SCHEDULE 13D/A Filed 2026-04-03 Event 2026-04-02 Intent: STRATEGIC SEC 0000902664-26-001872 →

Elliott Investment Management L.P. → SOUTHWEST AIRLINES CO LUV

Stake: 4.90% Shares: 24,308,000 CUSIP: 844741108 Class: Common Stock, par value $1.00 per share

Composite Decision Signal · WATCH (DEVELOPING SETUP) Conviction Score: 59/100 · Filer 90d Win Rate: 75% · Hist. 90d Edge: +16.7%

Filer track record (5 filings): 75% 90d win rate, +18.5% 90d edge
Active catalyst intent classification: strategic
Held by 1 tracked 13F institutional manager
24 NPORT-P mutual funds holding CUSIP
Moderate short days-to-cover (3.8 DTC)

AI Analyst Brief conf: high

Elliott trimmed its LUV stake (from a prior higher position) to 4.9% citing 'portfolio management,' but notably softened its language to express confidence in management's execution rather than pushing new demands — suggesting the activist campaign has shifted from pressure to monitoring mode after extracting concessions (board seats, CEO change) in late 2024.

Item 4 — Purpose of Transaction

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

Cross-References

Insider Activity (last 365d)

0 transactions

0 buys · 0 sales · 0 awards/exercises

Issuer Cluster

5 13D/G filings on this issuer

4 other filings besides this one

Filer Track Record

26 filings by this filer

25 other filings in the data moat

Short Interest · settle 2026-10-15

DTC 3.80

23,316,242 shares short · -5.0% vs prior

Institutional Consensus · 2025-12-31

Held by elite portfolio managers

1 holder · $14.38M

Point72 Asset Mgmt

Post-Filing Returns · since 2026-04-02 on LUV

+1 day

+1.5%

+5 days

+0.7%

+30 days

+31.5%

+60 days

+31.5%

+90 days

+31.5%

+180 days

—

Anchor price 37.60 on closest trading day on/after 2026-04-02. Source: Yahoo Finance daily adj_close (split + dividend adjusted).

Other 13D/G Filings on SOUTHWEST AIRLINES CO

Filed	Form	Filer	Stake	Shares
2025-09-16	SCHEDULE	Elliott Investment Management L.P.	9.70%	51,128,500	view →
2025-02-21	SCHEDULE	Elliott Investment Management L.P.	9.10%	53,978,500	view →
2025-02-06	SCHEDULE	Elliott Investment Management L.P.	9.00%	53,978,500	view →
2024-08-26	SC	Elliott Investment Management L.P.	—	—	view →

Other Filings by Elliott Investment Management L.P.

Filed	Form	Issuer	Stake	Shares
2026-10-08	SCHEDULE 13D/A	Seadrill Ltd	4.90%	3,108,641	view →
2026-09-21	SCHEDULE 13D/A	Seadrill Ltd	—	3,643,112	view →
2026-06-30	SCHEDULE 13D/A	Triple Flag Precious Metals Corp. TFPM	—	133,241,535	view →
2025-09-16	SCHEDULE	SOUTHWEST AIRLINES CO LUV	9.70%	51,128,500	view →
2025-02-21	SCHEDULE	SOUTHWEST AIRLINES CO LUV	9.10%	53,978,500	view →
2025-02-06	SCHEDULE	SOUTHWEST AIRLINES CO LUV	9.00%	53,978,500	view →
2024-08-26	SC	SOUTHWEST AIRLINES CO LUV	—	—	view →
2024-04-12	SC	E2open Parent Holdings, Inc.	—	—	view →
2024-01-26	SC	Seadrill Ltd SDRL	—	—	view →
2023-07-12	SC	Seadrill Ltd SDRL	—	—	view →
2023-02-23	SC	Howmet Aerospace Inc. HWM	—	—	view →
2023-02-21	SC	PEABODY ENERGY CORP BTU	—	—	view →
2022-12-02	SC	PEABODY ENERGY CORP BTU	—	—	view →
2021-11-10	SC	PEABODY ENERGY CORP BTU	—	—	view →
2021-10-18	SC	PEABODY ENERGY CORP BTU	—	—	view →
2021-09-17	SC	PEABODY ENERGY CORP BTU	—	—	view →
2021-06-03	SC	Howmet Aerospace Inc. HWM	—	—	view →
2021-02-11	SC	CorMedix Inc. CRMD	—	—	view →
2020-12-02	SC	Howmet Aerospace Inc. HWM	—	—	view →
2020-02-05	SC	PEABODY ENERGY CORP BTU	—	—	view →

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