Alaska Air Group (ALK) Financials

$40.50 -0.01 (-0.03%)

Closing price 03:59 PM Eastern

Extended Trading

$40.69 +0.19 (+0.47%)

As of 05:57 PM 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	2025
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	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	848	797	960	437	769	-2,836	-167	58	235	395	100
Consolidated Net Income / (Loss)	848	797	960	437	769	-1,324	478	58	235	395	100
Net Income / (Loss) Continuing Operations	848	797	960	437	769	-2,836	-167	58	235	395	100
Total Pre-Tax Income	1,312	1,316	1,159	585	1,016	-1,840	-16	79	323	545	146
Total Operating Income	1,298	1,306	1,208	643	1,063	-1,775	685	70	394	570	303
Total Gross Profit	2,471	2,743	3,061	2,486	2,857	-1,249	1,220	6,715	5,568	5,894	6,554
Total Revenue	5,598	5,925	7,894	8,264	8,781	3,566	6,176	9,646	10,426	11,735	14,239
Operating Revenue	4,901	5,925	7,894	8,264	8,781	3,566	6,176	9,646	10,426	11,735	14,239
Total Cost of Revenue	3,127	3,182	4,833	5,778	5,924	4,815	4,956	2,931	4,858	5,841	7,685
Operating Cost of Revenue	3,127	3,182	4,833	5,778	5,924	3,251	4,956	2,931	4,858	5,841	7,685
Total Operating Expenses	1,173	1,437	1,853	1,843	1,794	2,090	1,308	6,645	5,174	5,324	6,251
Selling, General & Admin Expense	781	862	1,244	1,204	1,161	689	915	1,341	1,421	1,647	2,055
Depreciation Expense	320	363	372	398	423	420	394	415	451	583	795
Other Operating Expenses / (Income)	72	95	121	154	166	128	-	4,889	3,302	3,094	3,401
Total Other Income / (Expense), net	14	10	-49	-58	-47	-13	72	9.00	-71	-25	-157
Interest Expense	8.00	30	86	73	63	87	-11	94	94	142	235
Interest & Investment Income	21	27	34	38	42	31	25	53	80	101	94
Other Income / (Expense), net	1.00	13	3.00	-23	-26	-9.00	36	50	-57	16	-16
Income Tax Expense	464	519	199	148	247	-516	151	21	88	150	46
Basic Earnings per Share	$6.61	$6.45	$7.79	$3.55	$6.24	($10.72)	$3.82	$0.46	$1.84	$3.13	$0.85
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	118.17M
Diluted Earnings per Share	$6.56	$6.41	$7.75	$3.52	$6.19	($10.72)	$3.77	$0.45	$1.83	$3.08	$0.83
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	119.93M
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	114.64M

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	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	240	139	-2.00	-132	220	236	71	-166	172	73	21
Consolidated Net Income / (Loss)	240	139	-2.00	-132	220	236	71	-166	172	73	21
Net Income / (Loss) Continuing Operations	240	139	-2.00	-132	220	236	71	-166	172	73	21
Total Pre-Tax Income	325	193	4.00	-178	316	328	79	-233	238	111	30
Total Operating Income	337	211	32	-166	322	341	73	-197	277	148	75
Total Gross Profit	1,230	907	4,497	992	1,651	1,633	4,671	1,339	1,799	1,762	1,654
Total Revenue	2,838	2,839	2,553	2,232	2,897	3,072	3,534	3,137	3,704	3,766	3,632
Operating Revenue	2,838	2,839	2,553	2,232	2,897	3,072	3,534	3,137	3,704	3,766	3,632
Total Cost of Revenue	1,608	1,932	-1,944	1,240	1,246	1,439	-1,137	1,798	1,905	2,004	1,978
Operating Cost of Revenue	1,608	1,932	-1,944	1,240	1,246	1,439	-1,137	1,798	1,905	2,004	1,978
Total Operating Expenses	893	696	4,465	1,158	1,329	1,292	4,598	1,536	1,522	1,614	1,579
Selling, General & Admin Expense	358	369	356	379	376	392	500	506	498	514	537
Depreciation Expense	113	113	121	126	128	139	190	194	199	203	199
Other Operating Expenses / (Income)	422	58	4,157	653	825	761	4,016	836	825	897	843
Total Other Income / (Expense), net	-12	-18	-28	-12	-6.00	-13	6.00	-36	-39	-37	-45
Interest Expense	21	27	25	29	30	37	46	54	57	62	62
Interest & Investment Income	22	23	18	17	24	28	32	26	22	23	23
Other Income / (Expense), net	-13	-14	-21	0.00	0.00	-4.00	20	-8.00	-4.00	2.00	-6.00
Income Tax Expense	85	54	6.00	-46	96	92	8.00	-67	66	38	9.00
Basic Earnings per Share	$1.88	$1.09	($0.02)	($1.05)	$1.74	$1.87	$0.57	($1.35)	$1.45	$0.63	$0.12
Weighted Average Basic Shares Outstanding	127.44M	127.19M	127.38M	125.97M	126.34M	126.19M	126.14M	123.13M	118.85M	115.29M	118.17M
Diluted Earnings per Share	$1.86	$1.08	-	($1.05)	$1.71	$1.84	$0.58	($1.35)	$1.42	$0.62	$0.14
Weighted Average Diluted Shares Outstanding	128.92M	129.19M	128.71M	125.97M	128.31M	128.59M	128.37M	123.13M	120.93M	117.50M	119.93M
Weighted Average Basic & Diluted Shares Outstanding	127.22M	128.05M	126.05M	126.89M	126.16M	126.94M	123.08M	121.39M	115.31M	115.99M	114.64M

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	2025
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	12/31/2025
Net Change in Cash & Equivalents	-34	255	-131	-83	118	1,154	-892	-125	-61	949	-573
Net Cash From Operating Activities	1,584	1,386	1,590	1,195	1,722	-234	1,030	1,418	1,050	1,464	1,249
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	1,249
Net Income / (Loss) Continuing Operations	848	797	960	437	769	-1,324	478	58	235	395	100
Consolidated Net Income / (Loss)	848	797	960	437	769	-1,324	478	58	235	395	100
Depreciation Expense	320	363	372	398	423	420	394	415	451	583	795
Non-Cash Adjustments To Reconcile Net Income	25	26	55	47	29	871	41	833	507	-7.00	61
Changes in Operating Assets and Liabilities, net	391	200	218	313	501	-201	115	112	-143	493	293
Net Cash From Investing Activities	-930	-2,622	-1,129	-631	-791	-593	-1,008	-1,218	-964	-634	-1,623
Net Cash From Continuing Investing Activities	-930	-2,622	-1,129	-631	-791	-593	-1,008	-1,218	-964	-634	-1,623
Purchase of Property, Plant & Equipment	-831	-678	-1,026	-960	-696	-222	-292	-1,671	-1,494	-1,281	-1,588
Acquisitions	0.00	-1,951	-	-	-	-	-	0.00	0.00	-659	0.00
Purchase of Investments	-1,327	-960	-1,569	-834	-1,810	-2,962	-4,301	-1,797	-536	-832	-1,479
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	1,289
Other Investing Activities, net	53	5.00	78	31	13	-6.00	-12	-2.00	-86	377	155
Net Cash From Financing Activities	-688	1,491	-592	-647	-813	1,981	-914	-325	-147	119	-199
Net Cash From Continuing Financing Activities	-688	1,491	-592	-647	-813	1,981	-914	-325	-147	119	-199
Repayment of Debt	-116	-249	-397	-807	-1,058	-565	-1,334	-325	-421	-1,879	-437
Repurchase of Common Equity	-505	-193	-75	-50	-75	-31	0.00	0.00	-137	-312	-570
Issuance of Debt	0.00	2,044	0.00	339	450	2,564	363	0.00	411	2,310	808
Cash Interest Paid	8.00	24	84	72	60	50	-	71	105	148	223
Cash Income Taxes Paid	349	459	177	0.00	31	0.00	-	0.00	15	22	3.00

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	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Change in Cash & Equivalents	-146	-9.00	-186	605	219	-63	188	-158	-298	34	-151
Net Cash From Operating Activities	498	271	-53	292	580	318	274	459	376	229	185
Net Cash From Continuing Operating Activities	444	145	127	292	580	318	274	459	376	229	185
Net Income / (Loss) Continuing Operations	240	139	-2.00	-132	220	236	71	-166	172	73	21
Consolidated Net Income / (Loss)	240	139	-2.00	-132	220	236	71	-166	172	73	21
Depreciation Expense	113	113	121	126	128	139	190	194	199	203	199
Non-Cash Adjustments To Reconcile Net Income	207	174	39	42	-5.00	22	-66	72	-10	-19	18
Changes in Operating Assets and Liabilities, net	-116	-281	-31	256	237	-79	79	359	15	-28	-53
Net Cash From Investing Activities	-539	-331	-154	318	-453	-301	-198	-381	-366	-249	-627
Net Cash From Continuing Investing Activities	-539	-331	-154	318	-453	-301	-198	-381	-366	-249	-627
Purchase of Property, Plant & Equipment	-96	-102	-1,172	-57	-150	-645	-429	-238	-503	-222	-625
Purchase of Investments	-188	-130	-17	-13	-150	-265	-404	-470	-374	-395	-240
Sale and/or Maturity of Investments	186	232	346	133	155	865	608	336	429	282	242
Other Investing Activities, net	-441	-331	689	255	-308	403	27	-9.00	82	86	-4.00
Net Cash From Financing Activities	-51	177	-159	-5.00	92	-80	112	-236	-308	54	291
Net Cash From Continuing Financing Activities	-51	177	-159	-5.00	92	-80	112	-236	-308	54	291
Repayment of Debt	-53	-82	-190	-134	-9.00	-131	-1,605	-131	-46	-151	-109
Repurchase of Common Equity	-39	-13	-67	-20	-29	-14	-249	-105	-430	-5.00	-30
Issuance of Debt	41	272	98	149	130	65	1,966	0.00	168	210	430
Cash Interest Paid	10	43	20	35	20	52	41	67	41	69	46
Cash Income Taxes Paid	14	-	1.00	-	-	2.00	20	-	-	-	3.00

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	2025
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	12/31/2025
Total Assets	6,530	9,962	10,746	10,912	12,993	14,046	13,951	14,186	14,613	19,768	20,361
Total Current Assets	1,663	2,050	2,152	1,787	2,037	4,006	3,920	3,040	2,705	3,760	3,266
Cash & Equivalents	73	328	194	105	221	1,370	470	338	281	1,201	627
Restricted Cash	-	-	-	-	-	-	-	-	0.00	29	28
Short-Term Investments	1,255	1,252	1,427	1,131	1,300	1,976	2,646	2,079	1,510	1,274	1,496
Accounts Receivable	212	302	341	366	323	480	546	296	383	558	565
Inventories, net	51	47	57	60	72	57	62	104	116	199	203
Prepaid Expenses	72	121	133	125	121	123	120	163	176	307	278
Other Current Assets	-	-	-	-	-	-	76	60	239	192	69
Plant, Property, & Equipment, net	4,802	5,666	6,284	6,781	6,902	6,211	6,138	7,257	8,388	10,781	11,857
Total Noncurrent Assets	65	2,246	2,310	2,344	4,054	3,829	3,893	3,889	3,520	5,227	5,238
Goodwill	0.00	1,934	1,943	1,943	1,943	2,050	2,044	2,038	1,943	2,724	2,723
Intangible Assets	0.00	143	133	127	122	-	-	-	90	873	815
Other Noncurrent Operating Assets	65	169	234	274	1,989	1,779	1,849	1,851	1,487	1,630	1,700
Total Liabilities & Shareholders' Equity	6,530	9,962	10,746	10,912	12,993	14,046	13,951	14,186	14,613	19,768	20,361
Total Liabilities	4,119	7,031	7,286	7,161	8,662	11,058	10,150	10,370	10,500	15,396	16,243
Total Current Liabilities	1,805	2,535	2,686	2,942	3,201	4,293	3,991	4,493	4,459	6,145	6,589
Short-Term Debt	114	319	307	486	235	1,138	366	276	289	450	721
Accounts Payable	63	92	120	132	146	108	200	221	207	186	324
Accrued Expenses	661	878	400	416	431	424	625	846	800	997	1,055
Current Deferred Revenue	669	849	1,441	705	1,650	1,806	2,075	2,303	2,357	3,304	3,411
Current Employee Benefit Liabilities	298	397	418	415	470	527	457	619	584	1,001	881
Other Current Liabilities	-	-	-	788	269	290	268	228	222	207	197
Total Noncurrent Liabilities	2,314	4,496	4,600	4,219	5,461	6,765	6,159	5,877	6,041	9,251	9,654
Long-Term Debt	569	2,645	2,262	1,617	1,264	2,357	2,173	1,883	2,182	4,538	4,834
Noncurrent Deferred Revenue	431	640	1,090	1,169	1,240	1,544	1,446	1,374	1,382	1,664	1,711
Noncurrent Deferred & Payable Income Tax Liabilities	682	463	370	512	715	407	578	574	695	934	1,004
Noncurrent Employee Benefit Liabilities	270	331	453	503	571	665	305	348	362	460	369
Other Noncurrent Operating Liabilities	362	417	425	418	1,671	1,792	1,657	1,698	1,420	1,655	1,736
Commitments & Contingencies	0.00	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	4,118
Total Preferred & Common Equity	2,411	2,931	3,460	3,751	4,331	2,988	3,801	3,816	4,113	4,372	4,118
Preferred Stock	0.00	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	4,118
Common Stock	74	111	165	233	306	392	495	578	696	812	962
Retained Earnings	2,890	3,568	4,193	4,534	5,133	3,764	4,242	4,300	4,535	4,930	5,030
Treasury Stock	-250	-443	-518	-568	-643	-674	-674	-674	-819	-1,131	-1,701
Accumulated Other Comprehensive Income / (Loss)	-303	-305	-380	-448	-465	-494	-262	-388	-299	-239	-173

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	Q1 2025	Q2 2025	Q3 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025
Total Assets	14,531	14,296	14,829	15,165	14,813	15,342	19,559	19,818	19,885	20,012
Total Current Assets	3,810	3,099	3,244	3,644	3,129	3,376	3,737	3,721	3,507	3,466
Cash & Equivalents	688	516	536	647	885	1,115	1,015	1,044	750	778
Restricted Cash	-	-	-	-	-	-	27	28	28	28
Short-Term Investments	2,462	1,913	1,906	1,804	1,393	1,394	1,490	1,420	1,374	1,494
Accounts Receivable	345	340	351	341	384	370	510	569	737	586
Inventories, net	94	105	107	122	104	106	202	206	218	229
Prepaid Expenses	221	181	187	187	177	179	270	281	264	285
Other Current Assets	-	60	157	543	186	212	223	173	136	66
Plant, Property, & Equipment, net	6,654	7,252	7,963	8,026	8,194	8,521	10,522	10,867	11,215	11,236
Plant, Property & Equipment, gross	10,700	11,430	12,182	12,309	12,633	13,058	15,070	15,516	15,944	16,030
Accumulated Depreciation	4,046	4,178	4,219	4,283	4,439	4,537	4,548	4,649	4,729	4,794
Total Noncurrent Assets	4,067	3,945	3,622	3,495	3,490	3,445	5,300	5,230	5,163	5,310
Goodwill	2,040	2,037	2,036	2,034	2,033	2,033	2,703	2,724	2,724	2,723
Intangible Assets	-	-	-	-	-	-	888	859	844	829
Other Noncurrent Operating Assets	2,027	1,908	1,586	1,461	1,457	1,412	1,709	1,647	1,595	1,758
Total Liabilities & Shareholders' Equity	14,531	14,296	14,829	15,165	14,813	15,342	19,559	19,818	19,885	20,012
Total Liabilities	10,705	10,607	10,878	11,072	10,836	11,116	15,080	15,681	15,943	15,983
Total Current Liabilities	4,709	4,857	5,176	5,074	4,829	4,968	6,248	6,700	6,709	6,659
Short-Term Debt	321	268	572	736	301	359	523	519	500	519
Accounts Payable	202	206	212	229	181	203	242	237	240	322
Accrued Expenses	805	908	871	806	791	852	958	1,042	1,096	1,007
Current Deferred Revenue	2,535	0.00	0.00	2,592	2,917	2,888	0.00	3,931	3,951	3,775
Current Employee Benefit Liabilities	583	431	463	561	481	513	822	749	697	811
Other Current Liabilities	263	3,044	3,058	150	158	153	3,703	222	225	225
Total Noncurrent Liabilities	5,996	5,750	5,702	5,998	6,007	6,148	8,832	8,981	9,234	9,324
Long-Term Debt	1,889	1,795	1,889	2,128	2,264	2,313	4,159	4,290	4,448	4,490
Capital Lease Obligations	-	-	-	-	-	-	-	1,245	1,200	1,237
Noncurrent Deferred Revenue	1,413	1,325	1,370	1,366	1,320	1,329	1,578	1,587	1,648	1,596
Noncurrent Deferred & Payable Income Tax Liabilities	571	523	606	662	649	746	889	871	938	976
Noncurrent Employee Benefit Liabilities	296	355	362	368	365	358	505	457	452	439
Other Noncurrent Operating Liabilities	1,827	1,752	1,475	1,474	1,409	1,402	1,701	531	548	586
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	3,826	3,689	3,951	4,093	3,977	4,226	4,479	4,137	3,942	4,029
Total Preferred & Common Equity	3,826	3,689	3,951	4,093	3,977	4,226	4,479	4,137	3,942	4,029
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	3,826	3,689	3,951	4,093	3,977	4,226	4,479	4,137	3,942	4,029
Common Stock	550	588	649	660	708	758	770	845	900	914
Retained Earnings	4,278	4,158	4,398	4,537	4,403	4,623	4,859	4,764	4,936	5,009
Treasury Stock	-674	-692	-731	-744	-840	-868	-882	-1,238	-1,666	-1,671
Accumulated Other Comprehensive Income / (Loss)	-328	-365	-365	-360	-294	-287	-268	-234	-228	-223

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	2025
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	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	4.28%	5.84%	33.23%	4.69%	6.26%	-59.39%	73.19%	56.19%	8.09%	12.56%	21.34%
EBITDA Growth	26.88%	3.89%	-5.89%	-35.69%	43.42%	-193.42%	181.74%	-52.02%	47.29%	48.35%	-7.44%
EBIT Growth	32.28%	1.54%	-8.19%	-48.80%	67.26%	-272.03%	140.41%	-83.36%	180.83%	73.89%	-51.02%
NOPAT Growth	40.54%	-5.72%	26.51%	-52.00%	67.51%	-254.43%	138.59%	-89.28%	457.78%	44.12%	-49.76%
Net Income Growth	40.17%	-6.01%	20.45%	-54.48%	75.97%	-272.17%	136.10%	-87.87%	305.17%	68.09%	-74.68%
EPS Growth	48.42%	-2.29%	20.90%	-54.58%	75.85%	-273.18%	135.17%	-88.06%	306.67%	68.31%	-73.05%
Operating Cash Flow Growth	53.79%	-12.50%	14.72%	-24.84%	44.10%	-113.59%	540.17%	37.67%	-25.95%	39.43%	-14.69%
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%	72.21%
Invested Capital Growth	3.09%	144.34%	2.16%	4.76%	-6.69%	-27.20%	2.77%	10.36%	34.71%	42.88%	9.71%
Revenue Q/Q Growth	1.28%	2.44%	37.77%	-16.37%	1.90%	-28.48%	12.37%	11.45%	0.71%	9.12%	0.69%
EBITDA Q/Q Growth	1.31%	-2.55%	-3.59%	-7.71%	15.97%	-177.24%	149.44%	-1.47%	-1.01%	14.83%	-1.37%
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%	-7.72%
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%	-10.37%
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%	-33.33%
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%	-34.65%
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%	-6.65%
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%	58.86%
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%	-5.68%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	44.14%	46.30%	38.78%	30.08%	32.54%	-35.03%	19.75%	69.61%	68.84%	66.37%	46.03%
EBITDA Margin	28.92%	28.39%	20.05%	12.32%	16.63%	-38.25%	18.05%	5.55%	7.56%	9.96%	7.60%
Operating Margin	23.19%	22.04%	15.30%	7.78%	12.11%	-49.78%	11.09%	0.73%	3.78%	4.86%	2.13%
EBIT Margin	23.20%	22.26%	15.34%	7.50%	11.81%	-50.03%	11.67%	1.24%	3.23%	4.99%	2.02%
Profit (Net Income) Margin	15.15%	13.45%	12.16%	5.29%	8.76%	-37.13%	7.74%	0.60%	2.25%	3.37%	0.70%
Tax Burden Percent	64.63%	60.56%	82.83%	74.70%	75.69%	71.96%	-2,987.50%	73.42%	72.76%	72.48%	68.49%
Interest Burden Percent	101.00%	99.77%	95.71%	94.35%	97.97%	103.14%	-2.22%	65.83%	95.85%	93.00%	50.87%
Effective Tax Rate	35.37%	39.44%	17.17%	25.30%	24.31%	0.00%	0.00%	26.58%	27.24%	27.52%	31.51%
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%	2.89%
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%	-0.77%
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%	-0.53%
Return on Equity (ROE)	37.37%	29.84%	30.04%	12.12%	19.03%	-36.18%	14.08%	1.52%	5.93%	9.31%	2.36%
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%	-6.38%
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%	1.43%
Return on Assets (ROA)	13.47%	9.67%	9.27%	4.04%	6.43%	-9.79%	3.41%	0.41%	1.63%	2.30%	0.50%
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%	2.36%
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%	0.00%
Net Operating Profit after Tax (NOPAT)	839	791	1,001	480	805	-1,243	480	51	287	413	208
NOPAT Margin	14.99%	13.35%	12.68%	5.81%	9.16%	-34.84%	7.76%	0.53%	2.75%	3.52%	1.46%
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%	3.65%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	0.86%	4.35%	4.42%	2.15%
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%	53.97%
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%	14.43%
R&D to Revenue	0.00%	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%	43.90%
Earnings before Interest and Taxes (EBIT)	1,299	1,319	1,211	620	1,037	-1,784	721	120	337	586	287
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	1,082
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	1.42
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	10.06
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	0.41
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	58.34
Dividend Yield	1.07%	1.32%	1.71%	2.16%	2.08%	2.74%	0.00%	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%	1.71%
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	1.23
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	0.65
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	8.54
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	32.19
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	44.51
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	7.40
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	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	1.35
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	1.17
Financial Leverage	-0.23	0.14	0.36	0.25	0.10	0.02	-0.06	-0.11	0.05	0.37	0.69
Leverage Ratio	2.78	3.09	3.24	3.00	2.96	3.69	4.12	3.69	3.63	4.05	4.73
Compound Leverage Factor	2.80	3.08	3.10	2.83	2.90	3.81	-0.09	2.43	3.48	3.77	2.40
Debt to Total Capital	22.08%	50.28%	42.61%	35.92%	25.71%	53.91%	40.05%	36.13%	37.53%	53.25%	57.43%
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%	7.45%
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%	49.97%
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%	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%	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%	42.57%
Debt to EBITDA	0.42	1.76	1.62	2.07	1.03	-2.56	2.28	4.04	3.14	4.26	5.13
Net Debt to EBITDA	-0.40	0.82	0.60	0.85	-0.02	-0.11	-0.52	-0.48	0.86	2.12	3.15
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	4.47
Debt to NOPAT	0.81	3.75	2.57	4.38	1.86	-2.81	5.30	42.01	8.62	12.05	26.77
Net Debt to NOPAT	-0.77	1.75	0.95	1.81	-0.03	-0.12	-1.20	-5.02	2.37	5.99	16.40
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	23.29
Altman Z-Score	3.48	2.35	2.30	2.01	1.96	0.53	1.42	1.32	1.37	1.22	1.11
Noncontrolling Interest Sharing Ratio	0.00%	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	0.50
Quick Ratio	0.85	0.74	0.73	0.54	0.58	0.89	0.92	0.60	0.49	0.49	0.41
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	786	-1,758	908	270	1,114	-71	393	-283	-948	-1,642	-458
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%	78.65%
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	-1.95
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	5.31
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	-1.44
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.89	0.72	0.76	0.76	0.73	0.26	0.44	0.69	0.72	0.68	0.71
Accounts Receivable Turnover	23.77	23.05	24.55	23.38	25.49	8.88	12.04	22.91	30.71	24.94	25.36
Inventory Turnover	57.38	64.94	92.94	98.77	89.76	74.65	83.29	35.31	29.54	25.05	38.23
Fixed Asset Turnover	1.23	1.13	1.32	1.27	1.28	0.54	1.00	1.44	1.33	1.22	1.26
Accounts Payable Turnover	50.03	41.06	45.59	45.86	42.62	37.91	32.18	13.92	15.18	20.08	30.14
Days Sales Outstanding (DSO)	15.36	15.83	14.87	15.61	14.32	41.10	30.32	15.93	11.89	14.63	14.39
Days Inventory Outstanding (DIO)	6.36	5.62	3.93	3.70	4.07	4.89	4.38	10.34	12.36	14.57	9.55
Days Payable Outstanding (DPO)	7.30	8.89	8.01	7.96	8.56	9.63	11.34	26.21	24.04	18.18	12.11
Cash Conversion Cycle (CCC)	14.42	12.56	10.79	11.35	9.82	36.36	23.36	0.05	0.20	11.03	11.83
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	7,522
Invested Capital Turnover	3.22	1.95	1.81	1.83	1.97	0.96	1.94	2.84	2.50	2.02	1.98
Increase / (Decrease) in Invested Capital	53	2,549	93	210	-309	-1,172	87	334	1,235	2,055	666
Enterprise Value (EV)	8,745	11,661	9,575	8,167	8,276	6,580	5,952	5,188	5,683	10,696	9,238
Market Capitalization	9,390	10,277	8,627	7,300	8,298	6,431	6,529	5,446	5,003	8,220	5,834
Book Value per Share	$19.12	$23.78	$28.12	$30.42	$35.16	$24.16	$30.33	$30.09	$32.12	$34.44	$35.50
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	$5.00
Total Capital	3,094	5,895	6,029	5,854	5,830	6,483	6,340	5,975	6,584	9,352	9,673
Total Debt	683	2,964	2,569	2,103	1,499	3,495	2,539	2,159	2,471	4,980	5,555
Total Long-Term Debt	569	2,645	2,262	1,617	1,264	2,357	2,173	1,883	2,182	4,538	4,834
Net Debt	-645	1,384	948	867	-22	149	-577	-258	680	2,476	3,404
Capital Expenditures (CapEx)	831	678	1,026	944	668	-57	290	1,671	1,494	1,281	1,588
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	-4,753
Debt-free Net Working Capital (DFNWC)	-28	-166	-227	-669	-929	851	295	-1,177	-1,465	-1,943	-2,602
Net Working Capital (NWC)	-142	-485	-534	-1,155	-1,164	-287	-71	-1,453	-1,754	-2,385	-3,323
Net Nonoperating Expense (NNE)	-9.05	-6.06	41	43	36	82	1.50	-6.61	52	18	108
Net Nonoperating Obligations (NNO)	-645	1,384	948	867	-22	149	-577	-258	680	2,476	3,404
Total Depreciation and Amortization (D&A)	320	363	372	398	423	420	394	415	451	583	795
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%	-33.38%
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%	-18.27%
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%	-23.34%
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	$0.85
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	118.17M
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	$0.83
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	119.93M
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	$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	114.64M
Normalized Net Operating Profit after Tax (NOPAT)	839	862	1,097	545	838	-645	479	51	287	413	208
Normalized NOPAT Margin	14.99%	14.55%	13.89%	6.60%	9.54%	-18.10%	7.75%	0.53%	2.75%	3.52%	1.46%
Pre Tax Income Margin	23.44%	22.21%	14.68%	7.08%	11.57%	-51.60%	-0.26%	0.82%	3.10%	4.64%	1.03%
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	1.22
NOPAT to Interest Expense	104.87	26.36	11.63	6.58	12.77	-14.28	0.00	0.55	3.05	2.91	0.88
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	-5.54
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	-5.87
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%	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%	570.00%

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

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	6.77%	0.39%	2.99%	1.64%	2.08%	8.21%	38.43%	40.55%	27.86%	22.59%	2.77%
EBITDA Growth	45.18%	72.22%	-5.71%	56.04%	2.97%	53.55%	114.39%	72.50%	4.89%	-25.84%	-5.30%
EBIT Growth	64.47%	159.21%	-68.57%	14.87%	-0.62%	71.07%	745.45%	-23.49%	-15.22%	-55.49%	-25.81%
NOPAT Growth	77.12%	298.29%	-210.67%	10.75%	-9.92%	61.46%	510.05%	-18.67%	-10.70%	-60.33%	-19.98%
Net Income Growth	72.66%	247.50%	-109.09%	7.04%	-8.33%	69.78%	3,650.00%	-25.76%	-21.82%	-69.07%	-70.42%
EPS Growth	70.64%	248.39%	0.00%	5.41%	-8.06%	70.37%	0.00%	-28.57%	-16.96%	-66.30%	-75.86%
Operating Cash Flow Growth	-34.04%	-26.16%	-688.89%	-12.57%	16.47%	17.34%	616.98%	57.19%	-35.17%	-27.99%	-32.48%
Free Cash Flow Firm Growth	-4,361.32%	-1,162.61%	-291.50%	-195.63%	81.34%	-27.90%	-59.02%	-243.15%	-1,618.90%	33.50%	69.29%
Invested Capital Growth	48.30%	56.13%	34.71%	27.70%	10.55%	47.12%	42.88%	80.56%	80.86%	20.30%	9.71%
Revenue Q/Q Growth	29.24%	0.04%	-10.07%	-12.57%	29.79%	6.04%	15.04%	-11.23%	18.07%	1.67%	-3.56%
EBITDA Q/Q Growth	580.22%	-29.06%	-57.42%	-130.30%	1,225.00%	5.78%	-40.55%	-103.89%	4,390.91%	-25.21%	-24.08%
EBIT Q/Q Growth	266.15%	-39.20%	-94.42%	-1,609.09%	293.98%	4.66%	-72.40%	-320.43%	233.17%	-45.05%	-54.00%
NOPAT Q/Q Growth	291.14%	-38.94%	-110.53%	-626.25%	292.92%	9.45%	-73.26%	-310.19%	245.17%	-51.38%	-46.06%
Net Income Q/Q Growth	269.01%	-42.08%	-101.44%	-6,500.00%	266.67%	7.27%	-69.92%	-333.80%	203.61%	-57.56%	-71.23%
EPS Q/Q Growth	267.57%	-41.94%	0.00%	0.00%	262.86%	7.60%	-68.48%	-332.76%	205.19%	-56.34%	-77.42%
Operating Cash Flow Q/Q Growth	49.10%	-45.58%	-119.56%	650.94%	98.63%	-45.17%	-13.84%	67.52%	-18.08%	-39.10%	-19.21%
Free Cash Flow Firm Q/Q Growth	-196.46%	-40.60%	14.78%	20.82%	81.29%	-863.77%	-5.95%	-79.60%	6.27%	62.71%	50.87%
Invested Capital Q/Q Growth	18.90%	13.50%	6.37%	-12.21%	2.93%	51.04%	3.30%	12.43%	3.10%	0.47%	-5.68%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	43.34%	31.95%	176.15%	29.17%	41.91%	40.79%	132.17%	42.68%	48.57%	46.79%	45.54%
EBITDA Margin	15.40%	10.92%	5.17%	-1.79%	15.53%	15.49%	8.01%	-0.35%	12.74%	9.37%	7.38%
Operating Margin	11.87%	7.43%	1.25%	-7.44%	11.11%	11.10%	2.07%	-6.28%	7.48%	3.93%	2.07%
EBIT Margin	11.42%	6.94%	0.43%	-7.44%	11.11%	10.97%	2.63%	-6.53%	7.37%	3.98%	1.90%
Profit (Net Income) Margin	8.46%	4.90%	-0.08%	-5.91%	7.59%	7.68%	2.01%	-5.29%	4.64%	1.94%	0.58%
Tax Burden Percent	73.85%	72.02%	-50.00%	74.16%	69.62%	71.95%	89.87%	71.24%	72.27%	65.77%	70.00%
Interest Burden Percent	100.31%	97.97%	36.36%	107.23%	98.14%	97.33%	84.95%	113.66%	87.18%	74.00%	43.48%
Effective Tax Rate	26.15%	27.98%	150.00%	0.00%	30.38%	28.05%	10.13%	0.00%	27.73%	34.23%	30.00%
Return on Invested Capital (ROIC)	27.28%	14.99%	-1.56%	-14.33%	19.48%	15.43%	3.74%	-9.29%	11.79%	5.01%	2.86%
ROIC Less NNEP Spread (ROIC-NNEP)	28.89%	19.91%	5.07%	35.83%	14.89%	14.70%	4.08%	-10.75%	10.44%	4.21%	1.79%
Return on Net Nonoperating Assets (RNNOA)	-4.11%	-1.33%	0.27%	-0.29%	0.33%	4.39%	1.52%	-5.10%	5.31%	3.01%	1.24%
Return on Equity (ROE)	23.17%	13.67%	-1.30%	-14.62%	19.81%	19.82%	5.26%	-14.39%	17.11%	8.02%	4.11%
Cash Return on Invested Capital (CROIC)	-33.88%	-36.21%	-22.71%	-16.58%	-3.61%	-31.62%	-28.21%	-50.79%	-51.49%	-15.26%	-6.38%
Operating Return on Assets (OROA)	7.97%	4.84%	0.31%	-5.35%	7.75%	6.79%	1.80%	-4.77%	5.63%	2.85%	1.35%
Return on Assets (ROA)	5.90%	3.41%	-0.06%	-4.25%	5.30%	4.76%	1.37%	-3.86%	3.55%	1.39%	0.41%
Return on Common Equity (ROCE)	23.17%	13.67%	-1.30%	-14.62%	19.81%	19.82%	5.26%	-14.39%	17.11%	8.02%	4.11%
Return on Equity Simple (ROE_SIMPLE)	4.05%	6.33%	0.00%	6.16%	5.32%	7.19%	0.00%	8.73%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	249	152	-16	-116	224	245	66	-138	200	97	53
NOPAT Margin	8.77%	5.35%	-0.63%	-5.21%	7.74%	7.99%	1.86%	-4.40%	5.40%	2.58%	1.45%
Net Nonoperating Expense Percent (NNEP)	-1.61%	-4.92%	-6.64%	-50.16%	4.59%	0.73%	-0.34%	1.46%	1.36%	0.80%	1.07%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-0.24%	-	-	-	0.70%	-1.35%	1.98%	0.95%	0.54%
Cost of Revenue to Revenue	56.66%	68.05%	-76.15%	70.83%	58.09%	59.21%	-32.17%	57.32%	51.43%	53.21%	54.46%
SG&A Expenses to Revenue	12.61%	13.00%	13.94%	16.98%	12.98%	12.76%	14.15%	16.13%	13.44%	13.65%	14.79%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	31.47%	24.52%	174.89%	36.60%	30.79%	29.69%	130.11%	48.96%	41.09%	42.86%	43.47%
Earnings before Interest and Taxes (EBIT)	324	197	11	-166	322	337	93	-205	273	150	69
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	437	310	132	-40	450	476	283	-11	472	353	268
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.72	1.15	1.22	1.38	1.21	1.27	1.88	1.46	1.52	1.42	1.42
Price to Tangible Book Value (P/TBV)	3.55	2.29	2.41	2.83	2.34	6.42	10.61	10.93	16.06	12.03	10.06
Price to Revenue (P/Rev)	0.66	0.46	0.48	0.53	0.49	0.53	0.70	0.48	0.45	0.41	0.41
Price to Earnings (P/E)	42.51	18.21	21.29	22.47	22.78	17.71	20.81	16.78	19.19	38.27	58.34
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	2.35%	5.49%	4.70%	4.45%	4.39%	5.65%	4.81%	5.96%	5.21%	2.61%	1.71%
Enterprise Value to Invested Capital (EV/IC)	1.72	1.14	1.19	1.36	1.21	1.18	1.56	1.25	1.26	1.21	1.23
Enterprise Value to Revenue (EV/Rev)	0.66	0.50	0.55	0.55	0.50	0.73	0.91	0.76	0.74	0.69	0.65
Enterprise Value to EBITDA (EV/EBITDA)	10.24	6.45	7.21	6.90	6.21	7.71	9.15	8.03	8.20	8.83	8.54
Enterprise Value to EBIT (EV/EBIT)	28.42	14.21	16.86	15.83	14.53	15.58	18.25	17.59	20.09	31.15	32.19
Enterprise Value to NOPAT (EV/NOPAT)	40.83	18.21	19.83	19.64	19.74	21.67	25.89	24.23	26.65	41.83	44.51
Enterprise Value to Operating Cash Flow (EV/OCF)	5.65	4.61	5.41	5.75	4.85	6.91	7.31	5.90	7.01	7.24	7.40
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.62	0.70	0.60	0.65	0.63	1.05	1.14	1.46	1.56	1.55	1.35
Long-Term Debt to Equity	0.48	0.52	0.53	0.57	0.55	0.93	1.04	1.34	1.43	1.42	1.17
Financial Leverage	-0.14	-0.07	0.05	-0.01	0.02	0.30	0.37	0.47	0.51	0.72	0.69
Leverage Ratio	3.82	3.75	3.63	3.80	3.69	4.05	4.05	4.27	4.31	4.65	4.73
Compound Leverage Factor	3.83	3.67	1.32	4.07	3.62	3.94	3.44	4.85	3.76	3.44	2.06
Debt to Total Capital	38.38%	41.17%	37.53%	39.21%	38.74%	51.11%	53.25%	59.41%	60.93%	60.79%	57.43%
Short-Term Debt to Total Capital	8.92%	10.58%	4.39%	4.60%	5.20%	5.71%	4.73%	5.09%	4.96%	5.05%	7.45%
Long-Term Debt to Total Capital	29.46%	30.59%	33.14%	34.61%	33.53%	45.40%	48.52%	54.31%	55.98%	55.74%	49.97%
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%	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%	0.00%
Common Equity to Total Capital	61.62%	58.83%	62.47%	60.79%	61.26%	48.89%	46.75%	40.59%	39.07%	39.21%	42.57%
Debt to EBITDA	3.70	3.60	3.14	3.06	3.14	4.60	4.26	5.05	5.04	5.69	5.13
Net Debt to EBITDA	0.03	0.52	0.86	0.34	0.19	2.11	2.12	2.97	3.28	3.60	3.15
Long-Term Debt to EBITDA	2.84	2.67	2.77	2.70	2.71	4.09	3.88	4.62	4.63	5.22	4.47
Debt to NOPAT	14.73	10.17	8.62	8.70	9.97	12.92	12.05	15.25	16.38	26.98	26.77
Net Debt to NOPAT	0.11	1.47	2.37	0.97	0.61	5.93	5.99	8.97	10.65	17.04	16.40
Long-Term Debt to NOPAT	11.31	7.55	7.61	7.68	8.63	11.48	10.98	13.94	15.05	24.73	23.29
Altman Z-Score	1.40	1.29	1.29	1.25	1.33	1.03	1.13	0.99	1.10	1.11	1.08
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.63	0.72	0.61	0.65	0.68	0.60	0.61	0.56	0.52	0.52	0.50
Quick Ratio	0.54	0.55	0.49	0.55	0.58	0.48	0.49	0.45	0.43	0.43	0.41
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1,044	-1,468	-1,251	-1,041	-195	-1,878	-1,989	-3,573	-3,349	-1,249	-614
Operating Cash Flow to CapEx	518.75%	265.69%	-4.52%	512.28%	386.67%	49.30%	63.87%	192.86%	74.75%	103.15%	29.60%
Free Cash Flow to Firm to Interest Expense	-49.72	-54.37	-50.04	-35.90	-6.49	-50.75	-43.25	-66.16	-58.75	-20.14	-9.90
Operating Cash Flow to Interest Expense	23.71	10.04	-2.12	10.07	19.33	8.59	5.96	8.50	6.60	3.69	2.98
Operating Cash Flow Less CapEx to Interest Expense	19.14	6.26	-49.00	8.10	14.33	-8.84	-3.37	4.09	-2.23	0.11	-7.10
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.70	0.70	0.72	0.72	0.70	0.62	0.68	0.73	0.76	0.71	0.71
Accounts Receivable Turnover	27.50	30.18	30.71	28.90	29.18	25.27	24.94	26.53	24.29	25.80	25.36
Inventory Turnover	71.93	67.34	29.54	71.56	70.92	45.93	25.05	29.06	31.87	26.58	38.23
Fixed Asset Turnover	1.43	1.41	1.33	1.35	1.28	1.16	1.22	1.33	1.36	1.30	1.26
Accounts Payable Turnover	28.89	33.75	15.18	38.65	36.40	31.59	20.08	21.55	23.31	20.31	30.14
Days Sales Outstanding (DSO)	13.27	12.09	11.89	12.63	12.51	14.44	14.63	13.76	15.02	14.14	14.39
Days Inventory Outstanding (DIO)	5.07	5.42	12.36	5.10	5.15	7.95	14.57	12.56	11.45	13.73	9.55
Days Payable Outstanding (DPO)	12.64	10.82	24.04	9.44	10.03	11.55	18.18	16.94	15.66	17.97	12.11
Cash Conversion Cycle (CCC)	5.71	6.70	0.20	8.29	7.63	10.84	11.03	9.38	10.82	9.91	11.83
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,970	4,506	4,793	4,264	4,389	6,629	6,848	7,699	7,938	7,975	7,522
Invested Capital Turnover	3.11	2.80	2.50	2.75	2.52	1.93	2.02	2.11	2.18	1.94	1.98
Increase / (Decrease) in Invested Capital	1,293	1,620	1,235	925	419	2,123	2,055	3,435	3,549	1,346	666
Enterprise Value (EV)	6,821	5,130	5,683	5,792	5,289	7,854	10,696	9,620	10,003	9,686	9,238
Market Capitalization	6,802	4,717	5,003	5,505	5,126	5,704	8,220	6,058	6,007	5,740	5,834
Book Value per Share	$30.89	$32.17	$32.12	$31.57	$33.30	$35.50	$34.44	$33.61	$32.47	$34.94	$35.50
Tangible Book Value per Share	$14.97	$16.18	$16.24	$15.43	$17.28	$7.04	$6.11	$4.50	$3.08	$4.14	$5.00
Total Capital	6,412	6,957	6,584	6,542	6,898	9,161	9,352	10,191	10,090	10,275	9,673
Total Debt	2,461	2,864	2,471	2,565	2,672	4,682	4,980	6,054	6,148	6,246	5,555
Total Long-Term Debt	1,889	2,128	2,182	2,264	2,313	4,159	4,538	5,535	5,648	5,727	4,834
Net Debt	19	413	680	287	163	2,150	2,476	3,562	3,996	3,946	3,404
Capital Expenditures (CapEx)	96	102	1,172	57	150	645	429	238	503	222	625
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-3,802	-3,145	-3,256	-3,677	-3,742	-4,520	-4,447	-4,952	-4,854	-4,974	-4,753
Debt-free Net Working Capital (DFNWC)	-1,360	-694	-1,465	-1,399	-1,233	-1,988	-1,943	-2,460	-2,702	-2,674	-2,602
Net Working Capital (NWC)	-1,932	-1,430	-1,754	-1,700	-1,592	-2,511	-2,385	-2,979	-3,202	-3,193	-3,323
Net Nonoperating Expense (NNE)	8.86	13	-14	16	4.18	9.35	-5.39	28	28	24	32
Net Nonoperating Obligations (NNO)	19	413	680	287	163	2,150	2,476	3,562	3,996	3,946	3,404
Total Depreciation and Amortization (D&A)	113	113	121	126	128	139	190	194	199	203	199
Debt-free, Cash-free Net Working Capital to Revenue	-36.77%	-30.38%	-31.23%	-35.15%	-35.57%	-42.03%	-37.90%	-39.18%	-36.10%	-35.17%	-33.38%
Debt-free Net Working Capital to Revenue	-13.15%	-6.70%	-14.05%	-13.37%	-11.72%	-18.49%	-16.56%	-19.46%	-20.09%	-18.91%	-18.27%
Net Working Capital to Revenue	-18.68%	-13.81%	-16.82%	-16.25%	-15.13%	-23.35%	-20.32%	-23.57%	-23.81%	-22.58%	-23.34%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.88	$1.09	($0.02)	($1.05)	$1.74	$1.87	$0.57	($1.35)	$1.45	$0.63	$0.12
Adjusted Weighted Average Basic Shares Outstanding	127.44M	127.19M	127.38M	125.97M	126.34M	126.19M	126.14M	123.13M	118.85M	115.29M	118.17M
Adjusted Diluted Earnings per Share	$1.86	$1.08	$0.00	($1.05)	$1.71	$1.84	$0.58	($1.35)	$1.42	$0.62	$0.14
Adjusted Weighted Average Diluted Shares Outstanding	128.92M	129.19M	128.71M	125.97M	128.31M	128.59M	128.37M	123.13M	120.93M	117.50M	119.93M
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	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	127.22M	128.05M	126.05M	126.89M	126.16M	126.94M	123.08M	121.39M	115.31M	115.99M	114.64M
Normalized Net Operating Profit after Tax (NOPAT)	249	264	22	-92	224	299	66	-138	200	97	53
Normalized NOPAT Margin	8.77%	9.31%	0.88%	-4.14%	7.74%	9.72%	1.86%	-4.40%	5.40%	2.58%	1.45%
Pre Tax Income Margin	11.45%	6.80%	0.16%	-7.97%	10.91%	10.68%	2.24%	-7.43%	6.43%	2.95%	0.83%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	15.43	7.30	0.44	-5.72	10.73	9.11	2.02	-3.80	4.79	2.42	1.11
NOPAT to Interest Expense	11.85	5.63	-0.64	-4.01	7.47	6.63	1.43	-2.55	3.51	1.57	0.85
EBIT Less CapEx to Interest Expense	10.86	3.52	-46.44	-7.69	5.73	-8.32	-7.30	-8.20	-4.04	-1.16	-8.97
NOPAT Less CapEx to Interest Expense	7.28	1.85	-47.52	-5.97	2.47	-10.80	-7.90	-6.96	-5.31	-2.01	-9.23
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%	0.00%
Augmented Payout Ratio	35.63%	27.03%	58.30%	56.73%	57.33%	40.37%	78.99%	109.97%	254.95%	526.00%	570.00%

Financials Breakdown Chart

Key Financial Trends

Alaska Air Group (ALK) has shown a mix of improving top-line results and ongoing cost/liquidity challenges over the last four years. Below are the 10 most important quarterly takeaways, organized from positive to neutral to negative.

Revenue growth in 2025: Operating revenue rose from about $3.14B in Q1 2025 to a mid‑twenty‑percent annualized pace by Q3 2025, with Q3 2025 reaching approximately $3.77B relative to Q1 2025’s $3.14B.
Profitability improving after Q1: After a Q1 2025 net loss of about $166M, Alaska posted positive net income in Q2 2025 ($172M), Q3 2025 ($73M), and Q4 2025 ($21M), signaling a return to quarterly profitability in the year.
Cash flow generation remains intact: Net cash from continuing operating activities was positive in the latter half of 2025 (Q2: $376M; Q3: $229M; Q4: $185M), indicating ongoing cash generation from operations despite volatility.
Solid equity base and asset base: Total Common Equity was around $4.0B in 2025 (e.g., $4.029B in Q3 2025) and Total Assets hovered near $20.0B (about $20.012B in Q3 2025), reflecting a sizable capital base to support ongoing operations and investments.
Depreciation remains a steady non-cash cost: Depreciation Expense generally runs around $199–$203M per quarter in 2025, suggesting ongoing fleet/asset utilization and non-cash charges consistent with airline asset bases.
Capital expenditure intensity continues: P PPE purchases are sizable (e.g., $222M in Q3 2025 and a notable $625M in Q4 2025), indicating ongoing fleet/asset investment and capacity expansion that can support future growth.
Balance-sheet growth: Total Assets trended up to roughly $20B in 2025 (e.g., $20.012B in Q3 2025 versus $19.885B in Q2 2025), signaling modest expansion of the balance sheet.
Liquidity remains tight: In 2025 Q3, Total Current Assets were about $3.47B against Total Current Liabilities around $6.66B, yielding a current ratio near 0.52 and highlighting ongoing liquidity pressures.
Profitability volatility and slim quarterly margins: While 2025 quarters improved from Q1, quarterly net income volumes (e.g., Q4 2025 net income $21M on revenue around $3.63B) point to tight margins and episodic earnings strength.
Debt load and leverage persist: Long-Term Debt around $4.44–$4.49B and Total Liabilities near $15.98B (as of 2025 Q3) indicate a relatively high leverage load that could constrain upside in uncertain demand environments.
Significant investing outflows: Ongoing investing activity includes sizable outlays for PPE (e.g., Q4 2025 PPE outflow of about $625M), which pressures cash balances even when operating cash flow is positive.

05/07/26 05:58 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Alaska Air Group's Financials

When does Alaska Air Group's fiscal year end?

According to the most recent income statement we have on file, Alaska Air Group's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

How has Alaska Air Group's net income changed over the last 10 years?

Alaska Air Group's net income appears to be on a downward trend, with a most recent value of $100 million in 2025, falling from $848 million in 2015. The previous period was $395 million in 2024. 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 2025 was $303 million, based on the following breakdown:

Total Gross Profit: $6.55 billion
Total Operating Expenses: $6.25 billion

How has Alaska Air Group's revenue changed over the last 10 years?

Over the last 10 years, Alaska Air Group's total revenue changed from $5.60 billion in 2015 to $14.24 billion in 2025, a change of 154.4%.

How much debt does Alaska Air Group have?

Alaska Air Group's total liabilities were at $16.24 billion at the end of 2025, a 5.5% increase from 2024, and a 294.3% increase since 2015.

How much cash does Alaska Air Group have?

In the past 10 years, Alaska Air Group's cash and equivalents has ranged from $73 million in 2015 to $1.37 billion in 2020, and is currently $627 million as of their latest financial filing in 2025.

How has Alaska Air Group's book value per share changed over the last 10 years?

Over the last 10 years, Alaska Air Group's book value per share changed from 19.12 in 2015 to 35.50 in 2025, a change of 85.7%.

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Financial statements for NYSE:ALK last updated on 2/17/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Alaska Air Group (ALK) Financials

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Alaska Air Group (ALK) Financials

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