Alaska Air Group (ALK) Financials

$50.06 +1.41 (+2.90%)

Closing price 05/6/2025 03:59 PM Eastern

Extended Trading

$50.25 +0.19 (+0.38%)

As of 08:00 AM Eastern

Annual Income Statements for Alaska Air Group

This table shows Alaska Air Group's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	848	797	960	437	769	-2,836	-167	58	235	395
Consolidated Net Income / (Loss)	848	797	960	437	769	-1,324	478	58	235	395
Net Income / (Loss) Continuing Operations	848	797	960	437	769	-2,836	-167	58	235	395
Total Pre-Tax Income	1,312	1,316	1,159	585	1,016	-1,840	-16	79	323	545
Total Operating Income	1,298	1,306	1,208	643	1,063	-1,775	685	70	394	570
Total Gross Profit	2,471	2,743	3,061	2,486	2,857	-1,249	1,220	6,715	7,177	7,789
Total Revenue	5,598	5,925	7,894	8,264	8,781	3,566	6,176	9,646	10,426	11,735
Operating Revenue	4,901	5,925	7,894	8,264	8,781	3,566	6,176	9,646	10,426	11,735
Total Cost of Revenue	3,127	3,182	4,833	5,778	5,924	4,815	4,956	2,931	3,249	3,946
Operating Cost of Revenue	3,127	3,182	4,833	5,778	5,924	3,251	4,956	2,931	3,249	3,946
Total Operating Expenses	1,173	1,437	1,853	1,843	1,794	2,090	1,308	6,645	6,783	7,219
Selling, General & Admin Expense	781	862	1,244	1,204	1,161	689	915	1,341	1,421	1,647
Depreciation Expense	320	363	372	398	423	420	394	415	451	583
Other Operating Expenses / (Income)	72	95	121	154	166	128	-	4,889	4,911	4,989
Total Other Income / (Expense), net	14	10	-49	-58	-47	-13	72	9.00	-71	-25
Interest Expense	8.00	30	86	73	63	87	-11	94	94	142
Interest & Investment Income	21	27	34	38	42	31	25	53	80	101
Other Income / (Expense), net	1.00	13	3.00	-23	-26	-9.00	36	50	-57	16
Income Tax Expense	464	519	199	148	247	-516	151	21	88	150
Basic Earnings per Share	$6.61	$6.45	$7.79	$3.55	$6.24	($10.72)	$3.82	$0.46	$1.84	$3.13
Weighted Average Basic Shares Outstanding	128.37M	123.56M	123.21M	123.23M	123.28M	123.45M	125.06M	126.66M	127.38M	126.14M
Diluted Earnings per Share	$6.56	$6.41	$7.75	$3.52	$6.19	($10.72)	$3.77	$0.45	$1.83	$3.08
Weighted Average Diluted Shares Outstanding	129.37M	124.39M	123.85M	123.98M	124.29M	123.45M	126.78M	127.90M	128.71M	128.37M
Weighted Average Basic & Diluted Shares Outstanding	128.30M	123.50M	123.20M	123.10M	122.91M	124.23M	125.91M	127.54M	126.05M	123.08M

This table shows Alaska Air Group's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	40	22	-142	240	139	-2.00	-132	220	236	71
Consolidated Net Income / (Loss)	40	22	-142	240	139	-2.00	-132	220	236	71
Net Income / (Loss) Continuing Operations	40	22	-142	240	139	-2.00	-132	220	236	71
Total Pre-Tax Income	65	35	-199	325	193	4.00	-178	316	328	79
Total Operating Income	62	23	-186	337	211	32	-166	322	341	73
Total Gross Profit	976	4,610	543	1,230	907	4,497	651	1,214	1,253	4,671
Total Revenue	2,828	2,479	2,196	2,838	2,839	2,553	2,232	2,897	3,072	3,534
Operating Revenue	2,828	2,479	2,196	2,838	2,839	2,553	2,232	2,897	3,072	3,534
Total Cost of Revenue	1,852	-2,131	1,653	1,608	1,932	-1,944	1,581	1,683	1,819	-1,137
Operating Cost of Revenue	1,852	-2,131	1,653	1,608	1,932	-1,944	1,581	1,683	1,819	-1,137
Total Operating Expenses	914	4,587	729	893	696	4,465	817	892	912	4,598
Selling, General & Admin Expense	372	344	338	358	369	356	379	376	392	500
Depreciation Expense	104	105	104	113	113	121	126	128	139	190
Other Operating Expenses / (Income)	283	4,514	274	422	58	4,157	278	388	307	4,016
Total Other Income / (Expense), net	3.00	12	-13	-12	-18	-28	-12	-6.00	-13	6.00
Interest Expense	28	18	21	21	27	25	29	30	37	46
Interest & Investment Income	17	18	17	22	23	18	17	24	28	32
Other Income / (Expense), net	14	12	-9.00	-13	-14	-21	0.00	0.00	-4.00	20
Income Tax Expense	25	13	-57	85	54	6.00	-46	96	92	8.00
Basic Earnings per Share	$0.32	$0.18	($1.11)	$1.88	$1.09	($0.02)	($1.05)	$1.74	$1.87	$0.57
Weighted Average Basic Shares Outstanding	126.78M	126.66M	127.50M	127.44M	127.19M	127.38M	125.97M	126.34M	126.19M	126.14M
Diluted Earnings per Share	$0.31	$0.19	($1.11)	$1.86	$1.08	-	($1.05)	$1.71	$1.84	$0.58
Weighted Average Diluted Shares Outstanding	128.37M	127.90M	127.50M	128.92M	129.19M	128.71M	125.97M	128.31M	128.59M	128.37M
Weighted Average Basic & Diluted Shares Outstanding	126.84M	127.54M	127.91M	127.22M	128.05M	126.05M	126.89M	126.16M	126.94M	123.08M

This table details how cash moves in and out of Alaska Air Group's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-34	255	-131	-83	118	1,154	-892	-125	-61	949
Net Cash From Operating Activities	1,584	1,386	1,590	1,195	1,722	-234	1,030	1,418	1,050	1,464
Net Cash From Continuing Operating Activities	1,584	1,386	1,605	1,195	1,722	-234	1,028	1,418	1,050	1,464
Net Income / (Loss) Continuing Operations	848	797	960	437	769	-1,324	478	58	235	395
Consolidated Net Income / (Loss)	848	797	960	437	769	-1,324	478	58	235	395
Depreciation Expense	320	363	372	398	423	420	394	415	451	583
Non-Cash Adjustments To Reconcile Net Income	25	26	55	47	29	871	41	833	507	-7.00
Changes in Operating Assets and Liabilities, net	391	200	218	313	501	-201	115	112	-143	493
Net Cash From Investing Activities	-930	-2,622	-1,129	-631	-791	-593	-1,008	-1,218	-964	-634
Net Cash From Continuing Investing Activities	-930	-2,622	-1,129	-631	-791	-593	-1,008	-1,218	-964	-634
Purchase of Property, Plant & Equipment	-831	-678	-1,026	-960	-696	-222	-292	-1,671	-1,494	-1,281
Acquisitions	0.00	-1,951	-	-	-	-	-	0.00	0.00	-659
Purchase of Investments	-1,327	-960	-1,569	-834	-1,810	-2,962	-4,301	-1,797	-536	-832
Sale and/or Maturity of Investments	1,175	962	1,388	1,116	1,674	2,318	3,595	2,252	1,152	1,761
Other Investing Activities, net	53	5.00	78	31	13	-6.00	-12	-2.00	-86	377
Net Cash From Financing Activities	-688	1,491	-592	-647	-813	1,981	-914	-325	-147	119
Net Cash From Continuing Financing Activities	-688	1,491	-592	-647	-813	1,981	-914	-325	-147	119
Repayment of Debt	-116	-249	-397	-807	-1,058	-565	-1,334	-325	-421	-1,879
Repurchase of Common Equity	-505	-193	-75	-50	-75	-31	0.00	0.00	-137	-312
Issuance of Debt	0.00	2,044	0.00	339	450	2,564	363	0.00	411	2,310
Cash Interest Paid	8.00	24	84	72	60	50	-	71	105	148
Cash Income Taxes Paid	349	459	177	0.00	31	0.00	-	0.00	15	22

This table details how cash moves in and out of Alaska Air Group's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Net Change in Cash & Equivalents	110	-350	280	-146	-9.00	-186	605	219	-63	188
Net Cash From Operating Activities	367	9.00	334	498	271	-53	292	580	318	274
Net Cash From Continuing Operating Activities	367	9.00	334	444	145	127	292	580	318	274
Net Income / (Loss) Continuing Operations	40	22	-142	240	139	-2.00	-132	220	236	71
Consolidated Net Income / (Loss)	40	22	-142	240	139	-2.00	-132	220	236	71
Depreciation Expense	104	105	104	113	113	121	126	128	139	190
Non-Cash Adjustments To Reconcile Net Income	389	424	87	207	174	39	42	-5.00	22	-66
Changes in Operating Assets and Liabilities, net	-166	-542	285	-116	-281	-31	256	237	-79	79
Net Cash From Investing Activities	-167	-330	60	-539	-331	-154	318	-453	-301	-198
Net Cash From Continuing Investing Activities	-167	-330	60	-539	-331	-154	318	-453	-301	-198
Purchase of Property, Plant & Equipment	-315	-724	-124	-96	-102	-1,172	-57	-150	-645	-429
Purchase of Investments	-260	-127	-201	-188	-130	-17	-13	-150	-265	-404
Sale and/or Maturity of Investments	408	521	388	186	232	346	133	155	865	608
Other Investing Activities, net	-	-	-3.00	-441	-331	689	255	-308	403	27
Net Cash From Financing Activities	-90	-29	-114	-51	177	-159	-5.00	92	-80	112
Net Cash From Continuing Financing Activities	-90	-29	-114	-51	177	-159	-5.00	92	-80	112
Repayment of Debt	-94	8.00	-96	-53	-82	-190	-134	-9.00	-131	-1,605
Repurchase of Common Equity	-	-	-18	-39	-13	-67	-20	-29	-14	-249
Issuance of Debt	-	-	0.00	41	272	98	149	130	65	1,966
Cash Interest Paid	37	-1.00	32	10	43	20	35	20	52	41
Cash Income Taxes Paid	-	-	0.00	14	-	1.00	0.00	-	2.00	20

This table presents Alaska Air Group's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	6,530	9,962	10,746	10,912	12,993	14,046	13,951	14,186	14,613	19,768
Total Current Assets	1,663	2,050	2,152	1,787	2,037	4,006	3,920	3,040	2,705	3,760
Cash & Equivalents	73	328	194	105	221	1,370	470	338	281	1,201
Restricted Cash	-	-	-	-	-	-	-	-	0.00	29
Short-Term Investments	1,255	1,252	1,427	1,131	1,300	1,976	2,646	2,079	1,510	1,274
Accounts Receivable	212	302	341	366	323	480	546	296	383	558
Inventories, net	51	47	57	60	72	57	62	104	116	199
Prepaid Expenses	72	121	133	125	121	123	120	163	176	307
Other Current Assets	-	-	-	-	-	-	76	60	239	192
Plant, Property, & Equipment, net	4,802	5,666	6,284	6,781	6,902	6,211	6,138	7,257	8,388	10,781
Plant, Property & Equipment, gross	7,416	8,595	9,275	10,023	10,388	9,742	10,000	11,384	12,730	15,329
Accumulated Depreciation	2,614	2,929	2,991	3,242	3,486	3,531	3,862	4,127	4,342	4,548
Total Noncurrent Assets	65	2,246	2,310	2,344	4,054	3,829	3,893	3,889	3,520	5,227
Goodwill	0.00	1,934	1,943	1,943	1,943	2,050	2,044	2,038	1,943	2,724
Intangible Assets	0.00	143	133	127	122	-	-	-	90	873
Other Noncurrent Operating Assets	65	169	234	274	1,989	1,779	1,849	1,851	1,487	1,630
Total Liabilities & Shareholders' Equity	6,530	9,962	10,746	10,912	12,993	14,046	13,951	14,186	14,613	19,768
Total Liabilities	4,119	7,031	7,286	7,161	8,662	11,058	10,150	10,370	10,500	15,396
Total Current Liabilities	1,805	2,535	2,686	2,942	3,201	4,293	3,991	4,493	4,459	6,145
Short-Term Debt	114	319	307	486	235	1,138	366	276	289	442
Accounts Payable	63	92	120	132	146	108	200	221	207	186
Accrued Expenses	661	878	400	416	431	424	625	846	800	997
Current Deferred Revenue	669	849	1,441	705	1,650	1,806	2,075	2,303	2,357	3,304
Current Employee Benefit Liabilities	298	397	418	415	470	527	457	619	584	1,001
Other Current Liabilities	-	-	-	788	269	290	268	228	222	215
Total Noncurrent Liabilities	2,314	4,496	4,600	4,219	5,461	6,765	6,159	5,877	6,041	9,251
Long-Term Debt	569	2,645	2,262	1,617	1,264	2,357	2,173	1,883	2,182	4,491
Capital Lease Obligations	-	-	-	-	-	-	-	-	0.00	47
Noncurrent Deferred Revenue	431	640	1,090	1,169	1,240	1,544	1,446	1,374	1,382	1,664
Noncurrent Deferred & Payable Income Tax Liabilities	682	463	370	512	715	407	578	574	695	934
Noncurrent Employee Benefit Liabilities	270	331	453	503	571	665	305	348	362	460
Other Noncurrent Operating Liabilities	362	417	425	418	1,671	1,792	1,657	1,698	1,420	1,655
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	2,411	2,931	3,460	3,751	4,331	2,988	3,801	3,816	4,113	4,372
Total Preferred & Common Equity	2,411	2,931	3,460	3,751	4,331	2,988	3,801	3,816	4,113	4,372
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	2,411	2,931	3,460	3,751	4,331	2,988	3,801	3,816	4,113	4,372
Common Stock	74	111	165	233	306	392	495	578	696	812
Retained Earnings	2,890	3,568	4,193	4,534	5,133	3,764	4,242	4,300	4,535	4,930
Treasury Stock	-250	-443	-518	-568	-643	-674	-674	-674	-819	-1,131
Accumulated Other Comprehensive Income / (Loss)	-303	-305	-380	-448	-465	-494	-262	-388	-299	-239

This table presents Alaska Air Group's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024
Total Assets	14,531	14,296	14,829	15,165	14,813	15,342	19,559
Total Current Assets	3,810	3,099	3,244	3,644	3,129	3,376	3,737
Cash & Equivalents	688	516	536	647	885	1,115	1,015
Restricted Cash	-	-	-	-	-	-	27
Short-Term Investments	2,462	1,913	1,906	1,804	1,393	1,394	1,490
Accounts Receivable	345	340	351	341	384	370	510
Inventories, net	94	105	107	122	104	106	202
Prepaid Expenses	221	181	187	187	177	179	270
Other Current Assets	-	60	157	543	186	212	223
Plant, Property, & Equipment, net	6,654	7,252	7,963	8,026	8,194	8,521	10,522
Plant, Property & Equipment, gross	10,700	11,430	12,182	12,309	12,633	13,058	15,070
Accumulated Depreciation	4,046	4,178	4,219	4,283	4,439	4,537	4,548
Total Noncurrent Assets	4,067	3,945	3,622	3,495	3,490	3,445	5,300
Goodwill	2,040	2,037	2,036	2,034	2,033	2,033	2,703
Intangible Assets	-	-	-	-	-	-	888
Other Noncurrent Operating Assets	2,027	1,908	1,586	1,461	1,457	1,412	1,709
Total Liabilities & Shareholders' Equity	14,531	14,296	14,829	15,165	14,813	15,342	19,559
Total Liabilities	10,705	10,607	10,878	11,072	10,836	11,116	15,080
Total Current Liabilities	4,709	4,857	5,176	5,074	4,829	4,968	6,248
Short-Term Debt	321	268	572	736	301	359	523
Accounts Payable	202	206	212	229	181	203	242
Accrued Expenses	805	908	871	806	791	852	958
Current Deferred Revenue	2,535	0.00	0.00	2,592	2,917	2,888	0.00
Current Employee Benefit Liabilities	583	431	463	561	481	513	822
Other Current Liabilities	263	3,044	3,058	150	158	153	3,703
Total Noncurrent Liabilities	5,996	5,750	5,702	5,998	6,007	6,148	8,832
Long-Term Debt	1,889	1,795	1,889	2,128	2,264	2,313	4,159
Noncurrent Deferred Revenue	1,413	1,325	1,370	1,366	1,320	1,329	1,578
Noncurrent Deferred & Payable Income Tax Liabilities	571	523	606	662	649	746	889
Noncurrent Employee Benefit Liabilities	296	355	362	368	365	358	505
Other Noncurrent Operating Liabilities	1,827	1,752	1,475	1,474	1,409	1,402	1,701
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	3,826	3,689	3,951	4,093	3,977	4,226	4,479
Total Preferred & Common Equity	3,826	3,689	3,951	4,093	3,977	4,226	4,479
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	3,826	3,689	3,951	4,093	3,977	4,226	4,479
Common Stock	550	588	649	660	708	758	770
Retained Earnings	4,278	4,158	4,398	4,537	4,403	4,623	4,859
Treasury Stock	-674	-692	-731	-744	-840	-868	-882
Accumulated Other Comprehensive Income / (Loss)	-328	-365	-365	-360	-294	-287	-268

This table displays calculated financial ratios and metrics derived from Alaska Air Group's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	4.28%	5.84%	33.23%	4.69%	6.26%	-59.39%	73.19%	56.19%	8.09%	12.56%
EBITDA Growth	26.88%	3.89%	-5.89%	-35.69%	43.42%	-193.42%	181.74%	-52.02%	47.29%	48.35%
EBIT Growth	32.28%	1.54%	-8.19%	-48.80%	67.26%	-272.03%	140.41%	-83.36%	180.83%	73.89%
NOPAT Growth	40.54%	-5.72%	26.51%	-52.00%	67.51%	-254.43%	138.59%	-89.28%	457.78%	44.12%
Net Income Growth	40.17%	-6.01%	20.45%	-54.48%	75.97%	-272.17%	136.10%	-87.87%	305.17%	68.09%
EPS Growth	48.42%	-2.29%	20.90%	-54.58%	75.85%	-273.18%	135.17%	-88.06%	306.67%	68.31%
Operating Cash Flow Growth	53.79%	-12.50%	14.72%	-24.84%	44.10%	-113.59%	540.17%	37.67%	-25.95%	39.43%
Free Cash Flow Firm Growth	73.14%	-323.69%	151.62%	-70.21%	311.94%	-106.33%	656.74%	-172.00%	-235.57%	-73.13%
Invested Capital Growth	3.09%	144.34%	2.16%	4.76%	-6.69%	-27.20%	2.77%	10.36%	34.71%	42.88%
Revenue Q/Q Growth	1.28%	2.44%	37.77%	-16.37%	1.90%	-28.48%	12.37%	11.45%	0.71%	9.12%
EBITDA Q/Q Growth	1.31%	-2.55%	-3.59%	-7.71%	15.97%	-177.24%	149.44%	-1.47%	-1.01%	14.83%
EBIT Q/Q Growth	1.01%	-3.09%	-5.76%	-13.41%	24.34%	-94.34%	1,260.38%	-9.77%	-6.65%	16.27%
NOPAT Q/Q Growth	5.03%	-10.58%	31.24%	-39.41%	24.31%	-91.27%	1,243.14%	-19.22%	1.77%	13.99%
Net Income Q/Q Growth	5.34%	-10.55%	29.38%	-40.05%	25.86%	-90.23%	3,576.92%	7.41%	-9.27%	22.67%
EPS Q/Q Growth	3.80%	-11.46%	29.60%	-40.24%	25.81%	-89.07%	37,600.00%	7.14%	-9.41%	23.20%
Operating Cash Flow Q/Q Growth	15.87%	-11.21%	3.45%	-1.97%	27.93%	-133.38%	86.93%	-7.80%	-5.58%	28.76%
Free Cash Flow Firm Q/Q Growth	13.45%	-289.55%	147.38%	-67.10%	52.91%	-140.19%	-30.74%	-272.73%	29.14%	6.74%
Invested Capital Q/Q Growth	-2.81%	143.24%	-0.99%	4.41%	-0.76%	-10.80%	7.97%	23.28%	6.37%	3.30%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	44.14%	46.30%	38.78%	30.08%	32.54%	-35.03%	19.75%	69.61%	68.84%	66.37%
EBITDA Margin	28.92%	28.39%	20.05%	12.32%	16.63%	-38.25%	18.05%	5.55%	7.56%	9.96%
Operating Margin	23.19%	22.04%	15.30%	7.78%	12.11%	-49.78%	11.09%	0.73%	3.78%	4.86%
EBIT Margin	23.20%	22.26%	15.34%	7.50%	11.81%	-50.03%	11.67%	1.24%	3.23%	4.99%
Profit (Net Income) Margin	15.15%	13.45%	12.16%	5.29%	8.76%	-37.13%	7.74%	0.60%	2.25%	3.37%
Tax Burden Percent	64.63%	60.56%	82.83%	74.70%	75.69%	71.96%	-2,987.50%	73.42%	72.76%	72.48%
Interest Burden Percent	101.00%	99.77%	95.71%	94.35%	97.97%	103.14%	-2.22%	65.83%	95.85%	93.00%
Effective Tax Rate	35.37%	39.44%	17.17%	25.30%	24.31%	0.00%	0.00%	26.58%	27.24%	27.52%
Return on Invested Capital (ROIC)	48.23%	26.01%	22.94%	10.64%	18.03%	-33.37%	15.08%	1.52%	6.87%	7.10%
ROIC Less NNEP Spread (ROIC-NNEP)	46.52%	27.65%	19.46%	5.87%	9.61%	-161.72%	15.78%	-0.07%	-17.62%	5.95%
Return on Net Nonoperating Assets (RNNOA)	-10.86%	3.83%	7.10%	1.48%	1.00%	-2.81%	-0.99%	0.01%	-0.94%	2.21%
Return on Equity (ROE)	37.37%	29.84%	30.04%	12.12%	19.03%	-36.18%	14.08%	1.52%	5.93%	9.31%
Cash Return on Invested Capital (CROIC)	45.18%	-57.82%	20.81%	5.99%	24.95%	-1.89%	12.34%	-8.33%	-22.71%	-28.21%
Operating Return on Assets (OROA)	20.63%	16.00%	11.70%	5.73%	8.68%	-13.20%	5.15%	0.85%	2.34%	3.41%
Return on Assets (ROA)	13.47%	9.67%	9.27%	4.04%	6.43%	-9.79%	3.41%	0.41%	1.63%	2.30%
Return on Common Equity (ROCE)	37.37%	29.84%	30.04%	12.12%	19.03%	-36.18%	14.08%	1.52%	5.93%	9.31%
Return on Equity Simple (ROE_SIMPLE)	35.17%	27.19%	27.75%	11.65%	17.76%	-44.31%	12.58%	1.52%	5.71%	9.03%
Net Operating Profit after Tax (NOPAT)	839	791	1,001	480	805	-1,243	480	51	287	413
NOPAT Margin	14.99%	13.35%	12.68%	5.81%	9.16%	-34.84%	7.76%	0.53%	2.75%	3.52%
Net Nonoperating Expense Percent (NNEP)	1.71%	-1.64%	3.48%	4.77%	8.42%	128.35%	-0.70%	1.58%	24.48%	1.15%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	0.86%	4.35%	4.42%
Cost of Revenue to Revenue	55.86%	53.70%	61.22%	69.92%	67.46%	135.03%	80.25%	30.39%	31.16%	33.63%
SG&A Expenses to Revenue	13.95%	14.55%	15.76%	14.57%	13.22%	19.32%	14.82%	13.90%	13.63%	14.03%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	20.95%	24.25%	23.47%	22.30%	20.43%	58.61%	21.18%	68.89%	65.06%	61.52%
Earnings before Interest and Taxes (EBIT)	1,299	1,319	1,211	620	1,037	-1,784	721	120	337	586
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,619	1,682	1,583	1,018	1,460	-1,364	1,115	535	788	1,169
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.89	3.51	2.49	1.95	1.92	2.15	1.72	1.43	1.22	1.88
Price to Tangible Book Value (P/TBV)	3.89	12.03	6.23	4.34	3.66	6.86	3.72	3.06	2.41	10.61
Price to Revenue (P/Rev)	1.68	1.73	1.09	0.88	0.95	1.80	1.06	0.56	0.48	0.70
Price to Earnings (P/E)	11.07	12.89	8.99	16.71	10.79	0.00	0.00	93.90	21.29	20.81
Dividend Yield	1.07%	1.32%	1.71%	2.16%	2.08%	2.74%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	9.03%	7.76%	11.13%	5.99%	9.27%	0.00%	0.00%	1.06%	4.70%	4.81%
Enterprise Value to Invested Capital (EV/IC)	4.95	2.70	2.17	1.77	1.92	2.10	1.85	1.46	1.19	1.56
Enterprise Value to Revenue (EV/Rev)	1.56	1.97	1.21	0.99	0.94	1.85	0.96	0.54	0.55	0.91
Enterprise Value to EBITDA (EV/EBITDA)	5.40	6.93	6.05	8.02	5.67	0.00	5.34	9.70	7.21	9.15
Enterprise Value to EBIT (EV/EBIT)	6.73	8.84	7.91	13.17	7.98	0.00	8.25	43.24	16.86	18.25
Enterprise Value to NOPAT (EV/NOPAT)	10.42	14.74	9.57	17.00	10.29	0.00	12.41	100.96	19.83	25.89
Enterprise Value to Operating Cash Flow (EV/OCF)	5.52	8.41	6.02	6.83	4.81	0.00	5.78	3.66	5.41	7.31
Enterprise Value to Free Cash Flow (EV/FCFF)	11.13	0.00	10.55	30.21	7.43	0.00	15.16	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.28	1.01	0.74	0.56	0.35	1.17	0.67	0.57	0.60	1.14
Long-Term Debt to Equity	0.24	0.90	0.65	0.43	0.29	0.79	0.57	0.49	0.53	1.04
Financial Leverage	-0.23	0.14	0.36	0.25	0.10	0.02	-0.06	-0.11	0.05	0.37
Leverage Ratio	2.78	3.09	3.24	3.00	2.96	3.69	4.12	3.69	3.63	4.05
Compound Leverage Factor	2.80	3.08	3.10	2.83	2.90	3.81	-0.09	2.43	3.48	3.77
Debt to Total Capital	22.08%	50.28%	42.61%	35.92%	25.71%	53.91%	40.05%	36.13%	37.53%	53.25%
Short-Term Debt to Total Capital	3.68%	5.41%	5.09%	8.30%	4.03%	17.55%	5.77%	4.62%	4.39%	4.73%
Long-Term Debt to Total Capital	18.39%	44.87%	37.52%	27.62%	21.68%	36.36%	34.27%	31.51%	33.14%	48.52%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	77.93%	49.72%	57.39%	64.08%	74.29%	46.09%	59.95%	63.87%	62.47%	46.75%
Debt to EBITDA	0.42	1.76	1.62	2.07	1.03	-2.56	2.28	4.04	3.14	4.26
Net Debt to EBITDA	-0.40	0.82	0.60	0.85	-0.02	-0.11	-0.52	-0.48	0.86	2.12
Long-Term Debt to EBITDA	0.35	1.57	1.43	1.59	0.87	-1.73	1.95	3.52	2.77	3.88
Debt to NOPAT	0.81	3.75	2.57	4.38	1.86	-2.81	5.30	42.01	8.62	12.05
Net Debt to NOPAT	-0.77	1.75	0.95	1.81	-0.03	-0.12	-1.20	-5.02	2.37	5.99
Long-Term Debt to NOPAT	0.68	3.34	2.26	3.37	1.57	-1.90	4.53	36.64	7.61	10.98
Altman Z-Score	3.48	2.35	2.30	2.01	1.96	0.53	1.42	1.32	1.37	1.22
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.92	0.81	0.80	0.61	0.64	0.93	0.98	0.68	0.61	0.61
Quick Ratio	0.85	0.74	0.73	0.54	0.58	0.89	0.92	0.60	0.49	0.49
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	786	-1,758	908	270	1,114	-71	393	-283	-948	-1,642
Operating Cash Flow to CapEx	190.61%	204.42%	154.97%	126.59%	257.78%	0.00%	355.17%	84.86%	70.28%	114.29%
Free Cash Flow to Firm to Interest Expense	98.24	-58.60	10.55	3.70	17.68	-0.81	0.00	-3.01	-10.09	-11.56
Operating Cash Flow to Interest Expense	198.00	46.20	18.49	16.37	27.33	-2.69	0.00	15.09	11.17	10.31
Operating Cash Flow Less CapEx to Interest Expense	94.13	23.60	6.56	3.44	16.73	-2.03	0.00	-2.69	-4.72	1.29
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.89	0.72	0.76	0.76	0.73	0.26	0.44	0.69	0.72	0.68
Accounts Receivable Turnover	23.77	23.05	24.55	23.38	25.49	8.88	12.04	22.91	30.71	24.94
Inventory Turnover	57.38	64.94	92.94	98.77	89.76	74.65	83.29	35.31	29.54	25.05
Fixed Asset Turnover	1.23	1.13	1.32	1.27	1.28	0.54	1.00	1.44	1.33	1.22
Accounts Payable Turnover	50.03	41.06	45.59	45.86	42.62	37.91	32.18	13.92	15.18	20.08
Days Sales Outstanding (DSO)	15.36	15.83	14.87	15.61	14.32	41.10	30.32	15.93	11.89	14.63
Days Inventory Outstanding (DIO)	6.36	5.62	3.93	3.70	4.07	4.89	4.38	10.34	12.36	14.57
Days Payable Outstanding (DPO)	7.30	8.89	8.01	7.96	8.56	9.63	11.34	26.21	24.04	18.18
Cash Conversion Cycle (CCC)	14.42	12.56	10.79	11.35	9.82	36.36	23.36	0.05	0.20	11.03
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,766	4,315	4,408	4,618	4,309	3,137	3,224	3,558	4,793	6,848
Invested Capital Turnover	3.22	1.95	1.81	1.83	1.97	0.96	1.94	2.84	2.50	2.02
Increase / (Decrease) in Invested Capital	53	2,549	93	210	-309	-1,172	87	334	1,235	2,055
Enterprise Value (EV)	8,745	11,661	9,575	8,167	8,276	6,580	5,952	5,188	5,683	10,696
Market Capitalization	9,390	10,277	8,627	7,300	8,298	6,431	6,529	5,446	5,003	8,220
Book Value per Share	$19.12	$23.78	$28.12	$30.42	$35.16	$24.16	$30.33	$30.09	$32.12	$34.44
Tangible Book Value per Share	$19.12	$6.93	$11.25	$13.63	$18.40	$7.59	$14.02	$14.02	$16.24	$6.11
Total Capital	3,094	5,895	6,029	5,854	5,830	6,483	6,340	5,975	6,584	9,352
Total Debt	683	2,964	2,569	2,103	1,499	3,495	2,539	2,159	2,471	4,980
Total Long-Term Debt	569	2,645	2,262	1,617	1,264	2,357	2,173	1,883	2,182	4,538
Net Debt	-645	1,384	948	867	-22	149	-577	-258	680	2,476
Capital Expenditures (CapEx)	831	678	1,026	944	668	-57	290	1,671	1,494	1,281
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-1,356	-1,746	-1,848	-1,905	-2,450	-2,495	-2,821	-3,594	-3,256	-4,447
Debt-free Net Working Capital (DFNWC)	-28	-166	-227	-669	-929	851	295	-1,177	-1,465	-1,943
Net Working Capital (NWC)	-142	-485	-534	-1,155	-1,164	-287	-71	-1,453	-1,754	-2,385
Net Nonoperating Expense (NNE)	-9.05	-6.06	41	43	36	82	1.50	-6.61	52	18
Net Nonoperating Obligations (NNO)	-645	1,384	948	867	-22	149	-577	-258	680	2,476
Total Depreciation and Amortization (D&A)	320	363	372	398	423	420	394	415	451	583
Debt-free, Cash-free Net Working Capital to Revenue	-24.22%	-29.47%	-23.41%	-23.05%	-27.90%	-69.97%	-45.68%	-37.26%	-31.23%	-37.90%
Debt-free Net Working Capital to Revenue	-0.50%	-2.80%	-2.88%	-8.10%	-10.58%	23.86%	4.78%	-12.20%	-14.05%	-16.56%
Net Working Capital to Revenue	-2.54%	-8.19%	-6.76%	-13.98%	-13.26%	-8.05%	-1.15%	-15.06%	-16.82%	-20.32%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$6.61	$6.59	$8.39	$3.55	$6.24	($10.72)	$3.82	$0.46	$1.84	$3.13
Adjusted Weighted Average Basic Shares Outstanding	128.37M	123.56M	123.21M	123.23M	123.28M	123.45M	125.06M	126.66M	127.38M	126.14M
Adjusted Diluted Earnings per Share	$6.56	$6.54	$8.35	$3.52	$6.19	($10.72)	$3.77	$0.45	$1.83	$3.08
Adjusted Weighted Average Diluted Shares Outstanding	129.37M	124.39M	123.85M	123.98M	124.29M	123.45M	126.78M	127.90M	128.71M	128.37M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	124.73M	123.47M	123.00M	123.12M	122.91M	124.23M	125.91M	127.54M	126.05M	123.08M
Normalized Net Operating Profit after Tax (NOPAT)	839	862	1,097	545	838	-645	479	51	287	413
Normalized NOPAT Margin	14.99%	14.55%	13.89%	6.60%	9.54%	-18.10%	7.75%	0.53%	2.75%	3.52%
Pre Tax Income Margin	23.44%	22.21%	14.68%	7.08%	11.57%	-51.60%	-0.26%	0.82%	3.10%	4.64%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	162.38	43.97	14.08	8.49	16.46	-20.51	0.00	1.28	3.59	4.13
NOPAT to Interest Expense	104.87	26.36	11.63	6.58	12.77	-14.28	0.00	0.55	3.05	2.91
EBIT Less CapEx to Interest Expense	58.50	21.37	2.15	-4.44	5.86	-19.85	0.00	-16.50	-12.31	-4.89
NOPAT Less CapEx to Interest Expense	0.99	3.76	-0.30	-6.35	2.17	-13.63	0.00	-17.23	-12.84	-6.11
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	12.03%	17.06%	15.42%	36.16%	22.50%	-3.40%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	71.58%	41.28%	23.23%	47.60%	32.25%	-5.74%	0.00%	0.00%	58.30%	78.99%

This table displays calculated financial ratios and metrics derived from Alaska Air Group's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	44.80%	66.60%	30.64%	6.77%	0.39%	2.99%	1.64%	2.08%	8.21%	38.43%
EBITDA Growth	-50.68%	-5.41%	-5.81%	45.18%	72.22%	-5.71%	56.04%	2.97%	53.55%	114.39%
EBIT Growth	-71.43%	-27.08%	-3.72%	64.47%	159.21%	-68.57%	14.87%	-0.62%	71.07%	745.45%
NOPAT Growth	-81.32%	-47.04%	7.92%	77.12%	298.29%	-210.67%	10.75%	-9.92%	61.46%	510.05%
Net Income Growth	-79.38%	22.22%	0.70%	72.66%	247.50%	-109.09%	7.04%	-8.33%	69.78%	3,650.00%
EPS Growth	-79.74%	18.75%	2.63%	70.64%	248.39%	0.00%	5.41%	-8.06%	70.37%	0.00%
Operating Cash Flow Growth	446.23%	-93.02%	16.38%	-34.04%	-26.16%	-688.89%	-12.57%	16.47%	17.34%	616.98%
Free Cash Flow Firm Growth	-81.21%	-435.25%	2.55%	-4,361.32%	-1,162.61%	-291.50%	-195.63%	81.34%	-27.90%	-59.02%
Invested Capital Growth	-3.35%	10.36%	7.12%	48.30%	56.13%	34.71%	27.70%	10.55%	47.12%	42.88%
Revenue Q/Q Growth	6.40%	-12.34%	-11.42%	29.24%	0.04%	-10.07%	-12.57%	29.79%	6.04%	15.04%
EBITDA Q/Q Growth	-40.20%	-22.22%	-165.00%	580.22%	-29.06%	-57.42%	-130.30%	1,225.00%	5.78%	-40.55%
EBIT Q/Q Growth	-61.42%	-53.95%	-657.14%	266.15%	-39.20%	-94.42%	-1,609.09%	293.98%	4.66%	-72.40%
NOPAT Q/Q Growth	-72.84%	-62.11%	-1,000.59%	291.14%	-38.94%	-110.53%	-626.25%	292.92%	9.45%	-73.26%
Net Income Q/Q Growth	-71.22%	-45.00%	-745.45%	269.01%	-42.08%	-101.44%	-6,500.00%	266.67%	7.27%	-69.92%
EPS Q/Q Growth	-71.56%	-38.71%	-684.21%	267.57%	-41.94%	0.00%	0.00%	262.86%	7.60%	-68.48%
Operating Cash Flow Q/Q Growth	-51.39%	-97.55%	3,611.11%	49.10%	-45.58%	-119.56%	650.94%	98.63%	-45.17%	-13.84%
Free Cash Flow Firm Q/Q Growth	463.83%	-331.29%	-10.22%	-196.46%	-40.60%	14.78%	20.82%	81.29%	-863.77%	-5.95%
Invested Capital Q/Q Growth	7.81%	23.28%	-6.16%	18.90%	13.50%	6.37%	-12.21%	2.93%	51.04%	3.30%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	34.51%	185.96%	24.73%	43.34%	31.95%	176.15%	29.17%	41.91%	40.79%	132.17%
EBITDA Margin	6.36%	5.65%	-4.14%	15.40%	10.92%	5.17%	-1.79%	15.53%	15.49%	8.01%
Operating Margin	2.19%	0.93%	-8.47%	11.87%	7.43%	1.25%	-7.44%	11.11%	11.10%	2.07%
EBIT Margin	2.69%	1.41%	-8.88%	11.42%	6.94%	0.43%	-7.44%	11.11%	10.97%	2.63%
Profit (Net Income) Margin	1.41%	0.89%	-6.47%	8.46%	4.90%	-0.08%	-5.91%	7.59%	7.68%	2.01%
Tax Burden Percent	61.54%	62.86%	71.36%	73.85%	72.02%	-50.00%	74.16%	69.62%	71.95%	89.87%
Interest Burden Percent	85.53%	100.00%	102.05%	100.31%	97.97%	36.36%	107.23%	98.14%	97.33%	84.95%
Effective Tax Rate	38.46%	37.14%	0.00%	26.15%	27.98%	150.00%	0.00%	30.38%	28.05%	10.13%
Return on Invested Capital (ROIC)	3.98%	1.66%	-18.66%	27.28%	14.99%	-1.56%	-14.33%	19.48%	15.43%	3.74%
ROIC Less NNEP Spread (ROIC-NNEP)	3.73%	-0.15%	-15.95%	28.89%	19.91%	5.07%	35.83%	14.89%	14.70%	4.08%
Return on Net Nonoperating Assets (RNNOA)	-0.75%	0.02%	1.89%	-4.11%	-1.33%	0.27%	-0.29%	0.33%	4.39%	1.52%
Return on Equity (ROE)	3.22%	1.68%	-16.77%	23.17%	13.67%	-1.30%	-14.62%	19.81%	19.82%	5.26%
Cash Return on Invested Capital (CROIC)	5.57%	-8.33%	-5.05%	-33.88%	-36.21%	-22.71%	-16.58%	-3.61%	-31.62%	-28.21%
Operating Return on Assets (OROA)	1.64%	0.97%	-6.33%	7.97%	4.84%	0.31%	-5.35%	7.75%	6.79%	1.80%
Return on Assets (ROA)	0.86%	0.61%	-4.61%	5.90%	3.41%	-0.06%	-4.25%	5.30%	4.76%	1.37%
Return on Common Equity (ROCE)	3.22%	1.68%	-16.77%	23.17%	13.67%	-1.30%	-14.62%	19.81%	19.82%	5.26%
Return on Equity Simple (ROE_SIMPLE)	1.41%	0.00%	1.60%	4.05%	6.33%	0.00%	6.16%	5.32%	7.19%	0.00%
Net Operating Profit after Tax (NOPAT)	38	14	-130	249	152	-16	-116	224	245	66
NOPAT Margin	1.35%	0.58%	-5.93%	8.77%	5.35%	-0.63%	-5.21%	7.74%	7.99%	1.86%
Net Nonoperating Expense Percent (NNEP)	0.25%	1.81%	-2.71%	-1.61%	-4.92%	-6.64%	-50.16%	4.59%	0.73%	-0.34%
Return On Investment Capital (ROIC_SIMPLE)	-	0.24%	-	-	-	-0.24%	-	-	-	0.70%
Cost of Revenue to Revenue	65.49%	-85.96%	75.27%	56.66%	68.05%	-76.15%	70.83%	58.09%	59.21%	-32.17%
SG&A Expenses to Revenue	13.15%	13.88%	15.39%	12.61%	13.00%	13.94%	16.98%	12.98%	12.76%	14.15%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	32.32%	185.03%	33.20%	31.47%	24.52%	174.89%	36.60%	30.79%	29.69%	130.11%
Earnings before Interest and Taxes (EBIT)	76	35	-195	324	197	11	-166	322	337	93
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	180	140	-91	437	310	132	-40	450	476	283
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.30	1.43	1.45	1.72	1.15	1.22	1.38	1.21	1.27	1.88
Price to Tangible Book Value (P/TBV)	2.78	3.06	3.24	3.55	2.29	2.41	2.83	2.34	6.42	10.61
Price to Revenue (P/Rev)	0.57	0.56	0.53	0.66	0.46	0.48	0.53	0.49	0.53	0.70
Price to Earnings (P/E)	0.00	93.90	90.71	42.51	18.21	21.29	22.47	22.78	17.71	20.81
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	1.06%	1.10%	2.35%	5.49%	4.70%	4.45%	4.39%	5.65%	4.81%
Enterprise Value to Invested Capital (EV/IC)	1.39	1.46	1.49	1.72	1.14	1.19	1.36	1.21	1.18	1.56
Enterprise Value to Revenue (EV/Rev)	0.46	0.54	0.49	0.66	0.50	0.55	0.55	0.50	0.73	0.91
Enterprise Value to EBITDA (EV/EBITDA)	7.41	9.70	9.41	10.24	6.45	7.21	6.90	6.21	7.71	9.15
Enterprise Value to EBIT (EV/EBIT)	30.25	43.24	44.12	28.42	14.21	16.86	15.83	14.53	15.58	18.25
Enterprise Value to NOPAT (EV/NOPAT)	63.24	100.96	84.50	40.83	18.21	19.83	19.64	19.74	21.67	25.89
Enterprise Value to Operating Cash Flow (EV/OCF)	2.62	3.66	3.40	5.65	4.61	5.41	5.75	4.85	6.91	7.31
Enterprise Value to Free Cash Flow (EV/FCFF)	24.59	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.58	0.57	0.56	0.62	0.70	0.60	0.65	0.63	1.05	1.14
Long-Term Debt to Equity	0.49	0.49	0.49	0.48	0.52	0.53	0.57	0.55	0.93	1.04
Financial Leverage	-0.20	-0.11	-0.12	-0.14	-0.07	0.05	-0.01	0.02	0.30	0.37
Leverage Ratio	3.86	3.69	3.89	3.82	3.75	3.63	3.80	3.69	4.05	4.05
Compound Leverage Factor	3.30	3.69	3.97	3.83	3.67	1.32	4.07	3.62	3.94	3.44
Debt to Total Capital	36.61%	36.13%	35.87%	38.38%	41.17%	37.53%	39.21%	38.74%	51.11%	53.25%
Short-Term Debt to Total Capital	5.32%	4.62%	4.66%	8.92%	10.58%	4.39%	4.60%	5.20%	5.71%	4.73%
Long-Term Debt to Total Capital	31.30%	31.51%	31.21%	29.46%	30.59%	33.14%	34.61%	33.53%	45.40%	48.52%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	63.39%	63.87%	64.13%	61.62%	58.83%	62.47%	60.79%	61.26%	48.89%	46.75%
Debt to EBITDA	4.07	4.04	3.89	3.70	3.60	3.14	3.06	3.14	4.60	4.26
Net Debt to EBITDA	-1.73	-0.48	-0.69	0.03	0.52	0.86	0.34	0.19	2.11	2.12
Long-Term Debt to EBITDA	3.48	3.52	3.39	2.84	2.67	2.77	2.70	2.71	4.09	3.88
Debt to NOPAT	34.74	42.01	34.97	14.73	10.17	8.62	8.70	9.97	12.92	12.05
Net Debt to NOPAT	-14.78	-5.02	-6.20	0.11	1.47	2.37	0.97	0.61	5.93	5.99
Long-Term Debt to NOPAT	29.69	36.64	30.42	11.31	7.55	7.61	7.68	8.63	11.48	10.98
Altman Z-Score	1.23	1.30	1.23	1.40	1.29	1.29	1.25	1.33	1.03	1.13
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.81	0.68	0.64	0.63	0.72	0.61	0.65	0.68	0.60	0.61
Quick Ratio	0.74	0.60	0.57	0.54	0.55	0.49	0.55	0.58	0.48	0.49
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	138	-320	-352	-1,044	-1,468	-1,251	-1,041	-195	-1,878	-1,989
Operating Cash Flow to CapEx	116.51%	1.24%	269.35%	518.75%	265.69%	-4.52%	512.28%	386.67%	49.30%	63.87%
Free Cash Flow to Firm to Interest Expense	4.93	-17.75	-16.77	-49.72	-54.37	-50.04	-35.90	-6.49	-50.75	-43.25
Operating Cash Flow to Interest Expense	13.11	0.50	15.90	23.71	10.04	-2.12	10.07	19.33	8.59	5.96
Operating Cash Flow Less CapEx to Interest Expense	1.86	-39.72	10.00	19.14	6.26	-49.00	8.10	14.33	-8.84	-3.37
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.61	0.69	0.71	0.70	0.70	0.72	0.72	0.70	0.62	0.68
Accounts Receivable Turnover	19.65	22.91	20.36	27.50	30.18	30.71	28.90	29.18	25.27	24.94
Inventory Turnover	96.90	35.31	81.08	71.93	67.34	29.54	71.56	70.92	45.93	25.05
Fixed Asset Turnover	1.36	1.44	1.51	1.43	1.41	1.33	1.35	1.28	1.16	1.22
Accounts Payable Turnover	39.47	13.92	29.38	28.89	33.75	15.18	38.65	36.40	31.59	20.08
Days Sales Outstanding (DSO)	18.58	15.93	17.92	13.27	12.09	11.89	12.63	12.51	14.44	14.63
Days Inventory Outstanding (DIO)	3.77	10.34	4.50	5.07	5.42	12.36	5.10	5.15	7.95	14.57
Days Payable Outstanding (DPO)	9.25	26.21	12.42	12.64	10.82	24.04	9.44	10.03	11.55	18.18
Cash Conversion Cycle (CCC)	13.10	0.05	10.00	5.71	6.70	0.20	8.29	7.63	10.84	11.03
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,886	3,558	3,339	3,970	4,506	4,793	4,264	4,389	6,629	6,848
Invested Capital Turnover	2.95	2.84	3.15	3.11	2.80	2.50	2.75	2.52	1.93	2.02
Increase / (Decrease) in Invested Capital	-100	334	222	1,293	1,620	1,235	925	419	2,123	2,055
Enterprise Value (EV)	4,023	5,188	4,986	6,821	5,130	5,683	5,792	5,289	7,854	10,696
Market Capitalization	4,963	5,446	5,352	6,802	4,717	5,003	5,505	5,126	5,704	8,220
Book Value per Share	$30.18	$30.09	$28.92	$30.89	$32.17	$32.12	$31.57	$33.30	$35.50	$34.44
Tangible Book Value per Share	$14.09	$14.02	$12.95	$14.97	$16.18	$16.24	$15.43	$17.28	$7.04	$6.11
Total Capital	6,036	5,975	5,752	6,412	6,957	6,584	6,542	6,898	9,161	9,352
Total Debt	2,210	2,159	2,063	2,461	2,864	2,471	2,565	2,672	4,682	4,980
Total Long-Term Debt	1,889	1,883	1,795	1,889	2,128	2,182	2,264	2,313	4,159	4,538
Net Debt	-940	-258	-366	19	413	680	287	163	2,150	2,476
Capital Expenditures (CapEx)	315	724	124	96	102	1,172	57	150	645	429
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-3,728	-3,594	-3,919	-3,802	-3,145	-3,256	-3,677	-3,742	-4,520	-4,447
Debt-free Net Working Capital (DFNWC)	-578	-1,177	-1,490	-1,360	-694	-1,465	-1,399	-1,233	-1,988	-1,943
Net Working Capital (NWC)	-899	-1,453	-1,758	-1,932	-1,430	-1,754	-1,700	-1,592	-2,511	-2,385
Net Nonoperating Expense (NNE)	-1.85	-7.54	12	8.86	13	-14	16	4.18	9.35	-5.39
Net Nonoperating Obligations (NNO)	-940	-258	-350	19	413	680	287	163	2,150	2,476
Total Depreciation and Amortization (D&A)	104	105	104	113	113	121	126	128	139	190
Debt-free, Cash-free Net Working Capital to Revenue	-43.07%	-37.26%	-38.57%	-36.77%	-30.38%	-31.23%	-35.15%	-35.57%	-42.03%	-37.90%
Debt-free Net Working Capital to Revenue	-6.68%	-12.20%	-14.66%	-13.15%	-6.70%	-14.05%	-13.37%	-11.72%	-18.49%	-16.56%
Net Working Capital to Revenue	-10.39%	-15.06%	-17.30%	-18.68%	-13.81%	-16.82%	-16.25%	-15.13%	-23.35%	-20.32%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.32	$0.18	($1.11)	$1.88	$1.09	($0.02)	($1.05)	$1.74	$1.87	$0.57
Adjusted Weighted Average Basic Shares Outstanding	126.78M	126.66M	127.50M	127.44M	127.19M	127.38M	125.97M	126.34M	126.19M	126.14M
Adjusted Diluted Earnings per Share	$0.31	$0.19	($1.11)	$1.86	$1.08	$0.00	($1.05)	$1.71	$1.84	$0.58
Adjusted Weighted Average Diluted Shares Outstanding	128.37M	127.90M	127.50M	128.92M	129.19M	128.71M	125.97M	128.31M	128.59M	128.37M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	126.84M	127.54M	127.91M	127.22M	128.05M	126.05M	126.89M	126.16M	126.94M	123.08M
Normalized Net Operating Profit after Tax (NOPAT)	134	14	-121	249	264	22	-92	224	299	66
Normalized NOPAT Margin	4.72%	0.58%	-5.51%	8.77%	9.31%	0.88%	-4.14%	7.74%	9.72%	1.86%
Pre Tax Income Margin	2.30%	1.41%	-9.06%	11.45%	6.80%	0.16%	-7.97%	10.91%	10.68%	2.24%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.71	1.94	-9.29	15.43	7.30	0.44	-5.72	10.73	9.11	2.02
NOPAT to Interest Expense	1.36	0.80	-6.20	11.85	5.63	-0.64	-4.01	7.47	6.63	1.43
EBIT Less CapEx to Interest Expense	-8.54	-38.28	-15.19	10.86	3.52	-46.44	-7.69	5.73	-8.32	-7.30
NOPAT Less CapEx to Interest Expense	-9.89	-39.42	-12.10	7.28	1.85	-47.52	-5.97	2.47	-10.80	-7.90
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	30.51%	35.63%	27.03%	58.30%	56.73%	57.33%	40.37%	78.99%

Frequently Asked Questions About Alaska Air Group's Financials

When does Alaska Air Group's financial year end?

According to the most recent income statement we have on file, Alaska Air Group's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Alaska Air Group's net income changed over the last 9 years?

Alaska Air Group's net income appears to be on a downward trend, with a most recent value of $395 million in 2024, falling from $848 million in 2015. The previous period was $235 million in 2023. View Alaska Air Group's forecast to see where analysts expect Alaska Air Group to go next.

What is Alaska Air Group's operating income?

Alaska Air Group's total operating income in 2024 was $570 million, based on the following breakdown:

Total Gross Profit: $7.79 billion
Total Operating Expenses: $7.22 billion

How has Alaska Air Group revenue changed over the last 9 years?

Over the last 9 years, Alaska Air Group's total revenue changed from $5.60 billion in 2015 to $11.74 billion in 2024, a change of 109.6%.

How much debt does Alaska Air Group have?

Alaska Air Group's total liabilities were at $15.40 billion at the end of 2024, a 46.6% increase from 2023, and a 273.8% increase since 2015.

How much cash does Alaska Air Group have?

In the past 9 years, Alaska Air Group's cash and equivalents has ranged from $73 million in 2015 to $1.37 billion in 2020, and is currently $1.20 billion as of their latest financial filing in 2024.

How has Alaska Air Group's book value per share changed over the last 9 years?

Over the last 9 years, Alaska Air Group's book value per share changed from 19.12 in 2015 to 34.44 in 2024, a change of 80.2%.

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This page (NYSE:ALK) was last updated on 5/7/2025 by MarketBeat.com Staff

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Alaska Air Group (ALK) Financials

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