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Southwest Airlines Co. (LUV) is the issuer in an amended Schedule 13G reporting that Primecap Management Co. beneficially owned 49,003,285 common shares, or 10.02% of the class, as of September 30, 2026. Primecap reported sole voting power over 48,841,406 shares and sole dispositive power over 49,003,285 shares, with no shared voting or dispositive power. The statement identifies Vanguard PRIMECAP Fund as having an interest in more than 5% of Southwest’s total outstanding common stock.
Key Figures
Beneficially owned common shares:49,003,285 sharesPercent of class:10.02%Sole voting power:48,841,406 shares+1 more
4 metrics
Beneficially owned common shares49,003,285 sharesAs of September 30, 2026
Percent of class10.02%Primecap Management Co.'s reported beneficial ownership
Sole voting power48,841,406 sharesPrimecap Management Co.'s reported voting power
Sole dispositive power49,003,285 sharesPrimecap Management Co.'s reported dispositive power
Key Terms
beneficially owned, Sole Voting Power, Sole Dispositive Power
3 terms
beneficially ownedfinancial
"Amount beneficially owned: 49,003,285"
Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.
Sole Voting Powerfinancial
"Sole Voting Power 48,841,406.00"
Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.
Sole Dispositive Powerfinancial
"Sole Dispositive Power 49,003,285.00"
Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How many LUV shares did Primecap report owning?
Primecap Management Co. reported beneficial ownership of 49,003,285 Southwest Airlines common shares, equal to 10.02% of the class, as of September 30, 2026. It reported sole dispositive power over that same number of shares.
What voting and dispositive power did Primecap report over LUV shares?
Primecap reported sole voting power over 48,841,406 shares and shared voting power over 0 shares. It reported sole dispositive power over 49,003,285 shares and shared dispositive power over 0 shares.
Which fund did Primecap identify as having an interest in more than 5% of LUV?
The ownership statement identifies Vanguard PRIMECAP Fund as having an interest in more than 5% of Southwest Airlines Co.’s total outstanding common stock.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 21)
SOUTHWEST AIRLINES CO
(Name of Issuer)
COM
(Title of Class of Securities)
844741108
(CUSIP Number)
09/30/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
844741108
1
Names of Reporting Persons
PRIMECAP MANAGEMENT CO/CA/
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
48,841,406.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
49,003,285.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
49,003,285.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
10.02 %
12
Type of Reporting Person (See Instructions)
IA
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
SOUTHWEST AIRLINES CO
(b)
Address of issuer's principal executive offices:
2702 LOVE FIELD DR, P O BOX 36611, DALLAS, TEXAS 75235
Item 2.
(a)
Name of person filing:
PRIMECAP MANAGEMENT CO/CA/
(b)
Address or principal business office or, if none, residence:
177 EAST COLORADO BLVD.
11TH FLOOR
PASADENA, California
91105
(c)
Citizenship:
PRIMECAP MANAGEMENT CO/CA/ - UNITED STATES
(d)
Title of class of securities:
COM
(e)
CUSIP No.:
844741108
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
49,003,285
(b)
Percent of class:
10.02 %
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
PRIMECAP MANAGEMENT CO/CA/ - 48,841,406
(ii) Shared power to vote or to direct the vote:
PRIMECAP MANAGEMENT CO/CA/ - 0
(iii) Sole power to dispose or to direct the disposition of:
PRIMECAP MANAGEMENT CO/CA/ - 49,003,285
(iv) Shared power to dispose or to direct the disposition of:
PRIMECAP MANAGEMENT CO/CA/ - 0
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
Various Persons have the right to receive, or the power to direct the receipt of, dividends from, or proceeds from the sale of, with respect to the securities as to which this Schedule is filed. No one Person here has an interest more than five percent of this class of securities except as follows: Vanguard PRIMECAP Fund has an interest of more than five percent of the total outstanding common stock of Southwest Airlines Co.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
