Southwest Airlines Co.

DALLAS, Oct. 26, 2026 /PRNewswire/ -- Southwest Airlines Co. (NYSE: LUV) (the "Company") today announced that it has priced an underwritten public offering of $1,250,000,000 aggregate principal amount of its senior notes, consisting of $600,000,000 aggregate principal amount of 5.750% Notes due 2029 (the "2029 Notes") and $650,000,000 aggregate principal amount of 6.000% Notes due 2031 (the "2031 Notes" and, collectively with the 2029 Notes, the "Notes"). The Company expects to use the net proceeds from the offering for general corporate purposes, which may include, but are not limited to, the repayment at maturity of all of the Company's outstanding $300 million aggregate principal amount of 3.000% notes due November 15, 2026, as well as the repayment or redemption of other indebtedness or other corporate obligations.

Southwest Airlines is executing a major business model transformation, driving industry-leading revenue growth and a fivefold profit increase year-to-date. LUV's fortress balance sheet, low debt, and strong cash position enable strategic flexibility and continued dividend payments, distinguishing it from most peers. Southwest's pivot toward premium revenue channels—including extra legroom seating, lounges, and cobranded credit cards—positions LUV closer to legacy carrier models.

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