InsiderStreet Equity Research

Produced by InsiderStreet.ai from live production data. It is not investment advice, not an offer or solicitation to buy or sell any security, and not a recommendation for any investor. Do not rely on it for any investment decision.

Last Close

$39.50

2026-10-16

Market Cap

$19.3B

Volume

5.4M

52-Wk High

$55.11

52-Wk Low

$29.26

Trailing PE

23.8

P/S

0.64

Gross Margin

61.0%

Net Margin

2.8%

ROE

11%

ROIC

4%

Piotroski

8/9

Altman Z

2.1

1-Yr Return

+20.8%

5-Yr Return

-13.3%

Southwest Airlines Co. functions as a passenger airline, offering scheduled air travel services predominantly across the United States and to select neighboring international markets. As of December 31, 2021, the company maintained a consistent fleet of 728 Boeing 737 aircraft. Its extensive route network served 121 different locations, spanning 42 U.S. states, the District of Columbia, and the Commonwealth of Puerto Rico, along with 10 international countries close by. These international destinations include Mexico, Jamaica, the Bahamas, Aruba, the Dominican Republic, Costa Rica, Belize, Cuba, the Cayman Islands, and Turks and Caicos. To enhance the passenger journey, Southwest provides in-flight entertainment and internet access on its Wi-Fi-enabled planes. The airline also runs the Rapid Rewards loyalty program, enabling members to accumulate points proportional to the money spent on Southwest's base fares. For customer convenience in travel planning, the company offers a range of digital tools, including its official websites and mobile applications, as well as SWABIZ, a dedicated online booking platform for business clients. Additional services available include EarlyBird Check-In, preferred boarding options, and transportation for pets and unaccompanied minors. The company was founded in 1967 and its corporate headquarters are situated in Dallas, Texas.

SectorIndustrialsIndustryAirlines, Airports & Air ServicesExchangeNYSEMarket Cap$19.3BEmployees72,790 (SEC-filed)CEORobert E. JordanIPO1980-01-02CountryUS

PO Box 36611, Dallas, TX 75235-1611 · Tel 214 792 4000 · southwest.com

INSIDERSTREET SCORE52 / 100Street mean $51.56 (9 analysts, last qtr) — their number, not ours

INSIDER CONSENSUS SIGNALROUTINE SELLING — LOW SIGNAL$0M sold / 6 mo, zero open-market buys

1 Year vs S&P 500 · LUV +20.8% · S&P 500 +15.9% · spread +4.9pp

7 Years vs S&P 500 · LUV -13.3% · S&P 500 +189.9% · spread -203.2pp

Both charts indexed to 100 at the start of their window and drawn on a single shared scale, so the gap to the benchmark is the gap you see. Adjusted closes throughout.

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INSIDERSTREET
SCORE52of 100

Score Breakdown

Profitability	36/100
Growth	64/100
Momentum	91/100
Quality	69/100
Earnings Quality	86/100
Balance Sheet	55/100
Value	47/100
Risk (safety)	50/100
Overall	52.3/100

Each component is a diagnostic reading on its own 0-100 scale. The overall score is computed separately from the underlying financials and is not the average of the rows above — components are not equally weighted and three of them (Momentum, Value, Risk) are derived partly from price rather than from the business.

Peer Comparison — IS Score

Symbol	IS Score
LTM	54
UAL	41
AAL	13
DAL	41
CPA	55
CAAP	67
LUV	52

IS Score Trend — quarterly

14 quarters, 23 Q1 to 26 Q2. Peak 52 in 26 Q2, latest 52 — +0 since. Fell in 2 of the last 4 quarters. Dashed line marks 40 on the 0-100 scale.

BUSINESS QUALITY52 / 100IS Score 52.3 / 100 · +0.0 from peak of 52

Fundamental factor model, quarterly. Measures how the business is doing - not where the price is going.

PRICE STRUCTUREBEARISHTechnical Score 26 / 100 · Power -48 · 5 of 22 indicator votes bullish

Vote share across trend, momentum, volume, volatility and pattern families. Describes where the price is, not where it is going.

These two disagree — business quality 52, price structure 26 out of 100, so the business reads better than the price does. We publish the disagreement rather than resolving it: they answer different questions, and the gap between them is information, not an error.

Trigger	Where it stands now	What it would mean
IS Score reaches 55 and holds two consecutive quarters	now 52.3	would move us up one band
IS Score stops falling - one quarter higher than the prior	last four: 46 → 41 → 49 → 52	the direction matters more than the level
Technical vote share back above 50%	now 9%	price structure no longer broken
Institutional holder count rises two quarters running	peak 937 → now 937	fewer institutions willing to hold is our clearest warning

We publish these so the view can be shown to be wrong. If none of them move and our reading does, we owe you an explanation.

NOT INVESTMENT ADVICE — FOR INFORMATIONAL PURPOSES ONLY

This page is InsiderStreet's own reading, produced from the data in the rest of this document. It is not a price target and not investment advice. Analyst consensus and street price targets appear later under their own heading and are the street's numbers, not ours.

Site Convergence Score3 of 4top 4% of 29,420 symbols

Sources Aligned— of 3independent disclosures

Congress (180d)1 buys2026-05-01

Insider Buys (180d)0none disclosed

ETF Funds (30d)702 up / 489 downnet +213 funds

Institutions Added (13F)63managers opening or increasing

Congressional and insider figures are disclosed purchases in the trailing 180 days; ETF figures are COUNTS OF FUNDS whose holding changed in 30 days, not dollars. Coincidence of separate disclosures, not coordination. An absent source means nothing qualifying was disclosed in its window.

Institutions holding — 12 quarters

Peak 937 · latest 937 (+0 from peak).

Quarter	Holders	13F shares	Value	Reported own%	Guard
2026 Q2	937	457.7M	$22.7B	92.7%
2026 Q1	874	435.3M	$16.1B	88.1%
2025 Q4	852	484.7M	$19.1B	98.1%
2025 Q3	766	514.9M	$15.8B	104.2%	ex-outlier 91.9%
2025 Q2	796	501.5M	$15.6B	101.5%	ex-outlier 88.1%
2025 Q1	815	529.7M	$17.0B	107.2%
2024 Q4	839	549.7M	$17.6B	111.3%
2024 Q3	802	540.5M	$15.2B	109.4%
2024 Q2	770	536.8M	$14.3B	108.7%
2024 Q1	798	479.5M	$13.0B	97.1%
2023 Q4	796	476.1M	$12.8B	96.4%
2023 Q3	773	478.1M	$11.8B	96.8%

How to read ownership above 100%. A 13F reports the positions a manager has investment discretion over, and where two or more managers share discretion over the same block, each one reports it. Summed across filers, the total can therefore exceed the shares actually outstanding without anything being wrong. We publish the figure as filed rather than netting it down, and flag separately any quarter where the arithmetic is not merely high but impossible.

Why 2025-09 reads 104.24%. Institutions cannot hold more of a company than exists. The reported 514.9M shares exceed the 494.0M outstanding, and a single filer accounts for the excess: VANGUARD GROUP INC reports 61,040,835 shares against 66,162,033 the prior quarter, a 1x jump, which alone would be 12.4% of the company. Excluding that filing, ownership is 91.9%. We publish both figures. 13F filings are due 45 days after quarter end and amendments keep arriving after that, so the newest quarter is provisional by construction - this is what an unsettled quarter looks like.

Why 2025-06 reads 101.52%. Institutions cannot hold more of a company than exists. The reported 501.5M shares exceed the 494.0M outstanding, and a single filer accounts for the excess: VANGUARD GROUP INC reports 66,162,033 shares against 68,145,366 the prior quarter, a 1x jump, which alone would be 13.4% of the company. Excluding that filing, ownership is 88.1%. We publish both figures. 13F filings are due 45 days after quarter end and amendments keep arriving after that, so the newest quarter is provisional by construction - this is what an unsettled quarter looks like.

NOT INVESTMENT ADVICE — FOR INFORMATIONAL PURPOSES ONLY

Insider	Role	Date	Type	Shares	Value	Post-Txn Owned
Martinez Jimmy Ryan	Principal Accounting Officer	2026-09-15	A-Award	2,697	—	27,941
Martinez Jimmy Ryan	Principal Accounting Officer	2026-08-21	TAX W/H	179	$0.01M	25,244
Liberty Jason T	director	2026-08-10	A-Award	3,787	—	3,787
Krishna Varun	director	2026-08-10	A-Award	3,787	—	3,787
Jones Justin	EVP & Chief Commercial Officer	2026-08-05	A-Award	8,568	—	85,784
Roach Anthony	Chief Customer & Brand Officer	2026-08-05	A-Award	9,506	—	73,179
Woods Lauren Tauscher	EVP & CIO	2026-08-05	A-Award	7,598	—	56,658
Watterson Andrew M	Chief Operating Officer	2026-08-05	A-Award	2,995	—	209,840

6-mo decomposition (Form 4)	Txns	Shares	Value	Signal weight
S — Open-market sales	1	118	$0.0M	Counted
F — Tax withholding	3	13,805	$0.5M	None — compensation
P — Open-market purchases	0	0	$0	Counted — none occurred

Monthly Net Insider Flow (000 shares)

Net of acquisitions minus dispositions, all Form 4 types.

Signal Summary

SignalRoutine Selling — Low Signal

Open-Market Sells$0.0M1 txns / 6 mo

Open-Market Buys$0.0M0 txns / 6 mo

ClusterNone active3+ insiders / 21 days

Filed	Filer	Shares registered	Est. proceeds
2026-02-25	Cush C. David	10,000	$0.5M
2026-02-25	Cush C. David	10,000	$0.5M
2025-12-05	Jones Justin	8,085	$0.3M
2025-06-06	Green Ryan C.	20,910	$0.7M
Trailing 12 mo	3 filings	28,085	$1M

Filed	Form	Reporting person	% of class	Shares
2026-10-07	SCHEDULE 13G/A	Putnam Investment Management, LLC	7.60%	37.1M sh
2026-10-05	SCHEDULE 13G/A	PRIMECAP MANAGEMENT CO/CA/	10.02%	49.0M sh
2026-05-13	SCHEDULE 13G/A	PRIMECAP MANAGEMENT CO/CA/	9.58%	47.1M sh
2026-04-30	SCHEDULE 13G	Vanguard Capital Management	7.25%	35.6M sh

NOT INVESTMENT ADVICE — FOR INFORMATIONAL PURPOSES ONLY

Member	Chamber	Trade	Size band	Traded	Disclosed
Matt Van Epps	House	SELL	$1,001 - $15,000	2026-06-16	2026-06-17
Ro Khanna	House	BUY	$1,001 - $15,000	2026-05-01	2026-06-11
Gilbert Cisneros	House	BUY	$1,001 - $15,000	2025-09-05	2025-10-13
Dan Sullivan	Senate	SELL	$1,001 - $15,000	2023-08-22	2023-09-22
Dan Sullivan	Senate	SELL	$1,001 - $15,000	2023-08-22	2023-09-21
Daniel Scott Sullivan	Senate	SELL	$1,001 - $15,000	2023-08-22	2023-09-21

House 12-Mo4 trades3 purchases

Senate 12-Mo0 tradesNone purchases

CoverageSTOCK Act filings30-45 day disclosure lag

13F Filers (last complete Q)874

13F Shares435M88.1% of shares out

New / Closed147 / 106positions, QoQ

Increased / Reduced286 / 280positions, QoQ

Put/Call (13F)1.20option positions

Free Float98.9%484M sh

2.8 · Largest Reporting 13F Managers

Manager	Shares	Value
Fort Washington Investment Advisor	976,194	$41M
Gradient Investments Llc	482,585	$20M
Assenagon Asset Management S.A.	202,767	$8M
Czech National Bank	140,561	$6M
Steelpeak Wealth, Llc	100,917	$4M
Wealth Enhancement Advisory Servic	71,223	$3M

EDGAR 13F holdings as of 2026-09-30; filer values normalized to dollars.

2.9 · Top ETF & Fund Ownership

Fund	Weight	Position
VPMAX	1.4%	$1.4B
VPMCX	1.4%	$1.4B
VITSX	0.0%	$648M
VTI	0.0%	$648M
VTSAX	0.0%	$648M
VSMPX	0.0%	$648M

13F Filers Holding LUV — quarterly

Institutional Put/Call — quarterly

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Daily short-sale volume as % of volume reported in FINRA's short-sale file — a flow measure, not short interest; dashed = 50-day average.

Latest Session40.6%2026-10-15

20-Day Avg60.9%50-day 60.9%

TrendRising20d vs 50d

By Market CenterQ: 41% · N: 39% · B: 32%latest session

Weekly Notional ($B)

Where LUV Trades in the Dark

ATS Venue (4-wk)	Shares	Avg trade
Incr Intelligent Cross Llc	10.4M	84 sh
Ubsa Ubs Ats	8.2M	81 sh
Ebxl Level Ats	4.9M	47 sh
Sgmt Sigma X2	4.8M	80 sh
Bids Bids Ats	4.7M	570 sh
Mstx Ms Trajectory Cross (Ats-1)	4.7M	88 sh

Where a dollar of Southwest Airlines Co. revenue goes. All values FY2025 filings, live.

Region	Revenue	Share
North America	$27.3B	97%
Latin America	$756M	3%

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LUV (live moat model)Peer median: LTM · UAL · AAL · DAL · CPA

Component scores from the live moat model. Peer median illustrative.

Moat score 63/100 — Narrow; primary source Intangible Assets.

3.8 · Employees (SEC filings)

Officer	Title
Robert E. Jordan	President, Chief Executive Officer & Vice Chairman of the Board
Andrew Watterson	Chief Operating Officer
Tom Doxey	Executive Vice President & Chief Financial Officer
Justin Jones	Executive VP & Chief Commercial Officer

Revenue ($B)

EPS ($) — GAAP diluted actual, street-basis estimate

Actual bars are GAAP diluted EPS from the filed income statement; the lighter forward bars are street-basis consensus. The two are different measures and are not comparable quarter to quarter.

NOT INVESTMENT ADVICE — FOR INFORMATIONAL PURPOSES ONLY

Quarterly EPS — Actual vs. Consensus

Beats (>2%)4 of 6recent quarters

Avg Surprise+82.3%

Next Report2026-10-21

Income Quality2.82OCF ÷ net income

Beat Rate—%0 of 0 quarters

Current Streak0longest 0

Avg EPS Surprise—%median —%

Surprise Trend—last 4 vs prior 4

Period	EPS est.	EPS actual	EPS surprise	Rev est. ($M)	Rev actual ($M)	Rev surprise

Announcement dates to . Consensus as it stood at each report. Revenue surprise shown where both estimate and actual are filed. A beat record is history, not a forecast.

Profit Margins (%)

NOT INVESTMENT ADVICE — FOR INFORMATIONAL PURPOSES ONLY

Revenue by Segment — Stacked

Live segmentation data.

YoY Growth Heatmap — Income Lines

YoY growth	FY21	FY22	FY23	FY24	FY25
Revenue	+74.5%	+50.8%	+9.6%	+5.3%	+2.1%
Gross profit	-317.7%	+15.5%	-11.1%	+5.6%	+9.8%
Operating income	-145.1%	-40.9%	-78.0%	+43.3%	+33.3%
Net income	-131.8%	-44.8%	-13.7%	+0.0%	-5.2%

$B · FY ends	FY21	FY22	FY23	FY24	FY25
Revenue	15.8	23.8	26.1	27.5	28.1
Cost of revenue	11.7	19.1	21.9	23.0	23.2
Gross profit	4.1	4.8	4.2	4.5	4.9
R&D expense	0.0	0.0	0.0	0.0	0.0
SG&A expense	0.0	0.0	0.0	0.3	4.5
Operating income	1.7	1.0	0.2	0.3	0.4
EBITDA	3.0	2.4	2.4	2.5	2.2
D&A	1.3	1.4	1.5	1.7	1.6
Pretax income	1.3	0.7	0.6	0.6	0.6
Income tax	0.3	0.2	0.2	0.1	0.1
Net income	1.0	0.5	0.5	0.5	0.4
Diluted EPS ($)	1.61	0.87	0.76	0.75	0.79
Diluted shares (M)	609	642	640	643	558

Operating CF$2B

CapEx$3B

Free cash flow$-1B

SBC$0B

Buybacks$3B

Net cash change$-4B

NOT INVESTMENT ADVICE — FOR INFORMATIONAL PURPOSES ONLY

Shown instead of the usual cash-distribution diagram because operating cash flow was not positive this year — there was no internally generated cash to distribute, so the decision-relevant question is what funded the spending. Sources left, uses right; cash is fungible and the statement does not trace which rupee of borrowing bought which asset, so the band is proportional, not a claim about specific flows. Any residual from FX translation is carried explicitly as Other / FX.

Balance Sheet — Full

$B	FY22	FY23	FY24	FY25
Cash & equivalents	9.5	9.3	7.5	3.2
ST investments	2.8	2.2	1.2	0.0
Receivables (net)	1.0	1.2	1.1	1.1
Total current assets	14.8	14.0	11.3	5.6
PP&E (net)	18.7	20.6	20.4	21.3
Goodwill + intangibles	1.3	1.3	1.3	1.3
Total assets	35.4	36.5	33.8	29.1
Accounts payable	0.3	0.3	0.3	0.4
Short-term debt	0.0	0.0	1.6	0.3
Deferred revenue	6.1	6.6	6.3	5.9
Total current liabilities	10.4	12.3	12.3	10.9
Long-term debt	7.9	8.0	5.1	4.6
Total liabilities	24.7	26.0	23.4	21.1
Shareholders' equity	10.7	10.5	10.3	8.0

Cash Flow Statement — Full

$B	FY22	FY23	FY24	FY25
Net income	0.5	0.5	0.5	0.4
D&A	1.4	1.5	1.7	1.6
Stock-based compensation	0.1	0.0	0.0	0.0
Working capital change	1.5	1.2	(1.6)	(0.3)
Operating cash flow	3.8	3.2	0.5	1.8
Capital expenditures	(3.9)	(3.6)	(2.1)	(2.7)
Investing cash flow	(3.7)	(2.9)	(0.3)	(1.4)
Buybacks	0.0	0.0	(0.2)	(2.6)
Dividends paid	0.0	(0.4)	(0.4)	(0.4)
Debt issuance / (repay)	(3.1)	(0.1)	(1.3)	(1.8)
Financing cash flow	(3.0)	(0.4)	(2.0)	(4.7)
Free cash flow	(0.2)	(0.4)	(1.6)	(0.8)

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Balance Sheet Structure ($B)

Cash Generation vs Capex ($B)

Left: what the balance sheet is made of — the gap between the assets bar and the liabilities bar is book equity. Right: whether the capex bar is covered by the operating-cash bar; where it is not, the difference was funded externally and free cash flow goes negative.

Ratio	FY21	FY22	FY23	FY24	FY25	TTM
PROFITABILITY
ROE	10.1%	5.1%	4.4%	4.4%	4.8%	11%
ROA	2.8%	1.5%	1.3%	1.3%	1.4%	2.8%
ROIC	17.7%	9.6%	2.0%	2.6%	3.1%	4.2%
Gross margin	26.1%	20.0%	16.2%	16.2%	17.4%	61.0%
Operating margin	10.9%	4.3%	0.9%	1.2%	1.5%	3.5%
Net margin	6.2%	2.3%	1.8%	1.7%	1.6%	2.8%
EBITDA margin	19.2%	10.0%	9.2%	9.0%	8.0%	9.0%
FCF margin	11.5%	-0.7%	-1.5%	-5.9%	-3.0%	—
VALUATION
P/E	24.68	34.67	35.55	45.64	48.83	23.8
P/B	2.32	1.75	1.57	2.05	2.70	2.8
P/S	1.53	0.78	0.63	0.77	0.77	0.64
P/FCF	13.33	-119.03	-42.39	-13.09	-25.94	-31.1
EV/EBITDA	6.90	6.67	5.96	8.31	10.85	8.4
EV/Revenue	1.32	0.67	0.55	0.75	0.87	0.8
Earnings yield	4.1%	2.9%	2.8%	2.2%	2.0%	4.29%
FCF yield	7.5%	-0.8%	-2.4%	-7.6%	-3.9%	-3.21%

Ratio	FY21	FY22	FY23	FY24	FY25	TTM
LEVERAGE & SOLVENCY
Current ratio	1.97	1.43	1.14	0.92	0.52	0.49
Quick ratio	1.91	1.35	1.07	0.85	0.45	0.42
Debt / equity	1.18	0.89	0.87	0.78	0.75	0.97
Debt / assets	33.8%	26.8%	25.2%	23.9%	20.6%	22.9%
Net debt / EBITDA	-1.06	-1.18	-0.95	-0.27	1.23	1.29
Interest coverage	4.07	3.42	3.67	3.79	5.94	—

NOT INVESTMENT ADVICE — FOR INFORMATIONAL PURPOSES ONLY

Ratio	FY21	FY22	FY23	FY24	FY25	TTM
EFFICIENCY
Asset turnover	0.45	0.66	0.73	0.78	0.89	1.00
Receivables turnover	34.03	38.01	35.14	35.05	65.19	24.7
DSO (days)	11	10	10	10	6	15
DPO (days)	4	4	5	5	6	20
Cash conversion cycle	21	18	19	18	12	24
GROWTH (YoY)
Revenue growth	74.5%	50.8%	9.6%	5.3%	2.1%	—
Net income growth	131.8%	-44.9%	-13.7%	-0.2%	-5.0%	—
EPS growth	131.1%	-44.1%	-14.0%	-7.2%	16.9%	—
FCF growth	210.2%	-108.7%	-148.4%	-314.9%	48.7%	—
PER SHARE ($)
EPS (diluted, TTM)	1.62	0.91	0.78	0.72	0.85	1.69
Book value / share	17.27	17.99	17.64	16.15	15.32	14.34
Revenue / share	26.19	40.09	43.78	42.88	53.86	60.88
FCF / share	3.00	-0.26	-0.65	-2.52	-1.59	-1.26
Cash / share	25.71	20.69	19.25	13.61	6.20	7.67
SHAREHOLDER RETURN & SCORES
Buyback yield	0.0%	0.0%	0.0%	1.2%	11.8%	6.05%
Altman Z-Score	2.05	2.02	1.86	2.08	2.23	2.1
Piotroski F-Score	7	6	5	6	8	8/9
Beneish M-Score	-3.26	-3.02	-2.43	-2.69	-2.72	-2.80

Model	Score	Zone	Note
Piotroski F-Score	8 / 9	Strong
Altman Z-Score	2.1	Grey zone	Grey
Income quality	2.82	Cash-backed	OCF ÷ net income
Beneish M-Score	-2.80	Non-manipulator	vs −2.22 threshold

DuPont Decomposition (TTM)	Value
Tax burden	0.78
Interest burden	0.93
Operating margin	3.8%
Asset turnover	1.02×
Financial leverage	3.90×
= ROE	11%

Growth Quality (live)	Value
Revenue stability	0.84
Earnings stability	0.31
Earnings persistence	0.50
Revenue CAGR 3y	6.2%
EPS CAGR 3y	22.7%
FCF CAGR 3y	—

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NOT INVESTMENT ADVICE — FOR INFORMATIONAL PURPOSES ONLY

Buyback Yield6.05%

Dividend Yield1.82%

Total Shareholder Return7.27%cash yield

SBC / Revenue0.0%dilution pressure

Company	Mkt cap	P/E	ROE	Net margin	Rev growth	Piotroski	1-yr ret
LTM	$13.6B	8.8	107%	3.0%	+20.1%	7/9	+9.1%
UAL	$31.2B	9.0	23%	4.6%	+8.5%	9/9	-2.1%
AAL	$7.9B	-24.2	8%	0.4%	+7.5%	4/9	-0.1%
DAL	$49.6B	15.0	16%	3.7%	+14.1%	7/9	+24.8%
CPA	$5.5B	8.7	23%	6.4%	+14.8%	7/9	—
CAAP	$4.1B	14.8	17%	10.2%	+7.8%	7/9	—
ALK	$3.9B	-22.2	-5%	-1.9%	+9.8%	6/9	—
SKYW	$3.6B	8.9	15%	9.1%	+9.1%	7/9	—

1-yr returns computed from adjusted price history; peers without a tracked series show —.

Hold

45 Analysts

Str Sell (0)Sell (4)Hold (22)Buy (19)Str Buy (0)

Mean Target (qtr)$51.569 targets

Target vs. Price+30.5%last-quarter mean

Next Report2026-10-21street $0.57

Consensus estimates	Revenue mean	High / Low	EPS mean	High / Low	# EPS est.
FY2026	$33.12B	$33.51B / $32.62B	$2.88	$3.47 / $2.26	13
FY2027	$34.94B	$36.81B / $33.56B	$4.21	$6.68 / $2.81	14
FY2028	$36.11B	$37.62B / $34.41B	$5.45	$6.57 / $4.87	8

NOT INVESTMENT ADVICE — FOR INFORMATIONAL PURPOSES ONLY

Street Price Target — Trajectory

Window	Avg Target	vs. Price	# Targets
Last Month	$52.33	+32.5%	3
Last Quarter	$51.56	+30.5%	9
Last Year	$49.50	+25.3%	45
All Time	$44.80	+13.4%	97

Rolling mean of published targets vs. last close $39.50. Aggregated from StreetInsider, Benzinga, Pulse 2.0.

Third-Party Composite Rating

C+

DCF

1/5

ROE

4/5

ROA

2/5

Debt/Eq

1/5

P/E

2/5

P/B

2/5

Independent quant composite as of 2026-10-16; components scored 1–5 (5 best). Shown for contrast with the InsiderStreet Score — methodologies differ.

LUV +20.8% vs S&P 500 +15.9% — spread +4.9pp

Sector — XLI +10.7%

Peer Set — indexed to 100

All series indexed to 100 at the start of the window, adjusted closes.

NOT INVESTMENT ADVICE — FOR INFORMATIONAL PURPOSES ONLY

Candlesticks with SMA 20/50 overlay, Bollinger (20,2σ) band, volume, and Wilder RSI(14) — computed from live daily OHLCV.

Moving Average	Value	Distance	% Distance	Signal
SMA 20	$41.48	-1.98	-4.77%	Below
SMA 50	$41.09	-1.59	-3.87%	Below
SMA 200	$43.18	-3.68	-8.52%	Below
EMA 9	$40.65	-1.15	-2.83%	Below
EMA 21	$40.99	-1.49	-3.64%	Below
EMA 50	$41.64	-2.14	-5.14%	Below
EMA 200	$41.43	-1.93	-4.66%	Below

Series and readings from the nightly technical-indicator history — identical data to the site's ribbon chart. Supertrend segments colored by direction.

NOT INVESTMENT ADVICE — FOR INFORMATIONAL PURPOSES ONLY

TECHNICAL VERDICTBEARISHPower Score -485 of 22 indicator votes bullish

Family Scores (site weights)

Trend 30%11

Momentum 25%18

Volume 20%44

Volatility 10%17

Patterns 15%50

This Week9% bullishof 11 price-based votes

4 Weeks Ago64%-55 pts since

12 Weeks Ago18%-9 pts since

ReadStabilizingweek-over-week trajectory

Price vs SMA 20$41.48

Price vs SMA 50$41.09

Price vs SMA 200$43.18

EMA 9/21 Cross40.6/41.0

SMA 50/200Death

ADX DirectionADX 14

Supertrend$39

Parabolic SAR$42

SMA Slope-0.070

RSI41.4

Stochastic K/D20/18

StochRSI K/D23/13

Williams %R-90

CCI-146

TSI vs Signal-5.6

CMO-17.1

ROC-6.99%

OBV SignalDistrib

Chaikin MF0.070

MFI40

Force Index-1M

Elder Ray Bull0.26

RSI (14)30 oversold · 70 overbought

Stochastic %Kvs %D 18

Money Flowvolume-weighted RSI

ADXtrend strength · <20 weak

Williams %Rinverted scale

Level	Value	Level	Value
Pivot / R1 / R2	$40.33 / $41.42 / $42.00	S1 / S2	$39.75 / $38.66
Bollinger (20,2)	$39.72 – $43.24	Squeeze	ON
52-wk range	$28.75 – $54.39	Off 52-wk high	-27.4%
ATR (14)	$1.27 (3.2%)	Historical vol	30.9%

NOT INVESTMENT ADVICE — FOR INFORMATIONAL PURPOSES ONLY

+1.6%Jan60%

+1.5%Feb45%

-0.1%Mar57%

-1.5%Apr50%

+0.5%May45%

-1.1%Jun55%

+1.4%Jul50%

+0.0%Aug35%

+1.5%Sep55%

-0.3%Oct50%

+5.5%Nov75%

+1.8%Dec60%

Sample: 20 years — treat short histories as suggestive, not statistical.

Computed from live weekly prices	LUV	S&P 500
Weekly volatility (σ, 1y)	7.21%	1.83%
Best / worst week (1y)	+28.7% / -13.8%	—
Max drawdown (5y, monthly)	-60.1%	—
1-week VaR (95%)	-9.4%	—
Beta (5y)	1.12	1.00

LUV EQUITY WEATHER (LIVE)RAINY · -27

Trend+2

Momentum-46

Volume-44

Volatility-30

Breadth-32

MARKET REGIME (2026-10-16)NEUTRAL

VIX19.99Normal

Dow TheoryConfirmed Bearish

SPY / QQQ TSI7.2 / 4.7trend strength

Sector Strength46/100breadth average

Average sentiment of 289 stories, weekly buckets, −1 to +1.

This space intentionally left blank — the next section begins on the following page

NOT INVESTMENT ADVICE — FOR INFORMATIONAL PURPOSES ONLY

Overall-27.3+5.2 vs industry

Trend+2.1+39.5 vs industry

Momentum-46.0-9.7 vs industry

Volume-43.9-9.4 vs industry

Reading	LUV	Airlines, Airports & Air Services n=266	Industrials n=9,922	All US symbols n=70,435
Overall	-27.3	-32.6	-24.1	-20.5
Trend	+2.1	-37.4	-26.2	-21.3
Momentum	-46.0	-36.3	-24.5	-15.8
Volume	-43.9	-34.5	-22.6	-3.8

Trend, momentum and volume are computed per company. Volatility and breadth are market-regime values shared by every symbol in the universe, so they are reported once under Market Regime rather than compared here - a company cannot differ from its sector on a constant.

Executive	Total comp	Structure
Robert E. Jordan Chief Executive Officer & P	$16.6M	91% equity+incentive
Tom Doxey Executive Vice President & Chief F	$9.1M	88% equity+incentive
Andrew M. Watterson Chief Operating Officer	$8.8M	89% equity+incentive
Justin Jones Executive Vice President Operat	$5.6M	88% equity+incentive
Anthony Roach Executive Vice President Chief	$4.9M	89% equity+incentive

Pillar (live disclosure scores)	Score
Environmental	69
Social	57
Governance	75
Composite ESG	67

Composite ESG Trend

Filed	8-K contents	Items
2026-08-12	Material Agreement; Termination of Agreement; Financial Obligation; Ex	1.01,1.02,2.03,9.01
2026-08-10	Officer/Director Change	5.02
2026-08-07	Officer/Director Change	5.02
2026-07-22	Earnings Release; Exhibits	2.02,9.01
2026-05-19	Material Agreement; Financial Obligation	1.01,2.03
2026-04-22	Earnings Release; Exhibits	2.02,9.01
2026-03-12	Entry into Material Definitive Agreement; Creation of Direct Financial	1.01,2.03
2026-02-10	Departure/Election of Directors; Appointment of Officers	5.02

NOT INVESTMENT ADVICE — FOR INFORMATIONAL PURPOSES ONLY

Methodology. Every figure originates in InsiderStreet's production data layer and is computed deterministically by the same engines that power insiderstreet.ai. This factsheet contains no model-written text. Sections without underlying data are omitted rather than estimated.

DISCLOSURES. This document is produced by InsiderStreet.ai from live production data. It is not investment advice, not an offer or solicitation to buy or sell any security, and not a recommendation tailored to any person. Data is sourced as of the dates shown and may no longer be current. InsiderStreet.ai is not a registered investment adviser or broker-dealer. Investing involves risk, including loss of principal. Past performance does not guarantee future results. Do not make any investment decision based on this document. © 2026 InsiderStreet.ai — all rights reserved. Redistribution prohibited.

Data domain	Source	Coverage for this report
Price & volume	market_db.historical_prices	52 rows
Fundamentals	income_statements_annual	6 rows · 2020 to 2025
Reported vs consensus	fact/earnings_calendar	24 rows · 2020-10-22 to 2026-07-22
Analyst estimates	dim/forward_estimates	3 rows · 2026-12-31 to 2028-12-31
Institutional ownership (13F)	holdings_db.institutional_ownership_summary	115 rows · 1997 to 2026
Insider transactions (Form 4)	edgar/form4	12 rows · 2026-05-07 to 2026-09-15
Proposed sales (Form 144)	edgar/form144	1 record
Beneficial ownership (13D/G)	edgar/13dg	4 rows · 2026-04-30 to 2026-10-07
Short-sale volume (FINRA)	edgar/short_volume_daily	60 rows · 2026-07-23 to 2026-10-15
Dark pool (ATS, tier 1)	edgar/darkpool_weekly	12 rows · 2026-06-15 to 2026-08-31
ETF & fund holding	etf_holdings_changelog (30d)	1 record
Peer set	stock_peers_dynamic	8 rows
Industry medians	industry_medians	1 record
Congressional trades	congress_db (House + Senate)	1 record
ESG	fact/esg_disclosures	1 record

Method. Every figure in this factsheet is looked up from a named field computed in code. It contains no model-written text.

Not covered. Short interest as a percent of float and days-to-cover are not in this data set — the short-sale figures above are FINRA volume, a flow, and cannot support squeeze or covering analysis. Options positioning and intraday data are also absent. 13F ownership is filed 45 days after quarter end and congressional trades are disclosed on a lag, so both describe a past position, not a current one.

Southwest Airlines Co. (LUV)

Southwest Airlines Co. (LUV)

Score Breakdown

Peer Comparison — IS Score

IS Score Trend — quarterly

Southwest Airlines Co. (LUV)

Institutions holding — 12 quarters

Southwest Airlines Co. (LUV)

Monthly Net Insider Flow (000 shares)

Signal Summary

Southwest Airlines Co. (LUV)

2.8 · Largest Reporting 13F Managers

2.9 · Top ETF & Fund Ownership

13F Filers Holding LUV — quarterly

Institutional Put/Call — quarterly

Southwest Airlines Co. (LUV)

Where LUV Trades in the Dark

Southwest Airlines Co. (LUV)

3.8 · Employees (SEC filings)

Southwest Airlines Co. (LUV)

Southwest Airlines Co. (LUV)

Southwest Airlines Co. (LUV)

Balance Sheet — Full

Cash Flow Statement — Full

Southwest Airlines Co. (LUV)

Southwest Airlines Co. (LUV)

Southwest Airlines Co. (LUV)

Southwest Airlines Co. (LUV)

Street Price Target — Trajectory

Third-Party Composite Rating

Southwest Airlines Co. (LUV)

Southwest Airlines Co. (LUV)

Family Scores (site weights)

Southwest Airlines Co. (LUV)

Southwest Airlines Co. (LUV)

Southwest Airlines Co. (LUV)