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). Check LUV goodwill-adjusted equity ratio to evaluate the tangible quality of the company's equity base.
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. For the full cash flow conversion analysis, see Southwest Airlines Company (LUV) cash flow conversion.
Annual Capital Reinvestment Ratio for Southwest Airlines Company (1989–2025)
Year-by-year Capital Reinvestment Ratio for Southwest Airlines Company from 1989 to 2025. See LUV free cash flow generation to measure how efficiently the company converts operating cash flow to free cash.
| 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 | — |