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Southwest Airlines LUV Q3 2025 earnings

Reported October 22, 2025 · After market close

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

Next report

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

Financials

Q3 2025

Income statement

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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

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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

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Operating margin1.1%—
Net margin1.4%—
FCF margin-1.2%-0.5pp

Returns & leverage

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

Segments

By product

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

By geography

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

FAQ

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 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 eps declined 26.7% from $0.15.
Where can I find Southwest Airlines's Q3 2025 SEC filings?
You can read the 8-K earnings release (0000092380-25-000138) and the 10-Q periodic report (0000092380-25-000140) directly on SEC EDGAR. The filing index links above go to sec.gov.