Southwest Airlines Files 2024 Annual Report

Ticker: LUV · Form: 10-K · Filed: Feb 7, 2025 · CIK: 92380

Southwest Airlines CO 10-K Filing Summary
FieldDetail
CompanySouthwest Airlines CO (LUV)
Form Type10-K
Filed DateFeb 7, 2025
Risk Levellow
Pages15
Reading Time18 min
Key Dollar Amounts$1.00, $871 million
Sentimentneutral

Sentiment: neutral

Topics: annual-report, sec-filing, airline

Related Tickers: AAL, UAL, DAL, JBLU, ALK

TL;DR

LUV filed its 2024 10-K, all systems go.

AI Summary

Southwest Airlines Co. filed its annual report for the fiscal year ended December 31, 2024. The company, registered in Texas with file number 1-7259, trades its common stock under the symbol LUV on the New York Stock Exchange. Southwest Airlines confirmed it has filed all required reports for the preceding 12 months and submitted all Interactive Data Files.

Why It Matters

This 10-K filing provides a comprehensive overview of Southwest Airlines' financial performance and operational status for the past fiscal year, offering insights for investors and stakeholders.

Risk Assessment

Risk Level: low — The filing is a standard annual report and does not contain immediate red flags or new, significant risks.

Key Numbers

Key Players & Entities

FAQ

What is the primary purpose of this Form 10-K filing for Southwest Airlines Co.?

The primary purpose is to provide an annual report detailing the company's financial performance and operations for the fiscal year ended December 31, 2024.

On which stock exchange does Southwest Airlines trade its common stock?

Southwest Airlines Co. trades its common stock under the symbol LUV on the New York Stock Exchange.

Has Southwest Airlines met its filing obligations for the past 12 months?

Yes, the filing indicates that Southwest Airlines has filed all reports required by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months.

Did Southwest Airlines submit all required Interactive Data Files?

Yes, the filing confirms that Southwest Airlines has submitted electronically every Interactive Data File required by Rule 405 of Regulation S-T during the preceding 12 months.

What is the state of incorporation for Southwest Airlines Co.?

Southwest Airlines Co. is incorporated in Texas.

Filing Stats: 4,501 words · 18 min read · ~15 pages · Grade level 13.4 · Accepted 2025-02-07 16:00:58

Key Financial Figures

Filing Documents

Risk Factors

Item 1A. Risk Factors 32

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 52

Cybersecurity

Item 1C. Cybersecurity 52

Properties

Item 2. Properties 56

Legal Proceedings

Item 3. Legal Proceedings 57

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 62 PART II

Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities 65

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 67 Liquidity and Capital Resources 85 Critical Accounting Policies and Estimates 89

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 94

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 98 Southwest Airlines Co. Consolidated Balance Sheet 98 Southwest Airlines Co. Consolidated Statement of Income 99 Southwest Airlines Co. Consolidated Statement of Comprehensive Income 100 Southwest Airlines Co. Consolidated Statement of Stockholders' Equity 101 Southwest Airlines Co. Consolidated Statement of Cash Flows 102

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 103

Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 151

Controls and Procedures

Item 9A. Controls and Procedures 151

Other Information

Item 9B. Other Information 152

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 152 PART III

Directors, Executive Officers, and Corporate Governance

Item 10. Directors, Executive Officers, and Corporate Governance 153

Executive Compensation

Item 11. Executive Compensation 153

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 154

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 154

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 155 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 156

Form 10-K Summary

Item 16. Form 10-K Summary 161

Signatures

Signatures 162 2 Table of Contents -PART I-

Business

Item 1. Business Company Overview Southwest Airlines Co. (the "Company" or "Southwest") operates Southwest Airlines, a major passenger airline that provides scheduled air transportation in the United States and near-international markets. Southwest commenced service on June 18, 1971, with three Boeing 737 aircraft serving three Texas cities: Dallas, Houston, and San Antonio. Southwest's unique route network, low fares, and famous Hospitality continue to make the Company an attractive choice for Customers in cities across the United States and near-international destinations. As of December 31, 2024, Southwest had a total of 803 Boeing 737 aircraft in its fleet and served 117 destinations in 42 states, the District of Columbia, the Commonwealth of Puerto Rico, and ten near-international countries: Mexico, Jamaica, The Bahamas, Aruba, Dominican Republic, Costa Rica, Belize, Cuba, the Cayman Islands, and Turks and Caicos. Company Initiatives As part of the Company's ongoing modernization efforts, during third quarter 2024, the Company announced several transformational initiatives designed to elevate the Customer Experience on its flights, improve financial performance, and drive Shareholder value, including: Assigned Seating : Southwest will introduce an assigned seating model to better align with airline passenger preferences. The Company expects to begin selling assigned seats in the second half of 2025, with its first flights operating with the new seating model in the first half of 2026. Premium Seating : Southwest will offer extra legroom options with additional pitch while maintaining a standard economy seat pitch. Redesigned Boarding Model : Southwest will evolve its boarding process with seat assignments while focusing on operational efficiency and improving the Customer Experience. The updated boarding process will be designed to maintain Southwest's unique and popular approach in boarding through position numbers and signage displayed on stanchion

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