Logo

ALK

Alaska Air Group, Inc.

ALK

Alaska Air Group, Inc. • NYSE
$42.87 ▲ 0.85% (+0.36)
Market Cap $4.97 B
52w High $78.08
52w Low $37.63
Dividend Yield 0%
P/E 35.43
Volume 1.46M
Outstanding Shares 115.99M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $3.766B ▲ $3.467B ▲ $73M ▼ 1.938% ▼ $0.63 ▼ $376M ▼
Q2-2025 $3.704B ▲ $669M ▼ $172M ▲ 4.644% ▲ $1.45 ▲ $533M ▲
Q1-2025 $3.137B ▼ $707M ▲ $-166M ▼ -5.292% ▼ $-1.35 ▼ $84M ▼
Q4-2024 $3.534B ▲ $698M ▲ $71M ▼ 2.009% ▼ $0.56 ▼ $303M ▼
Q3-2024 $3.072B $537M $236M 7.682% $1.87 $550M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $2.3B ▲ $20.012B ▲ $15.983B ▲ $4.029B ▲
Q2-2025 $2.152B ▼ $19.885B ▲ $15.943B ▲ $3.942B ▼
Q1-2025 $2.464B ▼ $19.818B ▲ $15.681B ▲ $4.137B ▼
Q4-2024 $2.475B ▼ $19.768B ▲ $15.396B ▲ $4.372B ▼
Q3-2024 $2.505B $19.559B $15.08B $4.479B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $73M ▼ $229M ▼ $-249M ▲ $54M ▲ $34M ▲ $7M ▲
Q2-2025 $172M ▲ $376M ▼ $-366M ▲ $-308M ▼ $-294M ▼ $-127M ▼
Q1-2025 $-166M ▼ $459M ▲ $-381M ▼ $-236M ▼ $-158M ▼ $221M ▲
Q4-2024 $71M ▼ $274M ▼ $-198M ▲ $112M ▲ $188M ▲ $-155M ▼
Q3-2024 $236M $318M $-301M $-80M $-63M $53M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Alaska Airlines Segment
Alaska Airlines Segment
 $0 ▲$0 ▲$2.13Bn ▲$2.17Bn ▲
Hawaiian Airlines Segment
Hawaiian Airlines Segment
 $0 ▲$0 ▲$770.00M ▲$770.00M ▲
Regional Segment
Regional Segment
 $0 ▲$0 ▲$470.00M ▲$480.00M ▲
Cargo and Freight
Cargo and Freight
 $130.00M ▲$120.00M ▼$0 ▼$0 ▲
Mileage Plan Services Other
Mileage Plan Services Other
 $220.00M ▲$210.00M ▼$0 ▼$0 ▲
Passenger
Passenger
 $3.18Bn ▲$2.81Bn ▼$0 ▼$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Alaska Air’s income statement shows a clear recovery and growth story since the pandemic. Revenue has climbed steadily each year, now well above crisis levels, which suggests strong demand and effective network rebuilding. Profitability has swung from deep losses in 2020 to consistent profits, with operating and net income improving step by step, though margins still look more “solid” than “exceptional” for such a cyclical business. The pattern implies the core business is working again, but earnings remain sensitive to fuel, labor, and operational disruptions, so year‑to‑year swings are still a meaningful risk.

Balance Sheet

Balance Sheet The balance sheet has strengthened in some areas but taken on more weight in others. Total assets have expanded, reflecting investment in fleet, routes, and the Hawaiian integration. Equity has grown over time, which is a healthy sign of rebuilding financial cushion after the pandemic. Debt, however, has moved back up recently after being trimmed down, likely tied to fleet and strategic investments, so leverage and interest costs are important watch points. Cash levels have recovered from their low point but remain an area to monitor given the capital‑intensive nature of airlines and the potential for shocks.

Cash Flow

Cash Flow Cash generation from day‑to‑day operations has turned decisively positive and has grown meaningfully, showing that the underlying business is once again producing real cash, not just accounting profits. At the same time, Alaska is spending heavily on aircraft and other long‑term assets, which has absorbed much of that cash and led to tight or slightly positive free cash flow in recent years. This pattern is typical of an airline in an investment and growth phase: strong operating cash coming in, large checks going out for future capacity and product upgrades. The key question is whether these investments translate into sustainably higher earnings and more comfortable free cash flow over time.

Competitive Edge

Competitive Edge Alaska Air’s competitive position rests on a focused West Coast franchise, a highly regarded loyalty program, and a reputation for customer service. Its dominance in the Pacific Northwest, combined with one alliance membership and now the Hawaiian Airlines acquisition, gives it a broader and more connected network that can appeal to both leisure and business travelers. The company competes on a “good value for money” proposition rather than pure rock‑bottom fares, which can help support loyalty and yield. However, it still faces intense competition from both major legacy carriers and low‑cost airlines on key routes, and integration of Hawaiian adds execution risk alongside strategic opportunity.

Innovation and R&D

Innovation and R&D Alaska is leaning heavily into technology and product innovation as a differentiator. The rollout of Starlink high‑speed Wi‑Fi, AI‑driven tools for flight planning and customer search, and a modern, app‑centric experience all point to a digital‑first strategy aimed at smoother operations and a better journey for passengers. The airline is also refreshing its premium offerings, lounges, and co‑branded credit cards, tying them closely to its loyalty ecosystem. The “Alaska Accelerate” plan, new trans‑Pacific routes, and vertically integrated travel concepts underscore a push for growth and higher‑value revenue, but they also increase complexity and execution demands over the next few years.

Summary

Overall, Alaska Air has transitioned from pandemic distress to a phase of rebuilding and measured expansion. Revenues and profits have recovered steadily, the balance sheet has been reinforced by growing equity, and operating cash flow is strong, though heavy investment and higher debt temper the picture. Strategically, the company combines a strong West Coast and Hawaiian footprint with a loyalty‑driven, tech‑enabled customer proposition, aiming to move up the value chain rather than fight only on price. The main opportunities lie in network expansion, digital innovation, and deeper loyalty monetization, while key risks center on integration of Hawaiian, cyclicality in travel demand, cost inflation, and the industry’s typical exposure to fuel prices and operational shocks.

NEWS

November 24, 2025 · 5:41 PM UTC

Alkane Resources Limited: Appointment of Non-Executive Director

Read more

November 24, 2025 · 4:32 PM UTC

Alaska Air Group to webcast Goldman Sachs Industrials and Materials conference

Read more

November 20, 2025 · 10:00 AM UTC

INVESTOR ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Alaska Air Group, Inc. - ALK

Read more

November 13, 2025 · 8:00 AM UTC

Ready, set, Italia! Alaska Airlines opens ticket sales for new nonstop flights between Seattle and Rome on spacious, widebody 787 Dreamliner aircraft

Read more

November 12, 2025 · 9:00 AM UTC

Alaska Air Group Announces Executive Appointments and Promotions within Alaska Airlines and Horizon Air Operations

Read more