Filing Flows › Southwest Airlines (LUV) › Guidance history
Southwest Airlines (LUV) guidance history: what it guided and what it reported
Southwest Airlines gave guidance in 13 earnings releases on file since Jan 25, 2024. Of 1 guided period since reported, it met or beat its own guidance once (100%). Tax rate: 1 of 1, on average -1.8 pts against the guided midpoint. Its releases raised guidance twice and lowered it 3 times.
Operating margin
This line is not in the statements Filing Flows reads, so there is no reported figure to hold it to.
| Period | Guided (and how it moved) | Reported | Result | vs midpoint |
|---|---|---|---|---|
| FY2027 | 10.0% (Jan 30, 2025) | — | to be reported | — |
| FY2025 | 3.0%–5.0% (Jan 30, 2025) | — | — | — |
Adjusted operating income
Every guided period is still to be reported.
| Period | Guided (and how it moved) | Reported | Result | vs midpoint |
|---|---|---|---|---|
| FY2026 | $386M (Jan 28, 2026) | — | to be reported | — |
Operating expenses
This line is not in the statements Filing Flows reads, so there is no reported figure to hold it to.
| Period | Guided (and how it moved) | Reported | Result | vs midpoint |
|---|---|---|---|---|
| FY2026 | $1.5B (Jul 23, 2025) | — | to be reported | — |
| FY2025 | $370M (Apr 23, 2025) → raised $2.5B (Jul 23, 2025) | — | — | — |
Net income
This line is not in the statements Filing Flows reads, so there is no reported figure to hold it to.
| Period | Guided (and how it moved) | Reported | Result | vs midpoint |
|---|---|---|---|---|
| FY2026 | $227M (Apr 22, 2026) | — | to be reported | — |
| FY2025 | $261M (Jan 30, 2025) | — | — | — |
Tax rate
Met or beat 1 of 1 periods (0 above, 0 within, 1 below).
| Period | Guided (and how it moved) | Reported | Result | vs midpoint |
|---|---|---|---|---|
| FY2024 | 23.0%–24.0% (Jan 25, 2024) → raised 24.0%–25.0% (Apr 25, 2024) → lowered 24.0% (Jul 25, 2024) → reaffirmed 24.0% (Oct 24, 2024) | 22.2% | below the range | -1.8 pts |
Capital expenditures
The GAAP figure from the filings is shown for each period reported; it is not judged against the guide, which may leave items out (one-off payments, acquisitions).
| Period | Guided (and how it moved) | Reported | Result | vs midpoint |
|---|---|---|---|---|
| FY2026 | $3.0B–$3.5B (Jul 23, 2026) | — | to be reported | — |
| FY2025 | $2.5B–$3.0B (Jan 30, 2025) → reaffirmed $2.5B–$3.0B (Apr 23, 2025) → reaffirmed $2.5B–$3.0B (Jul 23, 2025) → reaffirmed $2.5B–$3.0B (Oct 22, 2025) | $2.7B (GAAP) | not judged | — |
| FY2027 | $4.0B (Jan 25, 2024) | — | to be reported | — |
| FY2024 | $3.5B–$4.0B (Jan 25, 2024) → lowered $2.5B (Apr 25, 2024) → reaffirmed $2.5B (Jul 25, 2024) → lowered $2.1B (Oct 24, 2024) | $2.1B (GAAP) | not judged | — |
The latest quarter
Southwest Airlines, Q3 2026: revenue $8.4B (+21% year over year), operating margin 4.5%, net earnings $270M, operating cash flow $513M. The chart follows the revenue to costs, profit and cash.
Questions
Does Southwest Airlines beat its guidance?
Southwest Airlines gave guidance in 13 earnings releases on file since Jan 25, 2024. Of 1 guided period since reported, it met or beat its own guidance once (100%). Tax rate: 1 of 1, on average -1.8 pts against the guided midpoint.
How often does Southwest Airlines raise guidance?
Its earnings releases raised guidance twice and lowered it 3 times since Jan 25, 2024.
Each guided period is held to the last guidance given before its figures were reported; a single figure counts as in line within 1% (0.25 pts for a rate). Reported figures are GAAP, from the company's filings; adjusted guidance shows its moves only.