Southwest Airlines insider activity
What the executives and directors of Southwest Airlines actually did with their own shares, decoded from their SEC Form 4 filings. Each figure says the stretch of time it covers.
−$307K
net open-market flow, 12 m
0 open-market buys, 12 m
0%
of sale value on 10b5-1 plans, 12 m
412 days since an insider bought, whole record
The tape: three years of insider trades
Open-market buy
Discretionary sale
Planned sale (10b5-1)
Reported-price path
Routine
Every marker sits at the 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 grey strip is the routine flow (grants, vestings, tax withholding and gifts) that a headline gets wrong by counting it as selling.
The 106 routine events on the chart, as a list
| Date | Insider | Shares |
|---|---|---|
| Sep 15, 2026 | Martinez Jimmy Ryan | 2,697 |
| Aug 21, 2026 | Martinez Jimmy Ryan | 179 |
| Aug 10, 2026 | Liberty Jason T | 3,787 |
| Aug 10, 2026 | Krishna Varun | 3,787 |
| Aug 5, 2026 | Jordan Robert E | 28K |
| Aug 5, 2026 | Watterson Andrew M | 2,995 |
| Aug 5, 2026 | Jones Justin | 8,568 |
| Aug 5, 2026 | Roach Anthony | 9,506 |
| Aug 5, 2026 | Doxey Tom | 6,316 |
| Aug 5, 2026 | Woods Lauren Tauscher | 7,598 |
| May 7, 2026 | BROOKS DOUGLAS H | 4,108 |
| May 7, 2026 | FORNARO ROBERT L | 4,108 |
| May 7, 2026 | Hess David P | 4,108 |
| May 7, 2026 | Grissen David | 4,108 |
| May 7, 2026 | Watson Patricia A | 4,108 |
| May 7, 2026 | Breber Pierre R | 4,108 |
| May 7, 2026 | Reynolds Christopher P. | 4,108 |
| May 7, 2026 | Atherton Lisa M | 4,108 |
| May 7, 2026 | Feinberg Sarah | 4,108 |
| Mar 21, 2026 | Roach Anthony | 24K |
| Mar 21, 2026 | Doxey Tom | 40K |
| Mar 16, 2026 | Jordan Robert E | 93K |
| Mar 16, 2026 | Watterson Andrew M | 35K |
| Mar 16, 2026 | Jones Justin | 24K |
| Mar 16, 2026 | Martinez Jimmy Ryan | 7,294 |
| Mar 16, 2026 | Woods Lauren Tauscher | 19K |
| Feb 21, 2026 | Jordan Robert E | 39K |
| Feb 21, 2026 | Watterson Andrew M | 18K |
| Feb 21, 2026 | Jones Justin | 8,507 |
| Feb 21, 2026 | Roach Anthony | 3,658 |
| Feb 21, 2026 | Martinez Jimmy Ryan | 2,755 |
| Feb 21, 2026 | Woods Lauren Tauscher | 4,585 |
| Dec 2, 2025 | BROOKS DOUGLAS H | 1,836 |
| Aug 21, 2025 | Martinez Jimmy Ryan | 68 |
| May 14, 2025 | BROOKS DOUGLAS H | 5,418 |
| May 14, 2025 | SARETSKY GREGG A | 5,418 |
| May 14, 2025 | FORNARO ROBERT L | 5,418 |
| May 14, 2025 | GANGWAL RAKESH | 5,418 |
| May 14, 2025 | Hess David P | 5,418 |
| May 14, 2025 | Grissen David | 5,418 |
| May 14, 2025 | Watson Patricia A | 5,418 |
| May 14, 2025 | Breber Pierre R | 5,418 |
| May 14, 2025 | Cush C. David | 5,418 |
| May 14, 2025 | Reynolds Christopher P. | 5,418 |
| May 14, 2025 | Atherton Lisa M | 5,418 |
| May 14, 2025 | Feinberg Sarah | 5,418 |
| Mar 14, 2025 | Roach Anthony | 17K |
| Mar 14, 2025 | Doxey Tom | 88K |
| Feb 21, 2025 | Jordan Robert E | 35K |
| Feb 21, 2025 | Romo Tammy | 15K |
| Feb 21, 2025 | Watterson Andrew M | 16K |
| Feb 21, 2025 | Rutherford Linda B. | 13K |
| Feb 21, 2025 | Green Ryan C. | 7,918 |
| Feb 21, 2025 | Jones Justin | 4,280 |
| Feb 10, 2025 | Jordan Robert E | 20K |
| Feb 10, 2025 | Romo Tammy | 9,358 |
| Feb 10, 2025 | Watterson Andrew M | 8,024 |
| Feb 10, 2025 | Rutherford Linda B. | 7,010 |
| Feb 10, 2025 | Green Ryan C. | 758 |
| Feb 10, 2025 | Jones Justin | 232 |
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.
The chart, in numbers
| Flow | Shares |
|---|---|
| Granted | 339K |
| Withheld for tax | 90K |
| Discretionary sales | 8,203 |
| Gifts | 1,836 |
| Kept | 239K |
Skin in the game
Directly held shares as reported after each trade, indexed to 100 at the start of the window, up to 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.
The chart, in numbers
| Insider | Start of the window | Latest reported | Indexed, start = 100 |
|---|---|---|---|
| Jordan Robert E | 181K | 534K | 294.4 |
| Romo Tammy | 182K | 282K | 154.9 |
Who holds what
the 14 largest holdings of 36| Insider | Role | Shares held | Buys 12 m | Sales 12 m | 12 m | Last trade |
|---|---|---|---|---|---|---|
| Elliott Investment Management L.P. Last trade Oct 28, 2024 | 10% owner | 60M | – | – | Oct 28, 2024 | |
| GANGWAL RAKESH Last trade Oct 1, 2024 | Director | 3.6M | – | – | Oct 1, 2024 | |
| Jordan Robert E CEO & President Last trade Mar 8, 2021 | CEO | 645K | – | – | Mar 8, 2021 | |
| Romo Tammy EVP & CFO Last trade Feb 25, 2021 | CFO | 282K | – | – | Feb 25, 2021 | |
| Watterson Andrew M Chief Operating Officer Last trade Feb 24, 2021 | COO | 228K | – | – | Feb 24, 2021 | |
| KELLY GARY C Executive Chairman Last trade Sep 30, 2024 | Officer | 221K | – | – | Sep 30, 2024 | |
| Shaw Mark R EVP & CLRO Last trade Feb 25, 2021 | Officer | 144K | – | – | Feb 25, 2021 | |
| Rutherford Linda B. Chief Administration Officer Last trade Dec 6, 2024 | Officer | 119K | – | – | Dec 6, 2024 | |
| Doxey Tom EVP, Chief Financial Officer | CFO | 111K | – | – | – | |
| CUNNINGHAM WILLIAM H DR Last trade Feb 12, 2018 | Director | 100K | – | – | Feb 12, 2018 | |
| Green Ryan C. EVP Chief Transformation Ofr. Last trade May 2, 2023 | Officer | 87K | – | – | May 2, 2023 | |
| Jones Justin EVP & Chief Commercial Officer Last trade Dec 5, 2025 | Officer | 86K | – | $302K | net selling over the year: 0 months buying, 1 month selling | Dec 5, 2025 |
| BROOKS DOUGLAS H Last trade Mar 13, 2018 | Director | 84K | – | – | Mar 13, 2018 | |
| Roach Anthony Chief Customer & Brand Officer | Officer | 73K | – | – | – |
Open-market trade log
the 60 most recent of 1,880| Date | Insider | Type | Shares | Price | Value | Since trade | Filed |
|---|---|---|---|---|---|---|---|
| Apr 7, 2026 | Atherton Lisa M (Director) 118 shares $37.95 +0.0% since trade filed Apr 8, 2026 | Discretionary sale | 118 | $37.95 | $4K | +0.0% | Apr 8, 2026 |
| Dec 5, 2025 | Jones Justin (Officer) 8,085 shares $37.36 +1.6% since trade filed Dec 8, 2025 | Discretionary sale | 8,085 | $37.36 | $302K | +1.6% | Dec 8, 2025 |
| Aug 6, 2025 | SARETSKY GREGG A (Director) 600 shares $30.03 +26.4% since trade filed Aug 7, 2025 | Open-market buy | 600 | $30.03 | $18K | +26.4% | Aug 7, 2025 |
| Aug 6, 2025 | SARETSKY GREGG A (Director) 2,745 shares $30.03 +26.4% since trade filed Aug 7, 2025 | Open-market buy | 2,745 | $30.03 | $82K | +26.4% | Aug 7, 2025 |
| Aug 5, 2025 | Feinberg Sarah (Director) 200 shares $30.01 +26.5% since trade filed Aug 7, 2025 | Open-market buy | 200 | $30.01 | $6K | +26.5% | Aug 7, 2025 |
| Aug 5, 2025 | Feinberg Sarah (Director) 1,300 shares $30.01 +26.5% since trade filed Aug 7, 2025 | Open-market buy | 1,300 | $30.01 | $39K | +26.5% | Aug 7, 2025 |
| Apr 30, 2025 | SARETSKY GREGG A (Director) 3,670 shares $27.29 +39.1% since trade filed May 1, 2025 | Open-market buy | 3,670 | $27.29 | $100K | +39.1% | May 1, 2025 |
| Apr 29, 2025 | Breber Pierre R (Director) 68 shares $26.88 +41.2% since trade filed Apr 30, 2025 | Open-market buy | 68 | $26.88 | $2K | +41.2% | Apr 30, 2025 |
| Apr 29, 2025 | Breber Pierre R (Director) 100 shares $26.74 +41.9% since trade filed Apr 30, 2025 | Open-market buy | 100 | $26.74 | $3K | +41.9% | Apr 30, 2025 |
| Apr 29, 2025 | Breber Pierre R (Director) 100 shares $26.78 +41.7% since trade filed Apr 30, 2025 | Open-market buy | 100 | $26.78 | $3K | +41.7% | Apr 30, 2025 |
| Apr 29, 2025 | Breber Pierre R (Director) 100 shares $26.80 +41.6% since trade filed Apr 30, 2025 | Open-market buy | 100 | $26.80 | $3K | +41.6% | Apr 30, 2025 |
| Apr 29, 2025 | Breber Pierre R (Director) 100 shares $26.96 +40.8% since trade filed Apr 30, 2025 | Open-market buy | 100 | $26.96 | $3K | +40.8% | Apr 30, 2025 |
| Apr 29, 2025 | Breber Pierre R (Director) 200 shares $26.89 +41.1% since trade filed Apr 30, 2025 | Open-market buy | 200 | $26.89 | $5K | +41.1% | Apr 30, 2025 |
| Apr 29, 2025 | Breber Pierre R (Director) 400 shares $26.77 +41.8% since trade filed Apr 30, 2025 | Open-market buy | 400 | $26.77 | $11K | +41.8% | Apr 30, 2025 |
| Apr 29, 2025 | Breber Pierre R (Director) 400 shares $26.81 +41.6% since trade filed Apr 30, 2025 | Open-market buy | 400 | $26.81 | $11K | +41.6% | Apr 30, 2025 |
| Apr 29, 2025 | Breber Pierre R (Director) 400 shares $26.83 +41.5% since trade filed Apr 30, 2025 | Open-market buy | 400 | $26.83 | $11K | +41.5% | Apr 30, 2025 |
| Apr 29, 2025 | Breber Pierre R (Director) 400 shares $26.90 +41.1% since trade filed Apr 30, 2025 | Open-market buy | 400 | $26.90 | $11K | +41.1% | Apr 30, 2025 |
| Apr 29, 2025 | Breber Pierre R (Director) 400 shares $26.95 +40.8% since trade filed Apr 30, 2025 | Open-market buy | 400 | $26.95 | $11K | +40.8% | Apr 30, 2025 |
| Apr 29, 2025 | Breber Pierre R (Director) 500 shares $26.86 +41.3% since trade filed Apr 30, 2025 | Open-market buy | 500 | $26.86 | $13K | +41.3% | Apr 30, 2025 |
| Apr 29, 2025 | Breber Pierre R (Director) 651 shares $26.87 +41.2% since trade filed Apr 30, 2025 | Open-market buy | 651 | $26.87 | $17K | +41.2% | Apr 30, 2025 |
| Apr 29, 2025 | Breber Pierre R (Director) 800 shares $26.93 +40.9% since trade filed Apr 30, 2025 | Open-market buy | 800 | $26.93 | $22K | +40.9% | Apr 30, 2025 |
| Apr 29, 2025 | Breber Pierre R (Director) 900 shares $26.79 +41.7% since trade filed Apr 30, 2025 | Open-market buy | 900 | $26.79 | $24K | +41.7% | Apr 30, 2025 |
| Apr 29, 2025 | Breber Pierre R (Director) 900 shares $26.85 +41.3% since trade filed Apr 30, 2025 | Open-market buy | 900 | $26.85 | $24K | +41.3% | Apr 30, 2025 |
| Apr 29, 2025 | Breber Pierre R (Director) 927 shares $27.00 +40.6% since trade filed Apr 30, 2025 | Open-market buy | 927 | $27.00 | $25K | +40.6% | Apr 30, 2025 |
| Apr 29, 2025 | Breber Pierre R (Director) 1,154 shares $26.94 +40.9% since trade filed Apr 30, 2025 | Open-market buy | 1,154 | $26.94 | $31K | +40.9% | Apr 30, 2025 |
| Apr 29, 2025 | Breber Pierre R (Director) 1,500 shares $26.92 +41.0% since trade filed Apr 30, 2025 | Open-market buy | 1,500 | $26.92 | $40K | +41.0% | Apr 30, 2025 |
| Apr 28, 2025 | Hess David P (Director) 7,500 shares $26.52 +43.1% since trade filed Apr 29, 2025 | Open-market buy | 7,500 | $26.52 | $199K | +43.1% | Apr 29, 2025 |
| Mar 14, 2025 | Feinberg Sarah (Director) 500 shares $31.48 +20.6% since trade filed Mar 14, 2025 | Open-market buy | 500 | $31.48 | $16K | +20.6% | Mar 14, 2025 |
| Mar 13, 2025 | Watson Patricia A (Director) 3,268 shares $30.58 +24.1% since trade filed Mar 14, 2025 | Open-market buy | 3,268 | $30.58 | $100K | +24.1% | Mar 14, 2025 |
| Mar 13, 2025 | Reynolds Christopher P. (Director) 3,258 shares $30.68 +23.7% since trade filed Mar 14, 2025 | Open-market buy | 3,258 | $30.68 | $100K | +23.7% | Mar 14, 2025 |
| Mar 12, 2025 | Cush C. David (Director) 5,000 shares $30.03 +26.4% since trade filed Mar 14, 2025 | Open-market buy | 5,000 | $30.03 | $150K | +26.4% | Mar 14, 2025 |
| Jan 30, 2025 | Atherton Lisa M (Director) 118 shares $31.28 +21.3% since trade filed Mar 10, 2025 late | Open-market buy | 118 | $31.28 | $4K | +21.3% | Mar 10, 2025 late |
| Dec 6, 2024 | Rutherford Linda B. (Officer) 3,849 shares $34.40 +10.3% since trade filed Dec 10, 2024 | Discretionary sale | 3,849 | $34.40 | $132K | +10.3% | Dec 10, 2024 |
| Oct 28, 2024 | Elliott Investment Management L.P. (10% owner) 1.2M shares $29.83 +27.2% since trade filed Oct 30, 2024 | Discretionary sale | 1.2M | $29.83 | $36M | +27.2% | Oct 30, 2024 |
| Oct 1, 2024 | GANGWAL RAKESH (Director) 100 shares $29.09 +30.5% since trade filed Oct 2, 2024 | Open-market buy | 100 | $29.09 | $3K | +30.5% | Oct 2, 2024 |
| Oct 1, 2024 | GANGWAL RAKESH (Director) 100 shares $29.11 +30.4% since trade filed Oct 2, 2024 | Open-market buy | 100 | $29.11 | $3K | +30.4% | Oct 2, 2024 |
| Oct 1, 2024 | GANGWAL RAKESH (Director) 100 shares $29.12 +30.3% since trade filed Oct 2, 2024 | Open-market buy | 100 | $29.12 | $3K | +30.3% | Oct 2, 2024 |
| Oct 1, 2024 | GANGWAL RAKESH (Director) 100 shares $29.13 +30.3% since trade filed Oct 2, 2024 | Open-market buy | 100 | $29.13 | $3K | +30.3% | Oct 2, 2024 |
| Oct 1, 2024 | GANGWAL RAKESH (Director) 100 shares $29.14 +30.2% since trade filed Oct 2, 2024 | Open-market buy | 100 | $29.14 | $3K | +30.2% | Oct 2, 2024 |
| Oct 1, 2024 | GANGWAL RAKESH (Director) 100 shares $29.17 +30.1% since trade filed Oct 2, 2024 | Open-market buy | 100 | $29.17 | $3K | +30.1% | Oct 2, 2024 |
| Oct 1, 2024 | GANGWAL RAKESH (Director) 100 shares $29.18 +30.1% since trade filed Oct 2, 2024 | Open-market buy | 100 | $29.18 | $3K | +30.1% | Oct 2, 2024 |
| Oct 1, 2024 | GANGWAL RAKESH (Director) 100 shares $29.20 +30.0% since trade filed Oct 2, 2024 | Open-market buy | 100 | $29.20 | $3K | +30.0% | Oct 2, 2024 |
| Oct 1, 2024 | GANGWAL RAKESH (Director) 100 shares $29.24 +29.8% since trade filed Oct 2, 2024 | Open-market buy | 100 | $29.24 | $3K | +29.8% | Oct 2, 2024 |
| Oct 1, 2024 | GANGWAL RAKESH (Director) 100 shares $29.77 +27.5% since trade filed Oct 2, 2024 | Open-market buy | 100 | $29.77 | $3K | +27.5% | Oct 2, 2024 |
| Oct 1, 2024 | GANGWAL RAKESH (Director) 100 shares $29.78 +27.4% since trade filed Oct 2, 2024 | Open-market buy | 100 | $29.78 | $3K | +27.4% | Oct 2, 2024 |
| Oct 1, 2024 | GANGWAL RAKESH (Director) 100 shares $29.91 +26.9% since trade filed Oct 2, 2024 | Open-market buy | 100 | $29.91 | $3K | +26.9% | Oct 2, 2024 |
| Oct 1, 2024 | GANGWAL RAKESH (Director) 100 shares $29.93 +26.8% since trade filed Oct 2, 2024 | Open-market buy | 100 | $29.93 | $3K | +26.8% | Oct 2, 2024 |
| Oct 1, 2024 | GANGWAL RAKESH (Director) 100 shares $29.94 +26.8% since trade filed Oct 2, 2024 | Open-market buy | 100 | $29.94 | $3K | +26.8% | Oct 2, 2024 |
| Oct 1, 2024 | GANGWAL RAKESH (Director) 200 shares $29.08 +30.5% since trade filed Oct 2, 2024 | Open-market buy | 200 | $29.08 | $6K | +30.5% | Oct 2, 2024 |
| Oct 1, 2024 | GANGWAL RAKESH (Director) 200 shares $29.12 +30.3% since trade filed Oct 2, 2024 | Open-market buy | 200 | $29.12 | $6K | +30.3% | Oct 2, 2024 |
| Oct 1, 2024 | GANGWAL RAKESH (Director) 200 shares $29.13 +30.3% since trade filed Oct 2, 2024 | Open-market buy | 200 | $29.13 | $6K | +30.3% | Oct 2, 2024 |
| Oct 1, 2024 | GANGWAL RAKESH (Director) 200 shares $29.20 +30.0% since trade filed Oct 2, 2024 | Open-market buy | 200 | $29.20 | $6K | +30.0% | Oct 2, 2024 |
| Oct 1, 2024 | GANGWAL RAKESH (Director) 200 shares $29.26 +29.7% since trade filed Oct 2, 2024 | Open-market buy | 200 | $29.26 | $6K | +29.7% | Oct 2, 2024 |
| Oct 1, 2024 | GANGWAL RAKESH (Director) 200 shares $29.92 +26.8% since trade filed Oct 2, 2024 | Open-market buy | 200 | $29.92 | $6K | +26.8% | Oct 2, 2024 |
| Oct 1, 2024 | GANGWAL RAKESH (Director) 200 shares $29.95 +26.7% since trade filed Oct 2, 2024 | Open-market buy | 200 | $29.95 | $6K | +26.7% | Oct 2, 2024 |
| Oct 1, 2024 | GANGWAL RAKESH (Director) 300 shares $29.12 +30.3% since trade filed Oct 2, 2024 | Open-market buy | 300 | $29.12 | $9K | +30.3% | Oct 2, 2024 |
| Oct 1, 2024 | GANGWAL RAKESH (Director) 400 shares $29.14 +30.2% since trade filed Oct 2, 2024 | Open-market buy | 400 | $29.14 | $12K | +30.2% | Oct 2, 2024 |
| Oct 1, 2024 | GANGWAL RAKESH (Director) 400 shares $29.15 +30.2% since trade filed Oct 2, 2024 | Open-market buy | 400 | $29.15 | $12K | +30.2% | Oct 2, 2024 |
| Oct 1, 2024 | GANGWAL RAKESH (Director) 400 shares $29.16 +30.1% since trade filed Oct 2, 2024 | Open-market buy | 400 | $29.16 | $12K | +30.1% | Oct 2, 2024 |
| Oct 1, 2024 | GANGWAL RAKESH (Director) 400 shares $29.18 +30.1% since trade filed Oct 2, 2024 | Open-market buy | 400 | $29.18 | $12K | +30.1% | Oct 2, 2024 |
“Since trade” compares with the latest insider-implied price, not a market quote: these pages are built from filings alone. A role here is the one on that day's Form 4, so somebody promoted since appears under both titles.
Filing hygiene
160 Forms 4, 3 years
2 filed late
2 amendments
2.7 avg. days to file
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.