FFilingLens
Quarterly TTM Annual
Income Balance Cash flow
8Y

Three-Statement Breakdown

LUV
2026-06-30 · figures in $M

FCF UP

Free cash flow moved from -$1.6B to -$831.0M.

CASH FROM OPS +298.7%
1,842 6.6% MGN
CAPITAL EXPENDITURE +30.1%
2,673
FREE CASH FLOW —
-831
FCF / NET INCOME —
-1.88× TARGET >1.0×
Cash flow FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 YoY TTM 8Q
Net income
2,465 2,300 -3,074 977 539 465 465 441 -5.2% 837 2024-09-30 · $67.0M2024-12-31 · $262.0M2025-03-31 · -$149.0M2025-06-30 · $213.0M2025-09-30 · $54.0M2025-12-31 · $323.0M2026-03-31 · $227.0M2026-06-30 · $233.0M
Depreciation & amortization
1,201 1,219 1,255 1,272 1,351 1,522 1,657 1,560 -5.9% 1,564
Cash from operations
4,893 3,987 -1,127 2,322 3,790 3,164 462 1,842 4.0× 2,529 2024-09-30 · $113.0M2024-12-31 · $476.0M2025-03-31 · $860.0M2025-06-30 · $401.0M2025-09-30 · $287.0M2025-12-31 · $294.0M2026-03-31 · $1.4B2026-06-30 · $530.0M
Cash conversion
NOT DISCLOSED
1.98× 1.73× — 2.38× 7.03× 6.80× 0.99× 4.18× +320.4% 3.02×
Capital expenditures
(1,922) (1,027) (515) (505) (3,924) (3,520) (2,054) (2,673) +30.1% (2,934)
Free cash flow
2,971 2,960 -1,642 1,817 -134 -356 -1,592 -831 — -405 2024-09-30 · -$404.0M2024-12-31 · $16.0M2025-03-31 · $333.0M2025-06-30 · -$259.0M2025-09-30 · -$391.0M2025-12-31 · -$514.0M2026-03-31 · $788.0M2026-06-30 · -$288.0M
FCF margin
13.5% 13.2% -18.1% 11.5% -0.6% -1.4% -5.8% -3.0% — -1.3%
Cash from investing
-2,038 -303 -16 -1,264 -3,746 -2,932 -261 -1,429 — -2,175
Dividends paid
332 372 188 0 0 428 430 399 -7.2% 370
Share repurchases
2,000 2,000 451 0 0 0 250 2,550 10.2× 1,550
Debt repayment
NOT DISCLOSED
342 615 839 0 0 0 0 — — —
Cash from financing
-2,496 -2,990 9,658 359 -3,032 -436 -1,980 -4,691 — -38
Net change in cash
359 694 8,515 1,417 -2,988 -204 -1,779 -4,278 — 316
Ending cash balance
1,854 2,548 11,063 12,480 9,492 9,288 7,509 3,231 -57.0% 3,791

Click a line to select it — Enter or the EXPAND pill folds out its quarter-by-quarter history.

SELECTED · FREE CASH FLOW · QoQ BRIDGE
FROM-1,592 CASH FROM OPERATIONS+1,380 CAPITAL EXPENDITURES-619 TO-831
↹ CLICK A LINE TO SELECT · ⌘F FIND LINE ITEM SRC 10-Q FILED 2026-07-23 ↗