# EDGAR Filing Document

**Accession Number:** 0001791786
**File Stem:** 0000902664-26-001249
**Filing Date:** 2026-2
**Character Count:** 10418
**Document Hash:** dc918653358f72815ccb149019f98463
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000902664-26-001249.hdr.sgml**: 20260223

**ACCESSION NUMBER**: 0000902664-26-001249

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20260223

**DATE AS OF CHANGE**: 20260223

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SOUTHWEST AIRLINES CO
- **CENTRAL INDEX KEY:** 0000092380
- **STANDARD INDUSTRIAL CLASSIFICATION:** AIR TRANSPORTATION, SCHEDULED [4512]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 741563240
- **STATE OF INCORPORATION:** TX
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-33255
- **FILM NUMBER:** 26667274

**BUSINESS ADDRESS:**
- **STREET 1:** 2702 LOVE FIELD DR
- **STREET 2:** P O BOX 36611
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75235
- **BUSINESS PHONE:** 2147924000

**MAIL ADDRESS:**
- **STREET 1:** PO BOX 36611
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75235-1611

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AIR SOUTHWEST CO
- **DATE OF NAME CHANGE:** 19760108
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Elliott Investment Management L.P.
- **CENTRAL INDEX KEY:** 0001791786

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**BUSINESS ADDRESS:**
- **STREET 1:** 360 S. ROSEMARY AVE, 18TH FLOOR
- **CITY:** WEST PALM BEACH
- **STATE:** FL
- **ZIP:** 33401
- **BUSINESS PHONE:** 212-974-6000

**MAIL ADDRESS:**
- **STREET 1:** 360 S. ROSEMARY AVE, 18TH FLOOR
- **CITY:** WEST PALM BEACH
- **STATE:** FL
- **ZIP:** 33401

## Ex-99

**<u>SCHEDULE 1</u>**

**Transactions in the Shares of Common Stock of the Issuer by the Reporting Person Since the Filing of Amendment No. 12**

The following table sets forth all transactions in the shares of Common Stock reported herein effected since the filing of Amendment No. 12 by the Reporting Person. Except as noted below, all such transactions were effected by the Reporting Person in the open market through brokers and the price per share excludes commissions. Where a price range is provided in the column titled "Price Range ($)", the price reported in the column titled "Price Per Share ($)" is a weighted average price. These shares of Common Stock were sold or purchased in multiple transactions at prices between the price ranges indicated in the column titled "Price Range ($)". The Reporting Person will undertake to provide to the staff of the SEC, upon request, full information regarding the shares of Common Stock sold or purchased at each separate price.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Trade Date** | &nbsp;&nbsp;**Shares Purchased (Sold)** | &nbsp;&nbsp;**Price Per Share ($)** | &nbsp;&nbsp;**Price Range ($)** |
| &nbsp;&nbsp;2/11/2026 | &nbsp;&nbsp;(130000) | &nbsp;&nbsp;53.41 |  |
| &nbsp;&nbsp;2/12/2026 | &nbsp;&nbsp;(760000) | &nbsp;&nbsp;51.15 |  |
| &nbsp;&nbsp;2/13/2026 | &nbsp;&nbsp;(450000 | &nbsp;&nbsp;51.00 |  |
| &nbsp;&nbsp;2/13/2026 | &nbsp;&nbsp;(565000) | &nbsp;&nbsp;51.13 | &nbsp;&nbsp;50.60 – 51.65 |
| &nbsp;&nbsp;2/17/2026 | &nbsp;&nbsp;(1790000) | &nbsp;&nbsp;54.14 | &nbsp;&nbsp;53.03 – 55.07 |
| &nbsp;&nbsp;2/17/2026 | &nbsp;&nbsp;(123000) | &nbsp;&nbsp;54.58 |  |
| &nbsp;&nbsp;2/17/2026 | &nbsp;&nbsp;(210000) | &nbsp;&nbsp;54.83 |  |
| &nbsp;&nbsp;2/18/2026 | &nbsp;&nbsp;(1040000) | &nbsp;&nbsp;54.10 |  |
| &nbsp;&nbsp;2/18/2026 | &nbsp;&nbsp;(1548000) | &nbsp;&nbsp;54.31 | &nbsp;&nbsp;53.43 – 54.87 |
| &nbsp;&nbsp;2/18/2026 | &nbsp;&nbsp;(112000) | &nbsp;&nbsp;54.80 |  |
| &nbsp;&nbsp;2/19/2026 | &nbsp;&nbsp;(1260934) | &nbsp;&nbsp;52.76 |  |
| &nbsp;&nbsp;2/20/2026 | &nbsp;&nbsp;(1551066) | &nbsp;&nbsp;52.08 | &nbsp;&nbsp;51.42 – 52.38 |
| &nbsp;&nbsp;2/23/2026 | &nbsp;&nbsp;(1310000) | &nbsp;&nbsp;50.36 |  |
| &nbsp;&nbsp;2/23/2026 | &nbsp;&nbsp;(1075000) | &nbsp;&nbsp;50.70 | &nbsp;&nbsp;50.35 – 51.84 |

---

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 13)**

**SOUTHWEST AIRLINES CO**

*(Name of Issuer)*

**Common Stock, par value $1.00 per share**

*(Title of Class of Securities)*

**844741108**

*(CUSIP Number)*

**Legal Department**<br>Elliott Investment Management L.P.<br>360 S. Rosemary Ave, 18th Floor<br>West Palm Beach FL 33401<br>212-974-6000

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**02/19/2026**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **844741108** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Elliott Investment Management L.P.** | Name of reporting person<br>**Elliott Investment Management L.P.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**45875000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**45875000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**45875000.00** | Aggregate amount beneficially owned by each reporting person<br>**45875000.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**9.3%** | Percent of class represented by amount in Row (11)<br>**9.3%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IA** | Type of Reporting Person (See Instructions)<br>**IA** | |

---

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Stock, par value $1.00 per share

**(b) Name of Issuer:**
SOUTHWEST AIRLINES CO

**(c) Address of Issuer's Principal Executive Offices:**
2702 LOVE FIELD DR, P O BOX 36611, DALLAS, TX, 75235

The following constitutes Amendment No. 13 ("Amendment No. 13") to the Schedule 13D filed with the Securities and Exchange Commission on August 5, 2024 (as amended, the "Schedule 13D"). This Amendment No. 13 amends and restates Items 3, 5(a)-(c) and 6 and supplements Item 4 as set forth below. Capitalized terms used herein and not otherwise defined in this Amendment No. 13 have the meanings set forth in the Schedule 13D.

**Item 4. Purpose of Transaction**

The Reporting Person reduced the economic exposure of the Elliott Funds for portfolio management purposes. The Reporting Person intends for the Elliott Funds to remain significant shareholders of the Issuer based on its confidence that the Issuer's execution of ongoing strategic initiatives will translate to greater profitability, accretive capital-allocation opportunities and shareholder value creation.

**Item 5. Interest in Securities of the Issuer**

**(a)**
See rows (11) and (13) of the cover page to this Schedule 13D for the aggregate number of shares of Common Stock and percentage of shares of Common Stock beneficially owned by the Reporting Person. The aggregate percentage of shares of Common Stock reported beneficially owned by the Reporting Person is based upon 491,317,990 shares of Common Stock outstanding as of February 3, 2026, as disclosed in the Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed by the Issuer with the Securities and Exchange Commission on February 5, 2026.

**(b)**
See rows (7) through (10) of the cover page to this Schedule 13D for the shares of Common Stock as to which the Reporting Person has the sole or shared power to vote or direct the vote and sole or shared power to dispose or to direct the disposition.

**(c)**
The transactions in the shares of Common Stock effected by the Reporting Person since the filing of Amendment No. 12, which were all in the open market, are set forth on Schedule 1 attached hereto and incorporated by reference herein.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

Item 4 of the Schedule 13D is incorporated herein by reference.

The Elliott Funds have entered into physically settled long call options relating to (i) 7,725,000 shares of Common Stock with a strike price of $60.00 and (ii) 3,475,000 shares of Common Stock with a strike price of $62.50 (collectively, the "Call Options").  The Call Options have an expiration date of June 18, 2026.

Except as set forth herein, there are no contracts, arrangements, understandings or relationships (legal or otherwise) among the persons named in Item 2 hereof and between such persons and any person with respect to any securities of the Issuer, including any class of the Issuer's securities used as a reference security, in connection with any of the following: call options, put options, security-based swaps or any other derivative securities, transfer or voting of any of the securities, finder's fees, joint ventures, loan or option arrangements, guarantees of profits, division of profits or loss, or the giving or withholding of proxies.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Elliott Investment Management L.P.

**Signature:** /s/ Elliot Greenberg

**Name/Title:** Elliot Greenberg, Vice President

**Date:** 02/23/2026