Southwest Airlines (LUV)
What the price implies
A reverse DCF: instead of guessing a fair value, it asks what growth today's price already assumes. How it works.
Fundamental grade
Five factors scored 1 to 9 from LUV's latest numbers, weighted into one grade. It describes the business, not whether the stock is a buy.
Key numbers
Results from SEC filings
Fiscal years, from Southwest Airlines's 10-K filings. The deep dive has 15+ years, quarters and every line.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $15.8B | $23.8B | $26.1B | $27.5B | $28.1B |
| Net income | $977M | $539M | $465M | $465M | $441M |
| Free cash flow | $1.8B | -$134M | -$356M | -$1.6B | -$831M |
| EPS (diluted) | $1.61 | $0.87 | $0.76 | $0.76 | $0.79 |
| Operating margin | 10.9% | 4.3% | 0.86% | 1.2% | 1.5% |
Where the revenue comes from
Revenue by products, fiscal 2025.
Superinvestors who own LUV
From each investor's latest 13F filing (what a 13F shows). 6 of the investors we track hold it.
| Investor | Last quarter | Value | % of portfolio | Quarter |
|---|---|---|---|---|
| PRIMECAP Management PRIMECAP Management Co |
Added | $2.5B | 1.5% | Q2 2026 |
| Cliff Asness AQR Capital Management |
Added | $65M | 0.02% | Q2 2026 |
| Joel Greenblatt Gotham Asset Management |
Added | $29M | 0.07% | Q2 2026 |
| Eric Marshall Hodges Capital Management |
Added | $9M | 0.62% | Q2 2026 |
| Will Nasgovitz Heartland Advisors |
Trimmed | $7M | 0.29% | Q2 2026 |
| Jean-Marie Eveillard First Eagle Investment Management |
Trimmed | $359,940 | 0.00% | Q2 2026 |
Insider buying
Open-market purchases by Southwest Airlines's executives and directors in the last 12 months, from SEC Form 4 filings. What insider buying tells you.
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In the full deep dive
Questions
Are Southwest Airlines insiders buying the stock?
No open-market insider purchases of LUV in the last 12 months, according to SEC Form 4 filings.
Which superinvestors own Southwest Airlines?
6 of the superinvestors Investingly tracks hold LUV in their latest 13F, including PRIMECAP Management, Cliff Asness, Joel Greenblatt.
Prices and ratios as of Oct 7, 2026; statements from SEC filings. Information only, not investment advice. Superinvestor holdings come from 13F filings, which are filed up to 45 days after each quarter ends.