Southwest Airlines (NYSE: LUV) officer withholds stock for tax payment

Rhea-AI Filing Summary

SOUTHWEST AIRLINES CO (LUV) reported an insider equity transaction by Principal Accounting Officer Jimmy Ryan Martinez. On 2026-08-21, 179 shares of common stock were delivered or withheld for payment of exercise price or tax liability at $40.38 per share, leaving 25,244 directly held shares. In addition, Martinez has 942 shares held indirectly through a Retirement Savings Plan, with those plan holdings described as exempt transactions.

Insider Trade Summary

Net Seller: 179 shares

Net Sell 2 txns

Insider Martinez Jimmy Ryan

Role Principal Accounting Officer

Type	Security	Shares	Price	Value
Exercise Price or Tax Liability	Common Stock	179	$40.38	$7K
holding	Common Stock F1	--	--	--

Holdings After Transaction: Common Stock — 25,244 shares (Direct); Common Stock — 942 shares (Indirect, By Retirement Savings Plan)

Footnotes (1)

1. F1. Holdings reflect exempt transactions under the Issuer's Retirement Savings Plan.

Key Figures

Shares delivered/withheld (code F): 179 shares Price per share for code F transaction: $40.38 per share Direct holdings after transaction: 25,244 shares +1 more

4 metrics

Shares delivered/withheld (code F) 179 shares Payment of exercise price or tax liability on 2026-08-21

Price per share for code F transaction $40.38 per share Common Stock, transaction on 2026-08-21

Direct holdings after transaction 25,244 shares Common Stock directly owned by Jimmy Ryan Martinez after 2026-08-21 transaction

Indirect holdings via Retirement Savings Plan 942 shares Common Stock held indirectly by Retirement Savings Plan, footnote-exempt

Key Terms

Payment of exercise price or tax liability, Retirement Savings Plan, indirect

3 terms

Payment of exercise price or tax liability financial

"described as payment of exercise price or tax liability by delivering"

Retirement Savings Plan financial

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

indirect financial

"Indirect ownership: By Retirement Savings Plan"

FAQ

What insider transaction did LUV report for Jimmy Ryan Martinez on this Form 4?

The filing reports that 179 shares of SOUTHWEST AIRLINES CO common stock were delivered or withheld on 2026-08-21 to pay the exercise price or tax liability, at $40.38 per share, under transaction code F.

How many SOUTHWEST AIRLINES CO (LUV) shares does Jimmy Ryan Martinez hold after the transaction?

After the reported transaction, Jimmy Ryan Martinez holds 25,244 shares of SOUTHWEST AIRLINES CO common stock directly, plus 942 shares held indirectly through a Retirement Savings Plan.

Was the LUV Form 4 transaction a market sale or a tax/exercise payment?

The Form 4 identifies the transaction as code F, described as payment of exercise price or tax liability by delivering or withholding securities, rather than an open-market purchase or sale.

What is the reported price per share for the LUV insider transaction?

The reported transaction price per share is $40.38 for the 179 shares delivered or withheld to pay the exercise price or tax liability.

How are Jimmy Ryan Martinez’s indirect LUV holdings structured?

The filing shows 942 shares of SOUTHWEST AIRLINES CO common stock held indirectly by a Retirement Savings Plan, with a footnote stating these holdings reflect exempt transactions under the issuer’s Retirement Savings Plan.

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Available on EDGAR 08/25/2026 - 04:59 PM Accepted by SEC EDGAR 08/25/2026 - 04:59 PM Learn about SEC filing dates

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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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^*

Martinez Jimmy Ryan

(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)
	Principal Accounting Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
08/21/2026

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	08/21/2026		F		179	D	$40.38	25,244	D
Common Stock								942(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/ Blair Hendrix, on behalf of and as attorney-in-fact for Jimmy Ryan Martinez	08/25/2026
	** 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)