The following are the key points of the Southwest Airlines ticket refund policy:
Not every ticket sold by Southwest Airlines is refundable. Wanna Get Away fares are reusable but not refundable when a Southwest Airlines flight is cancelled, however Anytime and Business Select fares are totally refundable and reusable.
If Southwest Airlines cancel a flight, a refund for the unused portion of the ticket will be given.
If there are no restrictions on the refundable tickets, they can be used for future travel or for the cancellation of a flight reservation within a year of the date of issuance.
The original form of payment would receive credit for any original flight refunds.