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Sentiment · FY2026 Q2
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Catherine O'Brien | Goldman Sachs | 11 (9%) |
| Savi Syth | Raymond James | 10 (0%) |
| Jamie Baker | JPMorgan | 9 (33%) |
| Conor Cunningham | Melius Research | 8 (25%) |
| Duane Pfennigwerth | Evercore ISI | 8 (13%) |
| Dan McKenzie | Seaport Research Partners | 7 (14%) |
| David Vernon | Bernstein | 7 (43%) |
| Mike Linenberg | Deutsche Bank | 6 (17%) |
| Sheila Kahyaoglu | Jefferies | 6 (17%) |
| Tom Fitzgerald | TD Cowen | 5 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Goldman Sachs | 1 | 11 (9%) |
| Raymond James | 1 | 10 (0%) |
| JPMorgan | 1 | 9 (33%) |
| Evercore ISI | 1 |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $6.93B | +1.6% | $0.42 | +213.5% | 4.0% | 3.8% | $16M |
| FY2025 Q1 | $6.43B | +1.6% | $-0.26 | +33.3% | -3.5% | -2.3% | $359M |
| FY2025 Q2 | $7.24B | -1.5% | $0.39 | -32.8% | 3.1% | 2.9% |
| 8 (13%) |
| Deutsche Bank | 2 | 8 (13%) |
| Melius Research | 1 | 8 (25%) |
| Bernstein | 1 | 7 (43%) |
| Seaport Research Partners | 1 | 7 (14%) |
Record Q1 revenue of $7.2 billion with RASM up 11.2% drove 8.1 points of operating margin expansion year-over-year, while the customer buy-up rate tripled from 20% to 60%. Corporate revenue grew 16% in Q1 and 25% in March, while CASM-X of +2.3% significantly beat the 3.5% guide. Management maintained the full-year $4 EPS target but chose not to formally update it due to fuel price volatility.
Product Launch | Demand | Revenue Growth | Competitive Dynamics | Capital Allocation | Pricing | Cost Pressure | Margin | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 2 | 2 | 1 | 1 | 4 | 3 | 2 | |
| 2025Q1 | 4 | 8 | 5 | 2 | 1 | 2 | 1 | 1 |
| 2025Q2 | 1 | 4 | 3 | 3 | 3 | 1 | 2 | |
| 2025Q3 | 7 | 3 | 6 | 2 | 1 | 2 | 2 | 5 |
| 2025Q4 | 10 | 7 | 6 | 3 | 2 | 4 | 5 | |
| 2026Q1 | 3 | 3 | 3 | 5 | 5 | 6 | 2 | 1 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Product Launch | 2 | 4 | 1 | 7 | 10 | 3 |
| Demand | 2 | 8 | 4 | 3 | 7 | 3 |
| Revenue Growth | 1 | 5 | 3 | 6 | 6 | 3 |
| Competitive Dynamics | 1 | 2 | 3 | 2 | 3 | 5 |
| Capital Allocation | 4 | 1 | 3 | 1 | 2 | 5 |
| Pricing | 2 | 1 | 2 | 4 | 6 | |
| Cost Pressure | 3 | 1 | 2 | 5 | 2 | |
| Margin | 2 | 1 | 2 | 5 | 1 |
| $-234M |
| FY2025 Q3 | $6.95B | +1.1% | $0.10 | -9.1% | 0.5% | 0.8% | $-391M |
| FY2025 Q4 | $7.44B | +7.4% | $0.61 | +45.2% | 5.3% | 4.3% | $-564M |
| FY2026 Q1 | $7.25B | +12.8% | $0.45 | +273.1% | 4.6% | 3.1% | $788M |
| FY2026 Q2 | $8.43B | +16.4% | $0.47 | +20.5% | 3.4% | 2.8% | $-228M |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
What LUV and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“So we've talked about is that what we've moved toward, as we have this new agreement with Chase, is very much industry standard.”
Southwest references a new loyalty/co-brand card agreement with Chase (JPMorgan) that standardizes its air-traffic-liability accounting; read-through on the Chase co-brand relationship.
“Continuing enhancements to our product offering, such as our new partnership with Starlink.”
Southwest's new Starlink partnership will equip at least 300 aircraft with in-flight connectivity by year-end; positive read-through for SpaceX's Starlink aviation business.
“We're feeling confident about what we're seeing out of Boeing every month. Things seem to just be getting better and better there about their ability to deliver on time.”
Southwest reports improving, more predictable Boeing aircraft deliveries; positive read-through on Boeing's 737 MAX production and delivery cadence.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
LUV Southwest Airlines | 8 | +12.8% | |
| DAL Delta Air Lines | 6 | +12.9% | |
| UAL United Airlines Holdings | 6 | +10.6% |