Southwest Airlines Co

LUV: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Southwest Airlines Earnings: More Frills in Store for Southwest Customers; Shares 22% Overvalued

Nicolas Owens

Oct 23, 2026

Southwest reported third-quarter results very close to our expectations overall, earning $379 million in operating profit on $8.4 billion in revenue. As in the last quarter, its new seating and pricing plan led to more empty seats but higher revenue per seat than we expected.

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Southwest Airlines Co

Southwest Airlines Earnings: More Frills in Store for Southwest Customers; Shares 22% Overvalued

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