# Southwest Airlines Co: overview

LUV · NYSE · CIK 92380 · [Industrials](/sectors/industrials.md) · fiscal year ends Dec 31

Pages: [Overview](/companies/luv.md) · [Financials](/companies/luv/financials.md) · [Filings](/companies/luv/filings.md) · [Insiders](/companies/luv/insiders.md)

Latest reported revenue: [$8.42bn](/filings/0000092380-26-000107.md) for Q3 FY2026, three months to 2026-09-30, from the 10-Q filed Oct 22, 2026 (XBRL us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, accession 0000092380-26-000107).

## Last eight quarters

| Line item | Unit | Q4 FY2024 (2024-12-31) | Q1 FY2025 (2025-03-31) | Q2 FY2025 (2025-06-30) | Q3 FY2025 (2025-09-30) | Q4 FY2025 (2025-12-31) | Q1 FY2026 (2026-03-31) | Q2 FY2026 (2026-06-30) | Q3 FY2026 (2026-09-30) |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | [6,930 d](/filings/0000092380-26-000004.md) | [6,428](/filings/0000092380-26-000047.md) | [7,244](/filings/0000092380-26-000077.md) | [6,949](/filings/0000092380-26-000107.md) | [7,442 d](/filings/0000092380-26-000004.md) | [7,249](/filings/0000092380-26-000047.md) | [8,432](/filings/0000092380-26-000077.md) | [8,422](/filings/0000092380-26-000107.md) |
| Gross margin | % | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported |
| Operating margin | % | [4.0% d](/filings/0000092380-26-000004.md) | [(3.5%)](/filings/0000092380-26-000047.md) | [3.1%](/filings/0000092380-26-000077.md) | [0.5%](/filings/0000092380-26-000107.md) | [5.3% d](/filings/0000092380-26-000004.md) | [4.6%](/filings/0000092380-26-000047.md) | [3.4%](/filings/0000092380-26-000077.md) | [4.5%](/filings/0000092380-26-000107.md) |
| Net margin | % | [3.8% d](/filings/0000092380-26-000004.md) | [(2.3%)](/filings/0000092380-26-000047.md) | [2.9%](/filings/0000092380-26-000077.md) | [0.8%](/filings/0000092380-26-000107.md) | [4.3% d](/filings/0000092380-26-000004.md) | [3.1%](/filings/0000092380-26-000047.md) | [2.8%](/filings/0000092380-26-000077.md) | [3.2%](/filings/0000092380-26-000107.md) |
| Diluted EPS | $ per share | not reported | [(0.26)](/filings/0000092380-26-000047.md) | [0.39](/filings/0000092380-26-000077.md) | [0.10](/filings/0000092380-26-000107.md) | not reported | [0.45](/filings/0000092380-26-000047.md) | [0.47](/filings/0000092380-26-000077.md) | [0.55](/filings/0000092380-26-000107.md) |
| Free cash flow | $m | [16.0 d](/filings/0000092380-26-000004.md) | [333](/filings/0000092380-26-000047.md) | [(259)](/filings/0000092380-26-000077.md) | [(448)](/filings/0000092380-26-000107.md) | [(456) d](/filings/0000092380-26-000004.md) | [788](/filings/0000092380-26-000047.md) | [(288)](/filings/0000092380-26-000077.md) | [(493)](/filings/0000092380-26-000107.md) |

- Revenue. XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Gross margin (gross profit / revenue). XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities; Capital expenditure: us-gaap:PaymentsToAcquireProductiveAssets. Derived values: 12-month figure less the 9-month figure.

## Last five fiscal years

| Line item | Unit | FY2021 (2021-12-31) | FY2022 (2022-12-31) | FY2023 (2023-12-31) | FY2024 (2024-12-31) | FY2025 (2025-12-31) |
| --- | --- | ---: | ---: | ---: | ---: | ---: |
| Revenue | $bn | [15.8](/filings/0000092380-24-000027.md) | [23.8](/filings/0000092380-25-000024.md) | [26.1](/filings/0000092380-26-000004.md) | [27.5](/filings/0000092380-26-000004.md) | [28.1](/filings/0000092380-26-000004.md) |
| Gross margin | % | not reported | not reported | not reported | not reported | not reported |
| Operating margin | % | [10.9%](/filings/0000092380-24-000027.md) | [4.3%](/filings/0000092380-25-000024.md) | [0.9%](/filings/0000092380-26-000004.md) | [1.2%](/filings/0000092380-26-000004.md) | [1.5%](/filings/0000092380-26-000004.md) |
| Net margin | % | [6.2%](/filings/0000092380-24-000027.md) | [2.3%](/filings/0000092380-25-000024.md) | [1.8%](/filings/0000092380-26-000004.md) | [1.7%](/filings/0000092380-26-000004.md) | [1.6%](/filings/0000092380-26-000004.md) |
| Diluted EPS | $ per share | [1.61](/filings/0000092380-24-000027.md) | [0.87](/filings/0000092380-25-000024.md) | [0.76](/filings/0000092380-26-000004.md) | [0.76](/filings/0000092380-26-000004.md) | [0.79](/filings/0000092380-26-000004.md) |
| Free cash flow | $bn | [1.8](/filings/0000092380-24-000027.md) | [(0.1)](/filings/0000092380-25-000024.md) | [(0.4)](/filings/0000092380-26-000004.md) | [(1.6)](/filings/0000092380-26-000004.md) | [(0.8)](/filings/0000092380-26-000004.md) |

- Revenue. XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Gross margin (gross profit / revenue). XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities; Capital expenditure: us-gaap:PaymentsToAcquireProductiveAssets.

Each value links to the filing it came from. d marks a derived value. A ratio is not reported when any input is missing.

## Insider purchases and sales

The last 20 open-market transactions on Form 4 (codes P and S). Reported price is as stated on the form, not a market price. [All insider transactions](/companies/luv/insiders.md)

| Date | Insider | Role | Transaction | Shares | Reported price | Value | Filing |
| --- | --- | --- | --- | ---: | ---: | ---: | --- |
| 2020-04-02 | [Berkshire Hathaway Inc](/insiders/1067983.md) | 10% owner | Sale (S) | 632,610 | $32.2385 | $20.4m | [Form 4](/filings/0001209191-20-023268.md) |
| 2020-04-02 | [Berkshire Hathaway Inc](/insiders/1067983.md) | 10% owner | Sale (S) | 598,872 | $31.3765 | $18.8m | [Form 4](/filings/0001209191-20-023268.md) |
| 2020-04-01 | [Berkshire Hathaway Inc](/insiders/1067983.md) | 10% owner | Sale (S) | 78,518 | $33.9675 | $2.7m | [Form 4](/filings/0001209191-20-023268.md) |
| 2020-04-01 | [Berkshire Hathaway Inc](/insiders/1067983.md) | 10% owner | Sale (S) | 323,997 | $33.3633 | $10.8m | [Form 4](/filings/0001209191-20-023268.md) |
| 2020-04-01 | [Berkshire Hathaway Inc](/insiders/1067983.md) | 10% owner | Sale (S) | 673,752 | $32.1825 | $21.7m | [Form 4](/filings/0001209191-20-023268.md) |

## Funds that report holding it

From each manager’s latest Form 13F, largest reported value first. Reported value is as filed: filing data, not a price. [All funds](/funds.md)

| Fund | Quarter ended | Reported value | Shares | Put or call | Change on the quarter before |
| --- | --- | ---: | ---: | --- | --- |
| [PRIMECAP MANAGEMENT CO/CA/](/funds/763212.md) | 2026-06-30 | $2.51bn | 48,797,725 |  | Added +1,728,230 |
| [FRANKLIN RESOURCES INC](/funds/38777.md) | 2026-06-30 | $2.40bn | 46,578,090 |  | Added +2,191,682 |
| [VANGUARD CAPITAL MANAGEMENT LLC](/funds/2100119.md) | 2026-06-30 | $1.63bn | 31,614,180 |  | Reduced −30,452 |
| [BlackRock, Inc.](/funds/2012383.md) | 2026-06-30 | $1.54bn | 29,917,962 |  | Added +1,344,681 |
| [STATE STREET CORP](/funds/93751.md) | 2026-06-30 | $1.51bn | 29,326,975 |  | Reduced −192,816 |
| [Elliott Investment Management L.P.](/funds/1791786.md) | 2026-06-30 | $1.25bn | 24,308,000 |  | Reduced −6,038,000 |
| [VANGUARD PORTFOLIO MANAGEMENT LLC](/funds/2100121.md) | 2026-06-30 | $1.23bn | 23,999,965 |  | Added +869,817 |
| [GEODE CAPITAL MANAGEMENT, LLC](/funds/1214717.md) | 2026-06-30 | $653.9m | 12,739,007 |  | Reduced −236,713 |
| [AMERIPRISE FINANCIAL INC](/funds/820027.md) | 2026-06-30 | $554.0m | 10,777,353 |  | Added +792,921 |
| [GOLDMAN SACHS GROUP INC](/funds/886982.md) | 2026-06-30 | $535.2m | 10,409,159 |  | Added +6,890,529 |

## Recent filings

[All 1,540 filings](/companies/luv/filings.md)

| Filed | Accepted | Form | What it is | Accession |
| --- | --- | --- | --- | --- |
| 2026-10-22 | 16:25 ET | [10-Q](/filings/0000092380-26-000107.md) | Quarterly report, period 2026-09-30 | 0000092380-26-000107 |
| 2026-10-21 | 16:16 ET | [8-K](/filings/0000092380-26-000104.md) | 2.02 Results of operations; 9.01 Financial statements and exhibits | 0000092380-26-000104 |
| 2026-08-12 | 16:06 ET | [8-K](/filings/0000092380-26-000098.md) | 1.01 Entry into a material agreement; 1.02 Termination of a material agreement; 2.03 New direct financial obligation; 9.01 Financial statements and exhibits | 0000092380-26-000098 |
| 2026-08-10 | 16:05 ET | [8-K](/filings/0000092380-26-000093.md) | 5.02 Departure or appointment of officers or directors | 0000092380-26-000093 |
| 2026-08-07 | 16:15 ET | [8-K](/filings/0001193125-26-340284.md) | 5.02 Departure or appointment of officers or directors | 0001193125-26-340284 |
| 2026-07-23 | 16:11 ET | [10-Q](/filings/0000092380-26-000077.md) | Quarterly report, period 2026-06-30 | 0000092380-26-000077 |
| 2026-07-22 | 16:05 ET | [8-K](/filings/0000092380-26-000074.md) | 2.02 Results of operations; 9.01 Financial statements and exhibits | 0000092380-26-000074 |
| 2026-05-19 | 16:30 ET | [8-K](/filings/0001193125-26-230895.md) | 1.01 Entry into a material agreement; 2.03 New direct financial obligation | 0001193125-26-230895 |
| 2026-05-11 | 16:24 ET | [8-K](/filings/0000092380-26-000050.md) | 5.07 Shareholder vote results | 0000092380-26-000050 |
| 2026-04-23 | 16:25 ET | [10-Q](/filings/0000092380-26-000047.md) | Quarterly report, period 2026-03-31 | 0000092380-26-000047 |

## Latest annual report

[Form 10-K for the fiscal year ended Dec 31, 2025](/filings/0000092380-26-000004.md), filed Feb 5, 2026.

## Forecast league

Not in this season’s league. [This season’s league](/leagues.md)

## About the filer

- CIK: 92380
- Tickers: LUV
- Exchange: NYSE
- SIC code: 4512 Air Transportation, Scheduled
- State of incorporation: TX
- Filer category: Large accelerated filer

Source: SEC EDGAR, XBRL company facts, the filing index and Forms 4. Last ingested by Listed: Oct 28, 2026, 06:04 ET. No prices; not investment advice.