ALASKA AIR GROUP, INC.

Listed Company

ALKCIK 0000766421NYSELarge AcceleratedAir Transportation, ScheduledDelawareFY ends Dec 31

Period

FY 2025

Revenue

$14.24B

Net Income

$100.00M

Total Assets

$20.36B

Equity

$4.12B

Shares Out

114.64M

Op. Cash Flow

$1.25B

Business

ALASKA AIR GROUP, INC. operates a group of airlines that provide scheduled passenger and cargo air transportation and related aviation services. Its main offerings include scheduled passenger flights, cargo and mail services, loyalty programs, regional capacity purchases under capacity purchase agreements, and aviation services through subsidiaries such as McGee Air Services. The company manages distinct airline operations—Alaska Airlines, Hawaiian Airlines, and Horizon Air—plus regional partners and loyalty and cargo businesses. It serves markets across the western U.S., Hawai'i, North America, Latin America and the Pacific through direct sales, travel agencies, codeshare and alliance partners.

Summary from filing dated 2025-02-14

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	14,239	11,735	10,426	9,646	—
Wages and benefits	4,763	3,588	3,041	2,640	2,218
Variable incentive pay	268	358	200	—	—
Aircraft fuel, including hedging gains and losses	2,879	2,506	2,641	2,668	—
Aircraft maintenance	912	620	488	424	364
Aircraft rent	250	207	208	291	254
Landing fees and other rentals	1,109	781	680	581	555
Contracted services	590	444	389	329	235
Selling expenses	407	349	303	295	173
Depreciation and amortization	795	583	451	415	394
Food and beverage service	383	287	241	197	139
Third-party regional carrier expense	272	243	218	182	147
Other	1,058	854	729	717	507
Special items - operating	250	345	443	580	—
Total Operating Expenses	13,936	11,165	10,032	—	—
Operating Income	303	570	394	70	685
Interest income	94	101	80	53	25
Interest expense	−272	−171	−121	−108	—
Interest capitalized	37	29	27	14	11
Special items - net non-operating	0	16	−18	0	—
Other - net	−16	0	−39	50	36
Total Non-operating Expense	−157	−25	−71	9	−56
Income Before Income Tax	146	545	323	79	629
Income tax expense	46	150	88	21	151
Net Income	100	395	235	58	478
Basic earnings per share (in dollars per share)	0.85	3.13	1.84	0.46	3.82
Diluted earnings per share (in dollars per share)	0.83	3.08	1.83	0.45	3.77
Basic	118	126	127	127	125
Diluted	120	128	129	128	127

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	627	1,201	281	338	470
Restricted cash	28	29	0	0	—
Marketable securities	1,496	1,274	—	—	—
Receivables - net	565	558	383	296	546
Inventories and supplies - net	203	199	116	104	62
Prepaid expenses	278	307	176	163	120
Other current assets	69	192	239	60	76
Total Current Assets	3,266	3,760	2,705	3,040	3,920
Property and equipment - net of accumulated depreciation and amortization of $4,945 and $4,548	11,857	10,781	8,388	7,257	6,138
Operating lease assets	1,268	1,296	1,195	1,471	1,453
Goodwill	2,700	2,700	1,943	2,038	2,044
Intangible assets - net of accumulated amortization of $74 and $16	815	873	90	—	—
Other noncurrent assets	432	334	292	380	396
Total Noncurrent Assets	17,095	16,008	—	—	—
Total Assets	20,361	19,768	14,613	14,186	13,951
Accounts payable	324	186	207	221	200
Accrued wages, vacation and payroll taxes	881	1,001	584	619	457
Other accrued liabilities	1,055	997	800	846	625
Current portion of long-term debt and finance leases	721	450	—	—	—
Current portion of operating lease liabilities	197	207	158	228	268
Total Current Liabilities	6,589	6,145	4,459	4,493	3,991
Long-term debt and finance leases, net of current portion	4,834	4,538	—	—	—
Operating lease liabilities, net of current portion	1,141	1,198	1,125	1,393	1,279
Net deferred tax liabilities	1,004	934	695	574	578
Deferred revenue	1,711	1,664	1,382	1,374	1,446
Obligation for pension and post-retirement medical benefits	369	460	362	348	305
Other liabilities	595	457	295	305	378
Total Noncurrent Liabilities	9,654	9,251	6,041	—	—
Commitments and Contingencies (Note 9)	—	—	—	—	—
Preferred stock, $0.01 par value, Authorized: 5,000,000 shares, none issued or outstanding	0	0	0	0	0
Common stock, $0.01 par value, Authorized: 400,000,000 shares, Issued: 2025 - 145,115,659 shares; 2024 - 141,449,174 shares, Outstanding: 2025 - 115,530,889 shares; 2024 - 123,119,199 shares	1	1	1	1	1
Capital in excess of par value	961	811	695	577	494
Treasury stock (common), at cost: 2025 - 29,584,770 shares; 2024 - 18,329,975 shares	−1,701	−1,131	—	—	—
Accumulated other comprehensive loss	−173	−239	−299	−388	−262
Retained earnings	5,030	4,930	4,535	4,300	4,242
Total Shareholders' Equity	4,118	4,372	4,113	3,816	3,801
Total Liabilities and Shareholders' Equity	20,361	19,768	14,613	14,186	13,951

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Stock-based compensation and other	10	63	85	42	51
Non-cash special items	51	−70	422	—	—
Changes in deferred income taxes	47	135	81	22	104
Increase in accounts receivable	−4	−128	−19	−45	−69
Increase (decrease) in air traffic liability	−23	63	−44	17	90
Increase in deferred revenue	177	116	106	139	81
Other - net	96	307	−267	−21	9
Net cash provided by operating activities	1,249	1,464	1,050	1,418	1,030
Aircraft and aircraft purchase deposits	−1,063	−817	−1,055	−1,272	−68
Other flight equipment	−216	−171	−197	−208	−126
Other property and equipment	−309	−293	−242	−191	−98
Acquisition of Hawaiian, net of cash acquired	0	−659	0	0	—
Supplier proceeds	0	162	0	—	—
Purchases of marketable securities	−1,479	−832	−536	—	—
Sales and maturities of marketable securities	1,300	1,800	1,200	2,300	—
Other investing activities	155	215	−86	−2	−12
Net cash used in investing activities	−1,623	−634	−964	−1,218	−1,008
Proceeds from issuance of long-term debt, net of issuance costs	808	2,310	411	—	—
Long-term debt payments	−519	−1,915	−282	−385	−1,334
Common stock repurchases	−570	−312	−137	0	0
Other financing activities	82	36	−139	60	57
Net cash provided by (used in) financing activities	−199	119	−147	−325	−914
Net increase (decrease) in cash and cash equivalents	−573	949	−61	−125	−892
Interest, net of amount capitalized	223	148	105	71	109
Income taxes, net of refunds received	3	22	15	0	48
Right-of-use assets acquired through operating leases	173	35	178	461	273
Operating leases converted to finance leases	200	0	505	0	0
Property and equipment acquired through the issuance of debt	69	68	179	0	0

Filings

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