% to -$288.0 million in 2026.
- The last three Free Cash Flow figures came in at -$288.0 million (Q2 2026), $788.0 million (Q1 2026), and -$564.0 million (Q4 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Free Cash Flow (Qtr) |
|---|---|---|---|---|---|
| 1 | Delta Air Lines | 53.89 Bn | 49.22 Bn | 19.07 Bn | 2.38 Bn |
| 2 | Ryanair Holdings | 29.45 Bn | 26.24 Bn | - | 551.77 Mn |
| 3 | Southwest Airlines | 19.73 Bn | 15.94 Bn | 7.33 Bn | -288.00 Mn |
| 4 | Copa Holdings | 5.35 Bn | 4.09 Bn | 1.03 Bn | - |
| 5 | Alaska Air | 4.49 Bn | 1.83 Bn | 3.76 Bn | 107.00 Mn |
| 6 | Skywest | 3.99 Bn | 3.38 Bn | 1.01 Bn | 283.85 Mn |
| 7 | Allegiant Travel | 1.86 Bn | 807.93 Mn | 902.77 Mn | -74.63 Mn |
| 8 | Jetblue Airways | 1.83 Bn | -189.37 Mn | 2.32 Bn | -377.00 Mn |
| 9 | Frontier Group Holdings | 1.36 Bn | 408.77 Mn | - | 119.00 Mn |
| 10 | Republic Airways Holdings | 853.83 Mn | 576.23 Mn | 487.40 Mn | 28.80 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | -288.00 Mn |
| Jun 30, 2026 | -288.00 Mn |
| Mar 31, 2026 | 788.00 Mn |
| Mar 31, 2026 | 788.00 Mn |
| Dec 31, 2025 | -564.00 Mn |
| Dec 31, 2025 | -564.00 Mn |
| Sep 30, 2025 | -391.00 Mn |
| Sep 30, 2025 | -391.00 Mn |
| Jun 30, 2025 | -259.00 Mn |
| Jun 30, 2025 | -259.00 Mn |
| Mar 31, 2025 | 333.00 Mn |
| Mar 31, 2025 | 333.00 Mn |
| Dec 31, 2024 | 16.00 Mn |
| Dec 31, 2024 | 16.00 Mn |
| Sep 30, 2024 | -404.00 Mn |
| Sep 30, 2024 | -404.00 Mn |
| Jun 30, 2024 | -517.00 Mn |
| Jun 30, 2024 | -517.00 Mn |
| Mar 31, 2024 | -687.00 Mn |
| Mar 31, 2024 | -687.00 Mn |