ALASKA AIR GROUP, INC. ALK

Industrials SIC 4512 - Air Transportation, Scheduled NAICS Transportation and Warehousing › Air Transportation › Scheduled Air Transportation derived NYSE

Alaska Air Group, Inc. ("Air Group" or the "Company") is a Delaware corporation incorporated in 1985. Air Group operated three airlines, Alaska Airlines, Hawaiian Airlines, and Horizon Air, through October 29, 2025. On that date, Alaska Airlines' and Hawaiian Airlines' operations were combined under Alaska's Federal Aviation Administration (FAA) operating certificate. Hawaiian Airlines is preserved as a distinct brand, providing a unique guest experience to guests traveling to, from, or within the Hawaiian Islands. Alaska Airlines was organized in 1932 and incorporated in 1937 in the state of Alaska. Hawaiian Airlines was originally incorporated in 1929 in the Territory of Hawai'i, and has been a Delaware corporation and wholly-owned subsidiary of Hawaiian Holdings, Inc. since 2005. Hawaiian Holdings, Inc. was acquired by Air Group in 2024. Horizon Air is a Washington corporation that was incorporated and began service in 1981, and was acquired by Air Group in 1986. Air Group acquired Virgin America in 2016, then legally merged the entity with Alaska in 2018, at which time the airlines' operating certificates were also combined. The Company also includes McGee Air Services, an aviation services provider that was established as a wholly-owned subsidiary of Alaska in 2016, and other subsidiaries.

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Last close 34.40 2026-10-23

Market cap $3.84B 2026-06-30 share count

52-week range 32.33 - 60.63

Valuation FY2025 figures against the last close

P/S0.3x

P/E41.4x

P/FCF3.1x

EV/EBITDA6.4x

Dividend yield—

Diluted EPS0.83

Annual financial statements

Income statement

Fiscal year	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Revenue	$14.24B	$11.73B	$10.43B	$9.65B	$6.18B	$3.57B	$8.78B	$8.26B	$7.89B	$5.92B
Total operating expenses	$13.94B	$11.16B	$10.03B	$9.58B	$5.49B	$5.34B	$7.72B	$7.62B	$6.69B	$4.62B
Operating income	$303.0M	$570.0M	$394.0M	$70.0M	$685.0M	-$1.77B	$1.06B	$643.0M	$1.21B	$1.31B
Interest expense	$272.0M	$171.0M	$121.0M	$108.0M	$128.0M	$98.0M	$78.0M	$91.0M	$103.0M	$55.0M
Pre-tax income	$146.0M	$545.0M	$323.0M	$79.0M	$629.0M	-$1.84B	$1.02B	$585.0M	$1.16B	$1.32B
Income tax	$46.0M	$150.0M	$88.0M	$21.0M	$151.0M	$516.0M	$247.0M	$148.0M	$199.0M	$519.0M
Net income	$100.0M	$395.0M	$235.0M	$58.0M	$478.0M	-$1.32B	$769.0M	$437.0M	$960.0M	$797.0M
EPS, basic	0.85	3.13	1.84	0.46	3.82	-10.72	6.24	3.55	7.79	6.45
EPS, diluted	0.83	3.08	1.83	0.45	3.77	-10.72	6.19	3.52	7.75	6.41
Shares, diluted (wtd. avg.)	119.9M	128.4M	128.7M	127.9M	126.8M	123.5M	124.3M	124.0M	123.9M	124.4M

Balance sheet

Fiscal year	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Cash and equivalents	$627.0M	$1.20B	$281.0M	$369.0M	$494.0M	$1.39B	$232.0M	$114.0M	$197.0M	$328.0M
Short-term investments	$1.50B	$1.27B	$1.51B	$2.08B	$2.65B	$1.98B	—	—	—	$1.25B
Receivables	$565.0M	$558.0M	$383.0M	$296.0M	$546.0M	$480.0M	$323.0M	$366.0M	$341.0M	$302.0M
Inventory	$203.0M	$199.0M	$116.0M	$104.0M	$62.0M	$57.0M	$72.0M	$60.0M	$57.0M	$47.0M
Total current assets	$3.27B	$3.76B	$2.71B	$3.04B	$3.92B	$4.01B	$2.04B	$1.79B	$2.15B	$2.05B
Property, plant and equipment	$11.86B	$10.78B	$8.39B	$7.26B	$6.14B	$6.21B	$6.90B	$6.78B	$6.28B	$5.67B
Goodwill	$2.72B	$2.72B	$1.94B	$2.04B	$2.04B	$2.05B	$1.94B	$1.94B	$1.94B	$1.93B
Other intangibles	$815.0M	$873.0M	$90.0M	—	—	$107.0M	$122.0M	$127.0M	$133.0M	$143.0M
Total assets	$20.36B	$19.77B	$14.61B	$14.19B	$13.95B	$14.05B	$12.99B	$10.91B	$10.75B	$9.96B
Accounts payable	$324.0M	$186.0M	$207.0M	$221.0M	$200.0M	$108.0M	$146.0M	$132.0M	$120.0M	$92.0M
Short-term debt	$540.0M	$442.0M	$289.0M	$276.0M	$366.0M	$1.14B	$235.0M	$486.0M	$307.0M	$319.0M
Total current liabilities	$6.59B	$6.14B	$4.46B	$4.49B	$3.99B	$4.29B	$3.20B	$2.94B	$2.69B	$2.54B
Long-term debt	$4.77B	$4.49B	$2.18B	$1.88B	$2.17B	$2.36B	$1.26B	$1.62B	$2.26B	$2.65B
Retained earnings	$5.03B	$4.93B	$4.54B	$4.30B	$4.24B	$3.76B	$5.13B	$4.53B	$4.19B	$3.57B
Total equity	$4.12B	$4.37B	$4.11B	$3.82B	$3.80B	$2.99B	$4.33B	$3.75B	$3.46B	$2.74B

Cash flow

Fiscal year	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Operating cash flow	$1.25B	$1.46B	$1.05B	$1.42B	$1.03B	-$234.0M	$1.72B	$1.20B	$1.59B	$1.39B
Depreciation and amortisation	$795.0M	$583.0M	$451.0M	$415.0M	$394.0M	$420.0M	$423.0M	$398.0M	$372.0M	$363.0M
Stock-based compensation	$10.0M	$63.0M	$85.0M	$42.0M	$51.0M	$24.0M	$29.0M	$47.0M	$55.0M	$26.0M
Capital expenditure	—	—	$1.49B	$1.67B	$292.0M	$222.0M	$696.0M	$960.0M	$1.03B	$678.0M
Investing cash flow	-$1.62B	-$634.0M	-$964.0M	-$1.22B	-$1.01B	-$593.0M	-$791.0M	-$631.0M	-$1.13B	-$2.62B
Financing cash flow	-$199.0M	$119.0M	-$147.0M	-$325.0M	-$914.0M	$1.98B	-$813.0M	-$647.0M	-$592.0M	$1.49B
Dividends paid	—	—	—	$0	$0	$45.0M	$173.0M	$158.0M	$148.0M	$136.0M
Buybacks	$570.0M	$312.0M	$137.0M	$0	$0	$31.0M	$75.0M	$50.0M	$75.0M	$193.0M

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000766421-26-000010.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)

Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity

Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks

Revenue
Gross profit
Net income

Fiscal year	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	$5.92B	$7.89B	$8.26B	$8.78B	$3.57B	$6.18B	$9.65B	$10.43B	$11.73B	$14.24B
Gross profit	—	—	—	—	—	—	—	—	—	—
Net income	$797.0M	$960.0M	$437.0M	$769.0M	-$1.32B	$478.0M	$58.0M	$235.0M	$395.0M	$100.0M

Recent filings and events

2026-07-21 Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
2026-07-21 Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
2026-06-17 Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
2026-06-17 Regulation FD disclosure Item 7.01
2026-06-03 Officer or director change Item 5.02
2026-06-03 Regulation FD disclosure Item 7.01
2026-05-14 Shareholder vote The results of the annual meeting or a special vote. Item 5.07
2026-05-12 Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
2026-05-12 New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
2026-05-07 Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
2026-05-06 Other event Item 8.01
2026-04-20 Material agreement signed Item 1.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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