Southwest Airlines
Runs a U.S.-focused airline with point-to-point routes, assigned seating, and an all-737 fleet.
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Profile
Sells scheduled passenger flights across the United States and nearby international markets, with fare bundles, assigned and extra-legroom seats, bag fees, Rapid Rewards, co-branded cards, vacation packages, and freight supporting revenue. The network remains primarily point-to-point, and the fleet uses only Boeing 737 aircraft.
Carries passengers and freight across a primarily U.S. point-to-point network, with Hawaii and near-international routes complementing domestic service. Scheduled passenger travel is the core business, sold through Basic, Choice, Choice Preferred, and Choice Extra fares with assigned standard, preferred, and extra-legroom seating.
Earns additional revenue from checked bags and other travel add-ons, Rapid Rewards, Chase co-branded cards, vacation packages, and freight. Direct sales through its website and app remain the main booking channel, while travel agencies, corporate distribution systems, and interline airline partners extend its reach.
Runs a high-frequency network that blends nonstop flying with core-station connections and redeye operations. The fleet consists entirely of Boeing 737 aircraft, creating dependence on Boeing and FAA certification; most employees are union-represented, and airline operations are heavily regulated.
Company facts
Categories
Key statistics
Year to date −4.0% · Average volume (30d) 4.9M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 24, 2026 | Raymond James | Reiterate | Outperform | $60 | $54 |
| Jul 26, 2026 | Jefferies | Reiterate | Hold | $44 | $46 |
| Jul 24, 2026 | BMO Capital | Reiterate | Outperform | $57.50 | $60 |
| Jul 6, 2026 | Morgan Stanley | Reiterate | Overweight | $60 | $65 |
| Jul 6, 2026 | Raymond James | Reiterate | Strong Buy | $49 | $60 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 22, 2026Q2 FY26 | $0.51 | $0.94 | +84.3% | $8.58B | $8.43B | −1.8% | −6.19% |
| Apr 22, 2026Q1 FY26 | $0.45 | $0.45 | 0.0% | $7.27B | $7.25B | −0.3% | −4.07% |
| Jan 28, 2026Q4 FY25 | $0.57 | $0.58 | +2.1% | $7.50B | $7.44B | −0.8% | +18.70% |
| Oct 22, 2025Q3 FY25 | −$0.04 | $0.11 | +398.7% | $6.92B | $6.95B | +0.5% | −6.25% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $6.43B | $7.24B | $6.95B | $7.44B | $7.25B | $8.43B | |
| Gross profit | $867.0M | $1.36B | $1.16B | $1.51B | $728.0M | $14.95B | |
| Operating income | −$223.0M | $225.0M | $35.0M | $391.0M | $330.0M | $285.0M | |
| Net income | −$149.0M | $213.0M | $54.0M | $323.0M | $227.0M | $233.0M | |
| Diluted EPS | −$0.26 | $0.39 | $0.10 | $0.61 | $0.45 | $0.47 | |
| Gross margin | 13.5% | 18.7% | 16.7% | 20.3% | 10.0% | 177.3% | |
| Operating margin | -3.5% | 3.1% | 0.5% | 5.3% | 4.6% | 3.4% |
Fiscal years (4-quarter sums)FY21 $15.79B · FY22 $23.81B · FY23 $26.09B · FY24 $27.48B · FY25 $28.06B
Revenue by product · Q2 FY26
Revenue by geography · FY25
Balance sheet, Jun 30, 2026Cash & short-term investments $3.79B · Total debt $6.89B · Total assets $30.12B · Shareholders' equity $7.08B
Dividends
Raised for 2 straight years. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 11, 2026 | Jun 11 | Jul 2 | $0.18 | |
| Mar 12, 2026 | Mar 12 | Apr 2 | $0.18 | |
| Dec 26, 2025 | Dec 26 | Jan 16 | $0.18 | |
| Sep 3, 2025 | Sep 3 | Sep 24 | $0.18 | |
| Jun 18, 2025 | Jun 18 | Jul 9 | $0.18 | |
| Mar 12, 2025 | Mar 12 | Apr 2 | $0.18 | |
| Dec 26, 2024 | Dec 26 | Jan 16 | $0.18 | |
| Sep 4, 2024 | Sep 4 | Sep 25 | $0.18 |
Ownership
Shares outstanding 489.21M · Float 483.99M · 98.9% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Primecap Management Co/CA/ | 48.80M | 9.97% | 13F | Aug 14, 2026 |
| Franklin Resources Inc | 46.58M | 9.52% | 13F | Aug 13, 2026 |
| Vanguard Capital Management LLC | 31.61M | 6.46% | 13F | Aug 13, 2026 |
| BlackRock, Inc. | 29.92M | 6.12% | 13F | Aug 7, 2026 |
| State Street Corp | 29.33M | 5.99% | 13F | Aug 7, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Apr 7, 2026 | Lisa M. Atherton | director | −118 | $37.95 |
| Dec 5, 2025 | Justin Jones | officer: EVP Operations | −8,085 | $37.36 |
Peers
- Delta Air Lines
Large network-airline overlap in domestic hubs and premium retail
- American Airlines Group
Major domestic network overlap in routes, fares, and loyalty
- United Airlines
Network-carrier overlap in domestic, Denver, and long-haul markets
- JetBlue
Hybrid low-cost overlap in East Coast leisure and transcon routes
- Alaska Air Group
West Coast and Hawaii overlap strengthened by Hawaiian integration
- Frontier Group
Ultra-low-cost pressure on leisure, VFR, and near-international fares
- Allegiant Travel
Leisure low-cost overlap expanded by the Sun Country acquisition
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Southwest Airlines | $39.88 | +0.62% | $19.39B | 24.3 | 9.5 | 0.6 | +16.4% |
| Delta Air Lines | $80.10 | +0.05% | $52.66B | 13.3 | 9.8 | 0.8 | +18.7% |
| American Airlines Group | $13.69 | +0.37% | $9.03B | — | 10.5 | 0.2 | +16.3% |
| United Airlines | $110.89 | +0.29% | $35.90B | 10.3 | 8.4 | 0.6 | +16.0% |
| JetBlue | $4.88 | +1.56% | $1.81B | — | — | 0.2 | +14.5% |
| Alaska Air Group | $42.63 | +0.73% | $4.72B | — | 20.7 | 0.3 | +9.8% |
| Frontier Group | $5.91 | +1.20% | $1.34B | — | 121.5 | 0.3 | +37.7% |
| Allegiant Travel | $78.94 | 0.00% | $2.12B | 58.5 | 9.0 | 0.7 | +36.9% |
| Median | 13.3 | 10.1 | 0.3 | +16.3% |