SOUTHWEST AIRLINES CO SEC Filings

Southwest Airlines EVP Anthony Roach reported a tax-related share disposition under a Form 4. He disposed of 3,658 shares of Southwest common stock at $52.09 per share in a tax-withholding transaction, and now directly holds 43,793.543 shares, plus 79 shares held indirectly through a Retirement Savings Plan.

Southwest Airlines Co. Chief Operating Officer Andrew M. Watterson reported a tax-related share disposition under the company’s equity plan. On February 21, 2026, 17,942 shares of common stock were withheld at $52.09 per share to cover taxes, a non‑open‑market transaction. After this, he directly owned 171,753 shares, and indirectly held 17,926 shares through the company’s Retirement Savings Plan, which reflects exempt plan transactions.

Southwest Airlines executive Lauren Tauscher Woods, EVP & CIO, reported a tax-withholding disposition of 4,585 shares of common stock on February 21, 2026. The shares were valued at $52.09 per share for this transaction.

After this Form 4 event, Woods directly held 30,110.216 shares of Southwest Airlines common stock. Her holdings include shares previously acquired through exempt transactions under the company’s employee stock purchase plan.

Elliott Investment Management filed Amendment No. 13 to its Schedule 13D on Southwest Airlines Co., reporting beneficial ownership of 45,875,000 shares of common stock, or 9.3% of the company, based on 491,317,990 shares outstanding as of February 3, 2026.

Elliott reports an aggregate cost of approximately $922,369,820 for the shares directly held by its funds and notes that positions may be maintained in margin accounts. The funds have also entered into physically settled long call options on 7,725,000 shares with a $60.00 strike and 3,475,000 shares with a $62.50 strike, expiring June 18, 2026.

The reporting person states it has reduced the Elliott Funds’ economic exposure for portfolio management purposes, but intends for them to remain significant shareholders, expressing confidence that Southwest’s ongoing strategic initiatives will lead to greater profitability, capital-allocation opportunities and shareholder value creation.

Southwest Airlines Co. reported that directors C. David Cush and Gregg A. Saretsky have each submitted their resignations from the Board of Directors, effective February 23, 2026. The company stated that neither departure is due to any disagreement regarding its operations, policies, or practices.

Southwest Airlines Co. filed Amendment No. 1 to its Annual Report on Form 10-K for the year ended December 31, 2025. The sole purpose of this 10-K/A is to correct the hyperlink for Exhibit 3.2, which contains the Fifth Amended and Restated Bylaws effective May 16, 2025.

The amendment does not update or change any other disclosures from the original Form 10-K, which continue to speak as of their original filing date. The filing also includes refreshed CEO and CFO certifications required under Section 302 of the Sarbanes-Oxley Act.

Southwest Airlines Co. outlines how it is reshaping its business in 2025 to improve profitability and customer appeal while managing rising labor and fuel costs. The carrier operated 803 Boeing 737 aircraft serving 117 destinations across the U.S. and ten near‑international countries.

Key 2025 initiatives included launching assigned and extra‑legroom seating (effective January 27, 2026), adding redeye flights for 24‑hour operations, expanding distribution through Expedia, Priceline, Google Flights, Kayak, and Skyscanner, and creating new global airline partnerships with six international carriers.

Southwest ended its fuel hedging program, continued a major fleet modernization with 55 additional 737‑8 deliveries and 48 retirements of older 737‑700s, and invested heavily in digital tools, in‑seat power, larger overhead bins, and a revamped Rapid Rewards program. A February 2025 workforce reduction targeting about 1,750 roles and a focus on automation and process efficiency support its cost discipline and investment‑grade balance sheet strategy.

Elliott Investment Management filed Amendment No. 12 to its Schedule 13D on Southwest Airlines, reporting beneficial ownership of 46,600,000 shares of common stock, equal to 9.0% of the outstanding shares based on 517,155,080 shares as of October 22, 2025.

The Elliott funds’ directly held Southwest shares have an aggregate purchase cost of approximately $1,260,708,046. Elliott states it reduced the funds’ economic exposure for portfolio management purposes but intends for the funds to remain significant shareholders, citing confidence in Southwest’s strategic initiatives, profitability and capital-allocation opportunities.

In addition to the shares, the Elliott funds hold cash-settled swap agreements referencing 1,938,000 shares, representing economic exposure comparable to 0.4% of the stock, and 70,000 option contracts exercisable into additional cash-settled swaps with a $55 strike price and a June 18, 2026 expiration. Together, these derivatives give the Elliott funds economic exposure comparable to about 1.7% of Southwest’s shares, bringing total combined economic exposure to approximately 10.7%.

Franklin Resources and affiliates report a significant investment position in Southwest Airlines. As of December 31, 2025, they may be deemed to beneficially own 40,200,530 shares of Southwest Airlines common stock, representing 7.8% of the outstanding class.

The stake is held through multiple investment management subsidiaries, including Putnam Investment Management, LLC, The Putnam Advisory Company, LLC, Franklin Advisers, Inc., Franklin Advisory Services, LLC and Fiduciary Trust entities, for the benefit of their clients. The filing states the securities are held in the ordinary course of business and not for the purpose of changing or influencing control of Southwest Airlines.