Southwest Airlines Company Capital Reinvestment Ratio
Southwest Airlines Company capital reinvestment ratio. Southwest Airlines Company (LUV) has a Capital Reinvestment Ratio of 0.44x as of March 2026, meaning it reinvests 0% of its operating cash flow ($1.42 Billion) in capital expenditures ($630.00 Million). See Southwest Airlines Company free cash flow generation to measure how efficiently the company converts operating cash flow to free cash.
Capital Reinvestment Ratio
Operating Cash Flow
Capital Expenditures
Data as of
Capital Reinvestment Ratio of Southwest Airlines Company (1989–2025)
Capital reinvestment ratio of Southwest Airlines Company from 1989 to 2025. This chart tracks Southwest Airlines Company's Capital Reinvestment Ratio across 35 annual periods. See Southwest Airlines Company (LUV) financial flexibility to measure the company's free cash flow as a share of total liabilities.
Southwest Airlines Company Capital Reinvestment Ratio by Year (1989–2025)
Southwest Airlines Company capital reinvestment ratio by year from 1989 to 2025. For the full cash flow conversion analysis, see Southwest Airlines Company (LUV) cash conversion ratio.
| Year | Reinvestment Ratio | Operating CF (USD) | Capital Expenditures | YoY Change |
|---|---|---|---|---|
| 2025 | 1.45x | $1.84 Billion | $2.67 Billion | ▼ -67.8% |
| 2024 | 4.50x | $462.00 Million | $2.08 Billion | ▲ +300.9% |
| 2023 | 1.12x | $3.16 Billion | $3.55 Billion | ▲ +7.9% |
| 2022 | 1.04x | $3.79 Billion | $3.95 Billion | ▲ +373.1% |
| 2021 | 0.22x | $2.32 Billion | $511.00 Million | ▼ -14.6% |
| 2019 | 0.26x | $3.99 Billion | $1.03 Billion | ▼ -36.2% |
| 2018 | 0.40x | $4.89 Billion | $1.98 Billion | ▼ -29.4% |
| 2017 | 0.57x | $3.93 Billion | $2.25 Billion | ▲ +14.5% |
| 2016 | 0.50x | $4.29 Billion | $2.15 Billion | ▼ -24.4% |
| 2015 | 0.66x | $3.24 Billion | $2.14 Billion | ▲ +5.1% |
| 2014 | 0.63x | $2.90 Billion | $1.83 Billion | ▲ +8.4% |
| 2013 | 0.58x | $2.49 Billion | $1.45 Billion | ▼ -11.0% |
| 2012 | 0.65x | $2.06 Billion | $1.35 Billion | ▼ -6.6% |
| 2011 | 0.70x | $1.39 Billion | $968.00 Million | ▲ +121.3% |
| 2010 | 0.32x | $1.56 Billion | $493.00 Million | ▼ -46.8% |
| 2009 | 0.59x | $985.00 Million | $585.00 Million | ▲ +26.9% |
| 2007 | 0.47x | $2.85 Billion | $1.33 Billion | ▼ -53.0% |
| 2006 | 1.00x | $1.41 Billion | $1.40 Billion | ▲ +83.3% |
| 2005 | 0.54x | $2.23 Billion | $1.21 Billion | ▼ -64.6% |
| 2004 | 1.53x | $1.16 Billion | $1.77 Billion | ▲ +65.6% |
| 2003 | 0.93x | $1.34 Billion | $1.24 Billion | ▼ -20.1% |
| 2002 | 1.16x | $520.21 Million | $603.06 Million | ▲ +72.5% |
| 2001 | 0.67x | $1.48 Billion | $997.84 Million | ▼ -23.1% |
| 2000 | 0.87x | $1.30 Billion | $1.13 Billion | ▼ -25.0% |
| 1999 | 1.17x | $1.00 Billion | $1.17 Billion | ▲ +9.1% |
| 1998 | 1.07x | $886.13 Million | $947.10 Million | ▼ -5.3% |
| 1997 | 1.13x | $610.59 Million | $688.93 Million | ▲ +2.5% |
| 1996 | 1.10x | $615.23 Million | $677.43 Million | ▼ -31.0% |
| 1995 | 1.60x | $456.44 Million | $728.64 Million | ▼ -16.5% |
| 1994 | 1.91x | $412.67 Million | $788.65 Million | ▲ +43.2% |
| 1993 | 1.33x | $392.70 Million | $524.20 Million | ▼ -13.7% |
| 1992 | 1.55x | $264.50 Million | $409.20 Million | ▼ -53.2% |
| 1991 | 3.31x | $103.20 Million | $341.10 Million | ▲ +16.4% |
| 1990 | 2.84x | $111.90 Million | $317.70 Million | ▲ +82.1% |
| 1989 | 1.56x | $168.00 Million | $261.90 Million | — |