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Alaska Air (ALK) investor relations material
Alaska Air Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
- Adjusted EPS for Q3 2025 was $1.05, aligning with revised expectations amid higher fuel and non-fuel costs from an IT outage and summer weather disruptions. 
- Achieved a profitable third quarter with industry-leading unit revenue and significant integration milestones following the Hawaiian Airlines acquisition. 
- Launched Atmos Rewards loyalty program, new premium credit card, and announced new global routes from Seattle to London and Reykjavik. 
- Completed major operational integrations, including unified passenger service system and leadership promotions. 
- Revenue trends remained strong, with commercial initiatives and synergies progressing as planned. 
Financial highlights
- Q3 2025 unit revenue increased 1.4% year-over-year, maintaining industry leadership. 
- Premium revenue rose 5% system-wide, with a 15% increase for Hawaiian assets. 
- Cargo revenue surged 27% year-over-year, and loyalty cash remuneration grew 8%. 
- Third quarter GAAP net income was $73 million ($0.62 per share); adjusted net income was $123 million ($1.05 per share). 
- Record quarterly revenue of $3.8 billion, up 1.4% year-over-year on a pro forma basis. 
Outlook and guidance
- Q4 2025 unit costs expected to improve sequentially, supported by cost synergies and capacity growth of 2–3% year-over-year. 
- FY 2025 unit costs projected to rise mid-single digits, including ~2 points from labor deals. 
- Margin profile anticipated to improve in Q4 2025 as macro headwinds moderate and synergies ramp up. 
- Full-year adjusted EPS expected to be at least $2.40; targeting $10 EPS in 2027, enabled by $1 billion in incremental profit from integration synergies. 
- Investments in premium segment and Alaska Accelerate initiatives expected to further close the RASM gap with network carriers in 2026 and beyond. 
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