[Form 4] Southwest Airlines Co. Insider Trading Activity

Rhea-AI Filing Summary

Jimmy Ryan Martinez, Principal Accounting Officer of Southwest Airlines Co. (LUV), reported the sale of 68 shares of Southwest common stock on 08/21/2025 at a price of $31.07 per share. After the transaction he beneficially owns 20,884 shares directly and 929 shares indirectly through a retirement savings plan. The Form 4 was signed by an attorney-in-fact on 08/25/2025.

Insights

Financial Analyst

TL;DR: Insider sale of 68 shares is routine and immaterial to company valuation.

The sale reported by the Principal Accounting Officer is small relative to his total holdings, reducing direct ownership by 68 shares at $31.07. There are no derivative transactions disclosed. From a financial-materiality perspective this transaction is unlikely to affect market perception or company fundamentals.

Corporate Governance Expert

TL;DR: Disclosure meets Section 16 requirements; transaction appears administrative.

The filing documents a straightforward open-market disposition reported on Form 4 and executed under standard reporting procedures. Ownership includes direct and retirement-plan holdings, and the form was executed via attorney-in-fact. No indications of policy exceptions, 10b5-1 plan notation, or related-party arrangements are provided in the filing.

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
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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^*

Martinez Jimmy Ryan

(Last) (First) (Middle)

2702 LOVE FIELD DRIVE

HDQ 4GC

(Street)

DALLAS TX 75235

(City) (State) (Zip)

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

3. Date of Earliest Transaction (Month/Day/Year)
08/21/2025

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

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

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

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	08/21/2025		F		68	D	$31.07	20,884	D
Common Stock								929	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:

Remarks:

	/s/ Tim Whisler, on behalf of and as attorney-in-fact for Jimmy Ryan Martinez	08/25/2025
	** 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.

FAQ

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

He reported the sale of 68 shares of Southwest Airlines common stock on 08/21/2025 at $31.07 per share.

How many Southwest (LUV) shares does Jimmy Ryan Martinez own after the reported transaction?

Following the sale he beneficially owns 20,884 shares directly and 929 shares indirectly via a retirement savings plan.

Was the Form 4 for LUV filed jointly or by one reporting person?

The form indicates it was filed by one reporting person.

Does the filing show any derivative transactions or option exercises for LUV?

No. Table II for derivative securities shows no transactions or holdings disclosed.

Who signed the Form 4 for Jimmy Ryan Martinez?

The form was signed by Tim Whisler, as attorney-in-fact, on 08/25/2025.