Latest period
$2.80B
YoY change
+28.5%
5Y CAGR
+39.0%
Peak year (2022)
$3.95B
Cumulative CapEx
$47.58B
CapEx history chart for Southwest Airlines (LUV) from 1989 to 2025
Latest: $2.67B
CapEx growth chart for Southwest Airlines (LUV) from 1989 to 2025
Latest: +28.5%
CapEx history table for Southwest Airlines (LUV) from 1989 to 2025
| 2025 | $2.67B | +28.5% | +$593.00M | ||
| 2024 | $2.08B | -41.5% | −$1.47B | ||
| 2023 | $3.55B | -10.0% | −$393.00M | ||
| 2022 | $3.95B | +672.2% | +$3.44B | ||
| 2021 | $511.00M | -0.8% | −$4.00M | ||
| 2020 | $515.00M | -49.9% | −$512.00M | ||
| 2019 | $1.03B | -48.0% | −$949.00M | ||
| 2018 | $1.98B | -12.1% | −$273.00M | ||
| 2017 | $2.25B | +4.8% | +$102.00M | ||
| 2016 | $2.15B | +0.2% | +$4.00M | ||
| 2015 | $2.14B | +17.2% | +$315.00M | ||
| 2014 | $1.83B | +26.3% | +$381.00M | ||
| 2013 | $1.45B | +7.3% | +$99.00M | ||
| 2012 | $1.35B | +39.3% | +$380.00M | ||
| 2011 | $968.00M | +96.3% | +$475.00M | ||
| 2010 | $493.00M | -15.7% | −$92.00M | ||
| 2009 | $585.00M | -36.6% | −$338.00M | ||
| 2008 | $923.00M | -30.7% | −$408.00M | ||
| 2007 | $1.33B | -4.9% | −$68.00M | ||
| 2006 | $1.40B | +15.6% | +$189.00M | ||
| 2005 | $1.21B | -31.8% | −$565.00M | ||
| 2004 | $1.77B | +43.4% | +$537.00M | ||
| 2003 | $1.24B | +105.3% | +$634.94M | ||
| 2002 | $603.06M | -39.6% | −$394.78M | ||
| 2001 | $997.84M | -12.1% | −$136.80M | ||
| 2000 | $1.13B | -2.8% | −$33.19M | ||
| 1999 | $1.17B | +23.3% | +$220.74M | ||
| 1998 | $947.10M | +37.5% | +$258.17M | ||
| 1997 | $688.93M | +1.7% | +$11.50M | ||
| 1996 | $677.43M | -7.0% | −$51.21M | ||
| 1995 | $728.64M | -7.6% | −$60.01M | ||
| 1994 | $788.65M | +50.4% | +$264.45M | ||
| 1993 | $524.20M | +28.1% | +$115.00M | ||
| 1992 | $409.20M | +20.0% | +$68.10M | ||
| 1991 | $341.10M | +7.4% | +$23.40M | ||
| 1990 | $317.70M | +21.3% | +$55.80M | ||
| 1989 | $261.90M | — | — |
- 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 (quarterly 10-Q and annual 10-K filings with the U.S. Securities and Exchange Commission). Each row shows the period end date and the filing date. YoY compares each figure to the same period one year earlier. Amounts are in USD as filed.
About CapEx at Southwest Airlines (LUV)
According to Southwest Airlines's latest reported financial statements, the company's current CapEx (TTM) is $2.80B. 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 .
In 2025, Southwest Airlines (LUV) CapEx totalled $2.67B – grew 28.5% year-over-year.
Looking at the 2020–2025 (5 years) stretch, Southwest Airlines CapEx compounded at +39.0% per year, with mixed annual results across the window.
Between 2022 and 2025, Southwest Airlines CapEx plunged 32.3%, falling from $3.95B to $2.67B.
The record annual CapEx stands at $3.95B, reached in 2022; the historical low of $261.90M was recorded in 1989.
Southwest Airlines Capital Expenditures by Year
Southwest Airlines Capital Expenditures 2025: $2.67B
In 2025, Southwest Airlines reported CapEx of $2.67B, grew 28.5% from 2024.
Southwest Airlines Capital Expenditures 2024: $2.08B
Southwest Airlines CapEx in 2024 was $2.08B, plunged 41.5% below 2023.
Southwest Airlines Capital Expenditures 2023: $3.55B
2023's CapEx for Southwest Airlines came in at $3.55B, declined 10.0% below 2022.
Southwest Airlines Capital Expenditures 2022: $3.95B
Southwest Airlines posted CapEx of $3.95B in 2022, 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 CapEx in 2021 was $511.00M.
See more financial history for Southwest Airlines (LUV).
Sector peers by CapEx
Industrials peers of Southwest Airlines (LUV), ranked by their latest CapEx
| $20.74B | |
| $4.23B | |
| $3.79B | |
| $2.94B | |
| $2.63B | |
| $1.47B | |
| $1.27B | |
| $0.00 |
- $20.74B
- $4.23B
- $3.79B
- $2.94B
- $2.63B
- $1.47B
- $1.27B
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