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Alaska AIR Group, Inc. (ALK) stock

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NYSE: ALK NYSE Passenger Airlines Next results ~January 21, 2027

C Fundamentals grade

Alaska AIR Group, Inc. is a US-listed company in the passenger airlines industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: after-tax interest is 84% of the cash flow left for shareholders; our flat discount rate doesn't yet reflect debt this heavy.

Price vs value

Under review: after-tax interest is 84% of the cash flow left for shareholders; our flat discount rate doesn't yet reflect debt this heavy. We'll show the comparison once resolved.

Alaska AIR Group, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders1 buying, 3 selling1 purchase and 6 sales by directors and officers, last 12 monthsInsider trades
  • Funds252 adding, 218 cuttingOf 66 active managers that changed their stake, 40 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Alaska AIR Group files

Where Alaska AIR stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $14.8bn, up 9.8% on a year earlier, slower than 13.9% a quarter earlier. Free-cash-flow margin fell to 5.0% from 8.6% a year earlier. Operating margin narrowed to -1.5% from 3.7%. The diluted share count is down 8.4% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 0 of our 6 financial-health checks.

Our model value for Alaska AIR Group is under review, so past values are not shown until it is resolved.

Source: 10-Q filed August 4, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 21, 2027 (estimated)

Alaska AIR Group, Inc.'s trailing-twelve-month revenue grew 9.8% year on year, with a free-cash-flow margin of 5.0%. Where it stands out: change in share count of -8.4% ranks 2 of 10 passenger airlines companies we cover. Where it lags: change in growth rate of -4.2pp ranks 14 of 16 passenger airlines companies we cover.

Our discounted-cash-flow model values the business at ~$97 per share in the base case (~$65–$140 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Results well short of expectations: Reported earnings per share missed the analysts' consensus estimate by 211% in the quarter to 2026-09-30.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Shrinking share count. Diluted shares fell 8.4% in a year, so each share owns more of the business.

Things to watch

  • Loss-making. Operating margin is -1.5%: costs exceed revenue.
  • Margins narrowing. Operating margin is down 5.2 points on a year ago.
  • Volatile shares. Over the past year the shares showed annualised volatility of 52% and a beta of 2.2 against the S&P 500.
  • Growth easing. The growth rate is 4.2 points lower than a quarter earlier.
  • Below peers: change in growth rate. Change in growth rate of -4.2pp ranks 14 of 16 passenger airlines companies we cover (median +4.8pp).
  • Heavily shorted. 12.5% of the shares available to trade are sold short (3.9 days of average volume to cover).

Latest results: FY2026 Q2

Filed August 4, 2026
Earnings per share
-$0.31 against an average estimate of $0.28: missed by 211.0%
Revenue
$4.07bn, up 9.7% on a year earlier
Share reaction
-1.3% in the first session after the results on October 20, 2026, against +0.9% for the S&P 500
Guidance given
capacity (ASMs) % change versus 2025 growth 1% to 1.5% (fourth quarter); economic fuel cost per gallon $4.65 to $4.85 (fourth quarter)
Next report
October 20, 2026; average EPS estimate -$2.02

Alaska AIR Group's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+7.2%
  • 1 week+9.6%
  • 1 month-3.1%
  • This year-23.9%
  • 1 year-8.2%
  • 5 years-31.5%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$14.8B
Operating margin
-1.5%
Net margin
-1.2%
EPS (TTM, diluted)
$-1.52

Growth

Revenue growth
+9.8%
Change in growth rate
−4.2 pts
Share count change
−8.4%

Cash

Free cash flow (TTM)
$731M
FCF margin
5.0%
Stock pay % of revenue
0.5%

Earnings

Last results
October 20, 2026
Next results (est.)
January 21, 2027

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Product
  3. Announcement
  4. Announcement
  5. Results
  6. Announcement
  7. Product
  8. Guidance
  9. Announcement
  10. Leadership
  11. Announcement
  12. Announcement
  13. Announcement
  14. Announcement
  15. Announcement
  16. Insider trade
  17. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Alaska AIR Group, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: held for review: after-tax interest is 84% of the cash flow left for shareholders; our flat discount rate doesn't yet reflect debt this heavy.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Alaska AIR Group, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 10.3%: the 10-year Treasury yield (4.9%) plus a beta of 1.19 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. — Does not apply: This model is withheld pending its input or assumption review.
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$33 ~$27–$40 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$15 ~$9.9–$21 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$6.0 ~$5.4–$6.9 Left out: out of range vs price (0.16x)
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Alaska AIR Group, Inc. with Passenger Airlines in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$74.44$83.37$70.11$59.21$67.37$52.00$52.10$42.94$39.07$64.75$50.30$38.29
Market value$9.6bn$10.4bn$8.7bn$7.3bn$8.4bn$6.4bn$6.6bn$5.5bn$5.0bn$8.3bn$6.0bn$4.4bn
+ Net debt (− = net cash)$610m$2.6bn$2.4bn$2.0bn$1.3bn$2.2bn$2.1bn$1.8bn$2.3bn$3.8bn$4.9bn$5.2bn
Enterprise value$10.2bn$13.0bn$11.1bn$9.3bn$9.7bn$8.6bn$8.7bn$7.3bn$7.3bn$12.1bn$11.0bn$9.6bn
Multiples
Price / sales 1.7x1.8x1.1x0.9x1.0x1.8x1.1x0.6x0.5x0.7x0.4x0.3x
Price / earnings 11.4x13.0x9.0x16.8x10.9x—13.8x94.7x21.4x21.0x60.3x—
Price / free cash flow 12.8x14.6x15.4x31.2x8.2x—8.9x——7.1x6.4x6.0x
EV / EBITDA 6.3x7.8x7.0x9.0x6.5x—8.1x15.1x8.6x10.5x10.0x16.3x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

39 /100

Weak moat

How hard Alaska AIR Group's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median 1.4% of total assets over 10 years.

  • Durability 0 / 20

    Operating margin has been a median 3.6%; its worst year was -20.3%.

  • Cash conversion 12 / 20

    Free cash flow was positive in 9 of 10 years, at a median 6.3% of revenue.

  • Discipline 19 / 20

    The diluted share count fell 7.6% over five years; stock-based pay has been a median 0.5% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$4.70 −293% $15.8bn +11%
Next $3.24 +169% $17.4bn +10%

Next year's EPS estimate has moved −46.6% in 90 days, across 9 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +217.2% on 90 days ago. In the last 30 days, 0 analysts raised Alaska AIR Group, Inc.'s forecast and 15 cut it.

Consensus EPS forecast Alaska AIR Group, Inc., last 90 days
−$5.00 $0.00 $5.00 $10.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: −$1.48 Current fiscal year, 60 days ago: −$1.66 Current fiscal year, 30 days ago: −$2.14 Current fiscal year, 7 days ago: −$3.47 Current fiscal year, Now: −$4.70 −$4.70 Next fiscal year, 90 days ago: $6.06 Next fiscal year, 60 days ago: $5.62 Next fiscal year, 30 days ago: $4.99 Next fiscal year, 7 days ago: $3.75 Next fiscal year, Now: $3.24 $3.24

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago −$1.48$6.06
60 days ago −$1.66$5.62
30 days ago −$2.14$4.99
7 days ago −$3.47$3.75
Now −$4.70$3.24

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.28 −$0.31 −211.0%
Jun 2026 −$0.99 −$0.92 +7.2%
Mar 2026 −$1.59 −$1.68 −5.8%
Dec 2025 $0.11 $0.43 +297.2%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 20, 2026
  • Adjusted loss per share full year $-5.50 to $-5.00 Non-GAAP
    “For the full year, we now expect an adjusted loss per share between ($5.50) and ($5.00), inclusive of $1.8 billion in fuel expense above our plan.” source
  • Adjusted loss per share Q4 2026 $-2.50 to $-2.00 Non-GAAP
    “Adjusted loss per share (a) ($2.50) to ($2.00)” source
  • Capacity (ASMs) % change versus 2025 fourth quarter 1% growth to 1.5% growth
    “Air Group expects capacity to grow approximately 1% to 1.5% year-over-year, with the increase concentrated in international flying.” source
  • Economic fuel cost per gallon fourth quarter $4.65 to $4.85
    “Elevated fuel costs are expected to remain a significant headwind to near-term profitability, with our guidance assuming a fourth quarter economic fuel cost of $4.65 to $4.85 per gallon, or $650 million higher than our initial plan.” source
  • Non-operating expense (Q4 adjusted EPS guidance assumption) Q4 2026 about $70m
    “Q4 loss per share guidance assumes non-operating expense of approximately $70 million, a tax rate of approximately 20%, and shares outstanding of approximately 112.5 million.” source
  • Tax rate (Q4 adjusted EPS guidance assumption) Q4 2026 about 20%
    “Q4 loss per share guidance assumes non-operating expense of approximately $70 million, a tax rate of approximately 20%, and shares outstanding of approximately 112.5 million.” source
Show 1 more item
  • Shares outstanding (Q4 adjusted EPS guidance assumption) Q4 2026 about 113m
    “Q4 loss per share guidance assumes non-operating expense of approximately $70 million, a tax rate of approximately 20%, and shares outstanding of approximately 112.5 million.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

16 analysts, Oct 2026
Buy1594%
Hold00%
Sell16%

Monthly trend

  1. Oct 202641116
  2. Sep 202641116
  3. Aug 202641116
  4. Jul 202641116

Counts of recommendations published by analysts covering Alaska AIR Group, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
12.5%
of tradable shares
Days to cover
3.91
at average volume
Short interest, 1 month
+8%
to October 15, 2026
Held by institutions
94%
of shares
Held by insiders
0.6%
of shares
Employees
31,787
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −8.2%

$41.73 on October 31, 2025 to $38.29

ThenNowEffect
Revenue (last 12 months) $13.4bn $14.8bn +9.8%
P/S multiple 0.4x 0.3x −23.4%
Share count 126m 115m +9.2%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years +14.1%

$33.56 on November 3, 2023 to $38.29

ThenNowEffect
Revenue (last 12 months) $10.3bn $14.8bn +42.8%
P/S multiple 0.4x 0.3x −28.3%
Share count 129m 115m +11.5%

Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
ALK+0%−18%−9%+66%−22%−24%
Industry peers (median)−3%−29%−13%+18%−11%−17%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
ALK42%50%50%58%50%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
ALK−37%−36%−45%−28%−51%−44%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 75% from March 1, 2017 to March 20, 2020. Getting back needed a 301% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$33.54 – $60.21
From 52-week high
−36.4%
vs 50-day average
−2.0%
vs 200-day average
−12.9%
Volatility (1 year)
52%
Beta vs S&P 500
2.23

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
4 up, 8 down
typical move ±4.5%
After a week
8 up, 4 down
typical move ±5.7%
After a month
7 up, 4 down
typical move ±8.8%
Results releasedNext dayS&P 500 next day5 days21 days
October 20, 2026 −1.3% +0.9% +5.7% —
July 21, 2026 −3.6% +0.7% +5.6% −10.4%
April 20, 2026 −8.7% −0.9% −10.9% −20.2%
January 22, 2026 +3.9% +0.6% +8.9% +3.4%
October 24, 2025 −4.0% +2.0% −10.5% −13.6%
July 23, 2025 −4.2% +0.9% +0.5% +3.5%
April 23, 2025 −7.6% +3.7% −1.5% +11.5%
January 22, 2025 0.0% +1.1% +4.8% +1.9%
October 31, 2024 +4.1% −1.5% +7.9% +12.5%
July 17, 2024 −8.0% −2.2% −6.6% −12.8%
April 18, 2024 +5.4% −1.1% +4.3% +1.3%
January 25, 2024 +2.7% +0.4% +1.2% +5.3%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Alaska AIR Group, Inc. in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Alaska AIR Group, Inc.
$10B $12B $14B $16B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $10.4B Revenue (TTM), FY23 Q4: $10.4B Revenue (TTM), FY24 Q1: $10.5B Revenue (TTM), FY24 Q2: $10.5B Revenue (TTM), FY24 Q3: $10.8B Revenue (TTM), FY24 Q4: $11.7B Revenue (TTM), FY25 Q1: $12.6B Revenue (TTM), FY25 Q2: $13.4B Revenue (TTM), FY25 Q3: $14.1B Revenue (TTM), FY25 Q4: $14.2B Revenue (TTM), FY26 Q1: $14.4B Revenue (TTM), FY26 Q2: $14.8B $14.8B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $10.4B
FY23 Q4 $10.4B
FY24 Q1 $10.5B
FY24 Q2 $10.5B
FY24 Q3 $10.8B
FY24 Q4 $11.7B
FY25 Q1 $12.6B
FY25 Q2 $13.4B
FY25 Q3 $14.1B
FY25 Q4 $14.2B
FY26 Q1 $14.4B
FY26 Q2 $14.8B
Revenue growth, TTM YoY Alaska AIR Group, Inc.
0% 10% 20% 30% 40% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 14.2% Revenue growth, TTM YoY, FY23 Q4: 8.1% Revenue growth, TTM YoY, FY24 Q1: 3.0% Revenue growth, TTM YoY, FY24 Q2: 1.7% Revenue growth, TTM YoY, FY24 Q3: 3.9% Revenue growth, TTM YoY, FY24 Q4: 12.6% Revenue growth, TTM YoY, FY25 Q1: 20.8% Revenue growth, TTM YoY, FY25 Q2: 27.8% Revenue growth, TTM YoY, FY25 Q3: 31.5% Revenue growth, TTM YoY, FY25 Q4: 21.3% Revenue growth, TTM YoY, FY26 Q1: 13.9% Revenue growth, TTM YoY, FY26 Q2: 9.8% 9.8%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 14.2%
FY23 Q4 8.1%
FY24 Q1 3.0%
FY24 Q2 1.7%
FY24 Q3 3.9%
FY24 Q4 12.6%
FY25 Q1 20.8%
FY25 Q2 27.8%
FY25 Q3 31.5%
FY25 Q4 21.3%
FY26 Q1 13.9%
FY26 Q2 9.8%
Operating margin (TTM) Alaska AIR Group, Inc.
-2% 0% 2% 4% 6% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 3.7% Operating margin (TTM), FY23 Q4: 3.8% Operating margin (TTM), FY24 Q1: 4.0% Operating margin (TTM), FY24 Q2: 3.8% Operating margin (TTM), FY24 Q3: 4.9% Operating margin (TTM), FY24 Q4: 4.9% Operating margin (TTM), FY25 Q1: 4.3% Operating margin (TTM), FY25 Q2: 3.7% Operating margin (TTM), FY25 Q3: 2.1% Operating margin (TTM), FY25 Q4: 2.1% Operating margin (TTM), FY26 Q1: 1.5% Operating margin (TTM), FY26 Q2: -1.5% -1.5%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 3.7%
FY23 Q4 3.8%
FY24 Q1 4.0%
FY24 Q2 3.8%
FY24 Q3 4.9%
FY24 Q4 4.9%
FY25 Q1 4.3%
FY25 Q2 3.7%
FY25 Q3 2.1%
FY25 Q4 2.1%
FY26 Q1 1.5%
FY26 Q2 -1.5%
FCF margin (TTM) Alaska AIR Group, Inc.
-10% -5% 0% 5% 10% 15% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -5.8% FCF margin (TTM), FY23 Q4: -4.3% FCF margin (TTM), FY24 Q1: -2.9% FCF margin (TTM), FY24 Q2: 0.8% FCF margin (TTM), FY24 Q3: 4.0% FCF margin (TTM), FY24 Q4: 10.0% FCF margin (TTM), FY25 Q1: 10.7% FCF margin (TTM), FY25 Q2: 8.6% FCF margin (TTM), FY25 Q3: 7.3% FCF margin (TTM), FY25 Q4: 6.6% FCF margin (TTM), FY26 Q1: 6.3% FCF margin (TTM), FY26 Q2: 5.0% 5.0%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -5.8%
FY23 Q4 -4.3%
FY24 Q1 -2.9%
FY24 Q2 0.8%
FY24 Q3 4.0%
FY24 Q4 10.0%
FY25 Q1 10.7%
FY25 Q2 8.6%
FY25 Q3 7.3%
FY25 Q4 6.6%
FY26 Q1 6.3%
FY26 Q2 5.0%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Alaska AIR Group took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $14.2B
  2. Selling, general and admin $443M · 3.1%
  3. Other operating costs $13.5B · 94.8%
  4. Operating income $303M · 2.1%
  5. Interest and other $157M · 1.1%
  6. Net income $100M · 0.7%

Shares of revenue. Source: Alaska AIR Group's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 3.4 3.8 4.3 4.7 5.2 5.4 5.6 5.9 7.9 8.3 8.8 3.6 6.2 9.6 10.4 11.7 14.2 14.8
EBITDA 0.5 0.7 0.7 0.8 1.1 1.3 1.6 1.7 1.6 1.0 1.5 −1.4 1.1 0.5 0.8 1.2 1.1 0.6
Operating income 0.3 0.5 0.4 0.5 0.8 1.0 1.3 1.3 1.2 0.6 1.1 −1.8 0.7 0.1 0.4 0.6 0.3 −0.2
Net income 0.1 0.3 0.2 0.3 0.5 0.6 0.8 0.8 1.0 0.4 0.8 −1.3 0.5 0.1 0.2 0.4 0.1 −0.2
Diluted EPS $0.84 $1.71 $1.67 $2.20 $3.58 $4.42 $6.56 $6.41 $7.75 $3.52 $6.19 −$10.72 $3.77 $0.45 $1.83 $3.08 $0.83 −$1.52
Growth (year on year)
Revenue −7.2% +12.7% +12.7% +7.9% +10.7% +4.1% +4.3% +5.8% +33.2% +4.7% +6.3% −59.4% +73.2% +56.2% +8.1% +12.6% +21.3% +9.8%
EBITDA — +44.1% −0.7% +14.4% +39.2% +13.4% +28.8% +3.2% −5.3% −34.1% +42.7% −191.2% — −55.1% +74.2% +36.4% −4.8% −51.6%
Operating income — +76.1% −4.7% +18.5% +57.5% +14.8% +34.9% +0.6% −7.5% −46.8% +65.3% −267.0% — −89.8% — +44.7% −46.8% −145.3%
Net income — +106.4% −2.4% +29.0% +60.8% +19.1% +40.2% −6.0% +20.5% −54.5% +76.0% −272.2% — −87.9% — +68.1% −74.7% −155.9%
Diluted EPS — +103.0% −2.3% +32.1% +62.7% +23.5% +48.4% −2.3% +20.9% −54.6% +75.9% −273.2% — −88.1% — +68.3% −73.1% −161.0%
Margins
EBITDA margin 14.3% 18.3% 16.1% 17.1% 21.5% 23.4% 28.9% 28.2% 20.0% 12.6% 16.9% −38.0% 17.5% 5.0% 8.1% 9.8% 7.7% 4.0%
Operating margin 7.9% 12.3% 10.4% 11.4% 16.3% 17.9% 23.2% 22.0% 15.3% 7.8% 12.1% −49.8% 11.1% 0.7% 3.8% 4.9% 2.1% −1.5%
Net margin 3.6% 6.6% 5.7% 6.8% 9.9% 11.3% 15.1% 13.5% 12.2% 5.3% 8.8% −37.1% 7.7% 0.6% 2.3% 3.4% 0.7% −1.2%
Free-cash-flow margin −4.3% 9.6% 7.2% 5.0% 8.0% 6.3% 13.5% 11.9% 7.1% 2.8% 11.7% −12.8% 11.9% −2.6% −4.3% 10.0% 6.6% 5.0%
Cash flow
Cash from operations 0.3 0.6 0.7 0.8 1.0 1.0 1.6 1.4 1.6 1.2 1.7 −0.2 1.0 1.4 1.1 1.5 1.2 1.0
Capital spending 0.4 0.2 0.4 0.5 0.6 0.7 0.8 0.7 1.0 1.0 0.7 0.2 0.3 1.7 1.5 0.3 0.3 0.3
Free cash flow −0.1 0.4 0.3 0.2 0.4 0.3 0.8 0.7 0.6 0.2 1.0 −0.5 0.7 −0.3 −0.4 1.2 0.9 0.7
Stock-based pay 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.0 0.0 0.1 0.0 0.1 0.1 0.0 0.1
Free cash flow after stock pay −0.2 0.4 0.3 0.2 0.4 0.3 0.7 0.7 0.5 0.2 1.0 −0.5 0.7 −0.3 −0.5 1.1 0.9 0.7
Balance sheet
Cash 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.3 0.2 0.1 0.2 1.4 0.5 0.3 0.3 1.2 0.6 1.1
Total debt 1.9 1.5 1.3 1.0 0.9 0.8 0.7 3.0 2.6 2.1 1.5 3.5 2.6 2.2 2.5 5.0 5.6 6.2
Net debt (negative = net cash) 1.7 1.4 1.2 0.9 0.8 0.7 0.6 2.7 2.4 2.0 1.3 2.2 2.1 1.8 2.3 3.8 4.9 5.2
Diluted shares 145m 147m 147m 144m 142m 137m 129m 124m 124m 124m 124m 123m 127m 128m 129m 128m 120m 115m
Returned to shareholders
Dividends — — 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.2 0.2 0.0 0.0 0.0 — — — —
Buybacks 0.0 0.0 0.1 0.1 0.2 0.3 0.5 0.2 0.1 0.1 0.1 0.0 0.0 0.0 0.1 0.3 0.6 0.3
Total returned 0.0 0.0 0.1 0.1 0.2 0.4 0.6 0.3 0.2 0.2 0.2 0.1 0.0 0.0 0.1 0.3 0.6 0.3

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

0 of 6 checks passed · June 30, 2026
What it owns · $21.2bn
Short-term assets $3.9bnLonger-term assets $17.3bn
What it owes, and who funded it · $10.9bn
Short-term liabilities $7.2bnShareholders' equity $3.7bn
  • Short-term assets cover short-term liabilities $3.9bn of assets due within a year against $7.2bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $1.1bn of cash against $6.0bn of debt.
  • Debt below 40% of shareholders' equity Debt is 165% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 57% to 165% over five years.
  • A year's operating cash flow covers at least 20% of debt $1.0bn of operating cash flow against $6.0bn of debt.
  • Operating profit covers interest at least five times over Operating income of −$224m against $302m of interest.

From Alaska AIR Group, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$285M
Buybacks, last 3 fiscal years
$1B
Diluted share count
−8.4%
year over year
Total shareholder yield
6.7%
dividends 0.0% + buybacks 6.7% of market value

Competitors: side by side with peers

Closest by revenue in passenger airlines
Last 12 months unless stated ALK RYAAY JBLU LUV AERO ULCC Median
Revenue, last 12 months $14.8bn $18.0bn $10.0bn $31.5bn $5.4bn $4.6bn $5.0bn
Revenue growth, last 12 months 9.8% 20.3% 9.9% 14.5% −4.6% 24.0% 11.1%
Revenue growth, 3-year average 12.6% — 1.0% 7.4% — 8.7% 7.6%
Revenue growth, latest quarter 9.7% — 21.1% 21.2% — 52.9% 20.2%
Operating margin −1.5% 15.3% −6.1% 4.4% 17.3% −9.5% 0.0%
Operating margin, 3-year average 2.0% 10.5% −5.7% 1.4% — −4.4% −1.6%
Net margin −1.2% 14.0% −10.0% 3.3% 6.6% −8.9% 0.1%
Cash from operations / revenue 6.9% 23.8% −2.2% 8.7% 17.0% 1.3% 7.0%
Free-cash-flow margin 5.0% 11.6% −11.4% −1.4% 10.8% 0.0% −0.1%
Free-cash-flow margin, 3-year average 4.8% 12.7% −13.5% −3.2% — −6.4% −3.2%
Stock pay / revenue 0.5% 0.1% 0.4% 0.1% 0.0% 0.4% 0.4%
Change in share count −8.4% −3.9% 4.7% −13.1% — 0.5% −1.3%

Median of all 16 companies we cover in passenger airlines. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

16 passenger airlines companies
Measure Company Peer median Rank
Revenue growth Growth 9.8% 12.2% 10 of 16
Change in growth rate Growth -4.2pp +4.8pp 14 of 16
Operating margin Profitability -1.5% 1.6% 9 of 16
Net margin Profitability -1.2% 0.9% 10 of 16
Free-cash-flow margin Cash generation 5.0% 0.0% 5 of 16
Stock pay as % of revenue Cash generation 0.5% 0.4% 8 of 13
Long-term debt as % of assets Balance sheet 26.9% 26.9% 8 of 14
Change in share count Balance sheet -8.4% -1.3% 2 of 10

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Alaska Airlines $9.1B 63.9% ▲ 0.4%
Hawaiian Airlines $3.3B 23.1% ▲ 277.8%
Regional $1.9B 13.0% ▲ 2.7%

From Alaska AIR Group, Inc.'s 10-K filed February 12, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$5.3B
Institutions reporting
487
Shares held vs prior quarter
0.0%
Positions opened / closed
103 / 70

Top buyers and sellers, Q2 2026: 252 institutions bought and 218 sold ; the biggest buyer was Alliancebernstein L.P (+1.3M shares) and the biggest seller DZ Bank AG Deutsche Zentral Genossenschafts Bank, Frankfurt Am Main (−4.2M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $606M 11.6M 11.3% ▼ 1.1%
Dimensional Fund Advisors LP $339M 6.5M 6.3% ▲ 2.2%
American Century Companies Inc $278M 5.3M 5.2% ▲ 7.9%
Vanguard Capital Management LLC $260M 5.0M 4.9% ▼ 1.5%
Vanguard Portfolio Management LLC $259M 5.0M 4.8% ▼ 3.9%
State Street Corp $186M 3.6M 3.5% ▲ 2.3%
Capital World Investors $181M 3.5M 3.4% ▼ 1.7%
Frontier Capital Management Co LLC $177M 3.4M 3.3% ▲ 0.3%
Primecap Management Co $168M 3.2M 3.2% ▼ 0.7%
Causeway Capital Management LLC $166M 3.2M 3.1% ▲ 27.2%
Massachusetts Financial Services Co $150M 2.9M 2.8% ▲ 0.2%
Morgan Stanley $120M 2.3M 2.2% ▼ 18.1%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Alaska AIR Group, Inc.'s complete shareholder register. Values are as reported by the filers ; 4 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $1M 1 trade by 1 insider, last 12 months Insider sales History → $3.5M 6 trades by 3 insiders · 0% under pre-set plans
Net ▼ $2.5M net selling
Insider Date Trade Shares Price Value
Minicucci Benito CEO AND PRESIDENT August 20, 2026 Buy 25,000 $40.06 $1M
Harrison Andrew R EVP AND CCO August 3, 2026 Sell 5,300 $49.67 $263,251
Tackett Shane R EVP AND CFO February 18, 2026 Sell 24,000 $57.15 $1.4M
Harrison Andrew R EVP AND CCO February 18, 2026 Sell 5,500 $56.63 $311,465
Harrison Andrew R EVP AND CCO February 13, 2026 Sell 14,500 $54.81 $794,745
Levine Kyle B EVP Corp Pub Aff & Chf Leg Off February 9, 2026 Sell 2,945 $60.02 $176,759
Tackett Shane R EVP AND CFO February 5, 2026 Sell 10,000 $55.00 $550,000

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 19 trades and filings

No trades in Alaska AIR Group, Inc. disclosed in the last 12 months; 19 earlier trades on record.

  • Julie Johnson(D-TX 32):Sale (full), $1,001 - $15,000, traded October 22, 2025, filed November 14, 2025
  • Julie Johnson(D-TX 32):Purchase, $1,001 - $15,000, traded October 21, 2025, filed August 5, 2026
  • Julie Johnson(D-TX 32):Sale (full), $1,001 - $15,000, traded October 21, 2025, filed August 5, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 21, 2027 estimated from the company's past filing pattern, not announced

  • October 20, 2026
  • July 21, 2026
  • April 20, 2026
  • January 22, 2026
  • October 24, 2025
  • July 23, 2025

Recent SEC filings

Data status

When each part of this page on Alaska AIR Group, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Alaska AIR Group, Inc. in brief

What does Alaska AIR Group, Inc. do?
Alaska AIR Group, Inc. is a US-listed company in the passenger airlines industry. Its financial year ends in December.
What is Alaska AIR Group, Inc.'s stock ticker?
Alaska AIR Group, Inc. trades under the ticker ALK on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Alaska AIR Group, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Alaska AIR Group, Inc. reported revenue of $14.8B, 9.8% higher than a year earlier, according to its SEC filings.
What is Alaska AIR Group, Inc.'s free cash flow?
Alaska AIR Group, Inc.'s free-cash-flow margin is 5.0% of revenue over the trailing twelve months, ranking 5 of the 16 passenger airlines companies we cover.
Who are Alaska AIR Group, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Dimensional Fund Advisors LP and American Century Companies Inc. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Alaska AIR Group, Inc. buying back stock, and does it pay a dividend?
Alaska AIR Group, Inc. spent $285M on share repurchases over the trailing twelve months, and its diluted share count fell 8.4% over the year.
What is Alaska AIR Group, Inc.'s market cap?
On November 2, 2026, Alaska AIR Group, Inc.'s market capitalisation was about $4.4B and net debt of $5.2B. Market figures come from third-party market data and may be delayed.
How much debt does Alaska AIR Group, Inc. have?
Alaska AIR Group, Inc.'s debt-to-equity ratio is 164.8%, from its latest balance sheet (57.2% five years earlier). The financial health section below sets out its other solvency checks.
Who are Alaska AIR Group, Inc.'s competitors?
In our Passenger Airlines peer group, the companies closest to Alaska AIR Group, Inc. are Ryanair Holdings PLC, Jetblue Airways Corp, Southwest Airlines, Grupo Aeromexico, S.a.b. De C.v. and Frontier Group Holdings, Inc. The side-by-side comparison below sets their revenue, margins and growth against Alaska AIR Group, Inc.'s.
Are insiders buying or selling Alaska AIR Group, Inc. stock?
Over the last 12 months, Alaska AIR Group, Inc.'s directors and officers reported 1 open-market purchases and 6 sales on Form 4. The insider trading page charts every trade.
When is Alaska AIR Group, Inc.'s next earnings date?
Around January 21, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Alaska AIR Group, Inc. announces its own schedule.