SOUTHWEST AIRLINES CO
LUV · Air Transportation, Scheduled · 488.8M shares · +4%/yr ↑ dilution · EDGAR filings ↗
Reference price $37.95 · est. market cap ~$18.5B — last insider sale, 2026-04-07 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
C60Mid-pack legacy low-cost carrier in the middle of a transformation, with thin absolute margins despite decent in-sector percentiles.
Strengths
- Record $28.1B revenue with new bag-fee/seating initiatives improving operating income YoY
- Solid cash position (83rd pct) and moderate leverage (D/E 0.62, 40th pct)
Risks
- Weak absolute profitability: net margin 1.6%, operating margin 1.5% (36th pct), ROE 5.5%
- Sole-source Boeing dependence, MAX-7 certification delays, and execution risk on the turnaround
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Weak liquidityCurrent ratio 0.52 (<1)
- Strong balance sheetStrong balance sheet — $3.2B cash & investments
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
1.5%
Net margin
1.6%
Return on equity
5.5%
Return on assets
1.5%
ROIC
2.6%
Revenue growth (QoQ)
-2.6%
Net-income growth
-5.2%
Debt / equity
0.6×
Net debt / EBITDA
0.9×
Current ratio
0.5×
EBITDA
$2.0B
Tangible book value
$6.7B
Cash & investments
$3.2B
Stock comp / revenue
0.4%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-07 | BROOKS DOUGLAS H | Grant | 4.1K | — |
| 2026-05-07 | Reynolds Christopher P. | Grant | 4.1K | — |
| 2026-05-07 | Watson Patricia A | Grant | 4.1K | — |
| 2026-05-07 | Atherton Lisa M | Grant | 4.1K | — |
| 2026-05-07 | Breber Pierre R | Grant | 4.1K | — |
| 2026-05-07 | Feinberg Sarah | Grant | 4.1K | — |
| 2026-05-07 | FORNARO ROBERT L | Grant | 4.1K | — |
| 2026-05-07 | Grissen David | Grant | 4.1K | — |
| 2026-05-07 | Hess David P | Grant | 4.1K | — |
| 2026-04-07 | Atherton Lisa M | Sell | 118 | $37.95 |
| 2026-03-21 | Doxey Tom | Tax withheld | 11K | $39.41 |
| 2026-03-21 | Roach Anthony | Tax withheld | 2.2K | $39.41 |
| 2026-03-16 | Jones Justin | Grant | 24K | — |
| 2026-03-16 | Roach Anthony | Grant | 22K | — |
| 2026-03-16 | Jordan Robert E | Grant | 93K | — |
| 2026-03-16 | Martinez Jimmy Ryan | Grant | 7.3K | — |
| 2026-03-16 | Watterson Andrew M | Grant | 35K | — |
| 2026-03-16 | Woods Lauren Tauscher | Grant | 19K | — |
| 2026-03-16 | Doxey Tom | Grant | 28K | — |
| 2026-02-21 | Martinez Jimmy Ryan | Tax withheld | 2.8K | $52.09 |
| 2026-02-21 | Jones Justin | Tax withheld | 8.5K | $52.09 |
| 2026-02-21 | Jordan Robert E | Tax withheld | 39K | $52.09 |
| 2026-02-21 | Roach Anthony | Tax withheld | 3.7K | $52.09 |
| 2026-02-21 | Watterson Andrew M | Tax withheld | 18K | $52.09 |
| 2026-02-21 | Woods Lauren Tauscher | Tax withheld | 4.6K | $52.09 |
| 2025-12-05 | Jones Justin | Sell | 8.1K | $37.36 |
| 2025-12-02 | BROOKS DOUGLAS H | Gift | 1.8K | — |
| 2025-12-02 | BROOKS DOUGLAS H | Gift | 1.8K | — |
| 2025-08-21 | Martinez Jimmy Ryan | Tax withheld | 68 | $31.07 |
| 2025-08-18 | Watterson Andrew M | I | 18K | $31.31 |
| 2025-08-06 | SARETSKY GREGG A | Buy | 2.7K | $30.03 |
| 2025-08-06 | SARETSKY GREGG A | Buy | 600 | $30.02 |
| 2025-08-05 | Feinberg Sarah | Buy | 1.3K | $30.00 |
| 2025-08-05 | Feinberg Sarah | Buy | 200 | $30.01 |
| 2025-05-14 | Watson Patricia A | Grant | 5.4K | — |
| 2025-05-14 | SARETSKY GREGG A | Grant | 5.4K | — |
| 2025-05-14 | GANGWAL RAKESH | Grant | 5.4K | — |
| 2025-05-14 | Atherton Lisa M | Grant | 5.4K | — |
| 2025-05-14 | Breber Pierre R | Grant | 5.4K | — |
| 2025-05-14 | BROOKS DOUGLAS H | Grant | 5.4K | — |
| 2025-05-14 | Cush C. David | Grant | 5.4K | — |
| 2025-05-14 | Feinberg Sarah | Grant | 5.4K | — |
| 2025-05-14 | FORNARO ROBERT L | Grant | 5.4K | — |
| 2025-05-14 | Hess David P | Grant | 5.4K | — |
| 2025-05-14 | Reynolds Christopher P. | Grant | 5.4K | — |
| 2025-05-14 | Grissen David | Grant | 5.4K | — |
| 2025-04-30 | SARETSKY GREGG A | Buy | 3.7K | $27.29 |
| 2025-04-29 | Breber Pierre R | Buy | 200 | $26.89 |
| 2025-04-29 | Breber Pierre R | Buy | 100 | $26.74 |
| 2025-04-29 | Breber Pierre R | Buy | 400 | $26.77 |
| 2025-04-29 | Breber Pierre R | Buy | 100 | $26.78 |
| 2025-04-29 | Breber Pierre R | Buy | 900 | $26.79 |
| 2025-04-29 | Breber Pierre R | Buy | 100 | $26.80 |
| 2025-04-29 | Breber Pierre R | Buy | 400 | $26.81 |
| 2025-04-29 | Breber Pierre R | Buy | 400 | $26.83 |
| 2025-04-29 | Breber Pierre R | Buy | 900 | $26.85 |
| 2025-04-29 | Breber Pierre R | Buy | 500 | $26.86 |
| 2025-04-29 | Breber Pierre R | Buy | 651 | $26.87 |
| 2025-04-29 | Breber Pierre R | Buy | 68 | $26.88 |
| 2025-04-29 | Breber Pierre R | Buy | 400 | $26.90 |
| 2025-04-29 | Breber Pierre R | Buy | 1.5K | $26.92 |
| 2025-04-29 | Breber Pierre R | Buy | 800 | $26.93 |
| 2025-04-29 | Breber Pierre R | Buy | 1.2K | $26.94 |
| 2025-04-29 | Breber Pierre R | Buy | 400 | $26.95 |
| 2025-04-29 | Breber Pierre R | Buy | 100 | $26.96 |
| 2025-04-29 | Breber Pierre R | Buy | 927 | $27.00 |
| 2025-04-28 | Hess David P | Buy | 7.5K | $26.52 |
| 2025-03-14 | Doxey Tom | Grant | 47K | — |
| 2025-03-14 | Doxey Tom | Grant | 41K | — |
| 2025-03-14 | Roach Anthony | Grant | 17K | — |
| 2025-03-14 | Feinberg Sarah | Buy | 500 | $31.48 |
| 2025-03-13 | Watson Patricia A | Buy | 3.3K | $30.58 |
| 2025-03-13 | Reynolds Christopher P. | Buy | 3.3K | $30.68 |
| 2025-03-12 | Cush C. David | Buy | 5.0K | $30.03 |
| 2025-02-21 | Jordan Robert E | Tax withheld | 35K | $29.81 |
| 2025-02-21 | Rutherford Linda B. | Tax withheld | 13K | $29.81 |
| 2025-02-21 | Romo Tammy | Tax withheld | 15K | $29.81 |
| 2025-02-21 | Jones Justin | Tax withheld | 4.3K | $29.81 |
| 2025-02-21 | Watterson Andrew M | Tax withheld | 16K | $29.81 |
| 2025-02-21 | Green Ryan C. | Tax withheld | 7.9K | $29.81 |
| 2025-02-10 | Watterson Andrew M | Grant | 8.0K | — |
| 2025-02-10 | Rutherford Linda B. | Grant | 7.0K | — |
| 2025-02-10 | Green Ryan C. | Grant | 758 | — |
| 2025-02-10 | Jones Justin | Grant | 232 | — |
| 2025-02-10 | Jordan Robert E | Grant | 20K | — |
| 2025-02-10 | Romo Tammy | Grant | 9.4K | — |
| 2025-02-04 | Green Ryan C. | Grant | 35K | — |
| 2025-02-04 | Watterson Andrew M | Grant | 55K | — |
| 2025-02-04 | Rutherford Linda B. | Grant | 36K | — |
| 2025-02-04 | Green Ryan C. | Grant | 34K | — |
| 2025-02-04 | Romo Tammy | Grant | 45K | — |
| 2025-02-04 | Jordan Robert E | Grant | 131K | — |
| 2025-02-04 | Jones Justin | Grant | 35K | — |
| 2025-01-30 | Atherton Lisa M | Buy | 118 | $31.28 |
All non-derivative Form 4 activity (SEC), newest first.
Supply chain
Customers (0)
Suppliers (3)
Named in the 10-K; linked when we track them.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-05-19 | Material agreementDebt obligation | filing ↗ |
| 2026-05-11 | Shareholder vote | filing ↗ |
| 2026-04-22 | ResultsExhibits | filing ↗ |
| 2026-03-12 | Material agreementDebt obligation | filing ↗ |
| 2026-02-10 | Exec/director change | filing ↗ |
| 2026-01-28 | ResultsExhibits | filing ↗ |
| 2025-12-05 | Reg FD | filing ↗ |
| 2025-11-03 | Material agreementDebt obligationOtherExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-05-19 | 2026-05-19 | 0001193125-26-230895 ↗ |
| 8-K | 2026-05-11 | 2026-05-07 | 0000092380-26-000050 ↗ |
| 10-Q | 2026-04-23 | 2026-03-31 | 0000092380-26-000047 ↗ |
| 8-K | 2026-04-22 | 2026-04-22 | 0000092380-26-000044 ↗ |
| 8-K | 2026-03-12 | 2026-03-11 | 0001193125-26-102966 ↗ |
| 8-K | 2026-02-10 | 2026-02-09 | 0001193125-26-044746 ↗ |
| 10-K/A | 2026-02-06 | 2025-12-31 | 0000092380-26-000006 ↗ |
| 10-K | 2026-02-05 | 2025-12-31 | 0000092380-26-000004 ↗ |
| 8-K | 2026-01-28 | 2026-01-28 | 0000092380-26-000002 ↗ |
| 8-K | 2025-12-05 | 2025-12-05 | 0000092380-25-000144 ↗ |
| 8-K | 2025-11-03 | 2025-11-03 | 0001193125-25-262544 ↗ |
| 10-Q | 2025-10-23 | 2025-09-30 | 0000092380-25-000140 ↗ |