[solved] What can you learn from the Business Section of the 10-K

Answer: Item 1 Business describes the company’s business. It starts with the sentence, “Southwest Airlines Co. (the “Company” or “Southwest”) operates Southwest Airlines, a major passenger airline that provides scheduled air transportation in the United States and near-international markets. For the 43rd consecutive year, the Company was profitable, earning $2.2 billion in net income.” The business model is one of point to point service rather than hub and spoke that defines most of the industry. There is information on International Service, cost structure and even fuel strategy. Among many other facts, the fare structure is described (Wanna Get Away, Fly Anytime and Business Select). There is information about competition and long descriptions of regulation. In Item 1A, Risk, there are description if 16 major risks and some lesser risks including the effect of the economy and the threat of war, terrorist attacks and political instability. The business section begins on page 4 and ends on page 28.
Southwest information from:
https://www.sec.gov/Archives/edgar/data/92380/000009238016000175/luv-12312015x10k.htm#s33F2C1321617BA7BB9B30236ED8E4834