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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.Q3 2025 earnings summary24 Oct, 2025
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.
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 earnings date
Q4 202523 Jan, 2026
Next Alaska Air earnings date
Q4 202523 Jan, 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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