Filing Flows › Southwest Airlines (LUV) › Q2 2026
Southwest Airlines (LUV) Q2 2026 earnings results (second quarter 2026)
10-Q filed Jul 23, 2026
Southwest Airlines (LUV) reported revenue of $8.4B for the second quarter 2026 (Q2 2026), +16% from a year earlier and +16% from the quarter before. Operating margin was 3.4%, net earnings $233M (2.8% of revenue).
Southwest Airlines, Q2 2026: revenue $8.4B (+16% year over year), operating margin 3.4%, net earnings $233M, operating cash flow $530M. The chart follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $8.4B | +16% | +16% |
| Operating profit | $285M | -14% | +27% |
| Net earnings | $233M | +3% | +9% |
| Operating cash flow | $530M | -63% | +32% |
What changed
Revenue was $8.4B in Q2 2026, up 16% year over year and up 16% from the previous quarter. Passenger non-loyalty was the largest line at 72% of revenue. Passenger non-loyalty added $0.66B year over year (up 12%), 55% of the total change. Passenger loyalty - air transportation declined 12%.
Operating profit was $0.28B, a 3.4% margin (up 0.3 points year over year). Of the extra revenue versus Q2 2025, 5% reached operating profit, above the 3% margin then. Total costs grew 16% against revenue growth of 16%. Net earnings were $0.23B, up 9% year over year. The effective tax rate was 23.9%.
Operating cash flow was $0.53B (up 32% year over year), 227% of net earnings. Non-cash charges added back $0.40B of depreciation and amortization. Working capital and other items used $0.10B. Capital expenditures of $0.82B exceeded it, leaving free cash flow of −$0.29B.
Questions
What was Southwest Airlines' revenue in the second quarter 2026?
Southwest Airlines (LUV) reported revenue of $8.4B for the second quarter 2026 (Q2 2026), +16% from a year earlier and +16% from the quarter before.
Was Southwest Airlines profitable in the second quarter 2026?
Operating profit was $285M (3.4% of revenue) and net earnings $233M.
Source: Southwest Airlines 10-Q on SEC EDGAR.