SCHEDULE: Franklin Resources Boosts Southwest Airlines Stake

Franklin Resources, Inc. has reported a 6.7% beneficial ownership stake in Southwest Airlines Co. common stock as of June 30, 2025.

Summary

• Franklin Resources, Inc. and its affiliates beneficially own 35,410,743 shares of Southwest Airlines Co. common stock.
• This ownership represents 6.7% of the total class of Southwest Airlines Co. securities.
• The filing is an Amendment No. 2 to a Schedule 13G, indicating an update to a previously reported beneficial ownership.
• The reported shares include 86,111 shares underlying options exercisable within 60 days.
• Various investment management subsidiaries of Franklin Resources, Inc. hold the voting and dispositive power over these shares.
• Key subsidiaries include Putnam Investment Management, LLC with 26,816,118 shares of sole voting power and 26,822,278 shares of sole dispositive power.
• The Putnam Advisory Company, LLC holds 8,383,837 shares of sole voting power, 8,382,925 shares of sole dispositive power, and 912 shares of shared dispositive power.
• Charles B. Johnson and Rupert H. Johnson, Jr., identified as principal shareholders of Franklin Resources, Inc., disclaim any pecuniary interest in the reported securities.

Sentiment

Score: 5

Explanation: Neutral. This is a routine beneficial ownership filing and does not contain information that would significantly alter sentiment regarding Southwest Airlines Co.

Positives

• A major institutional investor, Franklin Resources, Inc., maintains a significant stake in Southwest Airlines Co., which can be viewed as a vote of confidence in the company.

Negatives

• No negative information is presented in this beneficial ownership report.

Risks

• No specific risks related to Southwest Airlines Co.'s operations or financial health are disclosed in this beneficial ownership filing.

Future Outlook

This filing does not contain forward-looking statements or guidance regarding Southwest Airlines Co.'s future outlook.

Industry Context

This filing is a routine disclosure of beneficial ownership by an institutional investor and does not provide analysis of broader airline industry trends or competitor comparisons.

Stakeholder Impact

• Shareholders: Provides transparency regarding a significant institutional investor's stake, which can influence market perception and investor confidence.

Key Dates

Keywords

Southwest Airlines, LUV, Franklin Resources, Institutional Ownership, SEC Filing, Schedule 13G, Airline Industry, Common Stock, Beneficial Ownership