SOUTHWEST AIRLINES CO
For the period ended Dec 31, 2025. Filed Feb 5, 2026.
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FY2025 · Filed Feb 5, 2026
LUV$46.32+0.0%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Southwest Airlines Co. Consolidated Statement of Cash Flows
(in millions)
| Year ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||
| Net income | $441 | $465 | $465 |
| Adjustments to reconcile net income to cash provided by operating activities: | |||
| Depreciation and amortization | 1,560 | 1,657 | 1,522 |
| Impairment of long-lived assets | 8 | — | — |
| Unrealized mark-to-market adjustment on forward contract | (8) | — | — |
| Deferred income taxes | 122 | 132 | 159 |
| Gain on sale-leaseback transactions | (3) | (92) | — |
| Changes in certain assets and liabilities: | |||
| Accounts and other receivables | 51 | 19 | (89) |
| Other assets | 407 | (8) | 60 |
| Accounts payable and accrued liabilities | 218 | (1,363) | 1,386 |
| Air traffic liability | (1,078) | (37) | 29 |
| Other liabilities | (11) | (197) | (137) |
| Cash collateral provided to derivative counterparties | (22) | (28) | (56) |
| Other, net | 157 | (86) | (175) |
| Net cash provided by operating activities | 1,842 | 462 | 3,164 |
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||
| Capital expenditures, net | (2,673) | (2,054) | (3,520) |
| Proceeds from sale-leaseback transactions | 24 | 871 | — |
| Purchases of short-term investments | (470) | (5,014) | (6,970) |
| Proceeds from sales of short-term and other investments | 1,693 | 5,995 | 7,591 |
| Other, net | (3) | (59) | (33) |
| Net cash used in investing activities | (1,429) | (261) | (2,932) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||
| Proceeds from issuance of long-term debt | 1,500 | — | — |
| Payroll Support Program stock warrants repurchase | — | (6) | — |
| Proceeds from Employee stock plans | 59 | 60 | 48 |
| Repurchase of common stock | (2,550) | (250) | — |
| Payments of long-term debt and finance lease obligations | (3,275) | (1,337) | (85) |
| Payments of cash dividends | (399) | (430) | (428) |
| Proceeds of terminated interest rate derivative instruments | — | — | 23 |
| Other, net | (26) | (17) | 6 |
| Net cash used in financing activities | (4,691) | (1,980) | (436) |
| NET CHANGE IN CASH AND CASH EQUIVALENTS | (4,278) | (1,779) | (204) |
| CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 7,509 | 9,288 | 9,492 |
| CASH AND CASH EQUIVALENTS AT END OF PERIOD | $3,231 | $7,509 | $9,288 |
| CASH PAYMENTS FOR: | |||
| Interest, net of amount capitalized | $108 | $220 | $228 |
| SUPPLEMENTAL DISCLOSURE OF NON-CASH TRANSACTIONS: | |||
| Right-of-use assets acquired or modified under operating leases | $48 | $377 | $82 |
| Flight and ground equipment acquired or modified under finance leases | $6 | $15 | $— |
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