01—Abstract
Summary
Summary of the 10-K/A filed February 6, 2026. Cited figures are marked; the original filing is the authoritative source.
This Part IV, Item 15 section of Southwest Airlines Co.'s annual report states that the financial statements are included in Item 8 and that no financial statement schedules are filed.
It serves mainly as an index of exhibits filed with, or incorporated by reference into, the report, covering corporate governance, debt instruments, credit facilities, aircraft purchase agreements, government support agreements, compensation plans, and an activist investor cooperation agreement. On governance and capital structure, the exhibits include the Restated Certificate of Formation effective May 18, 2012, and the Fifth Amended and Restated Bylaws effective May 16, 2025. Debt documentation includes indentures dated 1997, 2004, and February 6, 2024, with the 2024 indenture made with U.S. Bank Trust Company, National Association.
The company also lists a $1,000,000,000a Revolving Credit Facility Agreement dated August 3, 2016, which was amended several times, most recently by a Fifth Amendment dated August 4, 2023. Other exhibits cover a Boeing purchase agreement (Purchase Agreement No. 3729, dated December 13, 2011) with supplemental agreements through No. 24, Payroll Support Program agreements and a promissory note with the U.S. Department of the Treasury, a Cooperation Agreement with Elliott entities dated October 23, 2024 and its amendment dated February 19, 2025, and the Ernst & Young LLP consent. Certain confidential information in one agreement was omitted as not material.
02—Key points
Key Highlights
- The financial statements are presented in Item 8 of the report, and no financial statement schedules are filed.
- The Fifth Amended and Restated Bylaves were effective May 16, 2025, and the Restated Certificate of Formation took effect May 18, 2012.
- A new indenture dated February 6, 2024, was made with U.S. Bank Trust Company, National Association, and is incorporated by reference from a Form S-3 filed February 7, 2024.
- A $1,000,000,000 Revolving Credit Facility Agreement dated August 3, 2016 remains in place, with its Fifth Amendment dated August 4, 2023.
- Purchase Agreement No. 3729 with The Boeing Company, dated December 13, 2011, has been supplemented through Supplemental Agreement No. 24 and a Supplemental Letter Agreement No. 03729-LA-2504996.
- A Cooperation Agreement with Elliott Investment Management L.P. and affiliated entities, dated October 23, 2024, was amended on February 19, 2025.
- The filing includes a Southwest Airlines Co. Clawback Policy effective November 16, 2023, along with insider trading and company transaction policies filed as Exhibits 19.1 and 19.2.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-K/AFY2025filed February 6, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $28.06B$27.48B | +2.1% |
| Operating Income | $428.00M$321.00M | +33.3% |
| Net Income | $441.00M$465.00M | −5.2% |
| EPS (Basic) | $0.82$0.78 | +5.1% |
| EPS (Diluted) | $0.79$0.76 | +3.9% |
| Shares Outstanding (Basic) | 540.00M598.00M | −9.7% |
| Shares Outstanding (Diluted) | 558.00M643.00M | −13.2% |
05—Questions
Frequently Asked Questions
Where are the company's financial statements located in this filing?
The filing states that the financial statements are included in Item 8, Financial Statements and Supplementary Data, and are filed as part of the annual report. No financial statement schedules are filed, because the required information is in the consolidated financial statements and notes.
What debt and credit facilities are referenced in the exhibits?
The exhibits reference indentures dated September 17, 2004, February 25, 1997, and February 6, 2024, along with a First Supplemental Indenture dated May 1, 2020. They also reference a $1,000,000,000 Revolving Credit Facility Agreement dated August 3, 2016, with amendments dated March 30, 2020, November 23, 2020, July 28, 2021, July 19, 2022, and August 4, 2023.
Does the filing reference agreements with the U.S. government?
Yes. The exhibits list Payroll Support Program Agreement dated April 20, 2020, a Payroll Support Program Extension Agreement dated January 15, 2021, a Payroll Support Program 3 Agreement dated April 23, 2021, and a Promissory Note to the U.S. Department of the Treasury dated April 23, 2021.
What agreements involve the aircraft manufacturer?
The filing lists Purchase Agreement No. 3729 and Aircraft General Terms Agreement with The Boeing Company, dated December 13, 2011, along with numerous supplemental agreements and letter agreements. Supplemental Agreement No. 24 and Supplemental Letter Agreement No. 03729-LA-2504996 are among the most recent. Some confidential information in this agreement was omitted as not material.
06—Continue