Capital Expenditures for Southwest Airlines (LUV)
According to Southwest Airlines's latest reported financial statements, the company's current capital expenditures (TTM) is $2.80B USD. Capital expenditures (CapEx) are cash outlays for property, plant, and equipment and other long-lived productive assets — reported on the cash flow statement under investing activities. CapEx funds future capacity (factories, data centers, software, machinery), so rising spend can signal investment in growth, while heavy CapEx reduces free cash flow available to shareholders. We display CapEx as a positive amount (the absolute cash outflow); compare with revenue to gauge capital intensity and with total assets for the asset-base context.
Headline TTM above sums the four reported quarters through (reported ). Chart and table below cover the full reported history back to .
Currently viewingCapital ExpendituresSwitch metric
Latest period
$2.80B
YoY change
+28.5%
5Y CAGR
+39.0%
Peak year (2022)
$3.95B
Cumulative capital expenditures
$46.95B
CapEx history chart for Southwest Airlines (LUV) from 1989 to 2025
CapEx history table for Southwest Airlines (LUV) from 1989 to 2025
| Fiscal year | Period ended | Reported | Capital Expenditures | YoY |
|---|---|---|---|---|
| 2025 | $2.67B | +28.5% | ||
| 2024 | $2.08B | -41.5% | ||
| 2023 | $3.55B | -10.0% | ||
| 2022 | $3.95B | +672.2% | ||
| 2021 | $511.00M | -0.8% | ||
| 2020 | $515.00M | -49.9% | ||
| 2019 | $1.03B | -48.0% | ||
| 2018 | $1.98B | -12.1% | ||
| 2017 | $2.25B | +4.8% | ||
| 2016 | $2.15B | +0.2% | ||
| 2015 | $2.14B | +17.2% | ||
| 2014 | $1.83B | +26.3% | ||
| 2013 | $1.45B | +7.3% | ||
| 2012 | $1.35B | +39.3% | ||
| 2011 | $968.00M | +96.3% | ||
| 2010 | $493.00M | -15.7% | ||
| 2009 | $585.00M | -36.6% | ||
| 2008 | $923.00M | -30.7% | ||
| 2007 | $1.33B | -4.9% | ||
| 2006 | $1.40B | +15.6% | ||
| 2005 | $1.21B | -31.8% | ||
| 2004 | $1.77B | +43.4% | ||
| 2003 | $1.24B | +105.3% | ||
| 2002 | $603.06M | -39.6% | ||
| 2001 | $997.84M | -12.1% | ||
| 2000 | $1.13B | -2.8% | ||
| 1999 | $1.17B | +23.3% | ||
| 1998 | $947.10M | +37.5% | ||
| 1997 | $688.93M | +1.7% | ||
| 1996 | $677.43M | -7.0% | ||
| 1995 | $728.64M | -7.6% | ||
| 1994 | $788.65M | +50.4% | ||
| 1993 | $524.20M | +28.1% | ||
| 1992 | $409.20M | +20.0% | ||
| 1991 | $341.10M | +7.4% | ||
| 1990 | $317.70M | +21.3% | ||
| 1989 | $261.90M | — |
CapEx values are taken from Southwest Airlines's reported cash flow statements (10-Q quarterly and 10-K annual filings with the U.S. Securities and Exchange Commission). Each row shows the period end date and the date the filing was reported; YoY compares each figure to the same period one year earlier. Amounts are in USD as filed.
Analysis
In 2025, Southwest Airlines (LUV) capital expenditures totalled $2.67B – grew 28.5% year-over-year.
Looking at the 2020–2025 (5 years) stretch, Southwest Airlines capital expenditures compounded at +39.0% per year, with the latest reading among the more recent periods of the dataset.
Between 2022 and 2025, Southwest Airlines capital expenditures plunged 32.3%, falling from $3.95B to $2.67B.
The dataset's maximum capital expenditures sits at $3.95B (2022); the minimum reading of $261.90M dates to 1989.
Among 8 Industrials peers, Southwest Airlines (LUV) ranks 4th; the peer median for capital expenditures is $2.05B.
Southwest Airlines Capital Expenditures by Year
Southwest Airlines Capital Expenditures 2025: $2.67B
Southwest Airlines capital expenditures in 2025 was $2.67B, grew 28.5% from 2024.
Southwest Airlines Capital Expenditures 2024: $2.08B
Southwest Airlines capital expenditures in 2024 was $2.08B, plunged 41.5% below 2023.
Southwest Airlines Capital Expenditures 2023: $3.55B
Southwest Airlines capital expenditures in 2023 was $3.55B, declined 10.0% below 2022.
Southwest Airlines Capital Expenditures 2022: $3.95B
Southwest Airlines capital expenditures in 2022 was $3.95B, surged 672.2% from 2021. This figure represents the highest annual value in the available history.
Southwest Airlines Capital Expenditures 2021: $511.00M
Southwest Airlines capital expenditures in 2021 was $511.00M.
See more financial history for Southwest Airlines (LUV).
Sector peers — CapEx
Companies in the same sector as Southwest Airlines, ranked by their latest capital expenditures.
| Company | Capital Expenditures | Sector |
|---|---|---|
| Deere & Company (DE) | $4.23B | Industrials |
| Union Pacific Corporation (UNP) | $3.79B | Industrials |
| The Boeing Company (BA) | $2.94B | Industrials |
| RTX Corporation (RTX) | $2.63B | Industrials |
| Caterpillar Inc. (CAT) | $1.47B | Industrials |
| GE Aerospace (GE) | $1.27B | Industrials |
| Honeywell International Inc. (HON) | $986.00M | Industrials |
| Eaton Corporation plc (ETN) | $0 | Industrials |
Frequently asked questions
What is Southwest Airlines's capital expenditures?
- Latest reported capital expenditures for Southwest Airlines (LUV) is $2.80B (period ending March 31, 2026).
How has Southwest Airlines capital expenditures changed year-over-year?
- Southwest Airlines (LUV) capital expenditures changed +28.5% year-over-year on the latest annual filing.
What is the long-term growth rate of Southwest Airlines capital expenditures?
- Southwest Airlines (LUV) capital expenditures compound annual growth rate is +39.0% over the most recent 5 years available.
When did Southwest Airlines capital expenditures hit its highest annual value?
- Southwest Airlines capital expenditures reached its highest annual value of $3.95B in 2022.
What was Southwest Airlines capital expenditures in 2024?
- Southwest Airlines (LUV) capital expenditures in 2024 was $2.08B.
What was Southwest Airlines capital expenditures in 2025?
- Southwest Airlines (LUV) capital expenditures in 2025 was $2.67B.
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