Southwest Airlines Company (LUV)

Cash conversion cycle

Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021
Days of inventory on hand (DOH) days 12.21 12.60 12.32 12.54 12.68 12.00 12.38 13.15 13.47 13.93 12.72 13.44 15.13 15.67 16.77 15.79 16.79 18.35 17.65 18.84
Days of sales outstanding (DSO) days 14.94 14.81 13.46 14.27 14.74 15.69 18.18 18.50 16.14 21.05 17.91 18.38 15.94 21.17 23.97 33.51 31.37 42.33 49.13 49.81
Number of days of payables days 31.37 8.00 4.43 6.32 5.37 6.06 5.21 4.55 4.42 5.73 5.43 4.97 5.30 5.64 8.82 8.11 4.88 8.40 8.33 7.11
Cash conversion cycle days -4.21 19.41 21.35 20.49 22.05 21.63 25.34 27.10 25.19 29.24 25.19 26.85 25.76 31.21 31.92 41.19 43.28 52.28 58.45 61.54

December 31, 2025 calculation

Cash conversion cycle = DOH + DSO – Number of days of payables
= 12.21 + 14.94 – 31.37
= -4.21