<SEC-DOCUMENT>0000902664-25-000734.txt : 20250206
<SEC-HEADER>0000902664-25-000734.hdr.sgml : 20250206
<ACCEPTANCE-DATETIME>20250206200015
ACCESSION NUMBER:		0000902664-25-000734
CONFORMED SUBMISSION TYPE:	SCHEDULE 13D/A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250206
DATE AS OF CHANGE:		20250206

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
		IRS NUMBER:				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:		25598856

	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:           	
		IRS NUMBER:				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
</SEC-HEADER>
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<TYPE>SCHEDULE 13D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
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    <submissionType>SCHEDULE 13D/A</submissionType>
    <previousAccessionNumber>0000902664-24-004970</previousAccessionNumber>
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      <filer>
        <filerCredentials>
          <!-- Field: Pseudo-Tag; ID: Name; Data: Elliott Investment Management L.P. -->
          <cik>0001791786</cik>
          <ccc>XXXXXXXX</ccc>
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      <liveTestFlag>LIVE</liveTestFlag>



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    <coverPageHeader>
      <amendmentNo>7</amendmentNo>
      <securitiesClassTitle>Common Stock, par value $1.00 per share</securitiesClassTitle>
      <dateOfEvent>02/04/2025</dateOfEvent>
      <previouslyFiledFlag>false</previouslyFiledFlag>
      <issuerInfo>
        <issuerCIK>0000092380</issuerCIK>
        <issuerCUSIP>844741108</issuerCUSIP>
        <issuerName>SOUTHWEST AIRLINES CO</issuerName>
        <address>
          <com:street1>2702 LOVE FIELD DR</com:street1>
          <com:street2>P O BOX 36611</com:street2>
          <com:city>DALLAS</com:city>
          <com:stateOrCountry>TX</com:stateOrCountry>
          <com:zipCode>75235</com:zipCode>
        </address>
      </issuerInfo>
      <authorizedPersons>
        <notificationInfo>
          <personName>Legal Department</personName>
          <personPhoneNum>212-974-6000</personPhoneNum>
          <personAddress>
            <com:street1>Elliott Investment Management L.P.</com:street1>
            <com:street2>360 S. Rosemary Ave, 18th Floor</com:street2>
            <com:city>West Palm Beach</com:city>
            <com:stateOrCountry>FL</com:stateOrCountry>
            <com:zipCode>33401</com:zipCode>
          </personAddress>
        </notificationInfo>
        <notificationInfo>
          <personName>Ele Klein &amp; Adriana Schwartz</personName>
          <personPhoneNum>212-756-2000</personPhoneNum>
          <personAddress>
            <com:street1>Schulte Roth &amp; Zabel LLP</com:street1>
            <com:street2>919 Third Avenue</com:street2>
            <com:city>New York</com:city>
            <com:stateOrCountry>NY</com:stateOrCountry>
            <com:zipCode>10022</com:zipCode>
          </personAddress>
        </notificationInfo>
      </authorizedPersons>
    </coverPageHeader>
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      <reportingPersonInfo>
        <reportingPersonCIK>0001791786</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>Elliott Investment Management L.P.</reportingPersonName>
        <fundType>OO</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>DE</citizenshipOrOrganization>
        <soleVotingPower>53978500.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>53978500.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
        <aggregateAmountOwned>53978500.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>9.0</percentOfClass>
        <typeOfReportingPerson>IA</typeOfReportingPerson>
        <typeOfReportingPerson>PN</typeOfReportingPerson>
      </reportingPersonInfo>
    </reportingPersons>
    <items1To7>
      <item1>
        <securityTitle>Common Stock, par value $1.00 per share</securityTitle>
        <issuerName>SOUTHWEST AIRLINES CO</issuerName>
        <issuerPrincipalAddress>
          <com:street1>2702 LOVE FIELD DR</com:street1>
          <com:street2>P O BOX 36611</com:street2>
          <com:city>DALLAS</com:city>
          <com:stateOrCountry>TX</com:stateOrCountry>
          <com:zipCode>75235</com:zipCode>
        </issuerPrincipalAddress>
        <commentText>The following constitutes Amendment No. 7 to the Schedule 13D ("Amendment No. 7").  This Amendment No. 7 amends and restates Items 3, 5(a)-(c) and the second and third paragraphs of Item 6 and supplements Item 4 as set forth below. Capitalized terms used herein and not otherwise defined in this Amendment No. 7 have the meanings set forth in the Schedule 13D.</commentText>
      </item1>
      <item3>
        <fundsSource>The aggregate cost of the shares of Common Stock directly held by the Elliott Funds is approximately $1,410,541,787.

The Reporting Person may effect purchases of the shares of Common Stock through margin accounts maintained for the Elliott Funds with prime brokers, which extend margin credit as and when required to open or carry positions in their margin accounts, subject to applicable federal margin regulations, stock exchange rules and such firms' credit policies. Positions in the shares of Common Stock may be held in margin accounts and may be pledged as collateral security for the repayment of debit balances in such accounts. Since other securities may be held in such margin accounts, it may not be possible to determine the amounts, if any, of margin used to purchase the shares of Common Stock.</fundsSource>
      </item3>
      <item4>
        <transactionPurpose>The Reporting Person increased and restructured the Elliott Funds' exposure to the Issuer as a result of its belief that the Issuer's revitalized board, governance improvements and strategic changes thus far can position the Issuer to create long-term shareholder value.</transactionPurpose>
      </item4>
      <item5>
        <percentageOfClassSecurities>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 599,737,219 shares of Common Stock outstanding as of October 24, 2024, as disclosed in the Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024, filed by the Issuer with the Securities and Exchange Commission on October 28, 2024.</percentageOfClassSecurities>
        <numberOfShares>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.</numberOfShares>
        <transactionDesc>The transactions in the shares of Common Stock effected by the Reporting Person during the past sixty (60) days, which were all in the open market, are set forth on Schedule 1 attached hereto and incorporated by reference herein.</transactionDesc>
      </item5>
      <item6>
        <contractDescription>The Elliott Funds have entered into notional principal amount derivative agreements (the "Cash Derivative Agreements") in the form of cash settled swaps with respect to an aggregate of 22,917,000 shares of Common Stock of the Issuer (collectively representing economic exposure comparable to 3.8% of the shares of Common Stock of the Issuer). The Cash Derivative Agreements provide the Elliott Funds with economic results that are comparable to the economic results of ownership but do not provide them or EIM with the power to vote or direct the voting or dispose of or direct the disposition of the shares that are referenced in the Cash Derivative Agreements (such shares, the "Subject Shares"). EIM disclaims beneficial ownership in the Subject Shares. The counterparties to the Cash Derivative Agreements are unaffiliated third-party financial institutions.

EIM has combined economic exposure in the Issuer of approximately 12.8% of the shares of Common Stock outstanding</contractDescription>
      </item6>
    </items1To7>
    <signatureInfo>
      <signaturePerson>
        <signatureReportingPerson>Elliott Investment Management L.P.</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Elliot Greenberg</signature>
          <title>Elliot Greenberg, Vice President</title>
          <date>02/06/2025</date>
        </signatureDetails>
      </signaturePerson>
    </signatureInfo>
  </formData>

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<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>p25-0441schedule1.htm
<TEXT>
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<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>SCHEDULE 1</U></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Transactions in the Shares of Common Stock of the
Issuer by the Reporting Person During the Past Sixty (60) Days</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The following table sets
forth all transactions in the shares of Common Stock reported herein effected during the past sixty (60) days 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 &ldquo;Price Range ($)&rdquo;, the price reported in
the column titled &ldquo;Price Per Share ($)&rdquo; 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 &ldquo;Price Range ($)&rdquo;. 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.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-weight: bold">Trade Date</TD>
    <TD STYLE="width: 28%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-weight: bold">Shares Purchased (Sold)</TD>
    <TD STYLE="width: 24%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-weight: bold">Price Per Share ($)</TD>
    <TD STYLE="width: 24%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-weight: bold">Price Range ($)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">01/10/2025</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(250,000)</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">33.12</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">32.69 &ndash; 33.53</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">01/10/2025</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(1,000,000)</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">33.17</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">32.69 &ndash; 33.53</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">01/13/2025</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(1,250,000)</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">32.61</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">32.26 &ndash; 32.98</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">01/14/2025</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(1,000,000)</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">33.03</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">32.73 &ndash; 33.21</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">01/31/2025</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(1,300,000)</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">30.71</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">30.51 &ndash; 30.94</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">02/03/2025</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(950,000)</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">30.62</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">30.48 &ndash; 30.84</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">02/06/2025</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">62,000</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">30.96</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">30.92
    </FONT>&ndash; 31.00</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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