Southwest Airlines Co. (LUV) Presents at Morgan Stanley's 14th Annual Laguna Conference Transcript

Southwest Airlines Co. ( LUV ) Morgan Stanley's 14th Annual Laguna Conference September 16, 2026 3:20 PM EDT Company Participants Tom Doxey - Executive VP & CFO Conference Call Participants Ravi Shanker - Morgan Stanley, Research Division Presentation Ravi Shanker Morgan Stanley, Research Division Great. Let us switch back to airlines content now and very happy to have at Laguna again, Southwest Airlines and CFO, Tom Doxey. Tom, welcome to Laguna. Tom Doxey Executive VP & CFO Thanks. Really good to be here. Question-and-Answer Session Ravi Shanker Morgan Stanley, Research Division Absolutely. You guys have been the idiosyncratic story of the industry for the last couple of years now. Obviously, so much going on, a, with macro, b, at Southwest as well. Maybe just to at a high level kind of, how do you spend your time? Kind of what's the split between looking internally? What's the split between refreshing the price chart on the jet fuel versus other macro stuff? Tom Doxey Executive VP & CFO Yes. We'll focus on controlling the things that we can control. And I think we've done really a really good job at that. I mean you mentioned the initiatives. You look at those initiatives that we've rolled in over the last 18 months or so. We were actually asked this morning in one of the investor meetings, okay, we'll talk about one of the ones that didn't go like you thought it would. And as we went through them, they all came in on time, and they all have either met or exceeded the financial estimates that we have put out there. And we've done it also with maintaining the things that have been core to Southwest for 50-plus years now around hospitality and the culture and the customer centricity. We're seeing record numbers for people coming to us now.