Southwest Airlines Co (LUV)

SOUTHWEST AIRLINES PARTNERS WITH AMAZON WEB SERVICES (AWS) TO ACCELERATE AI CAPABILITIES AND TECHNOLOGY MODERNIZATIONJune 17, 2026 10:11 AM
PR Newswire (US) Southwest to transition to a cloud-based, AI-enabled architecture on AWS by 2028NEW YORK, June 17, 2026 /PRNewswire/ -- Southwest Airlines Co. (NYSE: LUV) is partnering with Amazon Web Services (AWS) as its preferred cloud provider to modernize its technology foundation and evolve how the airline operates, builds, and is able to serve its Customers. As part of this partnership, Southwest will transition from a largely on-premises environment to a cloud-based, AI- and agent-enabled architecture on AWS by 2028—laying the foundation to operate with greater speed, flexibility, and reliability to support the business.Technology powers nearly every part of the airline—from selling seats, to running daily operations, to supporting more than 70,000 Employees. As the airline continues to evolve its business model and Customer experience, it is also accelerating efforts to simplify its technology environment and improve how systems work together at scale."Southwest has always evolved our business with a focus on improving performance, efficiency, and reliability—and applying that same mindset to our technology with AWS is a core part of that strategy," said Lauren Woods, Executive Vice President & Chief Information Officer at Southwest Airlines, "From Customer experience, to operations, to how we build the systems behind it—all of it is coming together in a way that helps our Teams move faster, make better decisions, and deliver for our Customers."Building a cloud-based airline by 2028Southwest is continuing to modernize its footprint on AWS, targeting a fully cloud-based environment by 2028 while expanding how it uses AI and agent-based capabilities across the business by adopting new tools like Amazon Quick."Southwest Airlines is using AI to deliver on its commitment to being a customer-obsessed airline. By deploying AI agents across customer experience, operations, and software development, they're accelerating innovation for 134 million travelers—and proving that pioneering ambition paired with AWS's agentic AI capabilities delivers real, measurable results at scale," said Swami Sivasubramanian, Vice President, Agentic AI at AWS.Accelerating modernization with KiroSouthwest is using Kiro, AWS's agentic coding service, to modernize one of its largest and most critical Customer-facing platforms—Southwest.com.Historically, the platform has operated a large footprint of on-premises systems with long modernization timelines. By leveraging Kiro to refactor legacy code, Southwest has accelerated that effort significantly. Kiro is now used by more than 2,700 developers to build features, help automate testing, and to generate the infrastructure in the cloud.This work is creating a foundation that is easier to evolve, scale, and support—helping Southwest move faster and automate tasks in minutes that used to take hours.Reimagining how software gets built with AI-Driven Development Life CycleBeyond individual tools, Southwest is also transforming how software is built across the organization.Using an intelligent software development workflow built on AWS capabilities like AI-Driven Development Lifecycle (AIDLC)—Southwest is adopting a more agent-driven way of working. In this model, AI agents help move development forward, while engineering teams remain responsible for guiding, validating, and owning the outcomes.About Southwest Airlines Southwest Airlines Co. operates one of the world's most admired and awarded airlines, offering its one-of-a-kind value and Hospitality at 120 airports across 12 countries. Southwest took flight in 1971 to democratize the sky through friendly, reliable, and low-cost air travel and now carries more air travelers flying nonstop within the United States than any other airline1. By empowering its more than 73,0002 People to deliver unparalleled Hospitality, the maverick airline cherishes a passionate loyalty among more than 134 million Customers carried in 2025. Southwest leverages a unique legacy and mission to serve communities around the world including harnessing the power of its People and Purpose to put communities at the Heart of its success. Learn more by visiting Southwest.com/citizenship.About Amazon Web Services (AWS)Amazon Web Services (AWS) is guided by customer obsession, pace of innovation, commitment to operational excellence, and long-term thinking. By democratizing technology for nearly two decades and making cloud computing and generative AI accessible to organizations of every size and industry, AWS has built one of the fastest-growing enterprise technology businesses in history. Millions of customers trust AWS to accelerate innovation, transform their businesses, and shape the future. With the most comprehensive AI capabilities and global infrastructure footprint, AWS empowers builders to turn big ideas into reality. Learn more at aws.amazon.com and follow @AWSNewsroom.1. Based on U.S. Dept. of Transportation quarterly Airline Origin & Destination Survey as of Q4 20252. Fulltime-equivalent active Employees as of March 31, 2026. View original content:https://www.prnewswire.com/news-releases/southwest-airlines-partners-with-amazon-web-services-aws-to-accelerate-ai-capabilities-and-technology-modernization-302803222.htmlSOURCE Southwest Airlines Co. Original: SOUTHWEST AIRLINES PARTNERS WITH AMAZON WEB SERVICES (AWS) TO ACCELERATE AI CAPABILITIES AND TECHNOLOGY MODERNIZATION

SOUTHWEST AIRLINES HITS A HIGH NOTE: 15 YEARS OF LIVE AT 35 CELEBRATED WITH PLAIN WHITE T'S AT 35,000 FEETJune 16, 2026 3:00 PM
PR Newswire (US) Band returns to the skies performing hit song "Hey There Delilah" in a nostalgic nod to the program's beginnings during the airline's 55th year of serviceDALLAS, June 16, 2026 /PRNewswire/ -- Southwest Airlines Co. (NYSE: LUV) is celebrating its signature Live at 35® program that brings live pop-up performances to Customers onboard flights at 35,000 feet. To mark the occasion, the Plain White T's took to the skies and surprised Southwest® Customers by singing their hit song, "Hey There Delilah," which continues to draw crowds and resurface on TikTok with billions of plays. The Plain White T's were one of the first artists to perform onboard a Southwest flight when the airline launched the program 15 years ago."At Southwest, we're proud to deliver our signature Hospitality in unexpected ways with surprise performances at 35,000 feet," said Sabrina Callahan, Senior Vice President and Chief Digital and Marketing Officer. "Through Live at 35 and the personality of our incredible Crew, we've created moments that turn flights into lasting memories from the minute our Customers step onboard."Past Live at 35 performances have featured independent artists and mainstream musicians, and the airline plans to dial up the experiences in the coming months, with more artists performing at new heights. The Plain White T's recent performance included Tom Higgenson as lead singer and guitarist, accompanied by Tim Lopez on lead vocals and guitar, Mike Retondo on backing vocals and bass, and De'Mar Hamilton on percussion."We've played a lot of venues over time, and I speak for all of us when I say there is nothing like hearing a plane full of people singing along with your music at 35,000 feet," said Tom Higgenson of the Plain White T's. "We had the opportunity to perform inflight with Southwest over a decade ago, and while that can feel like it was a million years ago, not much has changed. We loved making history with Southwest and their welcoming team."Southwest Airlines® is building on 55 years of service with continued, feedback-driven enhancements aiming to bring more comfort, choice, and signature Hospitality to every flight. From assigned seating to ongoing investments in the cabin experience, the airline is continuing to deliver meaningful updates across the entire Customer journey. Currently, Southwest Customers can enjoy fast, free WiFi¹ for Rapid Rewards® members thanks to T-Mobile®, with Starlink set to debut this summer. Starting on Thursday, June 18, the airline is introducing Siete® Mini Grain Free Mexican Wedding Cookies along with Cherry Coke™ Zero Sugar², reflecting Southwest's commitment to listening, evolving, and delivering a consistently enjoyable experience from takeoff to touchdown.To access broadcast-quality footage, high-res images, and photos, visit swamedia.com where you can sign up for ongoing updates from Southwest Airlines.ABOUT SOUTHWEST AIRLINES CO.
Southwest Airlines Co. operates one of the world's most admired and awarded airlines, offering its one-of-a-kind value and Hospitality at 122 airports across 12 countries. Southwest took flight in 1971 to democratize the sky through friendly, reliable, and low-cost air travel and now carries more air travelers flying nonstop within the United States than any other airline³. By empowering its more than 73,0004 People to deliver unparalleled Hospitality, the maverick airline cherishes a passionate loyalty among more than 134 million Customers carried in 2025. Southwest leverages a unique legacy and mission to serve communities around the world including harnessing the power of its People and Purpose to put communities at the Heart of its success. Learn more by visiting Southwest.com/citizenship.Where available. Available only on WiFi enabled designated aircraft.Excluding Hawaii interisland flights, complimentary non-alcoholic drinks and snacks are served on select flights 251 miles or more. Extra Legroom premium snacks will be served on select flights 301 miles or more. Service may also be limited at the discretion of Southwest Airlines®.Based on U.S. Dept. of Transportation quarterly Airline Origin & Destination Survey as of Q4 2025Fulltime-equivalent active Employees as of March 31, 2026. View original content:https://www.prnewswire.com/news-releases/southwest-airlines-hits-a-high-note-15-years-of-live-at-35-celebrated-with-plain-white-ts-at-35-000-feet-302802233.htmlSOURCE Southwest Airlines Co. Original: SOUTHWEST AIRLINES HITS A HIGH NOTE: 15 YEARS OF LIVE AT 35 CELEBRATED WITH PLAIN WHITE T'S AT 35,000 FEET

Travel Sector Rallies as Iran Agreement Sends Oil Prices LowerJune 15, 2026 9:02 AM
IH Market News Airline and cruise company shares posted strong gains on Monday after the United States and Iran announced a preliminary agreement aimed at ending the conflict between the two nations and reopening the Strait of Hormuz. Investors welcomed the development, viewing it as a potential catalyst for lower energy costs and improved profitability across the travel industry. Airlines Lead Market Gains Major U.S. airlines were among the strongest performers during the session. United Airlines (NASDAQ:UAL), Delta Air Lines (NYSE:DAL) and American Airlines (NASDAQ:AAL) each advanced 4.5%, while Southwest Airlines (NYSE:LUV) rose 4%. The sector benefited from expectations that easing geopolitical tensions could help reduce fuel expenses, one of the largest operating costs for airlines. Cruise Operators Also Move Higher Cruise stocks joined the rally as investors reacted positively to the prospect of lower energy prices. Norwegian Cruise Line (NYSE:NCLH) climbed 4.7%, Carnival (NYSE:CCL) gained 4.5%, Royal Caribbean Cruises (NYSE:RCL) added 4.3%, and Viking Holdings (NYSE:VIK) rose 3%. Like airlines, cruise operators are highly exposed to fluctuations in fuel costs, making them among the biggest beneficiaries of declining oil prices. Crude Falls to Lowest Level Since March The gains across the travel sector came as crude oil prices dropped more than 5%, reaching their lowest levels since March following news of the agreement between Washington and Tehran. Markets interpreted the deal as a step toward restoring energy flows through the Strait of Hormuz, a key route for global oil shipments. Lower Fuel Costs Boost Sector Outlook The prospect of the Strait reopening helped ease concerns about supply disruptions that had previously supported higher crude prices. For airlines and cruise companies, lower fuel costs typically translate into stronger operating margins and improved earnings potential. As a result, investors moved into travel-related stocks, betting that a more stable energy environment could provide a significant tailwind for the sector in the months ahead. United Airlines stock price Delta Airlines stock price American Airlines stock price Southwest Airlines stock price Norwegian Cruise Line Holdings stock price Carnival Corporation stock price Royal Caribbean stock price Viking Holdings stock price Original: Travel Sector Rallies as Iran Agreement Sends Oil Prices Lower

rumor at SWA is that the company has long term plans to acquire a couple of 787's to fly out of Austin and one other airport for European destinations

SOUTHWEST AIRLINES BEGINS INTERLINE PARTNERSHIP WITH SINGAPORE AIRLINESJune 8, 2026 3:30 PM
PR Newswire (US) RIO DE JANEIRO, June 8, 2026 /PRNewswire/ -- Southwest Airlines Co. (NYSE: LUV) and Singapore Airlines (SIA) have partnered to offer travelers around the globe single-ticket journeys to and from the United States, connecting to places where Southwest and Singapore Airlines fly. Southwest Executives shared the news of the interline partnership during the International Air Transport Association (IATA) Annual General Meeting in Brazil.The SIA Group, which includes Singapore Airlines and Scoot, operates service to more than  130 destinations in 35 countries and territories, and flies between its global hub, Singapore Changi Airport and three airports in the United States served by Southwest—Los Angeles (LAX), Seattle/Tacoma (SEA), and San Francisco (SFO). In those shared gateway airports, international travelers can now seamlessly connect to nearly 120 airports in the Southwest network. Tickets are available through Singapore Airlines, travel agents, and travel websites."Singapore Airlines becomes the eighth carrier in our partnership portfolio exemplified by its quality and reach. These carriers are facilitating access to our network for a growing global audience drawn to our improved onboard product and increasingly choosing to fly with us," said Andrew Watterson, Southwest Airlines Chief Operating Officer. "Journeys that pair Southwest and Singapore Airlines not only connect new geographies but also create  consistent high-quality Customer experiences."With assigned seating, optional Extra Legroom1 and enhanced boarding all introduced earlier this year, Southwest continues to invest purposefully in onboard experiences with feedback-driven enhancements toward greater comfort and more choice. These thoughtful improvements aim to showcase Hospitality for which the People of Southwest Airlines are world famous.Southwest Airlines has initiated service at five airports in 2026 including St. Thomas, in the U.S. Virgin Islands, Sint Maarten, Santa Rosa/Sonoma County, Calif., Knoxville, Tenn., and Anchorage.Including Singapore Airlines, Southwest now has eight active partnerships with overseas carriers connecting travel between its network and places across the globe in Asia, Europe, the Middle East, and Africa.ABOUT SOUTHWEST AIRLINESSouthwest Airlines Co. operates one of the world's most admired and awarded airlines, offering its one-of-a-kind value and Hospitality at 122 airports across 12 countries. Southwest took flight in 1971 to democratize the sky through friendly, reliable, and low-cost air travel and now carries more air travelers flying nonstop within the United States than any other airline2. By empowering its more than 73,000 People3 to deliver unparalleled Hospitality, the maverick airline cherishes a passionate loyalty among more than 134 million Customers carried in 2025. Southwest leverages a unique legacy and mission to serve communities around the world including harnessing the power of its People and Purpose to put communities at the Heart of its success. Learn more by visiting Southwest.com/citizenship.Customers in Extra Legroom seats will be offered a premium snack (on flights traveling 301 miles or more) and complimentary premium drinks (on flights traveling 251 miles or more). Service may be modified or limited at Southwest's discretion. Must be 21 or older to consume alcoholic beverages. Alcohol served onboard must be consumed onboard the aircraft.Based on U.S. Dept. of Transportation quarterly Airline Origin & Destination Survey as of Q4 2025Fulltime-equivalent active Employees as of March 31, 2026ABOUT SINGAPORE AIRLINES
The history of Singapore Airlines (SIA) Group dates to 1947 with the maiden flight of Malayan Airways. The airline was later renamed Malaysian Airways and then Malaysia-Singapore Airlines (MSA). In 1972, MSA split into Singapore Airlines and Malaysian Airline System. Initially operating a modest fleet of 10 aircraft to 22 destinations in 18 countries, SIA has since grown to be a world-class international airline group that is committed to the constant enhancement of the three main pillars of its brand promise: Service Excellence, Product Leadership, and Network Connectivity. Singapore Airlines is the world's most awarded airline. For more information, please visit www.singaporeair.com.  View original content:https://www.prnewswire.com/news-releases/southwest-airlines-begins-interline-partnership-with-singapore-airlines-302794303.htmlSOURCE Southwest Airlines Co. Original: SOUTHWEST AIRLINES BEGINS INTERLINE PARTNERSHIP WITH SINGAPORE AIRLINES

SAY WOW TO DISCOUNT TRAVEL: SOUTHWEST AIRLINES DELIVERS WEEK OF DEALS ON FLIGHTS, HOTELS, CARS, AND VACATIONSJune 8, 2026 10:00 AM
PR Newswire (US) Book an adventure for less and earn more Rapid Rewards® points for future travelDALLAS, June 8, 2026 /PRNewswire/ -- Southwest Airlines Co. (NYSE: LUV) launches the Week of WOW, one of the carrier's biggest sales of the year. Starting today through June 11, Customers can save up to 40% off base fares using code FLYWOW for flights from Aug. 4 to Dec.16, 2026,1 along with promotions on hotels, rental cars, cruises, and Getaways by Southwest™ vacation packages. Check out some of the nonstop routes on sale now available on Southwest.com®, with one-way as low as 40% off between: Baltimore and Orlando,Dallas and Las Vegas,Dallas and San Diego,Austin and New Orleans, andDenver and Tampa."Southwest Customers can book deals across all of our travel products—and with more than 20 million seats on sale, including millions of nonstop flights to destinations that our Customers love—our Week of WOW offers the perfect opportunity to book that trip," said Sabrina Callahan, Senior Vice President and Chief Digital & Marketing Officer. "Delivering some of the best deals of the year is another way we're focused on giving Customers more reasons than ever to fly Southwest, alongside our Legendary Hospitality, enhanced onboard offerings, rewarding loyalty program, and industry leading flexibility with no change or cancel fees."2  Savings All Along the Way
Customers can shop at Southwest.com for discounts on:Fares: Using code FLYWOW, Customers can save up to 40% off base fares for select flights from Aug. 4 to Dec.16, 2026.1Rental Cars: Powered by Southwest's newly enhanced car rental platform, Customers can save up to 25% off base rates plus earn 1,200 Rapid Rewards points on two-day or longer car rentals with Dollar.3  Cruises: Customers can earn 2X Rapid Rewards points on eligible cruises departing on or before Dec. 31, 2027.4Hotels: Customers can earn 5,000 Rapid Rewards bonus points or receive a 5,000 Rapid Rewards points discount for select hotel stays from June 8, 2026, through June 30, 2027.5More Reasons to Book the Vacation
Getaways by Southwest is bringing even more deals to Customers who want to book vacation packages. Customers can save up to $500 on a vacation package for two,6 plus two free checked bags.7  Unlock More Value as a Rapid Rewards Member
Join Rapid Rewards to unlock access to free WiFi thanks to T-Mobile®,8 tier benefits, and points by flying or spending with eligible partners. Members can purchase points to earn a reward to book their favorite destination or a new Southwest route. All Rapid Rewards rules and regulations apply at Southwest.com/rrterms. ABOUT SOUTHWEST AIRLINES CO.
Southwest Airlines Co. operates one of the world's most admired and awarded airlines, offering its one-of-a-kind value and Hospitality at 121 airports across 12 countries. Southwest took flight in 1971 to democratize the sky through friendly, reliable, and low-cost air travel and now carries more air travelers flying nonstop within the United States than any other airline.9 By empowering its more than 73,00010 People to deliver unparalleled Hospitality, the maverick airline cherishes a passionate loyalty among more than 134 million Customers carried in 2025. Southwest leverages a unique legacy and mission to serve communities around the world including harnessing the power of its People and Purpose to put communities at the Heart of its success. Learn more by visiting Southwest.com/citizenship.1 Use code FLYWOW by June 11 for travel on select flights Aug. 4 to Dec. 16, 2026. Restrictions, exclusions, and blackouts apply. Seats/days/markets limited. Discount applied pre-government taxes/fees. Additional fees may apply.
2 No change fees: Fare difference may apply. No cancel fees: All fare types are eligible for cancellations without a fee. For round trip reservations, if one or both flight segments is booked with a Basic fare, cancellations are only permitted if either a) both flight segments are canceled or b) the Basic fare segment(s) is upgraded. Failure to cancel a reservation at least 10 minutes prior to original scheduled departure may result in forfeited travel funds.
3 Valid at participating Dollar airport locations. Valid for bookings June 8 to June 15, 2026, and vehicle pickup through Nov. 30, 2026. Taxes and fees excluded. Terms and exclusions apply. 
4 Book June 8, 2026 to June 15, 2026. Terms apply. All Rapid Rewards rules and regulations apply and can be found at southwest.com/rrterms..
5 Book June 8, 2026 to June 15, 2026. Terms apply. All Rapid Rewards rules and regulations apply and can be found at southwest.com/rrterms. . 
6 Based on 2-person, 5-night minimum. Restrictions, exclusions, and blackouts may apply. Seats/days/markets limited 1-day advance. purchase required. Additional fees may apply. See Getaways terms and conditions.
7 Getaways by Southwest™ Customers receive their first and second checked bags for free. Weight and size limits apply. Additional allowances, benefits, and/or exceptions may apply. Learn more.
8 Where available. Available only on WiFi-enabled designated aircraft.
9 Based on U.S. Dept. of Transportation quarterly Airline Origin & Destination Survey as of Q4 2025
10 Fulltime-equivalent active Employees as of March 31, 2026.  View original content:https://www.prnewswire.com/news-releases/say-wow-to-discount-travel-southwest-airlines-delivers-week-of-deals-on-flights-hotels-cars-and-vacations-302793734.htmlSOURCE Southwest Airlines Co. Original: SAY WOW TO DISCOUNT TRAVEL: SOUTHWEST AIRLINES DELIVERS WEEK OF DEALS ON FLIGHTS, HOTELS, CARS, AND VACATIONS

Southwest Airlines to Present at the Bernstein Strategic Decisions ConferenceMay 21, 2026 10:43 AM
PR Newswire (US) DALLAS, May 21, 2026 /PRNewswire/ -- Southwest Airlines Co. (NYSE: LUV) President, Chief Executive Officer, & Vice Chairman of the Board of Directors Bob Jordan will participate in a fireside chat at Bernstein's 42nd Annual Strategic Decisions Conference on May 28 at 1:30pm ET. Bernstein will be webcasting the audio presentation live, and a link to the webcast will be made available via the Investor Relations homepage on the Southwest Airlines website. Details of the audio webcast are as follows: Date:May 28, 2026

Time: 1:30pm EDT

Speakers: Bob Jordan, President, Chief Executive Officer, & Vice Chairman of the Board of Directors


Web Address:      www.southwestairlinesinvestorrelations.comTo access the live audio webcast and subsequent replay, click on the link above, or go to www.southwest.com and click on "Investor Relations" under the "About Southwest" menu at the bottom of the page. The audio webcast can be found on the homepage or by clicking "Calendar" under the "News & Events" header. View original content to download multimedia:https://www.prnewswire.com/news-releases/southwest-airlines-to-present-at-the-bernstein-strategic-decisions-conference-302779130.htmlSOURCE Southwest Airlines Co. Original: Southwest Airlines to Present at the Bernstein Strategic Decisions Conference

U.S. Airline Stocks Fall as Oil Prices Jump Following Trump’s Rejection of Iran ProposalMay 11, 2026 6:32 AM
IH Market News U.S. airline shares moved lower in premarket trading on Monday after oil prices surged in response to President Donald Trump dismissing Iran’s latest reply to a U.S.-backed peace proposal as “totally unacceptable,” raising fears that disruptions to global crude supplies could persist.Brent crude futures climbed 2.7% to $104.02 per barrel by 05:14 ET (09:14 GMT), while U.S. West Texas Intermediate crude gained 2.3% to $97.55 a barrel. The Strait of Hormuz remained largely shut, continuing to tighten global energy supplies.Against that backdrop, airline stocks came under pressure as investors assessed the impact of higher fuel costs on the sector. Shares in Southwest Airlines (NYSE:LUV) and United Airlines (NASDAQ:UAL) each fell around 1% in premarket trading, while Delta Air Lines (NYSE:DAL) and American Airlines slipped roughly 0.8%.The rise in crude prices erased a large portion of last week’s declines, when both oil benchmarks had dropped approximately 6% amid optimism that the 10-week conflict might soon ease and that shipping traffic through the Strait of Hormuz could resume.Those expectations weakened after Iran unveiled its counterproposal on Sunday, which reportedly extended far beyond the limited ceasefire framework originally proposed by Washington. According to Iranian state media, Tehran called for a broader end to hostilities across the region, including in Lebanon, where Israel — a U.S. ally — remains engaged in conflict with the Iran-backed Hezbollah group.Iran also reportedly demanded compensation for war-related damage, the removal of the U.S. naval blockade, guarantees against future military strikes, sanctions relief, and the lifting of restrictions on Iranian oil exports. Iranian officials additionally reaffirmed Tehran’s sovereignty over the Strait of Hormuz.Trump quickly rejected the proposal, writing on Truth Social: “I don’t like it — TOTALLY UNACCEPTABLE.”The U.S. administration had initially pushed for a temporary halt to the fighting before entering negotiations on more complex issues, particularly Iran’s nuclear programme.Southwest Airlines stock priceUnited Airlines stock priceDelta Airlines stock priceAmerican Airlines stock price Original: U.S. Airline Stocks Fall as Oil Prices Jump Following Trump’s Rejection of Iran Proposal

SOUTHWEST AIRLINES DECLARES 189th QUARTERLY DIVIDENDMay 7, 2026 4:17 PM
PR Newswire (US) DALLAS, May 7, 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 June 11, 2026, on all shares then issued and outstanding. The quarterly dividend will be paid on July 2, 2026.SW-DSR View original content:https://www.prnewswire.com/news-releases/southwest-airlines-declares-189th-quarterly-dividend-302766240.htmlSOURCE Southwest Airlines Co. Original: SOUTHWEST AIRLINES DECLARES 189th QUARTERLY DIVIDEND

Airline shares jump as optimism grows over possible U.S.-Iran agreementMay 6, 2026 9:28 AM
IH Market News Airline stocks moved sharply higher on Wednesday, with leading U.S. carriers posting gains of between 5% and 7.6% amid growing expectations that the United States and Iran could soon reach a diplomatic agreement.United Airlines (NASDAQ:UAL) led the sector higher with a 7.6% rally. Shares of American Airlines (NASDAQ:AAL), Delta Air Lines (NYSE:DAL), and Southwest Airlines (NYSE:LUV) each gained around 7%, while JetBlue Airways advanced 5%.The gains followed a Reuters report stating that Washington and Tehran are approaching a preliminary one-page agreement to end the conflict, citing a Pakistani source familiar with the negotiations.Separately, Axios reported that the proposed memorandum would formally end hostilities and launch a 30-day negotiation period aimed at reaching a broader detailed agreement.According to Axios, the framework would center on reopening the Strait of Hormuz, limiting Iran’s nuclear activities, and easing U.S. sanctions.The developments also weighed on energy markets, sending oil prices to their lowest levels in roughly two weeks. Brent crude futures dropped 8% as concerns about potential supply disruptions in the Middle East eased.The Strait of Hormuz remains one of the world’s most important oil shipping routes, and geopolitical tensions in the region have historically pushed up fuel costs for airlines.A diplomatic breakthrough between the U.S. and Iran could help reduce geopolitical uncertainty and potentially ease operating costs across the airline industry.United Airlines stock priceAmerican Airlines stock priceDelta Airlines stock priceSouthwest Airlines stock priceJetBlue Airways stock price Original: Airline shares jump as optimism grows over possible U.S.-Iran agreement

SOUTHWEST AIRLINES PREPARED TO ASSIST SPIRIT AIRLINES' CUSTOMERS FACING TRAVEL DISRUPTIONMay 2, 2026 3:24 AM
PR Newswire (US)

DALLAS, May 2, 2026 /PRNewswire/ -- Southwest Airlines Co. (NYSE: LUV) is prepared to assist travelers affected by disruptions related to Spirit Airlines' cessation of operations. Customers holding Spirit reservations may only access special Southwest fares at Southwest ticket counters at their departure airport for eligible routes through 11:59 p.m. CDT on Wednesday, May 6.For domestic travel, these fares will be offered for flights where Southwest provides overlapping service, based on ticket mileage:1-500 miles: $200501-1,000 miles: $3001,000+ miles: $400For international flights, Southwest will also offer discounted rates. In addition, Spirit Customers who hold Spirit Silver or Gold Status can enjoy the benefits of A-List with the airline's status match program.Southwest looks forward to extending its Hospitality to Spirit customers and offers its heartfelt sympathies to Spirit's employees.ABOUT SOUTHWEST AIRLINES CO.   
Southwest Airlines Co. operates one of the world's most admired and awarded airlines, offering its one-of-a-kind value and Hospitality at 121 airports across 12 countries. Southwest took flight in 1971 to democratize the sky through friendly, reliable, and low-cost air travel and now carries more air travelers flying nonstop within the United States than any other airline1. By empowering its more than 73,0002 People to deliver unparalleled Hospitality, the maverick airline cherishes a passionate loyalty among more than 134 million Customers carried in 2025. Southwest leverages a unique legacy and mission to serve communities around the world including harnessing the power of its People and Purpose to put communities at the Heart of its success. Learn more by visiting Southwest.com/citizenship.Based on U.S. Dept. of Transportation quarterly Airline Origin & Destination Survey as of Q4 2025Fulltime-equivalent active Employees as of March 31, 2026



View original content:https://www.prnewswire.com/news-releases/southwest-airlines-prepared-to-assist-spirit-airlines-customers-facing-travel-disruption-302760590.htmlSOURCE Southwest Airlines Co.

Original: SOUTHWEST AIRLINES PREPARED TO ASSIST SPIRIT AIRLINES' CUSTOMERS FACING TRAVEL DISRUPTION

SOUTHWEST AIRLINES ANNOUNCES PARTNERSHIP WITH AMERICA250 AND UNVEILS INDEPENDENCE ONE IN CELEBRATION OF GIVING PEOPLE THE FREEDOM TO FLY FOR 55 YEARSApril 27, 2026 5:00 PM
PR Newswire (US)

Airline also introduces up to $250,000 'We Serve Together' grant for Employees and nonprofits they serveDALLAS, April 27, 2026 /PRNewswire/ -- Southwest Airlines Co. (NYSE: LUV) celebrates the 250th anniversary of the nation's founding with the introduction of Independence One, a special new livery from the airline that is known for democratizing the skies. Independence One will join two additional Southwest® America-themed planes—Freedom One, which has been in the fleet since 2021, and Liberty One, a second newly-introduced aircraft painted in an American flag theme.



"With our new Independence One and Liberty One aircraft, we honor this important milestone in our nation's history, and the generations of Customers that Southwest has carried. They join our Freedom One aircraft in uniting families, bringing service members home, flying entrepreneurs chasing an opportunity, and helping communities stay connected," said Bob Jordan, President & Chief Executive Officer at Southwest Airlines®. "Southwest is proud to be a part of the 250th national celebration and to honor the same spirit of innovation, resilience, and optimism that has shaped our country and our Company."Southwest Airlines carries more travelers flying nonstop within the United States than any other airline¹, helping connect cities, states, and stories across the country. Independence One will feature several design elements that commemorate our nation:Red, white, and blue paint scheme with 1776 written in giant quill scriptThe key phrase, "life, liberty and the pursuit of happiness" from the Declaration of Independence and the three inalienable rights endowed to all humans Thirteen stars on the fuselage denoting the thirteen original coloniesCircle of stars on each engine cowling reflecting the original Betsy Ross flagSpecial "1776" tail numberAmerica250 nose and winglet decalAdditionally, Southwest Airlines is proud to announce its partnership with America250 as the official airline of America Gives, joining nationwide efforts to make 2026 the largest year of volunteerism in our country's history. To support this initiative, the airline will invest up to $250,000 to further support the nonprofits our Employees serve and amplify the reach of their volunteerism. The We Serve Together grant from Southwest Airlines is a commitment to build upon the more than 180,000 hours of volunteer service from Southwest Employees in 2025."As America marks its 250th anniversary, Southwest Airlines' legacy of connecting people and communities reflects the spirit of freedom and opportunity that defines our nation," said Rosie Rios, Chair of America250. "Through initiatives like Independence One and America Gives, this partnership will help bring Americans together—across cities, states, and generations—in celebration and service."Independence One will officially join the fleet on April 29 with its first scheduled flight from the airline's hometown in Dallas, Texas, to Philadelphia, the birthplace of the Declaration of Independence and the U.S. Constitution. Look for tail number 1776 on this day and throughout the year for special stops to celebrate 250 years along with the America250 logo flying proudly on Independence One, Liberty One, and Freedom One all year long.To access broadcast-quality footage, high-res images, and photos, visit swamedia.com where you can sign up for ongoing updates from Southwest Airlines.ABOUT SOUTHWEST AIRLINES CO.
Southwest Airlines Co. operates one of the world's most admired and awarded airlines, offering its one-of-a-kind value and Hospitality at 121 airports across 12 countries. Southwest took flight in 1971 to democratize the sky through friendly, reliable, and low-cost air travel and now carries more air travelers flying nonstop within the United States than any other airline¹. By empowering its more than 72,000² People to deliver unparalleled Hospitality, the maverick airline cherishes a passionate loyalty among more than 134 million Customers carried in 2025. Southwest leverages a unique legacy and mission to serve communities around the world including harnessing the power of its People and Purpose to put communities at the Heart of its success. Learn more by visiting Southwest.com/citizenship.Based on U.S. Dept. of Transportation quarterly Airline Origin & Destination Survey as of Q4 2025Fulltime-equivalent active Employees as of December 31, 2025 ABOUT AMERICA250
America250 is the national nonpartisan initiative working to engage every American in celebrating and commemorating the Semiquincentennial, the 250th anniversary of the signing of the Declaration of Independence. It is spearheaded by the congressionally-appointed U.S. Semiquincentennial Commission and its sole-supporting nonprofit organization, America250.org, Inc., together known as America250. This multi-year effort kicked off with America's Invitation on July 4, 2023: a national public engagement campaign inviting all Americans to share their stories and their hopes and dreams for the future of this country. Leading up to July 4, 2026, America250 is working to provide opportunities for all Americans to pause and reflect on our nation's past, honor the contributions of all Americans, and look to the future we want to create for the next generation and beyond. To learn more, visit America250.org, and follow us on X, Instagram, Facebook, and LinkedIn.


























View original content to download multimedia:https://www.prnewswire.com/news-releases/southwest-airlines-announces-partnership-with-america250-and-unveils-independence-one-in-celebration-of-giving-people-the-freedom-to-fly-for-55-years-302754776.htmlSOURCE Southwest Airlines Co.

Original: SOUTHWEST AIRLINES ANNOUNCES PARTNERSHIP WITH AMERICA250 AND UNVEILS INDEPENDENCE ONE IN CELEBRATION OF GIVING PEOPLE THE FREEDOM TO FLY FOR 55 YEARS

SOUTHWEST AIRLINES REPORTS FIRST QUARTER RESULTS, BUSINESS TRANSFORMATION INITIATIVES DELIVER MEANINGFUL MARGIN EXPANSIONApril 22, 2026 4:21 PM
PR Newswire (US)

$227 million net income and $0.45 EPS, in line with guidanceOperating margin of 4.6%, an improvement of 8.1 points year-over-yearGenerated $1.4 billion in operating cash flow in the quarterRecord first-quarter passenger, operating, and unit revenuesManaged business revenue performance a March and quarterly recordDALLAS, April 22, 2026 /PRNewswire/ -- Southwest Airlines Co. (NYSE:LUV) today reported first quarter 2026 financial results, representing an important milestone as the transformational plan announced just 18 months ago is now fully implemented."First quarter 2026 marked a turning point for Southwest, as our broad set of commercial, operational, and cost initiatives is now translating into terrific results. Demand for our new product offerings drove record first quarter revenues, double-digit unit revenue growth, and significant improvement in earnings and margins. These results were achieved despite significantly higher fuel costs, underscoring the momentum across the business and the strength of our transformed business model."Our Customers have embraced and value our new products, and that is reflected in our financial performance. Demand continues to be strong, and we remain focused on controlling what we can control by managing costs, optimizing revenue initiatives, and directing capacity toward higher-return opportunities. While the external environment remains uncertain, we are confident in our positioning and the strong momentum we are seeing at Southwest," said Bob Jordan, Southwest's President & Chief Executive Officer.1Q Highlights:Operating revenues of $7.2 billion, a first-quarter record, up 12.8% year-over-yearNet income of $227 million, or $0.45 diluted earnings per share, and an adjusted net margin1 expected to be the highest among large U.S. airlinesOperating margin of 4.6%, an improvement of 8.1 points and 6.6 points adjusted1, both year-over-yearGenerated operating cash flow of $1.4 billion, an increase of 65% from the first quarter of 2025Strong cost discipline continued in the quarter, with operating expenses increasing 4.0% and unit costs (CASM-X1) increasing 2.3% on capacity growth of 1.5%, all year-over-yearReturned over $1.3 billion to Shareholders through a combination of share repurchases and dividendsDrove strong Customer buy-up, with approximately 60% of Customers upgrading from the base product in first quarter 2026, up from approximately 20% in 2025Rapid Rewards engagement strengthened, with enrollments up 37% and tier-status earners increasing 62%, both year-over-yearManaged business revenue delivered its strongest March and quarterly performances in Company history, increasing 25% and 16%, respectively, year-over-yearSuccessfully launched assigned and extra legroom seating on January 27, 2026, while achieving best-in-class on-time performance and the highest completion factor among large domestic airline peers on the day of launchContinued fleet upgrades with in-seat power and larger overhead bins, with approximately two thirds of aircraft expected to be equipped with both features by late 2026Announced planned deployment of Starlink ultra-fast Wi-Fi across the fleet, with initial aircraft expected to enter service in summer 2026 and at least 300 aircraft planned by year-end 2026Entered a new strategic partnership with All Nippon Airways, expanding the Company's global network to seven partnersCommenced service in St. Thomas, U.S. Virgin Islands and Knoxville, Tennessee, two of five new market entries in 2026Guidance and Outlook:
The following table provides guidance for second quarter 2026. The Company is guiding adjusted EPS1,2,3 to be in the range of $0.35 to $0.65, based on the forward fuel curve as of April 16, and the current demand and revenue environment. Given the ongoing macroeconomic uncertainty, updating the Company's full-year adjusted EPS guidance of $4.00 would not be productive at this time. Achieving this outcome would require lower fuel prices and/or stronger revenue performance to offset higher fuel expense. The Company expects to provide updates to this guidance as appropriate.

2Q 2026 ForecastAdjusted EPS
               $0.35 to $0.65               ASMs (a), year-over-year
Flat to up 1.0%RASM (b), year-over-year
16.5% to 18.5%CASM-X (c), year-over-year1,3
3.5% to 4.0%(a) Available seat miles ("ASMs" or "capacity").(b) Operating revenue per available seat mile ("RASM" or "unit revenues").(c) Operating expenses per available seat mile, excluding aircraft fuel and related taxes expense, special items, and profit sharing ("CASM-X").Revenue Results and Outlook:Record first quarter 2026 passenger revenues of $6.6 billion, a 13.4 percent increase year-over-yearRecord first quarter 2026 operating revenues of $7.2 billion, a 12.8 percent increase year-over-yearFirst quarter 2026 RASM increased 11.2 percent year-over-year, above prior guidance, on capacity up 1.5 percent, reflecting initiative contributions and broad-based demand strength across the networkSecond quarter 2026 RASM is expected to increase between 16.5% and 18.5% year-over yearNon-Fuel Costs and Outlook:First quarter 2026 operating expenses increased 4.0 percent year-over-year, to $6.9 billionFirst quarter 2026 operating expenses, excluding aircraft fuel and related taxes expense, special items, and profit sharing1, increased 3.9 percent year-over-yearFirst quarter 2026 CASM-X increased 2.3 percent year-over-year, below prior guidanceSecond quarter 2026 CASM-X is expected to increase between 3.5% and 4.0% year-over-year, which includes an expected 1.2 point impact from the removal of six seats from the Boeing 737-700 fleet to enable extra legroom seatingFuel Costs:First quarter 2026 fuel costs were $2.73 per gallon, above prior guidance of approximately $2.40, which increased fuel expense by $164 million and represented an approximate $0.22 headwind to EPSSecond quarter 2026 fuel cost per gallon is assumed to be between $4.10 and $4.154 based on the forward curve as of April 16Capacity, Fleet, and Capital Spending:First quarter 2026 capacity increased 1.5 percent year-over-yearReceived 10 Boeing 737-8 aircraft and retired 13 aircraft (including eight Boeing 737-700 aircraft and the sale of three Boeing 737-700 aircraft and two Boeing 737-800 aircraft) in first quarter 2026, ending the quarter with 800 aircraftFirst quarter 2026 gross capital expenditures were $630 million, driven primarily by aircraft-related capital spending, as well as technology, facilities, and operational investmentsExpect 66 Boeing 737-8 aircraft deliveries and plan to retire approximately 60 aircraft in 2026Continued efforts to optimize the network, including announcing the suspension of operations at Chicago O'Hare and Washington Dulles in June and the reallocation of capacity to higher-performing marketsEntered 2026 with a disciplined capacity plan and now expect full-year growth of approximately 2%, at the low end of the prior 2% to 3% guide year-over-yearExpect 2026 net capital spending5 in the range of $3.0 billion to $3.5 billionLiquidity and Capital Deployment:Ended first quarter 2026 with $3.3 billion in cash and cash equivalents and a revolving credit line of $1.5 billionEnded the quarter with leverage1,6 of 2.2xHave unencumbered aircraft and other related assets with a net book value of approximately $16.5 billionRepurchased $1.25 billion in shares and distributed $93 million in dividends during first quarter 2026$450 million remains outstanding under the Company's $2.0 billion share repurchase authorizationEntered into a $500 million aircraft-secured term loan agreement used to pay down final portion of the Company's Payroll Support Program loanConference Call:
Southwest will discuss its first quarter 2026 results on a conference call at 10:00 a.m. Eastern Time on April 23, 2026. To listen to a live broadcast of the conference call, please go to
https://www.southwestairlinesinvestorrelations.com.  Footnotes
1See Note Regarding Use of Non-GAAP Financial Measures for additional information on special items. In addition, information regarding special items and economic results is included in the accompanying table Reconciliation of Reported Amounts to Non-GAAP Items (also referred to as "excluding special items").
2Adjusted income (loss) per share, or adjusted EPS, a non-GAAP financial measure, is calculated as net income (loss), excluding special items, divided by diluted weighted-average shares outstanding.
3Projections do not reflect the potential impact of Aircraft fuel and related taxes expense, special items, and profit sharing because the Company cannot reliably predict or estimate those items or expenses or their impact to its financial statements in future periods, especially considering the significant volatility of the Aircraft fuel and related taxes expense line item. Accordingly, the Company believes a reconciliation of non-GAAP financial measures to the equivalent GAAP financial measures for these projected results is not meaningful or available without unreasonable effort.
4Based on market prices as of April 16, 2026. Fuel cost per gallon includes fuel taxes and fuel hedging net premium expense of $0.05 per gallon related to terminated fuel derivative contracts.
5Net capital expenditures include the impact of aircraft sales and sale-leaseback transactions.
6Leverage, adjusted debt, and adjusted EBITDAR are each non-GAAP financial measures. Leverage is calculated as adjusted debt divided by trailing twelve month adjusted EBITDAR. Adjusted EBITDAR is calculated as earnings before interest and taxes, and non-operating other (gains) losses, net, excluding special items, and adjusted by adding depreciation and amortization and the fixed portion of operating lease expense ("adjusted EBITDAR"). Adjusted debt includes current and long-term debt, finance lease obligations, and operating lease liabilities (including fleet, ground, and other).Cautionary Statement Regarding Forward-Looking Statements
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Specific forward-looking statements include, without limitation, statements related to (i) the Company's financial and operational outlook, expectations, goals, plans, targets, and projected results of operations, including with respect to its initiatives, and including factors and assumptions underlying the Company's expectations and projections; (ii) the Company's initiatives, strategic priorities and focus areas, goals, and opportunities, including with respect to the Company's transformational plan, product offering, positioning, and strong momentum; (iii) the Company's capacity plans and expectations; (iv) the Company's expectations with respect to fuel costs and fuel efficiency, including factors underlying the Company's expectations; (v) the Company's expectations with respect to managing costs, optimizing revenue initiatives, and directing capacity toward higher-return opportunities; (vi) the Company's network plans and expectations, including with respect to optimization efforts; (vii) the Company's expectations with respect to the current demand and revenue environment; (viii) the Company's plans and expectations with respect to Starlink Wi-Fi; (ix) the Company's fleet plans and expectations, including with respect to its fleet order book, fleet utilization, fleet upgrades with in-seat power and larger overhead bins, fleet modernization, fleet transactions, flexibility, and expected fleet deliveries and retirements, and including factors and assumptions underlying the Company's plans and expectations; and (x) the Company's plans, estimates, and assumptions related to capital spending, including factors and assumptions underlying the Company's expectations and projections. These forward-looking statements are based on the Company's current estimates, intentions, beliefs, expectations, goals, strategies, and projections for the future and are not guarantees of future performance. Forward-looking statements involve risks, uncertainties, assumptions, and other factors that are difficult to predict and that could cause actual results to vary materially from those expressed in or indicated by them. Factors include, among others, (i) the impact of geopolitical conflicts, fears or actual outbreaks of diseases, extreme or severe weather and natural disasters, actions of competitors (including, without limitation, pricing, scheduling, capacity, and network decisions, and consolidation and alliance activities), governmental actions, consumer perception, consumer uncertainties with respect to trade policies or government shutdowns (including the imposition of tariffs), economic conditions, banking conditions, fears or actual acts of terrorism or war, sociodemographic trends, and other factors beyond the Company's control, on consumer behavior and the Company's results of operations and business decisions, plans, strategies, and results; (ii) the Company's ability to timely and effectively implement, transition, operate, and maintain the necessary information technology systems and infrastructure to support its operations and initiatives, including with respect to revenue management and assigned and premium seating; (iii) consumer behavior and response with respect to the Company's new commercial products and policies; (iv) the impact of fuel price changes, fuel price volatility, and fuel availability on the Company's business plans and results of operations; (v) the impact of governmental regulations and other governmental actions, including with respect to government shutdowns, as well as the Company's ability to obtain any required governmental approvals, on the Company's business plans, results, and operations; (vi) the Company's dependence on The Boeing Company ("Boeing") and Boeing suppliers with respect to the Company's aircraft deliveries, Boeing MAX 7 aircraft certifications, fleet and capacity plans, operations, maintenance, strategies, and goals; (vii) the Company's dependence on the Federal Aviation Administration with respect to, among other things, the certification of the Boeing MAX 7 aircraft; (viii) the Company's dependence on other third parties, in particular with respect to its technology plans, its plans and expectations related to revenue management, online travel agencies, operational reliability, fuel supply, maintenance, Global Distribution Systems, environmental sustainability, and the impact on the Company's operations and results of operations of any third-party delays or nonperformance; (ix) the Company's ability to timely and effectively prioritize its initiatives and focus areas and related expenditures; (x) the impact of labor matters on the Company's business decisions, plans, strategies, and results; (xi) the Company's ability to obtain and maintain adequate infrastructure and equipment to support its operations and initiatives; (xii) the Company's dependence on its workforce, including its ability to employ and retain sufficient numbers of qualified Employees with appropriate skills and expertise to effectively and efficiently maintain its operations and execute the Company's plans, strategies, and initiatives; (xiii) the cost and effects of the actions of activist shareholders; and (xiv) other factors, as described in the Company's filings with the Securities and Exchange Commission, including the detailed factors discussed under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025.SW-QFS Southwest Airlines Co.Condensed Consolidated Statement of Income (Loss)(in millions, except per share amounts)(unaudited) 

Three months ended




March 31,




2026
2025
Percent
Change
OPERATING REVENUES:






Passenger
$6,591

$5,811

13.4
Freight
44

41

7.3
Other
614

576

6.6
     Total operating revenues
7,249

6,428

12.8








OPERATING EXPENSES:






Salaries, wages, and benefits
3,297

3,102

6.3
Aircraft fuel and related taxes
1,356

1,249

8.6
Maintenance materials and repairs
259

292

(11.3)
Landing fees and airport rentals
572

522

9.6
Depreciation and amortization
398

396

0.5
Other operating expenses
1,037

1,090

(4.9)
     Total operating expenses
6,919

6,651

4.0








OPERATING INCOME (LOSS)
330

(223)

n.m.








NON-OPERATING EXPENSES (INCOME):






Interest expense
54

46

17.4
Capitalized interest
(12)

(11)

9.1
Interest income
(23)

(84)

(72.6)
Other (gains) losses, net
26

18

44.4
     Total non-operating expenses (income)
45

(31)

n.m.








INCOME (LOSS) BEFORE INCOME TAXES
285

(192)

n.m.
PROVISION (BENEFIT) FOR INCOME TAXES
58

(43)

n.m.
NET INCOME (LOSS)
$227

$(149)

n.m.








NET INCOME (LOSS) PER SHARE:






Basic
$0.45

$(0.26)

n.m.
Diluted
$0.45

$(0.26)

n.m.








WEIGHTED AVERAGE SHARES OUTSTANDING:






Basic
498

584

(14.7)
Diluted
503

584

(13.9)








   Southwest Airlines Co.Reconciliation of Reported Amounts to Non-GAAP Financial Measures (excluding special items)(See Note Regarding Use of Non-GAAP Financial Measures)(in millions, except per share and per ASM amounts) (unaudited) 


Three months ended




March 31,
Percent


2026
2025
Change
Aircraft fuel and related taxes, unhedged
$      1,327
$      1,212

(a)Add: Premium cost of fuel contracts designated as hedges
29
37


Aircraft fuel and related taxes, as reported (and economic)
$      1,356
$      1,249
8.6








Total operating expenses, as reported
$      6,919
$      6,651


Deduct: Litigation accruals
—
(19)


Deduct: Transformation costs
—
(14)

(b)Deduct: Severance and related costs
—
(62)


Total operating expenses, excluding special items
$      6,919
$      6,556
5.5
Deduct: Aircraft fuel and related taxes expense, excluding special items (economic)
(1,356)
(1,249)


Operating expenses, excluding Aircraft fuel and related taxes expense and special items
$      5,563
$      5,307
4.8
Deduct: Profit-sharing expense
(50)
—


Operating expenses, excluding Aircraft fuel and related taxes expense, special items, and profit sharing
$      5,513
$      5,307
3.9








Operating income (loss), as reported
$         330
$       (223)


Add: Litigation accruals
—
19


Add: Transformation costs
—
14

(b)Add: Severance and related costs
—
62


Operating income (loss), excluding special items
$         330
$       (128)
n.m.








Total operating revenues, as reported
$      7,249
$      6,428


Operating margin, as reported
4.6 %
(3.5) %
8.1 pts.
Add: Impact of special items
—
1.5 %


Operating margin, excluding special items
4.6 %
(2.0) %
6.6 pts.








Income (loss) before income taxes, as reported
$         285
$       (192)


Add: Litigation accruals
—
19


Add: Transformation costs
—
14

(b)Add: Severance and related costs
—
62


Income (loss) before income taxes, excluding special items
$         285
$         (97)
n.m.








Provision (benefit) for income taxes, as reported
$           58
$         (43)

(c)Add: Net loss tax impact of fuel and special items
—
23


Provision (benefit) for income taxes, net, excluding special items
$           58
$         (20)
n.m.








Net income (loss), as reported
$         227
$       (149)


Add: Litigation accruals
—
19


Add: Transformation costs
—
14

(b)Add: Severance and related costs
—
62

(c)Deduct: Net loss tax impact of special items
—
(23)


Net income (loss), excluding special items
$         227
$         (77)
n.m.








Total operating revenues, as reported
$      7,249
$      6,428


Net margin, as reported
3.1 %
(2.3) %
5.4 pts.
Add: Impact of special items
—
1.5 %

(c)Deduct: Net loss tax impact of special items
—
(0.4) %


Net margin, excluding special items
3.1 %
(1.2) %
4.3 pts.








Net income (loss) per share, diluted, as reported
$        0.45
$      (0.26)


Add: Impact of special items
—
0.16

(c)Deduct: Net loss tax impact of special items
—
(0.03)


Net income (loss) per share, diluted, excluding special items
$        0.45
$      (0.13)
n.m.








Operating expenses per ASM (cents)
¢      16.46   
¢      16.05   


Deduct: Impact of special items
—
(0.23)


Deduct: Aircraft fuel and related taxes expense divided by ASMs
(3.23)
(3.01)


Deduct: Profit-sharing expense divided by ASMs
(0.12)
—


Operating expenses per ASM, excluding Aircraft fuel and related taxes expense, special items, and profit sharing (cents)
¢      13.11    
¢      12.81   
2.3(a) Includes amounts reclassified from Accumulated other comprehensive income associated with hedges previously terminated.(b) Represents Employee severance payments and related professional fees resulting from the workforce reduction in February 2025 ($53 million in Salaries, wages, and benefits and $9 million in Other operating expenses).(c) Tax amounts for each individual special item are calculated at the Company's effective rate for the applicable period and totaled in this line item. Southwest Airlines Co.Comparative Consolidated Operating Statistics(unaudited)Relevant comparative operating statistics for the three months ended March 31, 2026 and 2025 are included below. The Company provides these operating statistics because they are commonly used in the airline industry and, as such, allow readers to compare the Company's performance against its results for the prior year period, as well as against the performance of the Company's peers.  

Three months ended




March 31,
Percent


2026
2025
Change
Revenue passengers carried (000s)
29,175

29,990

(2.7)
Enplaned passengers (000s)
37,277

37,139

0.4
Revenue passenger miles (RPMs) (in millions) (a)
31,151

30,629

1.7
Available seat miles (ASMs) (in millions) (b)
42,049

41,432

1.5
Load factor (c)
74.1%
73.9%
0.2 pts.
Average length of passenger haul (miles)
1,068

1,021

4.6
Average aircraft stage length (miles)
778

771

0.9
Trips flown
330,371

331,886

(0.5)
Seats flown (000s) (d)
53,030

53,237

(0.4)
Seats per trip (e)
160.5

160.4

0.1
Average passenger fare
$225.93

$193.75

16.6
Passenger revenue yield per RPM (cents) (f)
21.16

18.97

11.5
RASM (cents) (g)
17.24

15.51

11.2
PRASM (cents) (h)
15.68

14.02

11.8
CASM (cents) (i)
16.46

16.05

2.6
CASM, excluding fuel (cents)
13.23

13.04

1.5
CASM, excluding special items (cents)
16.46

15.82

4.0
CASM, excluding fuel and special items (cents)
13.23

12.81

3.3
CASM, excluding fuel, special items, and profit sharing (cents)
13.11

12.81

2.3
Fuel costs per gallon, including fuel tax (unhedged)
$2.67

$2.42

10.3
Fuel costs per gallon, including fuel tax
$2.73

$2.49

9.6
Fuel costs per gallon, including fuel tax (economic)
$2.73

$2.49

9.6
Fuel consumed, in gallons (millions)
496

500

(0.8)
Active fulltime equivalent Employees
73,401

71,506

2.7
Aircraft at end of period
800

800

—
(a) A revenue passenger mile is one paying passenger flown one mile. Also referred to as "traffic," which is a measure of demand for a given period.(b) An available seat mile is one seat (empty or full) flown one mile. Also referred to as "capacity," which is a measure of supply or the space available to carry passengers in a given period.(c) Revenue passenger miles divided by available seat miles.(d) Seats flown is calculated using total number of seats available by aircraft type multiplied by the total trips flown by the same aircraft type during a particular period.(e) Seats per trip is calculated by dividing seats flown by trips flown.(f) Calculated as passenger revenue divided by revenue passenger miles. Also referred to as "yield," this is the average cost paid by a paying passenger to fly one mile, which is a measure of revenue production and fares.(g) RASM (unit revenue) - Operating revenue yield per ASM, calculated as operating revenue divided by available seat miles. Also referred to as "operating unit revenues," this is a measure of operating revenue production based on the total available seat miles flown during a particular period.(h) PRASM (Passenger unit revenue) - Passenger revenue yield per ASM, calculated as passenger revenue divided by available seat miles. Also referred to as "passenger unit revenues," this is a measure of passenger revenue production based on the total available seat miles flown during a particular period.(i) CASM (unit costs) - Operating expenses per ASM, calculated as operating expenses divided by available seat miles. Also referred to as "unit costs" or "cost per available seat mile," this is the average cost to fly an aircraft seat (empty or full) one mile, which is a measure of cost efficiency. Southwest Airlines Co.Condensed Consolidated Balance Sheet(in millions)(unaudited) 
March 31, 2026
December 31, 2025ASSETS


Current assets:


     Cash and cash equivalents$3,328

$3,231
     Accounts and other receivables1,254

1,149
     Inventories of parts and supplies, at cost833

775
     Prepaid expenses and other current assets554

490
          Total current assets5,969

5,645
Property and equipment, at cost:


     Flight equipment26,254

26,293
     Ground property and equipment9,317

9,163
     Deposits on flight equipment purchase contracts494

401
     Assets constructed for others88

88

36,153

35,945
     Less allowance for depreciation and amortization15,777

15,700

20,376

20,245
Goodwill970

970
Operating lease right-of-use assets1,019

1,089
Other assets1,021

1,112

$29,355

$29,061
LIABILITIES AND STOCKHOLDERS' EQUITY


Current liabilities:


     Accounts payable$2,114

$1,991
     Accrued liabilities2,170

2,349
     Current operating lease liabilities300

312
     Air traffic liability7,049

5,945
     Current maturities of long-term debt851

324
          Total current liabilities12,484

10,921




Long-term debt less current maturities4,536

4,577
Air traffic liability - noncurrent1,201

1,219
Deferred income taxes2,353

2,289
Noncurrent operating lease liabilities709

768
Other noncurrent liabilities1,197

1,306
Stockholders' equity:


     Common stock888

888
     Capital in excess of par value4,260

4,322
     Retained earnings16,526

16,388
     Accumulated other comprehensive loss(1)

(24)
     Treasury stock, at cost(14,798)

(13,593)
          Total stockholders' equity6,875

7,981

$29,355

$29,061
 Southwest Airlines Co.Condensed Consolidated Statement of Cash Flows(in millions) (unaudited)


Three months ended March 31,

2026
2025
CASH FLOWS FROM OPERATING ACTIVITIES:



Net income (loss)$227

$(149)

Adjustments to reconcile net income (loss) to net cash provided by operating activities:



Depreciation and amortization398

396

Deferred income taxes57

(43)

Gain on sale-leaseback transactions—

(3)

Changes in certain assets and liabilities:



Accounts and other receivables(93)

57

Other assets(61)

145

Accounts payable and accrued liabilities(79)

(126)

Air traffic liability1,086

660

Other liabilities(77)

(63)

Cash collateral provided to derivative counterparties—

(22)

Other, net(40)

8

Net cash provided by operating activities1,418

860






CASH FLOWS FROM INVESTING ACTIVITIES:



Capital expenditures(630)

(527)

Proceeds from sale of property and equipment192

26

Proceeds from sale-leaseback transactions—

24

Purchases of short-term investments—

(51)

Proceeds from sales of short-term and other investments—

1,154

Other, net(7)

(3)

Net cash provided by (used in) investing activities(445)

623






CASH FLOWS FROM FINANCING ACTIVITIES:



Proceeds from issuance of long-term debt500

—

Proceeds from Employee stock plans16

17

Repurchase of common stock(1,250)

(750)

Payments of long-term debt and finance lease obligations(6)

(5)

Payments of cash dividends(93)

(107)

Other, net(43)

(13)

Net cash used in financing activities(876)

(858)






NET CHANGE IN CASH AND CASH EQUIVALENTS97

625






CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD3,231

7,509






CASH AND CASH EQUIVALENTS AT END OF PERIOD$3,328

$8,134

NOTE REGARDING USE OF NON-GAAP FINANCIAL MEASURES
The Company's unaudited Condensed Consolidated Financial Statements are prepared in accordance with GAAP. These GAAP financial statements include (i) unrealized noncash reclassifications, as a result of accounting requirements and elections previously made under accounting pronouncements relating to derivative instruments and hedging and (ii) other charges and benefits the Company considers unusual and/or infrequent in nature and thus may make comparisons to its prior or future performance difficult.Accordingly, the Company also provides financial information in this filing that was not prepared in accordance with GAAP and should not be considered as a substitute for the information prepared in accordance with GAAP. The Company provides supplemental non-GAAP financial information (also referred to as "excluding special items"). Management believes special items can distort the trends associated with the Company's ongoing performance. Therefore, management utilizes non-GAAP financial measures to evaluate the Company's financial performance, anticipate future operating results, and assess trends without the impact of items that can vary significantly from period to period. The following measures are often provided, excluding special items, and are utilized by the Company's management, analysts, and investors to enhance comparability of year-over-year results, as well as to industry trends: Total operating expenses, non-GAAP; Operating expenses, non-GAAP excluding Aircraft fuel and related taxes expense; Operating expenses, non-GAAP excluding Aircraft fuel and related taxes expense and profit sharing; Operating income (loss), non-GAAP; Income (loss) before income taxes, non-GAAP; Provision (benefit) for income taxes, net, non-GAAP; Net income (loss), non-GAAP; Net income (loss) per share, diluted, non-GAAP; Operating expenses per ASM, non-GAAP, excluding Aircraft fuel and related taxes expense and profit sharing (cents); adjusted operating margin; adjusted net margin; and Adjusted debt to adjusted EBITDAR.For the periods presented, special items include:Charges associated with tentative litigation settlements regarding paid short-term military leave to certain Employees;Expenses associated with professional advisory fees related to the Company's implementation of its comprehensive transformational plan; andCharges associated with severance, post-employment benefits, and professional fees as a result of the Company's reduction in workforce.The Company has also provided adjusted debt, adjusted EBITDAR, and adjusted debt to adjusted EBITDAR (leverage), which are non-GAAP measures of financial performance. Management believes these supplemental measures can provide a more accurate view of the Company's leverage and risk, since they consider the Company's debt and debt-like obligation profile. Leverage ratios are widely used by investors, analysts, and rating agencies in the valuation, comparison, rating, and investment recommendations of companies. Although adjusted debt, adjusted EBITDAR, and leverage ratios are commonly-used financial measures, definitions of each differ; therefore, the Company is providing an explanation of its calculations for non-GAAP adjusted debt and adjusted EBITDAR in the accompanying reconciliation below in order to allow investors to compare and contrast its calculations to the calculations provided by other companies.
March 31, 2026(in millions)
Current maturities of long-term debt, as reported$851
Long-term debt less current maturities, as reported4,536
Total debt, including finance leases (A)5,387
Add: Current operating lease liabilities, as reported300
Add: Noncurrent operating lease liabilities, as reported709
Adjusted debt (B)$6,396



Twelve Months Ended
March 31, 2026Net income, as reported (C)$816
Interest expense (income), net of capitalized interest, as reported(25)
Income tax expense (benefit), as reported223
Non-operating other (gains) losses, net, as reported(33)
Operating income, as reported981
Impact of special items16
Operating income, non-GAAP997
Depreciation and amortization1,563
Fixed portion of operating lease expense356
Adjusted EBITDAR (D)$2,916


Total debt to Net income (A/C)6.6x
Adjusted debt to adjusted EBITDAR (B/D)2.2x
 



View original content:https://www.prnewswire.com/news-releases/southwest-airlines-reports-first-quarter-results-business-transformation-initiatives-deliver-meaningful-margin-expansion-302750840.htmlSOURCE Southwest Airlines Co.

Original: SOUTHWEST AIRLINES REPORTS FIRST QUARTER RESULTS, BUSINESS TRANSFORMATION INITIATIVES DELIVER MEANINGFUL MARGIN EXPANSION

SOUTHWEST AIRLINES TO DISCUSS FIRST QUARTER 2026 FINANCIAL RESULTS ON APRIL 23, 2026April 16, 2026 5:27 PM
PR Newswire (US)

DALLAS, April 16, 2026 /PRNewswire/ -- Southwest Airlines Co. (NYSE: LUV) invites you to listen to a live webcast of its first quarter 2026 financial results. Details are as follows:
When:             Thursday, April 23, 2026, at 10:00 AM Eastern Time

Who:              Bob Jordan, President, Chief Executive Officer, and Vice Chairman of the Board of Directors
Andrew Watterson, Chief Operating Officer
Tom Doxey, Executive Vice President and Chief Financial Officer

Web Address:  http://www.southwestairlinesinvestorrelations.com/To access the live audio webcast and subsequent replay, click on the link above, or go to www.southwest.com and click on "Investor Relations" under the "About Southwest" menu at the bottom of the page. The audio webcast can be found on the homepage or by clicking "Calendar" under the "News & Events" header. Registration for this event begins 20 minutes prior to the start of the call.



View original content:https://www.prnewswire.com/news-releases/southwest-airlines-to-discuss-first-quarter-2026-financial-results-on-april-23-2026-302745334.htmlSOURCE Southwest Airlines Co.

Original: SOUTHWEST AIRLINES TO DISCUSS FIRST QUARTER 2026 FINANCIAL RESULTS ON APRIL 23, 2026

SOUTHWEST AIRLINES ANNOUNCES SABRINA CALLAHAN AS CHIEF DIGITAL AND MARKETING OFFICER AND NANDIKA SURI AS VICE PRESIDENT OF RAPID REWARDSApril 14, 2026 12:00 PM
PR Newswire (US)

New Leaders support evolving Customer Experience and maintaining Southwest's legendary Hospitality DALLAS, April 14, 2026 /PRNewswire/ -- Southwest Airlines Co. (NYSE: LUV) today announced that Sabrina Callahan recently joined the airline as its first Chief Digital and Marketing Officer, bringing extensive experience driving growth and transformation across digital and eCommerce, brand, social, and marketing. Additionally, Nandika Suri joins as Vice President of Rapid Rewards® to lead the Company's award-winning loyalty program.Sabrina and Nandika are joining a Southwest Airlines® leadership team that is focused on evolving the Customer Experience and investing in the digital journey while further strengthening the Southwest® brand that people know and love.About Sabrina Callahan, Chief Digital and Marketing OfficerIn her role, Sabrina will help shape the strategic path for the Company's marketing and digital strategy, enhancing the relationship between Southwest's Customers and its brand in an authentic, distinctly Southwest way.She will focus on growing the airline's Customer base and shaping how the brand shows up as the Company expands into new markets and offers Customers more options. By unifying the marketing funnel with digital platforms under one Leader, Southwest will bring reliability and ease to each interaction with the brand whether booking a flight, checking in, or on the journey itself. "This is an exciting time in Southwest's history, and we are looking forward to adding additional expertise that will continue to deepen our connection with Customers," said Tony Roach, Executive Vice President and Chief Customer and Brand Officer at Southwest Airlines. "Sabrina's creative leadership and thinking will shape how our beloved brand continues to engage with Customers in a genuine Southwest way."Sabrina brings experience driving growth and transformation across eCommerce, brand, and marketing for some of the world's most recognized companies, including Hilton, Walmart, and AT&T. She has led digital modernization initiatives and eCommerce expansion, omnichannel customer experience transformations, and modernized brands to drive long-term Company growth.About Nandika Suri, Vice President of Rapid Rewards Nandika will focus on strengthening the connection between Southwest and its Customers through the Company's loyalty program, Rapid Rewards, and delivering long-term value through new and evolving options.Nandika will lead the Rapid Rewards organization and work with partners across the Company to grow loyalty, increase program membership, and drive engagement, while advancing key partner relationships, including the co-brand portfolio.Tony Roach adds, "Southwest is highly focused on continuing to evolve the Customer Experience, especially for our most loyal Customers and under Nandika's Leadership, her Team will be a powerful driver of enhancing Customer choice and long-term value – a critical connection that we continue to invest in."Nandika brings deep expertise in building and scaling world-class loyalty and rewards programs for leading travel and consumer brands, including Choice Hotels International, Under Armour, and United Airlines. She has led the strategy, design, and growth of large-scale loyalty programs, advancing innovative earning and redemption experiences, expanding member engagement, and driving loyalty-related revenue to support sustained Company growth.ABOUT SOUTHWEST AIRLINES CO.
Southwest Airlines Co. operates one of the world's most admired and awarded airlines, offering its one-of-a-kind value and Hospitality at 121 airports across 12 countries. Southwest took flight in 1971 to democratize the sky through friendly, reliable, and low-cost air travel and now carries more air travelers flying nonstop within the United States than any other airline¹. By empowering its more than 72,000² People to deliver unparalleled Hospitality, the maverick airline cherishes a passionate loyalty among more than 134 million Customers carried in 2025. Southwest leverages a unique legacy and mission to serve communities around the world including harnessing the power of its People and Purpose to put communities at the Heart of its success. Learn more by visiting Southwest.com/citizenship.Based on U.S. Dept. of Transportation quarterly Airline Origin & Destination Survey as of Q4 2025Fulltime-equivalent active Employees as of December 31, 2025



View original content:https://www.prnewswire.com/news-releases/southwest-airlines-announces-sabrina-callahan-as-chief-digital-and-marketing-officer-and-nandika-suri-as-vice-president-of-rapid-rewards-302741953.htmlSOURCE Southwest Airlines Co.

Original: SOUTHWEST AIRLINES ANNOUNCES SABRINA CALLAHAN AS CHIEF DIGITAL AND MARKETING OFFICER AND NANDIKA SURI AS VICE PRESIDENT OF RAPID REWARDS

SOUTHWEST AIRLINES POPS THE CORK ON SANTA ROSA SERVICE, PAIRED WITH SIP AND SHIP PROGRAM FOR WINE LOVERS STARTING APRIL 24April 7, 2026 7:45 PM
PR Newswire (US)

Travelers can toast to a new destination and fly a case of wine home "on the house"DALLAS, April 7, 2026 /PRNewswire/ -- Southwest Airlines Co. (NYSE: LUV) began service in Santa Rosa, California's Charles M. Schulz Sonoma County Airport today. To celebrate the airline's wine country expansion, Southwest® will introduce a new Sip and Ship™ program 1, which will allow Southwest Customers to check one case of wine at no cost from select West Coast locations starting later this month."We're excited to open the door to more of California's incredible destinations, especially the stunning wine region of Sonoma County, as we add our 14th airport to our already best-in-industry intra-California service," said Andrew Watterson, Chief Operating Officer at Southwest Airlines®. "By adding service to Sonoma County Airport and launching Sip and Ship, we're offering our Customers even more convenience and an opportunity to continuing sipping and savoring their time in wine country."Plot Your TripSouthwest's Santa Rosa (Sonoma County), California service is connecting nonstop to San Diego, Las Vegas, Denver, and Burbank, California. The San Diego and Las Vegas routes are now operating daily, including two San Diego roundtrips on peak days. Burbank will initially operate five days a week, and Denver will operate on Saturdays.Pack Your PinotSouthwest's new Sip and Ship™ program lets Customers bring home the best souvenir from wine country – vino! Each Customer can check one (1) case of wine at no additional charge. Selections should be placed in a standard wine shipping box or wine suitcase that meets checked bag requirements.As Southwest continues to expand its network, including recent openings in St. Thomas, United States Virgin Islands; Knoxville, Tennessee, St. Maarten--which also opened today--and Anchorage scheduled to open in May, the airline remains focused on creating more convenient ways for Customers to explore and enjoy new and exciting places. The introduction of Sip and Ship™ complements this growth by adding a Customer benefit for those visiting wine country ensuring every journey with Southwest delivers reliability, flexibility, and a memorable experience—right down to the very last drop.ABOUT SOUTHWEST AIRLINES CO.
Southwest Airlines Co. operates one of the world's most admired and awarded airlines, offering its one-of-a-kind value and Hospitality at 117 airports across 11 countries. Southwest took flight in 1971 to democratize the sky through friendly, reliable, and low-cost air travel and now carries more air travelers flying nonstop within the United States than any other airline2. By empowering its more than 72,0003 People to deliver unparalleled Hospitality, the maverick airline cherishes a passionate loyalty among more than 134 million Customers carried in 2025. Southwest leverages a unique legacy and mission to serve communities around the world including harnessing the power of its People and Purpose to put communities at the Heart of its success. Learn more by visiting Southwest.com/citizenship.Sip and Ship™ is available on select Southwest® flights to eligible U.S. destinations. Passengers must be 21 years of age or older. One (1) case of wine may be checked at no additional charge, provided it is in the original unopened container with the manufacturer's label and securely packaged in a leak-proof bag with adequate professional packaging designed to fit the proportions of the bottle to prevent breakage. A "case" is defined as a single box or specialized wine suitcase containing up to twelve (12) bottles and weighing no more than fifty (50) pounds. Customers are required to follow the standard sizing policy for checked baggage, which is 62 inches in size (length + width + height). Wheels and handles should be included when measuring. Wine must be checked with a Southwest Customer Service Agent at the ticket counter. The top of the primary shipping container must not be sealed prior to Customer Service Agent inspection at the airport. Wine quantity limitations vary by state. Please check your state's rules for applicable restrictions. Only select flights originating from the above listed states and airports qualify for this offer. Southwest Cargo shipments and flights departing from non-participating cities are not eligible and standard checked baggage fees will apply. Southwest Airlines® does not accept liability for breakage of liquids or fragile items in checked luggage even if transported in special packaging purchased from Southwest. Offer is subject to change without notice and may not be combined with other baggage fee waivers unless expressly stated.Based on U.S. Dept. of Transportation quarterly Airline Origin & Destination Survey as of Q4 2025.Fulltime-equivalent active Employees as of December 31, 2025.



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Original: SOUTHWEST AIRLINES POPS THE CORK ON SANTA ROSA SERVICE, PAIRED WITH SIP AND SHIP PROGRAM FOR WINE LOVERS STARTING APRIL 24

Airline stocks jump as oil falls after Trump delays Iran strikesMarch 23, 2026 10:02 AM
IH Market News
Shares of major U.S. airlines moved sharply higher on Monday as crude oil prices declined after President Donald Trump announced that planned strikes on Iranian energy facilities would be delayed by five days.In pre-market trading, American Airlines (NASDAQ:AAL) rose 4.3%, while United Airlines (NASDAQ:UAL) gained 3.9%. Delta Air Lines (NYSE:DAL) advanced 3.6%, JetBlue (NASDAQ:JBLU) climbed 3.2%, and Southwest Airlines (NYSE:LUV) increased 3.8% shortly before 8 a.m. on Monday.Trump said in a Truth Social post early Monday that he had instructed the Department of War to postpone the strikes following discussions between the United States and Iran over the past two days.“I am pleased to report that the United States of America, and the country of Iran, have had, over the last two days, very good and productive conversations regarding a complete and total resolution of our hostilities in the Middle East,” Trump wrote. “Based on the tenor and tone of these in depth, detailed, and constructive conversations, which will continue throughout the week, I have instructed the Department of War to postpone any and all military strikes against Iranian power plants and energy infrastructure for a five day period, subject to the success of the ongoing meetings and discussions.”Oil prices reacted immediately to the announcement, falling from above $98 per barrel to below $85 within minutes. Prices later recovered some losses and were trading above $92, still about 6.6% lower on the day.On Saturday, Trump had warned that the United States would target Iran’s power plants if Tehran failed to fully reopen the Strait of Hormuz within 48 hours. The threat came just one day after he spoke about winding down the conflict, which has now entered its fourth week.American Airlines stock priceUnited Airlines stock priceDelta Airlines stock priceJetBlue Airways stock priceSouthwest Airlines stock price

Original: Airline stocks jump as oil falls after Trump delays Iran strikes

Southwest Airlines to Present at the J.P. Morgan Industrials ConferenceMarch 16, 2026 6:30 AM
PR Newswire (US)

DALLAS, March 16, 2026 /PRNewswire/ -- Southwest Airlines Co. (NYSE: LUV) has been invited to speak at the J.P. Morgan Industrials Conference. J.P. Morgan will be webcasting the audio presentation live, and a link to the webcast will be made available via the Investor Relations homepage on the Southwest Airlines website. Details of the audio webcast are as follows:
Date:March 17, 2026

Time: 11:30am EDT

Speakers: Bob Jordan, President, Chief Executive Officer, & Vice Chairman of the Board of Directors
Andrew Watterson, Chief Operating Officer
Tom Doxey, Executive Vice President and Chief Financial Officer 

Web Address: www.southwestairlinesinvestorrelations.comTo access the live audio webcast and subsequent replay, click on the link above, or go to www.southwest.com and click on "Investor Relations" under the "About Southwest" menu at the bottom of the page. The audio webcast can be found on the homepage or by clicking "Calendar" under the "News & Events" header.



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Original: Southwest Airlines to Present at the J.P. Morgan Industrials Conference

Southwest Airlines to Present at the J.P. Morgan Industrials ConferenceMarch 10, 2026 2:36 PM
PR Newswire (US)

DALLAS, March 10, 2026 /PRNewswire/ -- Southwest Airlines Co. (NYSE: LUV) has been invited to speak at the J.P. Morgan Industrials Conference. J.P. Morgan will be webcasting the audio presentation live, and a link to the webcast will be made available via the Investor Relations homepage on the Southwest Airlines website. Details of the audio webcast are as follows:
Date:March 17, 2026

Time: 11:30am EDT

Speakers: Bob Jordan, President, Chief Executive Officer, & Vice Chairman of the Board of Directors
Andrew Watterson, Chief Operating Officer
Tom Doxey, Executive Vice President and Chief Financial Officer 

Web Address: www.southwestairlinesinvestorrelations.comTo access the live audio webcast and subsequent replay, click on the link above, or go to www.southwest.com and click on "Investor Relations" under the "About Southwest" menu at the bottom of the page. The audio webcast can be found on the homepage or by clicking "Calendar" under the "News & Events" header.



View original content:https://www.prnewswire.com/news-releases/southwest-airlines-to-present-at-the-jp-morgan-industrials-conference-302709929.htmlSOURCE Southwest Airlines Co.

Original: Southwest Airlines to Present at the J.P. Morgan Industrials Conference

Airline and cruise stocks slide as oil spike rattles travel sectorMarch 9, 2026 11:45 AM
IH Market News
Shares of major airlines and cruise operators fell sharply on Monday as surging oil prices triggered a selloff in travel-related stocks.United Airlines (NASDAQ:UAL) dropped 6%, while American Airlines (NASDAQ:AAL) fell 5%. Delta Air Lines (NYSE:DAL) declined 4.5% and Southwest Airlines (NYSE:LUV) slipped 3.8%, as investors reacted to the sharp rise in crude prices.Oil jumped roughly 20% in early Monday trading, reaching its highest levels since July 2022. The surge followed an escalation in the U.S.-Israeli conflict with Iran, which has prompted some Middle Eastern producers to curb supply and raised concerns about potential disruptions to tanker traffic through the Strait of Hormuz.Cruise operators also came under pressure. Carnival (NYSE:CCL) fell 7%, Royal Caribbean (NYSE:RCL) dropped 6.6%, and Norwegian Cruise Line (NYSE:NCLH) declined 6%.Deutsche Bank warned on Friday that the spike in oil prices could pose a serious threat to the airline industry. The firm noted that the sector suffered significant financial damage during the 2005 fuel price surge, when Delta Air Lines and Northwest Airlines were forced to file for bankruptcy.“Absent near-term relief, airlines around the world could be forced to ground” thousands of aircraft as a result of the Iran war, analyst Michael Linenberg wrote in a note. “Some of the industry’s financially weakest carriers could halt operations.”Although U.S. airlines are largely shielded from the direct travel disruptions affecting the Middle East, jet fuel accounts for as much as 30% of their operating costs, leaving them highly sensitive to fluctuations in oil prices.Analysts say that if the conflict persists, elevated oil prices could continue to weigh on airline profitability and the broader travel sector.United Airlines stock priceAmerican Airlines stock priceDelta Airlines stock priceSouthwest Airlines stock priceCarnival Corporation stock priceRoyal Caribbean stock priceRoyal Caribbean stock price

Original: Airline and cruise stocks slide as oil spike rattles travel sector

SOUTHWEST AIRLINES BRINGS STARLINK ULTRA-FAST WIFI ONBOARDFebruary 11, 2026 4:45 PM
PR Newswire (US)

The fastest WiFi in the sky takes off on Southwest this summer1DALLAS, Feb. 11, 2026 /PRNewswire/ -- Southwest Airlines Co. (NYSE: LUV) is taking inflight connectivity to new heights with Starlink. Engineered by SpaceX, Starlink will deliver next-generation WiFi across Southwest's network of 11 countries, allowing Customers to stream, share, and scroll in the sky at lightning-fast speeds."Free WiFi has been a huge hit with our Rapid Rewards Members, and we know our Customers expect seamless connectivity across all their devices when they travel," said Tony Roach, Executive Vice President, Chief Customer & Brand Officer at Southwest Airlines. "Starlink delivers that at-home experience in the air, giving Customers the ability to stream their favorite shows from any platform, watch live sports, download music, play games, work, and connect with loved ones from takeoff to landing."The Countdown Begins
Southwest® plans to rapidly integrate Starlink into its fleet. The first Starlink-equipped aircraft enters service this summer, and it will be available on more than 300 aircraft by the end of 2026. This is a major step in the carrier's plan to upgrade all its aircraft with high-speed, low-Earth-orbit satellite technology.New Connections
Starlink is a constellation of more than 9,000 satellites that orbit close to Earth, delivering reliable, high-speed internet access across the world. This technology supports inflight entertainment with high-definition streaming and live gaming, connection with real-time messaging, and productivity with the ability to collaborate and upload large files in seconds.1"We're thrilled to deliver a connectivity experience to Southwest Airlines and its Customers that really is similar, if not better, than what you can experience in your own home. Starlink is the future of connected travel, making every journey faster, smoother, and infinitely more enjoyable," said Jason Fritch, Vice President of Starlink Enterprise Sales at SpaceX.Leveling Up the Cabin Experience 
Southwest is the largest US airline to offer access to free WiFi fleetwide to its loyalty members, thanks to T-Mobile®2. Launching Starlink's fastest WiFi in the sky is just one of many ways the airline is doing more to elevate the cabin experience, including:Offering more choice and comfort with assigned and premium seating.Updating the cabin design with new aircraft seats made by RECARO.Installing in-seat power at every seat, larger overhead bins, and seatbacks with a personal electronic device holder.Launching the Extra Legroom experience3 with enhanced snack options4.Optimizing the boarding process and offering earlier boarding to Customers sitting in Extra Legroom seats, tier members, Rapid Rewards Credit Cardmembers, and Companion Pass® holders.5Want even more from Southwest?
Join Rapid Rewards to unlock free WiFi, tier benefits, and points by flying or spending with eligible partners. Members can purchase points to earn a reward to book their favorite destination or a new Southwest route. All Rapid Rewards rules and regulations apply at Southwest.com/rrterms. ABOUT STARLINK 
Starlink is the world's most advanced satellite constellation in low-Earth orbit, delivering reliable broadband internet capable of supporting streaming, online gaming, video calls, and more. Starlink is engineered and operated by SpaceX. As the world's leading provider of launch services, and the only provider with an orbital class reusable rocket – SpaceX has deep experience with both spacecraft and on-orbit operations. Learn more at www.starlink.com and follow @Starlink on X.ABOUT SOUTHWEST AIRLINES CO.
Southwest Airlines Co. operates one of the world's most admired and awarded airlines, offering its one-of-a-kind value and Hospitality at 118 airports across 11 countries. Southwest took flight in 1971 to democratize the sky through friendly, reliable, and low-cost air travel and now carries more air travelers flying nonstop within the United States than any other airline.6 By empowering its more than 72,0007 People to deliver unparalleled Hospitality, the maverick airline cherishes a passionate loyalty among more than 134 million Customers carried in 2025. Southwest leverages a unique legacy and mission to serve communities around the world including harnessing the power of its People and Purpose to put communities at the Heart of its success. Learn more by visiting Southwest.com/citizenship.1 Based on independent Ookla Speedtest Intelligence data from Q1 2025.2 Where available. Available on WiFi-enabled designated aircraft.3 Up to five additional inches of extra legroom compared to Standard and Preferred seats. Seat pitch will vary by aircraft type.4 Excluding Hawaii interisland flights, complimentary non-alcoholic drinks and snacks are served on select flights 251 miles or more. Extra legroom customers receive complimentary premium drinks on select flights 251 miles or more and complimentary premium snacks on select flights 301 miles or more. Service may also be limited at the discretion of Southwest Airlines®. Alcohol purchased onboard must be consumed onboard. You must be 21 years or older to drink alcoholic beverages.5 Boarding group is based on the seat type and location in the cabin. The seats included in the fare bundle are based on availability. Our Rapid Rewards® A-List Preferred Members will board in Groups 1 or 2, and our A-List Members and Rapid Rewards Credit Cardmembers will board no later than Group 5.6 Based on U.S. Dept. of Transportation quarterly Airline Origin & Destination Survey as of Q1 20257 Fulltime-equivalent active Employees as of Dec. 31, 2025 



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Original: SOUTHWEST AIRLINES BRINGS STARLINK ULTRA-FAST WIFI ONBOARD

SOUTHWEST AIRLINES ANNOUNCES REALIGNMENT OF BOARD SIZEFebruary 10, 2026 4:30 PM
PR Newswire (US)

DALLAS, Feb. 10, 2026 /PRNewswire/ -- Southwest Airlines (NYSE: LUV) today announced that Directors David Cush and Gregg Saretsky have informed the Company that they are stepping off the Board effective Feb. 23, 2026."2025 was a year of remarkable transformation at Southwest Airlines, and my sincere thanks go out to both David and Gregg for their valuable contributions and dedicated service on the Board. Their participation came during an important period for the Company and helped Southwest position itself for long-term success," said Bob Jordan, President, Chief Executive Officer, and Vice Chairman of the Board. The Company further said that in connection with the departures of Cush and Saretsky, the Board intends to reduce its size from 13 to 11 members. ABOUT SOUTHWEST AIRLINES CO.
Southwest Airlines Co. operates one of the world's most admired and awarded airlines, offering its one-of-a-kind value and Hospitality at 118 airports across 11 countries. Southwest took flight in 1971 to democratize the sky through friendly, reliable, and low-cost air travel and now carries more air travelers flying nonstop within the United States than any other airline1. By empowering its more than 72,0002 People to deliver unparalleled Hospitality, the maverick airline cherishes a passionate loyalty among more than 134 million Customers carried in 2025. Southwest leverages a unique legacy and mission to serve communities around the world including harnessing the power of its People and Purpose to put communities at the Heart of its success. Learn more by visiting Southwest.com/citizenship.Based on U.S. Dept. of Transportation quarterly Airline Origin & Destination Survey as of Q1 2025Fulltime-equivalent active Employees as of Dec. 31, 2025 



View original content:https://www.prnewswire.com/news-releases/southwest-airlines-announces-realignment-of-board-size-302684317.htmlSOURCE Southwest Airlines Co.

Original: SOUTHWEST AIRLINES ANNOUNCES REALIGNMENT OF BOARD SIZE

SOUTHWEST AIRLINES DECLARES 188th QUARTERLY DIVIDENDFebruary 5, 2026 9:45 AM
PR Newswire (US)

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.htmlSOURCE Southwest Airlines Co.

Original: SOUTHWEST AIRLINES DECLARES 188th QUARTERLY DIVIDEND

SOUTHWEST AIRLINES REPORTS FOURTH QUARTER AND FULL YEAR 2025 RESULTS; EXPECTS STRONG 2026 FINANCIAL PERFORMANCE FROM BUSINESS TRANSFORMATIONJanuary 28, 2026 4:28 PM
PR Newswire (US)

2025 net income $441 million / $0.79 EPS; adjusted net income1 $512 million / $0.93 adjusted EPS1,22025 adjusted EBIT1,3 $574 million and above prior guidance of $500 millionGuiding 2026 adjusted EPS4 of at least $4.00, up more than 300% over 2025Ranked #1 in The Wall Street Journal Best U.S. Airlines of 20252026 guidance and strong Q1 bookings reflect sweeping transformation undertaken in 2025DALLAS, 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 revenue initiatives and continued cost control, contributing to solid results and strong momentum. Notwithstanding the impact of Winter Storm Fern, 2026 is off to a strong start, driven by the Company's Customer-focused product offering, operational excellence, and dramatic progress from the transformational initiatives implemented last year."Southwest closed 2025 with strong momentum. Last year we implemented the most ambitious transformation in Company history, including bag fees, basic economy fares, assigned and extra legroom seating, Rapid Rewards® program optimization, online distribution expansion, and free Wi-Fi for loyalty members. We also outperformed our cost reduction goals, strengthened operational reliability through new technology, and returned $2.9 billion to our Shareholders through share repurchases and dividends. That foundation positions us well for long-term success and sets the stage for significant earnings growth this year. Our performance reflects the extraordinary work of our People, who transformed the business while continuing to serve our Customers with unparalleled hospitality and operational excellence. Their efforts enabled us to achieve $574 million in full year adjusted EBIT, and earned Southwest the top spot in The Wall Street Journal Best U.S. Airlines of 2025. I could not be more proud of what we accomplished," said Bob Jordan, Southwest's President & Chief Executive Officer.2025 Highlights:Record quarterly and full year operating revenues of $7.4 billion and $28.1 billion, respectivelyFourth quarter and full year net income of $323 million and $441 million, or $0.61 and $0.79 per diluted share, respectivelyFourth quarter and full year adjusted net income of $301 million and $512 million, or $0.58 and $0.93 per diluted share, respectivelyFourth quarter and full year adjusted EBIT of $386 million and $574 million, respectivelyReturned $2.9 billion to Shareholders in the form of dividends and share repurchases#1 ranking in The Wall Street Journal Best U.S. Airlines of 20252025 Key Initiatives:Implemented assigned and extra legroom seating for travel beginning January 27, 2026Changed product offering, including the implementation of bag fees, the addition of a basic economy fare product, and flight credit expirationOptimized Rapid Rewards program, including variable earn and burn ratesAmended co-brand agreement with Chase, including new benefits and improved economicsLaunched free Wi-Fi for loyalty program members, in partnership with T-MobileExpanded online presence through new partnerships with Expedia and PricelineOutperformed the previously provided estimate of $370 million in cost reduction, including the first Company layoff of non-contract and management EmployeesAnnounced six strategic partnerships with Icelandair, EVA Air, China Airlines, Philippine Airlines, Condor, and Turkish AirlinesLaunched Getaways by Southwest™, an in-house packaged vacations productAnnounced new service at St. Thomas, USVI; Knoxville, Tennessee; St. Maarten; Santa Rosa, California; and Anchorage, AlaskaAdded redeye flying to increase aircraft utilization and network connectivityReduced turn time to increase aircraft utilizationDeployed new technology boosting operational reliability, a key enabler of the Company's #1 rank in The Wall Street Journal Best U.S. Airlines of 2025Discontinued the fuel hedging programCompleted $2.6 billion in share repurchases in 2025, representing approximately 14% of shares outstanding, while maintaining the Company's investment-grade ratingGuidance and Outlook:
The following tables provide guidance for first quarter and full year 2026, and include the impact of Winter Storm Fern. The 2026 adjusted EPS guidance is at the lower end of internal forecasts, and well above Wall Street consensus. Just yesterday, assigned and extra legroom seating became operational, and Southwest expects earnings upside based on how booking behavior related to these initiatives unfolds:Upsell revenue from close-in bookings, which are more closely affiliated with business and price-flexible CustomersGrowth in business and leisure Customer segments driven by the more attractive new product offeringIn the next month or so, Southwest will have better visibility to the upside potential from these initiatives and will provide range bound guidance for 2026 when current quarterly results are reported, if not earlier.











1Q 2026 Forecast





Adjusted EPS










At least $0.45





ASMs (a), year-over-year










Up 1% to 2%





RASM (b), year-over-year










Up at least 9.5%





CASM-X (c), year-over-year1,4










Up ~3.5%























































2026 Forecast





Adjusted EPS










At least $4.00





ASMs (a), year-over-year










Up 2% to 3%






(a) Available seat miles ("ASMs" or "capacity").(b) Operating revenues per available seat mile ("RASM" or "unit revenues").(c) Operating expenses per available seat mile, excluding fuel and oil expense, special items, and profit sharing ("CASM-X").Revenue Results and Outlook:Record fourth quarter 2025 passenger revenues of $6.8 billion, a 7.6% increase, year-over-yearRecord fourth quarter 2025 operating revenues of $7.4 billion, a 7.4% increase, year-over-yearFourth quarter 2025 RASM decreased 0.2%, year-over-year, excluding special items1, impacted by Federal Aviation Administration mandated cutsFirst quarter 2026 RASM is expected to increase at least 9.5%, year-over yearNon-Fuel Costs and Outlook:Fourth quarter 2025 operating expenses increased 6.0%, year-over-year, to $7.1 billionFourth quarter 2025 operating expenses, excluding fuel, special items, and profit sharing1, increased 6.6%, year-over-yearFourth quarter 2025 CASM-X increased 0.8% and full year 2025 CASM-X increased 3.1%, both year-over-yearFirst quarter 2026 CASM-X is expected to increase approximately 3.5%, year-over-year, which includes a 1.1 point impact from the removal of six seats from the Boeing 737-700 fleet to enable extra legroom seatingAccrued $97 million of Employee profit sharing for 2025Fuel Costs:Fourth quarter 2025 fuel cost was $2.45 per gallon and above the Company's previous guidance rangeFirst quarter 2026 fuel cost per gallon is assumed to be approximately $2.405Capacity, Fleet, and Capital Spending:Fourth quarter 2025 capacity increased 5.8%, and full year 2025 capacity increased 1.6%, both year-over-yearReceived 19 Boeing 737-8 aircraft and retired 18 aircraft (14 Boeing 737-700 aircraft and the sale of four Boeing 737-800 aircraft) in fourth quarter 2025, ending the year with 803 aircraftReceived 55 Boeing 737-8 aircraft and retired 55 aircraft in 2025 (48 Boeing 737-700 aircraft and seven Boeing 737-800 aircraft, including the sale of five Boeing 737-800 aircraft)2025 net capital expenditures6 were $2.6 billionExpect 66 Boeing 737-8 aircraft deliveries in 2026 and plan to retire approximately 60 aircraftExpect 2026 net capital spending in the range of $3.0 billion to $3.5 billionLiquidity and Capital Deployment:Ended 2025 with $3.2 billion in cash and cash equivalents, and a revolving credit line of $1.5 billionEnded 2025 with leverage1,7 of 2.4xHave unencumbered aircraft and other related assets with a net book value of approximately $17.0 billionRepurchased $2.6 billion in shares and distributed $399 million in dividends during 2025Retired $3.3 billion of debt and finance lease obligations, including $1.6 billion of convertible notes and the prepayment of $1.6 billion of the Payroll Support ProgramIssued $1.5 billion of unsecured bonds at industry-leading terms in November 2025Intends to opportunistically repurchase shares, while staying within the guardrails that support its investment-grade ratingConference Call:
Southwest will discuss its fourth quarter and full year 2025 results on a conference call at 10:00 a.m. Eastern Time on January 29, 2026. To listen to a live broadcast of the conference call please go to
www.southwestairlinesinvestorrelations.com. Footnotes
1See Note Regarding Use of Non-GAAP Financial Measures for additional information on special items. In addition, information regarding special items and economic results is included in the accompanying table Reconciliation of Reported Amounts to Non-GAAP Items (also referred to as "excluding special items").
2Adjusted EPS, a non-GAAP financial measure, is calculated as net income, excluding special items, divided by diluted weighted-average shares outstanding.
3Adjusted EBIT, a non-GAAP financial measure, is defined as earnings before interest and taxes, excluding special items.
4Projections do not reflect the potential impact of fuel and oil expense, special items, and profit sharing because the Company cannot reliably predict or estimate those items or expenses or their impact to its financial statements in future periods, especially considering the significant volatility of the fuel and oil expense line item. Accordingly, the Company believes a reconciliation of non-GAAP financial measures to the equivalent GAAP financial measures for these projected results is not meaningful or available without unreasonable effort.
5Based on market prices as of January 23, 2026. Fuel cost per gallon includes fuel taxes and fuel hedging net premium expense of $0.06 per gallon related to terminated fuel derivative contracts.
6Net capital expenditures include the impact of aircraft sales and sale-leaseback transactions.
7Leverage, adjusted debt, and adjusted EBITDAR are each non-GAAP financial measures. Leverage is calculated as adjusted debt divided by trailing twelve month adjusted EBITDAR. Adjusted EBITDAR is calculated as earnings before interest and taxes, and non-operating other (gains) losses, net, excluding special items, and adjusted by adding depreciation and amortization and the fixed portion of operating lease expense ("adjusted EBITDAR"). Adjusted debt includes current and long-term debt, finance lease obligations, and operating lease liabilities (including fleet, ground, and other).Cautionary Statement Regarding Forward-Looking Statements
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Specific forward-looking statements include, without limitation, statements related to (i) the Company's financial and operational outlook, earnings upside potential, expectations, goals, plans, targets, and projected results of operations, including with respect to its long-term success, earnings growth, and initiatives, and including factors and assumptions underlying the Company's expectations and projections, including the impact from Winter Storm Fern; (ii) the Company's initiatives, strategic priorities and focus areas, goals, and opportunities, including with respect to assigned and extra legroom seating, including up-sell revenue from close-in bookings and growth in business and leisure segments, the Company's business transformation, Customer-focused product offering, and operational excellence; (iii) the Company's expectations with respect to providing future, range-bound guidance; (iv) the Company's capacity plans and expectations; (v) the Company's expectations with respect to fuel costs and fuel efficiency, including factors underlying the Company's expectations; (vi) the Company's network plans and expectations, including service at new stations; (vii) the Company's fleet plans and expectations, including with respect to its fleet order book, fleet modernization, and expected fleet deliveries and retirements, and including factors and assumptions underlying the Company's plans and expectations; (viii) the Company's plans, estimates, and assumptions related to capital spending, including factors and assumptions underlying the Company's expectations and projections; (x) the Company's plans and expectations with respect to share repurchases and other shareholder returns; and (xi) the Company's plans, expectations, and targets with respect to its investment-grade rating. These forward-looking statements are based on the Company's current estimates, intentions, beliefs, expectations, goals, strategies, and projections for the future and are not guarantees of future performance. Forward-looking statements involve risks, uncertainties, assumptions, and other factors that are difficult to predict and that could cause actual results to vary materially from those expressed in or indicated by them. Factors include, among others, (i) the impact of fears or actual outbreaks of diseases, extreme or severe weather and natural disasters, actions of competitors (including, without limitation, pricing, scheduling, capacity, and network decisions, and consolidation and alliance activities), governmental actions, consumer perception, consumer uncertainties with respect to trade policies or government shutdowns (including the imposition of tariffs), economic conditions, banking conditions, fears or actual acts of terrorism or war, sociodemographic trends, and other factors beyond the Company's control, on consumer behavior and the Company's results of operations and business decisions, plans, strategies, and results; (ii) the Company's ability to timely and effectively implement, transition, operate, and maintain the necessary information technology systems and infrastructure to support its operations and initiatives, including with respect to revenue management and assigned and extra legroom seating; (iii) consumer behavior and response with respect to the Company's new commercial products and policies; (iv) the impact of fuel price changes, fuel price volatility, and fuel availability on the Company's business plans and results of operations; (v) the impact of governmental regulations and other governmental actions, including with respect to government shutdowns, as well as the Company's ability to obtain any required governmental approvals, on the Company's business plans, results, and operations; (vi) the Company's dependence on The Boeing Company ("Boeing") and Boeing suppliers with respect to the Company's aircraft deliveries, Boeing MAX 7 aircraft certifications, fleet and capacity plans, operations, maintenance, strategies, and goals; (vii) the Company's dependence on the Federal Aviation Administration with respect to, among other things, the certification of the Boeing MAX 7 aircraft; (viii) the Company's dependence on other third parties, in particular with respect to its technology plans, its plans and expectations related to revenue management, online travel agencies, operational reliability, fuel supply, maintenance, Global Distribution Systems, environmental sustainability, and the impact on the Company's operations and results of operations of any third party delays or nonperformance; (ix) the Company's ability to timely and effectively prioritize its initiatives and focus areas and related expenditures; (x) the impact of labor matters on the Company's business decisions, plans, strategies, and results; (xi) the Company's ability to obtain and maintain adequate infrastructure and equipment to support its operations and initiatives; (xii) the Company's dependence on its workforce, including its ability to employ and retain sufficient numbers of qualified Employees with appropriate skills and expertise to effectively and efficiently maintain its operations and execute the Company's plans, strategies, and initiatives; (xiii) the cost and effects of the actions of activist shareholders; and (xiv) other factors, as described in the Company's filings with the Securities and Exchange Commission, including the detailed factors discussed under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and in the Company's Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2025.SW-QFS Southwest Airlines Co.Condensed Consolidated Statement of Income(in millions, except per share amounts)(unaudited) 
Three months ended


Year ended


December 31,


December 31,


2025
2024
Percent  
Change  
2025
2024
Percent  
Change  OPERATING REVENUES:










Passenger$6,785

$6,307

7.6
$25,535

$24,980

2.2Freight43

45

(4.4)
171

175

(2.3)Other614

579

6.0
2,357

2,328

1.2Total operating revenues7,442

6,931

7.4
28,063

27,483

2.1











OPERATING EXPENSES:










Salaries, wages, and benefits3,381

3,232

4.6
12,963

12,240

5.9Fuel and oil1,333

1,264

5.5
5,240

5,812

(9.8)Maintenance materials and repairs306

307

(0.3)
1,227

1,353

(9.3)Landing fees and airport rentals540

493

9.5
2,178

1,962

11.0Depreciation and amortization371

407

(8.8)
1,560

1,657

(5.9)Other operating expenses1,120

950

17.9
4,467

4,138

8.0Total operating expenses7,051

6,653

6.0
27,635

27,162

1.7











OPERATING INCOME391

278

40.6
428

321

33.3











NON-OPERATING EXPENSES (INCOME):










Interest expense48

59

(18.6)
167

249

(32.9)Capitalized interest(17)

(11)

54.5
(54)

(35)

54.3Interest income(33)

(105)

(68.6)
(205)

(497)

(58.8)Other (gains) losses, net(14)

6

n.m.
(43)

6

n.m.Total non-operating expenses (income)(16)

(51)

(68.6)
(135)

(277)

(51.3)











INCOME BEFORE INCOME TAXES407

329

23.7
563

598

(5.9)PROVISION FOR INCOME TAXES84

68

23.5
122

133

(8.3)NET INCOME$323

$261

23.8
$441

$465

(5.2)











NET INCOME PER SHARE:










Basic$0.63

$0.44

43.2
$0.82

$0.78

5.1Diluted$0.61

$0.42

45.2
$0.79

$0.76

3.9











WEIGHTED AVERAGE SHARES OUTSTANDING:









Basic516

595

(13.3)
540

598

(9.7)Diluted521

641

(18.7)
558

643

(13.2) Southwest Airlines Co.Reconciliation of Reported Amounts to Non-GAAP Items (excluding special items)(See Note Regarding Use of Non-GAAP Financial Measures)(in millions, except per share amounts) (unaudited) 


Three months ended


Year ended




December 31,


December 31,




2025
2024
Percent   Change  
2025
2024
Percent  Change  Fuel and oil expense, unhedged

$1,297

$1,252



$5,095

$5,750


Add: Premium cost of fuel contracts designated as hedges (a)

36

34



145

148


Deduct: Fuel hedge gains included in Fuel and oil expense, net

—

(22)



—

(86)


Fuel and oil expense, as reported

$1,333

$1,264



$5,240

$5,812


Add: Fuel hedge contracts settling in the current period, but for which gains were reclassified from AOCI

—

19



—

34


Add: Premium cost of fuel contracts not designated as hedges

—

6



—

9


Fuel and oil expense, excluding special items (economic)

$1,333

$1,289

3.4
$5,240

$5,855

(10.5)













Total operating expenses, as reported

$7,051

$6,653



$27,635

$27,162


Deduct: Voluntary Employee programs

—

(5)



—

(5)


Deduct: Labor contract adjustment

—

—



—

(9)


Deduct: Contract Termination Charge

(7)

—



(7)

—


Add: Fuel hedge contracts settling in the current period, but for which gains were reclassified from AOCI

—

19



—

34


Add: Premium cost of fuel contracts not designated as hedges

—

6



—

9


Add: DOT settlement waiver

11

—



11

—


Deduct: Impairment of long-lived assets

—

—



(8)

—


Deduct: Litigation accruals

—

—



(19)

(7)


Add (Deduct): Professional advisory fees/reimbursement

7

(18)



7

(37)


Deduct: Transformation costs

—

(5)



(33)

(5)


Deduct: Severance and related costs (b)

—

—



(62)

—


Total operating expenses, excluding special items

$7,062

$6,650

6.2
$27,524

$27,142

1.4Deduct: Fuel and oil expense, excluding special items (economic)

(1,333)

(1,289)



(5,240)

(5,855)


Operating expenses, excluding Fuel and oil expense and special items

$5,729

$5,361

6.9
$22,284

$21,287

4.7Deduct: Profit-sharing expense

(71)

(54)



(97)

(103)


Operating expenses, excluding Fuel and oil expense, special items, and profit sharing

$5,658

$5,307

6.6
$22,187

$21,184

4.7













Operating income, as reported

$391

$278



$428

$321


Add: Breakage revenue adjustment (c)

—

116



—

116


Add: Voluntary Employee programs

—

5



—

5


Add: Labor contract adjustment

—

—



—

9


Add: Contract Termination Charge

7

—



7

—


Deduct: Fuel hedge contracts settling in the current period, but for which gains were reclassified from AOCI

—

(19)



—

(34)


Deduct: Premium cost of fuel contracts not designated as hedges

—

(6)



—

(9)


Deduct: DOT settlement waiver

(11)

—



(11)

—


Add: Impairment of long-lived assets

—

—



8

—


Add: Litigation accruals

—

—



19

7


Add (Deduct): Professional advisory fees/reimbursement

(7)

18



(7)

37


Add: Transformation costs

—

5



33

5


Add: Severance and related costs (b)

—

—



62

—


Operating income, excluding special items

$380

$397

(4.3)
$539

$457

17.9
Other (gains) losses, net, as reported

$(14)

$4



$(43)

$4


Deduct: Mark-to-market impact from fuel contracts settling in current periods

—

(1)



—

(34)


Deduct: Premium cost of fuel contracts not designated as hedges

—

(6)



—

(9)


Add: Unrealized mark-to-market adjustment on forward contract

8

—



8

—


Other gains, net, excluding special items

$(6)

$(3)

100.0
$(35)

$(39)

(10.3)Income before income taxes, as reported

$407

$329



$563

$598


Add: Breakage revenue adjustment (c)

—

116



—

116


Add: Voluntary Employee programs

—

5



—

5


Add: Labor contract adjustment

—

—



—

9


Add: Contract Termination Charge

7

—



7

—


Deduct: Fuel hedge contracts settling in the current period, but for which gains were reclassified from AOCI

—

(19)



—

(34)


Add: Mark-to-market impact from fuel contracts settling in current periods

—

1



—

34


Deduct: DOT settlement waiver

(11)

—



(11)

—


Add: Impairment of long-lived assets

—

—



8

—


Add: Litigation accruals

—

—



19

7


Add (Deduct): Professional advisory fees/reimbursement

(7)

18



(7)

37


Add: Transformation costs

—

5



33

5


Add: Severance and related costs (b)

—

—



62

—


Deduct: Unrealized mark-to-market adjustment on forward contract

(8)

—



(8)

—


Income before income taxes, excluding special items

$388

$455

(14.7)
$666

$777

(14.3)













Provision for income taxes, as reported

$84

$68



$122

$133


Add: Net income tax impact of fuel and special items (d)

3

31



32

47


Provision for income taxes, net, excluding special items

$87

$99

(12.1)
$154

$180

(14.4)













Net income, as reported

$323

$261



$441

$465


Add: Breakage revenue adjustment (c)

—

116



—

116


Add: Voluntary Employee programs

—

5



—

5


Add: Labor contract adjustment

—

—



—

9


Add: Contract Termination Charge

7

—



7

—


Deduct: Fuel hedge contracts settling in the current period, but for which gains were reclassified from AOCI

—

(19)



—

(34)


Add: Mark-to-market impact from fuel contracts settling in current periods

—

1



—

34


Deduct: DOT settlement waiver

(11)

—



(11)

—


Add: Impairment of long-lived assets

—

—



8

—


Add: Litigation accruals

—

—



19

7


Add (Deduct): Professional advisory fees/reimbursement

(7)

18



(7)

37


Add: Transformation costs

—

5



33

5


Add: Severance and related costs (b)

—

—



62

—


Deduct: Unrealized mark-to-market adjustment on forward contract

(8)

—



(8)

—


Deduct: Net income tax impact of fuel and special items (d)

(3)

(31)



(32)

(47)


Net income, excluding special items

$301

$356

(15.4)
$512

$597

(14.2)













Net income per share, diluted, as reported

$0.61

$0.42



$0.79

$0.76


Add (Deduct): Impact of special items

(0.02)

0.22



0.20

0.27


Deduct: Net impact of net income above from fuel contracts divided by dilutive shares

—

(0.03)



—

—


Add: Income tax impact of fuel contracts

—

0.01



—

—


Deduct: Net income tax impact of special items (d)

(0.01)

(0.06)



(0.06)

(0.07)


Net income per share, diluted, excluding special items

$0.58

$0.56

3.6
$0.93

$0.96

(3.1)













Net income, as reported

$323

$261



$441

$465


Add: Breakage revenue adjustment (c)

—

116



—

116


Add: Voluntary Employee programs

—

5



—

5


Deduct: Fuel hedge contracts settling in the current period, but for which gains were reclassified from AOCI

—

(19)



—

(34)


Add: Mark-to-market impact from fuel contracts settling in current periods

—

1



—

34


Add: Impairment of long-lived assets

—

—



8

—


Deduct: DOT settlement waiver

(11)

—



(11)

—


Add: Labor contract adjustment

—

—



—

9


Add: Contract termination charge

7

—



7

—


Add (Deduct): Professional advisory fees/reimbursement

(7)

18



(7)

37


Add: Transformation costs

—

5



33

5


Add: Litigation accruals

—

—



19

7


Add: Severance and related costs (b)

—

—



62

—


Deduct: Unrealized mark-to-market adjustment on forward contract

(8)

—



(8)

—


Add: Provision for income taxes

84

68



122

133


Deduct: Net interest income

(2)

(57)



(92)

(283)


EBIT, excluding special items

$386

$398



$574

$494
















Operating revenues, as reported

$7,442

$6,931



$28,063

$27,483


Add: Breakage revenue adjustment (c)

—

116



—

116


Operating revenues, excluding special items

$7,442

$7,047

5.6
$28,063

$27,599

1.7













Operating revenue per ASM (cents), as reported

¢16.16

¢15.92



¢15.59

¢15.51


Add: Impact of special items

—

0.27



—

0.06


Operating revenue per ASM, excluding special items (cents)

¢16.16

¢16.19

(0.2)
¢15.59

¢15.57

0.1













Operating expenses per ASM (cents), as reported

¢15.31

¢15.28



¢15.35

¢15.32


Add (Deduct): Impact of special items

0.03

(0.06)



(0.06)

(0.04)


Deduct: Fuel and oil expense divided by ASMs

(2.89)

(2.90)



(2.91)

(3.27)


Deduct: Profit-sharing expense divided by ASMs

(0.16)

(0.13)



(0.06)

(0.06)


Operating expenses per ASM, excluding Fuel and oil expense, profit sharing, and special items (cents)

¢12.29

¢12.19

0.8
¢12.32

¢11.95

3.1
(a) Includes amounts reclassified from Accumulated Other Comprehensive Income associated with hedges previously terminated.(b) Represents Employee severance payments and related professional fees resulting from the workforce reduction in February 2025 ($53 million in Salaries, wages, and benefits and $9 million in Other operating expenses).(c) Represents a change in breakage revenue estimate related to flight credits the Company issued to Passengers during 2022 and prior. On July 28, 2022, the Company modified its policy and announced that all unexpired flight credits as of that date, including a significant volume of such credits issued to impacted Customers during the COVID-19 pandemic as the Company was making significant changes to its schedules based on fluctuating demand, will no longer have an expiration date and thus will be able to be redeemed by Customers indefinitely. This change in policy was considered a contract modification under ASC 606, Revenue from Contracts with Customers, and the Company accounted for such change prospectively in third quarter 2022. At that time, based on historical Customer behavior, the Company estimated that redemptions of these flight credits would have been reduced to an immaterial amount during 2024 and recognized breakage revenue in prior periods for these flight credits accordingly; however, based on actual Customer redemptions throughout 2024, as well as projected redemptions beyond 2024, the Company determined a reversal of a portion of this prior breakage revenue was warranted in 2024. This adjustment is not reflective of base business revenue trends in fourth quarter 2024 or beyond. See the Note Regarding Use of Non-GAAP Financial Measures for further information.(d) Tax amounts for each individual special item are calculated at the Company's effective rate for the applicable period and totaled in this line item. Southwest Airlines Co.Comparative Consolidated Operating Statistics(unaudited) 
Three months ended


Year ended


December 31,
Percent  
December 31,
Percent  
2025
2024
Change  
2025
2024
Change  Revenue passengers carried (000s)34,033

34,126

(0.3)
134,110

140,023

(4.2)Enplaned passengers (000s)43,004

42,591

1.0
168,334

175,466

(4.1)Revenue passenger miles (RPMs) (in millions) (a)35,567

34,471

3.2
139,443

142,515

(2.2)Available seat miles (ASMs) (in millions) (b)46,052

43,533

5.8
180,046

177,250

1.6Load factor (c)77.2%
79.2%
(2.0) pts.
77.4%
80.4%
(3.0) pts.Average length of passenger haul (miles)1,045

1,010

3.5
1,040

1,018

2.2Average aircraft stage length (miles)779

763

2.1
780

763

2.2Trips flown359,032

353,529

1.6
1,415,822

1,443,866

(1.9)Seats flown (000s) (d)58,048

56,598

2.6
228,193

230,187

(0.9)Seats per trip (e)161.7

160.1

1.0
161.2

159.4

1.1Average passenger fare$199.36

$184.81

7.9
$190.41

$178.40

6.7Passenger revenue yield per RPM (cents) (f)19.08

18.30

4.3
18.31

17.53

4.4RASM (cents) (g)16.16

15.92

1.5
15.59

15.51

0.5RASM, excluding special items (cents)16.16

16.19

(0.2)
15.59

15.57

0.1PRASM (cents) (h)14.73

14.49

1.7
14.18

14.09

0.6CASM (cents) (i)15.31

15.28

0.2
15.35

15.32

0.2CASM, excluding Fuel and oil expense (cents)12.42

12.38

0.3
12.44

12.05

3.2CASM, excluding special items (cents)15.34

15.27

0.5
15.29

15.31

(0.1)CASM, excluding Fuel and oil expense and special items (cents)12.44

12.31

1.1
12.38

12.01

3.1CASM, excluding Fuel and oil expense, special items, and profit-sharing expense (cents)12.29

12.19

0.8
12.32

11.95

3.1Fuel costs per gallon, including fuel tax (unhedged)$2.38

$2.36

0.8
$2.34

$2.62

(10.7)Fuel costs per gallon, including fuel tax$2.45

$2.38

2.9
$2.41

$2.64

(8.7)Fuel costs per gallon, including fuel tax (economic)$2.45

$2.42

1.2
$2.41

$2.66

(9.4)Fuel consumed, in gallons (millions)545

531

2.6
2,169

2,194

(1.1)Active fulltime equivalent Employees72,790

72,450

0.5
72,790

72,450

0.5Aircraft at end of period (j)803

803

—
803

803

—
(a) A revenue passenger mile is one paying passenger flown one mile. Also referred to as "traffic," which is a measure of demand for a given period.(b) An available seat mile is one seat (empty or full) flown one mile. Also referred to as "capacity," which is a measure of the space available to carry passengers in a given period.(c) Revenue passenger miles divided by available seat miles.(d) Seats flown is calculated using total number of seats available by aircraft type multiplied by the total trips flown by the same aircraft type during a particular period.(e) Seats per trip is calculated by dividing seats flown by trips flown.(f) Calculated as passenger revenue divided by revenue passenger miles. Also referred to as "yield," this is the average cost paid by a paying passenger to fly one mile, which is a measure of revenue production and fares.(g) RASM (unit revenue) - Operating revenue yield per ASM, calculated as operating revenue divided by available seat miles. Also referred to as "operating unit revenues," this is a measure of operating revenue production based on the total available seat miles flown during a particular period.(h) PRASM (Passenger unit revenue) - Passenger revenue yield per ASM, calculated as passenger revenue divided by available seat miles. Also referred to as "passenger unit revenues," this is a measure of passenger revenue production based on the total available seat miles flown during a particular period.(i) CASM (unit costs) - Operating expenses per ASM, calculated as operating expenses divided by available seat miles. Also referred to as "unit costs" or "cost per available seat mile," this is the average cost to fly an aircraft seat (empty or full) one mile, which is a measure of cost efficiencies.(j) Included three Boeing 737 Next Generation aircraft in temporary storage as of December 31, 2024. Southwest Airlines Co.Condensed Consolidated Balance Sheet(in millions)(unaudited) 
December 31, 2025
December 31, 2024ASSETS


Current assets:


     Cash and cash equivalents$3,231

$7,509
     Short-term investments—

1,216
     Accounts and other receivables1,149

1,110
     Inventories of parts and supplies, at cost775

800
     Prepaid expenses and other current assets490

639
          Total current assets5,645

11,274
Property and equipment, at cost:


     Flight equipment26,293

25,202
     Ground property and equipment9,163

8,244
     Deposits on flight equipment purchase contracts401

413
     Assets constructed for others88

88

35,945

33,947
     Less allowance for depreciation and amortization15,700

14,891

20,245

19,056
Goodwill970

970
Operating lease right-of-use assets1,089

1,369
Other assets1,112

1,081

$29,061

$33,750
LIABILITIES AND STOCKHOLDERS' EQUITY


Current liabilities:


     Accounts payable$1,991

$1,818
     Accrued liabilities2,349

2,206
     Current operating lease liabilities312

328
     Air traffic liability5,945

6,294
     Current maturities of long-term debt324

1,630
          Total current liabilities10,921

12,276




Long-term debt less current maturities4,577

5,069
Air traffic liability - noncurrent1,219

1,948
Deferred income taxes2,289

2,167
Noncurrent operating lease liabilities768

1,031
Other noncurrent liabilities1,306

909
Stockholders' equity:


     Common stock888

888
     Capital in excess of par value4,322

4,199
     Retained earnings16,388

16,332
     Accumulated other comprehensive loss(24)

(25)
     Treasury stock, at cost(13,593)

(11,044)
          Total stockholders' equity7,981

10,350

$29,061

$33,750
 Southwest Airlines Co.Condensed Consolidated Statement of Cash Flows(in millions) (unaudited) 
Three months ended December 31,
Year ended
December 31,
2025
2024
2025
2024CASH FLOWS FROM OPERATING ACTIVITIES:






Net income$323

$261

$441

$465
Adjustments to reconcile net income to cash provided by operating activities:






Depreciation and amortization371

407

1,560

1,657
Impairment of long-lived assets—

—

8

—
Unrealized mark-to-market adjustment on forward contract(8)

—

(8)

—
Unrealized/realized gain on fuel derivative instruments—

(17)

—

—
Deferred income taxes85

70

122

132
Gain on sale-leaseback transactions—

(92)

(3)

(92)
Changes in certain assets and liabilities:






Accounts and other receivables(13)

100

51

19
Other assets47

(12)

407

(8)
Accounts payable and accrued liabilities427

305

218

(1,363)
Air traffic liability(961)

(459)

(1,078)

(37)
Other liabilities8

(61)

(11)

(197)
Cash collateral provided to derivative counterparties—

—

(22)

(28)
Other, net16

(26)

157

(86)
Net cash provided by operating activities295

476

1,842

462








CASH FLOWS FROM INVESTING ACTIVITIES:






Capital expenditures, net(859)

(461)

(2,673)

(2,054)
Proceeds from sale-leaseback transactions—

871

24

871
Purchases of short-term investments—

(1,168)

(470)

(5,014)
Proceeds from sales of short-term and other investments116

835

1,693

5,995
Other, net1

(4)

(3)

(59)
Net cash provided by (used in) investing activities(742)

73

(1,429)

(261)








CASH FLOWS FROM FINANCING ACTIVITIES:






Proceeds from issuance of long-term debt1,500

—

1,500

—
Payroll Support Program stock warrants repurchase—

—

—

(6)
Proceeds from Employee stock plans13

15

59

60
Repurchase of common stock(50)

(250)

(2,550)

(250)
Payments of long-term debt and finance lease obligations(672)

(1,310)

(3,275)

(1,337)
Payments of cash dividends—

—

(399)

(430)
Other, net(15)

2

(26)

(17)
Net cash provided by (used in) financing activities776

(1,543)

(4,691)

(1,980)








NET CHANGE IN CASH AND CASH EQUIVALENTS329

(994)

(4,278)

(1,779)








CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD2,902

8,503

7,509

9,288








CASH AND CASH EQUIVALENTS AT END OF PERIOD$3,231

$7,509

$3,231

$7,509
 NOTE REGARDING USE OF NON-GAAP FINANCIAL MEASURESThe Company's unaudited Condensed Consolidated Financial Statements are prepared in accordance with accounting principles generally accepted in the United States ("GAAP"). These GAAP financial statements may include (i) unrealized noncash adjustments and reclassifications, which can be significant, as a result of accounting requirements and elections made under accounting pronouncements relating to derivative instruments and hedging and (ii) other charges and benefits the Company believes are unusual and/or infrequent in nature and thus may make comparisons to its prior or future performance difficult.As a result, the Company also provides financial information in this update that was not prepared in accordance with GAAP and should not be considered as an alternative to the information prepared in accordance with GAAP. The Company provides supplemental non-GAAP financial information (also referred to as "excluding special items"), including results that it refers to as "economic," which the Company's management utilizes to evaluate its ongoing financial performance and the Company believes provides additional insight to investors as supplemental information to its GAAP results. The non-GAAP measures provided that relate to the Company's performance on an economic fuel cost basis include Fuel and oil expense, non-GAAP; Total operating expenses, non-GAAP; Operating expenses, non-GAAP excluding Fuel and oil expense; Operating expenses, non-GAAP excluding Fuel and oil expense and profit sharing; Operating income, non-GAAP; Other gains, net, non-GAAP; Income before income taxes, non-GAAP; Provision for income taxes, net, non-GAAP; Net income, non-GAAP; Net income per share, diluted, non-GAAP; EBIT, non-GAAP; Operating expenses per ASM, non-GAAP, excluding Fuel and oil expense and profit sharing (cents); and Adjusted debt to adjusted EBITDAR. For periods in which fuel hedge contracts are utilized, the Company's economic Fuel and oil expense results may differ from GAAP results in that they only include the actual cash settlements from fuel hedge contracts - all reflected within Fuel and oil expense in the period of settlement. Thus, Fuel and oil expense on an economic basis has historically been utilized by the Company, as well as some of the other airlines that utilize fuel hedging, as it reflects the Company's actual net cash outlays for fuel during the applicable period, inclusive of settled fuel derivative contracts. Any net premium costs paid related to option contracts that are designated as hedges are reflected as a component of Fuel and oil expense, for both GAAP and non-GAAP (including economic) purposes in the period of contract settlement. The Company believes these economic results provide further insight into the impact of the Company's fuel hedges on its operating performance and liquidity since they exclude the unrealized, noncash adjustments and reclassifications that are recorded in GAAP results in accordance with accounting guidance relating to derivative instruments within Fuel and oil expense. This enables the Company's management, as well as investors and analysts, to consistently assess the Company's operating performance on a year-over-year or quarter-over-quarter basis after considering all efforts in place to manage fuel expense. However, because these measures are not determined in accordance with GAAP, such measures are susceptible to varying calculations, and not all companies calculate the measures in the same manner. As a result, the aforementioned measures, as presented, may not be directly comparable to similarly titled measures presented by other companies.Further information on (i) the Company's fuel hedging program, (ii) the requirements of accounting for derivative instruments, (iii) the causes of hedge ineffectiveness and/or mark-to-market gains or losses from derivative instruments, and (iv) the Company's termination of its remaining fuel hedge derivative instruments is included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and on Form 10-Q for the period ending June 30, 2025.The Company's GAAP results in the applicable periods may include other charges or benefits that are also deemed "special items" that the Company believes make its results difficult to compare to prior periods, anticipated future periods, or industry trends. Financial measures identified as non-GAAP (or as excluding special items) have been adjusted to exclude special items. For the periods presented, in addition to the items discussed above, special items include:Reversal of breakage revenue previously recorded related to a portion of flight credits issued to Customers during 2022 and prior that have either been redeemed or are expected to be redeemed in future periods. The majority of these flight credits were issued during the COVID-19 pandemic as the Company was making significant changes to its flight schedules based on fluctuating demand, which made it difficult to estimate future redemption patterns when compared against historical Customer behavior;Incremental expense associated with a voluntary separation program that allowed eligible Employees the opportunity to voluntarily separate from the Company in exchange for severance, medical/dental coverage for a specified period of time, and travel privileges based on years of service;Incremental expense associated with contract ratification bonuses for various workgroups related to additional compensation for services performed by Employees outside the applicable fiscal period;A credit received from the DOT regarding a settlement reached for the Company's December 2022 operational disruption in light of the Company significantly improving its on-time performance and completion factor through the Company's investment in its Network Operations Control;Expenses and/or reimbursements for incremental professional advisory fees related to activist investor activities, which were not budgeted by the Company, are not associated with the ongoing operation of the airline, and are difficult to predict in future periods;Charges associated with tentative litigation settlements regarding paid short-term military leave to certain Employees and an arbitration award in favor of the Company's Pilots relating to a collective-bargaining matter;Expenses associated with professional advisory fees related to the Company's implementation of its comprehensive transformational plan;Charges associated with severance, post-employment benefits, and professional fees as a result of the Company's reduction in workforce;Non-cash impairment charges related to certain assets that are no longer in use;Expenses associated with a contract termination charge related to one of the Company's health insurance providers; andUnrealized mark-to-market adjustment associated with a forward contract entered into in fourth quarter 2025.Because management believes special items can distort the trends associated with the Company's ongoing performance as an airline, the Company believes that evaluation of its financial performance can be enhanced by a supplemental presentation of results that exclude the impact of special items in order to enhance consistency and comparativeness with results in prior periods that do not include such items and as a basis for evaluating operating results in future periods. The following measures are often provided, excluding special items, and utilized by the Company's management, analysts, and investors to enhance comparability of year-over-year results, as well as to industry trends: Fuel and oil expense, non-GAAP; Total operating expenses, non-GAAP; Operating expenses, non-GAAP excluding Fuel and oil expense; Operating expenses, non-GAAP excluding Fuel and oil expense and profit sharing; Operating income, non-GAAP; Other gains, net, non-GAAP; Income before income taxes, non-GAAP; Provision for income taxes, net, non-GAAP; Net income, non-GAAP; Net income per share, diluted, non-GAAP; EBIT, non-GAAP; Operating revenues, non-GAAP; Operating revenue per ASM, non-GAAP; Operating expenses per ASM, non-GAAP, excluding Fuel and oil expense and profit sharing (cents); and Adjusted debt to adjusted EBITDAR.The Company has also provided adjusted debt, adjusted EBITDAR, and adjusted debt to adjusted EBITDAR (leverage), which are non-GAAP measures of financial performance. Management believes these supplemental measures can provide a more accurate view of the Company's leverage and risk, since they consider the Company's debt and debt-like obligation profile and capital. Leverage ratios are widely used by investors, analysts, and rating agencies in the valuation, comparison, rating, and investment recommendations of companies. Although adjusted debt, adjusted EBITDAR, and leverage ratios are commonly-used financial measures, definitions of each differ; therefore, the Company is providing an explanation of its calculations for non-GAAP adjusted debt and adjusted EBITDAR in the accompanying reconciliation below in order to allow investors to compare and contrast its calculations to the calculations provided by other companies.
December 31, 2025(in millions)
Current maturities of long-term debt, as reported$324
Long-term debt less current maturities, as reported4,577
Total debt, including finance leases (A)4,901
Add: Current operating lease liabilities, as reported312
Add: Noncurrent operating lease liabilities, as reported768
Adjusted debt (B)$5,981



Twelve Months Ended
December 31, 2025Net income, as reported (C)$441
Interest expense (income), net of capitalized interest, as reported(92)
Income tax expense (benefit), as reported122
Non-operating other (gains) losses, net, as reported(43)
Operating income, as reported428
Impact of special items111
Operating income, non-GAAP539
Depreciation and amortization1,560
Fixed portion of operating lease expense363
Adjusted EBITDAR (D)$2,462


Total debt to Net income (A/C)11.1x
Adjusted debt to adjusted EBITDAR (B/D)2.4x
  



View original content:https://www.prnewswire.com/news-releases/southwest-airlines-reports-fourth-quarter-and-full-year-2025-results-expects-strong-2026-financial-performance-from-business-transformation-302673193.htmlSOURCE Southwest Airlines Co.

Original: SOUTHWEST AIRLINES REPORTS FOURTH QUARTER AND FULL YEAR 2025 RESULTS; EXPECTS STRONG 2026 FINANCIAL PERFORMANCE FROM BUSINESS TRANSFORMATION

SOUTHWEST AIRLINES TO DISCUSS FOURTH QUARTER AND FULL YEAR 2025 FINANCIAL RESULTS ON JANUARY 29, 2026January 28, 2026 11:45 AM
PR Newswire (US)

DALLAS, Jan. 28, 2026 /PRNewswire/ -- Southwest Airlines Co. (NYSE: LUV) invites you to listen to a live webcast of its fourth quarter and full year 2025 financial results. Details are as follows:
When:             Thursday, January 29, 2026, at 10:00 AM Eastern Time

Who:               Bob Jordan, President, Chief Executive Officer, and Vice Chairman of the Board of Directors
Andrew Watterson, Chief Operating Officer
Tom Doxey, Executive Vice President and Chief Financial Officer

Web Address:http://www.southwestairlinesinvestorrelations.com/To access the live audio webcast and subsequent replay, click on the link above, or go to www.southwest.com and click on "Investor Relations" under the "About Southwest" menu at the bottom of the page. The audio webcast can be found on the homepage or by clicking "Calendar" under the "News & Events" header. Registration for this event begins 20 minutes prior to the start of the call.



View original content:https://www.prnewswire.com/news-releases/southwest-airlines-to-discuss-fourth-quarter-and-full-year-2025-financial-results-on-january-29-2026-302669124.htmlSOURCE Southwest Airlines Co.

Original: SOUTHWEST AIRLINES TO DISCUSS FOURTH QUARTER AND FULL YEAR 2025 FINANCIAL RESULTS ON JANUARY 29, 2026

DEI is illegal race-based discrimination in violation of the federal Civil Rights Act. A judge cannot nullify the Civil Rights Acts and order the government to award federal taxpayer dollars to organizations that discriminate based on race. https://t.co/j4tHkYPOd8— Stephen Miller (@StephenM) February 22, 2025 $LUV

Southwest Airlines to Slash Corporate Workforce in First Mass Layoff https://www.msn.com/en-us/money/companies/southwest-airlines-to-slash-corporate-workforce-in-first-mass-layoff/ar-AA1zeFgB?ocid=msedgntp&pc=DCTS&cvid=131b01977abc4bfecf95d6b74acac8c7&ei=15 $LUV

Southwest Airlines Co. $LUV Total Debt (mrq) $9.1B

They waited, but now taking it!

GLTA

Just bought in, thanks to buy rating....hope this is worth it!

PINK sheets around the corner.

Tanking hard, Woke losers

Mea Culpa

https://www.wsj.com/articles/southwest-airlines-vouchers-baggage-frequent-fliers-11672579328

How the hell is this UP today?!?! Most hated company in the country right now.

LOL, nice try.
You obviously don’t know how to read a Balance Sheet.

$LUV astounding holiday performance! Bravo! 5 year chart says it all.

$LUV Book value only $18.40

$LUV Has $10.11B DEBT

Today’s systemwide meltdown makes Spirit, Frontier and American, bottom of the barrel on customer service and treating customers awful, look like amazing airlines.

Get out while you can PT $14

Gap fill at 24.37 by the year 2023

Spring 2023 year of the Rabbit:

“A little bit, a little bit of love
Goes a pretty long way
Take a look at where you started from
And where you are today
You climbed mountains
Swam oceans
You got knocked down
And kept goin'
In the end you know you got to say
A little bit of love goes a pretty long way
All your wounds are healing fine
I'm so glad I got you in my life
Now the winter frost is gone
Now is our chance to live the life we want
A little bit, a little bit of love
Goes a pretty long way
Everybody, everybody's lost
And that's ok
Some show it, some hide it
But there's a battle
We're all fighting
So if you're looking for the words to say,
A little bit of love goes a pretty long way
Holding onto the rabbit's feet
Walking down the sunny side of the street
Shadows creeping at your back
You can forget 'em like an amnesiac
A little bit, a little bit of love
Goes a pretty long way
Love is really like a wonder drug
Let's medicate
And say goodbye
To the drama
It's a beeline
To Nirvana
If you're looking for the words to say
A little bit of love goes a pretty long way
Hey, ho
Hey, ho
Hey, ho
Hey, ho
A little bit, a little bit of love
Goes a pretty long way
Take a look at where you started from
And where you are today
You climbed mountains
Swam oceans
You got knocked down
You kept goin'
In the end you know you got to say
A little bit of love goes a pretty long way
Hey, ho
Hey, ho
Hey, ho
A little bit of love goes a pretty long way
Source: Musixmatch
Songwriters: Wayne Wilkins / Dave Gibson / Rivers Cuomo / Jacqueline Cole Rene Miskanic
A Little Bit of Love lyrics © E O Smith Music, Happy Home Publishing Llc, Blow The Speakers Llc”

AH making 5 months high. If take 50 area in next week it could be decent gains.

It is on buy signal.Let's see how it close.

Thanks.

The simple problem is travel numbers are heading south again. Check the TSA numbers. It's very clear.

WOW this stock is shorted with vengeance. It is lower than November 2020 Low where as at that time they were showing losses and BA issues, Now next qtr they are going to be profitable and no BA issue. Go figure the manipulation. My options are toast. You win some you lose some.

Closed on buy signal may test Friday closing but it is heading probably higher. Do your own D/D.

"From my dad who is a pilot about the current situation with Southwest airlines" From my dad who is a pilot about the current situation with Southwest airlines pic.twitter.com/44tFnM3tYz— ☦️Joshua☦️ (@I_Kill_Art_Hoes) October 10, 2021