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NYSE · AIR TRANSPORTATION, SCHEDULED · LARGE CAP

Alaska AIR Group, Inc. ALK

18 fiscal years on record · USD · FY2025 reported · SEC filings only
$14.2B
▲ 21.3% YoY
$100.0M
▼ 74.7% YoY

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

In brief

What this company does

Air Group's operations include scheduled air transportation of passengers and cargo on Boeing and Airbus aircraft throughout North America, Latin America, Asia, and the Pacific. Its operations also include regional scheduled air transportation of passengers on Horizon and on a third-party carrier, SkyWest, using Embraer E175 aircraft throughout the western region of North America. With its regional partners, it flies to more than 140 destinations throughout North America, Latin America, Asia, and the Pacific. As of December 31, 2025, Air Group entities employed 35,951 active employees, including 22,377 at Alaska, 6,456 at Hawaiian, 3,846 at Horizon, and 3,272 at McGee Air Services. Alaska Air Group, Inc. is a Delaware corporation incorporated in 1985. Air Group operated three airlines, Alaska Airlines, Hawaiian Airlines, and Horizon Air, through October 29, 2025, when Alaska Airlines' and Hawaiian Airlines' operations were combined under Alaska's Federal Aviation Administration operating certificate. Alaska Airlines was organized in 1932 and incorporated in 1937 in the state of Alaska, while Hawaiian Airlines was originally incorporated in 1929 in the Territory of Hawai'i. Horizon Air is a Washington corporation that was incorporated and began service in 1981, and was acquired by Air Group in 1986.

Written from the business description in ALASKA AIR GROUP, INC.'s annual report to the U.S. Securities and Exchange Commission, filed 12 February 2026. Every sentence was checked against that document before publication.

Growth

USD 14.2B
Revenue, FY2025 · full 18-year series below
Revenue $B Net income $B
FY2025 · Revenue 14.2 · Net income 0.1
5B10B
2008201120142017202020232025
Compound annual growth
+13.9%
+31.9%
+19.9%
−19.2%
−6.0%
+22.6%
−18.7%
−32.1%
−14.1%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +31.9% a year over the five years to FY2025.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

1 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Operating 2.1% · Net 0.7%
10%20%-20%-40%
200820162025
ROE
FY2025 · ROE 2.4%
10%20%30%-10%-20%-30%
200820162025
Three returns, three denominators.

Each USD of equity produced 2 cents of profit this year.

Cash & shareholders

USD 547.0M
returned in FY2025 · dividends + net buybacks
Free cash flow $B
FY2023 · FCF -0.4
0.5B1.0B-0.2B-0.4B
200820162025
Net buybacks $M Dividends $M
FY2025 · Dividends · · Net buybacks 547.0
250.0M500.0MDividendsNet buybacks
2008201120142017202020232025

USD 547.0M in buybacks — 547% of the year's profit, so the payout drew on cash built up earlier.

Total assetsUSD 20.4B
EquityUSD 4.1B
CashUSD 627.0M
Gross debtUSD 5.3B
Net debtUSD 4.7B
Current ratio0.50×

Net debt stands at 114% of equity.

The 18-year record

18 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative—not applicable◌not available in our data
ALK, 18-year financial record
Metric 202520242023202220212020201920182017201620152014201320122011201020092008
Revenue $B14.211.710.49.66.23.68.88.37.95.90.00.00.00.00.03.83.43.7
Operating income $B0.30.60.40.10.7−1.81.10.61.21.31.31.00.80.50.40.50.3−0.2
EBITDA $B1.11.20.80.51.1−1.41.51.01.61.71.61.31.10.80.70.70.50.0
Income tax $B0.00.10.10.00.2−0.50.20.10.20.50.50.40.30.20.10.20.1−0.1
Net income $B0.10.40.20.10.5−1.30.80.41.00.80.80.60.50.30.20.30.1−0.1
Free cash flow $B◌◌−0.4−0.30.7−0.51.00.20.60.70.80.30.40.20.30.4−0.1−0.2
EPS, diluted $0.833.081.830.453.77−10.726.193.527.756.416.564.423.582.203.333.413.36−3.74
Dividend / sh $◌◌◌◌◌0.381.401.281.201.100.800.500.200.000.00◌◌◌
Payout %———00−3223615171211600———
ROE %2.49.35.91.514.1−36.219.012.130.930.937.429.129.424.421.525.415.9−20.5
Shares out B0.120.120.130.130.130.120.120.120.120.120.130.130.070.070.07◌◌◌

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

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Provenance

Company facts, as filed

How we verify · 0 failures in 70 reconciliationsAUDITED

Reconciled in 18 of the 18 fiscal years we could check. Four checks were skipped: the balance sheet is not tagged before 2009. One check was skipped: EPS is not tagged before 2008.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 failures
ActivityAir Transportation, Scheduled
Listed onNYSE
Incorporated inDelaware
Fiscal year endsDecember 31
Data on record since2008

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