Southwest Airlines Co. · LUV · Next earnings

Southwest Airlines Co. reports Wednesday, Oct 21, 2026

LUV reports after market close with consensus EPS at $0.62 and revenue at $8.21B. Last quarter: Southwest Airlines Q2 2026: EPS Beats by 84%, Unit Revenue Up 20%, Guidance Cut on Fuel

Reports After market close31 days awayDate estimated Industrials

What the street expects

Consensus for the coming report
Consensus EPS $0.62 Calendar consensus
Consensus revenue $8.21B Calendar consensus
Report date Oct 21, 2026 Wednesday, date estimated
Session After market close 31 days away

Where LUV left off: FY2026 Q2

Full report

Southwest Airlines Q2 2026: EPS Beats by 84%, Unit Revenue Up 20%, Guidance Cut on Fuel

EPS surprise +84.3% Reported $0.94 vs $0.51
Revenue surprise -1.8% Reported $8.43B vs $8.58B
Stock move -6.2% Event window
Subsequent drift +2.0% Up to 20 sessions

Full-year 2026 EPS guidance was updated to $3.25-$4.25, a lowering from the prior trajectory as management adopted a more conservative fuel cost assumption. Q1 2026 guidance sentiment was 'maintained'; this quarter shifted to 'lowered.' Management continues to cite demand strength and pricing power but acknowledged that lapping bag-fee and ancillary initiatives will pressure Q3 unit revenue growth.

What to watch on the call

Carried forward from the last transcript

Risks management flagged

  • Volatile and elevated fuel prices remain a persistent cost headwind.
  • Lapped bag-fee and ancillary initiatives will pressure Q3 unit revenue growth.
  • Aircraft retirement and sale timing variability could impact free cash flow conversion.
  • Operational delays from turn-time optimization and small-scale glitches.
  • Demand uncertainty if the macro environment shifts.

Questions analysts left open

  • Impact of lapped initiatives (bag fees, other fees) on Q3 unit revenue guidance.
  • Capacity growth timing and its effect on Q4 performance.
  • Fuel cost assumptions and CASM outlook for Q4.
  • Scale and timing of aircraft sales/retirements affecting cash conversion.
  • Effect of breakage accounting adjustments on revenue.

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Recent LUV quarters

All LUV earnings
-6.2%FY2026 Q2

Sources

  1. FN2 corporate events calendar, resolved from the earnings calendar feed
  2. FN2 earnings calendar analyst consensus
  3. Earnings call transcript analysis, FY2026 Q2

Methodology

The report date comes from FN2's resolved corporate-events calendar and is marked estimated until the company confirms it. Consensus figures are the calendar's latest analyst estimates for the fiscal period and are not an FN2 forecast.

Risks and open questions are carried forward verbatim from FN2's structured analysis of the previous earnings call. Missing values stay missing and are never estimated.

By FN2 Research · Updated . For educational purposes only; not investment advice.