ALASKA AIR GROUP, INC. ALK
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.
Valuation FY2025 figures against the last close
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.
Others in SIC 4512
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|---|---|---|---|---|
| DAL | DELTA AIR LINES, INC. | $52.72B | 10.5x | 2.8% |
| UAL | United Airlines Holdings, Inc. | $36.15B | 10.9x | 3.5% |
| LUV | SOUTHWEST AIRLINES CO | $19.38B | 50.2x | 2.1% |
| AAL | American Airlines Group Inc. | $8.69B | 77.2x | 0.8% |
| SKYW | SKYWEST INC | $3.85B | 9.6x | 15.0% |
| ALGT | Allegiant Travel CO | $2.14B | — | 4.8% |
| JBLU | JETBLUE AIRWAYS CORP | $1.75B | — | -2.3% |
| ULCC | Frontier Group Holdings, Inc. | $1.37B | — | -1.4% |