Filing Flows › Southwest Airlines (LUV) › Q2 2026 › vs Q2 2025
Southwest Airlines (LUV) Q2 2026 vs Q2 2025 (year over year)
Southwest Airlines's revenue rose $1.2B (+16%) from $7.2B in Q2 2025 to $8.4B in Q2 2026. The biggest changes: Passenger +$1.1B (+17%); Other +$64.0M (+11%); Freight +$6.0M (+14%). Operating margin 3.4% against 3.1% (+0.3 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 3.4% | 3.1% | +0.3 pts |
| Net margin | 2.8% | 2.9% | -0.2 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Passenger non-loyalty | $6.1B | $5.4B | $656M | +12% |
| Passenger ancillary sold separately | $875M | $309M | $566M | +183% |
| Passenger loyalty - air transportation | $766M | $870M | −$104M | -12% |
| Loyalty program | $578M | $536M | $42.0M | +8% |
| Other | $59.0M | $37.0M | $22.0M | +59% |
| Passenger | $7.7B | $6.6B | $1.1B | +17% |
| Other | $637M | $573M | $64.0M | +11% |
| Freight | $50.0M | $44.0M | $6.0M | +14% |
| Revenue | $8.4B | $7.2B | $1.2B | +16% |
| Operating profit | $285M | $225M | $60.0M | +27% |
| Costs & expenses | $8.1B | $7.0B | $1.1B | +16% |
| Pre-tax earnings | $306M | $280M | $26.0M | +9% |
| Net earnings | $233M | $213M | $20.0M | +9% |
| Income tax | $73.0M | $67.0M | $6.0M | +9% |
| Depreciation & amortization | $402M | $400M | $2.0M | +0.5% |
| Working capital & other | $105M | $212M | −$107M | -50% |
| Operating cash flow | $530M | $401M | $129M | +32% |
| Capital expenditures | $818M | $660M | $158M | +24% |
| Negative free cash flow (OCF − capex) | $288M | $259M | $29.0M | +11% |
Questions
How much did Southwest Airlines's revenue grow year over year in Q2 2026?
Southwest Airlines's revenue rose $1.2B (+16%) from $7.2B in Q2 2025 to $8.4B in Q2 2026.
What drove Southwest Airlines's revenue change in Q2 2026?
Passenger +$1.1B (+17%); Other +$64.0M (+11%); Freight +$6.0M (+14%).