Southwest Airlines

LUV · Industrials · Market cap $22.0B

Q2 FY26 Jun 30, 2026 reported Jul 23, 2026

Revenue$8.4B +16% year over year

Gross profit–

Operating profit$0.3B

Net profit$0.2B 3% margin

Numbers and detail

All figures in billions of U.S. dollars, for Q2 FY26 (period ends Jun 30, 2026).
Item	Value	Share of revenue	Year over year
Revenue	8.4	100%	+16%
Passenger Revenue Non Loyalty	6.1	73%	+12%
Passenger Ancillary Sold…	0.9	11%	+183%
Passenger Loyalty Air…	0.8	10%	−12%
Loyalty Program	0.6	7%	+8%
Miscellaneous	0.1	1%	+59%
Cargo and Freight	0.1	1%	+14%
Operating expenses	−8.1	97%	+0pp
Operating profit	0.3	3% margin	+0pp
Tax	−0.1
Net profit	0.2	3%	+0pp

All figures in billions of U.S. dollars, for Q1 FY26 (period ends Mar 31, 2026).
Item	Value	Share of revenue	Year over year
Revenue	7.2	100%	+13%
Passenger Revenue Non Loyalty	5.2	72%	+9%
Passenger Ancillary Sold…	0.7	10%	+192%
Passenger Loyalty Air…	0.7	10%	−14%
Loyalty Program	0.6	8%	+2%
Miscellaneous	0.1	1%	+78%
Operating expenses	−6.9	95%	+0pp
Operating profit	0.3	5% margin	+8pp
Tax	−0.1
Net profit	0.2	3%	+5pp

All figures in billions of U.S. dollars, for Q4 FY25 (period ends Dec 31, 2025).
Item	Value	Share of revenue	Year over year
Revenue	7.4	100%	+7%
Passenger Revenue Non Loyalty	5.3	72%	+3%
Passenger Loyalty Air…	0.8	11%	−12%
Passenger Ancillary Sold…	0.7	9%	+156%
Product and Service Other	0.6	8%	+6%
Operating expenses	−7.1	95%	+0pp
Operating profit	0.4	5% margin	+1pp
Tax	−0.1
Net profit	0.3	4%	+1pp

All figures in billions of U.S. dollars, for Q3 FY25 (period ends Sep 30, 2025).
Item	Value	Share of revenue	Year over year
Revenue	6.9	100%	+1%
Passenger Revenue Non Loyalty	4.9	71%	−4%
Passenger Loyalty Air…	0.8	12%	−10%
Passenger Ancillary Sold…	0.6	9%	+134%
Product and Service Other	0.6	9%	+3%
Operating expenses	−6.9	99%	+0pp
Operating profit	0	1% margin	+0pp
Net profit	0.1	1%	+0pp

Quarter by quarter

Pick a quarter and the diagram above changes. Bars compare revenue across the quarters we hold.

Quarter	Period	Reported	Revenue	Year over year	Operating margin	Net profit	Net margin
Q2 FY26	Jun 30, 2026	Jul 23, 2026	$8.4B	+16%	4%	$0.2B	3%
Q1 FY26	Jan 1 – Mar 31, 2026	Apr 23, 2026	$7.2B	+13%	4%	$0.2B	3%
Q4 FY25	Oct 1 – Dec 31, 2025	Feb 5, 2026	$7.4B	+7%	5%	$0.3B	4%
Q3 FY25	Jul 1 – Sep 30, 2025	Oct 23, 2025	$6.9B	+1%	0%	$0.1B	1%