Southwest Airlines Company (LUV) — 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 how much free cash does Southwest Airlines Company generate to measure how efficiently the company converts operating cash flow to free cash.
Capital Reinvestment Ratio
Operating Cash Flow
Capital Expenditures
Data as of
Southwest Airlines Company Capital Reinvestment Ratio (1989–2025)
This chart tracks Southwest Airlines Company's Capital Reinvestment Ratio across 35 annual periods.
Annual Capital Reinvestment Ratio for Southwest Airlines Company (1989–2025)
Year-by-year Capital Reinvestment Ratio for Southwest Airlines Company from 1989 to 2025. For live market cap and broader valuation context, see Southwest Airlines Company (LUV) total market value.
| 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 | — |