Southwest (LUV) Q3 2026 Earnings Call Transcript

Southwest’s Q3 2026 results showed strong momentum, with operating revenue of $8.4 billion, up 21.2% year over year and a company record for the quarter, according to management’s earnings call transcript. Adjusted operating margin was 5.4%, expanding 4.8 percentage points despite an $821 million headwind from nominal fuel costs. Adjusted EPS came in at $0.66, 5% higher and above the midpoint of guidance. RASM rose 21.6% to an all-time record, exceeding the company’s 17.5%–19.5% outlook. For Q4, Southwest guided for RASM growth of 19%–21% and adjusted EPS of $0.55–$0.80, assuming $4.55 fuel.