西南航空 2025年度报告

FORM 10-K (Mark One) For the fiscal year ended December 31, 2025 or ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF1934 For the transition period from ________ to ________ Commission File No. 1-7259 SOUTHWEST AIRLINES CO.(Exact name of registrant as specified in its charter) Texas74-1563240(State or other jurisdiction of(IRS Employerincorporation or organization)Identification No.)P.O. Box 36611Dallas, Texas75235-1611(Address of principal executive offices)(Zip Code) Registrant's telephone number, including area code:(214) 792-4000 Securities registered pursuant to Section12(b) of the Act: Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule405 of the Securities Act.YesNo Indicate by check mark if the registrant is not required to file reports pursuant to Section13 or Section15(d) of the Act.YesNo Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Act of 1934 duringthe preceding 12months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject to such filing requirements for the past90days.YesNo Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 ofRegulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).YesNoIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" inRule12b-2 of the Exchange Act. Large accelerated filerAccelerated filer☐Non-accelerated filer☐Smallerreportingcompany☐Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new orrevised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control overfinancial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its auditreport.If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.Yes☐NoIndicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).Yes☐No Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Act).Yes☐No The aggregate market value of the common stock held by non-affiliates of the registrant was approximately $16,890,396,912 computed by reference to theclosing sale price of the common stock on the New York Stock Exchange on June30, 2025, the last trading day of the registrant’s most recently completed second fiscalquarter. Number of shares of common stock outstanding as of the close of business onFebruary3, 2026: 491,317,990 shares DOCUMENTS INCORPORATED BY REFERENCE Portions of the Definitive Proxy Statement for the Company’s Annual Meeting of Shareholders to be held May 07, 2026, are incorporated into PartIII of thisAnnual Report on Form10-K. TABLE OF CONTENTS PARTI Item 1.BusinessItem1A.Risk FactorsItem1B.Unresolved Staff CommentsItem 1C.CybersecurityItem 2.PropertiesItem 3.Legal ProceedingsItem 4.Mine Safety Disclosures PARTII Item 5.Market for Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases of EquitySecuritiesItem 7.Management’s Discussion and Analysis of Financial Condition and Results of OperationsLiquidity and Capital ResourcesCritical Accounting Policies and EstimatesItem7A.Quantitative and Qualitative Disclosures About Market RiskItem 8.Financial Statements and Supplementary DataSouthwest Airlines Co. Consolidated Balance SheetSouthwest Airlines Co. Consolidated Statement of IncomeSouthwest Airlines Co. Consolidated Statement of Comprehensive IncomeSouthwest Airlines Co. Consolidated Statement of Stockholders’ EquitySouthwest Airlines Co. Consolidated Statement of Cash FlowsNotes to Consolidated Financial StatementsItem 9.Changes in and Disagreements With Accountants on Accounting and Financial DisclosureItem9A.Controls and ProceduresItem9B.Other InformationItem 9C.Disclosure Regarding Foreign Jurisdictions t