Southwest Airlines's results for Q3 2026 (ended Sep 30, 2026) come from the company's own earnings release, filed with the SEC on 2026-10-21. Everything below is taken from that filing; quotes are copied exactly. Company outlooks are the company's own.
At a glance
| Item | Value |
|---|---|
| Revenue (GAAP) | $8,422 million (+21.2% vs a year earlier) |
| Diluted EPS (GAAP) | $0.55 |
| Adjusted per-share figure (company's non-GAAP measure; FFO/AFFO for REITs) | $0.66 |
| Full-year guidance | Stated (no change given) |
Guidance
Southwest forecasts 2026 adjusted EPS of $2.60–2.85 and Q4 adjusted EPS of $0.55–0.80; full-year capacity growth trimmed to about 1.2% from 1.5%.
Why this label: FY2026 adjusted EPS $2.60-2.85 given with no prior range or direction; only capacity growth was trimmed (~1.2% vs ~1.5%), an operating metric, not a core cut.
| Metric | Period | New | Prior (as stated in the release) |
|---|---|---|---|
| adjusted EPS | FY2026 | $2.60–2.85 | not stated |
| capacity (ASM) growth | FY2026 | approximately 1.2% | approximately 1.5% |
| net capital spending | FY2026 | $2.5–2.75 billion | not stated |
Next-quarter outlook:
| Metric | Period | Range |
|---|---|---|
| adjusted EPS | Q4 2026 | $0.55–0.80 |
| ASMs (capacity), year-over-year | Q4 2026 | +3% to +4% |
| RASM (unit revenue), year-over-year | Q4 2026 | +19% to +21% |
| CASM-X, year-over-year | Q4 2026 | +4.0% to +4.5% |
From the release
Revenue: "Total operating revenues · 8,422 · 6,949 · 21.2"
Earnings per share: "Net income of $270 million, or $0.55 diluted EPS, adjusted net income¹ of $328 million, or $0.66 adjusted EPS¹"
adjusted EPS: "2026 Forecast · Adjusted EPS 1,2 · $2.60 to $2.85"
capacity (ASM) growth: "now expect full-year growth of approximately 1.2%, versus last updated guidance of approximately 1.5%"
net capital spending: "Expect 2026 net capital spending 4 between $2.5 billion and $2.75 billion"
Quotes are copied from the filing; in table rows, cell borders are shown as “·”.
Key fact: Record third-quarter operating revenue of $8.4 billion, up 21.2%; RASM up 21.6%.
Source
Southwest Airlines earnings release (SEC filing), accession 0000092380-26-000104, filed 2026-10-21.
Part of the Q3 2026 Guidance Tracker. Educational only, not advice. Free weekly recap every Sunday: yieldterminalpro.com/newsletter.