Franklin Templeton Reports 10.2% Beneficial Ownership in Southwest Airlines

Executive Overview

On October 7, 2026, Franklin Templeton, Inc. (together with affiliated entities and principal shareholders) filed Amendment No. 5 to Schedule 13G with the SEC regarding its holdings in Southwest Airlines Co ($LUV). As of September 30, 2026, Franklin Templeton reported aggregate beneficial ownership of 49,730,439 shares of Southwest Airlines common stock, representing 10.2% of the class.

Reporting Persons and Breakdown

• Franklin Templeton, Inc. (Parent Holding Company): Deemed beneficial owner of 49,730,439 shares (10.2%). It reports sole voting power over 49,685,582 shares, sole dispositive power over 49,730,173 shares, and shared dispositive power over 266 shares.
• Putnam Investment Management, LLC: Reported beneficial ownership of 37,056,435 shares (7.6%), with sole voting power over 37,011,944 shares and sole dispositive power over 37,056,435 shares.
• The Putnam Advisory Company, LLC: Reported sole voting power over 11,946,963 shares and sole dispositive power over 11,946,697 shares.
• Charles B. Johnson & Rupert H. Johnson, Jr.: Reported 0 shares held directly; beneficial ownership is disclaimed in individual capacities except through principal shareholder status at the parent company level.

Strategic and Market Context

This filing was submitted pursuant to Rule 13d-1(b), certifying that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer. Because this is an institutional passive holding update by an asset manager managing accounts for mutual funds and client portfolios, the filing carries low immediate market-moving significance.