Southwest Airlines (LUV) delivered mixed results in Q2 FY2026 on revenue of $8.4B versus the $8.6B estimate (+16.4% YoY) and EPS of $0.94. The next Southwest Airlines (LUV) earnings date is Oct 21, 2026. Below is the full Southwest Airlines earnings breakdown — the risk-adjusted verdict, price forecast, technicals, options and hedge-fund 13F holdings, decoded in plain English.
$8.4B (vs $8.6B est · -1.8% surprise · +16.4% YoY)
EPS
$0.94 (vs $0.51 est · +84.3% surprise · +20.0% YoY)
Share price
$40.71 (+0.8%)
Market cap
$19.9B
Southwest Airlines (LUV) Earnings Analysis — beat / miss history
Quarter
Revenue
EPS
EPS surprise
Next-day move
Verdict
Q3 FY2026
$8.4B vs $8.6B est
$0.94 vs $0.51 est
+84.3%
-8.2%
Mixed
Q2 FY2026
$7.2B vs $7.3B est
$0.45 vs $0.47 est
-4.9%
-7.7%
Mixed
Q1 FY2026
$7.4B vs $7.5B est
$0.58 vs $0.57 est
+2.1%
+17.3%
Mixed
Q4 FY2025
$6.9B vs $6.9B est
$0.11 vs $-0.04 est
+398.7%
-8.7%
Mixed
Q3 FY2025
$7.2B vs $7.3B est
$0.43 vs $0.51 est
-15.9%
-10.5%
Mixed
Q2 FY2025
$6.4B vs $6.4B est
$-0.13 vs $-0.18 est
+29.2%
+6.9%
Mixed
Q1 FY2025
$6.9B vs $7.0B est
$0.56 vs $0.46 est
+21.3%
-3.0%
Mixed
Q4 FY2024
$6.9B vs $6.8B est
$0.15 vs $0.00 est
+3650.0%
-4.2%
Mixed
Top institutional holders
Holder
% outstanding
Shares
Value
QoQ change
Primecap Management CO/Ca/
9.8%
48.8M
$2.5B
+3.7%
Franklin Resources INC
9.4%
46.6M
$2.4B
+4.9%
Vanguard Capital Management LLC
6.3%
31.6M
$1.6B
-0.1%
Blackrock, INC.
6.0%
29.9M
$1.5B
+4.7%
State Street Corp
5.9%
29.3M
$1.5B
-0.7%
Elliott Investment Management L.P.
4.9%
24.3M
$1.2B
-19.9%
Vanguard Portfolio Management LLC
4.8%
24.0M
$1.2B
+3.8%
Price T Rowe Associates INC /Md/
2.8%
13.9M
$715.0M
+0.1%
Geode Capital Management, LLC
2.6%
12.7M
$653.9M
-1.8%
Ameriprise Financial INC
2.2%
10.8M
$554.0M
+7.9%
Recent insider transactions
Insider
Role
Date
Type
Shares
Value
Krishna Varun
director
2026-08-10
Buy
4K
—
Krishna Varun
director
2026-08-10
Other
0
—
Liberty Jason T
director
2026-08-10
Buy
4K
—
Liberty Jason T
director
2026-08-10
Other
0
—
Jones Justin
officer: EVP & Chief Commercial Officer
2026-08-05
Buy
9K
—
Roach Anthony
officer: Chief Customer & Brand Officer
2026-08-05
Buy
10K
—
Woods Lauren Tauscher
officer: EVP & CIO
2026-08-05
Buy
8K
—
Watterson Andrew M
officer: Chief Operating Officer
2026-08-05
Buy
3K
—
What you'll find
Next Southwest Airlines (LUV) earnings date, the expected move and the estimates priced in
A clear Beat / Miss / In-line / Mixed verdict the moment Southwest Airlines reports
Revenue & EPS versus estimates, guidance and segment trends
Multi-lens price forecast — analyst, quant, technical and options views
Deep research: red flags, risk decoder and earnings-call sentiment
Technicals, options / implied volatility and unusual-activity signals
Hedge-fund and legendary-investor 13F holdings in Southwest Airlines (LUV)
Side-by-side peer and historical earnings comparison
Frequently asked questions
When is Southwest Airlines's next earnings date?
Southwest Airlines's (LUV) next scheduled earnings date is Oct 21, 2026. Magnisto shows the confirmed date, the options-implied expected move and the revenue and EPS estimates Wall Street is modeling into the report.
Did Southwest Airlines (LUV) beat or miss earnings?
In Q2 FY2026, Southwest Airlines (LUV) posted mixed results — revenue of $8.4B versus the $8.6B estimate (-1.8% surprise) and EPS of $0.94 versus $0.51 expected (+84.3% surprise). Magnisto decodes every Southwest Airlines (LUV) report into a clear Beat, Miss, In-line or Mixed verdict and checks whether guidance was raised, held or cut.
How often does Southwest Airlines beat earnings estimates?
Over its last 8 reported quarters, Southwest Airlines (LUV) beat Wall Street EPS estimates 6 times, most recently a mixed result in Q3 FY2026. Magnisto tracks every Southwest Airlines (LUV) quarter's revenue and EPS versus consensus and grades each one Beat, Miss, In-line or Mixed at a unified ±2% threshold.
How much does Southwest Airlines stock move after earnings?
Over its last 8 quarterly reports, Southwest Airlines (LUV) moved an average of ±8.3% the day after earnings — ranging from -10.5% (Q3 FY2025) to +17.3% (Q1 FY2026). The stock rose after 2 of those 8 reports and fell after 6. Heading into its next report on Oct 21, 2026, options-implied volatility is pricing in a move of roughly ±17.4% (derived). Magnisto tracks the realized post-earnings move for every Southwest Airlines (LUV) quarter alongside the beat/miss verdict — past moves don't predict the next one.
Who are the largest shareholders of Southwest Airlines?
Institutions hold about 92.0% of Southwest Airlines's (LUV) shares outstanding as of the 2026-06-30 13F quarter. Its largest institutional holders include Primecap Management CO/Ca/ (9.8%), Franklin Resources INC (9.4%), Vanguard Capital Management LLC (6.3%). Magnisto lists Southwest Airlines's (LUV) top 13F holders with each stake size and its quarter-over-quarter change.
Are insiders buying or selling Southwest Airlines (LUV)?
In the most recent Form 4 filings Magnisto tracks, Southwest Airlines (LUV) insiders recorded 9 purchases and 1 sale — net buying. Insider transactions are one signal among many and are often routine (option exercises or scheduled 10b5-1 sales), so Magnisto shows the raw feed for you to judge.
What is the forecast for Southwest Airlines (LUV) stock?
Magnisto blends analyst price targets, quantitative research, technical trend and options-implied moves into a scenario range for Southwest Airlines (LUV), anchored to the current $40.71 share price, so you can weigh the bull, base and bear cases for Southwest Airlines side by side.
Is Southwest Airlines (LUV) a buy right now?
Magnisto does not give buy or sell tips. It gives you the institutional-grade evidence — the verdict, valuation, risks, technicals and hedge-fund 13F flows — so you can decide whether Southwest Airlines fits your own thesis and risk profile. This is research, not investment advice.