Southwest Airlines (NYSE: LUV) released an investor update last week, citing strong leisure travel demand and signs that business travel might be ramping up. The stock is trading more than 45% off its highs from last year, but the company just broke its quarterly profit record in the second quarter of this year.

So is it time to buy the dip on this airline stock? Let's take a closer look at Southwest and the company's current trajectory.

Southwest is the largest low-cost carrier by fleet size in the world. Operating 726 aircraft, the company also claims the fourth-largest fleet in the world, behind American Airlines, Delta Air Lines, and United Airlines.

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Source Fool.com