Southwest Airlines Company (LUV)

Cash conversion cycle

Dec 31, 2025 Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021
Days of inventory on hand (DOH) days 12.21 12.68 13.47 15.13 16.79
Days of sales outstanding (DSO) days 14.94 14.74 16.14 15.94 31.37
Number of days of payables days — 5.37 4.42 5.30 4.88
Cash conversion cycle days 27.15 22.05 25.19 25.76 43.28

December 31, 2025 calculation

Cash conversion cycle = DOH + DSO – Number of days of payables
= 12.21 + 14.94 – —
= 27.15