Filing Flows › Southwest Airlines (LUV) › Q1 2026
Southwest Airlines (LUV) Q1 2026 earnings results (first quarter 2026)
10-Q filed Apr 23, 2026
Southwest Airlines (LUV) reported revenue of $7.2B for the first quarter 2026 (Q1 2026), +13% from a year earlier and -3% from the quarter before. Operating margin was 4.6%, net earnings $227M (3.1% of revenue).
Southwest Airlines, Q1 2026: revenue $7.2B (+13% year over year), operating margin 4.6%, net earnings $227M, operating cash flow $1.4B. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $7.2B | -3% | +13% |
| Operating profit | $330M | -16% | — |
| Net earnings | $227M | -30% | — |
| Operating cash flow | $1.4B | +381% | +65% |
| Free cash flow | $788M | — | +137% |
What changed
Revenue was $7.2B in Q1 2026, up 13% year over year and down 3% from the previous quarter. Passenger non-loyalty was the largest line at 72% of revenue. Passenger ancillary sold separately added $0.47B year over year (up 192%), 57% of the total change. Passenger loyalty - air transportation declined 14%.
Operating profit was $0.33B, a 4.6% margin (up 8.0 points year over year). Total costs grew 4% against revenue growth of 13%. Net earnings were $0.23B. The effective tax rate was 20.4%.
Operating cash flow was $1.4B (up 65% year over year), 625% of net earnings. Non-cash charges added back $0.40B of depreciation and amortization. Working capital and other items added $0.79B. Capital expenditures of $0.63B left free cash flow of $0.79B.
Questions
What was Southwest Airlines' revenue in the first quarter 2026?
Southwest Airlines (LUV) reported revenue of $7.2B for the first quarter 2026 (Q1 2026), +13% from a year earlier and -3% from the quarter before.
Was Southwest Airlines profitable in the first quarter 2026?
Operating profit was $330M (4.6% of revenue) and net earnings $227M.
Source: Southwest Airlines 10-Q on SEC EDGAR.