Southwest Airlines (LUV) Q2 FY2026 earnings: revenue $8.4 billion, up 16.4% on the year
Southwest Airlines Co. (LUV) reported revenue of $8.4 billion for Q2 FY2026, the quarter ended 30 June 2026, up 16.4% on the same quarter a year earlier. Net income was $233 million, up 9.4% on the year, and diluted earnings per share $0.47. The figures are the company's own, from the 10-Q it filed with the SEC on 23 July 2026.
Revenue
$8.4 billion
+16.4% on the year · +16.3% on the quarter
Q3 FY2024Q2 FY2026
Operating margin
3.4%
3.1% a year earlier
Q3 FY2024Q2 FY2026
Net income
$233 million
+9.4% on the year · +2.6% on the quarter
Q3 FY2024Q2 FY2026
Diluted EPS
$0.47
+20.5% on the year · +4.4% on the quarter
Q3 FY2024Q2 FY2026
this quarterthe same quarter a year earlierHover a bar for its figure.
What management said
Guidance figures: 3 lowered, 5 new.
Record revenue, adjusted revenue up: Operating revenues reached a record $8.4 billion, up 16.4%. Adjusted operating revenues were $8.7 billion, up 20.3%. Passenger revenue rose 16.9%.
Adjusted operating margin up 3.3 points: Reported operating margin was 3.4%, up 0.3 points. Adjusted operating margin was 6.7%, up 3.3 points, with nominal fuel costs up $889 million.
Net income and adjusted EPS rose: Net income was $233 million, or $0.47 diluted EPS, up from $0.39. Adjusted net income was $465 million, or $0.94 per share, versus $230 million and $0.43 a year earlier.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
Q2 FY2026
Q1 FY2026
Q2 FY2025
On the quarter
On the year
Last 8 quarters
Operating cash flow
530
1,418
401
-62.6%
+32.2%
Capital expenditure
818
630
635
+29.8%
+28.8%
Free cash flow
-288
788
-234
Free cash flow margin
-3.4%
10.9%
-3.2%
Cash from investing
-560
-445
-882
Cash from financing
493
-876
-4,178
Depreciation and amortisation
402
398
400
+1.0%
+0.5%
Buybacks
0.0
1,250
1,500
Dividends paid
88.0
93.0
103
-5.4%
-14.6%
Dividend per share
$0.18
$0.18
$0.18
0.0%
0.0%
Diluted shares, weighted
493m
503m
541m
-2.0%
-8.9%
Shares outstanding at period end
489m
489m
525m
+0.1%
-6.9%
Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.
Balance sheet
$ million
Q2 FY2026
Q1 FY2026
Q2 FY2025
On the quarter
On the year
Last 8 quarters
Shareholders' equity
7,082
6,875
8,000
+3.0%
-11.5%
Debt
5,946
5,387
4,103
+10.4%
+44.9%
Operating lease liabilities
660
709
915
-6.9%
-27.9%
Other liabilities
16,434
16,384
15,694
+0.3%
+4.7%
Total liabilities and equity
30,122
29,355
28,712
+2.6%
+4.9%
Fixed assets
20,642
20,376
19,401
+1.3%
+6.4%
Goodwill
970
970
970
0.0%
0.0%
Intangible assets
296
296
295
0.0%
+0.3%
Investments
n/a
n/a
364
Cash and equivalents
3,791
3,328
3,475
+13.9%
+9.1%
Receivables
78.0
171
60.0
-54.4%
+30.0%
Other assets
4,345
4,214
4,147
+3.1%
+4.8%
Total assets
30,122
29,355
28,712
+2.6%
+4.9%
Questions
What was Southwest Airlines' revenue in Q2 FY2026?
Southwest Airlines (LUV) reported revenue of $8.4 billion for Q2 FY2026, the quarter ended 30 June 2026, up 16.4% on the same quarter a year earlier.
How much did Southwest Airlines earn in Q2 FY2026?
Net income for Q2 FY2026 was $233 million, up 9.4% on the year, and diluted earnings per share $0.47.
When did Southwest Airlines report Q2 FY2026 results?
Southwest Airlines filed its 10-Q for the quarter ended 30 June 2026 with the SEC on 23 July 2026.
Each quarter as filed, linked to its filing. Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.
10-Q for the period ended 30 June 2026, filed 23 July 2026: the filing.