ALASKA AIR GROUP, INC.
ALASKA AIR GROUP, INC.
ALASKA AIR GROUP, INC. (ALK) — SEC Financial Statements & Analysis
ALASKA AIR GROUP, INC. (ALK) files its annual 10-K and quarterly 10-Q reports directly with the SEC. The financial data below is sourced as-filed from EDGAR — balance sheet, income statement, and cash flow as reported, without normalization or third-party adjustments.
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Financial Statements
Values in Millions ($) | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | Subscriber-only column | Subscriber-only column | Subscriber-only column | Subscriber-only column | Data beyond 3 years is for subscribers only. Unlock 17+ years of financial data Start 7-day free trial |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Passenger Revenue | - | - | -189 | -77 | 2,204 | - | - | - | - | - | - | - | |||||
Mileage Plan Revenue | - | - | - | 97 | 1,727 | 1,592 | - | 8 | 2,633 | 1,221 | - | - | |||||
Air Traffic Liability | 2,378 | 1,689 | - | - | - | 1,712 | - | - | - | 1,136 | - | - | |||||
Loyalty Plan Revenue | 1,781 | 1,722 | 1,837 | - | 3,314 | 1,592 | 3,192 | - | - | - | - | - | |||||
Assets | |||||||||||||||||
Assets Current | |||||||||||||||||
Cash And Cash Equivalents At Carrying Value | 451 | 627 | 778 | 750 | 1,044 | 1,201 | 1,015 | 1,115 | 885 | 281 | 647 | 536 | |||||
Restricted Cash | 27 | 28 | 28 | 28 | 28 | 29 | 27 | 0 | 0 | 0 | 0 | - | |||||
Available For Sale Securities Debt Securities Curr… | 1,317 | 1,496 | 1,494 | 1,374 | 1,420 | 1,274 | 1,490 | 1,394 | 1,393 | 1,510 | 1,804 | 1,906 | |||||
Cash Cash Equivalents And Short Term Investments | - | - | 2,300 | 2,152 | 2,492 | 2,504 | 2,532 | 2,509 | 2,278 | 1,791 | 2,451 | 2,442 | |||||
Receivables Net Current | 630 | 565 | 586 | 737 | 569 | 558 | 510 | 370 | 384 | 383 | 341 | 351 | |||||
Inventory Net | 232 | 203 | 229 | 218 | 206 | 199 | 202 | 106 | 104 | 116 | 122 | 107 | |||||
Prepaid Expense Current And Noncurrent | - | 278 | - | - | - | 307 | - | - | - | 176 | - | 187 | |||||
Prepaid Expense Current | 281 | - | 285 | 264 | 281 | - | 270 | 179 | 177 | - | 187 | - | |||||
Assets Held For Sale Not Part Of Disposal Group Cu… | - | - | - | - | - | - | - | - | - | - | 385 | - | |||||
Other Assets Current | 79 | 69 | 66 | 136 | 173 | 192 | 223 | 212 | 186 | 239 | 158 | 157 | |||||
Assets Current | 3,017 | 3,266 | 3,466 | 3,507 | 3,721 | 3,760 | 3,737 | 3,376 | 3,129 | 2,705 | 3,644 | 3,244 | |||||
Property Plant And Equipment Net | 12,015 | 11,857 | 11,236 | 11,215 | 10,867 | 10,781 | 10,522 | 8,521 | 8,194 | 8,388 | 8,026 | 7,963 | |||||
Operating Lease Right Of Use Asset | 1,300 | 1,268 | 1,322 | 1,279 | 1,313 | 1,296 | 1,346 | 1,142 | 1,174 | 1,195 | 1,171 | 1,318 | |||||
Property Plant And Equipm… | |||||||||||||||||
Flight Equipment Gross | - | - | 12,953 | 13,056 | 12,619 | 12,273 | 12,349 | 10,734 | 10,363 | 10,425 | 10,015 | 9,918 | |||||
Property Plant And Equipment Other | - | - | 2,367 | 2,267 | 2,197 | 2,173 | 2,109 | 1,941 | 1,839 | 1,814 | 1,756 | 1,714 | |||||
Deposits On Flight Equipment | - | - | 710 | 621 | 700 | 883 | 612 | 383 | 431 | 491 | 538 | 550 | |||||
Property Plant And Equipment Gross | - | - | 16,030 | 15,944 | 15,516 | 15,329 | 15,070 | 13,058 | 12,633 | 12,730 | 12,309 | 12,182 | |||||
Goodwill | 2,723 | 2,723 | 2,723 | 2,724 | 2,724 | 2,724 | 2,703 | 2,033 | 2,033 | 1,943 | 2,034 | 2,036 | |||||
Intangible Assets Net Excluding Goodwill | 801 | 815 | 829 | 844 | 859 | 873 | 888 | - | - | 90 | - | - | |||||
Other Assets Noncurrent | 442 | 432 | 436 | 316 | 334 | 334 | 363 | 270 | 283 | 292 | 290 | 268 | |||||
Other Assets | - | - | 5,310 | 5,163 | 5,230 | 5,227 | 5,300 | 3,445 | 3,490 | 3,520 | 3,495 | 3,622 | |||||
Assets Noncurrent | 17,281 | 17,095 | - | - | - | 16,008 | - | - | - | - | - | - | |||||
Assets | 20,298 | 20,361 | 20,012 | 19,885 | 19,818 | 19,768 | 19,559 | 15,342 | 14,813 | 14,613 | 15,165 | 14,829 | |||||
Accounts Payable Current | 409 | 324 | 322 | 240 | 237 | 186 | 242 | 203 | 181 | 207 | 229 | 212 | |||||
Employee Related Liabilities Current | 657 | 881 | 811 | 697 | 749 | 1,001 | 822 | 513 | 481 | 584 | 561 | 463 | |||||
Other Assets | |||||||||||||||||
Accrued Liabilities Current | 1,121 | 1,055 | 1,007 | 1,096 | 1,042 | 997 | 958 | 852 | 791 | 800 | 806 | 871 | |||||
Long Term Debt And Capital Lease Obligations Curre… | 498 | 721 | - | - | - | 450 | - | - | - | - | - | - | |||||
Operating Lease Liability Current | 212 | 197 | 216 | 217 | 214 | 207 | 211 | 153 | 158 | 158 | 150 | 277 | |||||
Debt Current | - | - | - | - | - | - | 523 | 359 | 301 | 353 | 736 | 572 | |||||
Finance Lease Liability Current | - | - | 9 | 8 | 8 | 8 | - | - | - | 64 | - | - | |||||
Liabilities Current | 7,056 | 6,589 | 6,659 | 6,709 | 6,700 | 6,145 | 6,248 | 4,968 | 4,829 | 4,459 | 5,074 | 5,176 | |||||
Long Term Debt And Capital Lease Obligations | 4,822 | 4,834 | - | - | - | 4,538 | - | - | - | - | - | - | |||||
Liabilities And Stockhold… | |||||||||||||||||
Operating Lease Liability Noncurrent | 1,136 | 1,141 | 1,197 | 1,157 | 1,200 | 1,198 | 1,249 | 1,050 | 1,098 | 1,125 | 1,113 | 1,148 | |||||
Finance Lease Liability Noncurrent | - | - | 40 | 43 | 45 | 47 | - | - | - | 0 | - | - | |||||
Deferred Income Tax Liabilities Net | 879 | 1,004 | 976 | 938 | 871 | 934 | 889 | 746 | 649 | 695 | 662 | 606 | |||||
Liabilities Current | |||||||||||||||||
Deferred Revenue Noncurrent | 1,700 | 1,711 | 1,596 | 1,648 | 1,587 | 1,664 | 1,578 | 1,329 | 1,320 | 1,382 | 1,366 | 1,370 | |||||
Pension And Other Postretirement Defined Benefit P… | 360 | 369 | 439 | 452 | 457 | 460 | 505 | 358 | 365 | 362 | 368 | 362 | |||||
Other Liabilities Noncurrent | 614 | 595 | 586 | 548 | 531 | 457 | 452 | 352 | 311 | 295 | 361 | 327 | |||||
Liabilities Other Than Longterm Debt Noncurrent | - | - | - | - | - | - | - | 3,835 | 3,743 | 3,859 | 3,870 | 3,813 | |||||
Liabilities Noncurrent | 9,511 | 9,654 | 9,324 | 9,234 | 8,981 | 9,251 | 8,832 | - | - | 6,041 | - | - | |||||
Long Term Debt Current | 319 | 540 | 519 | 500 | 519 | 442 | - | - | - | 289 | - | - | |||||
Stockholders Equity Numbe… | |||||||||||||||||
Preferred Stock Value | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Common Stock Value | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | |||||
Liabilities Noncurrent | |||||||||||||||||
Additional Paid In Capital Common Stock | 973 | 961 | 913 | 899 | 844 | 811 | 769 | 757 | 707 | 695 | 659 | 648 | |||||
Treasury Stock Value | - | - | -1,671 | -1,666 | -1,238 | -1,131 | -882 | -868 | -840 | -819 | -744 | -731 | |||||
Long Term Debt Noncurrent | 4,760 | 4,769 | 4,490 | 4,448 | 4,290 | 4,491 | 4,159 | 2,313 | 2,264 | 2,182 | 2,128 | 1,889 | |||||
Treasury Stock Common Value | -1,904 | -1,701 | - | - | - | -1,131 | - | - | - | - | - | - | |||||
Accumulated Other Comprehensive Income Loss Net Of… | -176 | -173 | -223 | -228 | -234 | -239 | -268 | -287 | -294 | -299 | -360 | -365 | |||||
Retained Earnings Accumulated Deficit | 4,837 | 5,030 | 5,009 | 4,936 | 4,764 | 4,930 | 4,859 | 4,623 | 4,403 | 4,535 | 4,537 | 4,398 | |||||
Stockholders Equity | 3,731 | 4,118 | 4,029 | 3,942 | 4,137 | 4,372 | 4,479 | 4,226 | 3,977 | 4,113 | 4,093 | 3,951 | |||||
Liabilities And Stockholders Equity | 20,298 | 20,361 | 20,012 | 19,885 | 19,818 | 19,768 | 19,559 | 15,342 | 14,813 | 14,613 | 15,165 | 14,829 | |||||
Accumulated Depreciation Depletion And Amortizatio… | 5,080 | 4,945 | -4,794 | -4,729 | -4,649 | 4,548 | -4,548 | 4,537 | 4,439 | -4,342 | 4,283 | 4,219 | |||||
Finite Lived Intangible Assets Accumulated Amortiz… | 88 | 74 | 60 | - | - | 16 | - | - | - | - | - | - | |||||
Stockholders Equity | |||||||||||||||||
Preferred Stock Par Or Stated Value Per Share | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | |||||
Preferred Stock Shares Authorized | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | |||||
Preferred Stock Shares Issued | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | - | 0 | 0 | |||||
Preferred Stock Shares Outstanding | 0 | 0 | 0 | 0 | 0 | 0 | - | - | - | - | - | - | |||||
Common Stock Par Or Stated Value Per Share | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | |||||
Common Stock Shares Authorized | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | |||||
Common Stock Shares Issued | 146 | 145 | 144 | 144 | 143 | 141 | 141 | 141 | 139 | 139 | 138 | 138 | |||||
Shares Outstanding | 111 | 116 | 115 | 115 | 123 | 123 | 126 | 126 | 126 | 126 | 127 | 127 | |||||
Treasury Stock Common Shares | 34 | 18 | 29 | 29 | 20 | 30 | 14 | 14 | 13 | 18 | 11 | 11 | |||||
Loss Contingency Damages Sought Value | - | - | - | - | - | - | - | - | - | 8 | - | - | |||||
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Earnings Market Reaction
| Fiscal Year | Q1 1 Month | Q1 2 Month | Q1 3 Month | Q2 1 Month | Q2 2 Month | Q2 3 Month | Q3 1 Month | Q3 2 Month | Q3 3 Month | Q4 1 Month | Q4 2 Month | Q4 3 Month |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 13.38% | 32.69% | - | - | - | - | - | - | - | - | - | - |
| 2025 | -3.49% | -6.44% | -1.16% | 17.90% | -4.45% | -17.80% | 4.21% | 25.19% | 23.68% | -24.04% | -32.97% | -30.78% |
| 2024 | 0.05% | -3.51% | -11.13% | 3.45% | 15.90% | 30.15% | 3.14% | 29.08% | 37.16% | -19.94% | -41.31% | -37.96% |
| 2023 | - | - | - | -12.73% | -21.74% | -33.18% | 15.82% | 26.65% | 8.47% | -1.90% | 13.89% | 14.42% |
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Performance and Valuation Metrics
Metrics | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | Subscriber-only column | Subscriber-only column | Subscriber-only column | Subscriber-only column | Data beyond 3 years is for subscribers only. Unlock 17+ years of financial data Start 7-day free trial |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Liquidity Ratios | |||||||||||||||||
| Current Ratio | 0.43 | 0.50 | 0.52 | 0.52 | 0.56 | 0.61 | 0.60 | 0.68 | 0.65 | 0.61 | 0.72 | 0.63 | |||||
| Quick Ratio | 0.35 | 0.46 | 0.44 | 0.45 | 0.48 | 0.58 | 0.52 | 0.62 | 0.59 | 0.58 | 0.66 | 0.61 | |||||
| Working Capital | -4.04B | -3.32B | -3.19B | -3.20B | -2.98B | -2.39B | -2.51B | -1.59B | -1.70B | -1.75B | -1.43B | -1.93B | |||||
Leverage & Debt | |||||||||||||||||
| Debt to Equity | 4.44 | 3.94 | 3.97 | 4.04 | 3.79 | 3.52 | 3.37 | 1.18 | 1.21 | 2.55 | 1.24 | 1.31 | |||||
| Interest Coverage TTM | 0.78 | 1.11 | 1.17 | 2.13 | 2.67 | 3.33 | 4.60 | 5.62 | 11.83 | - | - | - | |||||
| Debt Ratio | 0.82 | 0.80 | 0.80 | 0.80 | 0.79 | 0.78 | 0.77 | 0.32 | 0.33 | 0.72 | 0.33 | 0.35 | |||||
Efficiency & Turnover | |||||||||||||||||
| Asset Turnover TTM | 0.72 | 0.71 | 0.71 | 0.76 | 0.73 | 0.68 | 0.62 | 0.70 | 0.72 | 0.72 | 0.64 | 0.64 | |||||
| Days Sales Outstanding TTM | 15.19 | 14.39 | 14.14 | 15.02 | 13.76 | 14.63 | 14.44 | 12.51 | 12.63 | 11.89 | 13.16 | 14.44 | |||||
| Receivables Turnover TTM | 24.02 | 25.36 | 25.80 | 24.29 | 26.53 | 24.94 | 25.27 | 29.18 | 28.90 | 30.71 | 27.74 | 25.27 | |||||
Per Share Metrics | |||||||||||||||||
| Diluted EPS TTM | 0.64 | 0.83 | 1.28 | 2.59 | 2.93 | 3.08 | 2.50 | 1.75 | 1.94 | 1.83 | 2.00 | 1.24 | |||||
| Free Cash Flow Per Share TTM | 10.60 | 10.57 | 11.61 | 6.46 | 7.89 | 5.93 | -0.65 | 1.37 | -2.44 | -3.49 | -4.74 | -5.16 | |||||
| Dividend Per Share TTM | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||
Margin Metrics | |||||||||||||||||
| Gross Profit Margin TTM | 66.13% | 66.55% | 67.21% | 68.07% | 69.06% | 69.42% | 69.77% | 70.06% | 70.16% | 70.83% | 68.80% | 69.78% | |||||
| Operating Profit Margin TTM | 1.53% | 2.13% | 2.13% | 3.67% | 4.26% | 4.86% | 4.92% | 3.79% | 3.96% | 3.78% | 4.05% | 2.48% | |||||
| Net Profit Margin TTM | 0.51% | 0.70% | 1.06% | 2.33% | 2.86% | 3.37% | 2.99% | 2.14% | 2.34% | 2.25% | 2.72% | 1.68% | |||||
Growth Metrics | |||||||||||||||||
| Net Revenue Growth (1Y) | 13.94% | 21.34% | 31.50% | 27.81% | 20.82% | 12.56% | 13.03% | 10.71% | 12.22% | 18.37% | 4.94% | 16.02% | |||||
| Net Income Growth (1Y) | -79.78% | -74.68% | -53.42% | 39.11% | 47.35% | 68.09% | 24.32% | 40.63% | 315.25% | 305.17% | 379.63% | -23.08% | |||||
| EPS Growth (1Y) | -78.21% | -72.98% | -49.01% | 47.88% | 50.74% | 69.74% | 25.31% | 41.85% | 320.30% | 302.89% | 378.11% | -23.62% | |||||
Valuation Metrics | |||||||||||||||||
| P/E TTM | 57.59 | 59.44 | 38.26 | 18.79 | 16.79 | 20.68 | 17.72 | 22.68 | 22.10 | 21.18 | 18.21 | 42.36 | |||||
| P/B | 1.13 | 1.44 | 1.42 | 1.49 | 1.46 | 1.87 | 1.27 | 1.21 | 1.36 | 1.21 | 1.15 | 1.72 | |||||
| P/S TTM | 0.29 | 0.42 | 0.41 | 0.44 | 0.48 | 0.70 | 0.53 | 0.49 | 0.52 | 0.48 | 0.50 | 0.71 | |||||
| Market Cap | 4.20B | 5.94B | 5.74B | 5.88B | 6.06B | 8.17B | 5.71B | 5.10B | 5.42B | 4.98B | 4.72B | 6.78B | |||||
| Enterprise Value | 9.33B | 11.29B | 9.98B | 10.04B | 9.78B | 12.30B | 9.32B | 6.66B | 7.07B | 7.20B | 6.91B | 8.68B | |||||
Calculated Values | |||||||||||||||||
| Free Cash Flow TTM | 1.21B | 1.25B | 1.34B | 768.00M | 972.00M | 748.00M | -82.00M | 173.00M | -307.00M | -444.00M | -603.00M | -658.00M | |||||
| Net Debt | 5.13B | 5.35B | 4.24B | 4.16B | 3.72B | 4.13B | 3.61B | 1.56B | 1.65B | 2.23B | 2.19B | 1.90B | |||||
Per-Share and Margin | |||||||||||||||||
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Turnover Ratios and Averages | |||||||||||||||||
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Growth Rates | |||||||||||||||||
| Total Assets Growth (1Y) | |||||||||||||||||
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| Dividends Paid Growth (1Y) | |||||||||||||||||
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| EPS Growth (3Y) | |||||||||||||||||
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| Net Income Growth (3Y) | |||||||||||||||||
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| Deferred Revenue Growth (1Y) | |||||||||||||||||
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Credit, Liquidity, Returns, Payout | |||||||||||||||||
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Valuation Ratios | |||||||||||||||||
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