Buyback yield (TTM)
16.30%
Shareholder yield (TTM)
18.36%
5Y share count change
-1.2%
Buyback spend (TTM)
$3.05B
Cumulative buybacks
$16.39B
Key takeaways
- Southwest Airlines (LUV) repurchased about $3.05B of stock over the trailing twelve months.
- Diluted share count is down 1.2% over the last ~5 fiscal years — buybacks are net-shrinking the share base.
- Cash buyback spend has compounded at +41.4% per year over the latest 5-year window.
Dividend & buyback yield over time for Southwest Airlines (LUV)
Stacked annual yields — buyback yield (TTM cash repurchases ÷ market cap) plus dividend yield from the same fiscal-year-end key-metrics period — show how total cash return per dollar of equity has evolved.
Diluted vs basic shares (annual) for Southwest Airlines (LUV)
Diluted weighted-average shares are the EPS denominator — a falling count means buybacks are outpacing SBC dilution.
Year-over-year change in diluted shares for Southwest Airlines (LUV)
Green is fewer shares vs the prior fiscal year (net repurchase); red is growth (dilution). The earliest year shown has no prior year to compare.
Cash buyback spend over time for Southwest Airlines (LUV)
Latest: $2.55B
Overview
2025's annual buyback spend for Southwest Airlines (LUV) came in at $2.55B – surged 920.0% year-over-year.
Across 2020–2025 (5 years), Southwest Airlines buyback spend produced a CAGR of +41.4% – sustaining 2 straight years of year-over-year growth.
The record annual buyback spend stands at $2.55B, reached in 2025; the historical low of $0.00 was recorded in 1991.
Southwest Airlines Buyback Spend 2025: $2.55B
Southwest Airlines posted buyback spend of $2.55B in 2025, surged 920.0% from 2024. This figure represents the highest annual value in the available history.
Southwest Airlines Buyback Spend 2024: $250.00M
Southwest Airlines buyback spend in 2024 was $250.00M.
Southwest Airlines Buyback Spend 2023: $0.00
Southwest Airlines buyback spend in 2023 was $0.00.
Southwest Airlines Buyback Spend 2022: $0.00
Southwest Airlines buyback spend in 2022 was $0.00.
Southwest Airlines Buyback Spend 2021: $0.00
Southwest Airlines buyback spend in 2021 was $0.00.
See more financial history for Southwest Airlines (LUV).
Buyback, SBC & dilution history
Buyback spend, SBC, net dilution effect, and share count.
| 2025 | $2.55B | $0.00 | $2.55B | 11.96% | 0.56B | -13.2% | |
| 2024 | $250.00M | $0.00 | $250.00M | 1.25% | 0.64B | +0.5% | |
| 2023 | $0.00 | $0.00 | $0.00 | — | 0.64B | -0.3% | |
| 2022 | $0.00 | $84.00M | −$84.00M | — | 0.64B | +5.4% | |
| 2021 | $0.00 | $58.00M | −$58.00M | — | 0.61B | +7.8% | |
| 2020 | $451.00M | $0.00 | $451.00M | 1.64% | 0.56B | +4.8% | |
| 2019 | $2.00B | $55.00M | $1.95B | 7.06% | 0.54B | -6.1% | |
| 2018 | $2.00B | $46.00M | $1.95B | 7.68% | 0.57B | -4.8% | |
| 2017 | $1.60B | $37.00M | $1.56B | 4.13% | 0.60B | -4.7% | |
| 2016 | $1.75B | $33.00M | $1.72B | 5.69% | 0.63B | -5.4% | |
| 2015 | $1.18B | $29.00M | $1.15B | 4.23% | 0.67B | -3.9% | |
| 2014 | $955.00M | $21.00M | $934.00M | 3.33% | 0.70B | -3.1% | |
| 2013 | $540.00M | $18.00M | $522.00M | 4.10% | 0.72B | -5.2% | |
| 2012 | $400.00M | $16.00M | $384.00M | 5.31% | 0.76B | -2.3% | |
| 2011 | $225.00M | $0.00 | $225.00M | 3.41% | 0.78B | +3.7% | |
| 2010 | $0.00 | $0.00 | $0.00 | — | 0.75B | +0.8% | |
| 2009 | $0.00 | $12.00M | −$12.00M | — | 0.74B | +0.3% | |
| 2008 | $54.00M | $18.00M | $36.00M | 0.85% | 0.74B | -3.8% | |
| 2007 | $1.00B | $80.00M | $921.00M | 11.19% | 0.77B | -6.1% | |
| 2006 | $800.00M | $80.00M | $720.00M | 6.69% | 0.82B | +1.4% | |
| 2005 | $55.00M | $0.00 | $55.00M | 0.42% | 0.81B | -2.1% | |
| 2004 | $246.00M | $0.00 | $246.00M | 1.94% | 0.82B | +1.9% | |
| 2003 | $0.00 | $0.00 | $0.00 | — | 0.81B | -19.5% | |
| 2002 | $0.00 | $0.00 | $0.00 | — | 1.00B | +23.8% | |
| 2001 | $0.00 | $0.00 | $0.00 | — | 0.81B | +2.4% | |
| 2000 | $108.67M | $0.00 | $108.67M | — | 0.79B | -1.6% | |
| 1999 | $90.50M | $0.00 | $90.50M | — | 0.81B | +1.5% | |
| 1998 | $100.00M | $0.00 | $100.00M | — | 0.79B | +3.5% | |
| 1997 | $0.00 | $0.00 | $0.00 | — | 0.77B | -1.7% | |
| 1996 | $0.00 | $0.00 | $0.00 | — | 0.78B | — | |
| 1995 | $0.00 | $0.00 | $0.00 | — | — | — | |
| 1994 | $0.00 | $0.00 | $0.00 | — | — | — | |
| 1993 | $0.00 | $0.00 | $0.00 | — | — | — | |
| 1992 | $100.00K | $0.00 | $100.00K | — | — | — | |
| 1991 | $0.00 | $0.00 | $0.00 | — | — | — | |
| 1990 | $25.60M | $0.00 | $25.60M | — | — | — | |
| 1989 | $10.00M | $0.00 | $10.00M | — | — | — |
- 2025$2.55B
- 2024$250.00M
- 2023$0.00
- 2022$0.00
- 2021$0.00
- 2020$451.00M
- 2019$2.00B
- 2018$2.00B
- 2017$1.60B
- 2016$1.75B
- 2015$1.18B
- 2014$955.00M
- 2013$540.00M
- 2012$400.00M
- 2011$225.00M
- 2010$0.00
- 2009$0.00
- 2008$54.00M
- 2007$1.00B
- 2006$800.00M
- 2005$55.00M
- 2004$246.00M
- 2003$0.00
- 2002$0.00
- 2001$0.00
- 2000$108.67M
- 1999$90.50M
- 1998$100.00M
- 1997$0.00
- 1996$0.00
- 1995$0.00
- 1994$0.00
- 1993$0.00
- 1992$100.00K
- 1991$0.00
- 1990$25.60M
- 1989$10.00M
Buybacks vs stock-based compensation for Southwest Airlines (LUV)
Annual cash repurchases set against stock-based compensation. Coverage above 1× means buybacks fully offset the equity dilution from SBC. TTM coverage: N/A.
Buybacks vs dividends (share of cash returned) for Southwest Airlines (LUV)
How Southwest Airlines splits cash returned to shareholders between dividends and buybacks.
Sector peers by buyback spend
Companies in the same sector as Southwest Airlines, ranked by their latest buyback spend.
| $7.55B | |
| $5.19B | |
| $2.68B | |
| $1.86B | |
| $1.14B | |
| $1.13B | |
| $50.00M | |
| $0.00 |
- $7.55B
- $5.19B
- $2.68B
- $1.86B
- $1.14B
- $1.13B
- $50.00M
- $0.00
Buyback capacity (TTM)
Free cash flow minus dividends paid versus actual TTM repurchases — the headroom bar shows how much of post-dividend FCF is still being deployed elsewhere.
Headroom $0.00 (TTM FCF − TTM dividends, clamped at zero).
Frequently asked questions
Data & methodology
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