My apologies, but I haven't been paying attention to what your company has been saying over the last 18 months, that's why I thought I'd ask you guys here.

I guess from what I've heard it seemed to me you guys were moving to a more defined product and looking to snag a larger piece of the premium flyer market - which I was applauding BTW - but apparently from your post here it seems that is not the case?

Why am I a clown? For asking some questions? If that makes me a clown I'm happy to put on the red nose and Bozo shoes. Honk-Honk.

Supposedly the lounge in HNL is under construction. No idea if/where others will be built. Hot food and first class isn’t our thing….prob never will be. If people want to be wined and dined with subpar reheated food, tv’s in the headrest that is constantly interrupted by every PA, etc, they can pay for that.

We changed to charge for bags and seats with a bit of a legroom upgrade for those who want it. No idea if/when we get another fleet…maybe we’ll be like Westjet and get a fleet of older 767’s to get the foot in the door while they shop 787’s. Who knows?

We are and probably always will be a LCC (not sure about the low cost part since any fares are the same as everyone else’s now)…but that isn’t likely to change anytime soon.

Honestly, I’d be happy to see us start making $ again and for planning to get their crap together and quit screwing with base manning. Former will prob happen before the latter.

Hmmm. It’s possible you are unable to relate yourself to my inquiry but I believe most other observers have no problem doing so. Good day, Sir!

If SWA does $4.00-$6.00 a share in 2026, that would make SWA operating margins as high or maybe even higher than UAL and Delta, This happy talk of premium is the only way it will begin to subside. I still reserve judgment on it because its such a turnaround. I also reserve judgment because the macro can always and does take assumption's from a perfect scenario. If SWA does $2.0-$2.5 Billion in earnings without lounges, first class and "food service", your argument starts too lose its muster. Especially on the domestic side of the business where 95% of SWA's revenue is derived from. PRASM for 2025 came in pretty much industry norm stage length adjusted(without all the new initiatives turned on). As I posted previously, RASM guidance is suppose to be up 9.5% for the first quarter(the dead quarter). Comps also play a role in this because both PRASM and RASM have been underperforming for years. So the numbers look big. EM sold 4 million shares recently and still has 46 million in ownership. They seem to think their is more earnings to come. They are much smarter than me. When other airlines revenues are derived from a large portion of its revenues form international(UAL 45%) its make total sense and the yields prove it. Domestically all the big three plus SWA, domestic yields have been lack luster over the last three years. Most of it is capacity driven. SWA definitely had a lot to do with it because they are the largest domestic airline. Lounges are coming, code sharing, earn and burn on the partnerships as well as new chase card. If that is not baked into earnings in 2026 even better. One bit of other info, ATL (air traffic liabilty)was down but that's because passengers are already beginning to use their points for buy ups. Competition is good and keeps this business moving. If you think that SWA will falter, bankrupt in a year or two and furlough, well thats your opinion. Who knows you maybe right. Both Delta and UAL are doing great financially. First financial test will be in about 90 days with their first report card. We'l see how everyone compares.

English is the language we use here correct? Those are the proper personal pronouns to use for the format of the question and statement being made. I'm sorry you were triggered by this.

That assumes you maintain a significant customer base (to support RASM) does it not? That's why I bring up the demographic shifts in the markets. Our analysis shows a shifting to more of the "experience" traveler - at least those with the money to do so. It's a shift from 2 decades of "just get me there at the lowest fare". DAL was the first to see this and UAL is now blueprinting that and having good success with it. You now have not one, but two airlines offering premium experiences for customers at fare rates not that more than what you guys are charging.

You've been able to sustain your RASM as UAL wasn't really out there until recently, now, with their premium offerings. They fly to more places you guys do. You don't think that will pull form you or do you trust your customer base is loyal enough to remain? Your ticket prices are not much cheaper these days (I fly on you all a lot BTW) and quite frankly if given a choice of doing a long segment on you or UAL/DAL I'm going with UAL/DAL. It's just a much better product IMHO.


Also, no where did I state I think SWA would falter or go bankrupt (I wouldn't wish that on anyone). I do agree competition makes us all better and that's why I want to see you guys step up. That was stated in my very first post here.

Then that’s almost worse. You of all people should know how this industry can turn in an instant. Your company is being managed well, there’s no disputing that. They have a quality product people are willing to pay more for. Will that change? Who knows. My company was late to the party for various reasons, but mainly because the leadership refused change. I guess we’ll see how it all works out.

Yet you are very obsessed with WN. Show me on the doll where SWA has hurt you. I am here to help you and your ailing mental state.

Its called natural share. A lot of it has to do with the markets the airlines serves. Thats why marketshare is important. People that fly out of EWR fly UAL. Why? Because they have too. People fly out of BNA on SWA. Why? Because they have too. The airlines that were bankrupt years ago like UAL, never really lost its natural share. On the margins maybe but if you look their 10K's over that time period, it wasn't faltering. The list can go on and on. In places like DEN, SWA's marketshare has been steady. UAL's stage length is double SWA's. SWA has a 780 mille stage length. The reality is the majority of flights are short. Premium is something people are will to pay for when flights are long. SWA has many but as the data shows, still 780 miles for 2025. Thats about hour and half. Heres marketshare in DEN.

• 2023 30.9%
• 2024 31%

DOT BTS hasn't published 2025 for the year. Passengers counts in DEN. Again no 2025 year end yet from DOT BTS. I suspect market share will be down but passenger counts for SWA will up but at lower yields. Hence why the realignment.

• 2023 24.0 milion
• 2024 25.6 million

The another important one is yields. To me this more important than any other. SWA's yields have been steadily going up every quarter for the last year. As of matter of fact none of the big three have been able to push that up on the domestic front on a consistent basis. Yield improvement has come from international. It doesn't mean domestic is not profitable, just means that they can't push fares up domestically compared internationally.

SWA domestic market share has been steady for years. When you look at the top 4, they are almost within a point of each other. Look at SWA passenger counts.

• 2023 137 million
• 2024 140 milion

SWA has been in a runt for a few years. the worst of its history. Still profitable, still holding marketshare in its own territories and a good balance sheet. Hence why EM came to town. All the airlines that have deep financial troubles currently have something in common. Very limited network and market share. Thats why their was the mega mergers. Very fragmented networks and market share. Those are hard to over come. Again, this data is all in the past. It really doesn't mean anything other than a look back. 2026 is here and we will see what happens financially for the airlines, industry and the macro economy. I can promise you this, it won't be boring.