LUV at a glance
Southwest Airlines (LUV, SEC CIK 92380) filed its latest 10-K annual report on February 5, 2026, a 10-Q quarterly report on July 23, 2026, an 8-K current report on August 12, 2026 and Form 4 insider filings as recently as September 17, 2026. SignalX summarizes each filing with AI and tracks the company's insider trades and institutional holders.
- For the fiscal year ended December 31, 2025 (FY2025), Southwest Airlines (LUV) reported revenue of $28.1 billion (up 2.1% from FY2024) and net income of $441.0 million. Diluted EPS was $0.79.
- As of June 30, 2026, 39 institutional investment managers tracked by SignalX reported holding Southwest Airlines (LUV) shares worth $13.3 billion in 13F-HR filings.
Source: SEC EDGAR (XBRL financial data, 13F-HR and Form 4 filings).
- Revenue · FY2025
- $28.1B
- +2.1% vs prior year
- Insiders · 90 days
- 0 buys · 0 sells
- No open-market trades
- 13F holders
- 39 funds
- $13.3B · +1 vs prior quarter
- Latest 8-K
- Aug 12, 2026
- Item 2.03 · Item 1.02
AI 10-K Annual Report Analysis
Latest 10-K, fiscal year ended Dec 31, 2025
Business Overview
- Core business model: Low-cost U.S. and near-international passenger airline operating a large fleet of Boeing 737 aircraft
- New initiatives: Introduced assigned and extra legroom seating, redesigned boarding model, launched global airline partnerships, and created Getaways vacation packages in 2025-2026
- Strategic shift: Expanded redeye flights for 24-hour operations and rebalanced network toward longer-haul routes, reducing short-haul and off-peak service
- Quantitative metric: Fleet size 803 Boeing 737 aircraft; increased asset utilization with 55 new -8 aircraft added and retirement of 55 less fuel-efficient planes in 2025
- Noteworthy fact: Terminated all remaining fuel hedging contracts in Q2 2025, closing fuel hedge portfolio scheduled through 2027
Risk Factors
- Cybersecurity risks actively overseen by Board and Audit Committee, with escalations for incidents meeting specific thresholds
- Dedicated cybersecurity team led by CISO with 19 years experience, focusing on vulnerability management and incident response
- Potential operational disruption from cybersecurity incidents affecting facilities, airports, and aircraft systems
- Reporting cadence includes regular briefings and reviews of business continuity and disaster recovery plans
- Cybersecurity risks integrated into technology strategy with engagement from senior leaders including CIO with 20+ years IT experience
Management Discussion & Analysis
- Revenue $28.1B in 2025, up 2.1% YoY ($580M increase), passenger revenue $25.5B, up 2.2% YoY ($555M increase)
- GAAP operating income $428M in 2025 vs $321M in 2024, margin 1.53% vs 1.17%; non-GAAP operating income $539M vs $457M, margin approx. 1.92% vs 1.66%
- Best segment: Passenger revenues growth $555M; worst segment: Freight revenue down $4M (-2.3%)
- Net cash from operations $1.8B in 2025 vs $462M in 2024; $399M dividends paid; $2.6B share repurchases; capex $2.7B, up from $2.1B
- 2026 outlook: Capital spending $3.0-$3.5B for 66 MAX deliveries; focus on operational improvements, assigned seating rollout, fleet modernization, key risks include Boeing delivery delays and labor negotiations
AI summary of the LUV 10-K filed . Generated from the filing text; verify against the original.View on SEC EDGARHow to read a 10-K
AI 10-Q Quarterly Report Analysis
Latest 10-Q, quarter ended Jun 30, 2026
Management Discussion & Analysis
- Unrestricted cash $3.8B as of June 30, 2026, with $1.5B credit access through August 2028
- Working capital deficit approximately $6.8B, primarily from air traffic liability obligations
- Unencumbered aircraft and related assets approximately $15.7B net book value
- Term Loan Facility entered March 2026, increased through incremental commitments in May 2026
- Boeing order book 479 MAX aircraft and 138 options, subject to delivery delays and production capability
Risk Factors
- No Risk Factors section provided in the submitted text
- No newly added risk or material 10-K change identifiable
- $450,000,095 remaining under share-repurchase authorization
- Credit Agreement amended May 19, 2026 through Increase Joinder Agreement No. 1
AI summary of the LUV 10-Q filed . Generated from the filing text; verify against the original.View on SEC EDGAR10-K vs 10-Q vs 8-K
AI 8-K Current Report Analysis
The most recent material events, by 8-K item
Item 2.03: Creation of a Direct Financial Obligation
- Item 2.03 references the Revolving Credit Agreement
- No borrowing amount, interest rate, maturity, or purpose disclosed in the provided text
Item 1.02: Termination of a Material Definitive Agreement
- Southwest entered a new revolving credit agreement on August 10, 2026
- Termination likely replaces the prior material credit agreement
Item 5.02: Departure/Appointment of Directors or Principal Officers
- Southwest expanded its Board to 13 members with immediate appointments of Varun Krishna and Jason T. Liberty
- Appointees bring CEO experience from Rocket Companies, Redfin, and Royal Caribbean Cruises
Item 5.02: Departure/Appointment of Directors or Principal Officers
- Executive compensation reset effective August 15, 2026, following peer benchmarking against American, Delta, and United
- CEO Bob Jordan salary increased to $1,225,000, with long-term incentive target at 1,200% of base salary
AI summaries of LUV 8-K current reports filed with the SEC. What 8-K item codes mean
SignalX for LUV
Don't miss the next LUV filing
- Alerts as it files. A push when LUV files an 8-K or an insider trades.
- Fund moves. Which tracked funds opened, added or cut LUV, by share count.
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Recent Insider Transactions (Form 4)
Latest reported trades by officers, directors and 10% owners
| Insider | Type | Date | Shares | Price |
|---|---|---|---|---|
| Martinez Jimmy Ryan | A | Sep 15, 2026 | 2,697 | - |
| Martinez Jimmy Ryan | F | Aug 21, 2026 | 179 | $40.38 |
| Krishna Varun | A | Aug 10, 2026 | 3,787 | - |
| Liberty Jason T | A | Aug 10, 2026 | 3,787 | - |
| Roach Anthony | A | Aug 5, 2026 | 9,506 | - |
| Jones Justin | A | Aug 5, 2026 | 8,568 | - |
| Doxey Tom | A | Aug 5, 2026 | 6,316 | - |
| Woods Lauren Tauscher | A | Aug 5, 2026 | 7,598 | - |
Financial SummaryXBRL
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Profitability | |||
| Revenue | $26.1B | $27.5B | $28.1B |
| Operating Income | $224.0M | $321.0M | $428.0M |
| Net Income | $465.0M | $465.0M | $441.0M |
| Op. Margin | 0.9% | 1.2% | 1.5% |
| Net Margin | 1.8% | 1.7% | 1.6% |
| Balance Sheet | |||
| Total Assets | - | $33.8B | $29.1B |
| Equity | $10.5B | $10.3B | $8.0B |
| ROE | 4.4% | 4.5% | 5.5% |
| Per Share | |||
| EPS | $0.76 | $0.76 | $0.79 |
| Cash Flow | |||
| Operating CF | $3.2B | $462.0M | $1.8B |
Source: XBRL data in Southwest Airlines (LUV)'s 10-K filings on SEC EDGAR, in USD. Compare across companies →
13F Fund Holdings: Quarterly Trend
Latest: Q2 2026Aggregate LUV share value held by 13F filers tracked by SignalX, by quarter.
Quarterly totals table
| Quarter | Funds | Total value |
|---|---|---|
| Q2 2026 | 39 | $13.34B |
| Q1 2026 | 38 | $9.05B |
| Q4 2025 | 35 | $9.08B |
| Q3 2025 | 35 | $8.89B |
| Q2 2025 | 34 | $8.51B |
| Q1 2025 | 33 | $7.44B |
| Q4 2024 | 29 | $6.29B |
| Q3 2024 | 26 | $3.51B |
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- Citadel Advisors LLC−886.7K (-46%)
- Millennium Management−685.2K (-44%)
- State Street Corp−192.8K (-1%)
- FMR LLC (Fidelity)−141.9K (-1%)
- Renaissance Technologies LLC−197.4K
Source: 13F-HR filings on SEC EDGAR (aggregated from 269 fund-quarter rows). Reflects only 13F filers tracked by SignalX, not the full institutional ownership universe. How 13F filings work
LUV filing archive
AI analysis pages for each 10-K, 10-Q and 8-K
10-K annual reports
10-Q quarterly reports
Latest 2026 SEC Filings: 10-K, 10-Q, 8-K & Form 4
| Form | Filing date | Period | Analysis | SEC |
|---|---|---|---|---|
| 4 | Sep 17, 2026 | - | - | - |
| 4 | Aug 25, 2026 | - | - | - |
| 8-K | Aug 12, 2026 | - | Analysis | - |
| 4 | Aug 11, 2026 | - | - | - |
| 4 | Aug 11, 2026 | - | - | - |
| 8-K | Aug 10, 2026 | - | Analysis | - |
| 4 | Aug 7, 2026 | - | - | - |
| 4 | Aug 7, 2026 | - | - | - |
| 8-K | Aug 7, 2026 | - | Analysis | - |
| 4 | Aug 7, 2026 | - | - | - |
| 4 | Aug 7, 2026 | - | - | - |
| 4 | Aug 7, 2026 | - | - | - |
| 4 | Aug 7, 2026 | - | - | - |
| 10-Q | Jul 23, 2026 | Jun 30, 2026 | Analysis | |
| 8-K | Jul 22, 2026 | - | Analysis | - |
| 8-K | May 19, 2026 | - | Analysis | |
| 4 | May 11, 2026 | - | - | |
| 8-K | May 11, 2026 | - | Analysis | |
| 4 | May 11, 2026 | - | - | |
| 4 | May 11, 2026 | - | - | |
| 4 | May 11, 2026 | - | - | |
| 4 | May 11, 2026 | - | - | |
| 4 | May 11, 2026 | - | - | |
| 4 | May 11, 2026 | - | - | |
| 4 | May 11, 2026 | - | - |
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LUV SEC filings: frequently asked questions
Which institutions hold LUV stock?
As of June 30, 2026, the largest Southwest Airlines (LUV) holders among the 13F filers tracked by SignalX were Franklin Resources ($2.4 billion), Vanguard Capital Management LLC ($1.6 billion), BlackRock ($1.5 billion), State Street Corp ($1.5 billion), Vanguard Portfolio Management LLC ($1.2 billion). 13F-HR reports are filed up to 45 days after each quarter ends.
What was LUV's revenue in fiscal year 2025?
For the fiscal year ended December 31, 2025 (FY2025), Southwest Airlines (LUV) reported revenue of $28.1 billion (up 2.1% from FY2024) and net income of $441.0 million. Diluted EPS was $0.79. The figures come from the XBRL data in the 10-K.
What are the main risks in LUV's latest 10-K?
In the 10-K filed February 5, 2026, Southwest Airlines (LUV) flagged: Cybersecurity risks actively overseen by Board and Audit Committee, with escalations for incidents meeting specific thresholds. Dedicated cybersecurity team led by CISO with 19 years experience, focusing on vulnerability management and incident response. (AI summary of the Risk Factors section.)
What did LUV report in its latest 8-K?
Southwest Airlines (LUV) filed an 8-K on August 12, 2026 reporting Item 2.03 (Creation of a Direct Financial Obligation) and Item 1.02 (Termination of a Material Definitive Agreement). Item 2.03 references the Revolving Credit Agreement.
What are the latest LUV SEC filings?
Southwest Airlines (LUV) filed its latest 10-K annual report on February 5, 2026, a 10-Q quarterly report on July 23, 2026, an 8-K current report on August 12, 2026 and a Form 4 insider filing on September 17, 2026.
What is LUV's SEC CIK number?
Southwest Airlines (LUV)'s SEC Central Index Key (CIK) is 92380. EDGAR lists every LUV filing under that number.
Ask anything about LUV
The research agent reads LUV's filings, financials, insider trades and 13F holders, then answers with sources.