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Southwest Airlines LUV Q1 2026 earnings

Reported April 22, 2026 · After market close

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

Next report

Oct 21, 2026 (in a month)
Revenue estimate$8.2B
EPS estimate$0.62

Financials

Q1 2026

Income statement

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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

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

Valuation & ratios

Valuation

as of 03/31/26
See full
Market cap$18.45B-7.3%
Enterprise value$21.52B+8.9%
P/E22.6×-13.9×
P/S0.6×-0.1×

Profitability

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Operating margin3.4%+1.6pp
Net margin2.8%+0.8pp
FCF margin-1.5%-0.3pp

Returns & leverage

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

Segments

By product

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

FAQ

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 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.