Southwest Airlines Co. (LUV) Financials
Key financial figures for Southwest Airlines Co. (Q3 2026).
Southwest reported record third-quarter revenue of $8.42B, up 21.2%, with adjusted EPS of $0.66 versus $0.11 a year earlier, as unit revenue rose 21.6% and fuel added an $821M cost headwind. Total operating revenues were $8,422M, up 21.2% from $6,949M, on capacity down 0.4%; passenger revenue was $7,754M, up 22.8%, and the release called it the highest passenger yield in company history (21.41 cents per RPM, up 23.3%). Net income was $270M, or $0.55 diluted EPS, versus $54M and $0.10 a year earlier. Excluding special items, net income was $328M and adjusted EPS was $0.66 versus $0.11. Operating income was $379M (4.5% margin, up 4.0 points); excluding special items it was $452M (5.4% margin, up 4.8 points) despite an $821M increase in nominal fuel cost. On the outlook: Fourth quarter 2026: adjusted EPS $0.55 to $0.80, capacity (ASMs) up 3% to 4% year over year, RASM up 19% to 21%, CASM-X up 4.0% to 4.5% (including about a 1.0 point headwind from removing six seats from the Boeing 737-700 fleet), fuel assumed near $4.55 per gallon. Full year 2026: adjusted EPS $2.60 to $2.85, capacity growth of about 1.2% (versus about 1.5% previously), net capital spending of $2.5B to $2.75B, based on the forward fuel curve as of October 15, 2026. Figures are for Q3 2026, as Southwest Airlines Co. reported them.
- Revenue
- $8.4B
- Net Income
- $270M
- EPS
- $0.55
- Total Assets
- $30.5B
- Operating Cash Flow
- $511M
Recent quarters
| Period | Revenue | Net Income | EPS | Operating Margin | Free Cash Flow |
|---|---|---|---|---|---|
| Q3 FY2026 | $8.4B | $270M | $0.55 | 4.5% | -$495M |
| Q2 FY2026 | $8.4B | $233M | $0.47 | 3.38% | -$454M |
| Q1 FY2026 | $7.2B | $227M | $0.45 | 4.55% | $788M |
| Q4 FY2025 | $7.4B | $323M | $0.61 | 5.25% | -$564M |
| Q3 FY2025 | $6.9B | $54M | $0.10 | 0.5% | -$391M |
Recent fiscal years
| Period | Revenue | Net Income | EPS | Operating Margin | Free Cash Flow |
|---|---|---|---|---|---|
| FY2025 | $28.1B | $441M | $0.79 | 1.53% | -$831M |
| FY2024 | $27.5B | $465M | $0.76 | 1.17% | -$1.6B |
| FY2023 | $26.1B | $465M | $0.76 | 0.86% | -$356M |
Frequently asked questions
What was Southwest Airlines Co.'s revenue last quarter?
Southwest Airlines Co. reported revenue of $8.42 billion for Q3 FY2026, up 21.2% from the same period a year earlier.
Is Southwest Airlines Co. profitable?
Yes. Southwest Airlines Co. reported net income of $270.0 million for Q3 FY2026, a net margin of 3.21% on revenue.
How has Southwest Airlines Co.'s margin trended?
Operating margin was 4.5% in Q3 FY2026, compared with 0.5% in the same period a year earlier. The quarter by quarter series is on the SentiSense financials page.
How much free cash flow did Southwest Airlines Co. generate?
Southwest Airlines Co. generated free cash flow of -$495.0 million in Q3 FY2026, after capital expenditure.
Full income statement, balance sheet and cash flow for Southwest Airlines Co. on SentiSense, with up to forty quarters and twenty fiscal years of history.