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Southwest Airlines LUV Q2 2026 earnings

Reported July 22, 2026 · After market close

Revenue$8.4BMiss by $152.0M
EPS$0.94Beat by $0.43
Revenue estimate$8.6B
EPS estimate$0.51
“Our focus now turns to unlocking the Company's full earnings potential by continuing to optimize our network, product offering, and pricing, while continuing to strengthen financial performance. Even in a volatile fuel environment, we delivered significant earnings growth and margin expansion in the second quarter, and are positioned to do so for the remainder of 2026”
Bob Jordan

Next report

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

Financials

Q2 2026

Income statement

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Revenue$8.4B+16.4%
Operating income$285.0M+26.7%
Net income$233.0M+9.4%
EPS (diluted)$0.47+20.5%

Balance sheet

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Cash & equivalents$3.8B+9.1%
Total debt$6.9B+29.0%
Total equity$7.1B-11.5%
Total assets$30.1B+4.9%

Cash flow

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Operating cash flow$530.0M+32.2%
CapEx$818.0M+23.9%
Free cash flow-$288.0M-11.2%

Valuation & ratios

Valuation

as of 09/16/26
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Market cap$19.22B+15.9%
Enterprise value$22.31B+21.0%
P/E23×-19.3×
P/S0.6×0.0×

Profitability

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Operating margin3.5%+2.3pp
Net margin2.8%+1.4pp
FCF margin-1.5%+0.5pp

Returns & leverage

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Return on equity11.1%+6.9pp
Debt / equity1×+0.3×
Current ratio0.5×-0.1×

Segments

By product

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Passenger non-loyalty$6.1B+12.0%
Passenger ancillary sold separately$875.0M+183%
Passenger loyalty - air transportation$766.0M-12.0%

FAQ

When did Southwest Airlines report Q2 2026 earnings?
Southwest Airlines (LUV) reported Q2 2026 earnings on July 22, 2026 after market close.
What were Southwest Airlines's Q2 2026 revenue and EPS?
Southwest Airlines reported revenue of $8.4B and eps of $0.94 for Q2 2026.
Did Southwest Airlines beat estimates in Q2 2026?
Revenue missed the consensus estimate of $8.6B by $152.0M. EPS beat the consensus estimate of $0.51 by $0.43.
How did Southwest Airlines's Q2 2026 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 16.4% from $7.2B a year earlier and eps grew 118.6% from $0.43.
Where can I find Southwest Airlines's Q2 2026 SEC filings?
You can read the 8-K earnings release (0000092380-26-000074) and the 10-Q periodic report (0000092380-26-000077) directly on SEC EDGAR. The filing index links above go to sec.gov.