Financials

Alaska Air Group Inc. financials

ALK Passenger Airlines

Alaska Air Group Inc., founded in 1985 and headquartered in SeaTac, Washington, United States, operates Alaska Airlines and Horizon Air to serve a broad domestic market on the West Coast and beyond. It earns revenue through ticket sales, ancillary services, and cargo operations while benefiting from a robust loyalty program like Mileage Plan. Led by CEO Ben Minicucci since 2021, the company is consistently ranked among the top U.S. carriers in customer satisfaction. With plans for fleet modernization and network expansion, Alaska Air Group is positioning itself for steady growth in a competitive industry.

Snapshot

Alaska Air Group Inc. reported $14.24B in revenue in fiscal 2025, up 21.3% year over year, with an operating margin of 2.1%.

Revenue (FY2025): $14.24B
YoY growth: +21.3%
Operating margin: 2.1%
Direction: Expanding

Financial statements

In thousands, USD
	FY 2025	FY 2024	FY 2023	FY 2022
Total Revenues	14,239,000	11,735,000	10,426,000	9,646,000
Cost of Sales	11,426,000	9,034,000	8,106,000	7,569,000
Gross Profit	2,813,000	2,701,000	2,320,000	2,077,000
Selling, General & Administrative Expenses	407,000	349,000	303,000	295,000
Depreciation & Amortization Expenses	795,000	583,000	451,000	415,000
Other Operating Expenses	1,308,000	1,199,000	1,172,000	1,297,000
Operating Profit	303,000	570,000	394,000	70,000
Interest and Investment Income	131,000	130,000	107,000	67,000
Interest Expense	(272,000)	(171,000)	(121,000)	(108,000)
Non-Operating Income	(16,000)	16,000	(57,000)	50,000
Total Non-Operating Income	(157,000)	(25,000)	(71,000)	9,000
Income Before Provision for Income Taxes	146,000	545,000	323,000	79,000
Provision for Income Taxes	46,000	150,000	88,000	21,000
Consolidated Net Income	100,000	395,000	235,000	58,000
Net Income Attributable to Common Shareholders	100,000	395,000	235,000	58,000
Basic EPS	0.85	3.13	1.84	0.46
Diluted EPS	0.83	3.08	1.83	0.45
Basic Weighted Average Shares Outstanding	118,171	126,136	127,375	126,657
Diluted Weighted Average Shares Outstanding	119,926	128,372	128,708	127,899
Shares Outstanding	115,531	123,119	126,090	127,534

In thousands, USD
	FY 2025	FY 2024	FY 2023	FY 2022
Cash and Cash Equivalents	655,000	1,230,000	281,000	338,000
Short-Term Investments	1,496,000	1,274,000	1,510,000	2,079,000
Total Cash and Cash Equivalents	2,151,000	2,504,000	1,791,000	2,417,000
Accounts Receivable	565,000	558,000	383,000	296,000
Total Trade Receivables	565,000	558,000	383,000	296,000
Inventories	203,000	199,000	116,000	104,000
Other Current Assets	347,000	499,000	415,000	223,000
Total Current Assets	3,266,000	3,760,000	2,705,000	3,040,000
Net Property, Plant & Equipment	13,125,000	12,077,000	9,583,000	8,728,000
Net Intangible Assets	815,000	873,000	90,000	—
Goodwill	2,723,000	2,724,000	1,943,000	2,038,000
Other Long-Term Assets	432,000	334,000	292,000	380,000
Total Assets	20,361,000	19,768,000	14,613,000	14,186,000
Accounts Payable	324,000	186,000	207,000	221,000
Accrued Expenses	1,936,000	1,998,000	1,384,000	1,465,000
Current Portion of Long-Term Debt	721,000	450,000	289,000	276,000
Current Portion of Leases	197,000	207,000	222,000	228,000
Unearned Revenue	1,722,000	1,592,000	1,221,000	1,123,000
Other Current Liabilities	1,689,000	1,712,000	1,136,000	1,180,000
Total Current Liabilities	6,589,000	6,145,000	4,459,000	4,493,000
Long-Term Debt	4,834,000	4,538,000	2,182,000	1,883,000
Leases	1,141,000	1,198,000	1,125,000	1,393,000
Other Long-Term Liabilities	3,679,000	3,515,000	2,734,000	2,601,000
Total Long-Term Liabilities	9,654,000	9,251,000	6,041,000	3,994,000
Total Liabilities	16,243,000	15,396,000	10,500,000	8,487,000
Common Stock	1,000	1,000	1,000	1,000
Treasury Stock	(1,701,000)	(1,131,000)	(819,000)	(674,000)
Additional Paid-in Capital	961,000	811,000	695,000	577,000
Accumulated Other Comprehensive Income	(173,000)	(239,000)	(299,000)	(388,000)
Retained Earnings	5,030,000	4,930,000	4,535,000	4,300,000
Total Common Shareholders' Equity	4,118,000	4,372,000	4,113,000	3,816,000
Total Shareholders' Equity	4,118,000	4,372,000	4,113,000	3,816,000
Total Liabilities and Shareholders' Equity	20,361,000	19,768,000	14,613,000	14,186,000

In thousands, USD
	FY 2025	FY 2024	FY 2023	FY 2022
Net Income	100,000	395,000	235,000	58,000
Depreciation & Amortization	795,000	583,000	451,000	415,000
Share-Based Compensation Expense	10,000	63,000	85,000	42,000
Other Adjustments	98,000	65,000	503,000	518,000
Changes in Trade Receivables	(4,000)	(128,000)	(19,000)	(45,000)
Changes in Unearned Revenue	154,000	179,000	62,000	156,000
Changes in Other Operating Activities	96,000	307,000	(267,000)	274,000
Cash from Operating Activities	1,249,000	1,464,000	1,050,000	1,418,000
Capital Expenditure	(1,588,000)	(1,281,000)	(1,494,000)	(1,671,000)
Purchases of Investments	(1,479,000)	(832,000)	(536,000)	(1,797,000)
Proceeds from Sale of Investments	1,289,000	1,761,000	1,152,000	2,252,000
Payments for Business Acquisitions	—	(659,000)	—	—
Other Investing Activities	155,000	377,000	(86,000)	(2,000)
Cash from Investing Activities	(1,623,000)	(634,000)	(964,000)	(1,218,000)
Issuance of Long-Term Debt	808,000	2,310,000	411,000	—
Repayments of Long-Term Debt	(519,000)	(1,915,000)	(282,000)	(385,000)
Net Issuance / (Repayments) of Long-Term Debt	289,000	395,000	129,000	(385,000)
Repurchases of Common Shares	(570,000)	(312,000)	(137,000)	—
Net Issuance / (Repurchases) of Common Shares	(570,000)	(312,000)	(137,000)	—
Other Financing Activities	82,000	36,000	(139,000)	60,000
Cash from Financing Activities	(199,000)	119,000	(147,000)	(325,000)
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash	(573,000)	949,000	(61,000)	(125,000)

Key metrics

$5.81B

Market Cap

60.60x

P/E

0.41x

P/S

9.61x

EV/EBITDA

2.4%

Return on Equity

1.0%

Return on Invested Capital

0.50x

Current Ratio

0.0%

Dividend Yield

-2.4%

Free Cash Flow Margin

Quarterly trend

Quarter	Revenue	YoY growth	Operating margin	Operating income
Q1 2026	$3.30B	+5.2%	-8.5%	$-279M
Q4 2025	$3.63B	+2.8%	2.1%	$75M
Q3 2025	$3.77B	+22.6%	3.9%	$148M
Q2 2025	$3.70B	+27.9%	7.5%	$277M
Q1 2025	$3.14B	—	-6.3%	$-197M
Q4 2024	$3.53B	—	2.1%	$73M
Q3 2024	$3.07B	—	11.1%	$341M
Q2 2024	$2.90B	—	11.1%	$322M

Margins

19.8%

Gross margin

2.1%

Operating margin

0.7%

Net margin

SourceCompany financial filings (income statement, balance sheet, cash flow) Last updated2026-06-18

Snapshot

Financial statements

Key metrics

Quarterly trend

Margins

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