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Alaska Air Group (ALK) investor relations material
Alaska Air Group Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary23 Jan, 2026
Executive summary
Achieved Q4 2025 adjusted EPS of $0.43 and full-year adjusted EPS of $2.44, both surpassing guidance, with GAAP net income of $21M for Q4 and $100M for FY25; strong execution despite macro headwinds and integration challenges.
Completed major integration milestones post-merger with Hawaiian, including a single operating certificate and unified loyalty program, positioning as the fourth global U.S. airline.
Generated $1.2B in operating cash flow for FY25, supporting investments and capital returns.
Announced the largest aircraft order in company history, expanding the order book to 261 aircraft, supporting long-term growth and international expansion.
Premium, cargo, and loyalty revenues grew 7%, 22%, and 12% year-over-year in Q4, respectively.
Financial highlights
Q4 2025 revenue was $3.6B, up 2.8–3% year-over-year on 2.2% capacity growth; full-year revenue reached $14.2B, up 3.3% year-over-year on 1.9% capacity growth.
Q4 GAAP net income was $21M ($0.18 per share); adjusted net income was $50M ($0.43 per share).
Full-year GAAP net income was $100M ($0.83 per share); adjusted net income was $293M ($2.44 per share).
Adjusted pre-tax margin for FY25 was 2.8%.
Repurchased $570M in stock, reducing diluted share count to 117M from 129M.
Outlook and guidance
FY26 adjusted EPS guidance is $3.50–$6.50, reflecting margin expansion and harvesting of 2025 investments.
Q1 FY26 adjusted EPS expected to be a loss of $1.50–$0.50, roughly flat year-over-year.
Full-year capacity projected to grow 2–3%, with 100% of net growth from new long-haul international routes.
Capital expenditures for 2026 projected at $1.4–$1.5B.
Targeting $10 EPS by 2027, contingent on macro recovery and execution of $1B profit unlock.
Detail Hawaiian integration's path to $1B profit
Explain the strategic impact of the 787 fleet order
What specific macro factors influence 2026 EPS guidance?
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Next Alaska Air Group earnings date
Q1 202623 Apr, 2026
Alaska Air Group
Next Alaska Air Group earnings date
Q1 202623 Apr, 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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