Southwest Airlines (LUV) EVP reports routine tax-withholding share disposition

Rhea-AI Filing Summary

Southwest Airlines executive Anthony Roach reported a routine tax-related share disposition. As EVP Customer & Brand, he had 2,179 shares of Common Stock withheld at a price of $39.41 per share to cover tax obligations by delivering securities, a non-market transaction.

After this tax-withholding event, Roach directly holds 63,672.543 shares of Southwest Airlines common stock. He also has an additional 79 shares held indirectly through a Retirement Savings Plan, where plan-related holdings are described as exempt transactions.

Insights

Equity compensation and insider-trading analyst

Routine tax withholding; no open-market buying or selling.

The filing shows Anthony Roach, EVP Customer & Brand at Southwest Airlines, had 2,179 common shares withheld at $39.41 per share to satisfy tax liabilities by delivering stock. Code F events are administrative and do not represent discretionary trades in the open market.

After this transaction, Roach still directly owns 63,672.543 shares, plus 79 indirect shares held through a Retirement Savings Plan, where the holdings are noted as exempt plan transactions. Overall, the activity appears routine and does not materially change his equity exposure to the company.

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Roach Anthony

(Last) (First) (Middle)

2702 LOVE FIELD DRIVE

HDQ 4GC

(Street)

DALLAS TEXAS 75235

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
SOUTHWEST AIRLINES CO [ LUV ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP Customer & Brand

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/21/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	03/21/2026		F		2,179	D	$39.41	63,672.543	D
Common Stock								79(1)	I	By Retirement Savings Plan

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Holdings reflect exempt transactions under the Issuer's Retirement Savings Plan.

Remarks:

	/s/ Claire Hoedebeck, on behalf of and as attorney-in-fact for Anthony Roach	03/24/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transaction did Southwest Airlines (LUV) report for Anthony Roach?

Southwest Airlines reported that EVP Customer & Brand Anthony Roach had 2,179 common shares withheld at $39.41 per share to cover tax obligations. This is coded as a tax-withholding disposition, not an open-market purchase or sale of stock.

Was the Southwest Airlines (LUV) Form 4 a stock sale by Anthony Roach?

No, the Form 4 reports a tax-withholding disposition, where 2,179 shares were delivered to satisfy tax liabilities. It is classified under code F, meaning it is an administrative equity-compensation event rather than a discretionary open-market sale of Southwest Airlines stock.

How many Southwest Airlines (LUV) shares does Anthony Roach hold after this filing?

Following the tax-withholding transaction, Anthony Roach directly owns 63,672.543 shares of Southwest Airlines common stock. He also has 79 additional shares held indirectly through a Retirement Savings Plan, which the disclosure notes as exempt plan-related holdings.

What does transaction code F mean in the Southwest Airlines (LUV) Form 4?

Transaction code F indicates payment of exercise price or tax liability by delivering securities. In this case, 2,179 shares of Southwest Airlines common stock were used to satisfy tax obligations, rather than being sold in the open market for cash proceeds.

Does the Southwest Airlines (LUV) Form 4 indicate any changes in indirect holdings for Anthony Roach?

The Form 4 reflects 79 shares of Southwest Airlines common stock held indirectly by Anthony Roach through a Retirement Savings Plan. A footnote explains that these plan-related holdings reflect exempt transactions under the issuer’s Retirement Savings Plan rules.