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SOUTHWEST AIRLINES CO
Air Transportation, Scheduled · TX · CIK 92380
Southwest Airlines provides scheduled air transportation in the United States and near-international markets
⚡ Elevated coverage
$22.22B
Market cap
$51.60
Last close
-0.6%
1D
+6.2%
5D
6.4M
Volume
Price · last 39 sessions+34.6%
May 4L $37.35 · H $52.09Jun 29
337
Total filings
Jun 26, 2026
Last filing
12/31
Fiscal year end
11-K11-KJun 26, 20268-KMaterial Agreement · New Debt / ObligationMay 19, 20268-KShareholder VoteMay 11, 2026DEFA14ADEFA14AApr 24, 202610-QFIRST QUARTER 2026 10-QApr 23, 20268-KResults of OperationsApr 22, 2026SC 13D/ASC 13D/AApr 3, 2026DEFA14ADEFA14AMar 27, 2026DEF 14ADEF 14AMar 27, 20268-KMaterial Agreement · New Debt / ObligationMar 12, 2026SC 13D/ASC 13D/AFeb 23, 20268-KExecutive ChangeFeb 10, 202610-K/AFORM 10-K/AFeb 6, 202610-KFORM 10-KFeb 5, 2026SC 13D/ASC 13D/AFeb 2, 20268-KResults of OperationsJan 28, 2026SC 13D/ASC 13D/ADec 16, 20258-KReg FD DisclosureDec 5, 20258-KMaterial Agreement · New Debt / ObligationNov 3, 2025424B5424B5Oct 28, 2025424B5424B5Oct 27, 202510-Q3RD QUARTER 2025 FORM 10-QOct 23, 20258-KResults of Operations · Reg FD DisclosureOct 22, 202510-Q2ND QUARTER 2025 FORM 10-QJul 24, 20258-KResults of Operations · Reg FD DisclosureJul 23, 202511-K11-KJun 25, 20258-KSecurity-Holder Rights · Bylaw AmendmentMay 19, 20258-KShareholder VoteMay 19, 202510-Q1ST QUARTER 2025 FORM 10-QApr 25, 20258-KResults of Operations · Reg FD DisclosureApr 23, 2025DEFA14ADEFA14AApr 4, 2025DEF 14ADEF 14AApr 4, 20258-KExecutive ChangeMar 31, 20258-KReg FD DisclosureMar 11, 20258-KMaterial Agreement · Reg FD DisclosureFeb 19, 20258-KExit / Disposal Costs · Reg FD DisclosureFeb 18, 20258-KExecutive Change · Reg FD DisclosureFeb 10, 20258-KExecutive ChangeFeb 7, 202510-KFORM 10-KFeb 7, 20258-KResults of Operations · Reg FD DisclosureJan 30, 20258-KReg FD DisclosureJan 27, 20258-KExecutive Change · Reg FD DisclosureJan 10, 20258-KReg FD DisclosureJan 7, 20258-KReg FD DisclosureDec 5, 20248-K/AExecutive ChangeNov 7, 202410-Q3RD QUARTER 2024 FORM 10-QOct 28, 20248-KMaterial Agreement · Security-Holder RightsOct 25, 20248-KExecutive Change · Material AgreementOct 24, 20248-KResults of Operations · Reg FD DisclosureOct 24, 2024DEFA14ADEFA14AOct 18, 2024DEFA14ADEFA14AOct 18, 2024DEFA14ADEFA14AOct 16, 2024DEFA14ADEFA14AOct 15, 2024DEFA14ADEFA14AOct 15, 2024DEFA14ADEFA14AOct 8, 2024DEFA14ADEFA14AOct 2, 2024DEFA14ADEFA14ASep 30, 2024DEFA14ADEFA14ASep 30, 2024DEFA14ADEFA14ASep 26, 2024DEFA14ADEFA14ASep 26, 2024DEFA14ADEFA14ASep 26, 20248-KExecutive Change · Reg FD DisclosureSep 26, 20248-KReg FD Disclosure · Company UpdateSep 26, 2024DEFA14ADEFA14ASep 25, 2024DEFA14ADEFA14ASep 25, 20248-KReg FD DisclosureSep 25, 2024DEFA14ADEFA14ASep 10, 2024DEFA14ADEFA14ASep 10, 20248-KExecutive Change · Reg FD DisclosureSep 10, 2024DEFA14ADEFA14AAug 30, 2024DEFA14ADEFA14AAug 22, 2024DEFA14ADEFA14AAug 14, 2024SC 13DSC 13DAug 5, 202410-Q2ND QUARTER 2024 FORM 10-QJul 29, 20248-KResults of Operations · Reg FD DisclosureJul 25, 20248-KExecutive ChangeJul 9, 20248-KMaterial Agreement · Security-Holder RightsJul 3, 20248-KReg FD DisclosureJun 26, 20248-KExecutive Change · Shareholder VoteMay 20, 20248-KExecutive Change · Reg FD DisclosureMay 1, 2024
Insider Activity
In the 90 days to Dec 5, 2025: 1 sold $302K.
| Date | Insider | Action | Shares | Price | Value |
|---|---|---|---|---|---|
| Dec 5, 2025 | Jones JustinEVP Operations | Sell | 8,085 | $37.36 | $302K |
Open-market buys & sells (Form 4, transaction codes P/S). Source: SEC structured insider data.
What Changed
Risk factors · Feb 7, 2025 → Feb 5, 202691 added · 79 removed between the two most recent 10-Ks. The risks a company starts — or stops — disclosing are often the story.
Newly disclosed
- For example, in November 2025 during the partial government shutdown, the FAA issued an emergency order mandating an industry-wide reduction in flights at 40 major U.S. airports.
- The Company’s transformational initiatives are discussed in more detail under “Business.” The Company made certain assumptions in developing its strategic plans and initiatives related to, for example, customer demand (in light of changing economic conditions), fuel costs, delivery of aircraft, aircraft certification approval timelines, labor market constraints and related costs, supply chain constraints, inflationary pressures, voluntary or mandatory groundings of aircraft, its network, competition, market consolidation, and other macroeconomic and geopolitical factors.
- Information Technology, Cybersecurity, and Data Privacy Risks • The Company is heavily dependent on technology to operate its business; 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, and such 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, and any failure in its related strategy, compliance with regulations, or risk management could materially adversely affect its operations, reputation, and/or financial position.
- 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 could also face increased risks of litigation resulting from any enhanced disclosure requirements related to climate change. 41 Table of Contents Concern among consumers of the impacts of climate change may mean some customers choose to fly less frequently or fly on an airline they perceive as operating in a manner that is more sustainable to the climate, and customers may choose to use alternatives to travel, such as virtual meetings and workspaces.
- Certain regulators, such as the SEC and various state agencies, as well as nongovernmental organizations and other private actors have filed lawsuits under various securities and consumer protection laws alleging that certain sustainability statements, goals, or standards were misleading, false, or otherwise deceptive.
- The Company could face increased litigation risks relating to alleged direct or indirect climate-related damages resulting from the Company’s operations, statements alleged to have been made by the Company or others in the aviation industry regarding climate change risks, or in connection with any future voluntary or mandatory disclosures the Company may make regarding reported emissions.
- Any damage to the Company’s reputation or brand as a result of such litigation, public criticism, or failure to meet or maintain its sustainability plans or goals could adversely affect the Company’s operations, financial condition, and future results.
- Adverse litigation results in any of these cases could adversely impact the Company’s operational flexibility and result in the imposition of damages and fines, which could potentially be significant. 44 Table of Contents The Company’s reputation and brand could be harmed if it were to experience significant negative publicity through social media or otherwise.
- In connection with any activist campaign, the Company may choose to initiate, or may become subject to, litigation, which could serve as a further distraction to the Board, management, and Employees and require the Company to incur significant additional costs. 45 Table of Contents The Company cannot predict, and no assurances can be given as to, the consequences of the settlement of prior activism or the outcome or timing of any matters relating to the foregoing actions by activist shareholders and its responses thereto or the ultimate effects on its business, liquidity, financial condition, or results of operations.
- Additionally, telecommunications outages such as the 2025 Newark outages and September 2025 Dallas outages have caused air traffic controllers to lose radar and communications, resulting in ground stops, delays, and cancellations.
- However, based on higher fuel hedging premium costs over time and other factors, the Company terminated its remaining fuel hedge positions in second quarter 2025 and does not intend to add new fuel derivatives to its portfolio.
No longer disclosed
- For example, on January 20, 2025, President Trump issued an Executive Order pausing certain funding disbursements under the Inflation Reduction Act of 2022; the impact of this Executive Order on the use of and investment in SAF, current and future SAF projects, and, ultimately, the Company's operations is uncertain at this time.
- For example, as discussed in more detail under “Business – Regulation,” the federal government, as well as several state and local governments, the governments of other countries, and the United Nations’ International Civil Aviation Organization have implemented legislative and regulatory proposals and voluntary measures intended to reduce GHG emissions.
- For example, lower-carbon technologies, such as SAF, are currently not available at scale or priced cost-competitively as compared to conventional jet fuel and may take a significant amount of time to develop and mature, and the cost to transition to them could be prohibitively expensive without appropriate government support, policies, and incentives in place (including tax credits).
- For example, CARB has previously proposed amendments to California’s Low Carbon Fuel Standard (“LCFS”) regulation that would subject intrastate fossil jet fuel to the LCFS, although CARB eventually abandoned this proposal.
- Information Technology, Cybersecurity, and Data Privacy Risks • 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.
- The Company could also face increased litigation risks relating to alleged direct or indirect climate-related damages resulting from the Company’s operations, statements alleged to have been made by the Company or others in the aviation industry regarding climate change risks, or in connection with any future voluntary or mandatory disclosures the Company may make regarding reported emissions, particularly given the inherent uncertainties and estimations with respect to calculating and reporting GHG emissions. 48 Table of Contents While the new presidential administration is not expected to pursue federal efforts to significantly increase sustainability-related regulatory requirements or require the disclosure of certain climate-related information, the Company may still face pressure from local and state governments as they continue advancing their own climate-related policies, as well as voluntary pressure from Customers, stakeholders, and financial institutions.
- Jet fuel and oil constituted approximately 21.4 percent of the Company's operating expenses during 2024, and the Company's ability to control the cost of fuel is subject to the external factors discussed in “The Company's business can be significantly impacted by the availability of jet fuel and high and/or volatile 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 impacted by the Company's ability to effectively address fuel price increases and fuel price volatility and availability.” Salaries, wages, and benefits constituted approximately 45.1 percent of the Company's operating expenses during 2024.
- In January 2024, the FAA announced that it had informed Boeing that the FAA would not (i) agree to any request from Boeing for an expansion in production or (ii) approve additional production lines for the MAX aircraft until the FAA is satisfied that any applicable Boeing quality control issues are resolved.
- As discussed under “Business—Regulation—Environmental Regulation,” the State of California enacted a number of new climate-disclosure related laws in October 2023, including the CCDAA and CRFRA, that require GHG emissions or climate-related risk disclosures, and the VCMDA that requires disclosure regarding the use of voluntary carbon offsets in certain circumstances.
- Adverse litigation results in any of these cases could adversely impact the Company’s operational flexibility and result in the imposition of damages and fines, which could potentially be significant.
- As discussed under "Business - Cost Structure," although market jet fuel prices were volatile throughout the year, Fuel and oil expense for 2024 remained high, primarily due to an increase in fuel gallons consumed.
- In January 2024, Boeing announced plans to withdraw an exemption request with the FAA and incorporate an engineering solution as part of the -7 certification process.
In the News
⚡ Elevated coverageCoverage (30d): 8 reputable articles · skews – neutral.
MarketWatchSouthwest Airlines Co. stock underperforms Wednesday when compared to competitors12d agoMarketWatchSouthwest Airlines Co. stock outperforms competitors on strong trading day13d agoBarron'sUnited Airlines, Delta Stocks Head for Record Highs in Iran Peace Rally14d agoBarron'sUnited Airlines Stock, Delta Surge in Iran Peace Rally Amid Hormuz Hope15d agoMarketWatchSouthwest Airlines Co. stock underperforms Wednesday when compared to competitors despite daily gains1mo ago
Reputable outlets only (Reuters, WSJ, CNBC, Barron's, and peers). More on Google News ↗
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