Form 10-Q · Quarterly report
Southwest Airlines 10-Q, filed Oct 22, 2026
- Filed
- CIK
- 0000092380
- Accession no.
- 0000092380-26-000107
Summary
Southwest Airlines reported third-quarter 2026 GAAP net income of $270 million, or $0.55 per diluted share, up from $54 million a year earlier, on what it called record quarterly operating revenue and all-time record quarterly unit revenues and passenger yield, with sharply higher fuel costs partly offsetting the gains. The carrier said assigned and extra legroom seating introduced January 27, 2026 contributed to higher passenger yields, and it detailed a revamped three-tier Rapid Rewards program effective January 2027 and a first-ever airport lounge network being built with Chase.
Key points
- Revenue passengers carried fell 3.2% to 33.5 million in the quarter while average passenger fare rose 26.9% to $231.69 and load factor was flat at 79.8%.
- Fuel cost per gallon including tax rose 63.3% to $3.92 for the quarter and 48.3% to $3.56 for the nine months.
- Nine-month GAAP net income was $730 million ($1.47 per diluted share) versus $118 million ($0.21) a year earlier, and included a $285 million reversal of breakage revenue on flight credits issued between July 2022 and December 2025 that was excluded from non-GAAP results.
- Southwest announced on October 15, 2026 a three-tier Rapid Rewards structure of Silver, Gold, and Platinum taking effect in January 2027, and paid $176 million in dividends during the quarter.
Written by an AI model from the filing text. It can be incomplete or wrong; the filing on SEC.gov is the record.
From the filing
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Relevant comparative operating statistics for the three and nine months ended September 30, 2026 and 2025 are included below. The Company provides these operating statistics because they are commonly used in the airline industry and, as such, allow readers to compare the Company’s performance against its results for the prior year period, as well as against the performance of the Company’s peers. …
An excerpt of the text as filed with the SEC, cut for length.
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