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Alaska Air Group (ALK) investor relations material
Alaska Air Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary23 Oct, 2025
Executive summary
Achieved a profitable Q3 2025 with adjusted EPS of $1.05 and significant integration milestones following the Hawaiian Airlines acquisition, despite higher costs from IT outages and summer weather disruptions.
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, single loyalty platform, and leadership promotions.
Income before income tax for Q3 2025 was $111 million, down from $328 million in Q3 2024; net income was $73 million, down from $236 million.
Subsequent to quarter end, further IT disruptions and the achievement of a single operating certificate for Alaska and Hawaiian were noted.
Financial highlights
Q3 2025 operating revenue was $3.8 billion, up 1.4% year-over-year on a pro forma basis; adjusted net income was $123 million ($1.05 per share).
Q3 2025 unit revenue increased 1.4% year-over-year, maintaining industry leadership; premium revenue rose 5% system-wide, and cargo revenue surged 27%.
Q3 2025 operating expenses were $3.62 billion, up 5% pro forma year-over-year; unit costs (CASMex) rose 8.6% to 11.23¢, driven by IT outage recovery and weather disruptions.
Q3 2025 fuel expense was $761 million, down 3% pro forma year-over-year; economic fuel cost per gallon averaged $2.51.
Repurchased 10.6 million shares for $540 million YTD; held $2.3 billion in cash and marketable securities at quarter-end.
Outlook and guidance
Q4 2025 unit revenue and unit costs expected to rise low single digits year-over-year, with capacity growth of 2–3%.
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.
Outlook excludes financial impact of late-October IT outages, which are still being evaluated.
Update on Hawaiian JCBA negotiations?
Outlook for West Coast refining margins?
When will RASM gap close further?
Update on $1B profit synergy capture for 2027
Impact of Atmos Rewards card sign-up success?
How will Q3 IT outage costs be mitigated?
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Next Alaska Air Group earnings date
Goldman Sachs Industrials and Materials Conference 20254 Dec, 2025
Next Alaska Air Group earnings date
Goldman Sachs Industrials and Materials Conference 20254 Dec, 2025
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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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