{"schemaVersion":1,"research":true,"symbol":"luv","name":"Southwest Airlines Co","topic":"moat","path":"/stock/luv/moat","status":"published","version":4,"updatedAt":"2026-10-18T14:16:32.565Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"none","summary":"Southwest has operating efficiencies, a substantial direct distribution channel and demonstrated success monetizing new ancillary services. These advantages do not establish a durable moat: disclosed competitive performance remained weak in 2024–2025, operational failures damaged demand, and supplier dependence constrains its fleet strategy. Improving 2026 earnings and ancillary revenue demonstrate progress, but neither establish sustained pricing power nor invalidate the evidence of a fragile competitive position.","advantages":[{"mechanism":"cost_advantage","claim":"Single-type fleet operations and less congested airports provide disclosed operating efficiencies, but a durable relative cost advantage is not established. Southwest remained sixth in its disclosed peer operating-margin ranking in both 2024 and 2025; that ranking is corroborating evidence of weakness, not a standalone moat test.","durability":"The operating architecture is established, but its economic protection appears fragile. Historical efficiencies coexist with actual supplier delays and a disclosed margin squeeze.","risks":"Boeing delivery delays, higher airport rents, labor costs and full exposure to fuel prices can absorb operating efficiencies. Supplier switching would itself require substantial operational changes.","invalidation":"The residual efficiency claim would be invalidated by sustained deterioration in aircraft utilization or productivity and consistently higher comparable unit costs than peers. Conversely, a moat upgrade would require sustained relative cost superiority that survives labor and fuel pressure and competitive capacity responses.","competitors":[],"evidenceIds":["e1","e2","e3"],"counterEvidenceIds":["e4","e5","e6","e7","e8","e9"]},{"mechanism":"intangible_assets","claim":"Direct customer access and service reputation provide commercial assets, but demonstrated customer dependence or durable fare premiums are absent. Ancillary monetization is a realized improvement rather than proof of protected pricing power.","durability":"Direct channels generated 78 percent of 2025 passenger revenue, down from 81 percent in 2024. Operational performance subsequently improved, but the earlier disruption caused an actual bookings slowdown, demonstrating that customer preference can erode.","risks":"Service disruption, policy changes and greater reliance on travel agencies could weaken customer preference. Stronger ancillary revenue could reflect product unbundling rather than a durable increase in willingness to pay.","invalidation":"The commercial advantage would be undermined by persistent loss of direct bookings accompanied by weaker repeat demand or revenue performance after policy changes. A positive moat reassessment would require sustained repeat demand and pricing or acquisition-cost advantages relative to identified peers.","competitors":[],"evidenceIds":["e10","e11","e12","e13"],"counterEvidenceIds":["e14","e15","e16"]}],"evidence":[{"id":"e1","sourceId":"filing-4","location":"Business / Cost Structure / single aircraft type","excerpt":"Southwest's use of a single aircraft type has historically allowed for simplified scheduling, maintenance, flight operations, safety management, and training activities."},{"id":"e2","sourceId":"filing-4","location":"Business / Cost Structure / airport congestion and utilization","excerpt":"These conveniently located airports are typically less congested than other airlines' hub airports, which has contributed to Southwest's ability to achieve high asset utilization because aircraft can be scheduled to minimize the amount of time they are on the ground."},{"id":"e3","sourceId":"filing-4","location":"Business / Cost Structure / aircraft and gate requirements","excerpt":"This, in turn, has reduced the number of aircraft and gate facilities that would otherwise be required and is designed to allow for higher Employee productivity over a long period of time."},{"id":"e4","sourceId":"filing-3","location":"Executive Compensation / 2024 relative operating-margin ranking","excerpt":"In 2024, the Company ranked 6th in relative operating income margin performance versus the Peer Group."},{"id":"e5","sourceId":"filing-3","location":"Executive Compensation / 2025 relative operating-margin ranking","excerpt":"The Company maintained 6th place in 2025, triggering the qualifier."},{"id":"e6","sourceId":"filing-3","location":"Independent Chair message / operating-margin squeeze","excerpt":"Last year’s message to Shareholders highlighted some of the challenges as we entered 2025—an insidious operating margin squeeze, the need to move with speed and intensity, and the imperative to pursue revenue opportunities through both innovation and practices long established in the industry."},{"id":"e7","sourceId":"filing-1","location":"Aircraft commitments / realized delivery and certification delays","excerpt":"Boeing continues to experience delays in fulfilling its commitments with regards to delivery of MAX aircraft to the Company and delays in achieving FAA certification of one of its new aircraft types, the -7, for which Southwest expects to be the launch customer."},{"id":"e8","sourceId":"filing-1","location":"Risk Factors / realized airport rental increases","excerpt":"Additionally, because of airport infrastructure updates and other factors, the Company has experienced increased space rental rates at various airports in its network."},{"id":"e9","sourceId":"filing-2","location":"Market Risk / current fuel-price exposure","excerpt":"Consequently, the Company is fully exposed to fluctuations in fuel prices, as is common in the airline industry."},{"id":"e10","sourceId":"filing-1","location":"Distribution and Marketing / direct passenger-revenue share","excerpt":"For the years ended December 31, 2025, and December 31, 2024, approximately 78 percent and 81 percent, respectively, of the Company’s Passenger revenues originated from Southwest.com or the Southwest App (including revenues from SWABIZ®, the Company's online booking tool designed for business Customers who prefer a self-service and low-cost solution for booking their air travel on Southwest)."},{"id":"e11","sourceId":"filing-6","location":"MD&A / first-quarter 2026 realized ancillary revenue","excerpt":"This increase was driven primarily by additional ancillary revenues as a result of the Company's previously announced transformational initiatives, resulting in a year-over-year increase in operating revenues of $821 million."},{"id":"e12","sourceId":"filing-1","location":"Non-GAAP reconciliation / DOT credit and operational improvement","excerpt":"4.A credit received from the DOT regarding a settlement reached for the Company's December 2022 operational disruption in light of the Company significantly improving its on-time performance and completion factor through the Company's investment in its Network Operations Control;"},{"id":"e13","sourceId":"filing-2","location":"MD&A / flight-credit redemption and breakage reversal","excerpt":"On a GAAP basis, the Company’s results for the three and six months ended June 30, 2026, included a reversal of $285 million of breakage revenue recorded in prior years related to a portion of flight credits issued to Customers between July 2022 and December 2025 that have either been redeemed or are expected to be redeemed in future periods."},{"id":"e14","sourceId":"filing-5","location":"Business / realized bookings slowdown after operational disruption","excerpt":"For first quarter 2023, these events created a deceleration in bookings, primarily isolated to January and February 2023, as well as increased expenses, primarily in the form of reimbursing Customers for costs incurred as a result of the flight cancellations."},{"id":"e15","sourceId":"filing-1","location":"Distribution and Marketing / increased travel-agency bookings","excerpt":"The year-over-year decrease primarily resulted from an increase in bookings through online travel agencies in 2025."},{"id":"e16","sourceId":"filing-1","location":"Risk Factors / potential initiative effects on customer loyalty","excerpt":"Nevertheless, these measures and any future initiatives may hurt the Company’s competitive position and Customer loyalty rather than improve it and may not be successful in increasing revenues or offsetting costs."},{"id":"e17","sourceId":"filing-2","location":"MD&A / realized revenue, earnings and cost changes","excerpt":"Despite a dynamic cost and fuel environment, the Company’s Operating income, Net income, and Net income per share, diluted, for the three and six months ended June 30, 2026, on a GAAP and non-GAAP basis, improved compared with the same prior year period, driven primarily by strong revenue performance, including an all-time quarterly record Operating revenue performance for the three months ended June 30, 2026, partially offset by higher Aircraft fuel and related taxes expense and Salaries, wages, and benefits expense."},{"id":"e18","sourceId":"filing-1","location":"Business / Priority Boarding sale terms","excerpt":"Priority Boarding is non-refundable, priced per flight, per Customer, and sold by segment for connecting itineraries."},{"id":"e19","sourceId":"filing-1","location":"Business / changed flight-credit expiration policy","excerpt":"Transferable Flight Credits created from reservations booked and ticketed and/or voluntarily changed on or after May 28, 2025 have a specified expiration date."},{"id":"e20","sourceId":"filing-5","location":"Regulation / passenger protections and post-purchase pricing restrictions","excerpt":"The Passenger Protection Rules also require that (i) advertised fares include all government-mandated taxes and fees; (ii) passengers be allowed to either hold a reservation for up to 24 hours without making a payment or cancel a paid reservation without penalty for 24 hours after the reservation is made, as long as the reservation is made at least seven days in advance of travel; (iii) fares may not increase after purchase; (iv) baggage fees must be disclosed to the passenger at the time of booking; (v) the same baggage allowances and fees must apply throughout a passenger’s trip; (vi) baggage fees must be disclosed on e-ticket confirmations; and (vii) passengers must be promptly notified in the event of delays of more than 30 minutes or if there is a cancellation or diversion of their flight."},{"id":"e21","sourceId":"filing-1","location":"Consolidated Statement of Cash Flows / 2023–2025","excerpt":"Consolidated Statement of Cash Flows (in millions) Year ended December 31, 2025 2024 2023 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 441 $ 465 $ 465 Adjustments to reconcile net income to cash provided by operating activities: Depreciation and amortization 1,560 1,657 1,522 Impairment of long-lived assets 8 — — Unrealized mark-to-market adjustment on forward contract (8) — — Deferred income taxes 122 132 159 Gain on sale-leaseback transactions (3) (92) — Changes in certain assets and liabilities: Accounts and other receivables 51 19 (89) Other assets 407 (8) 60 Accounts payable and accrued liabilities 218 (1,363) 1,386 Air traffic liability (1,078) (37) 29 Other liabilities (11) (197) (137) Cash collateral provided to derivative counterparties (22) (28) (56) Other, net 157 (86) (175) Net cash provided by operating activities 1,842 462 3,164 CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures, net (2,673) (2,054) (3,520) Proceeds from sale-leaseback transactions 24 871 — Purchases of short-term investments (470) (5,014) (6,970) Proceeds from sales of short-term and other investments 1,693 5,995 7,591 Other, net (3) (59) (33) Net cash used in investing activities (1,429) (261) (2,932) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of long-term debt 1,500 — — Payroll Support Program stock warrants repurchase — (6) — Proceeds from Employee stock plans 59 60 48 Repurchase of common stock (2,550) (250) — Payments of long-term debt and finance lease obligations (3,275) (1,337) (85) Payments of cash dividends (399) (430) (428) Proceeds of terminated interest rate derivative instruments — — 23 Other, net (26) (17) 6 Net cash used in financing activities (4,691) (1,980) (436) NET CHANGE IN CASH AND CASH EQUIVALENTS (4,278) (1,779) (204) CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 7,509 9,288 9,492 CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 3,231 $ 7,509 $ 9,288 CASH PAYMENTS FOR: Interest, net of amount capitalized $ 108 $ 220 $ 228 SUPPLEMENTAL DISCLOSURE OF NON-CASH TRANSACTIONS: Right-of-use assets acquired or modified under operating leases $ 48 $ 377 $ 82 Flight and ground equipment acquired or modified under finance leases $ 6 $ 15 $ — See accompanying notes."},{"id":"e22","sourceId":"filing-2","location":"Condensed Consolidated Statement of Cash Flows / first-half 2026","excerpt":"Condensed Consolidated Statement of Cash Flows (in millions) (unaudited) Three months ended Six months ended June 30, June 30, 2026 2025 2026 2025 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 233 $ 213 $ 460 $ 64 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 402 400 800 795 Impairment of long-lived assets — 8 — 8 Deferred income taxes 60 66 117 23 Gain on sale-leaseback transactions — — — (3) Changes in certain assets and liabilities: Accounts and other receivables 37 90 (56) 146 Other assets (54) 212 (115) 357 Accounts payable and accrued liabilities 23 (95) (56) (220) Air traffic liability (65) (606) 1,021 55 Other liabilities (53) 28 (130) (35) Cash collateral provided to derivative counterparties — — — (22) Other, net (53) 85 (94) 93 Net cash provided by operating activities 530 401 1,947 1,261 CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures (818) (660) (1,448) (1,187) Proceeds from sale of property and equipment 258 25 450 51 Proceeds from sale-leaseback transactions — — — 24 Purchases of short-term investments — (319) — (370) Proceeds from sales of short-term and other investments — 72 — 1,226 Other, net — — (6) (3) Net cash used in investing activities (560) (882) (1,004) (259) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of long-term debt 1,000 — 1,500 — Proceeds from Employee stock plans 15 15 31 32 Repurchase of common stock — (1,500) (1,250) (2,250) Payments of long-term debt and finance lease obligations (431) (2,592) (437) (2,598) Payments of cash dividends (88) (103) (181) (210) Other, net (3) 2 (46) (10) Net cash provided by (used in) financing activities 493 (4,178) (383) (5,036) NET CHANGE IN CASH AND CASH EQUIVALENTS 463 (4,659) 560 (4,034) CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 3,328 8,134 3,231 7,509 CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 3,791 $ 3,475 $ 3,791 $ 3,475 CASH PAYMENTS FOR: Interest, net of amount capitalized $ 92 $ 53 $ 93 $ 64 SUPPLEMENTAL DISCLOSURE OF NON-CASH TRANSACTIONS: Right-of-use assets acquired or modified under operating leases $ 11 $ 20 $ 17 $ 34 See accompanying notes."},{"id":"e23","sourceId":"filing-2","location":"Liquidity / seasonal advance bookings supporting operating cash flow","excerpt":"The operating cash flows for the six months ended June 30, 2026, were largely impacted by the Company's net results (as adjusted for noncash items), a $97 million profit-sharing contribution related to 2025 results pursuant to the Company's Retirement Savings Plan, and a $1.0 billion increase in Air traffic liability driven by seasonal bookings for future travel."},{"id":"e24","sourceId":"filing-1","location":"Aircraft commitments / contractual capital payments through 2031","excerpt":"Based on the Company's current agreement with Boeing, capital commitments associated with its firm orders as of December 31, 2025 were: (in billions) 2026 2027 2028 2029 2030 2031 Total Payments for capital commitments $ 4.2 (a) $ 2.7 $ 2.7 $ 2.5 $ 1.5 $ 1.2 $ 14.8 99 Notes to Consolidated Financial Statements (a) Capital commitments associated with the Company's firm orders in 2026 of $4.2 billion include approximately $2.5 billion primarily related to the existing scheduled 86 MAX aircraft to be delivered in 2026 and $1.7 billion related to 81 MAX aircraft (27 -7s and 54 -8s) that were contractually committed for 2024 and 2025, but were not received."},{"id":"e25","sourceId":"filing-3","location":"Executive Compensation / granted performance awards and cliff vesting","excerpt":"Jordan in October 2025. The Southwest Even Better Awards are structured as performance-based RSUs with three-year cliff vesting provisions and are designed to be “all-or-nothing” awards based on achieving the financial targets shown in the table below."},{"id":"e26","sourceId":"filing-3","location":"Executive Compensation / approved 2025 performance-based RSU targets","excerpt":"Consistent with the approach taken in establishing performance-based STI compensation opportunities for 2025, the quantitative performance metrics and related targets for the 2025 performance-based RSU grants were set and approved by the Committee in first quarter 2025."},{"id":"e27","sourceId":"filing-3","location":"Executive Compensation / realized financial-success payout floor","excerpt":"Therefore, the financial success floor was interpolated to 67 percent."},{"id":"e28","sourceId":"filing-3","location":"Governance / adopted hedging and pledging prohibition","excerpt":"• Our Insider Trading Policy prohibits Employees (including officers) and Directors from entering into hedging transactions with respect to the Company’s securities or pledging Southwest securities as collateral for a loan."},{"id":"e29","sourceId":"filing-6","location":"Transformational initiatives / completed aircraft retrofits and seating launch","excerpt":"The Company began operation of assigned and extra legroom seating flights on January 27, 2026, which required retrofitting 780 aircraft in the months leading up to the change."},{"id":"e30","sourceId":"filing-3","location":"Governance / board independence","excerpt":"Board Independence • 9 out of 11 members of the Board are independent."},{"id":"e31","sourceId":"filing-3","location":"Governance / independent chair","excerpt":"• We have an independent Chair of the Board."},{"id":"e32","sourceId":"filing-3","location":"Executive Compensation / adopted clawback policy","excerpt":"• The Compensation Committee has adopted the Clawback Policy, pursuant to which, to the extent permitted by governing law, the Compensation Committee shall (unless determined to be impracticable) take reasonably prompt action to recoup executive officers’ erroneously awarded incentive-based compensation in the event the Company is required to restate its publicly reported financial statements due to material noncompliance with any financial reporting requirements."},{"id":"e33","sourceId":"filing-6","location":"Legal Proceedings / adopted derivative-action ownership threshold","excerpt":"The response letter also noted that the Board approved an amendment and restatement of the Company’s bylaws that, among other things, established a minimum ownership threshold of three percent of Southwest’s outstanding shares in order for a Southwest shareholder to institute or maintain a derivative proceeding, consistent with the provisions in Texas Senate Bill 29, which was signed into law on May 14, 2025."},{"id":"e34","sourceId":"filing-1","location":"Independent auditor report / internal financial controls opinion","excerpt":"We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated February 5, 2026 expressed an unqualified opinion thereon."},{"id":"e35","sourceId":"filing-1","location":"Risk Factors / generic competitor and substitute categories","excerpt":"The Company’s primary competitors include other major domestic airlines, as well as regional and new entrant airlines, public charter operators, surface transportation, and alternatives to transportation such as videoconferencing, business communication platforms, and the Internet."}],"changes":["Changed the previous uncertain verdict to none. The wider passages establish fragile operating advantages and realized competitive weakness, including persistent sixth-place peer operating-margin performance, a disclosed margin squeeze and disruption-related demand damage. The conclusion does not rest on margins alone.","Recognized actual ancillary-revenue growth as evidence of commercial monetization, while keeping sustained fare premiums and durable pricing power unproven.","Added assessments of adopted compensation arrangements, governance protections, the derivative-action ownership restriction and actual capital deployment."],"limitations":["All source dates retain dateKind filed. The latest supplied filing is July 23, 2026, covering June 30, 2026; no later operating outcomes are established.","The business competition passage identifies generic categories. Other passages name airlines as compensation or operational-ranking peers, but do not establish route-level competitive coverage; the advantage competitor arrays therefore remain empty.","Relative unit costs, route-level entry barriers, customer-level repeat purchasing, fare premiums and price elasticity are not supplied. Historical operating efficiencies do not establish their current magnitude against competitors.","Issuer descriptions of hospitality, strengthened competitive position and future transformation benefits are assertions rather than proof of durable protection. Potential risk factors are distinguished from realized disruption, rent increases, delivery delays and reported results.","The proxy supplies actual compensation and governance arrangements, but not sufficient beneficial-ownership detail to establish executives' personal economic exposure. Award grants and performance conditions do not establish eventual vesting or target achievement.","Revenue growth includes ancillary monetization and accounting effects; the supplied passages do not isolate a comparable realized base-fare or yield trend."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":1,"rationale":"Fleet simplicity and airport utilization efficiencies are concrete operating mechanisms, but persistent weak peer performance and supplier constraints indicate fragile economic protection rather than a durable structural lead.","evidenceIds":["e1","e2","e3","e4","e5","e7"]},{"criterion":"durability","grade":1,"rationale":"The established operating architecture has not prevented a margin squeeze or supplier delays. Durable relative cost superiority and protected route economics are not demonstrated.","evidenceIds":["e1","e6","e7"]},{"criterion":"customer_dependency","grade":1,"rationale":"The large direct channel and flight-credit redemption support customer engagement indirectly, but do not establish dependence. Actual bookings weakened after the disruption, demonstrating vulnerability of demand.","evidenceIds":["e10","e13","e14"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Operational improvement and stronger 2026 revenue and earnings counterbalance historical demand damage, rising airport rents and current fuel exposure. Recovery is demonstrated; durable resistance to erosion is not.","evidenceIds":["e8","e9","e12","e14","e17"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":2,"rationale":"First-quarter 2026 revenue increased by $821 million, primarily through additional ancillary revenue from implemented initiatives. This demonstrates monetization, but does not isolate price from volume or establish sustained fare premiums.","evidenceIds":["e11"]},{"criterion":"retention","grade":2,"rationale":"Assessed indirectly: substantial direct bookings and redemption of older flight credits indicate continuing engagement, while disruption-related bookings weakness shows fragility. The breakage reversal also includes expected future redemptions, so it is not a measured repeat-purchase rate.","evidenceIds":["e10","e13","e14"]},{"criterion":"margin_resilience","grade":2,"rationale":"2026 earnings improved despite higher fuel and labor expense, providing actual evidence of near-term resilience. The earlier margin squeeze, persistent sixth-place peer ranking and full fuel exposure prevent a strong durability assessment.","evidenceIds":["e5","e6","e9","e17"]},{"criterion":"contractual_freedom","grade":2,"rationale":"Implemented ancillary sale terms and changed credit-expiration policies demonstrate commercial discretion. Passenger-protection rules constrain that discretion, including prohibiting fare increases after purchase; freedom to change terms does not itself establish pricing power.","evidenceIds":["e18","e19","e20"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":1,"rationale":"2025 operating cash flow of $1.842 billion fell short of $2.673 billion of net capital expenditures while $2.550 billion funded buybacks. First-half 2026 cash generation improved, but buybacks and dividends exceeded operating cash flow after capital expenditures, debt issuance continued, and seasonal advance bookings supported cash flow. Large contractual aircraft commitments add pressure; buyback value creation is unproven.","evidenceIds":["e21","e22","e23","e24"]},{"criterion":"incentive_alignment","grade":2,"rationale":"Granted performance-based awards, approved performance targets and the hedging prohibition support alignment. However, a 67 percent financial-success payout floor applied despite unchanged sixth-place relative margin performance. Award conditions are actual disclosures, not evidence that awards have vested; beneficial ownership is not established.","evidenceIds":["e5","e25","e26","e27","e28"]},{"criterion":"execution","grade":2,"rationale":"Retrofitting 780 aircraft, launching assigned seating, generating additional ancillary revenue and improving operational performance demonstrate execution. Historical disruption-related demand damage and the flight-credit breakage reversal make the record mixed. Financial outcomes provide indirect evidence of execution, without establishing every initiative's return.","evidenceIds":["e11","e12","e13","e14","e17","e29"]},{"criterion":"governance","grade":2,"rationale":"An independent board majority and chair, an adopted clawback policy and an unqualified internal-controls opinion support governance. The adopted three-percent ownership threshold for derivative proceedings restricts shareholder enforcement and tempers that assessment. Litigation allegations are not treated as proven misconduct.","evidenceIds":["e30","e31","e32","e33","e34"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-4","basisHash":"7a58b41e14b86f3d57dda6edba5d1e8f2b68bc9019f378e7bc8daa2fd303c06b","updatedAt":"2026-10-18T14:16:32.565Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/92380/000009238026000004/luv-20251231.htm","publishedAt":"2026-02-05","sha256":"10c51d01ade55deaa5989dcc908fa30a09c4df507cdedbc13f4aef8005f73615","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/92380/000009238026000077/luv-20260630.htm","publishedAt":"2026-07-23","sha256":"da2dd2101f3ad658c2285afa1385fc2bcdb74a591d7ea1aa1438ece762507ff2","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/92380/000119312526127237/d121727ddef14a.htm","publishedAt":"2026-03-27","sha256":"b293c78227b8a481443bc39d0026d38cea1cace86d13891cacc1c0fc72738d65","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/92380/000009238025000024/luv-20241231.htm","publishedAt":"2025-02-07","sha256":"b9cc12efa9deec6bd2b666eb4edaccff90b9b49d8f7e78501682c146eb6da261","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/92380/000009238024000027/luv-20231231.htm","publishedAt":"2024-02-06","sha256":"539366ad829be5882281fdb0f2976f4a77a360f5527bd4ca37bc906e00880fdc","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/92380/000009238026000047/luv-20260331.htm","publishedAt":"2026-04-23","sha256":"70cfc5b42826b36997b66895cb3d85ff449db9f1add6a277bad8db2937eb5348","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:431fdf41b58628f863c96fc676de6f03d20ea4aef4236207ecac69797ee32856","usage":{"input_tokens":87262,"cached_input_tokens":0,"cache_write_input_tokens":0,"output_tokens":3962,"reasoning_output_tokens":165},"basisSupplement":{"previousHash":"cbb31479846f785b9d76aeace3caf3efe4f853d8215d0de1240da95185a4e101","checkedAt":"2026-10-18T16:49:32.080Z","rule":"dated historical and missing inputs only; accepted observations and research date retained"}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":null,"operating_margin":10.899303356554782,"roic":15.10257616500031,"fcf_margin":11.507283090563648,"sbc_revenue":null},"issues":{"peg":"Prior-year TTM earnings per diluted share is zero or negative; a growth-adjusted multiple is undefined.","pfcf_growth":"Prior-year TTM FCF per diluted share is zero or negative; a growth-adjusted multiple is undefined.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roiic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","interest_coverage":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":null,"operating_margin":4.270597127739985,"roic":8.392456017010186,"fcf_margin":-0.5626942134878643,"sbc_revenue":null},"issues":{"pe":"Trailing earnings is zero or negative, so this ratio is undefined.","peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"Free cash flow before SBC deduction is zero or negative, so this ratio is undefined.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt_fcf":"Trailing free cash flow is zero or negative, so this ratio is undefined."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":null,"operating_margin":0.8585335939596029,"roic":1.7772831779788878,"fcf_margin":-1.3644551761143688,"sbc_revenue":null},"issues":{"peg":"Prior-year TTM earnings per diluted share is zero or negative; a growth-adjusted multiple is undefined.","pfcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","pfcf_growth":"Prior-year TTM FCF per diluted share is zero or negative; a growth-adjusted multiple is undefined.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"Free cash flow before SBC deduction is zero or negative, so this ratio is undefined.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt_fcf":"Trailing free cash flow is zero or negative, so this ratio is undefined."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":null,"operating_margin":1.1679947603973366,"roic":2.65907130511741,"fcf_margin":-5.792671833497071,"sbc_revenue":null},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","pfcf_growth":"Prior-year TTM FCF per diluted share is zero or negative; a growth-adjusted multiple is undefined.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"Free cash flow before SBC deduction is zero or negative, so this ratio is undefined.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt_fcf":"Trailing free cash flow is zero or negative, so this ratio is undefined."}},{"period":"2025","end":"2025-12-31","values":{"gross_margin":null,"operating_margin":1.5251398638777038,"roic":3.4938668797624106,"fcf_margin":-2.9611944553326444,"sbc_revenue":null},"issues":{"pfcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","pfcf_growth":"Prior-year TTM FCF per diluted share is zero or negative; a growth-adjusted multiple is undefined.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"Free cash flow before SBC deduction is zero or negative, so this ratio is undefined.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt_fcf":"Trailing free cash flow is zero or negative, so this ratio is undefined."}}],"sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/92380/000009238026000004/luv-20251231.htm","publishedAt":"2026-02-05","sha256":"10c51d01ade55deaa5989dcc908fa30a09c4df507cdedbc13f4aef8005f73615","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/92380/000009238026000077/luv-20260630.htm","publishedAt":"2026-07-23","sha256":"da2dd2101f3ad658c2285afa1385fc2bcdb74a591d7ea1aa1438ece762507ff2","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/92380/000119312526127237/d121727ddef14a.htm","publishedAt":"2026-03-27","sha256":"b293c78227b8a481443bc39d0026d38cea1cace86d13891cacc1c0fc72738d65","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/92380/000009238025000024/luv-20241231.htm","publishedAt":"2025-02-07","sha256":"b9cc12efa9deec6bd2b666eb4edaccff90b9b49d8f7e78501682c146eb6da261","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/92380/000009238024000027/luv-20231231.htm","publishedAt":"2024-02-06","sha256":"539366ad829be5882281fdb0f2976f4a77a360f5527bd4ca37bc906e00880fdc","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/92380/000009238026000047/luv-20260331.htm","publishedAt":"2026-04-23","sha256":"70cfc5b42826b36997b66895cb3d85ff449db9f1add6a277bad8db2937eb5348","dateKind":"filed"}],"history":[{"version":4,"updatedAt":"2026-10-18T16:49:32.080Z","verdict":"none","value":null},{"version":3,"updatedAt":"2026-10-18T16:35:43.872Z","verdict":"none","value":null},{"version":2,"updatedAt":"2026-10-18T02:27:49.793Z","verdict":"uncertain","value":null},{"version":1,"updatedAt":"2026-10-18T02:18:02.026Z","verdict":null,"value":null}],"hasRequested":false,"requestStatus":"completed","researchIssue":null,"archivedMoat":null,"scope":"supported_catalog"}