Company Dossier · Industrials
Southwest Airlines
- S&P 500
- Russell 1000
What Southwest Airlines is doing, read from its filings, its own words and the news, with every figure dated and sourced. Not investment advice: no ratings, no price targets.
Open the full company record in Palanor: guidance, KPIs, ownership, calls, prices →
The latest read
Computed from the data on Oct 22, 2026. Every figure links back to its source in the sections below.
- Revenue over the four quarters to June 30, 2026: $30.1 billion, up 9.5% from a year earlier.SEC EDGAR filings (XBRL)
- Free cash flow (operating cash flow minus capital expenditure) over the four quarters to June 30, 2026: −$0.41 billion.SEC EDGAR filings (XBRL)
- Capital expenditure over the four quarters to June 30, 2026: $2.93 billion, up 36% from a year earlier.SEC EDGAR filings (XBRL)
- Share buybacks in the fiscal year to December 31, 2025: $2.55 billion.SEC EDGAR filings (10-K)
- Long-term debt issued in the fiscal year to December 31, 2025: $1.50 billion.SEC EDGAR filings (10-K)
- Latest earnings call or results release (October 21, 2026): sentiment 0.65 on a −1 to +1 scale (mixed), confidence 0.70 of 1.Palanor Discourse
- Guidance in the last 90 days: 0 outlook figures raised, 1 lowered, 0 held.Guidance Ledger (8-K results releases)
- Latest annual report (filed February 5, 2026): 3 risk factors added, 0 removed.Risk Factor Changes (10-K Item 1A)
- 935 institutional managers reported a position at June 30, 2026 (+62 on the quarter before).SEC Form 13F
- H-1B filings certified in Q2 2026: 10 (31 a year earlier).U.S. Department of Labor (OFLC)
Risk events (12 months): 1 — latest OSHA inspection, Feb 19, 2026 →
Company Posture
How Company Posture is measured →What Southwest Airlines is doing, on three axes, from its filings and its own words, as of 2026-10-22. A description, not a rating: Company Posture never says whether to buy.
Expanding · Hedging
Expanding ↔ Retrenching
Expanding
- Capital spending81st pct
- Debt raised—
- Buybacks vs capex81st pct
- Hiring filings31st pct
- Deals and private raises48th pct
- Patent publications51st pct
Confident ↔ Hedging
Hedging
- Call sentiment60th pct
- Call confidence35th pct
- Guidance changes4th pct
- Risk factors added33rd pct
- Insider open-market trades—
Pressure
Components only: Not yet shown as a score: in the back-test it did not add to a naive reader's forecast of impairment, debt acceleration or bankruptcy filings (8-K 2.06, 2.04, 1.03) (not enough events (17 in half 1; needs 20)).
- Fails-to-deliver39th pct
- Stress filings50th pct
Credit
How these are built →Southwest Airlines's borrowing from its SEC filings: the bonds it priced and the debt on its latest balance sheet. A description, not a rating.
Debt on the balance sheet
$5.9B
- Due within a year $2.2B
- Longer term $3.8B
- Default point $4.1B (short + ½ long)
Finance leases included · Jun 30, 2026 filing
Bonds priced, last 12 months
$1.5B
U.S. dollar tranches with a term sheet on EDGAR. Deals sold under Rule 144A file none and are not counted.
| Priced | Amount | Coupon | Matures | Spread | Yield |
|---|---|---|---|---|---|
| Oct 27, 2025 | $750M | 4.375% | 2028 (3y) | +88bp | 4.392% |
| Oct 27, 2025 | $750M | 5.250% | 2035 (10y) | +128bp | 5.279% |
From the pricing term sheets Southwest Airlines filed with the SEC. Spread is to the benchmark Treasury (or Bund, Gilt) at pricing.
Charts
Live charts: each one redraws from today’s data and has an image link to paste into a document or slide.
Cash flow
Capital returned and raised
What the company says
Hiring and ownership
Filings and records
The last two years of notable 8-Ks, offerings, annual reports, federal awards, lobbying reports, patents and other public records, newest first.
- Oct 20, 2026LobbyingLobbying report (SOUTHWEST AIRLINES)third_quarter 2026 · $0.4 million
- Oct 16, 2026LobbyingLobbying report (S-3 GROUP)third_quarter 2026 · $0.1 million
- Oct 16, 2026LobbyingLobbying report (SQUIRE PATTON BOGGS)third_quarter 2026 · $0.1 million
- Oct 14, 2026Trademark
- Oct 14, 2026Trademark
- Oct 14, 2026Trademark
- Oct 6, 2026LobbyingLobbying report (O'KEEFFE SHAHMORADI STRATEGIES, LLC)third_quarter 2026 · $0.0 million
- Oct 2, 2026Trademark
- Oct 2, 2026Trademark
- Aug 12, 20268-KMaterial agreement signedItem 1.01
- Aug 12, 20268-KMaterial agreement terminatedItem 1.02
- Aug 10, 20268-KDirector or officer changeItem 5.02
- Aug 7, 20268-KDirector or officer changeItem 5.02
- Jul 21, 2026LobbyingLobbying report (O'KEEFFE SHAHMORADI STRATEGIES, LLC)second_quarter 2026 · $0.0 million
- Jul 18, 2026LobbyingLobbying report (SOUTHWEST AIRLINES)second_quarter 2026 · $0.4 million
- Jul 17, 2026LobbyingLobbying report (S-3 GROUP)second_quarter 2026 · $0.1 million
- Jul 15, 2026LobbyingLobbying report (THE JERRY COSTELLO GROUP, LLC)second_quarter 2026 · $0.0 million
- May 19, 20268-KMaterial agreement signedItem 1.01
- May 11, 20268-KShareholder vote resultsItem 5.07
- Mar 12, 20268-KMaterial agreement signedItem 1.01
- Feb 19, 2026Risk event
- Feb 10, 20268-KDirector or officer changeItem 5.02
- Feb 5, 202610-KAnnual report (10-K)3 risk factors added, 0 removed
- Nov 3, 20258-KMaterial agreement signedItem 1.01
- Aug 21, 2025Risk event
- Aug 14, 2025Risk event
- May 19, 20258-KShareholder vote resultsItem 5.07
- Mar 31, 20258-KDirector or officer changeItem 5.02
- Feb 19, 20258-KMaterial agreement signedItem 1.01
- Feb 18, 20258-KExit or restructuring costsItem 2.05
- Feb 10, 20258-KDirector or officer changeItem 5.02
- Feb 7, 20258-KDirector or officer changeItem 5.02
- Feb 7, 202510-KAnnual report (10-K)3 risk factors added, 0 removed
- Jan 24, 2025Risk event
- Jan 10, 20258-KDirector or officer changeItem 5.02
- Nov 20, 2024Risk event
- Nov 7, 20248-KDirector or officer changeItem 5.02
- Oct 25, 20248-KMaterial agreement signedItem 1.01
- Oct 24, 20248-KMaterial agreement signedItem 1.01
- Oct 24, 20248-KDirector or officer changeItem 5.02
Peers
Companies in the same industry in the S&P 500, Russell 1000 or MidCap 400, closest in revenue first. Trailing twelve months, from SEC filings.
| Company | Revenue | Free cash flow | Through |
|---|---|---|---|
| American Airlines Group AAL | $58.3B | $0.3B | Jun 30, 2026 |
| Alaska Air Group ALK | $14.8B | — | Jun 30, 2026 |
| United Airlines Holdings UAL | $62.9B | $2.5B | Jun 30, 2026 |
| Delta Air Lines DAL | $71.8B | $3.9B | Sep 30, 2026 |
| Eaton Corp. ETN | $30.0B | $3.9B | Jun 30, 2026 |
| Ferguson Enterprises FERG | $31.2B | — | Oct 31, 2025 |
| Paccar PCAR | $27.8B | $3.7B | Jun 30, 2026 |
| Quanta Services PWR | $32.9B | $2.4B | Jun 30, 2026 |