Filing Flows › Southwest Airlines (LUV) › Q3 2026
Southwest Airlines (LUV) Q3 2026 earnings results (third quarter 2026)
10-Q filed Oct 22, 2026
Southwest Airlines (LUV) reported revenue of $8.4B for the third quarter 2026 (Q3 2026), +21% from a year earlier and -0.1% from the quarter before. Operating margin was 4.5%, net earnings $270M (3.2% of revenue).
Southwest Airlines, Q3 2026: revenue $8.4B (+21% year over year), operating margin 4.5%, net earnings $270M, operating cash flow $513M. The chart follows the revenue to costs, profit and cash.
| Q3 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $8.4B | -0.1% | +21% |
| Operating profit | $379M | +33% | +983% |
| Net earnings | $270M | +16% | +400% |
| Operating cash flow | $513M | -3% | +79% |
What changed
Revenue was $8.4B in Q3 2026, up 21% year over year and roughly flat from the previous quarter. Passenger non-loyalty was the largest line at 73% of revenue. Passenger non-loyalty added $1.2B year over year (up 25%), 83% of the total change. Passenger loyalty - air transportation declined 9%.
Operating profit was $0.38B, a 4.5% margin (up 4.0 points year over year). Of the extra revenue versus Q3 2025, 23% reached operating profit, above the 1% margin then. Total costs grew 16% against revenue growth of 21%. Net earnings were $0.27B, up 400% year over year. The effective tax rate was 23.9%.
Operating cash flow was $0.51B (up 79% year over year), 190% of net earnings. Non-cash charges added back $0.40B of depreciation and amortization. Working capital and other items used $0.15B. Capital expenditures of $1.0B exceeded it, leaving free cash flow of −$0.49B.
Questions
What was Southwest Airlines' revenue in the third quarter 2026?
Southwest Airlines (LUV) reported revenue of $8.4B for the third quarter 2026 (Q3 2026), +21% from a year earlier and -0.1% from the quarter before.
Was Southwest Airlines profitable in the third quarter 2026?
Operating profit was $379M (4.5% of revenue) and net earnings $270M.
Source: Southwest Airlines 10-Q on SEC EDGAR.