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Southwest Airlines Co.

LUV

Filing: SEC 10-Q
Period: Quarter ended 2026-03-31
Basis: Editorial filing; Read original SEC 10-Q ↗

Sankey diagram of Southwest Airlines Co.. A complete text table follows the diagram.

Southwest's Free-Bag Era Became a $715M Ancillary Stream

Tickets still dominate, but bags, assigned seats, extra legroom and the Chase loyalty ecosystem now monetize the same traveler several ways

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Source & review

Read original SEC 10-Q ↗

SEC accession: 0000092380-26-000047
Filed: Date not recorded
Reviewed: 2026-07-28
Status: Individual filing review complete

How to read these figures

Every Sankey node and link is an exact reported revenue amount. Operating statistics, traffic liabilities and strategic-initiative details are filing-reported context and are not allocated into the revenue flow.

Labels and narrative explain the filing. A category marked “arithmetic bridge” or “residual” is calculated from reported totals, rather than a separately reported line.

Separately sold ancillaries nearly tripled from $245M to $715M after bag fees and assigned and extra-legroom seating launched.
The Chase agreement monetizes points, Southwest's brand, member access and cardholder airline benefits across both passenger and other revenue.
Southwest carried 29.2M revenue passengers across 330,371 trips with a 74.1% load factor.
$8.25B of tickets, flight credits, ancillary services and loyalty obligations had been paid or earned but not yet delivered.
Revenue per available seat mile rose 11.2% while capacity grew only 1.5%, showing the yield impact of the commercial overhaul.

View accessible tables

Financial categories · Quarter ended 2026-03-31 · Millions of USD
Category	Stage	Value	Notes
Southwest operating revenue	1	$7.2B	One traveler, multiple revenue streams
Passenger tickets	2	$5.2B	Non-loyalty air transportation
Rapid Rewards flights	2	$688M	Points redeemed for travel
Bags, seats & other ancillaries	2	$715M	Sold separately from the fare
Loyalty marketing	2	$557M	Points, brand and card-partner benefits
Freight	2	$44M	Cargo carried alongside passengers
Other revenue	2	$57M	Remaining operating streams

Financial flows · Millions of USD
From	To	Value
Southwest operating revenue	Passenger tickets	$5.2B
Southwest operating revenue	Rapid Rewards flights	$688M
Southwest operating revenue	Bags, seats & other ancillaries	$715M
Southwest operating revenue	Loyalty marketing	$557M
Southwest operating revenue	Freight	$44M
Southwest operating revenue	Other revenue	$57M