Subtext

Southwest Airlines Co. LUV

SectorIndustrials
Transcripts71
Date range2007-07-18 – 2025-04-24
Calls charted70

Sentiment timeline

Net Loughran-McDonald sentiment per call (×1000), earliest → latest.

-20-10+0+10+202007 Q42010 Q12012 Q22014 Q32016 Q42019 Q12021 Q22023 Q32007 Q4 · Overall: +10.42008 Q1 · Overall: +3.82008 Q2 · Overall: +8.22008 Q3 · Overall: +5.02008 Q4 · Overall: +3.42009 Q1 · Overall: +3.62009 Q2 · Overall: -0.12009 Q3 · Overall: +2.42009 Q4 · Overall: +5.22010 Q1 · Overall: +8.52010 Q2 · Overall: +14.12010 Q3 · Overall: +7.42010 Q4 · Overall: +5.82011 Q1 · Overall: +3.22011 Q2 · Overall: +3.62011 Q3 · Overall: +1.92011 Q4 · Overall: +5.82012 Q1 · Overall: +5.12012 Q2 · Overall: +3.62012 Q3 · Overall: +1.82012 Q4 · Overall: +9.62013 Q1 · Overall: +5.22013 Q2 · Overall: +2.92013 Q3 · Overall: +8.62013 Q4 · Overall: +5.82014 Q1 · Overall: +5.92014 Q2 · Overall: +13.22014 Q3 · Overall: +4.62014 Q4 · Overall: +6.92015 Q1 · Overall: +9.82015 Q2 · Overall: +6.82015 Q3 · Overall: +8.92015 Q4 · Overall: +7.72016 Q1 · Overall: +7.72016 Q2 · Overall: -1.22016 Q3 · Overall: +3.92016 Q4 · Overall: +6.62017 Q1 · Overall: +5.12017 Q2 · Overall: +4.12017 Q3 · Overall: +6.52017 Q4 · Overall: +8.12018 Q1 · Overall: +4.72018 Q2 · Overall: +9.72018 Q3 · Overall: +8.62018 Q4 · Overall: +9.02019 Q1 · Overall: +7.42019 Q2 · Overall: +2.12019 Q3 · Overall: +5.12019 Q4 · Overall: +1.92020 Q1 · Overall: -3.62020 Q2 · Overall: +0.32020 Q3 · Overall: +4.22020 Q4 · Overall: +5.72021 Q1 · Overall: +5.62021 Q2 · Overall: +4.92021 Q3 · Overall: +1.32021 Q4 · Overall: +5.12022 Q1 · Overall: +6.52022 Q2 · Overall: +3.82022 Q3 · Overall: +5.42022 Q4 · Overall: -2.92023 Q1 · Overall: +4.92023 Q2 · Overall: +5.22023 Q3 · Overall: +8.02023 Q4 · Overall: +13.12024 Q1 · Overall: -7.62024 Q2 · Overall: +0.32024 Q3 · Overall: +8.32024 Q4 · Overall: +17.42025 Q1 · Overall: +8.5
Overall

CEO vs CFO

Average sentiment of each executive's remarks per call. Divergence is a signal.

-24-12+0+12+242007 Q42010 Q12012 Q22014 Q32016 Q42019 Q12021 Q22023 Q32007 Q4 · CEO: +13.82008 Q1 · CEO: +5.62008 Q2 · CEO: +10.12008 Q3 · CEO: +9.42008 Q4 · CEO: +11.72009 Q1 · CEO: +7.12009 Q2 · CEO: +7.32009 Q3 · CEO: +8.22009 Q4 · CEO: +14.52010 Q1 · CEO: +11.22010 Q2 · CEO: +19.62010 Q3 · CEO: +9.42010 Q4 · CEO: +7.52011 Q1 · CEO: +6.12011 Q2 · CEO: +2.52011 Q3 · CEO: +9.62011 Q4 · CEO: +14.02012 Q1 · CEO: +6.42012 Q2 · CEO: +4.02012 Q3 · CEO: +7.42012 Q4 · CEO: +14.12013 Q1 · CEO: +6.82013 Q2 · CEO: +4.72013 Q3 · CEO: +10.62013 Q4 · CEO: +8.42014 Q1 · CEO: +10.92014 Q2 · CEO: +14.92014 Q3 · CEO: +3.52014 Q4 · CEO: +10.22015 Q1 · CEO: +12.62015 Q2 · CEO: +12.62015 Q3 · CEO: +14.42015 Q4 · CEO: +10.02016 Q3 · CEO: +10.92016 Q4 · CEO: +7.62017 Q1 · CEO: +5.82017 Q2 · CEO: +6.62017 Q3 · CEO: +11.22017 Q4 · CEO: +11.12018 Q1 · CEO: +11.02018 Q2 · CEO: +8.02018 Q3 · CEO: +8.72018 Q4 · CEO: +13.02019 Q1 · CEO: +6.62019 Q2 · CEO: +1.42019 Q3 · CEO: +3.72019 Q4 · CEO: -2.02020 Q1 · CEO: -5.82020 Q2 · CEO: +0.72020 Q3 · CEO: +5.62020 Q4 · CEO: +7.52021 Q1 · CEO: +3.62021 Q2 · CEO: +9.22021 Q3 · CEO: +1.42021 Q4 · CEO: +12.12022 Q1 · CEO: +10.42022 Q2 · CEO: +7.62022 Q3 · CEO: +14.02022 Q4 · CEO: -0.22023 Q1 · CEO: +11.82023 Q2 · CEO: +6.82023 Q3 · CEO: +11.62023 Q4 · CEO: +18.62024 Q1 · CEO: -4.62024 Q2 · CEO: +2.42024 Q3 · CEO: +14.42007 Q4 · CFO: +12.92008 Q1 · CFO: +7.72008 Q2 · CFO: +8.82008 Q3 · CFO: +4.92008 Q4 · CFO: -3.42009 Q1 · CFO: +2.82009 Q2 · CFO: -3.92009 Q3 · CFO: +1.42009 Q4 · CFO: +3.22010 Q1 · CFO: +0.02010 Q2 · CFO: +10.12010 Q3 · CFO: +5.62010 Q4 · CFO: +9.42011 Q1 · CFO: +6.72011 Q2 · CFO: +5.42011 Q3 · CFO: -3.92011 Q4 · CFO: +4.82012 Q1 · CFO: +6.62012 Q2 · CFO: +7.02012 Q3 · CFO: +8.72012 Q4 · CFO: +15.32013 Q1 · CFO: +15.62013 Q2 · CFO: +10.12013 Q3 · CFO: +14.12013 Q4 · CFO: +17.02014 Q1 · CFO: +8.52014 Q2 · CFO: +20.42014 Q3 · CFO: +15.32014 Q4 · CFO: +8.72015 Q1 · CFO: +17.72015 Q2 · CFO: +7.62015 Q3 · CFO: +13.42015 Q4 · CFO: +12.62016 Q3 · CFO: +5.62016 Q4 · CFO: +10.02017 Q1 · CFO: +20.82017 Q2 · CFO: +7.12017 Q3 · CFO: +9.82017 Q4 · CFO: +15.22018 Q1 · CFO: +11.52018 Q2 · CFO: +19.32018 Q3 · CFO: +13.42018 Q4 · CFO: +14.52019 Q1 · CFO: +8.32019 Q2 · CFO: +1.42019 Q3 · CFO: -0.92019 Q4 · CFO: -0.32020 Q1 · CFO: +4.52020 Q2 · CFO: +2.22020 Q3 · CFO: +6.82020 Q4 · CFO: +6.42021 Q1 · CFO: +7.82021 Q2 · CFO: +7.62021 Q3 · CFO: +9.62021 Q4 · CFO: +10.22022 Q1 · CFO: +15.82022 Q2 · CFO: +5.32022 Q3 · CFO: +14.82023 Q1 · CFO: +2.82023 Q2 · CFO: +13.72023 Q3 · CFO: +9.22023 Q4 · CFO: +15.22024 Q1 · CFO: -7.32024 Q2 · CFO: -6.32024 Q3 · CFO: +12.02024 Q4 · CFO: +16.92025 Q1 · CFO: +15.3
CEOCFO

Prepared remarks vs Q&A

Scripted tone vs unscripted answers. The gap is information.

-33-17+0+17+332007 Q42010 Q12012 Q22014 Q32016 Q42019 Q12021 Q22023 Q32007 Q4 · Prepared remarks: +19.22008 Q1 · Prepared remarks: +5.92008 Q2 · Prepared remarks: +9.42008 Q3 · Prepared remarks: +10.72008 Q4 · Prepared remarks: +3.72009 Q1 · Prepared remarks: +1.92009 Q2 · Prepared remarks: +1.22009 Q3 · Prepared remarks: +5.62009 Q4 · Prepared remarks: +12.22010 Q1 · Prepared remarks: +3.12010 Q2 · Prepared remarks: +12.72010 Q3 · Prepared remarks: +10.22010 Q4 · Prepared remarks: +14.42011 Q1 · Prepared remarks: +10.72011 Q2 · Prepared remarks: +11.02011 Q3 · Prepared remarks: +5.92011 Q4 · Prepared remarks: +10.72012 Q1 · Prepared remarks: +12.82012 Q2 · Prepared remarks: +13.22012 Q3 · Prepared remarks: +13.02012 Q4 · Prepared remarks: +18.42013 Q1 · Prepared remarks: +16.22013 Q2 · Prepared remarks: +13.82013 Q3 · Prepared remarks: +14.92013 Q4 · Prepared remarks: +20.92014 Q1 · Prepared remarks: +18.02014 Q2 · Prepared remarks: +21.02014 Q3 · Prepared remarks: +14.02014 Q4 · Prepared remarks: +13.02015 Q1 · Prepared remarks: +20.72015 Q2 · Prepared remarks: +12.52015 Q3 · Prepared remarks: +21.02015 Q4 · Prepared remarks: +15.52016 Q1 · Prepared remarks: +18.62016 Q2 · Prepared remarks: +12.12016 Q3 · Prepared remarks: +6.62016 Q4 · Prepared remarks: +15.32017 Q1 · Prepared remarks: +18.02017 Q2 · Prepared remarks: +12.02017 Q3 · Prepared remarks: +8.92017 Q4 · Prepared remarks: +17.52018 Q1 · Prepared remarks: +9.52018 Q2 · Prepared remarks: +18.52018 Q3 · Prepared remarks: +18.92018 Q4 · Prepared remarks: +13.02019 Q1 · Prepared remarks: +14.32019 Q2 · Prepared remarks: +12.02019 Q3 · Prepared remarks: +12.82019 Q4 · Prepared remarks: +9.12020 Q1 · Prepared remarks: +0.82020 Q2 · Prepared remarks: +3.62020 Q3 · Prepared remarks: +10.62020 Q4 · Prepared remarks: +8.42021 Q1 · Prepared remarks: +15.12021 Q2 · Prepared remarks: +18.72021 Q3 · Prepared remarks: +8.32021 Q4 · Prepared remarks: +10.92022 Q1 · Prepared remarks: +14.12022 Q2 · Prepared remarks: +13.12022 Q3 · Prepared remarks: +15.42022 Q4 · Prepared remarks: +0.02023 Q1 · Prepared remarks: +4.72023 Q2 · Prepared remarks: +10.92023 Q3 · Prepared remarks: +13.72023 Q4 · Prepared remarks: +21.72024 Q1 · Prepared remarks: -9.02024 Q2 · Prepared remarks: +4.02024 Q3 · Prepared remarks: +24.32024 Q4 · Prepared remarks: +29.12025 Q1 · Prepared remarks: +19.12007 Q4 · Q&A responses: +7.22008 Q1 · Q&A responses: +6.22008 Q2 · Q&A responses: +8.32008 Q3 · Q&A responses: +5.22009 Q1 · Q&A responses: +9.62009 Q2 · Q&A responses: +3.92009 Q3 · Q&A responses: +4.92009 Q4 · Q&A responses: +7.62010 Q1 · Q&A responses: +14.12010 Q2 · Q&A responses: +18.42010 Q3 · Q&A responses: +6.82010 Q4 · Q&A responses: +3.42011 Q1 · Q&A responses: +3.52011 Q2 · Q&A responses: +0.52011 Q3 · Q&A responses: +2.32011 Q4 · Q&A responses: +8.22012 Q1 · Q&A responses: +5.92012 Q2 · Q&A responses: +1.62012 Q3 · Q&A responses: +1.32012 Q4 · Q&A responses: +9.32013 Q1 · Q&A responses: +6.92013 Q2 · Q&A responses: +3.32013 Q3 · Q&A responses: +10.12013 Q4 · Q&A responses: +6.62014 Q1 · Q&A responses: +3.82014 Q2 · Q&A responses: +13.92014 Q3 · Q&A responses: +6.32014 Q4 · Q&A responses: +6.62015 Q1 · Q&A responses: +8.42015 Q2 · Q&A responses: +7.92015 Q3 · Q&A responses: +9.62015 Q4 · Q&A responses: +7.22016 Q1 · Q&A responses: +6.22016 Q2 · Q&A responses: +0.82016 Q3 · Q&A responses: +7.92016 Q4 · Q&A responses: +9.52017 Q1 · Q&A responses: +2.52017 Q2 · Q&A responses: +4.52017 Q3 · Q&A responses: +8.22017 Q4 · Q&A responses: +9.62018 Q1 · Q&A responses: +5.92018 Q2 · Q&A responses: +6.22018 Q3 · Q&A responses: +6.12018 Q4 · Q&A responses: +7.42019 Q1 · Q&A responses: +6.52019 Q2 · Q&A responses: -3.52019 Q3 · Q&A responses: +1.12019 Q4 · Q&A responses: -0.92020 Q1 · Q&A responses: -3.72020 Q2 · Q&A responses: +0.72020 Q3 · Q&A responses: +1.72020 Q4 · Q&A responses: +5.62021 Q1 · Q&A responses: -2.82021 Q2 · Q&A responses: +1.32021 Q3 · Q&A responses: +0.62021 Q4 · Q&A responses: +5.72022 Q1 · Q&A responses: +8.22022 Q2 · Q&A responses: +2.72022 Q3 · Q&A responses: +5.72022 Q4 · Q&A responses: -1.62023 Q1 · Q&A responses: +9.62023 Q2 · Q&A responses: +7.52023 Q3 · Q&A responses: +9.22023 Q4 · Q&A responses: +12.12024 Q1 · Q&A responses: -4.12024 Q2 · Q&A responses: +1.62024 Q3 · Q&A responses: +3.12024 Q4 · Q&A responses: +11.82025 Q1 · Q&A responses: +10.7
Prepared remarksQ&A responses

Tone vs forward expectations

Management tone next to Wall Street's forward-looking numbers (glopardo): the 12-month forward EPS estimate and the forward P/E per call.

Forward EPS estimate

$-2.09$1.82$5.732007 Q42010 Q12012 Q22014 Q32016 Q42019 Q12021 Q22023 Q32014 Q1: $1.432014 Q2: $1.662014 Q3: $2.052014 Q4: $2.772015 Q1: $3.582015 Q2: $3.382015 Q3: $3.682015 Q4: $4.072016 Q1: $4.342016 Q2: $4.322016 Q3: $3.862016 Q4: $3.652017 Q1: $4.002017 Q2: $4.292017 Q3: $4.382017 Q4: $4.482018 Q1: $5.162018 Q2: $4.732018 Q3: $4.862018 Q4: $4.792019 Q1: $5.192019 Q2: $4.912019 Q3: $4.902019 Q4: $4.902020 Q1: $3.832020 Q2: $-1.552020 Q3: $-0.592020 Q4: $0.282021 Q1: $-0.762021 Q2: $0.862021 Q3: $1.752021 Q4: $1.942022 Q1: $1.642022 Q2: $3.342022 Q3: $2.902022 Q4: $3.272023 Q1: $3.002023 Q2: $3.232023 Q3: $2.512023 Q4: $1.582024 Q1: $1.862024 Q2: $1.422024 Q3: $0.972024 Q4: $1.63

Forward P/E

-3.8190.28184.372007 Q42010 Q12012 Q22014 Q32016 Q42019 Q12021 Q22023 Q32014 Q1: 16.622014 Q2: 16.112014 Q3: 16.822014 Q4: 14.482015 Q1: 12.792015 Q2: 10.012015 Q3: 10.642015 Q4: 11.012016 Q1: 10.172016 Q2: 9.262016 Q3: 9.552016 Q4: 13.502017 Q1: 13.562017 Q2: 13.862017 Q3: 12.492017 Q4: 14.092018 Q1: 11.552018 Q2: 10.862018 Q3: 13.002018 Q4: 10.182019 Q1: 9.752019 Q2: 10.502019 Q3: 11.482019 Q4: 10.942020 Q1: 9.172020 Q2: 9.172020 Q4: 163.322021 Q1: 171.392021 Q2: 65.902021 Q3: 27.652021 Q4: 20.682022 Q1: 26.332022 Q2: 11.152022 Q3: 13.092022 Q4: 11.662023 Q1: 9.922023 Q2: 10.392023 Q3: 11.462023 Q4: 18.452024 Q1: 15.202024 Q2: 20.022024 Q3: 29.792024 Q4: 19.92

Divergence watch ⚑

Quarters where tone and the forward EPS estimate moved opposite ways.

  • 2014 Q3 tone ↓ -8.6 fwd EPS ↑ +0.39 Tone cooled even as the forward EPS estimate rose.
  • 2016 Q3 tone ↑ +5.0 fwd EPS ↓ -0.46 Tone rose while the forward EPS estimate was cut.
  • 2016 Q4 tone ↑ +2.7 fwd EPS ↓ -0.21 Tone rose while the forward EPS estimate was cut.
  • 2018 Q1 tone ↓ -3.4 fwd EPS ↑ +0.68 Tone cooled even as the forward EPS estimate rose.
  • 2018 Q2 tone ↑ +4.9 fwd EPS ↓ -0.43 Tone rose while the forward EPS estimate was cut.
  • 2020 Q2 tone ↑ +4.0 fwd EPS ↓ -5.38 Tone rose while the forward EPS estimate was cut.
  • 2021 Q3 tone ↓ -3.5 fwd EPS ↑ +0.89 Tone cooled even as the forward EPS estimate rose.
  • 2022 Q2 tone ↓ -2.7 fwd EPS ↑ +1.70 Tone cooled even as the forward EPS estimate rose.
  • 2022 Q4 tone ↓ -8.3 fwd EPS ↑ +0.37 Tone cooled even as the forward EPS estimate rose.
  • 2023 Q1 tone ↑ +7.8 fwd EPS ↓ -0.27 Tone rose while the forward EPS estimate was cut.
  • 2023 Q3 tone ↑ +2.8 fwd EPS ↓ -0.72 Tone rose while the forward EPS estimate was cut.
  • 2023 Q4 tone ↑ +5.2 fwd EPS ↓ -0.93 Tone rose while the forward EPS estimate was cut.
  • 2024 Q1 tone ↓ -20.7 fwd EPS ↑ +0.28 Tone cooled even as the forward EPS estimate rose.
  • 2024 Q2 tone ↑ +7.9 fwd EPS ↓ -0.44 Tone rose while the forward EPS estimate was cut.
  • 2024 Q3 tone ↑ +8.0 fwd EPS ↓ -0.45 Tone rose while the forward EPS estimate was cut.

Recent transcripts

CallDateSentiment ×1000Fwd EPSFwd P/E
2025 Q12025-04-24+8.5——View →
2024 Q42025-01-30+17.4$1.6319.9View →
2024 Q32024-10-24+8.3$0.9729.8View →
2024 Q22024-07-25+0.3$1.4220.0View →
2024 Q12024-04-25-7.6$1.8615.2View →
2023 Q42024-01-25+13.1$1.5818.4View →
2023 Q32023-10-26+8.0$2.5111.5View →
2023 Q22023-07-27+5.2$3.2310.4View →