Every 10-Q that Southwest Airlines Co. (LUV) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow LUV and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full LUV filings page.
Southwest Airlines Co. reported stronger results for the quarter ended June 30, 2026, with operating revenues of $8,432 million, up 16.4% year-over-year and an all‑time quarterly record. GAAP net income was $233 million (diluted EPS $0.47), while non‑GAAP net income rose to $465 million (diluted EPS $0.94).
Passenger revenue increased 16.9% to $7,745 million, driven by more customers buying higher fare categories and new ancillary products, including first and second checked bag fees (effective May 28, 2025) and assigned/extra‑legroom seating (effective January 27, 2026). RASM rose 16.2%, while CASM increased 15.8% as Aircraft fuel and related taxes jumped 67.0% and fuel cost per gallon reached $3.92.
A key item was a $285 million reversal of previously recognized breakage revenue tied to non‑expiring flight credits, which reduced Q2 2026 net income by $185 million, or $0.37 per diluted share. Cash and cash equivalents were $3,791 million, operating cash flow for the first half was $1,947 million, and capital expenditures were $1,448 million. The company added a secured $1.5 billion term loan and has Boeing MAX capital commitments of $14.8 billion through 2031, including $3.9 billion in the remainder of 2026.
Southwest Airlines Co. returned to profitability in Q1 2026, reporting net income of $227 million (diluted EPS $0.45) versus a net loss of $149 million a year earlier. Operating revenue rose 12.8% to $7.249 billion, a first‑quarter record, driven largely by new ancillary products such as bag fees and assigned and extra‑legroom seating.
Passenger revenue increased 13.4% to $6.591 billion, with passenger yield up 11.5% and load factor slightly higher at 74.1%. Operating expenses grew only 4.0%, as higher salaries and fuel were partly offset by lower maintenance and other costs, expanding operating income to $330 million from a $223 million loss.
Cash flow from operations strengthened to $1.418 billion, supporting $630 million of capital spending and $1.25 billion of share repurchases plus dividends. Southwest remains fully exposed to fuel price volatility, with Q1 fuel at $2.73 per gallon and significant 2026–2031 Boeing 737 MAX purchase commitments totaling about $14.8 billion.
Southwest Airlines (LUV) reported Q3 2025 results with total operating revenues of $6,949 million and operating income of $35 million. Net income was $54 million, or $0.10 per diluted share. Fuel and oil expense fell to $1,331 million, while salaries, wages, and benefits rose to $3,219 million. Year‑to‑date, operating cash flow improved to $1,547 million.
Balance sheet and capital actions shifted materially. Cash and cash equivalents declined to $2,902 million from $7,509 million at year‑end, reflecting debt repayments and share buybacks. The company repaid $1.6 billion of 1.25% Convertible Notes at maturity and redeemed $976 million of PSP1 notes. It executed accelerated share repurchase programs of $750 million (Q1), $1.5 billion (Q2), and $250 million (Q3), and paid quarterly dividends of $0.18 per share. Southwest terminated its fuel hedging program; $36 million was reclassified to Fuel and oil expense in Q3, with $173 million remaining in AOCI to be reclassified through 2027. Air traffic liability totaled $8,125 million, including $4,505 million for loyalty. The Boeing order book shows firm commitments through 2031, with capital commitments of $15.6 billion. Shares outstanding were 517,155,080 as of October 22, 2025.