Southwest Airlines Executive Compensation (FY25)
LUV · Dallas, TX · Executive and director compensation, fiscal 2022 to 2025
The paid brief on Southwest Airlines
Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.
From $1,200 for the board report; $2,400 for both.
Data as of September 7, 2026Latest filing (8-K): May 11, 2026
15 filings cited on this page
Method: intel.velarion.ai/methodology
A report that fails to generate is refunded in full
Published by Velarion Company Intelligence
$1,500Get the executive brief
294 figures on this page: 283 cited to the filing that reported them, 11 calculated from figures it prints. See the citations
More on Southwest Airlines
Five data products on this company. Each one is requested through the developer setup page.
- Peer Disclosure Audit$5The comparison companies this board named, each one tied to the filing that lists it.How to get Peer Disclosure Audit
- Governance Provisions PullfreeThe governance provisions as the proxy states them: board leadership, committee membership, and shareholder rights.How to get Governance Provisions Pull
- Say-on-Pay Risk Signal$9A risk band for the next say-on-pay vote, with the support history and the peer comparison behind it.How to get Say-on-Pay Risk Signal
- NEO Comp Report$24Every named executive officer’s pay by element and year, with the citation behind each figure.How to get NEO Comp Report
- Board Comp Report$24What each non-employee director was paid, the standing fee schedule, and the equity each one holds at year end.How to get Board Comp Report
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Robert Jordan: $10,562,384 → $16,587,882 (57.0% higher)
Say-on-pay support: 94.0% → 96.4% (2.4 points higher)
Frequently asked questions
Answers drawn from the data on this page.
Who is Southwest Airlines' chief executive and what were they paid?
Robert Jordan was paid $16,587,882 in total compensation as Chief Executive Officer & President for fiscal 2025. Jordan's total moved 57.0% higher from the $10,562,384 reported for fiscal 2024.
What was Southwest Airlines' say-on-pay result?
The say-on-pay proposal drew 96.4% of votes cast for or against in favor at the meeting held May 7, 2026 for fiscal 2025.
Which companies are in Southwest Airlines' peer group?
The disclosed peer group names Alaska Air Group, Inc., American Airlines Group Inc., Delta Air Lines, Inc., JetBlue Airways Corporation and United Airlines Holdings, Inc.
What is Southwest Airlines' chief executive pay ratio?
The company reported a chief executive pay ratio of 173.3:1 for fiscal 2025, against median employee compensation of $95,715.
Executive compensation
Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
Robert Jordan Chief Executive Officer & President | ◇ | ◇ | ◇ | — | ◇ | — | ◇ | ◇ |
Tammy Romo Executive Vice President & Chief Financial Officer | ◇ | ◇ | ◇ | — | ◇ | — | ◇ | ◇ |
Andrew Watterson Chief Operating Officer | ◇ | ◇ | ◇ | — | ◇ | — | ◇ | ◇ |
Mark Shaw Former Executive Vice President & Chief Legal & Regulatory Officer and Corporate Secretary Departed during or after this year | ◇ | ◇ | ◇ | — | ◇ | — | ◇ | ◇ |
Fiscal 2023
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
Robert Jordan Chief Executive Officer & President | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Tammy Romo Executive Vice President & Chief Financial Officer | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Andrew Watterson Chief Operating Officer | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Mark Shaw Former Executive Vice President & Chief Legal & Regulatory Officer and Corporate Secretary Departed during or after this year | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Fiscal 2024
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
Robert Jordan Chief Executive Officer & President | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Andrew Watterson Chief Operating Officer | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Tammy Romo Executive Vice President & Chief Financial Officer | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Mark Shaw Former Executive Vice President & Chief Legal & Regulatory Officer and Corporate Secretary Departed during or after this year | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Linda Rutherford B. Rutherford* (7) Chief Administration Officer | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Ryan Green Executive Vice President & Chief Transformation Officer | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Fiscal 2025
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
Robert Jordan Chief Executive Officer & President | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Tom Doxey Executive Vice President & Chief Financial Officer | ◇ | ◇ | ◇ | — | ◇ | — | ◇ | ◇ |
Andrew Watterson Chief Operating Officer | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Justin Jones Executive Vice President Operations | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Anthony Roach Executive Vice President Chief Customer & Brand Officer | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Tammy Romo Former Executive Vice President & Chief Financial Officer Departed during or after this year | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.
Equity awards granted
Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
| Officer | Award | Grant date | Threshold units | Target units | Units granted | Maximum units | Exercise price | Grant date fair value |
|---|---|---|---|---|---|---|---|---|
| Andrew M. Watterson | PSU | ◇ | — withheld | ◇ | — | ◇ | — | ◇ |
| Andrew M. Watterson | RSU | ◇ | — | — | ◇ | — | — | ◇ |
| Andrew M. Watterson | PSU | ◇ | ◇ | ◇ | — | ◇ | — | ◇ |
| Anthony Roach | PSU | ◇ | ◇ | ◇ | — | ◇ | — | ◇ |
| Anthony Roach | RSU | ◇ | — | — | ◇ | — | — | ◇ |
| Anthony Roach | PSU | ◇ | ◇ | ◇ | — | ◇ | — | ◇ |
| Anthony Roach | RSU | ◇ | — | — | ◇ | — | — | ◇ |
| Justin Jones | PSU | ◇ | ◇ | ◇ | — | ◇ | — | ◇ |
| Justin Jones | PSU | ◇ | — withheld | ◇ | — | ◇ | — | ◇ |
| Justin Jones | RSU | ◇ | — | — | ◇ | — | — | ◇ |
| Robert E. Jordan | PSU | ◇ | ◇ | ◇ | — | ◇ | — | ◇ |
| Robert E. Jordan | RSU | ◇ | — | — | ◇ | — | — | ◇ |
| Robert E. Jordan | PSU | ◇ | — withheld | ◇ | — | ◇ | — | ◇ |
| Tammy Romo | PSU | ◇ | ◇ | ◇ | — | ◇ | — | ◇ |
| Tammy Romo | RSU | ◇ | — | — | ◇ | — | — | ◇ |
| Tom Doxey | PSU | ◇ | — withheld | ◇ | — | ◇ | — | ◇ |
| Tom Doxey | RSU | ◇ | — | — | ◇ | — | — | ◇ |
Fiscal 2024 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.
Outstanding awards
Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
| Officer | Award | Unvested units | Market value of unvested units | Exercise price | Expires |
|---|---|---|---|---|---|
| Anthony Roach | RSU | ◇ | ◇ | — | — |
| PSU | ◇ | ◇ | — | — | |
| Tom Doxey | PSU | ◇ | ◇ | — | — |
| RSU | ◇ | ◇ | — | — | |
| Justin Jones | RSU | ◇ | ◇ | — | — |
| PSU | ◇ | ◇ | — | — | |
| Andrew Watterson | PSU | ◇ | ◇ | — | — |
| RSU | ◇ | ◇ | — | — | |
| Robert Jordan | RSU | ◇ | ◇ | — | — |
| PSU | ◇ | ◇ | — | — | |
| Tammy Romo | PSU | ◇ | ◇ | — | — |
| RSU | ◇ | ◇ | — | — |
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.
Severance and change in control
The terms as written in the agreements.
Andrew Watterson
Chief Operating Officer · Terms as described in the company’s compensation discussion · citing a 2026 filing
| Equity acceleration on change in control | ◇ |
Anthony Roach
Executive Vice President Chief Customer & Brand Officer · Terms as described in the company’s compensation discussion · citing a 2026 filing
| Equity acceleration on change in control | ◇ |
Justin Jones
Executive Vice President Operations · Terms as described in the company’s compensation discussion · citing a 2026 filing
| Equity acceleration on change in control | ◇ |
Robert Jordan
Chief Executive Officer & President · Terms as described in the company’s compensation discussion · citing a 2026 filing
| Equity acceleration on change in control | ◇ |
Tammy Romo
Former Executive Vice President & Chief Financial Officer · Terms as described in the company’s compensation discussion · citing a 2026 filing
| Equity acceleration on change in control | ◇ |
Tom Doxey
Executive Vice President & Chief Financial Officer · Terms as described in the company’s compensation discussion · citing a 2026 filing
| Equity acceleration on change in control | ◇ |
Director compensation
What each non-employee director was paid.
Fiscal 2025
| Director | Fees earned in cash | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|
Rakesh Gangwal | ◇ | ◇ | — | — | — | — | ◇ |
Douglas H. Brooks Board chair | ◇ | ◇ | — | — | — | — | ◇ |
Gregg A. Saretsky | ◇ | ◇ | — | — | — | — | ◇ |
Lisa M. Atherton | ◇ | ◇ | — | — | — | — | ◇ |
David P. Hess | ◇ | ◇ | — | — | — | — | ◇ |
Christopher P. Reynolds | ◇ | ◇ | — | — | — | — | ◇ |
Pierre R. Breber | ◇ | ◇ | — | — | — | — | ◇ |
David J. Grissen | ◇ | ◇ | — | — | — | — | ◇ |
Robert L. Fornaro | ◇ | ◇ | — | — | — | — | ◇ |
C. David Cush | ◇ | ◇ | — | — | — | — | ◇ |
Sarah E. Feinberg | ◇ | ◇ | — | — | — | — | ◇ |
Patricia A. Watson | ◇ | ◇ | — | — | — | — | ◇ |
Elaine Mendoza | ◇ | — | — | — | — | — | ◇ |
Eduardo F. Conrado | ◇ | — | — | — | — | — | ◇ |
Robert E. Jordan served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.
Director fee schedule
The standing retainers and premiums the board pays, as published.
| Board cash retainer | ◇ |
| Board equity retainer | ◇ |
| Total board retainer | ◇ |
| Board chair premium | ◇ |
| Compensation committee member | ◇ |
Equity is delivered as Common Stock.
Stock ownership guideline: 5x annual cash retainer ($450,000)
Disclosed peer group
The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
- Alaska Air Group, Inc. ALK
- American Airlines Group Inc. AAL
- Delta Air Lines, Inc. DAL
- JetBlue Airways Corporation JBLU
- United Airlines Holdings, Inc. UAL
Say-on-pay history
Shareholder support for the compensation program, by year.
| Year | Meeting | Support | Votes for | Votes against | Abstentions |
|---|---|---|---|---|---|
| 2025 | May 7, 2026 | = | ◇ | ◇ | ◇ |
| 2024 | May 14, 2025 | = | ◇ | ◇ | ◇ |
| 2023 | May 15, 2024 | = | ◇ | ◇ | ◇ |
| 2022 | May 17, 2023 | = | ◇ | ◇ | ◇ |
| 2021 | May 18, 2022 | = | ◇ | ◇ | ◇ |
| 2020 | May 19, 2021 | = | ◇ | ◇ | ◇ |
| 2019 | May 21, 2020 | = | ◇ | ◇ | ◇ |
| 2018 | May 15, 2019 | = | ◇ | ◇ | ◇ |
| 2017 | May 16, 2018 | = | ◇ | ◇ | ◇ |
| 2016 | May 17, 2017 | = | ◇ | ◇ | ◇ |
| 2015 | May 18, 2016 | = | ◇ | ◇ | ◇ |
Chief executive pay ratio
As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇
What this page does not include
Everything above is a fact Southwest Airlines disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where Southwest Airlines sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $1,500Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $1,200Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion IntelligenceAdviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
Inquire about accessMultiple companies at once
Cross-company views, cohort screens, and data export across the industries we cover. This page is one company; the platform is all of them.
Velarion IntelligenceCitations
Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
294 figures on this page: 283 cited to the filing that reported them, 11 calculated from figures it prints.
283 cited to the filing
11 calculated from the filing
Documents cited
- 0000092380-26-000050Item 5.07 Submission of Matters to a Vote of Security Holders
- 0001193125-26-127237CEO Pay Ratio · Compensation Discussion and Analysis · Director Compensation · Fiscal 2025 Director Compensation · and 3 more sections
- 0000092380-25-000117Item 5.07 Submission of Matters to a Vote of Security Holders
- 0001193125-25-072750Summary Compensation Table
- 0000092380-24-000094Item 5.07 Submission of Matters to a Vote of Security Holders
- 0001193125-24-087857Summary Compensation Table
- 0000092380-23-000026
- 0001193125-23-093040Summary Compensation Table
- 0000092380-22-000022
- 0000092380-21-000126
- 0000092380-20-000096
- 0001193125-19-151813
- 0001193125-18-169520
- 0001193125-17-177652
- 0001193125-16-597614
Cite this data
This page is free to cite. Attribution we ask for:
Velarion, “Southwest Airlines executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/LUV (accessed 2026).
Short form: data: Velarion
The paid brief for Southwest Airlines
Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.
From $1,200 for the board report; $2,400 for both.
15 filings cited on this page
Method: intel.velarion.ai/methodology
A report that fails to generate is refunded in full
Published by Velarion Company Intelligence
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Peers Southwest Airlines discloses
The companies named in LUV's own disclosed peer group.
Terms on this page
Free to read and cite. Redistribution or bulk use of the dataset requires a data license. Talk to us about the data license.
Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
author = {{Velarion Company Intelligence}},
title = {Velarion database: executive and board compensation data},
year = {2026},
version = {2026Q3},
doi = {10.5281/zenodo.22283854},
publisher = {Zenodo},
url = {https://doi.org/10.5281/zenodo.22283854}
}