Southwest Airlines Co. operates a major passenger airline providing scheduled air transportation in the United States and near-international markets. The company's core business model is point-to-point service, which enables direct connections between destinations. Southwest's competitive advantages include its unique route network, low fares, and famous Hospitality. The company serves 121 destinations in 42 states, the District of Columbia, the Commonwealth of Puerto Rico, and ten near-international countries. The airline industry is highly competitive and susceptible to various factors including fuel price volatility and economic recessions.

• Employees: 74,806 active full-time equivalent (as of December 31, 2023)
• Geographic Footprint: 42 states, the District of Columbia, the Commonwealth of Puerto Rico, and ten near-international countries
• Headquarters: Dallas, Texas
• Founded: June 18, 1971
• Number of locations/facilities: 121 destinations
• Revenue: $26.1 billion (FY2023)
• Key Subsidiaries/Brands: Southwest Airlines

• CEO: Robert E. Jordan (since February 2022)
• CFO: Tammy Romo (since July 2015)
• Board Chair: Gary C. Kelly (since February 2022)
• Other Key Executives: Andrew M. Watterson (Chief Operating Officer), Ryan C. Green (Executive Vice President & Chief Commercial Officer), Justin Jones (Executive Vice President Operations), Linda B. Rutherford (Chief Administration Officer), Mark R. Shaw (Executive Vice President & Chief Legal & Regulatory Officer & Corporate Secretary)

Key leaders have extensive experience in the airline industry and have held various leadership positions within the company.

• Annual Revenue: $26.1 billion (FY2023)
• Net Income: $465 million (FY2023)
• Total Assets: $36.5 billion (as of December 31, 2023)
• Employees: 74,806 active full-time equivalent (as of December 31, 2023)
• Key Financial Highlights: Record full year revenue performance, with operating revenues of $26.1 billion. The company experienced a wide-scale operational disruption in late December 2022, which impacted results in fourth quarter 2022 and first quarter 2023.

Southwest offers scheduled air transportation services. Main product categories include:

• Wanna Get Away®: Generally the lowest fares, often subject to advance purchase requirements. Non-refundable, but flight credit may be applied towards future travel.
• Wanna Get Away Plus®: Non-refundable, but flight credit may be applied towards future travel. Offers Transferable Flight Credit and same-day confirmed changes.
• Anytime: May be subject to advance purchase requirements. Refundable if canceled, or flight credit may be applied towards future travel. Includes EarlyBird Check-In.
• Business Select®: May be subject to advance purchase requirements. Refundable if canceled, or flight credit may be applied towards future travel. Includes priority boarding, complimentary premium beverage, and free Inflight Internet.

The company's operations are primarily within the passenger airline industry, with revenue streams from air transportation and ancillary services. The company does not break out revenue by specific business segments.

The Company's strategic priorities include:

• Focus on cost discipline and charging competitively low fares.
• Optimizing its route network and schedule.
• Investing in technology and tools to enhance resiliency and improve recovery during irregular operations.
• Modernizing and transforming the Customer Experience.
• Growing its corporate travel business.
• Pursuing fuel conservation and emissions-related reduction efforts.

The Company has announced its plans to moderate capacity growth in 2024 to better match demand and Customer travel patterns, as well as to absorb its capacity growth from 2023.

Southwest operates in the highly competitive airline industry, competing with other major U.S. airlines, as well as low-cost carriers. Key market trends affecting the business include:

• Fuel price volatility
• Labor costs
• Technological advancements
• Evolving travel patterns

The company faces competition from other airlines on routes, loyalty programs, and schedules. The company also competes with alternatives to air travel, such as driving, videoconferencing, and business communication platforms.

• Financial Risks: Volatile fuel prices, economic conditions, and intense competition.
• Operational Risks: Dependence on a single aircraft type and engine supplier, labor relations, and potential disruptions due to weather or security events.
• Technology Risks: Dependence on technology and potential cybersecurity breaches.
• Regulatory Risks: Extensive regulation by the FAA, DOT, and other governmental bodies.
• Reputational Risks: Negative publicity and failure to meet sustainability goals.