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Southwest Airlines LUV Q1 2026 earnings

Reported April 22, 2026 · After market close

Revenue$7.2BMiss by $22.9MDiluted EPS$0.45In line
Revenue estimate$7.3B
EPS estimate$0.45

Next report

Jul 22, 2026 (In 6 days)
Revenue estimate$8.6B
EPS estimate$0.52

Financials

Q1 2026

Income statement

See full
Revenue$7.2B+12.8%
Operating income$330.0M+248%
Net income$227.0M+252%
EPS (diluted)$0.45+273%

Balance sheet

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Cash & equivalents$3.3B-59.1%
Total debt$6.4B-20.0%
Total equity$6.9B-26.6%
Total assets$29.4B-11.6%

Cash flow

See full
Operating cash flow$1.4B+64.9%
CapEx$630.0M+19.5%
Free cash flow$788.0M+137%

Valuation & ratios

Valuation

as of 07/15/26
See full
Market cap$23.25B+18.1%
Enterprise value$26.31B+22.1%
P/E28.5×-21.8×
P/S0.8×+0.1×

Profitability

See full
Operating margin3.4%+1.6pp
Net margin2.8%+0.8pp
FCF margin-1.4%-0.4pp

Returns & leverage

See full
Return on equity10.1%+4.5pp
Debt / equity0.9×+0.1×
Current ratio0.5×-0.3×

Segments

By product

See full
Passenger non-loyalty$5.2B+8.9%
Passenger ancillary sold separately$715.0M+192%
Passenger loyalty - air transportation$688.0M-14.0%

Versus estimates

Revenue

Q1 2026$7.2BMiss by $22.9M
Q4 2025$7.4BMiss by $59.4MQ3 2025$6.9BBeat by $31.7MQ2 2025$7.2BMiss by $52.1MQ1 2025$6.4BBeat by $36.9MQ4 2024$6.9BMiss by $29.2M

Diluted EPS

Q1 2026$0.45In line
Q4 2025$0.58Beat by $0.01Q3 2025$0.11Beat by $0.15Q2 2025$0.43Miss by $0.08Q1 2025-$0.13Beat by $0.05Q4 2024$0.56Beat by $0.10

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Questions, answered.

When did Southwest Airlines report Q1 2026 earnings?
Southwest Airlines (LUV) reported Q1 2026 earnings on April 22, 2026 after market close.
What were Southwest Airlines's Q1 2026 revenue and EPS?
Southwest Airlines reported revenue of $7.2B and diluted EPS of $0.45 for Q1 2026.
Did Southwest Airlines beat estimates in Q1 2026?
Revenue missed the consensus estimate of $7.3B by $22.9M. EPS beat the consensus estimate of $0.45 by $0.00.
How did Southwest Airlines's Q1 2026 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 12.8% from $6.4B a year earlier.
Where can I find Southwest Airlines's Q1 2026 SEC filings?
You can read the 8-K earnings release (0000092380-26-000044) and the 10-Q periodic report (0000092380-26-000047) directly on SEC EDGAR. The filing index links above go to sec.gov.