What the executives and directors of Southwest Airlines actually did with their own shares, decoded from three years of SEC Form 4 filings.
The tape: three years of insider trades
Every marker sits at the exact price reported on the Form 4. The line is the monthly median of all prices insiders reported, so the chart needs no market feed; the gray strip is routine flow (vestings, tax withholding, gifts) that headlines love to miscount as selling.
Where the shares went, last 12 months
Every Form 4 movement decomposed: what flowed in (grants, vested equity, purchases) and what flowed out (tax withholding, plan sales, discretionary sales, gifts). Counted in shares, because grants carry no price.
Skin in the game
Directly held shares as reported after each trade, indexed to 100 five years back. Direct holdings only: trust and family-entity positions are per-entity in the filings and do not sum honestly, so this chart refuses to guess. The steps are the trades.
Who holds what
| Insider | Role | Shares held | Buys 12 m | Sales 12 m |
|---|---|---|---|---|
| Elliott Investment Management L.P. | 10% owner | 59.9M | — | — |
| GANGWAL RAKESH | Director | 3.6M | — | — |
| Jordan Robert E CEO & President | CEO | 616.6K | — | — |
| Romo Tammy EVP & CFO | CFO | 282K | — | — |
| Watterson Andrew M Chief Operating Officer | COO | 224.8K | — | — |
| KELLY GARY C Executive Chairman | Officer | 220.9K | — | — |
| Shaw Mark R EVP & CLRO | Officer | 143.8K | — | — |
| Rutherford Linda B. Chief Administration Officer | Officer | 119.3K | — | — |
| Doxey Tom EVP, Chief Financial Officer | CFO | 104.8K | — | — |
| CUNNINGHAM WILLIAM H DR | Director | 100.1K | — | — |
| Green Ryan C. EVP Chief Transformation Ofr. | Officer | 86.8K | — | — |
| BROOKS DOUGLAS H | Director | 84.2K | — | — |
| Jones Justin EVP Operations | Officer | 77.2K | — | $302K |
| BIGGINS J VERONICA | Director | 66.4K | — | — |
Open-market trade log
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-04-07 | Atherton Lisa M (Director) | Discretionary sale | 118 | $37.95 | $4K |
| 2025-12-05 | Jones Justin (Officer) | Discretionary sale | 8,085 | $37.36 | $302K |
| 2025-08-06 | SARETSKY GREGG A (Director) | Open-market buy | 600 | $30.03 | $18K |
| 2025-08-06 | SARETSKY GREGG A (Director) | Open-market buy | 2,745 | $30.03 | $82K |
| 2025-08-05 | Feinberg Sarah (Director) | Open-market buy | 200 | $30.01 | $6K |
| 2025-08-05 | Feinberg Sarah (Director) | Open-market buy | 1,300 | $30.01 | $39K |
| 2025-04-30 | SARETSKY GREGG A (Director) | Open-market buy | 3,670 | $27.29 | $100K |
| 2025-04-29 | Breber Pierre R (Director) | Open-market buy | 68 | $26.88 | $2K |
| 2025-04-29 | Breber Pierre R (Director) | Open-market buy | 100 | $26.74 | $3K |
| 2025-04-29 | Breber Pierre R (Director) | Open-market buy | 100 | $26.78 | $3K |
| 2025-04-29 | Breber Pierre R (Director) | Open-market buy | 100 | $26.80 | $3K |
| 2025-04-29 | Breber Pierre R (Director) | Open-market buy | 100 | $26.96 | $3K |
| 2025-04-29 | Breber Pierre R (Director) | Open-market buy | 200 | $26.89 | $5K |
| 2025-04-29 | Breber Pierre R (Director) | Open-market buy | 400 | $26.77 | $11K |
| 2025-04-29 | Breber Pierre R (Director) | Open-market buy | 400 | $26.81 | $11K |
| 2025-04-29 | Breber Pierre R (Director) | Open-market buy | 400 | $26.83 | $11K |
| 2025-04-29 | Breber Pierre R (Director) | Open-market buy | 400 | $26.90 | $11K |
| 2025-04-29 | Breber Pierre R (Director) | Open-market buy | 400 | $26.95 | $11K |
| 2025-04-29 | Breber Pierre R (Director) | Open-market buy | 500 | $26.86 | $13K |
| 2025-04-29 | Breber Pierre R (Director) | Open-market buy | 651 | $26.87 | $17K |
| 2025-04-29 | Breber Pierre R (Director) | Open-market buy | 800 | $26.93 | $22K |
| 2025-04-29 | Breber Pierre R (Director) | Open-market buy | 900 | $26.79 | $24K |
| 2025-04-29 | Breber Pierre R (Director) | Open-market buy | 900 | $26.85 | $24K |
| 2025-04-29 | Breber Pierre R (Director) | Open-market buy | 927 | $27.00 | $25K |
| 2025-04-29 | Breber Pierre R (Director) | Open-market buy | 1,154 | $26.94 | $31K |
| 2025-04-29 | Breber Pierre R (Director) | Open-market buy | 1,500 | $26.92 | $40K |
| 2025-04-28 | Hess David P (Director) | Open-market buy | 7,500 | $26.52 | $199K |
| 2025-03-14 | Feinberg Sarah (Director) | Open-market buy | 500 | $31.48 | $16K |
| 2025-03-13 | Watson Patricia A (Director) | Open-market buy | 3,268 | $30.58 | $100K |
| 2025-03-13 | Reynolds Christopher P. (Director) | Open-market buy | 3,258 | $30.68 | $100K |
| 2025-03-12 | Cush C. David (Director) | Open-market buy | 5,000 | $30.03 | $150K |
| 2025-01-30 | Atherton Lisa M (Director) | Open-market buy | 118 | $31.28 | $4K |
| 2024-12-06 | Rutherford Linda B. (Officer) | Discretionary sale | 3,849 | $34.40 | $132K |
| 2024-10-28 | Elliott Investment Management L.P. (10% owner) | Discretionary sale | 1.2M | $29.83 | $35.9M |
| 2024-10-01 | GANGWAL RAKESH (Director) | Open-market buy | 100 | $29.09 | $3K |
| 2024-10-01 | GANGWAL RAKESH (Director) | Open-market buy | 100 | $29.11 | $3K |
| 2024-10-01 | GANGWAL RAKESH (Director) | Open-market buy | 100 | $29.12 | $3K |
| 2024-10-01 | GANGWAL RAKESH (Director) | Open-market buy | 100 | $29.13 | $3K |
| 2024-10-01 | GANGWAL RAKESH (Director) | Open-market buy | 100 | $29.14 | $3K |
| 2024-10-01 | GANGWAL RAKESH (Director) | Open-market buy | 100 | $29.17 | $3K |
| 2024-10-01 | GANGWAL RAKESH (Director) | Open-market buy | 100 | $29.18 | $3K |
| 2024-10-01 | GANGWAL RAKESH (Director) | Open-market buy | 100 | $29.20 | $3K |
| 2024-10-01 | GANGWAL RAKESH (Director) | Open-market buy | 100 | $29.24 | $3K |
| 2024-10-01 | GANGWAL RAKESH (Director) | Open-market buy | 100 | $29.77 | $3K |
| 2024-10-01 | GANGWAL RAKESH (Director) | Open-market buy | 100 | $29.78 | $3K |
| 2024-10-01 | GANGWAL RAKESH (Director) | Open-market buy | 100 | $29.91 | $3K |
| 2024-10-01 | GANGWAL RAKESH (Director) | Open-market buy | 100 | $29.93 | $3K |
| 2024-10-01 | GANGWAL RAKESH (Director) | Open-market buy | 100 | $29.94 | $3K |
| 2024-10-01 | GANGWAL RAKESH (Director) | Open-market buy | 200 | $29.08 | $6K |
| 2024-10-01 | GANGWAL RAKESH (Director) | Open-market buy | 200 | $29.12 | $6K |
| 2024-10-01 | GANGWAL RAKESH (Director) | Open-market buy | 200 | $29.13 | $6K |
| 2024-10-01 | GANGWAL RAKESH (Director) | Open-market buy | 200 | $29.20 | $6K |
| 2024-10-01 | GANGWAL RAKESH (Director) | Open-market buy | 200 | $29.26 | $6K |
| 2024-10-01 | GANGWAL RAKESH (Director) | Open-market buy | 200 | $29.92 | $6K |
| 2024-10-01 | GANGWAL RAKESH (Director) | Open-market buy | 200 | $29.95 | $6K |
| 2024-10-01 | GANGWAL RAKESH (Director) | Open-market buy | 300 | $29.12 | $9K |
| 2024-10-01 | GANGWAL RAKESH (Director) | Open-market buy | 400 | $29.14 | $12K |
| 2024-10-01 | GANGWAL RAKESH (Director) | Open-market buy | 400 | $29.15 | $12K |
| 2024-10-01 | GANGWAL RAKESH (Director) | Open-market buy | 400 | $29.16 | $12K |
| 2024-10-01 | GANGWAL RAKESH (Director) | Open-market buy | 400 | $29.18 | $12K |
“Since trade” compares with the latest insider-implied price, not a market quote; this site carries no market data by design.
Filing hygiene
How to read this
A Form 4 transaction code decides everything. P is an open-market purchase and S an open-market sale; those two are the only codes where an insider chose to trade. A is a grant, M an option exercise or vesting, F shares withheld to cover tax, G a gift. Most “insiders dumped billions” headlines are code F and M mechanics.
Sales flagged 10b5-1 run on a plan the insider adopted in advance; since 2023 every Form 4 carries that flag. Buys have historically predicted returns, sales mostly have not, and this page states filings, not advice.