Yes, Southwest Airlines does refund money in 2026, but the method of refund depends entirely on the fare class you purchased. If you booked a "Business Select" or "Anytime" fare, your ticket is fully refundable to your original form of payment (cash/credit card), provided you cancel at least 10 minutes before departure. For the lower-tier "Wanna Get Away" or "Wanna Get Away Plus" fares, the tickets are technically "non-refundable." If you cancel these, you will not receive cash back; instead, you will receive Southwest Flight Credits (or Transferable Flight Credits) which, as of a major 2022 policy shift that remains in effect in 2026, never expire. The only way to get a cash refund for a "Wanna Get Away" ticket is if the airline cancels the flight themselves or makes a "significant schedule change" of more than 3 hours, or if you cancel within the 24-hour "Risk-Free" window immediately after booking.