Alaska Air Group financial results 2026: revenue, margins, RASM, CASMex & fleet

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Company-reported performance, unit economics, balance-sheet and fleet metrics from FY2022 to the latest published period. Metrics are in the same order as the Airline Comparison tool.

— metrics in this profile FY2022 → Q2 2026 Updated — Next results —

At a glance

Latest reported period

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RReportedDirect company disclosure CCalculatedDerived from company figures GGroup-levelBroader than the airline entity DCompany-definedNon-standard measure —Missing dataNot stored, not disclosed or not applicable; see each cell

Analysis

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More detail

Additional disclosures

Guidance vs actual

Did the airline deliver?

What management guided at the start of each financial year compared with what was reported. Within the guided range = met; for cost metrics, below the range = beat.

Fleet & orders

Fleet composition

Key events

What moved the numbers

Peers

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FAQ

Frequently asked questions

Methodology

How to read this page

Every figure keeps the company’s own reporting period, currency, entity scope and terminology. Partial periods are not annualised, currencies are not converted and missing KPIs are not estimated. Core metrics follow the Airline comparison tool.

  1. Fiscal years are labelled by the calendar year in which they end (a year to 31 Mar 2025 appears as FY2025). The exact period end is shown in the first row, with a link to the source document.
  2. Quarters follow the company’s reporting calendar; the company’s own label is noted beneath the period.
  3. YoY change compares with the same period one year earlier: % change for amounts, percentage points (pp) for ratios. Green means favourable (for costs, a fall is favourable). n.m. = not meaningful.
  4. Operating margin uses operating profit or EBIT ÷ revenue. EBITDA, EBITDAR and their margins are separate disclosures and are not substitutes for operating profit or margin. Company-defined measures keep their source labels (marked D).
  5. Sources: annual reports, interim results and traffic statements. See Data & Research.

Quick answers

Is Alaska Air Group profitable?

Yes. Alaska Air Group reported an operating profit of $303m in FY2025 (year to 31 Dec 2025), a 2.1% margin. In its latest reported period, it reported an operating profit of $82m in Q3 2026 (to 30 Sep 2026), a 1.9% margin.

What was Alaska Air Group’s revenue in 2025?

Alaska Air Group reported revenue of $14.239bn in FY2025 (year to 31 Dec 2025). For Q3 2026 (to 30 Sep 2026) it reported revenue of $4.308bn.

Company-reported figures from our airline database. Definitions, currencies and reporting periods differ between airlines; see the tables on this page and the comparison tool for detail.

Text version of the Alaska Air Group data on this page

Alaska Air Group data snapshot

  • Scope: Alaska Air Group (Alaska Airlines, Hawaiian Airlines from 18 Sep 2024, Horizon Air)
  • Region: North America
  • Business model: Global network group
  • Financial year end: 31 Dec
  • Reporting currency: USD
  • Source: SEC earnings releases
  • Latest period: Q2 2026
  • Last updated: 2026-09-27

Latest read

Alaska Air Group grew Q2 2026 revenue 10% to $4.07 billion, with RASM up 8.6%, but fuel at $4.43 a gallon, up 85%, turned a $277 million operating profit into a $168 million loss. Leverage rose to 4.8x adjusted net debt to EBITDAR, and the group gave only Q3 guidance: adjusted EPS of $0.00 to $1.00.

Reported metrics by period

Annual results

  • FY2025 (FY2025 · 31 Dec 2025): Passengers: 58.6m (+19.1% YoY; first full year with Hawaiian); Revenue: $14.239bn (+21% YoY); Operating profit / result: $303m op. (Operating income; −47% YoY); Operating margin: 2.1% (Operating income ÷ revenue; adjusted pretax margin 2.8%) [Calculated]; Load factor: 82.9% (−1.0pt YoY); Net profit: $100m (GAAP net income; adjusted $293m); Capacity / ASK: 93.0bn ASM (+22.1% YoY); RASK / yield: 15.32¢ RASM (−0.6% YoY); CASK ex-fuel: 11.42¢ CASMex (+5.7% YoY) [Defined]; Fuel cost: $2.52/gal (Economic fuel cost); Cash / liquidity: $2.12bn (Unrestricted cash and marketable securities); Net debt / cash / leverage: $6.89bn total debt (Incl. leases; debt-to-cap 61%); Net debt ÷ EBITDA: 3.0x (Adjusted net debt ÷ EBITDAR) [Defined]; Capital expenditure: $1.588bn (2025); Free cash flow: −$339m (Operating cash flow $1.249bn less capex) [Calculated]; Fleet size: 413 (Year end). Source: Alaska Air Group Q4 2025 results.
  • FY2024 (FY2024 · 31 Dec 2024): Passengers: 49.2m (Includes Hawaiian from 18 Sep 2024); Revenue: $11.735bn (Total operating revenue); Operating profit / result: $570m op. (Operating income); Operating margin: 4.9% (Operating income ÷ revenue; adjusted pretax margin 7.1%) [Calculated]; Load factor: 83.9% (Annual); Net profit: $395m (GAAP net income; adjusted $625m); Capacity / ASK: 76.2bn ASM (Annual); RASK / yield: 15.41¢ RASM (Annual); CASK ex-fuel: 10.80¢ CASMex (Company non-GAAP measure) [Defined]; Fuel cost: $2.74/gal (Economic fuel cost); Cash / liquidity: $2.48bn (Unrestricted cash and marketable securities); Net debt / cash / leverage: $6.39bn total debt (Incl. leases; debt-to-cap 58%); Net debt ÷ EBITDA: 2.4x (Adjusted net debt ÷ EBITDAR) [Defined]; Fleet size: 392 (Year end). Source: Alaska Air Group Q4 2025 results (2024 comparatives).
  • FY2023 (FY2023 · 31 Dec 2023): Passengers: 44.6m (Revenue passengers); Revenue: $10.426bn (Record operating revenue); Operating profit / result: $394m op. (Operating income); Operating margin: 3.8% (Operating income ÷ revenue; adjusted pretax margin 7.5%) [Calculated]; Load factor: 83.7% (Annual); Net profit: $235m (GAAP net income; adjusted $583m); Capacity / ASK: 68.5bn ASM (Annual); RASK / yield: 15.21¢ RASM (Annual); CASK ex-fuel: 10.14¢ CASMex (Company non-GAAP measure) [Defined]; Fuel cost: $3.21/gal (Economic fuel cost); Cash / liquidity: $1.79bn (Unrestricted cash and marketable securities). Source: Alaska Air Group Q4 2023 results.
  • FY2022 (FY2022 · 31 Dec 2022): Passengers: 41.5m (Revenue passengers); Revenue: $9.646bn (Total operating revenue); Operating profit / result: $70m op. (Operating income); Operating margin: 0.7% (Operating income ÷ revenue; adjusted pretax margin 7.6%) [Calculated]; Load factor: 84.5% (Annual); Net profit: $58m (GAAP net income; adjusted $556m); Capacity / ASK: 60.8bn ASM (Annual); RASK / yield: 15.87¢ RASM (Annual); CASK ex-fuel: 10.41¢ CASMex (Company non-GAAP measure) [Defined]; Fuel cost: $3.42/gal (Economic fuel cost); Cash / liquidity: $2.42bn (Unrestricted cash and marketable securities). Source: Alaska Air Group Q4 2023 results (2022 comparatives).

Quarterly and interim results

  • Q2 2026 (Q2 2026 · 30 Jun 2026): Passengers: 15.1m (−1.2% YoY); Revenue: $4.065bn (+10% YoY); Operating profit / result: −$168m op. (Operating loss; Q2 2025: +$277m); Operating margin: −4.1% (Operating loss ÷ revenue; adjusted pretax margin −4.3%) [Calculated]; Load factor: 82.3% (−1.6pt YoY); Net profit: −$76m (GAAP; adjusted −$102m (−$0.92 per share)); Capacity / ASK: 24.3bn ASM (+1.0% YoY); Revenue passenger km (RPK): 20.0bn RPM (−0.8% YoY); RASK / yield: 16.72¢ RASM (+8.6% YoY); Yield: 18.21¢ (+9.6% YoY); CASK ex-fuel: 11.40¢ CASMex (+6.5% YoY; about 2.5pt transitory) [Defined]; Fuel cost: $1.305bn ($4.43/gal, +85% YoY); Passenger revenue: $3.644bn (+9% YoY); Ancillary revenue: $258m loyalty other revenue (+23% YoY); Profit before tax: −5.3% pretax margin (GAAP); Cash / liquidity: $2.66bn (Unrestricted cash and securities; $3.8bn total liquidity); Net debt / cash / leverage: $6.24bn total debt (Incl. leases; debt-to-cap 65%); Net debt ÷ EBITDA: 4.8x (Adjusted net debt ÷ EBITDAR) [Defined]; Shareholders’ equity: $3.670bn (Shareholders’ equity); Fleet size: 422 (Operating fleet incl. capacity purchase); Fleet growth / guidance: +2% to +3% ASM (Q3 2026 guidance; no full-year guidance given) [Defined]. Source: Alaska Air Group Q2 2026 results.
  • Q1 2026 (Q1 2026 · 31 Mar 2026): Passengers: 13.3m (H1 2026 less Q2) [Calculated]; Revenue: $3.300bn (H1 2026 less Q2) [Calculated]; Operating profit / result: −$279m op. (H1 2026 less Q2) [Calculated]; Operating margin: −8.5% (Operating loss ÷ revenue) [Calculated]; Net profit: −$193m (H1 2026 less Q2) [Calculated]; Capacity / ASK: 21.6bn ASM (H1 2026 less Q2) [Calculated].
  • Q4 2025 (Q4 2025 · 31 Dec 2025): Passengers: 14.4m (+0.1% YoY); Revenue: $3.632bn (+3% YoY); Operating profit / result: $75m op. (Operating income); Operating margin: 2.1% (Operating income ÷ revenue; adjusted pretax margin 1.8%) [Calculated]; Load factor: 81.5% (−2.3pt YoY); Net profit: $21m (GAAP; adjusted $50m); Capacity / ASK: 23.2bn ASM (+2.2% YoY); RASK / yield: 15.63¢ RASM (+0.6% YoY); CASK ex-fuel: 11.72¢ CASMex (+1.3% YoY) [Defined]. Source: Alaska Air Group Q4 2025 results.
  • Q3 2025 (Q3 2025 · 30 Sep 2025): Passengers: 15.9m (FY2025 less Q1, Q2 and Q4) [Calculated]; Revenue: $3.766bn (FY2025 less Q1, Q2 and Q4) [Calculated]; Operating profit / result: $148m op. (FY2025 less Q1, Q2 and Q4) [Calculated]; Operating margin: 3.9% (Operating income ÷ revenue) [Calculated]; Net profit: $73m (FY2025 less Q1, Q2 and Q4) [Calculated].
  • Q2 2025 (Q2 2025 · 30 Jun 2025): Passengers: 15.2m (Revenue passengers); Revenue: $3.704bn (Quarter); Operating profit / result: $277m op. (Operating income); Operating margin: 7.5% (Operating income ÷ revenue; adjusted pretax margin 8.0%) [Calculated]; Load factor: 83.9% (Quarter); Net profit: $172m (GAAP; adjusted $215m); Capacity / ASK: 24.1bn ASM (Quarter); RASK / yield: 15.39¢ RASM (Quarter); CASK ex-fuel: 10.70¢ CASMex (Company non-GAAP measure) [Defined]. Source: Alaska Air Group Q2 2026 results (comparatives).

Sources