Filing Flows › Southwest Airlines (LUV) › Q3 2026 › vs Q3 2025
Southwest Airlines (LUV) Q3 2026 vs Q3 2025 (year over year)
Southwest Airlines's revenue rose $1.5B (+21%) from $6.9B in Q3 2025 to $8.4B in Q3 2026. The biggest changes: Passenger +$1.4B (+23%); Other +$27.0M (+5%); Freight +$6.0M (+14%). Operating margin 4.5% against 0.5% (+4.0 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 Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 4.5% | 0.5% | +4.0 pts |
| Net margin | 3.2% | 0.8% | +2.4 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Passenger non-loyalty | $6.1B | $4.9B | $1.2B | +25% |
| Passenger ancillary sold separately | $898M | $612M | $286M | +47% |
| Passenger loyalty - air transportation | $734M | $805M | −$71.0M | -9% |
| Loyalty program | $563M | $557M | $6.0M | +1% |
| Other | $58.0M | $37.0M | $21.0M | +57% |
| Passenger | $7.8B | $6.3B | $1.4B | +23% |
| Other | $621M | $594M | $27.0M | +5% |
| Freight | $48.0M | $42.0M | $6.0M | +14% |
| Revenue | $8.4B | $6.9B | $1.5B | +21% |
| Operating profit | $379M | $35.0M | $344M | +983% |
| Costs & expenses | $8.0B | $6.9B | $1.1B | +16% |
| Pre-tax earnings | $355M | $68.0M | $287M | +422% |
| Net earnings | $270M | $54.0M | $216M | +400% |
| Income tax | $85.0M | $14.0M | $71.0M | +507% |
| Depreciation & amortization | $398M | $394M | $4.0M | +1% |
| Working capital & other | $155M | $161M | −$6.0M | -4% |
| Operating cash flow | $513M | $287M | $226M | +79% |
| Capital expenditures | $1.0B | $735M | $271M | +37% |
| Negative free cash flow (OCF − capex) | $493M | $448M | $45.0M | +10% |
Questions
How much did Southwest Airlines's revenue grow year over year in Q3 2026?
Southwest Airlines's revenue rose $1.5B (+21%) from $6.9B in Q3 2025 to $8.4B in Q3 2026.
What drove Southwest Airlines's revenue change in Q3 2026?
Passenger +$1.4B (+23%); Other +$27.0M (+5%); Freight +$6.0M (+14%).