ALASKA AIR GROUP, INC. financials
Source: EDGAR filings · Built 2026-06-02T02:18:04Z
Key metrics by reporting period
Up to six most-recent periods side-by-side. Rows are the curated key lines — revenue, margins, cash, debt, equity, cash-flow totals, plus the derived and valuation metrics we compute on top. For every tag a filer reported in one period, use the single-filing drilldown below.
Derived Metrics
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Free Cash Flow | — | — | -655.00M | -253.00M | 738.00M | -456.00M |
| EBITDA | 1.10B | 1.15B | 845.00M | 485.00M | 1.08B | -1.35B |
| Working Capital | -3.32B | -2.38B | -1.75B | -1.45B | -71.00M | -287.00M |
| Net Debt | 6.27B | 5.19B | 3.54B | 3.44B | 3.62B | 3.68B |
| Operating Margin | 2.13% | 4.86% | 3.78% | 0.73% | 11.09% | -49.78% |
| Net Margin | 0.70% | 3.37% | 2.25% | 0.60% | 7.74% | -37.13% |
| Return on Equity (ROE) | 2.43% | 9.03% | 5.71% | 1.52% | 12.58% | -44.31% |
| Return on Assets (ROA) | 0.49% | 2.00% | 1.61% | 0.41% | 3.43% | -9.43% |
| Current Ratio | 0.50× | 0.61× | 0.61× | 0.68× | 0.98× | 0.93× |
| Debt-to-Equity | 1.67× | 1.46× | 0.93× | 0.99× | 1.07× | 1.69× |
| Effective Tax Rate | 31.51% | 27.52% | 27.24% | 26.58% | 24.01% | 28.04% |
| Cash Conversion Ratio | 12.49× | 3.71× | 4.47× | 24.45× | 2.15× | 0.18× |
| Accruals Ratio | -0.06× | -0.05× | -0.06× | -0.10× | -0.04× | -0.08× |
| SBC % of Revenue | 0.07% | 0.54% | 0.82% | 0.44% | 0.83% | 0.67% |
| CapEx Coverage | — | — | 0.62× | 0.85× | 3.53× | -1.05× |
| Free Cash Flow Per Share | — | — | $-5.09 | $-1.98 | $5.82 | $-3.69 |
Valuation Metrics
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| P/E Trailing (Diluted) | 60.60× | 21.02× | 21.35× | 95.42× | 13.82× | — |
| P/FCF | — | — | — | — | 8.95× | — |
| FCF Yield | — | — | — | — | 11.17% | — |
| EV / EBITDA | 11.00× | 11.42× | 10.02× | 18.39× | 9.43× | — |
| P/S | 0.41× | 0.68× | 0.47× | 0.57× | 1.06× | 1.81× |
| P/B | 1.41× | 1.82× | 1.20× | 1.44× | 1.73× | 2.16× |
Income Statement
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue from Contract with Customer, Excluding Assessed Tax | 14.24B | 11.73B | 10.43B | 9.65B | — | — |
| Revenues | — | — | 10.43B | 9.65B | 6.18B | 3.57B |
| Operating Expenses | — | 11.16B | 10.03B | 9.58B | 5.49B | 5.34B |
| Operating Income (Loss) | 303.00M | 570.00M | 394.00M | 70.00M | 685.00M | -1.77B |
| Income Tax Expense (Benefit) | 46.00M | 150.00M | 88.00M | 21.00M | 151.00M | -516.00M |
| Net Income (Loss) Attributable to Parent | 100.00M | 395.00M | 235.00M | 58.00M | 478.00M | -1.32B |
| Earnings Per Share, Basic | $0.85 | $3.13 | $1.84 | $0.46 | $3.82 | $-10.72 |
| Weighted Average Number of Shares Outstanding, Basic | 118.17M | 126.14M | 127.38M | 126.66M | 125.06M | 123.45M |
| Earnings Per Share, Diluted | $0.83 | $3.08 | $1.83 | $0.45 | $3.77 | $-10.72 |
| Weighted Average Number of Shares Outstanding, Diluted | 119.93M | 128.37M | 128.71M | 127.90M | 126.78M | 123.45M |
Balance Sheet
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash and Cash Equivalents, at Carrying Value | 627.00M | 1.20B | 281.00M | 338.00M | 470.00M | 1.37B |
| Assets, Current | 3.27B | 3.76B | 2.71B | 3.04B | 3.92B | 4.01B |
| Assets | 20.36B | 19.77B | 14.61B | 14.19B | 13.95B | 14.05B |
| Long-term Debt | 5.31B | 4.93B | 2.47B | 2.16B | 2.54B | 3.50B |
| Liabilities, Current | 6.59B | 6.14B | 4.46B | 4.49B | 3.99B | 4.29B |
| Long-term Debt, Excluding Current Maturities | 4.77B | 4.49B | 2.18B | 1.88B | 2.17B | 2.36B |
| Stockholders' Equity Attributable to Parent | 4.12B | 4.37B | 4.11B | 3.82B | 3.80B | 2.99B |
| Common Stock, Shares, Outstanding | 115.53M | 123.12M | 126.09M | 127.53M | 125.91M | 124.22M |
Cash Flow Statement
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Net Cash Provided by (Used in) Operating Activities | 1.25B | 1.46B | 1.05B | 1.42B | 1.03B | -234.00M |
| Payments to Acquire Property, Plant, and Equipment | — | — | 1.49B | 1.67B | 292.00M | 222.00M |
| Net Cash Provided by (Used in) Investing Activities | -1.62B | -634.00M | -964.00M | -1.22B | -1.01B | -593.00M |
| Payments for Repurchase of Common Stock | 570.00M | 312.00M | 137.00M | 0 | 0 | 31.00M |
| Payments of Dividends | — | — | — | 0 | 0 | 45.00M |
| Net Cash Provided by (Used in) Financing Activities | -199.00M | 119.00M | -147.00M | -325.00M | -914.00M | 1.98B |
Derived Metrics
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| EBITDA | -75.00M | 274.00M | 351.00M | 476.00M | -3.00M | 263.00M |
| Working Capital | -4.04B | -3.32B | -3.19B | -3.20B | -2.98B | -2.38B |
| Net Debt | 5.98B | 6.27B | 5.69B | 5.62B | 5.23B | 5.19B |
| Operating Margin | -8.45% | 2.06% | 3.93% | 7.48% | -6.28% | 2.07% |
| Net Margin | -5.85% | 0.58% | 1.94% | 4.64% | -5.29% | 2.01% |
| Return on Equity (ROE) | -5.17% | 0.51% | 1.81% | 4.36% | -4.01% | 1.62% |
| Return on Assets (ROA) | -0.95% | 0.10% | 0.36% | 0.86% | -0.84% | 0.36% |
| Current Ratio | 0.43× | 0.50× | 0.52× | 0.52× | 0.56× | 0.61× |
| Debt-to-Equity | 1.72× | 1.67× | 1.61× | 1.62× | 1.52× | 1.46× |
| Effective Tax Rate | 39.12% | 30.00% | 34.23% | 27.73% | 28.76% | 10.13% |
| Cash Conversion Ratio | -2.18× | 8.81× | 14.58× | 4.85× | -2.77× | 3.86× |
| Accruals Ratio | -0.03× | -0.01× | -0.05× | -0.03× | -0.03× | -0.01× |
| SBC % of Revenue | 0.76% | 0.52% | -0.24% | 0.27% | 0.64% | 0.23% |
Valuation Metrics
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| P/E Trailing (Diluted) | 69.40× | 57.82× | 39.82× | 20.03× | — | — |
| EV / EBITDA | 9.82× | 11.00× | 10.51× | 9.31× | — | — |
| P/S | 0.28× | 0.41× | 0.41× | 0.42× | — | — |
| P/B | 1.10× | 1.41× | 1.42× | 1.45× | 1.46× | 1.82× |
Income Statement
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| Revenue from Contract with Customer, Excluding Assessed Tax | 3.30B | 3.63B | 3.77B | 3.70B | 3.14B | 3.53B |
| Operating Expenses | — | — | — | — | — | 3.46B |
| Operating Income (Loss) | -279.00M | 75.00M | 148.00M | 277.00M | -197.00M | 73.00M |
| Income Tax Expense (Benefit) | -124.00M | 9.00M | 38.00M | 66.00M | -67.00M | 8.00M |
| Net Income (Loss) Attributable to Parent | -193.00M | 21.00M | 73.00M | 172.00M | -166.00M | 71.00M |
| Earnings Per Share, Basic | $-1.69 | $0.19 | $0.63 | $1.45 | $-1.35 | $0.56 |
| Weighted Average Number of Shares Outstanding, Basic | 114.29M | 118.17M | 115.29M | 118.85M | 123.13M | 126.14M |
| Earnings Per Share, Diluted | $-1.69 | $0.18 | $0.62 | $1.42 | $-1.35 | $0.56 |
| Weighted Average Number of Shares Outstanding, Diluted | 114.29M | 119.93M | 117.50M | 120.93M | 123.13M | 128.37M |
Balance Sheet
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| Cash and Cash Equivalents, at Carrying Value | 451.00M | 627.00M | 778.00M | 750.00M | 1.04B | 1.20B |
| Assets, Current | 3.02B | 3.27B | 3.47B | 3.51B | 3.72B | 3.76B |
| Assets | 20.30B | 20.36B | 20.01B | 19.89B | 19.82B | 19.77B |
| Long-term Debt | 5.08B | 5.31B | 5.01B | 4.95B | 4.81B | 4.93B |
| Liabilities, Current | 7.06B | 6.59B | 6.66B | 6.71B | 6.70B | 6.14B |
| Long-term Debt, Excluding Current Maturities | 4.76B | 4.77B | 4.49B | 4.45B | 4.29B | 4.49B |
| Stockholders' Equity Attributable to Parent | 3.73B | 4.12B | 4.03B | 3.94B | 4.14B | 4.37B |
| Common Stock, Shares, Outstanding | 111.36M | 115.53M | 115.23M | 115.28M | 122.88M | 123.12M |
Cash Flow Statement
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| Net Cash Provided by (Used in) Operating Activities | 421.00M | 185.00M | 1.06B | 835.00M | 459.00M | 274.00M |
| Net Cash Provided by (Used in) Investing Activities | -169.00M | -627.00M | -996.00M | -747.00M | -381.00M | -198.00M |
| Payments for Repurchase of Common Stock | 193.00M | 30.00M | 540.00M | 535.00M | 105.00M | 249.00M |
| Net Cash Provided by (Used in) Financing Activities | -428.00M | 291.00M | -490.00M | -544.00M | -236.00M | 112.00M |
Raw XBRL tagging for a single filing
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Methodology
All facts on this page come straight from SEC EDGAR XBRL
company-facts filings (ALK CIK 0000766421),
grouped by financial statement using FASB's base
us-gaap presentation taxonomy. Filers may re-parent
concepts onto different statements in their own extension
taxonomy, so a handful of rows can show up under a different
statement than on the actual 10-K / 10-Q; custom concepts and
any we couldn't map fall into Other. Hover a
cell to see the fully-qualified concept name and the filer's
description.
For the full methodology — statement grouping, the Other bucket, derived metrics, and fact tooltips — see the methodology reference for the statement grouping, the "Other" bucket, derived metrics, and fact tooltips.