Southwest Airlines (LUV) earnings

SOUTHWEST AIRLINES CO· Industrials

Results to: Sep 2026
Latest analysed call: Sep 2026 (Q3 FY26)
Balance sheet to: Dec 2025

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Southwest Airlines earnings: last reported Thu, 22 Oct 2026, for the quarter ended Sep 2026.

Reported

The figures, each with its period

Each figure keeps its basis and period; nothing is filled in.

Metric	Value	Change	Basis	Period	Note
Revenue	8,422 $ million	+21.2% YoY	Quarterly, as filed	Quarter to Sep 2026	Revenue from operations as filed.
Operating margin	4.5 %	+4.0 pts YoY	Operating profit / revenue	Quarter to Sep 2026	For the quarter; a change is in percentage points.
Net profit	270 $ million	+400.0% YoY	Quarterly, as filed	Quarter to Sep 2026	Profit after tax as filed.

Source: Inve data from filed results (SEC filings) · to Sep 2026

Price

$41.75 −0.67% · −$0.28

Last close Oct 23, 2026 · US · USD · Source: Inve

Performance +23.7% 1Y

1Y: $33.76 on 22 Oct 2025 → $41.75. High $54.8 (18 Feb 2026), low $29.67 (4 Nov 2025).

Previous close: $42.03
52-week range: $29.67 – $54.8
One year: +31.91%

Overview

Symbol: LUV
Sector: Industrials
Exchange: US
Currency: USD

Financials

What the filings say

Net profit, year on year: +400% (quarter to sep 2026 against sep 2025).

In $ million. Oldest period first.

Line item	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Sales	6,930	6,428	7,244	6,949	7,442	7,249	8,432	8,422
Operating profit	278	-223	225	35	391	330	285	379
Operating margin	4.0%	−3.5%	3.1%	0.5%	5.3%	4.5%	3.4%	4.5%
Other income	51	31	55	33	16	-45	21	-24
Interest	58	46	39	35	47	54	64	70
Profit before tax	329	-192	280	68	407	285	306	355
Tax rate	20.4%	22.4%	23.9%	20.6%	20.6%	20.4%	23.9%	23.9%
Net profit	262	-149	213	54	323	227	233	270
EPS ($ per share)	—	-0.26	0.40	0.10	—	0.45	0.48	0.55

Source: Inve data · income statement, quarterly · to Sept 2026

In $ million. Oldest period first.

Line item	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Equity capital	808	808	888	888	888	888	888	888
Reserves	15,967	17,945	14,777	15,774	16,261	16,297	16,332	16,388
Total liabilities	16,390	16,063	25,712	25,906	24,682	25,972	23,400	21,080
Fixed assets	19,525	17,025	15,831	14,842	17,342	19,375	19,056	20,245
Investments	1,835	1,524	2,271	3,024	2,800	2,186	1,216	0
Total assets	26,243	25,895	34,588	36,320	35,369	36,487	33,750	29,061

Source: Inve data · balance sheet · to Dec 2025

In $ million. Oldest period first.

Line item	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from operations	4,893	3,987	-1,127	2,322	3,790	3,164	462	1,842
Cash from investing	-2,038	-303	-16	-1,264	-3,746	-2,932	-261	-1,429
Cash from financing	-2,496	-2,990	9,658	359	-3,032	-436	-1,980	-4,691
Net cash flow	359	694	8,515	1,417	-2,988	-204	-1,779	-4,278
Capital expenditure	-1,922	-1,027	-515	-505	-3,924	-3,520	-2,054	-2,673
Free cash flow	2,971	2,960	-1,642	1,817	-134	-356	-1,592	-831

Source: Inve data · cash flow · to Dec 2025

LUV revenue by segment

Passenger Ancillary Sold Separately grew from 4% to 9% of revenue over the last two years.

LUV revenue by business segment, share of consolidated revenue by quarter
Segment	Q4 FY2024	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025	Q1 FY2026	Q2 FY2026	Q3 FY2026	YoY growth latest quarter
Passenger Revenue Non Loyalty	74%	74%	75%	70%	72%	72%	72%	73%	+25.0%
Passenger Ancillary Sold Separately	4%	4%	4%	9%	9%	10%	10%	11%	+46.7%
Passenger Loyalty Air Transportation	13%	12%	12%	12%	11%	9%	9%	9%	-8.8%
Product and Service Other	8%	9%	8%	9%	8%	8%	8%	7%	+4.5%
Product and Service Other Loyalty Program	—	—	—	—	—	8%	7%	7%	—
Product and Service Other Other Miscellaneous	—	—	—	—	—	1%	1%	1%	—
Cargo and Freight	1%	1%	1%	1%	1%	1%	1%	1%	+14.3%

Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.

See how segments are shifting across companies → Segment Shift

Insider filings

38 filings between Dec 2, 2025 and Sep 15, 2026.

Open market

decisions to buy or sell

Purchases

None

No insider bought shares.

Sales

$306.5K

2 sales by 2 insiders

Compensation

not trading decisions

25: Award — granted as compensation
9: Tax withheld — shares kept back by the company to cover tax

Also filed: 2 gifts.

Who traded

open market only

Insider	Bought	Sold	Last filing
Jones Justin	—	$302.1K	Dec 5, 2025
Atherton Lisa M	—	$4.5K	Apr 7, 2026

Latest filings (50)

Date	Insider	What	Shares	Value
Sep 15, 2026	Martinez Jimmy Ryan Principal Accounting Officer	Award	2,697	$0
Aug 21, 2026	Martinez Jimmy Ryan Principal Accounting Officer	Tax withheld	179	$7.2K
Aug 10, 2026	Liberty Jason T Director	Award	3,787	$0
Aug 10, 2026	Krishna Varun Director	Award	3,787	$0
Aug 5, 2026	Woods Lauren Tauscher EVP & CIO	Award	7,598	$0
Aug 5, 2026	Jordan Robert E CEO & President	Award	28,321	$0
Aug 5, 2026	Roach Anthony Chief Customer & Brand Officer	Award	9,506	$0
Aug 5, 2026	Jones Justin EVP & Chief Commercial Officer	Award	8,568	$0
Aug 5, 2026	Doxey Tom EVP, Chief Financial Officer	Award	6,316	$0
Aug 5, 2026	Watterson Andrew M Chief Operating Officer	Award	2,995	$0
May 7, 2026	FORNARO ROBERT L Director	Award	4,108	$0
May 7, 2026	Grissen David Director	Award	4,108	$0
May 7, 2026	Reynolds Christopher P. Director	Award	4,108	$0
May 7, 2026	Hess David P Director	Award	4,108	$0
May 7, 2026	BROOKS DOUGLAS H Director	Award	4,108	$0
May 7, 2026	Watson Patricia A Director	Award	4,108	$0
May 7, 2026	Feinberg Sarah Director	Award	4,108	$0
May 7, 2026	Breber Pierre R Director	Award	4,108	$0
May 7, 2026	Atherton Lisa M Director	Award	4,108	$0
Apr 7, 2026	Atherton Lisa M Director	Sale	118	$4.5K
Mar 21, 2026	Doxey Tom EVP, Chief Financial Officer	Tax withheld	11,447	$451.1K
Mar 21, 2026	Roach Anthony EVP Customer & Brand	Tax withheld	2,179	$85.9K
Mar 16, 2026	Doxey Tom EVP, Chief Financial Officer	Award	28,199	$0
Mar 16, 2026	Jones Justin EVP Operations	Award	23,863	$0
Mar 16, 2026	Woods Lauren Tauscher EVP & CIO	Award	18,950	$0
Mar 16, 2026	Roach Anthony EVP Customer & Brand	Award	22,058	$0
Mar 16, 2026	Martinez Jimmy Ryan Principal Accounting Officer	Award	7,294	$0
Mar 16, 2026	Watterson Andrew M Chief Operating Officer	Award	35,092	$0
Mar 16, 2026	Jordan Robert E CEO & President	Award	92,867	$0
Feb 21, 2026	Woods Lauren Tauscher EVP & CIO	Tax withheld	4,585	$238.8K
Feb 21, 2026	Watterson Andrew M Chief Operating Officer	Tax withheld	17,942	$934.6K
Feb 21, 2026	Jones Justin EVP Operations	Tax withheld	8,507	$443.1K
Feb 21, 2026	Jordan Robert E CEO & President	Tax withheld	38,742	$2.02M
Feb 21, 2026	Martinez Jimmy Ryan Principal Accounting Officer	Tax withheld	2,755	$143.5K
Feb 21, 2026	Roach Anthony EVP Customer & Brand	Tax withheld	3,658	$190.5K
Dec 5, 2025	Jones Justin EVP Operations	Sale	8,085	$302.1K
Dec 2, 2025	BROOKS DOUGLAS H Director	Gift	1,836	$0
Dec 2, 2025	BROOKS DOUGLAS H Director	Gift	1,836	$0
Aug 21, 2025	Martinez Jimmy Ryan Principal Accounting Officer	Tax withheld	68	$2.1K
Aug 18, 2025	Watterson Andrew M Chief Operating Officer	Code I	17,926	$561.3K
Aug 6, 2025	SARETSKY GREGG A Director	Purchase	600	$18.0K
Aug 6, 2025	SARETSKY GREGG A Director	Purchase	2,745	$82.4K
Aug 5, 2025	Feinberg Sarah Director	Purchase	200	$6.0K
Aug 5, 2025	Feinberg Sarah Director	Purchase	1,300	$39.0K
Apr 30, 2025	SARETSKY GREGG A Director	Purchase	3,670	$100.2K
Apr 29, 2025	Breber Pierre R Director	Purchase	400	$10.7K
Apr 29, 2025	Breber Pierre R Director	Purchase	100	$2.7K
Apr 29, 2025	Breber Pierre R Director	Purchase	900	$24.1K
Apr 29, 2025	Breber Pierre R Director	Purchase	100	$2.7K
Apr 29, 2025	Breber Pierre R Director	Purchase	400	$10.7K

Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.

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