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Upcoming Event

May 17, 2017

Annual Meeting of Shareholders
Phoenix, AZ

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Company Overview

First Quarter 2017 Results

27.7%

$0.61

$372M

$626M

$673M

$1.2B

$3.5B

727

79.9%

[1] 1 – Return on invested capital (ROIC), before taxes and excluding special items, for the 12 months that ended on the last day of the period shown. Refer to the corresponding quarterly earnings release for the calculation of ROIC. x [2] 2 – Excluding special items. Refer to the corresponding quarterly earnings release for the reconciliation of reported amounts to non-GAAP items. x [3] 3 – Through payments of cash dividends and the repurchase of common stock. x [4] 4 – Refer to the corresponding quarterly earnings release for the components of free cash flow, which are included in the note regarding the use of non-GAAP financial measures. x [5] 5 – As of the last day of the period shown. x

In its 46th year of service, Dallas-based Southwest Airlines Co. (NYSE: LUV) continues to differentiate itself from other air carriers with exemplary Customer Service delivered by more than 54,000 Employees to more than 100 million Customers annually. Southwest proudly operates a network of 101 destinations in the United States and eight additional countries with more than 3,900 departures a day during peak travel season. Service to both Grand Cayman and Cincinnati begins June 4, 2017; and service to Turks & Caicos is expected to begin November 5, 2017, subject to requisite government approvals.

Based on the U.S. Department of Transportation's most recent data, Southwest Airlines is the nation's largest carrier in terms of originating domestic passengers boarded. The Company operates the largest fleet of Boeing aircraft in the world, the majority of which are equipped with satellite-based WiFi providing gate-to-gate connectivity. That connectivity enables Customers to use their personal devices to view video on-demand movies and television shows, as well as nearly 20 channels of free, live TV compliments of our valued Partners. Southwest created Transfarency®, a philosophy which treats Customers honestly and fairly, and in which low fares actually stay low. Southwest is the only major U.S. airline to offer bags fly free® to everyone (first and second checked pieces of luggage, size and weight limits apply, some airlines may allow free checked bags on select routes or for qualified circumstances), and there are no change fees, though fare differences might apply. In 2014, the airline proudly unveiled a bold new look: Heart. A new logo, aircraft livery, interior design featuring a new seat and Flight Attendant galley, Employee-designed uniforms, and an updated airport experience all showcase the dedication of Southwest Employees who connect Customers with what's important in their lives.

Southwest is committed to returning value to its Shareholders. Since 2010, Southwest has returned nearly $6.4 billion to Shareholders through share repurchases and dividends. In first quarter 2017, Southwest returned $673 million to Shareholders through the payment of $123 million in dividends and the repurchase of $550 million in common stock. LUV is Southwest's stock exchange symbol.

From its first flights on June 18, 1971, Southwest Airlines launched an era of unprecedented affordability in air travel described by the U.S. Department of Transportation as "The Southwest Effect," a lowering of fares and increase in passenger traffic wherever the carrier serves. With 44 consecutive years of profitability, Southwest is one of the most honored airlines in the world, known for a triple bottom line approach that contributes to the carrier's performance and productivity, the importance of its People and the communities they serve, and an overall commitment to efficiency and the planet. The 2015 Southwest Airlines One Report™ can be found at SouthwestOneReport.com.

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