Alaska Air Group, Inc.(ALK)Earnings, Financials & Key Ratios

ALK•NYSE

56.6× P/E·Price updated Jun 19, 2026

SectorIndustrials IndustryAirlines & Airports Sub-IndustryCommercial passenger airlines

AboutAlaska 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 North America. Alaska Air Group, Inc. was founded in 1932 and is based in Seattle, Washington.Show more

Revenue$14.24B+21.3%
EBITDA$1.1B-0.7%
Net Income$100M-74.7%
EPS (Diluted)0.87-71.8%
Gross Margin59.66%+144.7%
EBITDA Margin7.71%-18.2%
Operating Margin2.13%-56.2%
Net Margin0.7%-79.1%
ROE2.36%-74.7%

ALK Key Insights

Alaska Air Group, Inc. (ALK) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 31.9%
✓Share count reduced 8.6% through buybacks
✓Trading at only 1.4x book value

✗Weaknesses

✗Negative free cash flow

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

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ALK Price & Volume

Alaska Air Group, Inc. (ALK) stock price & volume — 10-year historical chart

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ALK Growth Metrics

Alaska Air Group, Inc. (ALK) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years9.79%

5 Years31.9%

3 Years13.86%

TTM21.34%

Profit CAGR

10 Years-19.25%

5 Years-

3 Years19.91%

TTM-74.68%

EPS CAGR

10 Years-18.29%

5 Years-

3 Years24.58%

TTM-71.48%

Return on Capital

10 Years5.67%

5 Years3.51%

3 Years3.44%

Last Year2.21%

ALK Recent Earnings

Alaska Air Group, Inc. (ALK) EPS & revenue vs analyst estimates — last 4 quarters

Full history →

●Beat EPS 8/12 qtrs (67%)●Beat Revenue 8/12 qtrs (67%)

Q2 2026Latest

Apr 20, 2026

Metric

Actual

Est

EPS

$1.68-1.8%

$1.65

Rev

$3.3B+0.2%

$3.3B

Q1 2026

Jan 22, 2026

Metric

Actual

Est

EPS

$0.43+290.9%

$0.11

Rev

$3.6B-0.3%

$3.6B

Q4 2025

Oct 23, 2025

Metric

Actual

Est

EPS

$1.05-3.7%

$1.09

Rev

$3.8B+0.2%

$3.8B

Q3 2025

Jul 23, 2025

Metric

Actual

Est

EPS

$1.78+14.1%

$1.56

Rev

$3.7B-1.3%

$3.8B

Quarter	Date	EPS (Act vs Est)	Revenue (Act vs Est)
Q2 2026Latest	Apr 20, 2026	$1.68vs $1.65-1.8%	$3.3Bvs $3.3B+0.2%
Q1 2026	Jan 22, 2026	$0.43vs $0.11+290.9%	$3.6Bvs $3.6B-0.3%
Q4 2025	Oct 23, 2025	$1.05vs $1.09-3.7%	$3.8Bvs $3.8B+0.2%
Q3 2025	Jul 23, 2025	$1.78vs $1.56+14.1%	$3.7Bvs $3.8B-1.3%

Based on last 12 quarters of dataView full earnings history →

Company	Market Cap	Stock Price	P/E Ratio (TTM)	Revenue Growth 1Y	Net Margin	Return on Equity (ROE)	Debt / Equity
DALDelta Air Lines, Inc.Direct Competitor	54.98B	84.18	10.99	2.79%	7.9%	24.12%	1.02
UALUnited Airlines Holdings, Inc.Direct Competitor	38.41B	118.32	11.58	3.52%	6.06%	24.91%	2.03
AALAmerican Airlines Group Inc.Direct Competitor	10.56B	15.99	94.06	0.78%	0.36%
LUVSouthwest Airlines Co.Direct Competitor	23.56B	47.97	60.72	2.11%	2.83%	10.67%	0.75
JBLUJetBlue Airways CorporationDirect Competitor	2.11B	5.68	-3.42	-2.34%	-7.78%	-33.13%	4.84
ULCCFrontier Group Holdings, Inc.Direct Competitor	1.66B	7.22	-12.03	-1.35%	-9.62%	-88.57%	11.13
MESAMesa Air Group, Inc.Product Competitor	879.48M	21.00	-0.04	-19.93%	-43.64%	-5.29%
SKYWSkyWest, Inc.Product Competitor	3.72B	92.63	8.95	15.03%	10.42%	16%	0.87

Compare ALK vs Peers

Alaska Air Group, Inc. (ALK) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs DAL

Most directly comparable listed peer for ALK.

Scale Benchmark

vs GE

Larger-name benchmark to compare ALK against a more recognizable public peer.

Peer Set

Compare Top 5

vs DAL, UAL, AAL, LUV

ALK Income Statement

Alaska Air Group, Inc. (ALK) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily

Metric	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25
Sales/Revenue	7.89B	8.26B	8.78B	3.57B	6.18B	9.65B	10.43B	11.73B	14.24B
Revenue Growth %	33.1%	4.69%	6.26%	-59.39%	73.19%	56.19%	8.09%	12.56%	21.34%
Cost of Goods Sold	5.27B	6.17B	6.42B	4.35B	5.36B	7.51B	7.96B	8.87B	5.74B
COGS % of Revenue	66.73%	74.72%	73.06%	121.96%	86.77%	77.89%	76.38%	75.62%	40.34%
Gross Profit	2.63B▲ 0%	2.09B▼ 20.4%	2.37B▲ 13.3%	-783M▼ 133.1%	817M▲ 204.3%	2.13B▲ 161.1%	2.46B▲ 15.5%	2.86B▲ 16.2%	8.49B▲ 196.9%
Gross Margin %	33.27%	25.28%	26.94%	-21.96%	13.23%	22.11%	23.62%	24.38%	59.66%
Gross Profit Growth %	6.57%	-20.45%	13.26%	-133.09%	204.34%	161.08%	15.47%	16.16%	196.92%
Operating Expenses	1.42B	1.45B	1.3B	992M	132M	2.06B	2.07B	2.29B	8.19B
OpEx % of Revenue	17.96%	17.5%	14.84%	27.82%	2.14%	21.39%	19.84%	19.52%	57.53%
Selling, General & Admin	368M	326M	313M	101M	173M	295M	303M	349M	407M
SG&A % of Revenue	4.66%	3.94%	3.56%	2.83%	2.8%	3.06%	2.91%	2.97%	2.86%
Research & Development	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-
Other Operating Expenses	1.05B	1.12B	990M	891M	-41M	1.77B	1.77B	1.94B	7.79B
Operating Income	1.21B▲ 0%	643M▼ 46.8%	1.06B▲ 65.3%	-1.77B▼ 267.0%	685M▲ 138.6%	70M▼ 89.8%	394M▲ 462.9%	570M▲ 44.7%	303M▼ 46.8%
Operating Margin %	15.3%	7.78%	12.11%	-49.78%	11.09%	0.73%	3.78%	4.86%	2.13%
Operating Income Growth %	-7.5%	-46.77%	65.32%	-266.98%	138.59%	-89.78%	462.86%	44.67%	-46.84%
EBITDA	1.58B	1.04B	1.49B	-1.35B	1.08B	468M	820M	1.11B	1.1B
EBITDA Margin %	20.02%	12.6%	16.92%	-38%	17.47%	4.85%	7.87%	9.42%	7.71%
EBITDA Growth %	-5.33%	-34.11%	42.75%	-191.18%	179.63%	-56.63%	75.21%	34.88%	-0.72%
D&A (Non-Cash Add-back)	372M	398M	423M	420M	394M	398M	426M	536M	795M
EBIT	1.32B	793M	1.07B	-2.34B	-257M	706M	818M	889M	499M
Net Interest Income	-52M	-35M	-21M	-56M	-92M	-41M	-41M	-41M	-149M
Interest Income	34M	38M	42M	31M	25M	53M	80M	101M	94M
Interest Expense	86M	73M	63M	87M	117M	94M	121M	142M	243M
Other Income/Expense	-49M	-58M	-47M	-65M	-56M	9M	-71M	-25M	-157M
Pretax Income	1.16B▲ 0%	585M▼ 49.5%	1.02B▲ 73.7%	-1.84B▼ 281.1%	629M▲ 134.2%	79M▼ 87.4%	323M▲ 308.9%	545M▲ 68.7%	146M▼ 73.2%
Pretax Margin %	14.68%	7.08%	11.57%	-51.6%	10.18%	0.82%	3.1%	4.64%	1.03%
Income Tax	199M	148M	247M	-516M	151M	21M	88M	150M	46M
Effective Tax Rate %	17.17%	25.3%	24.31%	28.04%	24.01%	26.58%	27.24%	27.52%	31.51%
Net Income	960M▲ 0%	437M▼ 54.5%	769M▲ 76.0%	-1.32B▼ 272.2%	478M▲ 136.1%	58M▼ 87.9%	235M▲ 305.2%	395M▲ 68.1%	100M▼ 74.7%
Net Margin %	12.16%	5.29%	8.76%	-37.13%	7.74%	0.6%	2.25%	3.37%	0.7%
Net Income Growth %	20.45%	-54.48%	75.97%	-272.17%	136.1%	-87.87%	305.17%	68.09%	-74.68%
Net Income (Continuing)	960M	437M	769M	-1.32B	478M	58M	235M	395M	100M
Discontinued Operations	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0
EPS (Diluted)	7.75▲ 0%	3.52▼ 54.6%	6.19▲ 75.9%	-10.59▼ 271.1%	3.77▲ 135.6%	0.45▼ 88.1%	1.83▲ 306.7%	3.08▲ 68.3%	0.87▼ 71.8%
EPS Growth %	20.9%	-54.58%	75.85%	-271.08%	135.6%	-88.06%	306.67%	68.31%	-71.75%
EPS (Basic)	7.79	3.55	6.24	-10.59	3.82	0.46	1.84	3.13	0.91
Diluted Shares Outstanding	123.85M	123.97M	124.29M	123.45M	126.78M	127.9M	128.71M	128.37M	117.36M
Basic Shares Outstanding	123.21M	123.23M	123.28M	123.45M	125.06M	126.66M	127.38M	126.14M	115.53M
Dividend Payout Ratio	15.42%	36.16%	22.5%	-	-	-	-	-	-

ALK Balance Sheet

Alaska Air Group, Inc. (ALK) balance sheet — assets, liabilities & shareholders' equity

Metric	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25
Total Current Assets	2.15B	1.79B	2.04B	4.01B	3.92B	3.04B	2.71B	3.76B	3.27B
Cash & Short-Term Investments	1.62B	1.24B	1.52B	3.35B	3.12B	2.42B	1.79B	2.48B	2.12B
Cash Only	194M	105M	221M	1.37B	470M	338M	281M	1.2B	627M
Short-Term Investments	1.43B	1.13B	1.3B	1.98B	2.65B	2.08B	1.51B	1.27B	1.5B
Accounts Receivable	341M	366M	323M	480M	546M	296M	383M	558M	565M
Days Sales Outstanding	15.77	16.17	13.43	49.13	32.27	11.2	13.41	17.36	14.48
Inventory	57M	60M	72M	57M	62M	104M	116M	199M	203M
Days Inventory Outstanding	3.95	3.55	4.1	4.78	4.22	5.05	5.32	8.19	12.9
Other Current Assets	0	0	121M	0	196M	60M	239M	221M	97M
Total Non-Current Assets	8.59B	9.13B	11.96B	10.04B	11.04B	12.31B	13.13B	16.01B	17.09B
Property, Plant & Equipment	6.28B	6.78B	8.61B	7.61B	7.59B	8.73B	9.58B	12.08B	11.86B
Fixed Asset Turnover	1.26x	1.22x	1.02x	0.47x	0.81x	1.11x	1.09x	0.97x	1.20x
Goodwill	1.94B	1.94B	1.94B	1.94B	2.04B	2.04B	2.03B	2.72B	2.72B
Intangible Assets	133M	127M	122M	107M	0	0	0	873M	815M
Long-Term Investments	-1.78B	-512M	16M	0	34M	49M	30M	0	0
Other Non-Current Assets	2.31B	274M	262M	379M	362M	331M	262M	247M	1.7B
Total Assets	10.75B▲ 0%	10.91B▲ 1.5%	14B▲ 28.3%	14.05B▲ 0.3%	14.96B▲ 6.5%	15.35B▲ 2.6%	15.83B▲ 3.2%	19.77B▲ 24.8%	20.36B▲ 3.0%
Asset Turnover	0.73x	0.76x	0.63x	0.25x	0.41x	0.63x	0.66x	0.59x	0.70x
Asset Growth %	7.71%	1.54%	28.31%	0.32%	6.54%	2.55%	3.18%	24.85%	3%
Total Current Liabilities	2.69B	2.94B	3.2B	4.29B	3.99B	4.49B	4.46B	6.14B	6.59B
Accounts Payable	120M	132M	146M	108M	200M	221M	207M	186M	324M
Days Payables Outstanding	8.31	7.8	8.31	9.06	13.62	10.74	9.49	7.65	20.59
Short-Term Debt	307M	486M	504M	1.15B	634M	504M	511M	442M	721M
Deferred Revenue (Current)	1.44B	788M	1.65B	1.81B	2.08B	2.3B	2.36B	3.3B	1.72B
Other Current Liabilities	0	1.49B	431M	0	625M	846M	800M	0	2.74B
Current Ratio	0.80x	0.61x	0.64x	0.93x	0.98x	0.68x	0.61x	0.61x	0.50x
Quick Ratio	0.78x	0.59x	0.61x	0.92x	0.97x	0.65x	0.58x	0.58x	0.46x
Cash Conversion Cycle	11.4	11.91	9.22	44.85	22.87	5.52	9.24	17.89	6.79
Total Non-Current Liabilities	4.6B	4.22B	6.47B	6.77B	7.17B	7.04B	7.26B	9.25B	9.65B
Long-Term Debt	2.26B	1.62B	1.26B	2.36B	2.17B	1.88B	2.18B	4.49B	4.83B
Capital Lease Obligations	0	0	1.44B	1.27B	1.28B	1.39B	1.13B	1.25B	1.14B
Deferred Tax Liabilities	370M	512M	1.72B	407M	1.59B	1.73B	1.92B	934M	1B
Other Non-Current Liabilities	878M	921M	803M	1.19B	683M	653M	657M	917M	964M
Total Liabilities	7.29B	7.16B	9.67B	11.06B	11.16B	11.53B	11.72B	15.4B	16.24B
Total Debt	2.26B	2.1B	3.21B	5.05B	4.09B	3.78B	3.82B	6.39B	6.89B
Net Debt	2.07B	2B	2.99B	3.68B	3.62B	3.44B	3.54B	5.19B	6.27B
Debt / Equity	0.65x	0.56x	0.74x	1.69x	1.07x	0.99x	0.93x	1.46x	1.67x
Debt / EBITDA	1.43x	2.02x	2.16x	-	3.79x	8.08x	4.66x	5.78x	6.28x
Net Debt / EBITDA	1.31x	1.92x	2.01x	-	3.35x	7.35x	4.31x	4.69x	5.71x
Interest Coverage	14.05x	8.81x	16.87x	-20.40x	5.85x	0.74x	3.26x	4.01x	1.25x
Total Equity	3.46B▲ 0%	3.75B▲ 8.4%	4.33B▲ 15.5%	2.99B▼ 31.0%	3.8B▲ 27.2%	3.82B▲ 0.4%	4.11B▲ 7.8%	4.37B▲ 6.3%	4.12B▼ 5.8%
Equity Growth %	18.05%	8.41%	15.46%	-31.01%	27.21%	0.39%	7.78%	6.3%	-5.81%
Book Value per Share	27.94	30.26	34.85	24.20	29.98	29.84	31.96	34.06	35.09
Total Shareholders' Equity	3.46B	3.75B	4.33B	2.99B	3.8B	3.82B	4.11B	4.37B	4.12B
Common Stock	1M	1M	1M	1M	1M	1M	1M	1M	1M
Retained Earnings	4.19B	4.53B	5.13B	3.76B	4.24B	4.3B	4.54B	4.93B	5.03B
Treasury Stock	-518M	-568M	-643M	-674M	-674M	-674M	-819M	-1.13B	-1.7B
Accumulated OCI	-380M	-448M	-465M	-494M	-262M	-388M	-299M	-239M	-173M
Minority Interest	0	0	0	0	0	0	0	0	0

ALK Cash Flow Statement

Alaska Air Group, Inc. (ALK) cash flow — operating, investing & free cash flow history

Metric	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25
Cash from Operations	1.59B	1.2B	1.72B	-234M	1.03B	1.42B	1.05B	1.46B	1.25B
Operating CF Margin %	20.14%	14.46%	19.61%	-6.56%	16.68%	14.7%	10.07%	12.48%	8.77%
Operating CF Growth %	14.72%	-24.84%	44.1%	-113.59%	540.17%	37.67%	-25.95%	39.43%	-14.69%
Net Income	1.03B	437M	769M	-1.32B	478M	58M	235M	395M	100M
Depreciation & Amortization	372M	398M	423M	420M	394M	415M	451M	583M	0
Stock-Based Compensation	55M	47M	29M	24M	51M	35M	59M	63M	0
Deferred Taxes	45M	146M	209M	0	-445M	22M	0	0	0
Other Non-Cash Items	0	0	-209M	847M	434M	481M	591M	-69M	1.15B
Working Capital Changes	129M	313M	501M	-201M	118M	407M	-286M	492M	0
Change in Receivables	-39M	-25M	43M	-160M	-66M	250M	0	-128M	0
Change in Inventory	0	0	0	0	0	0	0	0	0
Change in Payables	0	0	0	0	0	0	0	0	0
Cash from Investing	-1.13B	-631M	-791M	-593M	-1.01B	-1.22B	-964M	-634M	-1.62B
Capital Expenditures	-1.03B	-960M	-696M	-206M	-292M	-1.67B	-1.49B	-1.28B	-1.59B
CapEx % of Revenue	13%	11.62%	7.93%	5.78%	4.73%	17.32%	14.33%	10.92%	11.15%
Acquisitions	78M	47M	0	279M	2M	4M	0	-659M	0
Investments	-	-	-	-	-	-	-	-	-
Other Investing	75M	47M	41M	-22M	-10M	-6M	530M	377M	-35M
Cash from Financing	-592M	-647M	-813M	1.98B	-914M	-325M	-147M	119M	-199M
Debt Issued (Net)	-397M	-468M	-608M	2B	-971M	-385M	129M	395M	0
Equity Issued (Net)	-1000K	-1000K	-1000K	-1000K	0	0	-1000K	-1000K	0
Dividends Paid	-148M	-158M	-173M	-45M	0	0	0	0	0
Share Repurchases	-75M	-50M	-75M	-31M	0	0	-137M	-312M	0
Other Financing	28M	29M	43M	58M	57M	60M	-139M	36M	-199M
Net Change in Cash	-134M▲ 0%	-83M▲ 38.1%	118M▲ 242.2%	1.15B▲ 878.0%	-892M▼ 177.3%	-125M▲ 86.0%	-61M▲ 51.2%	949M▲ 1655.7%	-573M▼ 160.4%
Free Cash Flow	564M▲ 0%	235M▼ 58.3%	1.03B▲ 336.6%	-440M▼ 142.9%	738M▲ 267.7%	-253M▼ 134.3%	-444M▼ 75.5%	183M▲ 141.2%	-339M▼ 285.2%
FCF Margin %	7.14%	2.84%	11.68%	-12.34%	11.95%	-2.62%	-4.26%	1.56%	-2.38%
FCF Growth %	-20.34%	-58.33%	336.6%	-142.88%	267.73%	-134.28%	-75.49%	141.22%	-285.25%
FCF per Share	4.55	1.90	8.25	-3.56	5.82	-1.98	-3.45	1.43	-2.89
FCF Conversion (FCF/Net Income)	1.66x	2.73x	2.24x	0.18x	2.15x	24.45x	4.47x	3.71x	12.49x
Interest Paid	84M	0	60M	0	109M	0	0	148M	0
Taxes Paid	177M	0	31M	0	48M	0	0	22M	0

ALK Key Ratios

Alaska Air Group, Inc. (ALK) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	29.84%	30.04%	12.12%	19.03%	-36.18%	14.08%	1.52%	5.93%	9.31%	2.36%
Return on Invested Capital (ROIC)	22.83%	16.34%	8.55%	12.2%	-19.03%	7.29%	0.72%	3.96%	4.97%	2.28%
Gross Margin	41.54%	33.27%	25.28%	26.94%	-21.96%	13.23%	22.11%	23.62%	24.38%	59.66%
Net Margin	13.44%	12.16%	5.29%	8.76%	-37.13%	7.74%	0.6%	2.25%	3.37%	0.7%
Debt / Equity	1.01x	0.65x	0.56x	0.74x	1.69x	1.07x	0.99x	0.93x	1.46x	1.67x
Interest Coverage	43.53x	14.05x	8.81x	16.87x	-20.40x	5.85x	0.74x	3.26x	4.01x	1.25x
FCF Conversion	1.74x	1.66x	2.73x	2.24x	0.18x	2.15x	24.45x	4.47x	3.71x	12.49x
Revenue Growth	5.95%	33.1%	4.69%	6.26%	-59.39%	73.19%	56.19%	8.09%	12.56%	21.34%

ALK SEC Filings & Documents

Alaska Air Group, Inc. (ALK) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

Material company update

Apr 20, 2026·SEC

Material company update

Mar 30, 2026·SEC

Material company update

Jan 22, 2026·SEC

10-K Annual Reports

FY 2026

Feb 12, 2026·SEC

FY 2025

Feb 14, 2025·SEC

10-Q Quarterly Reports

FY 2025

Nov 6, 2025·SEC

FY 2025

Aug 7, 2025·SEC

FY 2025

May 8, 2025·SEC

ALK Frequently Asked Questions

Alaska Air Group, Inc. (ALK) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Alaska Air Group, Inc. (ALK) reported $14.24B in revenue for fiscal year 2025. This represents a 794% increase from $1.59B in 1996.

Alaska Air Group, Inc. (ALK) grew revenue by 21.3% over the past year. This is strong growth.

Yes, Alaska Air Group, Inc. (ALK) is profitable, generating $100.0M in net income for fiscal year 2025 (0.7% net margin).

Dividend & Returns

Alaska Air Group, Inc. (ALK) has a return on equity (ROE) of 2.4%. This is below average, suggesting room for improvement.

Alaska Air Group, Inc. (ALK) had negative free cash flow of $339.0M in fiscal year 2025, likely due to heavy capital investments.

What if you invested $1,000 in ALK back in 1996?

Total return calculator · dividends reinvested · 30+ years of data

See returns →

How much would $100/month in ALK be worth today?

Dollar cost averaging calculator · DCA vs lump sum

Calculate →

Quarter

Date

EPS (Act vs Est)

Revenue (Act vs Est)

Q2 2026Latest

Apr 20, 2026

$1.68vs $1.65-1.8%

$3.3Bvs $3.3B+0.2%

Q1 2026

Jan 22, 2026

$0.43vs $0.11+290.9%

$3.6Bvs $3.6B-0.3%

Q4 2025

Oct 23, 2025

$1.05vs $1.09-3.7%

$3.8Bvs $3.8B+0.2%

Q3 2025

Jul 23, 2025

$1.78vs $1.56+14.1%

$3.7Bvs $3.8B-1.3%

Metric

Dec'17

Dec'18

Dec'19

Dec'20

Dec'21

Dec'22

Dec'23

Dec'24

Dec'25

Sales/Revenue

7.89B

8.26B

8.78B

3.57B

6.18B

9.65B

10.43B

11.73B

14.24B

Revenue Growth %

33.1%

4.69%

6.26%

-59.39%

73.19%

56.19%

8.09%

12.56%

21.34%

Cost of Goods Sold

5.27B

6.17B

6.42B

4.35B

5.36B

7.51B

7.96B

8.87B

5.74B

COGS % of Revenue

66.73%

74.72%

73.06%

121.96%

86.77%

77.89%

76.38%

75.62%

40.34%

Gross Profit

2.63B▲ 0%

2.09B▼ 20.4%

2.37B▲ 13.3%

-783M▼ 133.1%

817M▲ 204.3%

2.13B▲ 161.1%

2.46B▲ 15.5%

2.86B▲ 16.2%

8.49B▲ 196.9%

Gross Margin %

33.27%

25.28%

26.94%

-21.96%

13.23%

22.11%

23.62%

24.38%

59.66%

Gross Profit Growth %

6.57%

-20.45%

13.26%

-133.09%

204.34%

161.08%

15.47%

16.16%

196.92%

Operating Expenses

1.42B

1.45B

1.3B

992M

132M

2.06B

2.07B

2.29B

8.19B

OpEx % of Revenue

17.96%

17.5%

14.84%

27.82%

2.14%

21.39%

19.84%

19.52%

57.53%

Selling, General & Admin

368M

326M

313M

101M

173M

295M

303M

349M

407M

SG&A % of Revenue

4.66%

3.94%

3.56%

2.83%

2.8%

3.06%

2.91%

2.97%

2.86%

Research & Development

R&D % of Revenue

Other Operating Expenses

1.05B

1.12B

990M

891M

-41M

1.77B

1.94B

7.79B

Operating Income

1.21B▲ 0%

643M▼ 46.8%

1.06B▲ 65.3%

-1.77B▼ 267.0%

685M▲ 138.6%

70M▼ 89.8%

394M▲ 462.9%

570M▲ 44.7%

303M▼ 46.8%

Operating Margin %

15.3%

7.78%

12.11%

-49.78%

11.09%

0.73%

3.78%

4.86%

2.13%

Operating Income Growth %

-7.5%

-46.77%

65.32%

-266.98%

138.59%

-89.78%

462.86%

44.67%

-46.84%

EBITDA

1.58B

1.04B

1.49B

-1.35B

1.08B

468M

820M

1.11B

1.1B

EBITDA Margin %

20.02%

12.6%

16.92%

-38%

17.47%

4.85%

7.87%

9.42%

7.71%

EBITDA Growth %

-5.33%

-34.11%

42.75%

-191.18%

179.63%

-56.63%

75.21%

34.88%

-0.72%

D&A (Non-Cash Add-back)

372M

398M

423M

420M

394M

398M

426M

536M

795M

EBIT

1.32B

793M

1.07B

-2.34B

-257M

706M

818M

889M

499M

Net Interest Income

-52M

-35M

-21M

-56M

-92M

-41M

-149M

Interest Income

34M

38M

42M

31M

25M

53M

80M

101M

94M

Interest Expense

86M

73M

63M

87M

117M

94M

121M

142M

243M

Other Income/Expense

-49M

-58M

-47M

-65M

-56M

-71M

-25M

-157M

Pretax Income

1.16B▲ 0%

585M▼ 49.5%

1.02B▲ 73.7%

-1.84B▼ 281.1%

629M▲ 134.2%

79M▼ 87.4%

323M▲ 308.9%

545M▲ 68.7%

146M▼ 73.2%

Pretax Margin %

14.68%

7.08%

11.57%

-51.6%

10.18%

0.82%

3.1%

4.64%

1.03%

Income Tax

199M

148M

247M

-516M

151M

21M

88M

150M

46M

Effective Tax Rate %

17.17%

25.3%

24.31%

28.04%

24.01%

26.58%

27.24%

27.52%

31.51%

Net Income

960M▲ 0%

437M▼ 54.5%

769M▲ 76.0%

-1.32B▼ 272.2%

478M▲ 136.1%

58M▼ 87.9%

235M▲ 305.2%

395M▲ 68.1%

100M▼ 74.7%

Net Margin %

12.16%

5.29%

8.76%

-37.13%

7.74%

0.6%

2.25%

3.37%

0.7%

Net Income Growth %

20.45%

-54.48%

75.97%

-272.17%

136.1%

-87.87%

305.17%

68.09%

-74.68%

Net Income (Continuing)

960M

437M

769M

-1.32B

478M

58M

235M

395M

100M

Discontinued Operations

Minority Interest

EPS (Diluted)

7.75▲ 0%

3.52▼ 54.6%

6.19▲ 75.9%

-10.59▼ 271.1%

3.77▲ 135.6%

0.45▼ 88.1%

1.83▲ 306.7%

3.08▲ 68.3%

0.87▼ 71.8%

EPS Growth %

20.9%

-54.58%

75.85%

-271.08%

135.6%

-88.06%

306.67%

68.31%

-71.75%

EPS (Basic)

7.79

3.55

6.24

-10.59

3.82

0.46

1.84

3.13

0.91

Diluted Shares Outstanding

123.85M

123.97M

124.29M

123.45M

126.78M

127.9M

128.71M

128.37M

117.36M

Basic Shares Outstanding

123.21M

123.23M

123.28M

123.45M

125.06M

126.66M

127.38M

126.14M

115.53M

Dividend Payout Ratio

15.42%

36.16%

22.5%

Metric

Dec'17

Dec'18

Dec'19

Dec'20

Dec'21

Dec'22

Dec'23

Dec'24

Dec'25

Total Current Assets

2.15B

1.79B

2.04B

4.01B

3.92B

3.04B

2.71B

3.76B

3.27B

Cash & Short-Term Investments

1.62B

1.24B

1.52B

3.35B

3.12B

2.42B

1.79B

2.48B

2.12B

Cash Only

194M

105M

221M

1.37B

470M

338M

281M

1.2B

627M

Short-Term Investments

1.43B

1.13B

1.3B

1.98B

2.65B

2.08B

1.51B

1.27B

1.5B

Accounts Receivable

341M

366M

323M

480M

546M

296M

383M

558M

565M

Days Sales Outstanding

15.77

16.17

13.43

49.13

32.27

11.2

13.41

17.36

14.48

Inventory

57M

60M

72M

57M

62M

104M

116M

199M

203M

Days Inventory Outstanding

3.95

3.55

4.1

4.78

4.22

5.05

5.32

8.19

12.9

Other Current Assets

121M

196M

60M

239M

221M

97M

Total Non-Current Assets

8.59B

9.13B

11.96B

10.04B

11.04B

12.31B

13.13B

16.01B

17.09B

Property, Plant & Equipment

6.28B

6.78B

8.61B

7.61B

7.59B

8.73B

9.58B

12.08B

11.86B

Fixed Asset Turnover

1.26x

1.22x

1.02x

0.47x

0.81x

1.11x

1.09x

0.97x

1.20x

Goodwill

1.94B

2.04B

2.03B

2.72B

Intangible Assets

133M

127M

122M

107M

873M

815M

Long-Term Investments

-1.78B

-512M

16M

34M

49M

30M

Other Non-Current Assets

2.31B

274M

262M

379M

362M

331M

262M

247M

1.7B

Total Assets

10.75B▲ 0%

10.91B▲ 1.5%

14B▲ 28.3%

14.05B▲ 0.3%

14.96B▲ 6.5%

15.35B▲ 2.6%

15.83B▲ 3.2%

19.77B▲ 24.8%

20.36B▲ 3.0%

Asset Turnover

0.73x

0.76x

0.63x

0.25x

0.41x

0.63x

0.66x

0.59x

0.70x

Asset Growth %

7.71%

1.54%

28.31%

0.32%

6.54%

2.55%

3.18%

24.85%

Total Current Liabilities

2.69B

2.94B

3.2B

4.29B

3.99B

4.49B

4.46B

6.14B

6.59B

Accounts Payable

120M

132M

146M

108M

200M

221M

207M

186M

324M

Days Payables Outstanding

8.31

7.8

8.31

9.06

13.62

10.74

9.49

7.65

20.59

Short-Term Debt

307M

486M

504M

1.15B

634M

504M

511M

442M

721M

Deferred Revenue (Current)

1.44B

788M

1.65B

1.81B

2.08B

2.3B

2.36B

3.3B

1.72B

Other Current Liabilities

1.49B

431M

625M

846M

800M

2.74B

Current Ratio

0.80x

0.61x

0.64x

0.93x

0.98x

0.68x

0.61x

0.50x

Quick Ratio

0.78x

0.59x

0.61x

0.92x

0.97x

0.65x

0.58x

0.46x

Cash Conversion Cycle

11.4

11.91

9.22

44.85

22.87

5.52

9.24

17.89

6.79

Total Non-Current Liabilities

4.6B

4.22B

6.47B

6.77B

7.17B

7.04B

7.26B

9.25B

9.65B

Long-Term Debt

2.26B

1.62B

1.26B

2.36B

2.17B

1.88B

2.18B

4.49B

4.83B

Capital Lease Obligations

1.44B

1.27B

1.28B

1.39B

1.13B

1.25B

1.14B

Deferred Tax Liabilities

370M

512M

1.72B

407M

1.59B

1.73B

1.92B

934M

Other Non-Current Liabilities

878M

921M

803M

1.19B

683M

653M

657M

917M

964M

Total Liabilities

7.29B

7.16B

9.67B

11.06B

11.16B

11.53B

11.72B

15.4B

16.24B

Total Debt

2.26B

2.1B

3.21B

5.05B

4.09B

3.78B

3.82B

6.39B

6.89B

Net Debt

2.07B

2.99B

3.68B

3.62B

3.44B

3.54B

5.19B

6.27B

Debt / Equity

0.65x

0.56x

0.74x

1.69x

1.07x

0.99x

0.93x

1.46x

1.67x

Debt / EBITDA

1.43x

2.02x

2.16x

3.79x

8.08x

4.66x

5.78x

6.28x

Net Debt / EBITDA

1.31x

1.92x

2.01x

3.35x

7.35x

4.31x

4.69x

5.71x

Interest Coverage

14.05x

8.81x

16.87x

-20.40x

5.85x

0.74x

3.26x

4.01x

1.25x

Total Equity

3.46B▲ 0%

3.75B▲ 8.4%

4.33B▲ 15.5%

2.99B▼ 31.0%

3.8B▲ 27.2%

3.82B▲ 0.4%

4.11B▲ 7.8%

4.37B▲ 6.3%

4.12B▼ 5.8%

Equity Growth %

18.05%

8.41%

15.46%

-31.01%

27.21%

0.39%

7.78%

6.3%

-5.81%

Book Value per Share

27.94

30.26

34.85

24.20

29.98

29.84

31.96

34.06

35.09

Total Shareholders' Equity

3.46B

3.75B

4.33B

2.99B

3.8B

3.82B

4.11B

4.37B

4.12B

Common Stock

Retained Earnings

4.19B

4.53B

5.13B

3.76B

4.24B

4.3B

4.54B

4.93B

5.03B

Treasury Stock

-518M

-568M

-643M

-674M

-819M

-1.13B

-1.7B

Accumulated OCI

-380M

-448M

-465M

-494M

-262M

-388M

-299M

-239M

-173M

Minority Interest

Metric

Dec'17

Dec'18

Dec'19

Dec'20

Dec'21

Dec'22

Dec'23

Dec'24

Dec'25

Cash from Operations

1.59B

1.2B

1.72B

-234M

1.03B

1.42B

1.05B

1.46B

1.25B

Operating CF Margin %

20.14%

14.46%

19.61%

-6.56%

16.68%

14.7%

10.07%

12.48%

8.77%

Operating CF Growth %

14.72%

-24.84%

44.1%

-113.59%

540.17%

37.67%

-25.95%

39.43%

-14.69%

Net Income

1.03B

437M

769M

-1.32B

478M

58M

235M

395M

100M

Depreciation & Amortization

372M

398M

423M

420M

394M

415M

451M

583M

Stock-Based Compensation

55M

47M

29M

24M

51M

35M

59M

63M

Deferred Taxes

45M

146M

209M

-445M

22M

Other Non-Cash Items

-209M

847M

434M

481M

591M

-69M

1.15B

Working Capital Changes

129M

313M

501M

-201M

118M

407M

-286M

492M

Change in Receivables

-39M

-25M

43M

-160M

-66M

250M

-128M

Change in Inventory

Change in Payables

Cash from Investing

-1.13B

-631M

-791M

-593M

-1.01B

-1.22B

-964M

-634M

-1.62B

Capital Expenditures

-1.03B

-960M

-696M

-206M

-292M

-1.67B

-1.49B

-1.28B

-1.59B

CapEx % of Revenue

13%

11.62%

7.93%

5.78%

4.73%

17.32%

14.33%

10.92%

11.15%

Acquisitions

78M

47M

279M

-659M

Investments

Other Investing

75M

47M

41M

-22M

-10M

-6M

530M

377M

-35M

Cash from Financing

-592M

-647M

-813M

1.98B

-914M

-325M

-147M

119M

-199M

Debt Issued (Net)

-397M

-468M

-608M

-971M

-385M

129M

395M

Equity Issued (Net)

-1000K

Dividends Paid

-148M

-158M

-173M

-45M

Share Repurchases

-75M

-50M

-75M

-31M

-137M

-312M

Other Financing

28M

29M

43M

58M

57M

60M

-139M

36M

-199M

Net Change in Cash

-134M▲ 0%

-83M▲ 38.1%

118M▲ 242.2%

1.15B▲ 878.0%

-892M▼ 177.3%

-125M▲ 86.0%

-61M▲ 51.2%

949M▲ 1655.7%

-573M▼ 160.4%

Free Cash Flow

564M▲ 0%

235M▼ 58.3%

1.03B▲ 336.6%

-440M▼ 142.9%

738M▲ 267.7%

-253M▼ 134.3%

-444M▼ 75.5%

183M▲ 141.2%

-339M▼ 285.2%

FCF Margin %

7.14%

2.84%

11.68%

-12.34%

11.95%

-2.62%

-4.26%

1.56%

-2.38%

FCF Growth %

-20.34%

-58.33%

336.6%

-142.88%

267.73%

-134.28%

-75.49%

141.22%

-285.25%

FCF per Share

4.55

1.90

8.25

-3.56

5.82

-1.98

-3.45

1.43

-2.89

FCF Conversion (FCF/Net Income)

1.66x

2.73x

2.24x

0.18x

2.15x

24.45x

4.47x

3.71x

12.49x

Interest Paid

84M

60M

109M

148M

Taxes Paid

177M

31M

48M

22M

Metric

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Return on Equity (ROE)

29.84%

30.04%

12.12%

19.03%

-36.18%

14.08%

1.52%

5.93%

9.31%

2.36%

Return on Invested Capital (ROIC)

22.83%

16.34%

8.55%

12.2%

-19.03%

7.29%

0.72%

3.96%

4.97%

2.28%

Gross Margin

41.54%

33.27%

25.28%

26.94%

-21.96%

13.23%

22.11%

23.62%

24.38%

59.66%

Net Margin

13.44%

12.16%

5.29%

8.76%

-37.13%

7.74%

0.6%

2.25%

3.37%

0.7%

Debt / Equity

1.01x

0.65x

0.56x

0.74x

1.69x

1.07x

0.99x

0.93x

1.46x

1.67x

Interest Coverage

43.53x

14.05x

8.81x

16.87x

-20.40x

5.85x

0.74x

3.26x

4.01x

1.25x

FCF Conversion

1.74x

1.66x

2.73x

2.24x

0.18x

2.15x

24.45x

4.47x

3.71x

12.49x

Revenue Growth

5.95%

33.1%

4.69%

6.26%

-59.39%

73.19%

56.19%

8.09%

12.56%

21.34%

Alaska Air Group, Inc.(ALK)Earnings, Financials & Key Ratios

ALK Key Insights

✓Strengths

✗Weaknesses

ALK Price & Volume

ALK Growth Metrics

Revenue CAGR

Profit CAGR

EPS CAGR

Return on Capital

ALK Recent Earnings

ALK Peer Comparison

Compare ALK vs Peers

vs DAL

vs GE

Compare Top 5

ALK Income Statement

ALK Balance Sheet

ALK Cash Flow Statement

ALK Key Ratios

ALK SEC Filings & Documents

8-K Announcements

10-K Annual Reports

10-Q Quarterly Reports

ALK Frequently Asked Questions

Alaska Air Group, Inc.(ALK)Earnings, Financials & Key Ratios

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