Alaska Air Group Inc. (ALK) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q4 26	-$0.99	-$0.92	+7.1%	—	—	—
Q3 26	$0.11	$0.43	+290.9%	—	—	—
Q2 26	$1.1	$1.05	-4.5%	—	—	—
Q1 26	$1.54	$1.78	+15.6%	—	—	—
Q4 25	-$0.77	-$0.77	0.0%	—	—	—
Q3 25	$0.47	$0.97	+106.4%	—	—	—
Q2 25	$2.22	$2.25	+1.4%	—	—	—
Q1 25	$2.38	$2.55	+7.1%	—	—	—
Q4 24	-$1.05	-$0.92	+12.4%	—	—	—
Q3 24	$0.18	$0.3	+66.7%	—	—	—
Q2 24	$1.86	$1.83	-1.6%	—	—	—
Q1 24	$2.7	$3	+11.1%	—	—	—
Q4 23	-$0.48	-$0.62	-29.2%	—	—	—
Q3 23	$0.93	$0.92	-1.1%	—	—	—
Q2 23	$2.39	$2.53	+5.9%	—	—	—
Q1 23	$1.97	$2.19	+11.2%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$0.85	—	—	$14.2B	—
FY24	—	$3.13	—	—	$11.7B	—
FY23	—	$1.84	—	—	—	—
FY22	—	$0.46	—	—	$9.6B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$5.9B	$7.9B	$8.3B	$8.8B	$3.6B	$6.2B	$9.6B	—	$11.7B	$14.2B
YoY change	+5.84%	+33.2%	+4.69%	+6.26%	-59.4%	+73.2%	+56.2%	—	—	+21.3%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	5.9B	7.9B	8.3B	8.8B	3.6B	6.2B	9.6B	—	11.7B	14.2B
Cost of revenue	3.9B	5.6B	6.6B	6.8B	4B	4.8B	8B	—	9.6B	12.2B
Gross profit	2B	2.3B	1.7B	2B	-414M	1.4B	1.7B	—	2.1B	2B
Gross margin	34.4%	28.6%	20.2%	22.5%	-11.6%	21.9%	17.2%	—	18%	14.2%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	248M	368M	326M	313M	101M	173M	295M	—	349M	407M
Operating expenses	615M	930M	898M	872M	508M	680M	1B	—	1.2B	1.5B
Operating income	1.4B	1.3B	775M	1.1B	-922M	674M	650M	—	915M	553M
Operating margin	24%	16.8%	9.38%	12.6%	-25.9%	10.9%	6.74%	—	7.8%	3.88%
Non-operating income, net	-104M	-113M	-155M	-70M	-862M	47M	-530M	—	-329M	-266M
Pretax income	1.3B	1.2B	585M	1B	-1.8B	629M	79M	—	545M	146M
Income tax	519M	199M	148M	247M	-516M	151M	21M	—	150M	46M
Net income	797M	960M	437M	769M	-1.3B	478M	58M	—	395M	100M
Net margin	13.5%	12.2%	5.29%	8.76%	-37.1%	7.74%	0.6%	—	3.37%	0.7%
EBITDA	1.8B	1.7B	1.2B	1.5B	-480M	1.1B	1.2B	—	1.6B	1.4B
EPS	6.59	7.8	3.55	6.24	-10.6	3.82	0.46	1.84	3.13	0.85
Diluted EPS	6.54	7.75	3.52	6.19	-10.6	3.77	0.45	1.83	3.08	0.83

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	2.8B	—	2.2B	2.9B	3.1B	3.5B	3.1B	3.7B	3.8B	3.6B	3.3B	4.1B
Cost of revenue	2.2B	—	2.1B	2.2B	2.4B	3B	2.9B	3B	3.2B	3.1B	3.1B	3.8B
Gross profit	636M	—	150M	738M	699M	531M	255M	685M	575M	503M	158M	291M
Gross margin	22.4%	—	6.72%	25.5%	22.8%	15%	8.13%	18.5%	15.3%	13.8%	4.79%	7.16%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	84M	—	77M	84M	82M	106M	100M	105M	107M	95M	99M	115M
Operating expenses	269M	—	282M	270M	284M	367M	361M	352M	363M	389M	402M	417M
Operating income	367M	—	-132M	468M	415M	164M	-106M	333M	212M	114M	-244M	-126M
Operating margin	12.9%	—	-5.91%	16.2%	13.5%	4.64%	-3.38%	8.99%	5.63%	3.14%	-7.39%	-3.1%
Non-operating income, net	-170M	—	-34M	-146M	-78M	-71M	-99M	-60M	-62M	-45M	-26M	-36M
Pretax income	193M	—	-178M	316M	328M	79M	-233M	238M	111M	30M	-317M	-214M
Income tax	54M	—	-46M	96M	92M	8M	-67M	66M	38M	9M	-124M	-138M
Net income	139M	—	-132M	220M	236M	71M	-166M	172M	73M	21M	-193M	-76M
Net margin	4.9%	—	-5.91%	7.59%	7.68%	2.01%	-5.29%	4.64%	1.94%	0.58%	-5.85%	-1.87%
EBITDA	497M	—	11M	620M	579M	389M	106M	550M	440M	330M	-12M	108M
EPS	1.09	-0.02	-1.05	1.74	1.87	0.56	-1.35	1.45	0.63	0.18	-1.69	-0.68
Diluted EPS	1.08	-0.02	-1.05	1.71	1.84	0.55	-1.35	1.42	0.62	0.18	-1.69	-0.68

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	11B	9B	7.5B	8.4B	6.4B	6.5B	5.4B	5B	8.2B	5.9B	4.4B
Enterprise value	12.3B	10B	8.4B	10B	8.1B	7.5B	6.8B	5B	12.1B	10.7B	9.5B
Shares outstanding	123.6M	123.1M	123.2M	123.3M	123.5M	125.1M	126.7M	127.4M	126.1M	118.2M	118.2M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	13.8	9.42	17.2	10.9	—	13.6	93.8	—	20.7	59.4	94.1
P/S	1.85	1.15	0.91	0.95	1.8	1.06	0.56	—	0.7	0.42	0.3
P/B	3.74	2.61	2	1.93	2.15	1.71	1.43	—	1.87	1.44	1.21
EV/EBITDA	6.76	5.77	7.04	6.49	-16.9	6.63	5.82	—	7.56	7.51	13.5
EV/Sales	2.08	1.27	1.01	1.14	2.28	1.21	0.71	—	1.03	0.75	0.65
Earnings yield	7.27%	10.6%	5.83%	9.21%	—	7.34%	1.07%	—	4.84%	1.68%	1.06%
FCF yield	6.46%	6.23%	3.13%	12.3%	-7.1%	11.3%	-4.65%	—	2.24%	-5.7%	-0.54%
PEG	—	—	—	—	—	—	—	—	—	—	-0.64

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	34.4%	28.6%	20.2%	22.5%	-11.6%	21.9%	17.2%	—	18%	14.2%	7.16%
Operating margin	24%	16.8%	9.38%	12.6%	-25.9%	10.9%	6.74%	—	7.8%	3.88%	-2.93%
Net margin	13.5%	12.2%	5.29%	8.76%	-37.1%	7.74%	0.6%	—	3.37%	0.7%	-1.18%
ROE	27.2%	27.7%	11.7%	17.8%	-44.3%	12.6%	1.52%	—	9.03%	2.43%	-4.6%
ROA	8%	8.93%	4%	5.92%	-9.43%	3.43%	0.41%	—	2%	0.49%	-0.09%
ROIC	20%	24.9%	12.5%	13.9%	-19.6%	10.7%	9.21%	—	8%	4.26%	-0.51%
Return on tangible assets	13.7%	14.6%	6.45%	8.68%	-13.3%	4.01%	0.48%	—	3.14%	0.75%	-1.23%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.81	0.8	0.61	0.64	0.93	0.98	0.68	—	0.61	0.5	0.55
Quick ratio	0.79	0.78	0.59	0.61	0.92	0.97	0.65	—	0.58	0.46	0.51
Debt / equity	1.01	0.74	0.56	0.74	1.69	1.07	0.99	—	1.46	1.67	2.08
Debt / assets	0.3	0.24	0.19	0.25	0.36	0.29	0.27	—	0.32	0.34	0.36
Net debt / EBITDA	0.76	0.55	0.73	1.09	-3.56	0.86	1.17	—	2.45	3.35	5.72
Interest coverage	44.9	14.5	9.01	17.1	-20.1	6.38	1.84	—	4.84	1.62	-0.48
Effective tax rate	39.4%	17.2%	25.3%	24.3%	0%	24%	26.6%	—	27.5%	31.5%	0%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	48	64.1	67.1	71.2	28.9	49.4	76.2	—	93	120.5	129.5
EPS (basic)	6.59	7.8	3.55	6.24	-10.6	3.82	0.46	1.84	3.13	0.85	0.85
EPS (diluted)	6.54	7.75	3.52	6.19	-10.6	3.77	0.45	1.83	3.08	0.83	-1.61
Book value per share	23.7	28.1	30.4	35.1	24.2	30.4	30.1	—	34.7	34.8	32.9
FCF per share	5.73	4.58	1.91	8.32	-3.69	5.9	-2	—	1.45	-2.87	-3.15
Cash per share	12.8	13.2	10	12.3	27.1	24.9	19.1	—	19.6	18	23.9
Capex per share	5.49	8.34	7.79	5.65	1.8	2.33	13.2	—	10.2	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	11.4%	13%	11.6%	7.93%	6.23%	4.73%	17.3%	—	10.9%	—	—
Capex / operating cash flow	48.9%	64.5%	80.3%	40.4%	-25.8%	28.3%	181.2%	—	87.5%	—	—
Payout ratio	17.1%	15.4%	36.2%	22.5%	-3.4%	0%	0%	—	—	—	0%
Dividend yield	1.24%	1.64%	2.11%	2.07%	0.7%	0%	0%	—	—	—	3.78%

Yield

3.78%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.375

ex-dividend Feb 14, 2020

Payout ratio

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Feb 14, 2020	$0.375
Nov 18, 2019	$0.35
Aug 19, 2019	$0.35

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$2.8B	—	$2.2B	$2.9B	$3.1B	$3.5B	$3.1B	$3.7B	$3.8B	$3.6B	$3.3B	$4.1B
YoY change	+0.39%	—	+1.64%	+2.08%	+8.21%	—	+40.5%	+27.9%	+22.6%	+2.77%	+5.2%	+9.75%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY15	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY24	FY25
Cash & short-term investments	1.3B	1.6B	1.6B	1.2B	1.5B	3.3B	3.1B	2.4B	2.5B	2.1B
Receivables	212M	302M	341M	366M	323M	480M	546M	296M	558M	565M
Inventory	51M	47M	57M	60M	72M	57M	62M	104M	199M	203M
Total current assets	1.7B	2B	2.2B	1.8B	2B	4B	3.9B	3B	3.8B	3.3B
Property, plant & equipment	-888M	-1.3B	-1.3B	-1.4B	-1.6B	-1.5B	-1.9B	-1.7B	-196M	-522M
Goodwill & intangibles	0	4.2B	4.2B	4.1B	4.1B	4.1B	2B	2B	7.2B	7.1B
Total assets	6.5B	10B	10.7B	10.9B	13B	14B	14B	14.2B	19.8B	20.4B
Accounts payable	63M	92M	120M	132M	146M	108M	200M	221M	186M	324M
Short-term debt	114M	319M	307M	486M	504M	1.4B	634M	504M	657M	918M
Total current liabilities	1.8B	2.5B	2.7B	2.9B	3.2B	4.3B	4B	4.5B	6.1B	6.6B
Long-term debt	569M	2.6B	2.3B	1.6B	2.7B	3.6B	3.5B	3.3B	5.7B	6B
Total liabilities	4.1B	7B	7.3B	7.2B	8.7B	11.1B	10.2B	10.4B	15.4B	16.2B
Shareholders' equity	2.4B	2.9B	3.5B	3.8B	4.3B	3B	3.8B	3.8B	4.4B	4.1B
Total debt	683M	3B	2.6B	2.1B	3.2B	5.1B	4.1B	3.8B	6.4B	6.9B
Net debt	610M	2.6B	2.4B	2B	3B	3.7B	3.6B	3.4B	5.2B	6.3B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q2 23	Q3 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	2.4B	2.5B	2.3B	2.5B	2.5B	2.5B	2.5B	2.1B	2.3B	2.1B	1.8B	2.7B
Receivables	351M	341M	384M	370M	510M	558M	569M	737M	586M	565M	630M	681M
Inventory	107M	122M	104M	106M	202M	199M	206M	218M	229M	203M	232M	253M
Total current assets	3.2B	3.6B	3.1B	3.4B	3.7B	3.8B	3.7B	3.5B	3.5B	3.3B	3B	3.9B
Property, plant & equipment	-637M	-818M	-995M	-1.1B	-481M	-196M	-439M	-562M	-395M	-522M	13.3B	13.4B
Goodwill & intangibles	2B	2B	2B	2B	7.2B	7.2B	7.2B	7.1B	7.1B	7.1B	7B	7B
Total assets	14.8B	15.2B	14.8B	15.3B	19.6B	19.8B	19.8B	19.9B	20B	20.4B	20.3B	21.2B
Accounts payable	212M	229M	181M	203M	242M	186M	237M	240M	322M	324M	409M	403M
Short-term debt	849M	886M	459M	512M	734M	657M	741M	725M	744M	918M	710M	669M
Total current liabilities	5.2B	5.1B	4.8B	5B	6.2B	6.1B	6.7B	6.7B	6.7B	6.6B	7.1B	7.2B
Long-term debt	3B	3.2B	3.4B	3.4B	5.4B	5.7B	5.5B	5.6B	5.7B	6B	6B	6.9B
Total liabilities	10.9B	11.1B	10.8B	11.1B	15.1B	15.4B	15.7B	15.9B	16B	16.2B	16.6B	17.6B
Shareholders' equity	4B	4.1B	4B	4.2B	4.5B	4.4B	4.1B	3.9B	4B	4.1B	3.7B	3.7B
Total debt	3.9B	4.1B	3.8B	3.9B	6.1B	6.4B	6.3B	6.4B	6.5B	6.9B	6.7B	7.6B
Net debt	3.4B	3.5B	2.9B	2.8B	5.1B	5.2B	5.2B	5.6B	5.7B	6.3B	6.2B	6.6B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY15	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY24	FY25
Net income	848M	797M	960M	437M	769M	-1.3B	478M	58M	395M	100M
Depreciation & amortization	320M	363M	372M	398M	423M	420M	394M	415M	583M	795M
Stock-based compensation	25M	26M	55M	47M	29M	24M	51M	42M	63M	10M
Change in working capital	391M	200M	203M	313M	501M	-201M	118M	407M	493M	293M
Operating cash flow	1.6B	1.4B	1.6B	1.2B	1.7B	-861M	1B	922M	1.5B	1.2B
Capital expenditure	-831M	-678M	-1B	-960M	-696M	-222M	-292M	-1.7B	-1.3B	—
Investing cash flow	-930M	-2.6B	-1.1B	-631M	-791M	-593M	-1B	-1.2B	-634M	-35M
Dividends paid	-102M	-136M	-148M	-158M	-173M	-45M	0	0	—	—
Share repurchases	-505M	-193M	-75M	-50M	-75M	-31M	0	0	-312M	-570M
Financing cash flow	-688M	1.5B	-592M	-647M	-813M	2B	-914M	-325M	119M	-199M
Net change in cash	-34M	255M	-131M	-83M	118M	527M	-892M	-621M	949M	1B
Free cash flow	753M	708M	564M	235M	1B	-456M	738M	-253M	183M	-339M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q2 23	Q3 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	240M	139M	-132M	220M	236M	71M	-166M	172M	73M	21M	-193M	-76M
Depreciation & amortization	113M	113M	126M	128M	139M	190M	194M	199M	203M	199M	204M	207M
Stock-based compensation	33M	17M	19M	18M	18M	8M	20M	-10M	-19M	19M	25M	17M
Change in working capital	50M	-155M	256M	237M	-79M	79M	359M	15M	-28M	-53M	385M	37M
Operating cash flow	610M	271M	292M	603M	314M	274M	459M	376M	229M	185M	421M	185M
Capital expenditure	-510M	-357M	-57M	-530M	-265M	-429M	-238M	-503M	—	—	—	—
Investing cash flow	-539M	-331M	318M	-453M	358M	-198M	-381M	-366M	-27M	-2M	169M	-281M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	-39M	-13M	-20M	-29M	-14M	-249M	-105M	-430M	-5M	-30M	-193M	-57M
Financing cash flow	-92M	177M	-5M	92M	-80M	112M	-236M	-308M	54M	291M	-428M	900M
Net change in cash	-21M	117M	605M	242M	592M	188M	-158M	-298M	256M	474M	162M	804M
Free cash flow	100M	-86M	204M	81M	53M	-155M	221M	-127M	7M	-440M	83M	0

Date	Ratio
Jul 10, 2014	2:1
Mar 19, 2012	2:1
Nov 16, 1981	105:100
Nov 17, 1980	105:100

Alaska Air Group Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history