Filing Flows › Southwest Airlines (LUV) › Q3 2026 › vs Q2 2026
Southwest Airlines (LUV) Q3 2026 vs Q2 2026 (quarter over quarter)
Southwest Airlines's revenue fell $10.0M (-0.1%) from $8.4B in Q2 2026 to $8.4B in Q3 2026. The biggest changes: Other −$16.0M (-3%); Passenger +$9.0M (+0.1%); Freight −$2.0M (-4%). Operating margin 4.5% against 3.4% (+1.1 pts).
Southwest Airlines, Q3 2026: revenue $8.4B (+21% year over year), operating margin 4.5%, net earnings $270M, operating cash flow $513M. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Operating margin | 4.5% | 3.4% | +1.1 pts |
| Net margin | 3.2% | 2.8% | +0.4 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Passenger non-loyalty | $6.1B | $6.1B | $18.0M | +0.3% |
| Passenger ancillary sold separately | $898M | $875M | $23.0M | +3% |
| Passenger loyalty - air transportation | $734M | $766M | −$32.0M | -4% |
| Loyalty program | $563M | $578M | −$15.0M | -3% |
| Other | $58.0M | $59.0M | −$1.0M | -2% |
| Passenger | $7.8B | $7.7B | $9.0M | +0.1% |
| Other | $621M | $637M | −$16.0M | -3% |
| Freight | $48.0M | $50.0M | −$2.0M | -4% |
| Revenue | $8.4B | $8.4B | −$10.0M | -0.1% |
| Operating profit | $379M | $285M | $94.0M | +33% |
| Costs & expenses | $8.0B | $8.1B | −$104M | -1% |
| Pre-tax earnings | $355M | $306M | $49.0M | +16% |
| Net earnings | $270M | $233M | $37.0M | +16% |
| Income tax | $85.0M | $73.0M | $12.0M | +16% |
| Depreciation & amortization | $398M | $402M | −$4.0M | -1% |
| Working capital & other | $155M | $105M | $50.0M | +48% |
| Operating cash flow | $513M | $530M | −$17.0M | -3% |
| Capital expenditures | $1.0B | $818M | $188M | +23% |
| Negative free cash flow (OCF − capex) | $493M | $288M | $205M | +71% |
Questions
How much did Southwest Airlines's revenue grow quarter over quarter in Q3 2026?
Southwest Airlines's revenue fell $10.0M (-0.1%) from $8.4B in Q2 2026 to $8.4B in Q3 2026.
What drove Southwest Airlines's revenue change in Q3 2026?
Other −$16.0M (-3%); Passenger +$9.0M (+0.1%); Freight −$2.0M (-4%).