Filing Flows › Southwest Airlines (LUV) › Q3 2025
Southwest Airlines (LUV) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 23, 2025
Southwest Airlines (LUV) reported revenue of $6.9B for the third quarter 2025 (Q3 2025), +1% from a year earlier and -4% from the quarter before. Operating margin was 0.5%, net earnings $54.0M (0.8% of revenue).
Southwest Airlines, Q3 2025: revenue $6.9B (+1% year over year), operating margin 0.5%, net earnings $54.0M, operating cash flow $287M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $6.9B | -4% | +1% |
| Operating profit | $35.0M | -84% | -8% |
| Net earnings | $54.0M | -75% | -19% |
| Operating cash flow | $287M | -28% | +154% |
What changed
Revenue was $6.9B in Q3 2025, up 1% year over year and down 4% from the previous quarter. Passenger non-loyalty was the largest line at 70% of revenue. Passenger ancillary sold separately added $0.35B year over year (up 134%), 443% of the total change. Passenger loyalty - air transportation declined 10%.
Operating profit was $0.04B, a 0.5% margin (unchanged year over year). Operating profit fell $3.0M even though revenue rose $0.08B versus a year earlier, so costs grew faster than sales. Total costs grew 1% against revenue growth of 1%. Net earnings were $0.05B, down 19% year over year. The effective tax rate was 20.6%. Non-operating items added $0.03B, 49% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $0.29B (up 154% year over year), 531% of net earnings. Non-cash charges added back $0.39B of depreciation and amortization. Working capital and other items used $0.16B. Capital expenditures of $0.68B exceeded it, leaving free cash flow of −$0.39B.
Questions
What was Southwest Airlines' revenue in the third quarter 2025?
Southwest Airlines (LUV) reported revenue of $6.9B for the third quarter 2025 (Q3 2025), +1% from a year earlier and -4% from the quarter before.
Was Southwest Airlines profitable in the third quarter 2025?
Operating profit was $35.0M (0.5% of revenue) and net earnings $54.0M.
Source: Southwest Airlines 10-Q on SEC EDGAR.