LUV NYSE
Southwest Airlines Co.
1W: +9.6%
1M: +2.8%
3M: -1.6%
YTD: +6.6%
1Y: +37.3%
3Y: +91.5%
5Y: -4.1%
$43.44
+0.59 (+1.38%)
After Hours: $43.64 (+0.20, +0.47%)
Weekly Expected Move ±4.9%
$38
$40
$42
$44
$46
Credit Risk of going bust: higher than 52% of companies Debt: 24.7% of company value Bonds: $179.5M held by 196 funds, 70 bp over Treasuries → details ▾
Of US companies ranked in the middle of the pack, about 1 in 580 filed for bankruptcy within a year (2020-2025).
If the stock fell to about $1.35 (down 97%), Southwest Airlines Co. would be worth roughly what it owes.
Total debt $6.87B against a stock market value of $20.96B.
Distance to default 4.90 (Merton model): prices to 2026-10-26, balance sheet 2026-09-30, debt counted $4.02B (short-term plus half of long-term), stock volatility 43.4%; Altman Z'' 0.90. A ranking and a back-test, not a forecast.
Bond figures are fund-reported marks (SEC N-PORT) as of Jul 2026. How these are computed.
If the stock fell to about $1.35 (down 97%), Southwest Airlines Co. would be worth roughly what it owes.
Total debt $6.87B against a stock market value of $20.96B.
Distance to default 4.90 (Merton model): prices to 2026-10-26, balance sheet 2026-09-30, debt counted $4.02B (short-term plus half of long-term), stock volatility 43.4%; Altman Z'' 0.90. A ranking and a back-test, not a forecast.
Bond figures are fund-reported marks (SEC N-PORT) as of Jul 2026. How these are computed.
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Cash Flow Trends
Operating Cash Flow
$1.8B
+298.7% ▲
Capital Expenditures
$2.7B
-28.5% ▼
5Y CAGR: +39.0%
Free Cash Flow
-$831M
+48.6% ▲
Dividends Paid
$399M
+7.2% ▲
Buybacks
$2.5B
-920.0% ▼
Net Change in Cash
-$4.3B
-140.5% ▼
Cash Flow Composition
Year-over-Year Growth
View Full Cash Flow Statement
| Line Item | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| — Operating Activities — | |||||
| Net Income | $977M | $539M | $465M | $465M | $441M |
| Depreciation & Amort. | $1.3B | $1.4B | $1.5B | $1.7B | $1.6B |
| Stock-Based Comp. | $58M | $84M | $0 | $0 | $0 |
| Change in Working Capital | -$100M | $1.5B | $1.2B | -$1.6B | -$278M |
| Other Non-Cash Items | $136M | $51M | -$231M | -$206M | -$3M |
| Operating Cash Flow | $2.3B | $3.8B | $3.2B | $462M | $1.8B |
| — Investing Activities — | |||||
| Capital Expenditures | -$511M | -$3.9B | -$3.6B | -$2.0B | -$2.7B |
| Acquisitions (Net) | $505M | $22M | $0 | $0 | $0 |
| Investment Purchases | -$5.8B | -$5.6B | -$7.0B | -$5.0B | -$470M |
| Investment Sales | $5.1B | $5.8B | $7.6B | $6.0B | $1.7B |
| Other Investing | -$505M | -$22M | $0 | $797M | $21M |
| Investing Cash Flow | -$1.3B | -$3.7B | -$2.9B | -$261M | -$1.4B |
| — Financing Activities — | |||||
| Net Debt Issuance | $231M | -$3.1B | -$85M | -$1.3B | -$1.8B |
| Stock Repurchased | $0 | $0 | $0 | -$250M | -$2.5B |
| Dividends Paid | $0 | $0 | -$428M | -$430M | -$399M |
| Other Financing | $77M | $8M | $29M | -$23M | -$26M |
| Financing Cash Flow | $359M | -$3.0B | -$436M | -$2.0B | -$4.7B |
| Net Change in Cash | $1.4B | -$3.0B | -$204M | -$1.8B | -$4.3B |
| Cash End of Period | $12.5B | $9.5B | $9.3B | $7.5B | $3.2B |
| Free Cash Flow | $1.8B | -$156M | -$389M | -$1.6B | -$831M |