4.6% (Earnings, Hank Ketchum, Greg Auld, Erich Schnitzler) Artwork

The SWAPA Number

In each podcast we explore a number that will help us explain an issue that matters to our Pilots. This might be a scheduling metric, a Company financial number that impacts us, or anything else that has significance to us as SWAPA Pilots.

All Episodes

The SWAPA Number

4.6% (Earnings, Hank Ketchum, Greg Auld, Erich Schnitzler)

May 11, 2026 • SWAPA

0:00 | 34:08

Today's SWAPA Number is 4.6 as in 4.6%. That was Southwest Airlines operating margin in the first quarter of 2026. That's the best first quarter margin that the company has produced since before the pandemic. So today, we'll take a look at the company's financial performance, how its revenue initiatives have played out and where we go from here. Joining us today are SWAPA Second Vice President, Hank Ketchum, as well as Erich Schnitzler and Greg Auld from the Economic and Financial Analysis Committee. We've also included a companion piece that defines some of the financial terms that we'll be talking about today. So please take a look at that to help follow along if you didn't major in finance.

If you have any feedback for us at all, please drop us a line at comm@swapa.org or tap here to send us a text.