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    Amendment: SEC Form 10-K/A filed by Southwest Airlines Company

    2/6/26 4:01:14 PM ET
    $LUV
    Air Freight/Delivery Services
    Consumer Discretionary
    Get the next $LUV alert in real time by email
    luv-20251231
    00000923802025FYfalseiso4217:USDxbrli:shares00000923802025-01-012025-12-3100000923802025-06-3000000923802026-02-03


    UNITED STATES
    SECURITIES AND EXCHANGE COMMISSION
    Washington, D.C. 20549

    FORM 10-K/A
    Amendment No. 1

    (Mark One)
    ☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
         For the fiscal year ended December 31, 2025
     or
    ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
     For the transition period from ________ to ________
    Commission File No. 1-7259
     southwestfinala39.jpg
    SOUTHWEST AIRLINES CO.
    (Exact name of registrant as specified in its charter)
    Texas74-1563240
    (State or other jurisdiction of(IRS Employer
    incorporation or organization)Identification No.)
    P.O. Box 36611 
    Dallas,Texas75235-1611
    (Address of principal executive offices)(Zip Code)
    Registrant's telephone number, including area code:  (214) 792-4000
    Securities registered pursuant to Section 12(b) of the Act:
    Title of each classTrading SymbolName of each exchange on which registered
    Common Stock ($1.00 par value)LUVNew York Stock Exchange
    Securities registered pursuant to Section 12(g) of the Act:
    None
    Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    Yes  x    No  o
    Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.   Yes o   No  x
    Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes   x   No  o
    Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  x    No  o
    Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
    Large accelerated filer
    x
    Accelerated filer☐
    Non-accelerated filer☐Smaller reporting company☐
    Emerging growth company☐
    If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
    Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. x
    If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.    Yes   ☐  No  x
    Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).   Yes   ☐  No x
    Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    Yes   ☐  No  x
    The aggregate market value of the common stock held by non-affiliates of the registrant was approximately $16,890,396,912 computed by reference to the closing sale price of the common stock on the New York Stock Exchange on June 30, 2025, the last trading day of the registrant’s most recently completed second fiscal quarter.
    Number of shares of common stock outstanding as of the close of business on February 3, 2026: 491,317,990 shares
    DOCUMENTS INCORPORATED BY REFERENCE
    Portions of the Definitive Proxy Statement for the Company’s Annual Meeting of Shareholders to be held May 07, 2026, are incorporated into Part III of this Annual Report on Form 10-K.










































    Explanatory Note

    Southwest Airlines Co. (the “Company”) is filing this Amendment No. 1 on Form 10-K/A (this “Amendment”) to its Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (the “Original Form 10-K”) to correct the hyperlink for Exhibit 3.2, the Fifth Amended and Restated Bylaws of the Company, effective May 16, 2025. Unless expressly stated, this Amendment does not reflect events occurring after the filing of the Original Form 10-K and does not modify or update in any way the disclosures contained in the Original Form 10-K, which speak as of the date of the Original Form 10-K. Accordingly, this Amendment should be read in conjunction with the Original Form 10-K and the Company’s other filings with the Securities and Exchange Commission subsequent to the filing of the Original Form 10-K.

    Pursuant to Rule 12b-15 under the Securities Exchange Act of 1934, as amended, this Amendment contains new certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, which are attached hereto.



    PART IV
     

    Item 15.    Exhibits and Financial Statement Schedules

    (a) 1. Financial Statements:

    The financial statements included in Item 8. Financial Statements and Supplementary Data above are filed as part of this annual report.

    2. Financial Statement Schedules:

    There are no financial statement schedules filed as part of this annual report, since the required information is included in the Consolidated Financial Statements, including the notes thereto, or the circumstances requiring inclusion of such schedules are not present.

    3. Exhibits:
     



    3.1  
    Restated Certificate of Formation of the Company, effective May 18, 2012 (incorporated by reference to Exhibit 3.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2012 (File No. 1-7259)).
    3.2  
    Fifth Amended and Restated Bylaws of the Company, effective May 16, 2025 (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed May 19, 2025 (File No. 1-7259)).
    4.1  
    Specimen certificate representing common stock of the Company (incorporated by reference to Exhibit 4.2 to the Company’s Annual Report on Form 10-K for the year ended December 31, 1994 (File No. 1-7259)).
    4.2
    Indenture dated as of September 17, 2004, between the Company and Wells Fargo Bank, N.A., Trustee (incorporated by reference to Exhibit 4.2 to the Company's Annual Report on Form 10-K for the year ended December 31, 2021 (File No. 1-7259)).
    4.3  
    Indenture dated as of February 25, 1997, between the Company and U.S. Trust Company of Texas, N.A. (incorporated by reference to Exhibit 4.12 to the Company’s Annual Report on Form 10-K for the year ended December 31, 1996 (File No. 1-7259)).
    4.4  
    First Supplemental Indenture, dated May 1, 2020, between the Company and Wells Fargo Bank, N.A., as trustee (incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K filed May 1, 2020 (File No. 1-7259)).
    4.5
    Indenture dated as of February 6, 2024, between the Company and U.S. Bank Trust Company, National Association (incorporated by reference to Exhibit 4.1 to the Company's Registration Statement on Form S-3 filed February 7, 2024 (File No. 1-7259)).

    4.6
    Description of Common Stock.
      The Company is not filing any other instruments evidencing any indebtedness because the total amount of securities authorized under any single such instrument does not exceed 10 percent of its total consolidated assets. Copies of such instruments will be furnished to the Securities and Exchange Commission upon request.
    10.1
    Form of Amended and Restated Executive Service Recognition Plan Executive Employment Agreement between the Company and certain Officers of the Company (incorporated by reference to Exhibit 10.2 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2008 (File No. 1-7259)). (2)
    10.2  
    Southwest Airlines Co. Senior Executive Short Term Incentive Plan (incorporated by reference to Exhibit 99.1 to the Company’s Current Report on Form 8-K filed January 30, 2013 (File No. 1-7259)). (2)
    10.3
    Southwest Airlines Co. Deferred Compensation Plan for Senior Leadership and Non-Employee Members of the Southwest Airlines Co. Board of Directors (as amended and restated, effective as of January 1, 2018) (incorporated by reference to Exhibit 10.6 to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2017 (File No. 1-7259)). (2)
    10.4  
    Southwest Airlines Co. Amended and Restated Severance Plan for Directors (as amended and restated effective May 19, 2009) (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2009 (File No. 1-7259)).



    10.5  
    Southwest Airlines Co. Outside Director Incentive Plan (as amended and restated effective May 16, 2007) (incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2007 (File No. 1-7259)).
    10.6  
    Form of Indemnification Agreement between the Company and its Directors (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed January 22, 2009 (File No. 1-7259)).
    10.7
    Southwest Airlines Co. Excess Benefit Plan (incorporated by reference to Exhibit 10.32 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2008 (File No. 1-7259)). (2)
    10.8  
    Amendment No. 1 to the Southwest Airlines Co. Excess Benefit Plan (incorporated by reference to Exhibit 10.33 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2008 (File No. 1-7259)). (2)
    10.9  
    Amendment No. 2 to the Southwest Airlines Co. Excess Benefit Plan (incorporated by reference to Exhibit 10.34 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2008 (File No. 1-7259)). (2)
    10.10  
    Amended and Restated Southwest Airlines Co. 2005 Excess Benefit Plan (as amended and restated, effective as of January 1, 2018) (incorporated by reference to Exhibit 10.5 to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2017 (File No. 1-7259)). (2)
    10.11  
    Southwest Airlines Co. Amended and Restated 2007 Equity Incentive Plan (incorporated by reference to Exhibit 99.1 to the Company’s Current Report on Form 8-K filed May 20, 2024 (File No. 1-7259)). (2)
    10.12  
    Southwest Airlines Co. Amended and Restated 2007 Equity Incentive Plan Form of Notice of Grant and Terms and Conditions for Restricted Stock Unit grants (incorporated by reference to Exhibit 10.13(a) to the Company's Annual Report on Form 10-K for the year ended December 31, 2020 (File No. 1-7259)). (2)
    10.13
    Southwest Airlines Co. Amended and Restated 2007 Equity Incentive Plan Form of Notice of Grant and Terms and Conditions for Performance-Based Restricted Stock Unit grants (incorporated by reference to Exhibit 10.20(a) to the Company's Annual Report on Form 10-K for the year ended December 31, 2020 (File No. 1-7259)). (2)
    10.14  
    Southwest Airlines Co. Amended and Restated 2007 Equity Incentive Plan Form of Notice and Grant and Terms and Conditions for Performance-Based Restricted Stock Unit grants associated with Southwest Even Better Awards. (2)
    10.15
    Form of Performance-Based Cash Award and Terms and Conditions (incorporated by reference to Exhibit 10.27 to the Company's Annual Report on Form 10-K for the year ended December 31, 2020 (File No. 1-7259)). (2)
    10.16
    Form of Restricted Cash Award and Terms and Conditions (incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2022 (File No. 1-7259)). (2)
    10.17
    Form of Career Investment Cash Award and Terms and Conditions (incorporated by reference to Exhibit 10.33 to the Company's Annual Report on Form 10-K for the year ended December 31, 2023 (File No. 1-7259)). (2)
    10.18
    $1,000,000,000 Revolving Credit Facility Agreement among the Company, the Banks party thereto, Barclays Bank PLC, as Syndication Agent, Bank of America, N.A., BNP Paribas, Goldman Sachs Bank USA, Morgan Stanley Senior Funding, Inc., U.S. Bank National Association, and Wells Fargo Bank, N.A., as Documentation Agents, JPMorgan Chase Bank, N.A. and Citibank, N.A., as Co-Administrative Agents, and JPMorgan Chase Bank, N.A., as Paying Agent, dated as of August 3, 2016 (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed August 9, 2016 (File No. 1-7259)).
    10.19
    First Amendment to Revolving Credit Facility Agreement dated as of August 3, 2016, among Southwest Airlines Co., the banks party thereto, JPMorgan Chase Bank, N.A., as Paying Agent and Collateral Agent, and JPMorgan Chase Bank, N.A. and Citibank, N.A., as Co-Administrative Agents, dated as of March 30, 2020 (incorporated by reference to Exhibit 10.3 to the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 (File No. 1-7259)).



    10.20
    Second Amendment to Revolving Credit Facility Agreement dated as of August 3, 2016, as amended by the First Amendment dated as of March 30, 2020, among Southwest Airlines Co., the banks party thereto, JP Morgan Chase Bank, N.A., as Paying Agent and Collateral Agent, and JPMorgan Chase Bank, N.A., and Citibank, N.A., as Co-Administrative Agents, dated as of November 23, 2020 (incorporated by reference to Exhibit 10.16 to the Company's Annual Report on Form 10-K for the year ended December 31, 2020 (File No. 1-7259)).
    10.21
    Third Amendment to Revolving Credit Facility Agreement dated as of August 3, 2016, as amended by the First Amendment dated as of March 30, 2020, and the Second Amendment dated as of November 23, 2020, among Southwest Airlines Co., the banks party thereto, JPMorgan Chase Bank, N.A., as Paying Agent and Collateral Agent, and JPMorgan Chase Bank, N.A. and Citibank, N.A., as Co-Administrative Agents, dated as of July 28, 2021 (incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2021 (File No. 1-7259)).
    10.22  
    Fourth Amendment to Revolving Credit Facility Agreement dated as of August 3, 2016, as amended by the First Amendment dated as of March 30, 2020, the Second Amendment dated as of November 23, 2020, and the Third Amendment dated as of July 28, 2021, among Southwest Airlines Co., the banks party thereto, JPMorgan Chase Bank, N.A., as Paying Agent and Collateral Agent, and JPMorgan Chase Bank N.A. and Citibank, N.A., as Co-Administrative Agents, dated as of July 19, 2022 (incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2022 (File No. 1-7259)).
    10.23  
    Fifth Amendment to Revolving Credit Facility Agreement dated as of August 3, 2016, as amended by the First Amendment dated as of March 30, 2020, the Second Amendment dated as of November 23, 2020, the Third Amendment dated as of July 28, 2021, and the Fourth Amendment dated as of July 19, 2022, among Southwest Airlines Co., the banks party thereto, JPMorgan Chase Bank, N.A., as Paying Agent, Wells Fargo Bank, N.A., as Documentation Agent, and JPMorgan Chase Bank N.A. and Citibank, N.A., as Co-Administrative Agents, dated as of August 4, 2023 (incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2023 (File No. 1-7259)).



    10.24
    Purchase Agreement No. 3729 and Aircraft General Terms Agreement, dated December 13, 2011, between The Boeing Company and the Company; Supplemental Agreement No. 1; Supplemental Agreement No. 2; Supplemental Agreement No. 3; Supplemental Agreement No. 4; Supplemental Agreement No. 5; Supplemental Agreement No. 6; Supplemental Agreement No. 7; Supplemental Letter Agreement No. 6-1162-KLK-0059R3; Supplemental Agreement No. 8; Supplemental Agreement No. 9; Supplemental Agreement No. 10; and Supplemental Letter Agreement No. 03729-LA-1808800 (incorporated by reference to Exhibit 10.18 to the Company's Annual Report on Form 10-K for the year ended December 31, 2021 (File No. 1-7259)); Supplemental Agreement No. 11 (incorporated by reference to Exhibit 10.16(a) to the Company's Annual Report on Form 10-K for the year ended December 31, 2019 (File No. 1-7259)); Supplemental Letter Agreement No. 03729-MISC-2001512 (incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2020 (File No. 1-7259)); Supplemental Letter Agreement, dated April 23, 2020 (incorporated by reference to Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2020 (File No. 1-7259)); Supplemental Letter Agreement No. 6-1162-CJM-039 (incorporated by reference to Exhibit 10.3 to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2020 (File No. 1-7259)); Supplemental Agreement No. 12 (incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 (File No. 1-7259)); Supplemental Letter Agreement No. 6-1162-CAF-0390R2 (incorporated by reference to Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 (File No. 1-7259)); Supplemental Agreement No. 13 (incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2021 (File No. 1-7259)); Supplemental Agreement No. 14 (incorporated by reference to Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2021 (File No. 1-7259)); Supplemental Agreement No. 15 (incorporated by reference to Exhibit 10.3 to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2021 (File No. 1-7259)); Supplemental Agreement No. 16 (incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 (File No. 1-7259)); Supplemental Agreement No. 17 (incorporated by reference to Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 (File No. 1-7259)); Supplemental Agreement No. 18 (incorporated by reference to Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2022 (File No. 1-7259)); Supplemental Agreement No. 19 (incorporated by reference to Exhibit 10.18(a) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 (File No. 1-7259)); Supplemental Agreement No. 20 (incorporated by reference to Exhibit 10.18(a) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (File No. 1-7259)); Supplemental Agreement No. 21 (incorporated by reference to Exhibit 10.18(b) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (File No. 1-7259)); Supplemental Agreement No. 22 (incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 (File No. 1-7259)); Supplemental Agreement No. 23 (incorporated by reference to Exhibit 10.18(a) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 (File No. 1-7259)); Supplemental Agreement No. 24 (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 (File No. 1-7259). (1)
    10.24(a)
    Supplemental Letter Agreement No. 03729-LA-2504996 to Purchase Agreement No. 3729, dated December 13, 2011, between The Boeing Company and the Company. (1)
    10.25
    Payroll Support Program Agreement by and between Southwest Airlines Co. and the United States Department of the Treasury, dated April 20, 2020 (incorporated by reference to Exhibit 10.4 to the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 (File No. 1-7259)).
    10.26
    Payroll Support Program Extension Agreement by and between Southwest Airlines Co. and the United States Department of the Treasury, dated January 15, 2021 (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed January 15, 2021 (File No. 1-7259)).
    10.27
    Payroll Support Program 3 Agreement by and between Southwest Airlines Co. and the United States Department of the Treasury, dated April 23, 2021 (incorporated by reference to Exhibit 10.4 to the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 (File No. 1-7259)).
    10.28
    Promissory Note, from Southwest Airlines Co. to the United States Department of the Treasury, dated April 23, 2021 (incorporated by reference to Exhibit 10.6 to the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 (File No. 1-7259)).



    10.29
    Cooperation Agreement, by and among the Company and Elliott Investment Management L.P., Elliott Associates, L.P., Elliott International, L.P. and The Liverpool Limited Partnership, dated as of October 23, 2024 (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed October 24, 2024 (File No. 1-7259)).
    10.29(a)
    Amendment to Cooperation Agreement, by and among the Company and Elliott Investment Management L.P., Elliott Associates, L.P., Elliott International, L.P. and The Liverpool Limited Partnership, dated as of February 19, 2025 (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed February 19, 2025 (File No. 1-7259)).
    19.1
    Insider Trading Policy and Blackout Procedures.

    19.2
    Company Transaction Policy.

    21  
    Subsidiaries of the Company.
    23  
    Consent of Ernst & Young LLP, Independent Registered Public Accounting Firm.
    31.1  
    Rule 13a-14(a) Certification of Chief Executive Officer.
    31.2  
    Rule 13a-14(a) Certification of Chief Financial Officer.
    32  
    Section 1350 Certification of Chief Executive Officer and Chief Financial Officer. (3)
    97.1
    Southwest Airlines Co. Clawback Policy, effective as of November 16, 2023 (incorporated by reference to Exhibit 97.1 to the Company's Annual Report on Form 10-K for the year ended December 31, 2023 (File No. 1-7259)).
    101.INS  XBRL Instance Document - The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
    101.SCH  Inline XBRL Taxonomy Extension Schema Document.
    101.CAL  Inline XBRL Taxonomy Extension Calculation Linkbase Document.
    101.DEF  Inline XBRL Taxonomy Extension Definition Linkbase Document.
    101.LAB  Inline XBRL Taxonomy Extension Label Linkbase Document.
    101.PRE  Inline XBRL Taxonomy Extension Presentation Linkbase Document.
    104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

    (1)Certain confidential information contained in this agreement has been omitted because it is both not material and is of the type that the registrant treats as private or confidential.
    (2)Management contract or compensatory plan or arrangement.
    (3)This exhibit is being furnished rather than filed and shall not be deemed incorporated by reference into any filing, in accordance with Item 601 of Regulation S-K.
    A copy of each exhibit may be obtained at a price of 15 cents per page, $10.00 minimum order, by writing to: Investor Relations, Southwest Airlines Co., P.O. Box 36611, Dallas, Texas 75235-1611.





    SIGNATURES

     
    Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
     
     SOUTHWEST AIRLINES CO.
       
    February 6, 2026By/s/ Tom Doxey
      
      Tom Doxey
      Executive Vice President & Chief Financial Officer
      (On behalf of the Registrant and in
      his capacity as Principal Financial Officer)
      


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    Amendment: SEC Form SCHEDULE 13G/A filed by Southwest Airlines Company

    SCHEDULE 13G/A - SOUTHWEST AIRLINES CO (0000092380) (Subject)

    1/29/26 11:35:21 AM ET
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    Air Freight/Delivery Services
    Consumer Discretionary

    $LUV
    Insider Trading

    Insider transactions reveal critical sentiment about the company from key stakeholders. See them live in this feed.

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    $LUV
    Analyst Ratings

    Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

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    New insider Woods Lauren Tauscher claimed ownership of 34,684 shares (SEC Form 3)

    3 - SOUTHWEST AIRLINES CO (0000092380) (Issuer)

    12/10/25 6:27:58 PM ET
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    Air Freight/Delivery Services
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    EVP Operations Jones Justin sold $302,056 worth of shares (8,085 units at $37.36), decreasing direct ownership by 12% to 61,860 units (SEC Form 4)

    4 - SOUTHWEST AIRLINES CO (0000092380) (Issuer)

    12/8/25 4:52:10 PM ET
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    Air Freight/Delivery Services
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    Principal Accounting Officer Martinez Jimmy Ryan covered exercise/tax liability with 68 shares, decreasing direct ownership by 0.32% to 20,884 units (SEC Form 4)

    4 - SOUTHWEST AIRLINES CO (0000092380) (Issuer)

    8/25/25 4:26:53 PM ET
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    Air Freight/Delivery Services
    Consumer Discretionary

    TD Cowen reiterated coverage on Southwest Air with a new price target

    TD Cowen reiterated coverage of Southwest Air with a rating of Hold and set a new price target of $50.00 from $42.00 previously

    1/30/26 6:46:23 AM ET
    $LUV
    Air Freight/Delivery Services
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    Southwest Air upgraded by BMO Capital Markets with a new price target

    BMO Capital Markets upgraded Southwest Air from Market Perform to Outperform and set a new price target of $57.50

    1/30/26 6:41:10 AM ET
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    Air Freight/Delivery Services
    Consumer Discretionary

    Southwest Air upgraded by Analyst with a new price target

    Analyst upgraded Southwest Air from Underweight to Overweight and set a new price target of $60.00

    1/9/26 8:33:27 AM ET
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    $LUV
    Insider Purchases

    Insider purchases reveal critical bullish sentiment about the company from key stakeholders. See them live in this feed.

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    Director Feinberg Sarah bought $45,008 worth of shares (1,500 units at $30.01), increasing direct ownership by 12% to 14,229 units (SEC Form 4)

    4 - SOUTHWEST AIRLINES CO (0000092380) (Issuer)

    8/7/25 4:24:16 PM ET
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    Air Freight/Delivery Services
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    Director Saretsky Gregg A bought $100,447 worth of shares (3,345 units at $30.03), increasing direct ownership by 16% to 23,644 units (SEC Form 4)

    4 - SOUTHWEST AIRLINES CO (0000092380) (Issuer)

    8/7/25 4:21:15 PM ET
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    Director Saretsky Gregg A bought $100,169 worth of shares (3,670 units at $27.29), increasing direct ownership by 33% to 14,881 units (SEC Form 4)

    4 - SOUTHWEST AIRLINES CO (0000092380) (Issuer)

    5/1/25 5:33:29 PM ET
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    Financials

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    SOUTHWEST AIRLINES DECLARES 188th QUARTERLY DIVIDEND

    DALLAS, Feb. 5, 2026 /PRNewswire/ -- Southwest Airlines Co. (NYSE:LUV) Board of Directors declared a quarterly cash dividend of $.18 per share to Shareholders of record at the close of business on March 12, 2026, on all shares then issued and outstanding. The quarterly dividend will be paid on April 2, 2026. SW-DSR View original content:https://www.prnewswire.com/news-releases/southwest-airlines-declares-188th-quarterly-dividend-302680342.html SOURCE Southwest Airlines Co.

    2/5/26 9:45:00 AM ET
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    SOUTHWEST AIRLINES REPORTS FOURTH QUARTER AND FULL YEAR 2025 RESULTS; EXPECTS STRONG 2026 FINANCIAL PERFORMANCE FROM BUSINESS TRANSFORMATION

    2025 net income $441 million / $0.79 EPS; adjusted net income1 $512 million / $0.93 adjusted EPS1,2 2025 adjusted EBIT1,3 $574 million and above prior guidance of $500 million Guiding 2026 adjusted EPS4 of at least $4.00, up more than 300% over 2025 Ranked #1 in The Wall Street Journal Best U.S. Airlines of 2025 2026 guidance and strong Q1 bookings reflect sweeping transformation undertaken in 2025 DALLAS, Jan. 28, 2026 /PRNewswire/ -- Southwest Airlines (NYSE:LUV) today reported its fourth quarter and full year 2025 financial results, and provided 2026 adjusted EPS guidance of at least $4.00, which represents the lower end of internal forecasts. Fourth quarter performance benefited from rev

    1/28/26 4:28:00 PM ET
    $LUV
    Air Freight/Delivery Services
    Consumer Discretionary

    SOUTHWEST AIRLINES DECLARES 187th QUARTERLY DIVIDEND

    DALLAS, Nov. 20, 2025 /PRNewswire/ -- Southwest Airlines Co. (NYSE:LUV) Board of Directors declared a quarterly cash dividend of $.18 per share to Shareholders of record at the close of business on December 26, 2025, on all shares then issued and outstanding. The quarterly dividend will be paid on January 16, 2026. SW-DSR View original content:https://www.prnewswire.com/news-releases/southwest-airlines-declares-187th-quarterly-dividend-302621909.html SOURCE Southwest Airlines Co.

    11/20/25 10:35:00 AM ET
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    Air Freight/Delivery Services
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    $LUV
    Large Ownership Changes

    This live feed shows all institutional transactions in real time.

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    Amendment: SEC Form SC 13D/A filed by Southwest Airlines Company

    SC 13D/A - SOUTHWEST AIRLINES CO (0000092380) (Subject)

    10/30/24 8:00:54 PM ET
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    Air Freight/Delivery Services
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    Amendment: SEC Form SC 13D/A filed by Southwest Airlines Company

    SC 13D/A - SOUTHWEST AIRLINES CO (0000092380) (Subject)

    10/24/24 8:30:19 AM ET
    $LUV
    Air Freight/Delivery Services
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    Amendment: SEC Form SC 13D/A filed by Southwest Airlines Company

    SC 13D/A - SOUTHWEST AIRLINES CO (0000092380) (Subject)

    10/15/24 8:30:15 AM ET
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    Leadership Updates

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    SOUTHWEST ANNOUNCES DANIELLE COLLINS AS AIRLINE'S NEW HEAD OF INVESTOR RELATIONS

    DALLAS, Nov. 5, 2025 /PRNewswire/ -- Southwest Airlines Co. (NYSE: LUV) has appointed Danielle Collins – a veteran of corporate finance, strategy, and investor relations – as its Managing Director of Investor Relations. Her Southwest Airlines® tenure began Nov. 3. "Danielle has a proven track record in corporate strategy and investor engagement and is a trusted voice within the institutional investor community," said Tom Doxey, Executive Vice President and Chief Financial Officer at Southwest Airlines. "She will be an outstanding asset to Southwest as we continue communicating our transformation, strategic priorities, and long-term value proposition." Collins joins Southwest® after a nearly

    11/5/25 4:00:00 PM ET
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    SOUTHWEST AIRLINES ANNOUNCES GOVERNANCE CHANGES

    Rakesh Gangwal steps down as independent Chair, remains on the Board Doug Brooks appointed as new independent Chair Board forms new Ad Hoc Fleet Oversight Committee DALLAS, July 31, 2025 /PRNewswire/ -- Southwest Airlines Co. (NYSE:LUV) today announced the appointment of Doug Brooks as the new independent Chair of the Board, effective Aug. 1, 2025. This appointment follows Rakesh Gangwal's decision to step down from his role as Chair, effective Aug. 1, 2025, due to additional time commitments unrelated to Southwest. The Company also announced the formation of a new Fleet Oversight Committee to assist the Board in its oversight of the Company's aircraft fleet acquisition strategy. Gangwal wi

    7/31/25 5:00:00 PM ET
    $LUV
    Air Freight/Delivery Services
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    SOUTHWEST AIRLINES NAMES RAKESH GANGWAL CHAIR OF THE BOARD AND ANNOUNCES NEW COMMITTEE CHAIRS

    DALLAS, Nov. 4, 2024 /PRNewswire/ -- Southwest Airlines Co. (NYSE:LUV) ("Southwest" or the "Company") today announced the appointment of Rakesh Gangwal as independent Chair of the Board of Directors and named new Board Committee Chairs, effective immediately: Lisa Atherton will serve as Chair of the Compensation CommitteeDouglas Brooks will serve as Chair of the Audit CommitteeDavid Hess will continue to serve as Chair of the Safety and Operations CommitteeChris Reynolds will serve as Chair of the Nominating and Corporate Governance CommitteeGregg Saretsky will serve as Chair of the Finance CommitteeGangwal said, "We are embarking on the next era of change at Southwest as we build upon its

    11/4/24 7:30:00 AM ET
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    Air Freight/Delivery Services
    Consumer Discretionary