As of November 6, 2026, 3 holders' latest Schedule 13D or 13G filings report owning 5% or more of Southwest Airlines Co. The largest reported stake is Franklin Templeton, Inc.'s, at 10.2%. 14 filings are on record since August 5, 2025 (Schedule 13G/A, October 7, 2026).
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Key facts
- · Reporting person: Franklin Templeton, Inc. · Sole voting: 49,685,582 · Shared voting: 0 · Sole dispositive: 49,730,173 · Shared dispositive: 266 · SCHEDULE 13G/A, 2026-10-07
- · Reporting person: Primecap Management Co · Sole voting: 48,841,406 · Shared voting: 0 · Sole dispositive: 49,003,285 · Shared dispositive: 0 · SCHEDULE 13G/A, 2026-10-05
- · Holder: Primecap Management Co · Percent: 9.58% · SCHEDULE 13G/A
- · Holder: Vanguard Capital Management · Percent: 7.25% · SCHEDULE 13G
- · Holder: Franklin Resources, Inc. · Percent: 9% · SCHEDULE 13G/A
Southwest Airlines Co has 14 Schedule 13D or 13G filings on record since 2025-08-05. 3 holders' latest filing reports 5% or more of common stock ($1.00 par value). Each figure below is the holder's own, as filed, with the filing linked.
Holders
| Holder | Percent | Shares | Latest | Event date |
|---|---|---|---|---|
| Franklin Templeton, Inc. | 10.2% | 49,730,439 | SCHEDULE 13G/A, 2026-10-07 | 2026-09-30 |
| Primecap Management Co | 10.02% | 49,003,285 | SCHEDULE 13G/A, 2026-10-05 | 2026-09-30 |
| Vanguard Capital Management | 7.25% | 35,624,805 | SCHEDULE 13G, 2026-04-30 | 2026-03-31 |
| Elliott Investment Management L.P. | 4.9% | 24,308,000 | SCHEDULE 13D/A, 2026-04-03 | 2026-04-02 |
| The Vanguard Group | 0% | 0 | SCHEDULE 13G/A, 2026-03-27 | 2026-03-13 |
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More on Southwest Airlines Co and the records around it.
Southwest Airlines Co elsewhere on the record
Companies that share a holder
- Elliott Investment Management L.P. also filed stake reports on 5 other companies: Triple Flag Precious Metals Corp. (Nov 2026), Seadrill Ltd (Oct 2026), Pinterest, Inc. (Aug 2026)
- PRIMECAP MANAGEMENT CO/CA/ also filed stake reports on 24 other companies: Xencor Inc (Nov 2026), GRAIL, Inc. (Nov 2026), MARKETAXESS HOLDINGS INC (Nov 2026)
- Franklin Resources, Inc. also filed stake reports on 41 other companies: Adicet Bio, Inc. (Oct 2026), ALBEMARLE CORPORATION (Oct 2026), Andersen Group Inc. (Oct 2026)
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Voting and dispositive power, as filed
| Reporting person | Sole voting | Shared voting | Sole dispositive | Shared dispositive | Filing |
|---|---|---|---|---|---|
| Franklin Templeton, Inc. | 49,685,582 | 0 | 49,730,173 | 266 | SCHEDULE 13G/A, 2026-10-07 |
| Charles B. Johnson | 0 | 0 | 0 | 0 | SCHEDULE 13G/A, 2026-10-07 |
| Rupert H. Johnson, Jr. | 0 | 0 | 0 | 0 | SCHEDULE 13G/A, 2026-10-07 |
| Putnam Investment Management, LLC | 37,011,944 | 0 | 37,056,435 | 0 | SCHEDULE 13G/A, 2026-10-07 |
| Primecap Management Co | 48,841,406 | 0 | 49,003,285 | 0 | SCHEDULE 13G/A, 2026-10-05 |
The latest filing identifies Southwest Airlines Co by CUSIP 844741108 and gives its principal executive office as P O BOX 36611, Dallas, TX 75235-1611 (SCHEDULE 13G/A, 2026-10-07).
Purpose of Transaction (Item 4)
Elliott Investment Management L.P.
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.Item 4 of the SCHEDULE 13D/A filed 2026-04-03
Timeline
| Filed | Holder | Percent | Filing |
|---|---|---|---|
| 2025-08-05 | Franklin Resources, Inc. | 6.7% | SCHEDULE 13G/A |
| 2025-08-20 | Elliott Investment Management L.P. | 9.7% | SCHEDULE 13D/A |
| 2025-09-16 | Elliott Investment Management L.P. | 9.7% | SCHEDULE 13D/A |
| 2025-12-16 | Elliott Investment Management L.P. | 9.9% | SCHEDULE 13D/A |
| 2026-01-29 | Franklin Resources, Inc. | 7.8% | SCHEDULE 13G/A |
| 2026-02-02 | Elliott Investment Management L.P. | 9% | SCHEDULE 13D/A |
| 2026-02-23 | Elliott Investment Management L.P. | 9.3% | SCHEDULE 13D/A |
| 2026-03-27 | The Vanguard Group | 0% | SCHEDULE 13G/A |
| 2026-04-03 | Elliott Investment Management L.P. | 4.9% | SCHEDULE 13D/A |
| 2026-04-29 | Franklin Resources, Inc. | 9% | SCHEDULE 13G/A |
| 2026-04-30 | Vanguard Capital Management | 7.25% | SCHEDULE 13G |
| 2026-05-13 | Primecap Management Co | 9.58% | SCHEDULE 13G/A |
| 2026-10-05 | Primecap Management Co | 10.02% | SCHEDULE 13G/A |
| 2026-10-07 | Franklin Templeton, Inc. | 10.2% | SCHEDULE 13G/A |
Questions about who owns Southwest Airlines Co
Who owns Southwest Airlines Co?
On this page, 3 holders' latest ownership filings report 5% or more of Southwest Airlines Co: Franklin Templeton, Inc. (10.2%, Schedule 13G/A, filed 2026-10-07), Primecap Management Co (10.02%, Schedule 13G/A, filed 2026-10-05) and Vanguard Capital Management (7.25%, Schedule 13G, filed 2026-04-30).
Who are the largest shareholders of Southwest Airlines Co?
By the share each holder's latest filing reports, the largest holders of Southwest Airlines Co on this page are Franklin Templeton, Inc. (10.2%), Primecap Management Co (10.02%) and Vanguard Capital Management (7.25%).
When did Franklin Templeton, Inc. buy into Southwest Airlines Co?
The filings give report dates, not purchase dates. The earliest filing from Franklin Templeton, Inc. on this page is the Schedule 13G/A, filed 2026-10-07, reporting 10.2%. That earliest filing is itself an amendment, which updates an earlier report.
Is this an audit or a full list?
Neither. The ownership list on this page covers only Schedule 13D and 13G filings, which holders make once they own 5% or more of a class of shares (an amendment can report a stake that has since fallen below 5%); 14 such filings are shown here. It is not an audit and not a full cap table: holders who never reached 5% are not listed, and a stake can change after its latest filing.
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Where this comes from
Anyone who comes to own more than 5% of a class of a listed company's voting shares has to tell the SEC. A holder who may seek to change or influence the company files Schedule 13D, and has to say in Item 4, "Purpose of Transaction", what it intends to do. A holder with no such intent, such as many index and passive funds, may file the shorter Schedule 13G. Both are amended when the stake changes, including when it falls below 5%.
Every row here is one of those filings, linked to the filing itself. Percentages and share counts are exactly as the holder filed them, for the holder the filing names; an amendment showing a lower figure is shown as filed. Item 4 text is quoted word for word. Where a 13D's Item 4 contains a sentence stating a definite intent to influence the company, that sentence is marked and quoted; the page does not describe the holder or its motives beyond the words it filed. Nothing here is investment advice.