ALK

MKT CAP:$5B

Alaska Air Group, Inc.

Market Cap

$5B

Industrials·Airlines, Airports & Air Services·🇺🇸 United States·NYSE

Industrials·Airlines,·🇺🇸·NYSE

Stock Price

$44.01-$7.51 (-14.58%)

Apr 20, 2026

Company Details

Alaska Air Group, Inc., through its subsidiaries, provides passenger and cargo air transportation services. The company operates through three segments: Mainline, Regional, and Horizon. It flies to approximately 120 destinations throughout ...

CEO

Benito Minicucci

IPO Date

Mar 17, 1980

Website

www.alaskaair.com

Key Metrics TTM

Revenue

$14.4B

+13.9% YoY

Net Income

$73M

EPS (Diluted)

$0.53

Free Cash Flow

-$477M

Revenue / Share

$126.01

Gross Margin

78.4%

Operating Margin

1.5%

Net Margin

0.5%

FCF Margin

-3.3%

P/S

0.3x

P/E

64.9x

Earnings Reports

Q1 2026

Apr 20, 2026

NEW

$3.3B+5.2%EPS -$1.69

FY 2025

Feb 12, 2026

$14.2B+21.3%EPS $0.87

Q4 2025

Feb 12, 2026

$3.6B+2.8%EPS $0.18

Q3 2025

Nov 6, 2025

$3.8B+22.6%EPS $0.62

Q2 2025

Aug 7, 2025

$3.7B+27.9%EPS $1.42

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 22	$2.7B	$782M	$187M
Q3 22	$2.8B	$882M	$62M
Q4 22	$2.5B	$567M	$23M
Q1 23	$2.2B	$281M	-$186M
Q2 23	$2.8B	$940M	$337M
Q3 23	$2.8B	$751M	$211M
Q4 23	$2.6B	$482M	$32M
Q1 24	$2.2B	$307M	-$166M
Q2 24	$2.9B	$906M	$322M
Q3 24	$3.1B	$878M	$341M
Q4 24	$3.5B	$771M	$73M
Q1 25	$3.1B	$510M	-$197M
Q2 25	$3.7B	$946M	$277M
Q3 25	$3.8B	$3.6B	$148M
Q4 25	$3.6B	$3.4B	$75M
Q1 26	$3.3B	$3.3B	-$279M

Valuation

Quarter	P/S	P/E
Q2 22	0.6x	24.9x
Q3 22	0.6x	94.1x
Q4 22	0.6x	100.5x
Q1 23	0.5x	90.9x
Q2 23	0.7x	42.3x
Q3 23	0.5x	18.1x
Q4 23	0.5x	20.3x
Q1 24	0.5x	22.2x
Q2 24	0.5x	22.5x
Q3 24	0.5x	17.7x
Q4 24	0.7x	20.7x
Q1 25	0.5x	16.5x
Q2 25	0.4x	18.8x
Q3 25	0.4x	40.0x
Q4 25	0.4x	58.1x
Q1 26	0.3x	54.1x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 22	$948M	$604M
Q3 22	$174M	-$141M
Q4 22	$9M	-$715M
Q1 23	$222M	$98M
Q2 23	$610M	$100M
Q3 23	$271M	-$86M
Q4 23	-$53M	-$556M
Q1 24	$292M	$235M
Q2 24	$580M	$50M
Q3 24	$318M	$53M
Q4 24	$274M	-$155M
Q1 25	$459M	$221M
Q2 25	$376M	-$127M
Q3 25	$229M	$7M
Q4 25	$185M	-$440M
Q1 26	$421M	$83M

Capital Expenditures

Quarter	CapEx
Q2 22	$344M
Q3 22	$315M
Q4 22	$724M
Q1 23	$124M
Q2 23	$510M
Q3 23	$357M
Q4 23	$503M
Q1 24	$57M
Q2 24	$530M
Q3 24	$265M
Q4 24	$429M
Q1 25	$238M
Q2 25	$503M
Q3 25	$222M
Q4 25	$625M
Q1 26	$338M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 22	+74.1%	+152.7%
Q3 22	+44.8%	+63.2%
Q4 22	+30.5%	+32.0%
Q1 23	+30.6%	+26.5%
Q2 23	+6.8%	+1.2%
Q3 23	+0.4%	-5.0%
Q4 23	+3.0%	+2.6%
Q1 24	+1.6%	+0.7%
Q2 24	+2.1%	+3.0%
Q3 24	+8.2%	+3.9%
Q4 24	+38.4%	+37.3%
Q1 25	+40.5%	+39.0%
Q2 25	+27.9%	+33.1%
Q3 25	+22.6%	+32.5%
Q4 25	+2.8%	+2.8%
Q1 26	+5.2%	+7.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 22	$15M	0.6%
Q3 22	$13M	0.5%
Q4 22	$9M	0.4%
Q1 23	$23M	1.0%
Q2 23	$33M	1.2%
Q3 23	$17M	0.6%
Q4 23	-$73M	-2.9%
Q1 24	$19M	0.9%
Q2 24	$18M	0.6%
Q3 24	$18M	0.6%
Q4 24	$8M	0.2%
Q1 25	$20M	0.6%
Q2 25	$0	0.0%
Q3 25	-$19M	-0.5%
Q4 25	$19M	0.5%
Q1 26	$0	0.0%

OpEx Breakdown

Quarter	S&M
Q2 22	$78M
Q3 22	$82M
Q4 22	$77M
Q1 23	$66M
Q2 23	$81M
Q3 23	$84M
Q4 23	$72M
Q1 24	$77M
Q2 24	$84M
Q3 24	$82M
Q4 24	$106M
Q1 25	$100M
Q2 25	$105M
Q3 25	$107M
Q4 25	$95M
Q1 26	$99M

Revenue Segments

Quarter	Cargo and Freight	Mileage Plan Services, Other	Passenger
Q2 22	$65M	$175M	$2.4B
Q3 22	$67M	$146M	$2.6B
Q4 22	$58M	$157M	$2.3B
Q1 23	$58M	$154M	$2.0B
Q2 23	$70M	$170M	$2.6B
Q3 23	$62M	$159M	$2.6B
Q4 23	$62M	$165M	$2.3B
Q1 24	$64M	$164M	$2.0B
Q2 24	$72M	$174M	$2.7B
Q3 24	$80M	$171M	$2.8B
Q4 24	$132M	$224M	$3.2B
Q1 25	$122M	$207M	$2.8B

Revenue by Geography

Quarter	Domestic	Latin America	Pacific	Alaska Mainline	Alaska Regional	Hawaiian Airlines Segment
Q1 25	$2.7B	$242M	$153M	—	—	—
Q2 25	—	—	—	$2.4B	$471M	$857M
Q3 25	—	—	—	$2.4B	$500M	$857M

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$778M	$2.6B	$3.4B
Q3 22	$688M	$2.5B	$3.1B
Q4 22	$338M	$2.1B	$2.4B
Q1 23	$516M	$1.9B	$2.4B
Q2 23	$536M	$1.9B	$2.4B
Q3 23	$647M	$1.8B	$2.5B
Q4 23	$281M	$1.5B	$1.8B
Q1 24	$885M	$1.4B	$2.3B
Q2 24	$1.1B	$1.4B	$2.5B
Q3 24	$1.0B	$1.5B	$2.5B
Q4 24	$1.2B	$1.3B	$2.5B
Q1 25	$1.0B	$1.4B	$2.5B
Q2 25	$778M	$1.4B	$2.2B
Q3 25	$806M	$1.5B	$2.3B
Q4 25	$627M	$1.5B	$2.1B
Q1 26	$451M	$1.3B	$1.8B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 22	128M	+1.4%	+0.8%
Q3 22	128M	+0.4%	+0.9%
Q4 22	128M	+0.1%	+0.9%
Q1 23	128M	-0.8%	+1.2%
Q2 23	129M	+1.1%	+0.9%
Q3 23	129M	+0.2%	+0.6%
Q4 23	127M	-1.4%	-0.9%
Q1 24	126M	-1.1%	-1.2%
Q2 24	128M	+1.9%	-0.5%
Q3 24	129M	+0.2%	-0.5%
Q4 24	129M	+0.3%	+1.2%
Q1 25	123M	-4.5%	-2.3%
Q2 25	123M	+0.0%	-4.0%
Q3 25	121M	-1.6%	-5.8%
Q4 25	117M	-3.2%	-9.0%
Q1 26	114M	-2.6%	-7.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 22	$116.4K	23K
Q3 22	$123.9K	23K
Q4 22	$97.3K	25K
Q1 23	$86.2K	25K
Q2 23	$111.4K	25K
Q3 23	$111.5K	25K
Q4 23	$98.0K	26K
Q1 24	$85.7K	26K
Q2 24	$111.2K	26K
Q3 24	$118.0K	26K
Q4 24	$104.1K	34K
Q1 25	$92.4K	34K
Q2 25	$109.1K	34K
Q3 25	$111.0K	34K
Q4 25	$107.0K	34K
Q1 26	$97.2K	34K

Revenue / Employee