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Southwest Airlines LUV Operating Income

Operating Income at other companies

Delta Air Lines logo
Delta Air LinesDAL
$1.86B-11.3%
United Airlines Holdings logo
United Airlines HoldingsUAL
$1.1B-17.3%
Alaska Air Group logo
Alaska Air GroupALK
-$168M-161%
JetBlue Airways logo
JetBlue AirwaysJBLU
-$224M-28.7%
ALG
Allegiant TravelALGT
$81.1M+24.8%
Frontier Group Holdings, Inc. logo
Frontier Group Holdings, Inc.ULCC
-$283M-515%

Other financials

Income statement

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Revenue$8.4B+16.4%
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

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Market cap$22.05B+29.1%
Enterprise value$25.15B+32.8%
P/E26.4×-17.2×
P/S0.7×+0.1×

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 / equity+0.3×
Current ratio0.5×-0.1×

Where this comes from

Reported directly by Southwest Airlines in its filing.

Tagged under the XBRL concept us-gaap:OperatingIncomeLoss.

The official record: Southwest Airlines’s 10-Q, filed July 23, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Southwest Airlines's operating income?
Southwest Airlines (LUV) reported operating income of $285M in Q2 2026.
How has Southwest Airlines's operating income changed year-over-year?
Southwest Airlines's operating income increased by 26.7% year-over-year, from $225M to $285M.
What is the long-term trend for Southwest Airlines's operating income?
Over 2 years (2021 to 2025), Southwest Airlines's operating income has grown at a -50.1% compound annual growth rate (CAGR), from $1.72B to $428M.
What does operating income mean?
Gross profit minus all operating expenses (SG&A, R&D, D&A). Measures the profit from core business operations before interest, taxes, and non-operating items.