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LUV · Q2 2026
Archived report (Q2 2026). Latest deep dive →
The quarter in brief
Revenue grew 16.4% y/y to $8.43B, operating margin 3.4% vs 3.1%, net income $233M (+9.4% y/y).
Net income
$233M
up 9.4% y/y
Total operating revenues
$8,432M
up 16.4% y/y
Operating income
$285M
up 26.7% y/y
All figures in $M.
| Line item | Amount and change |
|---|---|
| Total operating revenues | $8,432 · +16.4% |
| Salaries, wages, and benefits | $3,499 · +7.3% |
| Aircraft fuel and related taxes | $2,215 · +67.0% |
| Maintenance materials and repairs | $294 · −11.2% |
| Landing fees and airport rentals | $636 · +12.2% |
| Depreciation and amortization | $402 · +0.5% |
| Other operating expenses | $1,101 · −2.8% |
| Operating income | $285 · +26.7% · 3.4% margin |
| Interest expense | $64 · +64.1% |
| Capitalized interest | $12 · −7.7% |
| Interest income | $33 · −38.9% |
| Other (gains) losses, net | $40 · +48.1% |
| Income before income taxes | $306 · +9.3% |
| Provision for income taxes | $73 · +9.0% · 23.9% effective rate |
| Net income | $233 · +9.4% · $0.47/sh · 2.8% margin |
Verdict: revenue grew 16.4% y/y to $8.43B, operating margin 3.4% vs 3.1%, net income $233M (+9.4% y/y).
Fuel expense was up nearly $900 million year over year.
Source and notation
Source: Southwest Airlines press release, 8-K EX-99.1 of 07/22/2026 (SEC EDGAR). Every figure was matched against the income statement in the release and checked against SEC XBRL.
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<figure> <a href="https://whoreportstoday.com/t/luv/q2-2026"><img src="https://whoreportstoday.com/t/luv/q2-2026/sankey.png" alt="LUV Q2 2026: where the revenue went" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/t/luv/q2-2026">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
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<a href="https://whoreportstoday.com/t/luv/q2-2026">LUV Q2 2026 earnings chart (Who Reports Today)</a>
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- Operating revenues were a record $8.4 billion, up 16.4%, and unit revenues rose 16.2%.
- Operating income was $285M, a 3.4% margin vs 3.1% a year earlier.
- The effective tax rate was 23.9% vs 23.9% a year earlier.
- Diluted EPS was $0.47 vs $0.39 a year earlier.
What distorts the picture in this report and what to watch beyond the headlines.
LUV — a passenger airline that flies a Boeing 737 fleet on scheduled routes across the United States and to near-international destinations in Mexico, Central America and the Caribbean.
It earns mainly from ticket sales, plus its Rapid Rewards loyalty program and ancillary fees, and reports a single segment. · Source: annual report (Form 10-K, SEC)
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