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Transportation & Logistics

Southwest Airlines Executive Compensation (FY25)

LUV · Dallas, TX · Executive and director compensation, fiscal 2022 to 2025
Chief executive, fiscal 2025
◇
Robert Jordan
Median of the other named officers
$5,643,338
5 officers, excluding the chief executive
Latest say-on-pay support
=
May 7, 2026
Chief executive pay ratio
◇
To the median employee
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Data as of November 4, 2026Latest filing (8-K): May 11, 2026
14 filings cited on this page
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337 figures on this page: 326 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.
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
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Robert Jordan
Chief Executive Officer & President
◇◇◇—◇—◇◇
Gary Kelly
Executive Chairman of the Board & former Chief Executive Officer**
Departed during or after this year
◇◇◇—◇◇◇◇
Michael Van de Ven
Former President & Chief Operating Officer***
Departed during or after this year
◇◇◇—◇—◇◇
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
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Robert Jordan
Chief Executive Officer & President
◇—◇—◇—◇◇
Gary Kelly
Executive Chairman of the Board
◇—◇—◇—◇◇
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
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Robert Jordan
Chief Executive Officer & President
◇—◇—◇—◇◇
Gary Kelly
Former Executive Chairman of the Board
Departed during or after this year
◇—◇—◇—◇◇
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
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
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
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Andrew M. WattersonPSU◇—◇—◇—◇
Andrew M. WattersonPSU◇◇◇—◇—◇
Andrew M. WattersonRSU◇——◇——◇
Anthony RoachPSU◇—◇—◇—◇
Anthony RoachPSU◇◇◇—◇—◇
Anthony RoachPSU◇◇◇—◇—◇
Anthony RoachRSU◇——◇——◇
Anthony RoachRSU◇——◇——◇
Justin JonesPSU◇—◇—◇—◇
Justin JonesPSU◇◇◇—◇—◇
Justin JonesRSU◇——◇——◇
Robert E. JordanPSU◇◇◇—◇—◇
Robert E. JordanRSU◇——◇——◇
Robert E. JordanPSU◇—◇—◇—◇
Tammy RomoPSU◇◇◇—◇—◇
Tammy RomoRSU◇——◇——◇
Tom DoxeyPSU◇—◇—◇—◇
Tom DoxeyPSU◇◇◇—◇—◇
Tom DoxeyRSU◇——◇——◇
Fiscal 2022, 2023, 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
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Robert JordanRSU◇◇——
PSU◇◇——
Andrew WattersonPSU◇◇——
RSU◇◇——
Tom DoxeyPSU◇◇——
RSU◇◇——
Tammy RomoRSU◇◇——
PSU◇◇——
Justin JonesPSU◇◇——
RSU◇◇——
Anthony RoachPSU◇◇——
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 · Change-in-control agreement
Change-in-control multiple◇
Equity acceleration on change in control◇
Anthony Roach
Executive Vice President Chief Customer & Brand Officer · Change-in-control agreement
Severance multiple◇
Change-in-control multiple◇
Equity acceleration on change in control◇
Justin Jones
Executive Vice President Operations · Change-in-control agreement
Equity acceleration on change in control◇
Tammy Romo
Former Executive Vice President & Chief Financial Officer · Change-in-control agreement
Change-in-control multiple◇
Equity acceleration on change in control◇
Benefits continuation on change in control◇
Tom Doxey
Executive Vice President & Chief Financial Officer · Change-in-control agreement
Equity acceleration on change in control◇

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
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.
Earlier years 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.

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◇
Audit committee chair◇
Audit committee member◇
Compensation committee chair◇
Compensation committee member◇
Nominating and governance chair◇
Nominating and governance member◇
Board meeting fee◇
Committee meeting fee◇
Equity is delivered as Common Stock.

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.
YearMeetingSupportVotes forVotes againstAbstentions
2025May 7, 2026=◇◇◇
2024May 14, 2025=◇◇◇
2023May 15, 2024=◇◇◇
2022May 17, 2023=◇◇◇
2021May 18, 2022=◇◇◇
2020May 19, 2021=◇◇◇
2019May 21, 2020=◇◇◇
2018May 15, 2019=◇◇◇
2017May 16, 2018=◇◇◇
2016May 17, 2017=◇◇◇
2015May 18, 2016=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇

Ask our research desk — $99, 24h, every figure cited to its filing.

Sample answer — “What is the CEO’s total compensation?”
- Robert Jordan (Chief Executive Officer & President), FY2025 total compensation $16,587,882 (base salary $844,792) [exec_comp, SEC accession 0001193125-26-127237, filed 2026-03-27]

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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 — $500
Written 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 — $500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $500
Realizable 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 Intelligence
Adviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
337 figures on this page: 326 cited to the filing that reported them, 11 calculated from figures it prints.
326 cited to the filing
11 calculated from the filing

Documents cited

  1. 0000092380-26-000050
    Item 5.07 Submission of Matters to a Vote of Security Holders
  2. 0001193125-26-127237
    CEO Pay Ratio · Compensation Discussion and Analysis · Compensation of Directors · Grants of Plan-Based Awards in Fiscal 2025 · and 2 more sections
  3. 0000092380-25-000117
    Item 5.07 Submission of Matters to a Vote of Security Holders
  4. 0001193125-25-072750
    Summary Compensation Table
  5. 0000092380-24-000094
    Item 5.07 Submission of Matters to a Vote of Security Holders
  6. 0000092380-23-000026
  7. 0001193125-23-093040
    Summary Compensation Table
  8. 0000092380-22-000022
  9. 0000092380-21-000126
  10. 0000092380-20-000096
  11. 0001193125-19-151813
  12. 0001193125-18-169520
  13. 0001193125-17-177652
  14. 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 $500 for the board report; $900 for both.
Get the executive briefGet the board briefNo account needed.
14 filings cited on this page
Method: intel.velarion.ai/methodology
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Published by Velarion Company Intelligence
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Transportation & Logistics rankings

Chief executive pay — Transportation & LogisticsCEO pay ratio — Transportation & LogisticsSay-on-pay support — Transportation & Logistics

Peers Southwest Airlines discloses

The companies named in LUV's own disclosed peer group.

Alaska Air Group, Inc.American Airlines Group Inc.Delta Air Lines, Inc.JetBlue Airways CorporationUnited Airlines Holdings, Inc.

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies

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}
}
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