Southwest Airlines (LUV) official guidance

Expect a total of 67 Boeing 737-8 and 737-7 aircraft deliveries and plan to retire approximately 60 aircraft in 2026

•Expect 64 Boeing 737-8 aircraft deliveries and plan to retire approximately 60 aircraft in 2026

Expect 66 Boeing 737-8 aircraft deliveries and plan to retire approximately 60 aircraft in 2026

We expect 66 Boeing 737-8 deliveries in 2026 and anticipate retiring 60 aircraft during the year.

•Expect 66 Boeing 737-8 aircraft deliveries in 2026 and plan to retire approximately 60 aircraft

Expect a total of 67 Boeing 737-8 and 737-7 aircraft deliveries and plan to retire approximately 60 aircraft in 2026

•Expect 64 Boeing 737-8 aircraft deliveries and plan to retire approximately 60 aircraft in 2026

Expect 66 Boeing 737-8 aircraft deliveries and plan to retire approximately 60 aircraft in 2026

We expect 66 Boeing 737-8 deliveries in 2026 and anticipate retiring 60 aircraft during the year.

•Expect 66 Boeing 737-8 aircraft deliveries in 2026 and plan to retire approximately 60 aircraft

Entered 2026 with a disciplined capacity plan and now expect full-year growth of approximately 1.2%, versus last updated guidance of approximately 1.5%

•Entered 2026 with a disciplined capacity plan and now expect full-year growth of approximately 1.5%, versus last updated guidance of 2%

We entered 2026 with a disciplined capacity plan and now expect full-year capacity growth of approximately 2% at the low end of our prior 2%-3% range, driven by ongoing schedule optimization and network refinement.

Entered 2026 with a disciplined capacity plan and now expect full-year growth of approximately 2%, at the low end of the prior 2% to 3% guide year-over-year

| ASMs (a), year-over-year | Up 2% to 3% |

| ASMs (a), year-over-year | 3% to 4% |

Well, looking at our sequential growth that we have going into Q4, it is up 4.5%.

Expect 2026 net capital spending4 between $2.5 billion and $2.75 billion

•Expect 2026 net capital spending4 toward the low end of, or below, the $3.0 billion to $3.5 billion range

Expect 2026 net capital spending5 in the range of $3.0 billion to $3.5 billion

Full year net capital spending is expected to be in the range of $3 billion-$3.5 billion.

•Expect 2026 net capital spending in the range of $3.0 billion to $3.5 billion

| Adjusted EPS1,2 | $2.60 to $2.85 |

For full year 2026, we now expect adjusted earnings per share of $3.25-$4.25.

For full-year 2026, the Company is guiding adjusted EPS1,2 to be in the range of $3.25 to $4.25.

Given the ongoing macroeconomic uncertainty, updating our full-year adjusted EPS guide of $4 would not be productive at this time.

Given the ongoing macroeconomic uncertainty, updating the Company's full-year adjusted EPS guidance of $4.00 would not be productive at this time.

With that qualifier, we are guiding full year 2026 adjusted EPS of at least $4, which is materially higher than 2025 adjusted EPS of $0.93.

| Adjusted EPS | At least $4.00 |

| Adjusted EPS1,2 | $0.55 to $0.80 |

Fourth quarter 2026 fuel cost per gallon is assumed to be approximately $4.553 based on the forward curve as of October 15, 2026

| ASMs (a), year-over-year | -1% to flat |

| CASM-X (c), year-over-year1,2 | 3.5% to 4.0% |

Consistent with Bob's comments, based on what we see today, we continue to expect margin expansion and earnings growth in 2026, and we'll continue to be nimble and opportunistic in the way that we manage the business.

Consistent with Bob's comments, based on what we see today, we continue to expect margin expansion and earnings growth in 2026, and we'll continue to be nimble and opportunistic in the way that we manage the business.

The impact from the initiatives launched in 2025 is well understood by us at this stage of the rollout, and we have confidence in our ability to deliver meaningful margin expansion and strong earnings growth this year.

| RASM (b), year-over-year | 17.5% to 19.5% |