Filing Flows › Southwest Airlines (LUV) › Q2 2026 › vs Q1 2026
Southwest Airlines (LUV) Q2 2026 vs Q1 2026 (quarter over quarter)
Southwest Airlines's revenue rose $1.2B (+16%) from $7.2B in Q1 2026 to $8.4B in Q2 2026. The biggest changes: Passenger +$1.2B (+18%); Other +$23.0M (+4%); Freight +$6.0M (+14%). Operating margin 3.4% against 4.6% (-1.2 pts).
Southwest Airlines, Q2 2026: revenue $8.4B (+16% year over year), operating margin 3.4%, net earnings $233M, operating cash flow $530M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 3.4% | 4.6% | -1.2 pts |
| Net margin | 2.8% | 3.1% | -0.4 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Passenger non-loyalty | $6.1B | $5.2B | $916M | +18% |
| Passenger ancillary sold separately | $875M | $715M | $160M | +22% |
| Passenger loyalty - air transportation | $766M | $688M | $78.0M | +11% |
| Loyalty program | $578M | $557M | $21.0M | +4% |
| Other | $59.0M | $57.0M | $2.0M | +4% |
| Passenger | $7.7B | $6.6B | $1.2B | +18% |
| Other | $637M | $614M | $23.0M | +4% |
| Freight | $50.0M | $44.0M | $6.0M | +14% |
| Revenue | $8.4B | $7.2B | $1.2B | +16% |
| Operating profit | $285M | $330M | −$45.0M | -14% |
| Costs & expenses | $8.1B | $6.9B | $1.2B | +18% |
| Pre-tax earnings | $306M | $285M | $21.0M | +7% |
| Net earnings | $233M | $227M | $6.0M | +3% |
| Income tax | $73.0M | $58.0M | $15.0M | +26% |
| Depreciation & amortization | $402M | $398M | $4.0M | +1% |
| Working capital & other | $105M | −$793M | $898M | — |
| Operating cash flow | $530M | $1.4B | −$888M | -63% |
| Capital expenditures | $818M | $630M | $188M | +30% |
| Negative free cash flow (OCF − capex) | $288M | −$788M | $1.1B | — |
Questions
How much did Southwest Airlines's revenue grow quarter over quarter in Q2 2026?
Southwest Airlines's revenue rose $1.2B (+16%) from $7.2B in Q1 2026 to $8.4B in Q2 2026.
What drove Southwest Airlines's revenue change in Q2 2026?
Passenger +$1.2B (+18%); Other +$23.0M (+4%); Freight +$6.0M (+14%).