Commonwealth Equity Services, Llc reports 13.41% decrease in ownership of LUV / Southwest Airlines Co.

Southwest Airlines Co.

US ˙ NYSE ˙ US8447411088

Security	LUV / Southwest Airlines Co.
Institution	Commonwealth Equity Services, Llc
Latest Disclosed Ownership	98,945 shares
Latest Disclosed Value	$ 4,089,419

On February 12, 2026 - Commonwealth Equity Services, Llc filed a 13F-HR form disclosing ownership of 98,945 shares of Southwest Airlines Co. (US:LUV) valued at $4,089,397 USD as of December 31, 2025. The entity filed a previous 13F-HR on October 22, 2025 disclosing 114,267 shares of Southwest Airlines Co.. This represents a change in shares of -13.41% during the quarter. The current value of the position is $4,086,923 USD.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

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Disclosed Equity Positions (from 13F/NPORT Filings)

File Date	Effective Date	Form	Security	Class	ID	Reported Shares	ΔShares	ΔShares (%)	Reported Value (x1000)	ΔValue (%)	Alloc (%)
2026-02-12	2025-12-31	13F	SOUTHWEST AIRLS	COM	844741108	98,945	-15,322	-13.41	4,089	136,200.00	0.0055
2025-10-22	2025-09-30	13F	SOUTHWEST AIRLS	COM	844741108	114,267	-21,755	-15.99	4	-25.00	0.0047
2025-08-06	2025-06-30	13F	SOUTHWEST AIRLS	COM	844741108	136,022	-26,938	-16.53	4	-20.00	0.0058
2025-05-09	2025-03-31	13F	SOUTHWEST AIRLS	COM	844741108	162,960	-10,263	-5.92	5	0.00	0.0077
2025-02-10	2024-12-31	13F	SOUTHWEST AIRLS	COM	844741108	173,223	-52,838	-23.37	6	-16.67	0.0085
2024-10-18	2024-09-30	13F	SOUTHWEST AIRLS	COM	844741108	226,061	-8,345	-3.56	7	0.00	0.0102
2024-07-31	2024-06-30	13F	SOUTHWEST AIRLS	COM	844741108	234,406	-11,212	-4.56	7	-14.29	0.0106
2024-04-29	2024-03-31	13F	SOUTHWEST AIRLS	COM	844741108	245,618	-12,064	-4.68	7	0.00	0.0119
2024-02-06	2023-12-31	13F	SOUTHWEST AIRLS	COM	844741108	257,682	-38,851	-13.10	7	-12.50	0.0136
2023-10-23	2023-09-30	13F	SOUTHWEST AIRLS	COM	844741108	296,533	-11,583	-3.76	8	-27.27	0.0166
2023-08-10	2023-06-30	13F	SOUTHWEST AIRLS	COM	844741108	308,116	-6,580	-2.09	11	10.00	0.0227
2023-05-11	2023-03-31	13F	SOUTHWEST AIRLS	COM	844741108	314,696	-40,574	-11.42	10	-9.09	0.0215
2023-02-07	2022-12-31	13F	SOUTHWEST AIRLS	COM	844741108	355,270	-16,368	-4.40	12	-99.90	0.0288
2022-11-14	2022-09-30	13F	SOUTHWEST AIRLS	COM	844741108	371,638	-10,053	-2.63	11,461	-16.86	0.0295
2022-07-19	2022-06-30	13F	SOUTHWEST AIRLS	COM	844741108	381,691	-446,924	-53.94	13,786	-63.67	0.0359
2022-05-04	2022-03-31	13F	SOUTHWEST AIRLS	COM	844741108	828,615	33,294	4.19	37,950	11.39	0.0868
2022-01-31	2021-12-31	13F	SOUTHWEST AIRLS	COM	844741108	795,321	-2,167	-0.27	34,071	-16.93	0.0768
2021-10-29	2021-09-30	13F	SOUTHWEST AIRLS	COM	844741108	797,488	61,133	8.30	41,014	4.91	0.1030
2021-08-11	2021-06-30	13F	SOUTHWEST AIRLS	COM	844741108	736,355	8,421	1.16	39,093	-12.05	0.0993
2021-05-04	2021-03-31	13F	SOUTHWEST AIRLS	COM	844741108	727,934	17,877	2.52	44,447	34.30	0.1257
2021-02-11	2020-12-31	13F	SOUTHWEST AIRLS	COM	844741108	710,057	29,652	4.36	33,095	29.71	0.0996
2020-11-05	2020-09-30	13F	SOUTHWEST AIRLS	COM	844741108	680,405	266,057	64.21	25,515	80.17	0.0872
2020-08-12	2020-06-30	13F	SOUTHWEST AIRLS	COM	844741108	414,348	206,493	99.34	14,162	91.35	0.0535
2020-05-11	2020-03-31	13F	SOUTHWEST AIRLS	COM	844741108	207,855	32,570	18.58	7,401	-21.77	0.0345
2020-02-05	2019-12-31	13F	SOUTHWEST AIRLS	COM	844741108	175,285	28,018	19.03	9,461	18.96	0.0360
2019-10-30	2019-09-30	13F	SOUTHWEST AIRLS	COM	844741108	147,267	2,484	1.72	7,953	8.17	0.0339
2019-07-19	2019-06-30	13F	SOUTHWEST AIRLS	COM	844741108	144,783	-2,288	-1.56	7,352	-3.69	0.0324
2019-05-13	2019-03-31	13F	SOUTHWEST AIRLS	COM	844741108	147,071	-1,271	-0.86	7,634	10.73	0.0352
2019-02-11	2018-12-31	13F	SOUTHWEST AIRLS	COM	844741108	148,342	-3,055	-2.02	6,894	-27.08	0.0366
2018-11-06	2018-09-30	13F	SOUTHWEST AIRLS	COM	844741108	151,397	-226	-0.15	9,454	22.54	0.0453
2018-07-31	2018-06-30	13F	SOUTHWEST AIRLS	COM	844741108	151,623	33,517	28.38	7,715	14.04	0.0403
2018-05-14	2018-03-31	13F	SOUTHWEST AIRLS	COM	844741108	118,106	13,031	12.40	6,765	-1.63	0.0367
2018-02-12	2017-12-31	13F	SOUTHWEST AIRLS	COM	844741108	105,075	105,075		6,877		0.0376

Legend

Shares: The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value: The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price: The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class: This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred

Allocation (%): The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation: The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%): The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis: The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss: This is the market value of the position as of the effective date minus the cost basis.