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Southwest Airlines (LUV) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Oct 22, 2026 · Southwest Airlines (LUV) Q3 2026 earnings results →
Q3 2026 Revenue up 21% year over year to $8.4B · 3¢ of every $1 of revenue kept as net profit · operating margin 4.5%
Southwest Airlines made $8.4B in Q3 2026 (+21% Y/Y): Passenger $7.8B, Other $621M, Freight $48.0M. Operating margin 4.5%, net earnings $270M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 22, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $8.4B in Q3 2026, up 21% year over year and roughly flat from the previous quarter. Passenger non-loyalty was the largest line at 73% of revenue. Passenger non-loyalty added $1.2B year over year (up 25%), 83% of the total change. Passenger loyalty - air transportation declined 9%.
Operating profit was $0.38B, a 4.5% margin (up 4.0 points year over year). Of the extra revenue versus Q3 2025, 23% reached operating profit, above the 1% margin then. Total costs grew 16% against revenue growth of 21%. Net earnings were $0.27B, up 400% year over year. The effective tax rate was 23.9%.
Operating cash flow was $0.51B (up 79% year over year), 190% of net earnings. Non-cash charges added back $0.40B of depreciation and amortization. Working capital and other items used $0.15B. Capital expenditures of $1.0B exceeded it, leaving free cash flow of −$0.49B.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Oct 22, 2026 | $8.4B | +21% | 4.5% | $270M | $513M |
| Q2 2026 | 10-Q | Jul 23, 2026 | $8.4B | +16% | 3.4% | $233M | $530M |
| Q1 2026 | 10-Q | Apr 23, 2026 | $7.2B | +13% | 4.6% | $227M | $1.4B |
| Q4 2025 | 10-K | Feb 5, 2026 | $7.4B | +7% | 5.3% | $323M | $295M |
| Q3 2025 | 10-Q | Oct 23, 2025 | $6.9B | +1% | 0.5% | $54.0M | $287M |
| Q2 2025 | 10-Q | Jul 24, 2025 | $7.2B | -2% | 3.1% | $213M | $401M |
| Q1 2025 | 10-Q | Apr 25, 2025 | $6.4B | +2% | -3.5% | −$149M | $860M |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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Customers and suppliers named in filings
Buys from
About Southwest Airlines
Southwest Airlines Co. (the “Company” or “Southwest”) operates Southwest Airlines, a major passenger airline that provides scheduled air transportation in the United States and near-international markets. Southwest commenced service on June 18, 1971, with three Boeing 737 aircraft serving three Texas cities: Dallas, Houston, and San Antonio. Southwest’s unique route network, competitive fares, and famous Hospitality continue to make the Company an attractive choice for Customers in cities across the United States and near-international destinations.
In its own words, from its 10-K, filed Feb 5, 2026.
Southwest Airlines against its Air Transportation, Scheduled peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +21% against the peers' median +19%. Operating margin: 4.5% against the peers' median 1.9%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| LUV Southwest Airlines | Q3 2026 | $8.4B | +21% | 4.5% |
| DAL Delta Air Lines | Q3 2026 | $20.2B | +21% | 7.2% |
| United Airlines | Q3 2026 | $17.9B | +17% | 8.1% |
| AAL American Airlines Group | Q3 2026 | $16.3B | +19% | 0.7% |
| American Airlines | Q1 2025 | $12.6B | -0.2% | -2.2% |
| ALK Alaska Air Group | Q3 2026 | $4.3B | +14% | 1.9% |
| JBLU Jetblue Airways | Q3 2026 | $2.8B | +21% | -5.1% |
| ULCC Frontier Group Holdings | Q3 2026 | $1.4B | +53% | -8.0% |
| SKYW Skywest | Q3 2026 | $1.1B | +6% | 15.8% |
Source: Southwest Airlines 10-Q on SEC EDGAR · CIK 92380 · Air Transportation, Scheduled
Guidance and outlook
13F: who owns LUV and who is buying
More on LUV
- How Southwest Airlines makes money: revenue by segment
- Southwest Airlines stock forecast, price target and fair value
- Who owns Southwest Airlines stock: holders, funds and Congress trades
- Southwest Airlines guidance and outlook
- Is Southwest Airlines a takeover target? LBO and rumors
- Southwest Airlines recalls, complaints and regulation
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results