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Southwest Airlines LUV Q3 2025 earnings

Reported October 22, 2025 · After market close

Revenue$6.9BBeat by $31.7MDiluted EPS$0.11Beat by $0.15
Revenue estimate$6.9B
EPS estimate-$0.04

Next report

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

Financials

Q3 2025

Income statement

See full
Revenue$6.9B+1.1%
Operating income$35.0M-7.9%
Net income$54.0M-19.4%
EPS (diluted)$0.10-9.1%

Balance sheet

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Cash & equivalents$2.9B-65.9%
Total debt$5.3B-42.2%
Total equity$7.8B-25.3%
Total assets$28.3B-18.8%

Cash flow

See full
Operating cash flow$287.0M+154%
CapEx$678.0M+31.1%
Free cash flow-$391.0M+3.2%

Valuation & ratios

Valuation

as of 09/30/25
See full
Market cap$16.76B-5.6%
Enterprise value$19.11B+4.2%
P/E44.2×—
P/S0.6×0.0×

Profitability

See full
Operating margin1.1%—
Net margin1.4%—
FCF margin-1.1%-0.5pp

Returns & leverage

See full
Return on equity4.2%—
Debt / equity0.7×-0.2×
Current ratio0.5×-0.4×

Segments

By product

See full
Passenger non-loyalty$4.9B-3.8%
Passenger loyalty - air transportation$805.0M-10.2%
Passenger ancillary sold separately$612.0M+134%

By geography

See full
North America$6.8B+2.2%
Latin America$189.0M-5.3%

Versus estimates

Revenue

Q1 2026$7.2BMiss by $22.9MQ4 2025$7.4BMiss by $59.4M
Q3 2025$6.9BBeat by $31.7M
Q2 2025$7.2BMiss by $52.1MQ1 2025$6.4BBeat by $36.9MQ4 2024$6.9BMiss by $29.2M

Diluted EPS

Q1 2026$0.45In lineQ4 2025$0.58Beat by $0.01
Q3 2025$0.11Beat by $0.15
Q2 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 Q3 2025 earnings?
Southwest Airlines (LUV) reported Q3 2025 earnings on October 22, 2025 after market close.
What were Southwest Airlines's Q3 2025 revenue and EPS?
Southwest Airlines reported revenue of $6.9B and diluted EPS of $0.11 for Q3 2025.
Did Southwest Airlines beat estimates in Q3 2025?
Revenue beat the consensus estimate of $6.9B by $31.7M. EPS beat the consensus estimate of $-0.04 by $0.15.
How did Southwest Airlines's Q3 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 1.1% from $6.9B a year earlier and diluted EPS declined 26.7% from $0.15.
Where can I find Southwest Airlines's Q3 2025 SEC filings?
You can read the 10-Q periodic report (0000092380-25-000140) directly on SEC EDGAR. The filing index links above go to sec.gov.