Southwest Airlines Investor Presentation — March 2023
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Page 19 Capital Allocation Priorities Our investment -grade balance sheet continues to be an enduring strength and remains top in the U.S. airline industry •Cash balance of $13.5B1 •Long -term minimum cash target of ~$6B plus revolver •Earmarking cash for step -up in debt repayme
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Capital Allocation Priorities
Our investment -grade balance sheet continues to be an enduring strength and
remains top in the U.S. airline industry
for step -up in debt
and 2026•2023 capital
•Continue investing in
replace 737 -700 fleet•Repaid ~$2.6B of
•~$3.4B of scheduled
•Current leverage of
46%1; long -term goal
dividend of $.18 per
•Continue to evaluate
longer -term plans to
1. As of November 30, 2022.
