Southwest Airlines LUV Insider Ownership

NYSE LUV

$38.80 -0.70 (-1.77%)

As of: Oct 19, 2026 · 3:59 PM EDT

Insider Holdings by Owner

67.07Mn Shares

Insider Ownership Statistics

as of 30 Sep, 2026

Insider Ownership

13.61%

▲+0.010% pp QoQ

Shares Held by Insiders

66.58Mn

filed for Sep 2026

▲+0.07% QoQ

Shares Outstanding

489.21Mn

489,208,201 shares

Direct Holdings

5.64Mn

Indirect: 60.94Mn

Net Shares Traded (QoQ)

+49.57K

net buying in Sep 2026

Insiders Holding Shares

with Form 4 holdings on file

Shares Owned by Insiders

Shares held % of outstanding

Latest —

Average ownership —

Peak ownership —

Shares Purchased/Sold by Insiders

Bought Sold

Latest quarter —

Net over range —

Buying quarters —

Insider Ownership Summary

Updated Oct 10, 2026

Over the past 12 months, Southwest Airlines insiders sold $306,534 of stock on the open market (8.2K shares) and made no open-market purchases.

By number of insiders, Southwest Airlines saw 2 insiders sell on the open market over the past 12 months and none buy.
Justin Jones (EVP Operations) was LUV's largest open-market seller in the past 12 months, with $302,056 of sales (8.09K shares); the latest was on December 5, 2025.
The latest open-market trade on record is a sale of 118 shares for $4,478 by Lisa M. Atherton (Director) on April 7, 2026.
Away from the open market, LUV insiders received 302.22K shares in stock awards and gave up 89.99K shares to cover taxes or exercise prices over the last 12 months.
Business Quant data puts insider holdings in LUV at 65.58Mn shares across insiders' latest Form 4 filings, or 13.41% of the 489.21Mn shares outstanding; that total is down 1.42% from 66.53Mn shares at the end of Q2 2026 and down 1.79% from 66.78Mn shares at the end of Q3 2025.
Direct holdings account for 5.49Mn shares (8.37%) of LUV's insider total, and indirect holdings through trusts, partnerships and family members for 60.09Mn shares (91.63%).
Holdings in Southwest Airlines stock are reported by 25 insiders, the officers, directors and 10% owners who have filed a Form 4 in the past two years.
Southwest Airlines' three largest insider shareholders, based on their latest Form 4 filings, are Elliott Investment Management L.P. (10% owner, 59.91Mn shares), Rakesh Gangwal (Director, 3.61Mn shares) and Robert E. Jordan (CEO & President, 647.82K shares).
Elliott Investment Management L.P. alone accounts for 91.36% of the shares held by Southwest Airlines insiders.
A total of 35 Form 4 filings with transactions in Southwest Airlines stock were made over the past 12 months, by 17 insiders.
These insider figures for Southwest Airlines are based on Form 4 filings through September 17, 2026.

Form 4 Holdings

Insiders Holding LUV

Insiders 41

Shares held 67.07Mn

Of outstanding 13.71%

#	Insider	Position	Direct	Indirect	Total	Share of Insiders	Last Filed
1	Investment Management L.P. Elliott	TenPercentOwner	0	59,912,580	59,912,580	89.3%	30 Oct, 2024
2	Rakesh Gangwal	Director	3,611,729	0	3,611,729	5.4%	16 May, 2025
3	Gary C Kelly	Executive Chairman	146,410	479,314	625,724	0.9%	02 Oct, 2024
4	Robert E Jordan	Ceo President	534,055	0	534,055	0.8%	07 Aug, 2026
5	Tammy Romo	Evp Cfo	281,953	0	281,953	0.4%	25 Feb, 2025
6	De Ven Michael G Van	President Coo	250,700	0	250,700	0.4%	23 Feb, 2022
7	Andrew M Watterson	Chief Operating Officer	209,840	0	209,840	0.3%	07 Aug, 2026
8	Ron Ricks	Evp, Chief Legal Reg. Off.	199,433	0	199,433	0.3%	18 May, 2023
9	Mark R Shaw	Evp Clro	143,781	0	143,781	0.2%	23 Feb, 2024
10	Linda B. Rutherford	Chief Administration Officer	119,259	0	119,259	0.2%	25 Feb, 2025
11	Tom Doxey	Evp, Chief Financial Officer	111,116	0	111,116	0.2%	07 Aug, 2026
12	William H Dr Cunningham	Director	100,088	0	100,088	0.1%	16 May, 2024
13	Ryan C. Green	Evp Chief Transformation Ofr.	86,816	0	86,816	0.1%	25 Feb, 2025
14	Justin Jones	Evp Chief Commercial Officer	85,784	0	85,784	0.1%	07 Aug, 2026
15	Douglas H Brooks	Director	81,306	0	81,306	0.1%	16 May, 2025
16	Anthony Roach	Chief Customer Brand Officer	73,179	0	73,179	0.1%	07 Aug, 2026
17	J Veronica Biggins	Director	66,388	0	66,388	0.1%	16 May, 2024
18	John G Denison	Director	65,576	0	65,576	0.1%	20 May, 2022
19	Lauren Tauscher Woods	Evp Cio	56,658	0	56,658	0.1%	07 Aug, 2026
20	Nancy B Loeffler	Director	54,034	0	54,034	0.1%	20 May, 2022
21	David W Biegler	Director	35,122	0	35,122	0.1%	16 May, 2024
22	David P Hess	Director	32,682	0	32,682	0.0%	11 May, 2026
23	Christopher P. Reynolds	Director	28,440	0	28,440	0.0%	11 May, 2026
24	Jimmy Ryan Martinez	Principal Accounting Officer	27,941	0	27,941	0.0%	17 Sep, 2026
25	John T Montford	Director	25,002	0	25,002	0.0%	18 May, 2023
26	C. David Cush	Director	24,429	0	24,429	0.0%	16 May, 2025
27	Eaton William Jason Van	Evp Chief Rca Officer	23,796	0	23,796	0.0%	23 Aug, 2024
28	Thomas W. Gilligan	Director	23,712	0	23,712	0.0%	16 May, 2024
29	Gregg A Saretsky	Director	23,644	0	23,644	0.0%	07 Aug, 2025
30	Patricia A Watson	Director	20,769	1,279	22,048	0.0%	11 May, 2026
31	Sarah Feinberg	Director	18,337	0	18,337	0.0%	11 May, 2026
32	Lisa M Atherton	Director	15,648	0	15,648	0.0%	11 May, 2026
33	David Grissen	Director	13,537	0	13,537	0.0%	11 May, 2026
34	Pierre R Breber	Director	13,537	0	13,537	0.0%	11 May, 2026
35	Robert L Fornaro	Director	13,537	0	13,537	0.0%	11 May, 2026
36	Jill A. Soltau	Director	11,812	0	11,812	0.0%	16 May, 2024
37	Elaine Mendoza	Director	11,812	0	11,812	0.0%	16 May, 2024
38	Eduardo F Conrado	Director	11,812	0	11,812	0.0%	16 May, 2024
39	Roy Blunt	Director	11,217	0	11,217	0.0%	16 May, 2024
40	Jason T Liberty	Director	3,787	0	3,787	0.0%	11 Aug, 2026
41	Varun Krishna	Director	3,787	0	3,787	0.0%	11 Aug, 2026

Each row is that insider’s most recently reported position, from Form 4 filings over the last 60 months — which is why this total does not tie to the quarterly series above, where a quarter counts only the insiders who filed in it. Shares held through a fund or institutional portfolio are counted on the institutional ownership page instead.

Form 4 Filings

2,836 Insider Transactions

Source SEC Form 4

Latest quarter Sep 2026

Date	Insider	Position	Transaction	Shares	Price	Value	Shares Held After	Ownership
15 Sep, 2026	Jimmy Ryan Martinez	Principal Accounting Officer	Acquired A	2,697	$0.00	$0	27,941	Direct
21 Aug, 2026	Jimmy Ryan Martinez	Principal Accounting Officer	Disposed F	179	$40.38	$7.23K	25,244	Direct
10 Aug, 2026	Varun Krishna	Director	Acquired A	3,787	$0.00	$0	3,787	Direct
10 Aug, 2026	Jason T Liberty	Director	Acquired A	3,787	$0.00	$0	3,787	Direct
05 Aug, 2026	Lauren Tauscher Woods	Evp Cio	Acquired A	7,598	$0.00	$0	56,658	Direct
05 Aug, 2026	Robert E Jordan	Ceo President	Acquired A	28,321	$0.00	$0	534,055	Direct
05 Aug, 2026	Andrew M Watterson	Chief Operating Officer	Acquired A	2,995	$0.00	$0	209,840	Direct
05 Aug, 2026	Justin Jones	Evp Chief Commercial Officer	Acquired A	8,568	$0.00	$0	85,784	Direct
05 Aug, 2026	Tom Doxey	Evp, Chief Financial Officer	Acquired A	6,316	$0.00	$0	111,116	Direct
05 Aug, 2026	Anthony Roach	Chief Customer Brand Officer	Acquired A	9,506	$0.00	$0	73,179	Direct
07 May, 2026	Pierre R Breber	Director	Acquired A	4,108	$0.00	$0	13,537	Direct
07 May, 2026	Robert L Fornaro	Director	Acquired A	4,108	$0.00	$0	13,537	Direct
07 May, 2026	Patricia A Watson	Director	Acquired A	4,108	$0.00	$0	20,769	Direct
07 May, 2026	Lisa M Atherton	Director	Acquired A	4,108	$0.00	$0	15,648	Direct
07 May, 2026	Christopher P. Reynolds	Director	Acquired A	4,108	$0.00	$0	28,440	Direct
07 May, 2026	Sarah Feinberg	Director	Acquired A	4,108	$0.00	$0	18,337	Direct
07 May, 2026	David Grissen	Director	Acquired A	4,108	$0.00	$0	13,537	Direct
07 May, 2026	David P Hess	Director	Acquired A	4,108	$0.00	$0	32,682	Direct
07 Apr, 2026	Lisa M Atherton	Director	Disposed S	118	$37.95	$4.48K	0	Indirect
21 Mar, 2026	Anthony Roach	Evp Customer Brand	Disposed F	2,179	$39.41	$85.87K	63,673	Direct

Showing 1 to 20 of 2,836 transactions