[Form 4] Southwest Airlines Co. Insider Trading Activity

Rhea-AI Filing Summary

Andrew M. Watterson, Chief Operating Officer of Southwest Airlines Co. (LUV), reported insider transactions on Form 4. The filing shows a purchase of 17,926 shares at $31.31 on 08/18/2025 executed via a Retirement Savings Plan. The form also records a disposition of 189,695 shares. The Form 4 was signed on behalf of Mr. Watterson by an attorney-in-fact, Tim Whisler, on 08/19/2025.

Positive

• Purchase disclosed: Acquisition of 17,926 shares at $31.31 reported, increasing transparency
• Plan-based execution: Purchase executed via a Retirement Savings Plan, which is a common, rule-compliant mechanism

Negative

• Large disposition: Reported sale/disposition of 189,695 shares may be material at the insider level
• No explanatory remarks: Filing contains no narrative explaining the reason for the large disposition

Insights

Financial Analyst

TL;DR: Insider reported a modest purchase and a large disposition the next day, suggesting portfolio reallocation rather than new investment signal.

The filing lists a 17,926-share acquisition at $31.31 through a retirement savings plan and a reported disposition of 189,695 shares. For a company the size of Southwest Airlines, these trades are notable at the individual level but the filing provides no context on whether dispositions were planned plan distributions, tax-related, or transfers. No derivative transactions or exercise details are reported. Impact on share count and control is not specified beyond the amounts disclosed.

Corporate Governance Expert

TL;DR: Disclosure is timely and complete for Section 16 purposes; transactions appear to include plan-directed activity.

The Form 4 identifies the reporting person as the Chief Operating Officer and indicates the purchase was executed via a retirement savings plan, which often satisfies Rule 10b5-1 defense parameters if applicable. The presence of a large reported disposal (189,695 shares) alongside the plan purchase warrants standard governance disclosure but the filing includes no explanatory remarks. The form is signed by an attorney-in-fact, consistent with authorized filings.

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^*

Watterson Andrew M

(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)
	Chief Operating Officer

3. Date of Earliest Transaction (Month/Day/Year)
08/18/2025

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	08/18/2025		I		17,926	A	$31.31	17,926	I	By Retirement Savings Plan
Common Stock								189,695	D

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 Andrew M. Watterson	08/19/2025
	** 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 transactions did Andrew M. Watterson (LUV) report on this Form 4?

The Form 4 reports an acquisition of 17,926 shares at $31.31 on 08/18/2025 executed via a Retirement Savings Plan and a reported disposition of 189,695 shares.

When were the transactions dated on the Form 4 for LUV?

The transaction date reported is 08/18/2025, and the Form 4 bears a signature by an attorney-in-fact dated 08/19/2025.

What role does the reporting person hold at Southwest Airlines?

The reporting person, Andrew M. Watterson, is identified as the Chief Operating Officer of Southwest Airlines Co.

Was the purchase executed under a trading plan or retirement plan?

Yes, the filing states the purchase of 17,926 shares was executed by Retirement Savings Plan.

Does the Form 4 disclose any derivative transactions for LUV?

No. Table II for derivative securities contains no entries; only non-derivative common stock transactions are reported.