Southwest Airlines Co. June 8, 2021– Investor Booklet Cautionary Statement Regarding Forward-Looking Statements This booklet contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Specific forward-looking statements include, without limitation, statements related to (i) the Company’s Vision; (ii) the Company’s financial position, outlook, expectations, strategies, and projected results of operations; (iii) the Company’s network plans, expectations, and opportunities; (iv) the Company's plans and expectations regarding its fleet, including with respect to its fleet delivery schedule, planned retirements, and carbon emissions; (v) the Company’s environmental sustainability goal; (vi) the Company’s expectations with respect to capital expenditures; (vii) the Company’s initiatives and related plans and expectations, including with respect to its global distribution system and related alliances and capabilities; and (viii) the Company’s expectations with respect to liquidity and cash burn. These forward-looking statements are based on the Company’s current intent, expectations, and projections and are not guarantees of future performance. These statements involve risks, uncertainties, assumptions, and other factors that are difficult to predict and that could cause actual results to vary materially from those expressed in or indicated by them. Factors include, among others, (i) the extent of the COVID-19 pandemic, including the duration, spread, severity, and any recurrence of the COVID- 19 pandemic, including through any new variant strains of the underlying virus; the effectiveness of and accessibility to vaccines; the pace and rate at which vaccines are administered; the duration and scope of related government orders and restrictions; the duration and scope of the Company’s actions to address Customer and Employee health concerns; the extent of the impact of the COVID-19 pandemic on overall demand for air travel and the Company’s related business plans and decisions; any negative impact of the COVID-19 pandemic on the Company’s ability to retain key Employees; and any negative impact of the COVID-19 pandemic on the Company’s access to capital; (ii) the impact of fears or actual outbreaks of other diseases, economic conditions, extreme or severe weather and natural disasters, fears of terrorism or war, actions of competitors (including, without limitation, pricing, scheduling, capacity, and network decisions, and consolidation and alliance activities), consumer perception, and other factors beyond the Company's control, on consumer behavior and the Company's results of operations and business decisions, plans, strategies, and results; (iii) the impact of fuel price changes, fuel price volatility, volatility of commodities used by the Company for hedging jet fuel, and any changes to the Company’s fuel hedging strategies and positions, on the Company's business plans and results of operations; (iv) the Company’s ability to obtain necessary approvals for new service and the impact of governmental regulations and other governmental actions related to the Company’s plans, strategies, and operations; (v) the Company's dependence on Boeing with respect to the Company's fleet order book, delivery schedule, and other performance requirements under its agreements with the Company; (vi) the Company's and Boeing's dependence on other third-party providers to perform in accordance with expectations in connection with the manufacture and delivery of aircraft; (vii) the Company's dependence on other third parties, in particular with respect to corporate travel enhancements, and the impact on the Company's operations and results of operations of any third party delays or non-performance; (viii) the Company's ability to timely and effectively implement, transition, and maintain the necessary information technology systems and infrastructure to support its operations and initiatives; (ix) the impact of labor matters, including the Company’s ability to align staffing levels to support the Company’s schedules, on the Company's results of operations, business decisions, plans, and strategies; and (x) other factors, as described in the Company's filings with the Securities and Exchange Commission, including the detailed factors discussed under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2020.

Notice Regarding Third Party Content This presentation may contain information obtained from third parties, including ratings from credit ratings agencies such as S&P Global Ratings. Reproduction and distribution of third party content in any form is prohibited except with the prior written permission of the related third party. Third party content providers do not guarantee the accuracy, completeness, timeliness or availability of any information, including ratings, and are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or for the results obtained from the use of such content. Third party content providers give no express or implied warranties, including, but not limited to, any warranties of merchantability or fitness for a particular purpose or use. Third party content providers shall not be liable for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including lost income or profits and opportunity costs or losses caused by negligence) in connection with any use of their content, including ratings. Credit ratings are statements of opinions and are not statements of fact or recommendations to purchase, hold or sell securities. They do not address the suitability of securities or the suitability of securities for investment purposes, and should not be relied on as investment advice.

2 Company Overview

3 Purpose and Vision Deliver an efficient operation with a highly- Purpose: Connect engaged workforce people to what’s Offer Customers low fares, convenient important in their flights, and industry- lives through friendly, leading Customer Service reliable, low-cost air Invest in airplanes travel. and People to grow and develop market leadership Vision: To become the world’s most loved, most efficient, and most profitable Drive Customer Generate profit and loyalty and grow airline. strengthen financial share position of wallet

Our successful business model starts with an efficient operation and highly-engaged Employees. This combination makes Southwest unique and has produced the U.S. airline industry’s most successful low-cost, low-fare, growth carrier for nearly five decades 4 Unparalleled brand consistently loved by Customers

Unmatched profitability record in the U.S. airline industry with cost discipline and a strong balance sheet

Outstanding Customer Service and Hospitality that drives brand loyalty and recognition

The best People and Culture in the industry

Low fares and a robust point-to-point network that support market leadership and non-stop service

Reliable, efficient, low-cost operations

5 Robust point-to-point, non-stop route network

2010 2021

Including the AirTran acquisition in 2011, added 51 airports to the Southwest route network since 2010, now serving 14 near-international destinations in 10 countries

Source: Diio Mi. Diio scheduled for FY2021 as of 6/8/21. 6 Note: Includes some seasonal/less than daily routes, one announced airport that has not yet been published (BLI), and four international stations with suspended service (BZE, GCM, NAS, and PLS). Announced 17 new airports Pursuing new revenue opportunities by utilizing idle aircraft and Employees; enhancing options in large metro areas and adding new leisure destinations

New airport timeline and map with service launch date Airports announced in 2020 and 2021

Nov BLI Bellingham, WA Miami Palm Springs 2H 2021 Dec EUG Eugene, OR 8/29/21 Steamboat Springs Telluride BZN Bozeman, MT Seasonal 5/27/21 ✔ Jan 2021 MTJ Telluride, CO Seasonal 12/19/20 ✔ HDN Steamboat Springs, CO ORD Chicago (O’Hare), IL Feb FAT Fresno, CA 12/19/20 ✔ 2/14/21 ✔ Chicago (ORD) Sarasota 4/25/21 ✔

Mar SBA Santa Barbara, CA Savannah Colorado Springs COS Colorado Springs, CO 4/12/21 ✔ 3/11/21 ✔ MYR Myrtle Beach, SC Apr 5/23/21 ✔ Houston (IAH) Santa Barbara PSP Palm Springs, CA JAN Jackson, MS Fresno 11/15/20 ✔ 6/6/21 ✔ May Destin/Ft. Walton Beach SAV Savannah, GA IAH Houston (Bush), TX 3/11/21 ✔ Myrtle Beach 4/12/21 ✔ VPS Destin, FL Jun Bozeman 5/6/21 ✔ MIA Miami, FL

1 11/15/20 ✔ Jackson City access via new co-terminals SRQ Sarasota, FL New sources of Customers 2/14/21 ✔ 2H Eugene Bellingham New leisure destinations Station placement illustrative, map not to scale

7 1Co-terminal: Airports that share a common city or region; for example, Baltimore, Washington Reagan, and Washington Dulles are considered co-terminals to one another. Strong presence in top business and leisure markets

Market leader in top 50 U.S. metro areas1

22

10 6 4 3 2 2 SWA AAL DAL UAL ALK JBLU HA ALGT SAVE

Legacy LCC ULCC

Southwest has 22% of total domestic market share and is the market leader in 22 of the top 50 U.S. metro areas1 (including co-terminal airports2). International operations represent <5% of total capacity3

Source: Data presented herein as measured by the U.S. DOT O&D Survey for the twelve months ended December 31, 2020 based on domestic originating passengers boarded. O&D stands for Origin and Destination. 1Metro areas: A geographic area around a city that includes multiple major airports. In some cases, the airports within a metro area may serve separate markets. 8 2Co-terminal: Airports that share a common city or region; for example, Baltimore, Washington Reagan, and Washington Dulles are considered co-terminals to one another. 3As of December 31, 2020. Financial preparedness has been our enduring strength

Southwest remained profitable for 47 consecutive years through 2019, prior to the COVID-19 pandemic. Our preparedness was due to a balanced approach:

Financial Operations Strategy Culture • Investment-grade • Prudent • Robust point-to- • Low-cost mindset balance sheet investments and point, non-stop with focus on • Ample cash and growth rate network Culture and modest debt • Balance between • Sustainable empowering Employees • Sensible financial market expansion business model commitments opportunities, • All Boeing 737 fleet • History of no pay operational cuts, furloughs, or • Consistent reliability, and • Reliable, efficient layoffs Shareholder returns financial returns operations

Southwest entered the COVID-19 crisis prepared with the U.S. airline industry’s strongest balance sheet and business model; tremendous fleet flexibility; meaningful fuel hedging protection with no floor risk; and ability to be nimble in uncertain environments

9 Updating strategic plan In process of updating strategic plan with initiatives for next five years

Aggressive expansion of our route network, having opened or announced 17 new airports since the pandemic began

Launch of Global Distribution System (GDS) access for corporate travelers

Acceleration of fleet modernization to replace older 737-700 aircraft with the MAX, reduce carbon emissions

Development of steps to support environmental sustainability goal to be carbon neutral by 2050

10 Recent Updates

11 Steps taken in 2020 to address impacts from COVID-19 Focus Areas Actions • Significantly reduced capacity Capacity • Continuously monitored demand and booking trends and adjusted capacity on an ongoing basis

• Reduced annual 2020 cash outlays and spending by ~$8 billion compared with original plans • Voluntary Separation Program and Extended Emergency Time Off Program; approximately 25% of workforce participating resulting in $1.1 billion to $1.2 billion in cost savings in 2021 Reduce Costs • Canceled or deferred hundreds of capital spending projects, cut discretionary spending, and modified vendor and supplier payment terms • Reduced combined 2020 and 2021 CapEx by ~$5.5B compared with original plans

• Raised $18.9 billion (net of transaction fees) in 2020: $13.4 billion in debt issuances and sale- Preserve leaseback transactions, $2.2 billion through a common stock offering, and $3.4 billion of PSP Liquidity and proceeds1 Cash • Repaid $5.5 billion of debt during 2020; Fully available $1.0 billion revolving credit line • Pursuing additional revenue opportunities that utilize idle aircraft and Employees New Revenue • Added a total of 17 new airports that have either been opened or announced since the Opportunities beginning of the pandemic • GDS participation live with Travelport and Amadeus; Sabre to be live by Labor Day 2021 • Southwest Promise—additional cleaning practices; physical-distancing procedures; required Employees face masks; additional policies for our Employees to protect themselves and safely transport and our Customers; science-based approach Customers • Customer policy changes: extended flight credits and status

1Amounts received pursuant to the Payroll Support Program (the “PSP”) under the CARES Act were utilized to directly offset payroll expenses incurred by the Company, including specified benefits, between April 2020 and September 2020. For further information regarding the PSP, refer to the Company’s Forms 8-K filed April 21, 2020, June 1, 2020, June 30, 2020, July 31, 2020, and September 30, 2020. In January 2021, the Company entered into definitive documentation with the U.S. Treasury for further payroll support under the Consolidated Appropriations Act, 2021 (the "PSP Extension"). Refer to the Company’s Forms 8-K filed on January 15, 2021 and March 5, 2021 for further information regarding the PSP Extension. In April 2021, the Company entered into definitive 12 documentation with the U.S. Treasury with respect to funding support pursuant to the American Rescue Plan Act of 2021 (the “ARP”). Refer to the Company’s Form 10-Q filed on April 27, 2021 and Form 8-K filed on June 3, 2021 for further information regarding funding under the ARP. First quarter 2021 financial results

(51.5)% (34.5)% (26.0)% operating available seat RASM, y/y revenues, y/y miles, y/y

$(1.0)B $(1.72) 23.4% net loss1 loss per non-fuel diluted share1 CASM1,2, y/y

$13M $24M 64.3% average daily Profitsharing load factor core cash burn3

1Excluding special items. 2Excluding profit sharing. 3Average daily core cash burn is calculated as Loss before income taxes, non-GAAP, adjusted for Depreciation and amortization expense; capital expenditures; and adjusted amortizing debt service payments; divided by the number of days in the period. The Company utilizes average daily core cash burn to monitor the performance of its core business as a proxy for its 13 ability to achieve sustainable cash and profit break-even results. Refer to the Company’s Form 8-K filed on April 22, 2021, for further information. Note: See reconciliation of reported amounts to non-GAAP financial measures. Restructured Boeing 737 order book

(a)

(b) (c)

Our restructured order book allows us to preserve the low-cost advantages of a single fleet type, and the balance of firm orders and options—along with flexibility with 737-700 retirement plans—allows the opportunity to manage our fleet needs over the next decade

(a) Includes 20 737 MAX 8s delivered as of March 31, 2021, consisting of 12 owned and 8 leased aircraft. 14 (b) The Company has flexibility to designate firm orders or options as MAX 7 or MAX 8, upon written advance notification as stated in the contract. (c) These 9 additional MAX 8 aircraft are leases from various third parties. The Southwest Promise A multi-layered approach to protecting public health

15 Sustaining a strong financial position for the future

 Cash and short-term investments of $16.6 billion as of June 7, 2021, and a fully available revolving credit facility of $1.0 billion  Leverage of 57 percent  Maintained investment-grade rating for 30+ years and is currently the only U.S. airline with an investment-grade rating by all three rating agencies  May 2021 average daily cash burn of ~$2 million, and average daily cash flow of ~$4 million including certain changes in working capital1  Second quarter 2021 average daily core cash burn estimated to be in the range of $1 million to $2 million  Based on current booking trends and cost outlook, we expect to achieve breakeven average core cash flow, or better, in June 2021

1Cash burn is a supplemental measure that most U.S. airlines began providing in 2020 to measure liquidity in light of the negative financial effects of the pandemic. Average daily core cash burn is calculated as Loss before income taxes, non-GAAP, adjusted for Depreciation and amortization expense; capital expenditures; and adjusted amortizing debt service payments; divided by the number of days in the period. The Company utilizes average daily core cash burn to monitor the performance of its core business as a proxy for its ability to achieve sustainable break- even or positive results on a cash basis. Given that the Company’s cash burn calculation is derived from Loss before income taxes, non-GAAP, the Company excludes the following items in its calculation of average core cash burn: financing transactions; Payroll Support Program proceeds; voluntary separation and extended emergency time off program payments; and other changes in working capital. Cash burn methodology varies by airline, and the Company’s average daily core cash burn may differ materially by utilizing cash burn calculations that adjust for changes in working capital. Average core cash burn projections do not reflect the potential impact of special items because the Company cannot reliably predict or estimate those items or 16 expenses or their impact to its financial statements in future periods. Accordingly, the Company believes a reconciliation of non-GAAP financial measures to the equivalent GAAP financial measures for projected results is not meaningful or available without unreasonable effort. . Southwest has prudently enhanced its liquidity position

Cash Balance ($ in billions)1

14.8

1.0 17.6 0.2 16.6 1.1 0.1 2.1 (3.7) 0.4 1.7 (1.0) 14.5 14.6 14.3 (1.5) 13.3 (1.1) (0.5) (0.7) (0.8)

5.5

1Q2020 Capital raised 3 364-Day RCF Payoff Cash Flow 2Q2020 CARES Unsecured Aircraft Cash Flow 3Q2020 2020 Bond Cash Flow 4Q2020 CARES Cash Flow 1Q2021 Cares Act Cash Flow 6/7 cash RCF As Adjusted Term Loan (Burn) Act PSP Offering Net Financing (Burn) Maturity (Burn) Act PSP2 (Burn) PSP2/3 (Burn) balance availability Liquidity 2 Payoff Proceeds Proceeds 4 Proceeds Proceeds Proceeds

1Represents the amount of cash, cash equivalents, and short-term investments. 2Represents the total as adjusted liquidity as of June 7, 2021. 3Net Proceeds from 80.5MM shares (post-greenshoe) of Common Stock issuance offered at $28.50 per share on April 28, 2020, $2.3Bn Convertible Notes issuance (post-greenshoe) on April 28, 17 2020, $2.0Bn unsecured notes offering on May 4, 2020, and $1.8Bn unsecured notes offering on June 8, 2020. The proceeds displayed are after associated fees and expenses. 4Net Proceeds from the $1.0Bn unsecured notes offering after associated fees and expenses. Note these offerings issued at a premium. The unsecured notes offering closed on July 31, 2020. Sustained high net margins prior to COVID-19

2019 net margin 15%

10%

12.6% 5% 10.3% 10.1% 8.8% 8.8% 7.9% 7.0% 7.0%

3.7%

0% SWA DAL UAL AAL ALK HA JBLU ALGT SAVE

Legacy LCC ULCC

18 Source: Based on company research calculated as net income divided by operating revenues, as reported in each respective airline’s 2019 Form 10-K. Proven ability to maintain reliable operations and control costs Domestic operating expenses per ASM, ex-fuel 50.00 45.00 Southwest Legacy 1 40.00 LCC 2 ULCC3 35.00 30.00

(in (in cents) 25.00 20.00 15.00 10.00 5.00 - 2012 2020

Southwest business model and point-to-point network provide sustainable, long-term unit cost advantages compared with the majority of the domestic airline industry 1Legacy airlines: Trans World, American, US Airways, Northwest, Delta, Continental, United, America West (post-American merger) 2LCC airlines: JetBlue, Alaska, Virgin America, America West (pre-AA merger), AirTran (pre-Southwest merger) 3ULCC airlines: Spirit, Frontier, Allegiant 19 Source: DOT form 41 and T100 data, through December 31, 2020. 2012 is as of 4Q12; 2020 is as of 4Q20. Estimated unit costs have been stage-length adjusted to Southwest’s average 2017 stage-length, represents domestic mainline. Leading the U.S. airline industry in Customer Service

In 2020…

Southwest produced the Southwest produced its Southwest generated its best Customer Satisfaction best annual ontime best-ever annual ranking among Marketing performance since 2003 baggage handling Carriers results

Customer Satisfaction ranking among Marketing Carriers 2018 2019 2020 #1 #1 #1

Southwest has set the bar high for customer satisfaction, earning the DOT’s best ranking among Marketing Carriers for 27 of the past 30 years

Source: Department of Transportation (DOT) Air Travel Consumer Report (ATCR). The DOT ranks all U.S. carriers based on the lowest ratio complaints per 100,000 passengers enplaned. Note: Southwest earned the best Customer Satisfaction ranking among U.S. Marketing Carriers with the lowest ratio of complaints to the DOT per 100,000 enplaned passengers for 2018, 2019, and 2020. A Marketing Carrier is an airline that advertises under a common brand name, sells reservations, manages frequent flyer programs, and is ultimately responsible for the 20 airline’s consumer policies. Operating Carriers only handle the flight operations, passenger check-in/boarding, and baggage handling for the respective Marketing Carriers they serve— Operating Carriers are not responsible for DOT complaints related to policies, procedures, and advertising associated with the Marketing Carrier’s brand. Pillars of our strength position us strongly amidst impact from COVID-19 pandemic

1 Robust Network with Strong Presence in Many Attractive Metro Areas

2 Unparalleled Brand and Customer Loyalty with Award-Winning Rapid Rewards Program

3 Highly Defensible, Low Fare, Point-to-Point Network

Large Fleet of Modern Boeing 737s, Industry ‘Workhorses’, 4 a Substantial Portion of Which are Unencumbered

5 Proven Ability to Maintain Reliable Operations and Control Costs & Capex

Organic Growth Opportunities: New Destinations, 6 Densifying Existing Network, Reservation System, and GDS1

7 Commitment to Strong Balance Sheet with Sustainable Debt Balance and Significant Liquidity

21 1Global Distribution System Proven Leadership Team

GARY C. KELLY TOM NEALON MIKE VAN DE VEN Chairman of the Board & President Chief Operating Officer Chief Executive Officer 8 years at Southwest 28 years at Southwest 34 years at Southwest 5 years on Southwest’s Board of Directors

BOB JORDAN TAMMY ROMO MARK SHAW Executive Vice President Executive Vice President & Executive Vice of Corporate Services Chief Financial Officer President, Chief Legal 33 years at Southwest 29 years at Southwest and Regulatory Officer 20 years at Southwest

ANDREW WATTERSON ALAN KASHER Executive Vice President Executive Vice President and Chief Commercial Daily Operations Officer 20 years at Southwest 7 years at Southwest

22 Non-GAAP reconciliation

23 Non-GAAP reconciliation (continued)

(a) Tax amounts for each individual special item are calculated at the Company's effective rate for the applicable period and totaled in this line item. (b) Adjustment related to GAAP and Non-GAAP diluted weighted average shares difference, due to the Company being in a Net income position on a GAAP basis versus a Net loss position on a Non-GAAP basis.

24 25