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Southwest Airlines

Logo: Lippincott Studio, NY, Public domain, via Wikimedia Commons6

Airline of the United States

Southwest Airlines is a low-cost airline in the United States. It is headquartered in the Love Field neighborhood of Dallas, Texas. It is the fourth-largest airline in North America when measured by passengers carried, as of 2024.3 It was founded by Herb Kelleher.1 Its chief executive is Bob Jordan (since 2022).1 It employed about 59,800 people in 2019.1 Its revenue was $23.8 billion in 2022.1 Its shares trade on NYSE under the symbol LUV.1 Wikipedia text CC BY-SA 4.0

$39.49 down 1.34 (3.28%)Price as of Oct 16, 2026 at 19:58 UTC

Last updated Oct 21, 2026.

Overview

Mar 15, 1967Founded1

Compare with American Airlines Group, LATAM AIRLINES GROUP S.A. or Alaska Air Group, or pick any stock.

  • TickerLUV on NYSE1
  • Industryair transport1
  • HeadquartersDallas1
  • Founded inDallas1
  • Websitewww.southwest.com
  • Legal formFor-Profit Corporation1
  • Slogan“Low fares. Nothing to hide”1
  • Incorporated inTX7
  • Business address2702 Love Field Dr, P O Box 36611, Dallas, Tx 752357
  • Filer categoryLarge accelerated filer7
  • LEIUDTZ87G0STFETI6HGH414
  • StatusActive4
  • LEI statusIssued and current4
  • Registered addressC/O CORPORATION SERVICE COMPANY, 78701 Austin, United States4
  • Registered withCorporations Section (Texas Secretary of State), 00232941004

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Southwest Airlines plane
Photo: Luiz Eduardo, CC BY 2.0, via Wikimedia Commons10

Southwest Airlines is a low-cost airline in the United States. It is headquartered in the Love Field neighborhood of Dallas, Texas. It is the fourth-largest airline in North America when measured by passengers carried, as of 2024. With its all-Boeing 737 fleet, Southwest serves over 100 destinations in 42 states, Washington, D.C., Puerto Rico, and ten other countries and territories near the southern United States in the Gulf of Mexico and Caribbean Sea regions: Aruba, the Bahamas, Belize, the Cayman Islands, Costa Rica, Cuba, the Dominican Republic, Mexico, Jamaica, and Turks and Caicos Islands.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

1.5%Operating margin11
1.6%Net margin11
2.1%Revenue growth, 202511
5.5%Return on equity11
0.62×Debt to equity11

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Passenger Revenue, Non-Loyalty brought in 67% of the revenue Southwest Airlines broke down this way in fiscal 2025.

  1. Passenger Revenue, Non-Loyalty$20.4B1167%down 0% from 2024
  2. Passenger Loyalty, Air Transportation$3.3B1111%down 6% from 2024
  3. Other Revenue$2.6B118%up 18% from 2024
  4. Product and Service, Other$2.4B118%up 1% from 2024
  5. Passenger Ancillary Sold Separately$1.8B116%up 78% from 2024
  6. Cargo and Freight$171.0M111%down 2% from 2024
Products and services by year
Products and services202320242025
Passenger Revenue, Non-Loyalty$19.1B$20.5B$20.4B
Passenger Loyalty, Air Transportation$3.6B$3.5B$3.3B
Other Revenue$2.1B$2.2B$2.6B
Product and Service, Other$2.3B$2.3B$2.4B
Passenger Ancillary Sold Separately$925.0M$1.0B$1.8B
Cargo and Freight$175.0M$175.0M$171.0M

Regions

North America brought in 97% of the revenue Southwest Airlines broke down this way in fiscal 2025.

  1. North America$27.3B1197%up 2% from 2024
  2. Latin America$756.0M113%down 5% from 2024
Regions by year
Regions202320242025
North America$25.0B$26.7B$27.3B
Latin America$828.0M$798.0M$756.0M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs98¢$27.5B
  • Income tax0¢$122.0M
  • Profit2¢$441.0M

Out of $28.1B in revenue.11

Where each dollar of operating cash went, fiscal 2025

  • Dividends paid14¢$399.0M
  • Share buybacks86¢$2.5B

Out of $1.8B of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.11

Financial statements

Revenue1213141511$28.1B in 2025+25% since 2019
0$10.0B$20.0B$30.0B2019: $22.4B$22.4B20192020: $9.0B$9.0B2020−60%2021: $15.8B$15.8B2021+75%2022: $23.8B$23.8B2022+51%2023: $26.1B$26.1B2023+10%2024: $27.5B$27.5B2024+5%2025: $28.1B$28.1B2025+2%
Operating income1213141511$428.0M in 2025−86% since 2019
-$4.0B-$2.0B0$2.0B$4.0B2019: $3.0B$3.0B20192020: -$3.8B-$3.8B20202021: $1.7B$1.7B20212022: $1.0B$1.0B2022−41%2023: $224.0M$224.0M2023−78%2024: $321.0M$321.0M2024+43%2025: $428.0M$428.0M2025+33%
Net income1213141511$441.0M in 2025−81% since 2019
-$4.0B-$2.0B0$2.0B$4.0B2019: $2.3B$2.3B20192020: -$3.1B-$3.1B20202021: $977.0M$977.0M20212022: $539.0M$539.0M2022−45%2023: $465.0M$465.0M2023−14%2024: $465.0M$465.0M2024+0%2025: $441.0M$441.0M2025−5%
Fiscal year2019202020212022202320242025
Revenue$22.4B12$9.0B13$15.8B14$23.8B15$26.1B11$27.5B11$28.1B11
Operating income$3.0B12-$3.8B13$1.7B14$1.0B15$224.0M11$321.0M11$428.0M11
Interest$118.0M18
Income before tax$1.3B14$728.0M15$633.0M11$598.0M11$563.0M11
Income tax$657.0M12-$1.2B13$348.0M14$189.0M15$168.0M11$133.0M11$122.0M11
Net income$2.3B12-$3.1B13$977.0M14$539.0M15$465.0M11$465.0M11$441.0M11
Earnings per share$4.2812-$5.4413$1.6514$0.9115$0.7811$0.7811$0.8211
Earnings per share (diluted)$4.2712-$5.4413$1.6114$0.8715$0.7611$0.7611$0.7911
Shares (weighted, basic)592.0M shares14593.0M shares15595.0M shares11598.0M shares11540.0M shares11
Shares (weighted, diluted)609.0M shares14642.0M shares15640.0M shares11643.0M shares11558.0M shares11

Compare Southwest Airlines with another company

Corporate structure

Southwest Airlines sits at the top of its group. 9 entities, 2 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Southwest Airlines

  • Southwest Airlines Dallas, Texas, United States
    • Airlines Reporting Corporation Subsidiary · Arlington
    • ATA Airlines Subsidiary · Indianapolis
    • Morris Air Subsidiary · Salt Lake City
    • AirTran Airways, Inc. Subsidiary · Delaware, United States
    • AirTran Holdings, LLC Subsidiary · Texas, United States
    • Southwest Airlines India Private Limited Subsidiary · India
    • Southwest Jet Fuel Co. Subsidiary · Texas, United States
    • Triple Crown Assurance Co. Subsidiary · Texas, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; subsidiaries, stakes and holdings from Wikidata (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Southwest Airlines reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Aircraft$26.3B11 Dec 31, 2025$25.2B11 Dec 31, 2024+4.3%
Property and equipment, before depreciation$35.9B11 Dec 31, 2025$33.9B11 Dec 31, 2024+5.9%
Accumulated depreciation$15.7B11 Dec 31, 2025$14.9B11 Dec 31, 2024+5.4%
Property and equipment, net$20.2B11 Dec 31, 2025$19.1B11 Dec 31, 2024+6.2%
Finance-lease assets$82.0M11 Dec 31, 2025$102.0M11 Dec 31, 2024−19.6%
Operating-lease assets (leased space)$1.1B11 Dec 31, 2025$1.4B11 Dec 31, 2024−20.5%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$3.2B11 Dec 31, 2025$7.5B11 Dec 31, 2024−57.0%
Marketable securities, current$011 Dec 31, 2025$1.2B11 Dec 31, 2024−100.0%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$970.0M11 Dec 31, 2025$970.0M11 Dec 31, 20240%
Intangible assets, net (excluding goodwill)$296.0M11 Dec 31, 2025$300.0M11 Dec 31, 2024−1.3%

Properties, in its own words

Aircraft

Southwest operated a total of 803 Boeing 737 aircraft as of December 31, 2025, of which 82 and 15 were under operating and finance leases, respectively. The following table details information on the 803 aircraft as of December 31, 2025:

The rest of Item 2

Type · Seats · AverageAge(Yrs) · Number ofAircraft · NumberOwned · NumberLeased (a)

737-700 · 143(b) · 20 · 305 · 286 · 19

737-800 · 175 · 10 · 198 · 149 · 49

737 -8 · 175 · 3 · 300 · 271 · 29

Totals · 11 · 803 · 706 · 97

(a)See Note 7 to the Consolidated Financial Statements for more information on the Company's lease transactions.

(b)In January 2026, the Company completed retrofits on its -700 fleet to reduce the number of seats to 137 in connection with its implementation of extra legroom seating.

In second quarter and fourth quarter 2025, the Company entered into supplemental agreements with Boeing relating to its contractual order book for -7 and -8 aircraft. These agreements provide flexibility in support of the Company's growth plans and fleet modernization and include certain confidential credits and other concessions provided to the Company by Boeing. The delivery schedule below reflects contractual commitments, although the timing of future deliveries could be affected by any potential or prolonged delays in the manufacturing process or with the -7 certification. The Company retains significant flexibility to manage its fleet size, including opportunities to accelerate fleet modernization efforts if growth opportunities do not materialize.

As of December 31, 2025, the Company had firm deliveries and options for -7 and -8 aircraft as follows:

The Boeing Company

-7 Firm Orders · -8 Firm Orders · -7 or -8 Options · Total

2026 · 101 · 66 · — · 167 · (c)

2027 · 25 · 46 · 19 · 90

2028 · 15 · 50 · 25 · 90

2029 · 38 · 34 · 18 · 90

2030 · 45 · — · 45 · 90

2031 · 45 · — · 45 · 90

269 · (a) · 196 · (b) · 152 · (b) · 617

(a) The delivery timing for the -7 is dependent on the FAA issuing required certifications and approvals to Boeing and the Company. The FAA will ultimately determine the timing of the -7 certification and entry into service, and the Company therefore offers no assurances that current estimations and timelines are correct.

(b) The Company has flexibility to designate firm orders or options as -7s or -8s, upon written advance notification as stated in the contract.

(c) The Company has included the remaining 81 of its 2024 and 2025 contractual but undelivered aircraft (27 -7s and 54 -8s) within its 2026 contractual commitments. As Boeing continues to ramp up production and works to certify the -7, the Company expects 66 -8 aircraft deliveries in 2026. The 2026 contractual detail is as follows:

The Boeing Company

-7 Firm Orders · -8 Firm Orders · Total

2024 Contractual Deliveries · 27 · — · 27

2025 Contractual Deliveries · — · 54 · 54

2026 Contractual Deliveries · 74 · 12 · 86

2026 Combined Contractual Total · 101 · 66 · 167

Ground Facilities and Services

Southwest either leases or pays a usage fee for terminal passenger service facilities at each of the airports it serves, to which various leasehold improvements have been made. The Company leases the land and/or structures on a long-term basis for its aircraft maintenance centers (located at Dallas Love Field, Houston Hobby, Phoenix Sky Harbor, Chicago Midway, Hartsfield-Jackson Atlanta International Airport, Denver International Airport, and Orlando International Airport) and its main corporate headquarters building, also located near Dallas Love Field. The Company also leases a warehouse and engine repair facility in Atlanta. The Company completed construction on a new 129,000 square foot aircraft maintenance facility at Baltimore-Washington International Airport in the second quarter of 2025.

The Company owns two additional headquarters buildings, located across the street from the Company's main headquarters building, on land owned by the Company, including (i) an energy efficient, modern building, called TOPS, which houses certain operational and training functions, including the Company's 24-hour operations and (ii) the Wings Complex, consisting of a Leadership Education and Aircrew Development (“LEAD”) Center (housing the Company's 26 Boeing 737 flight simulators and classroom space for Pilot training), an additional office building, and a parking garage.

The Company has commitments associated with various airport improvement projects, including construction at Houston Hobby International Airport. This project includes the construction of new facilities and the rebuilding or modernization of existing facilities. Construction on the project has begun, and the Company expects construction to be completed in 2027. In April 2023, the Company executed a ground lease agreement with Los Angeles World Airports (“LAWA”) at Los Angeles International Airport (LAX) which provides the Company the right to construct a 9-gate concourse (Concourse 0) adjacent to Terminal 1. The Company expects to manage the design, development, financing, construction, and commissioning of the project, and expects to commence construction in 2028 with construction to be completed in 2032. Prior to commencement of construction, LAWA and the Company will need to agree on scope and budget and have financing in place. Additional information regarding these projects is provided in Note 4 to the Consolidated Financial Statements.

The Company performs substantially all line maintenance on its aircraft and provides ground support services at most of the airports it serves. However, the Company has arrangements with certain aircraft maintenance providers for major component inspections and repairs for its airframes and engines, which comprise the majority of the Company's annual aircraft maintenance costs.

Item 2 of the 10-K filed Feb 5, 2026.21

Stakes and holdings (Wikidata)

Things Wikidata records the company as owning, with the share when stated.1

The story

Founded by Herb Kelleher on Mar 15, 1967, in Dallas.1

Leadership

Who has led Southwest Airlines, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Gary C. Kelly2004–2022
  2. Bob Jordan2022–now

Chair

  1. Herb Kelleher2007–2008
  2. Gary C. Kelly2008–2024

President

  1. Colleen Barrett2001–2010
  2. Gary C. Kelly2010
  3. Thomas M. Nealon2017–2021
  4. De Ven Michael G. Van2022
  5. Bob Jordan2023–now

Chief financial officer

  1. Laura Wright2004–2012
  2. Tammy Romo2012–2025
  3. Tom Doxey2025–now

Chief operating officer

  1. Colleen Barrett2003–2004
  2. De Ven Michael G. Van2009–2022
  3. Andrew M. Watterson2023–now
197019801990200020102020
Board members and other officers (61)

Products and brands

Southwest uses a point-to-point system combined with a rolling-hub model in its base cities, in contrast to the hub-and-spoke system of other major airlines. As of June 2026, Southwest Airlines flew to over 100 destinations in 43 states, Puerto Rico, Mexico, Central America, and the Caribbean. This system means that the airline has no real hubs, but rather some airports with more destinations than others.

Interline agreements

Southwest currently has interline agreements with the following airlines:

Air Premia

All Nippon Airways

Read the full text

China Airlines

Condor

EVA Air

Icelandair

Polish Airlines LOT

Philippine Airlines

Singapore Airlines

Turkish Airlines

From Wikipedia’s article on Southwest Airlines, shared under CC BY-SA 4.0.8

Subsidiaries and ownership

Subsidiaries

Subsidiaries (Exhibit 21)

  • AirTran Airways, Inc. Delaware9
  • AirTran Holdings, LLC Texas9
  • Southwest Airlines India Private Limited India9
  • Southwest Jet Fuel Co. Texas9
  • Triple Crown Assurance Co. Texas9

From Wikidata.1 The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Employees over time

  • 201959,7931
  • 201857,6741

Timeline

  1. Aug 12, 20268-K Entered a material agreement; Ended a material agreement; New debt or obligation98
  2. Aug 10, 20268-K Executive or director change99
  3. Aug 7, 20268-K Executive or director change100
  4. Jul 22, 20268-K Results of operations101
  5. May 19, 20268-K Entered a material agreement; New debt or obligation102
  6. May 11, 20268-K Shareholder vote103
  7. Apr 22, 20268-K Results of operations104
  8. Mar 12, 20268-K Entered a material agreement; New debt or obligation105
  9. Feb 10, 20268-K Executive or director change106
  10. Jan 28, 20268-K Results of operations107
  11. Dec 5, 20258-K Regulation FD disclosure108
  12. Nov 3, 20258-K Entered a material agreement; New debt or obligation; Other events109
  13. Feb 1, 2022New chief executive Bob Jordan becomes CEO1
  14. Jul 2004New chief executive Gary C. Kelly becomes CEO1
  15. Mar 15, 1967Founded Founded in Dallas1

Calendar

Coming up

  1. Oct 21, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported $0.11 a share, on Oct 22, 2025.110

When it reported results

  1. Jul 22, 2026Reported quarterly or annual results101
  2. Apr 22, 2026Reported quarterly or annual results104
  3. Jan 28, 2026Reported quarterly or annual results107
  4. Oct 22, 2025Reported quarterly or annual results111
  5. Jul 23, 2025Reported quarterly or annual results112
  6. Apr 23, 2025Reported quarterly or annual results113
  7. Jan 30, 2025Reported quarterly or annual results114
  8. Oct 24, 2024Reported quarterly or annual results115

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

438 filings to the SEC since October 2021: 6 annual reports, 15 quarterly reports, 75 major events, 229 insider forms, 40 large holders, 73 other. The latest 20:

  1. Oct 7, 2026SCHEDULE 13G/A EDGAR
  2. Oct 5, 2026SCHEDULE 13G/A EDGAR
  3. Sep 17, 20264 EDGAR
  4. Aug 25, 20264 EDGAR
  5. Aug 12, 20268-K EDGAR
  6. Aug 11, 20264 EDGAR
  7. Aug 11, 20263 EDGAR
  8. Aug 11, 20264 EDGAR
  9. Aug 11, 20263 EDGAR
  10. Aug 10, 20268-K EDGAR
  11. Aug 7, 20268-K EDGAR
  12. Aug 7, 20264 EDGAR
  13. Aug 7, 20264 EDGAR
  14. Aug 7, 20264 EDGAR
  15. Aug 7, 20264 EDGAR
  16. Aug 7, 20264 EDGAR
  17. Aug 7, 20264 EDGAR
  18. Jul 23, 202610-Q SECOND QUARTER 2026 10-Q EDGAR
  19. Jul 22, 20268-K FORM 8-K 2ND QUARTER 2026 EARNINGS RELEASE EDGAR
  20. Jun 26, 202611-K EDGAR

The 438 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

28 open-market trades by officers, directors and large owners since October 2021: 19 buys and 9 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Apr 7, 2026Atherton Lisa MDirectorSale118$37.95$4.5KForm 4
Dec 5, 2025Jones JustinEVP & Chief Commercial OfficerSale8,085$37.36$302.1KForm 4
Aug 6, 2025SARETSKY GREGG ADirectorBuy3,345$30.03$100.4KForm 4
Aug 5, 2025Feinberg SarahDirectorBuy1,500$30.01$45.0KForm 4
Apr 30, 2025SARETSKY GREGG ADirectorBuy3,670$27.29$100.2KForm 4
Apr 29, 2025Breber Pierre RDirectorBuy10,000$26.89$268.9KForm 4
Apr 28, 2025Hess David PDirectorBuy7,500$26.52$198.9KForm 4
Mar 14, 2025Feinberg SarahDirectorBuy500$31.48$15.7KForm 4
Mar 13, 2025Watson Patricia ADirectorBuy3,268$30.58$99.9KForm 4
Mar 13, 2025Reynolds Christopher P.DirectorBuy3,258$30.68$100.0KForm 4
Mar 12, 2025Cush C. DavidDirectorBuy5,000$30.03$150.2KForm 4
Jan 30, 2025Atherton Lisa MDirectorBuy118$31.28$3.7KForm 4
Dec 6, 2024Rutherford Linda B.Chief Administration OfficerSale3,849$34.40$132.4KForm 4
Oct 28, 2024Elliott Investment Management L.P.10% ownerSale1,203,920$29.83$35.9MForm 4
Oct 1, 2024GANGWAL RAKESHDirectorBuy643,788$29.98$19.3MForm 4
Oct 1, 2024GANGWAL RAKESHDirectorBuy530,918$29.89$15.9MForm 4
Oct 1, 2024GANGWAL RAKESHDirectorBuy127,195$29.49$3.8MForm 4
Oct 1, 2024GANGWAL RAKESHDirectorBuy165,553$29.15$4.8MForm 4
Oct 1, 2024GANGWAL RAKESHDirectorBuy132,546$29.10$3.9MForm 4
Sep 30, 2024GANGWAL RAKESHDirectorBuy109,198$29.75$3.2MForm 4

All 28 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Robert E. JordanChief Executive Officer & President$844.8K$16.6M124
2025Tom DoxeyExecutive Vice President & Chief Financial Officer$467.2K$9.1M124
2025Andrew M. WattersonChief Operating Officer$675.8K$8.8M124
2025Justin JonesExecutive Vice President Operations$535.6K$5.6M124
2025Anthony RoachExecutive Vice President Chief Customer & Brand Officer$489.6K$4.9M124
2025Tammy Romo*Former Executive Vice President & Chief Financial Officer$610.0K$4.7M124
2024Robert E. JordanChief Executive Officer & President$799.0K$10.6M124
2024Andrew M. WattersonChief Operating Officer$642.3K$5.5M124
2024Tammy Romo*Former Executive Vice President & Chief Financial Officer$594.7K$4.6M124
2023Robert E. JordanChief Executive Officer & President$700.0K$9.3M124
2023Tammy Romo*Former Executive Vice President & Chief Financial Officer$536.7K$5.6M124
2023Andrew M. WattersonChief Operating Officer$575.0K$5.0M124

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Primecap Management Co/ca/48,797,725$2.5B1.5%+1,728,230
Franklin Resources Inc46,578,090$2.4B0.5%+2,191,682
Vanguard Capital Management LLC31,614,180$1.6B0.0%−30,452
BlackRock, Inc.29,917,962$1.5B0.0%+1,344,681
State Street Corp29,326,975$1.5B0.0%−192,816
Elliott Investment Management L.P.24,308,000$1.2B8.7%−6,038,000
Vanguard Portfolio Management LLC23,999,965$1.2B0.1%+869,817
Geode Capital Management, LLC12,739,007$653.9M0.0%−236,713
Ameriprise Financial Inc10,777,353$554.0M0.1%+792,921
Goldman Sachs Group Inc10,409,159$535.2M0.1%+6,890,529
Fmr LLC9,621,712$494.7M0.0%−141,948
Jpmorgan Chase & Co8,864,414$457.4M0.0%+4,462,978
Crake Asset Management LLP7,065,875$363.3M8.7%+4,145,899
Invesco Ltd.6,953,490$357.5M0.0%+436,104
UBS Group AG6,534,122$336.0M0.1%+3,990,742
Dimensional Fund Advisors LP6,054,557$311.3M0.1%+291,403
Morgan Stanley5,991,193$308.1M0.0%+260,188
Bank Of America Corp /de/5,276,832$271.3M0.0%−996,251
Par Capital Management Inc4,905,756$252.3M6.3%−313,436
Bank of New York Mellon Corp4,567,724$234.9M0.0%+643,317
First Trust Advisors LP4,145,711$213.2M0.1%+3,494,605
Jacobs Levy Equity Management, Inc4,140,634$212.9M0.8%+1,526,747
Northern Trust Corp3,803,338$195.6M0.0%−12,474
Charles Schwab Investment Management Inc3,359,521$172.7M0.0%−47,559
American Century Companies Inc3,011,054$154.8M0.1%+895,701

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

30 trades disclosed by members of Congress, the latest 25. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Jun 16, 2026Matt Van EppsRepublican, HouseSale$1,001 - $15,000+16.8%Report
Sep 5, 2025Gilbert Ray Cisneros, Jr.Democratic, HouseBuy$1,001 - $15,000+10.8%Report
Aug 5, 2025Gilbert Ray Cisneros, Jr.Democratic, HouseSale$1,001 - $15,000−13.6%Report
Jul 3, 2025Gilbert Ray Cisneros, Jr.Democratic, HouseBuy$1,001 - $15,000−3.6%Report
Feb 26, 2025Gilbert Ray Cisneros, Jr.Democratic, HouseSale$1,001 - $15,000−3.2%Report
Jan 24, 2025Gilbert Ray Cisneros, Jr.Democratic, HouseBuy$1,001 - $15,000−0.0%Report
Dec 31, 2024James ComerRepublican, HouseSale$1,001 - $15,000+10.2%Report
Aug 22, 2023Dan SullivanRepublican, SenateSale$1,001 - $15,000+46.5%Report
Aug 5, 2022Dwight EvansDemocratic, HouseSale$1,001 - $15,000+81.5%Report
Jan 14, 2022Kathy Manning, HouseSale$1,001 - $15,000+77.0%Report
Oct 4, 2021Pat FallonRepublican, HouseSale$1,001 - $15,000+105.9%Report
Aug 10, 2021Pat FallonRepublican, HouseSale$1,001 - $15,000+94.5%Report
Jun 29, 2021Pat FallonRepublican, HouseSale$1,001 - $15,000+103.3%Report
May 27, 2021Pat FallonRepublican, HouseSale$1,001 - $15,000−117.9%Report
May 20, 2021Thomas R. SuozziDemocratic, HouseSale$15,001 - $50,000+117.7%Report
Mar 4, 2021Thomas R. SuozziDemocratic, HouseBuy$15,001 - $50,000−132.1%Report
Nov 30, 2020K. Michael Conaway, HouseBuy$15,001 - $50,000−125.1%Report
May 19, 2020Kathy CastorDemocratic, HouseBuy$1,001 - $15,000−116.9%Report
May 19, 2020Kathy CastorDemocratic, HouseBuy$1,001 - $15,000−116.9%Report
Apr 17, 2020Dean Phillips, HouseSale$1,001 - $15,000+138.3%Report
Apr 16, 2020Dean Phillips, HousePartial sale$1,001 - $15,000+143.4%Report
Apr 2, 2020Gilbert Ray Cisneros, Jr.Democratic, HousePartial sale$15,001 - $50,000+176.9%Report
Mar 25, 2020James R. Langevin, HouseBuy$1,001 - $15,000−209.1%Report
Mar 18, 2020K. Michael Conaway, HouseSale$15,001 - $50,000+205.4%Report
Mar 18, 2020K. Michael Conaway, HouseSale$15,001 - $50,000+205.4%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

SEC filer profile

How Southwest Airlines is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARSOUTHWEST AIRLINES CO2
  • CIK0000092380
  • Employer ID (EIN)74-156324021
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company21
  • Incorporated inTexas21
  • Fiscal year endsDecember 312
  • Industry code (SIC)4512 Air Transportation, Scheduled2
  • SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance2
  • Business address2702 Love Field Dr, P O Box 36611, Dallas, TX 752352
  • Mailing addressPo Box 36611, Dallas, TX 75235-16112
  • Phone21479240002
  • Shares outstanding489,208,201 as of Jul 22, 202617
  • Public float$16.9B as of Jun 30, 202521
  • AuditorErnst & Young LLP, Dallas, TX PCAOB ID 42; it also attests to the company’s internal control over financial reporting21
  • On EDGAR sinceJan 13, 19952
  • Filings2,066 in all: 4 (923), 8-K (415), 10-Q (95), SC 13G/A (93), 3 (55), 425 (51), SC 13G (36), CT ORDER (35)2
    All 55 form types

    DEF 14A (32), 10-K (30), UPLOAD (28), S-8 (27), 424B5 (24), DEFA14A (24), CORRESP (20), NO ACT (15), 424B2 (13), DFAN14A (13), ARS (12), FWP (12), SCHEDULE 13G/A (9), 4/A (8), 8-K/A (8), S-3ASR (8), SCHEDULE 13D/A (8), 10-K/A (6), SC 13D/A (6), 144 (5), SC TO-I/A (5), 10-Q/A (4), 3/A (4), 8-A12B/A (4), PRE 14A (4), S-3 (4), POS AM (3), SC TO-I (3), 10-K405 (2), 11-K (2), 424B3 (2), 8-A12B (2), SCHEDULE 13G (2), 144/A (1), 25-NSE (1), 305B2 (1), 5 (1), CERT (1), EFFECT (1), POSASR (1), PREC14A (1), PX14A6G (1), S-3/A (1), S-4 (1), S-4/A (1), S-8 POS (1), SC 13D (1)

  • Latest filingsAnnual report (10-K) Feb 5, 2026
    Quarterly report (10-Q) Jul 23, 2026
    Proxy statement (DEF 14A) Mar 27, 2026
    Latest 8-K (8-K) Aug 12, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock ($1.00 par value)LUVNew York Stock Exchange

From the cover page of the 10-K filed Feb 5, 2026 (Section 12(b) of the Exchange Act).21

Risk factors and legal proceedings

The risks Southwest Airlines names in Item 1A of its 10-K filed Feb 5, 2026: 29 risks under these headings, as written.21

  • Financial Risks
  • Operational Risks
  • Information Technology, Cybersecurity, and Data Privacy Risks
  • Legal, Regulatory, Compliance, and Reputational Risks
  • The airline industry is particularly sensitive to changes in economic conditions; in the event of continued or future unfavorable economic conditions or economic uncertainty, the Company's results of operations could be further negatively affected, which could require the Company to further adjust its business strategies.
  • The Company's business can be significantly affected by the availability of jet fuel, fuel prices, and volatility of fuel prices and the Company's operations are subject to disruption in the event of any delayed supply of fuel; therefore, the Company's strategic plans and future profitability are likely to be affected by fuel availability, price increases, and fuel price volatility.
  • The Company's low-cost structure has historically been one of its primary competitive advantages, and many factors have adversely affected and could continue to adversely affect the Company's ability to control its costs.
  • Increases in insurance costs or reductions in insurance coverage may adversely impact the Company’s operations and financial results.
  • The Company’s business, operating results, and financial condition could be adversely impacted if it is unable to effectively execute its strategic plans.
  • The airline industry is intensely competitive.
  • The Company is currently dependent on Boeing as the sole manufacturer of the Company's aircraft. If the MAX aircraft were to become unavailable for the Company's operations, or if the Company were to continue to experience prolonged delivery delays of MAX aircraft, the Company's business plans, strategies, and results of operations could be materially and adversely affected.
  • The Company may not be able to procure aircraft in the future in a timely manner or on favorable commercial terms, which could limit the Company’s growth or negatively affect the Company’s cost structure and competitive position.
The other 21 risks
  • Introducing a new aircraft manufacturer or fleet type could impose significant operational complexities, regulatory requirements, and costs on the Company.
  • The Company's business is labor intensive, with most Employees represented by labor unions; therefore, the Company could be materially adversely affected in the event of conflict with its Employees or its Employees' representatives.
  • The Company’s business is labor intensive; therefore, the Company has been, and could in the future be, adversely affected if it were unable to employ and retain appropriate numbers of qualified Employees to maintain its operations.
  • The airline industry has faced on-going security concerns and related cost burdens; further threatened or actual terrorist attacks, war, or other hostilities, even if not made directly on the airline industry, could significantly harm the airline industry and the Company's operations.
  • Interruptions or disruptions in service at one of the Company’s core stations have had, and could in the future have, a material adverse impact on its operations.
  • The Company’s operations have been, and in the future may again be, materially and adversely disrupted by extreme weather events. An inability to quickly and effectively restore operations following adverse weather, a localized disaster, or disturbance in a key geography has adversely and materially impacted, and in the future could again adversely and materially impact, the Company’s business, results of operations, and financial condition.
  • The airline industry is made up of inherently complex systems and is affected by many conditions that are beyond its control, which can impact the Company's business strategies and results of operations.
  • The Company is heavily dependent on technology to operate its business and continues to implement substantial changes to its information systems; any failure, disruption, breach, or delay in the Company’s information systems or in implementation of necessary changes could materially adversely affect its operations.
  • The Company is increasingly exposed to cybersecurity attacks and data incidents impacting its IT Systems, or those of the Company’s vendors or service providers. Such cybersecurity incidents or data incidents could have a disruptive and material adverse effect on the Company’s business, financial position, or results of operations.
  • The Company is expanding its use of AI and machine-learning. Any failure in the Company’s AI implementation strategy, compliance with regulations, or failure to otherwise manage the risks related to AI technologies effectively could materially adversely affect its operations, reputation, and/or financial position.
  • The Company is subject to extensive government regulation that may disrupt or necessitate modifications to the Company’s operations, business plans, and strategies, increase the Company’s operating costs, or otherwise limit the Company’s ability to conduct business.
  • Airport capacity constraints and air traffic control inefficiencies have limited and could continue to limit the Company's growth.
  • The Company is subject to various environmental requirements and risks, including increased regulation, changing consumer preferences, physical, environmental, and climate risks, and risks associated with climate change; the cost of compliance with more stringent environmental regulations, failure to comply with environmental regulations, or failure to otherwise manage the risks of climate change effectively could have a material adverse effect on the Company’s results of operations.
  • The Company is subject to risks related to its sustainability goals and disclosures, which may affect stakeholder sentiment and the Company’s reputation and brand.
  • The Company’s future results may suffer if it is unable to effectively manage its current and contemplated international operations or Extended Operations (“ETOPS”).
  • The Company’s plans to develop commercial relationships with airlines in other parts of the world may not produce the results or returns it expects.
  • The Company is currently subject to regulatory actions and pending litigation, and if judgment, penalties, or fines were to be rendered against the Company, such judgment, penalties, or fines could adversely affect the Company's operating results.
  • Conflicting federal, state, and local laws and regulations may impose additional requirements and restrictions on the Company’s operations, which could increase the Company’s operating costs, result in service disruptions, and increase litigation risk.
  • The Company’s reputation and brand could be harmed if it were to experience significant negative publicity through social media or otherwise.
  • The Company’s business has been, and could in the future be, negatively affected as a result of actions of activist shareholders, and such activism could adversely affect the strategic direction and business results of the Company.
  • The Company has adopted certain provisions in its Bylaws that could increase costs to bring a claim, discourage claims, limit the ability of the Company’s Shareholders to bring a claim, or limit the ability of the Company’s Shareholders to bring a claim in a judicial forum viewed by the Shareholders as more favorable for disputes with the Company or the Company’s directors, officers, or other Employees.

Legal proceedings

On June 30, 2015, the U.S. Department of Justice (“DOJ”) issued a Civil Investigative Demand (“CID”) to the Company. The CID sought information and documents about the Company’s capacity from January 2010 to the date of the CID, including public statements and communications with third parties about capacity. In June 2015, the Company also received a letter from the Connecticut Attorney General requesting information about capacity. The Company is cooperating fully with the DOJ CID and the state inquiry.

The opening of Item 3, Legal Proceedings.21

Sources

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