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Alaska Air Group
Alaska Air Group (ALK) investor relations material
Alaska Air Group Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary23 Jan, 2026
Executive summary
Reported Q4 2025 GAAP net income of $21M and adjusted net income of $50M; full-year GAAP net income was $100M and adjusted net income was $293M, with adjusted EPS of $0.43 for Q4 and $2.44 for the year, both surpassing guidance due to strong synergy realization and cost management post-merger with Hawaiian.
Achieved major integration milestones, including a single operating certificate, unified loyalty program, and record credit card sign-ups.
Announced the largest aircraft order in company history, including 105 737-10s and 5 787s, supporting long-term growth and global hub ambitions.
Generated $1.2B in operating cash flow for 2025, supporting investments and capital returns.
Premium, cargo, and loyalty revenues outperformed, with premium representing 36% of Q4 revenue and loyalty revenues up 12% year-over-year.
Financial highlights
Q4 2025 total revenue was $3.6B, up 2.8–3% year-over-year; full-year revenue reached $14.2B, up 3.3% on 1.9% capacity growth.
Adjusted EPS for Q4 was $0.43 and $2.44 for the year, both ahead of revised guidance.
Operating cash flow for the year was $1.2B; year-end liquidity stood at $3B.
Debt-to-capital ended at 61%, net debt to EBITDA at 3x, with a long-term target of 1.5x.
$570M in share repurchases executed in 2025, reducing diluted share count to 117M.
Outlook and guidance
2026 adjusted EPS guidance is $3.50–$6.50, reflecting margin expansion and incremental earnings from the Alaska Accelerate plan.
Q1 2026 adjusted EPS expected to be a loss of $1.50–$0.50, roughly flat year-over-year.
Full-year capacity growth projected at 2–3%, with modest growth as the company awaits new aircraft deliveries.
Targeting $10 EPS by 2027, contingent on macroeconomic recovery and continued synergy realization.
Capital expenditures for 2026 projected at $1.4–$1.5B, with positive free cash flow expected.
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Next Alaska Air Group earnings date
Q1 202623 Apr, 2026
Alaska Air Group
Next Alaska Air Group earnings date
Q1 202623 Apr, 2026
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Frequently asked questions
Alaska Air Group Inc is the holding company for Alaska Airlines and Horizon Air, providing passenger and cargo air transportation services primarily throughout North America. The company offers regional and mainline flight services, loyalty programs, and ancillary travel products. Alaska Air Group operates a network connecting cities across the United States, Canada, Mexico, and Costa Rica. The company is headquartered in Seattle, Washington, and its shares are listed on the NYSE.
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