Southwest reports Q3 capacity up 0.8%, load factor 79.8%, traffic down 1%

Third quarter 2025 RASM increased 0.4 percent on capacity up 0.8 percent, both year-over-year-above the midpoint of the Company’s previous guidance range. The Company experienced a clear positive inflection in demand beginning in early July, which sustained momentum throughout third quarter. This improving demand environment, combined with the successful execution of strategic initiatives, drove record third quarter revenue performance. Corporate travel improved sequentially from second quarter, and the Southwest (LUV) brand saw continued strength with third quarter loyalty revenue up 7 percent and new co-brand credit card acquisitions up double digits, both year-over-year.