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Alaska Air Group

ALK NYSE Passenger Airlines Financials FY2016–FY2025

Alaska Air Group's revenue rose 21.3% to $14.2 billion in fiscal 2025. Its operating margin was 2.1%, down from 4.9% a year earlier. Free cash flow was $940 million, down 19.7%. It paid out $570 million in dividends and buybacks, 61% of free cash flow. The diluted share count fell 6.6%.

Last close · Oct 23, 2026

$34.40

2.8%
Value it Compare
Revenue Total sales reported in the income statement.
$14.2B
21.3% vs prior year
Operating margin Operating income as a share of revenue.
2.1%
2.7 pts
Net income Profit after all expenses, interest and tax.
$100M
74.7%
Free cash flow Cash from operations minus capital spending.
$940M
19.7%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
2.9%
4.2 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$3.8B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
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What Alaska Air Group does

No business description yet.

Legal name
ALASKA AIR GROUP, INC.
Fiscal year ends
December 31, 2025
Latest annual report
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Accession · CIK
0000766421-26-000010
0000766421

Revenue and margins

Alaska Air Group had $14.2B of revenue in fiscal 2025, up 21.3% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew −20.3% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $940M in fiscal 2025, 6.6% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Alaska Air Group returned $570M to shareholders in fiscal 2025, 61% of free cash flow. The diluted share count fell 6.6%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Alaska Air Group yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

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Adds net cash of −$3.4B and divides by 119.9M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Balance sheet

Cash, debt and the ratios that show how comfortably Alaska Air Group can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $3.1B$2.4B$1.8B$2.5B$2.1B
Debt incl. finance leases $2.5B$2.2B$2.5B$5.0B$5.6B
Net debt / EBITDA −0.5x−0.5x0.9x2.2x3.1x
Debt / equity 0.7x0.6x0.6x1.1x1.4x
Interest coverage 5.4x0.7x3.3x3.3x1.1x
Current ratio 1.0x0.7x0.6x0.6x0.5x
Quick ratio 1.0x0.7x0.6x0.6x0.5x
Total assets $14.0B$14.2B$14.6B$19.8B$20.4B
Total liabilities $10.2B$10.4B$10.5B$15.4B$16.2B
Shareholders' equity $3.8B$3.8B$4.1B$4.4B$4.1B
Net debt (− = net cash) −$577M−$258M$744M$2.5B$3.4B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$1.0M

1 insider

Sold, 12 months

$3.5M

3 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Aug 20, 2026 Benito MinicucciCEO and President, Director Bought 25,000 $40.06 $1.0M Form 4
Aug 3, 2026 Andrew R HarrisonEVP and CCO Sold 5,300 $49.67 $0.3M Form 4
Feb 18, 2026 Andrew R HarrisonEVP and CCO Sold 5,500 $56.63 $0.3M Form 4
Feb 18, 2026 Shane R TackettEVP and CFO Sold 24,000 $57.15 $1.4M Form 4
Feb 13, 2026 Andrew R HarrisonEVP and CCO Sold 14,500 $54.81 $0.8M Form 4
Feb 9, 2026 Kyle B LevineEVP Corp Pub Aff & Chf Leg Off Sold 2,945 $60.02 $0.2M Form 4
Feb 5, 2026 Shane R TackettEVP and CFO Sold 10,000 $55.00 $0.6M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✕ ✓
Current ratio rose ✕ ✓ ✕
Share count didn't rise ✕ ✓ ✓
Gross margin rose — — —
Revenue rose relative to assets ✓ ✓ ✕
F-score 5 / 87 / 85 / 8
Accruals ratio −5.7%−6.2%−5.7%
Altman Z'' 0.820.510.10

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Alaska Air Group ALK $3.8B 21.3% 2.1% 6.6% 2.9% — 5
JetBlue JBLU $987M −2.3% −4.1% −12.9% −3.6% — 3 Compare →
Southwest Airlines LUV $20.6B 2.1% 1.5% −3.0% 3.7% 20.4x 7 Compare →
American Airlines Group AAL $8.0B 0.8% 2.7% −1.2% 5.7% — 5 Compare →
United Airlines UAL $32.1B 3.5% 8.0% 4.3% 15.3% 9.0x 6 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $5.9B $7.9B $8.3B $8.8B $3.6B $6.2B $9.6B $10.4B $11.7B $14.2B
Operating income $1.3B $1.2B $643M $1.1B −$1.8B $685M $70.0M $394M $570M $303M
Interest expense $55.0M $103M $91.0M $78.0M $98.0M $128M $108M $121M $171M $272M
Pretax income $1.3B $1.2B $585M $1.0B −$1.8B $629M $79.0M $323M $545M $146M
Income tax $519M $199M $148M $247M −$516M $151M $21.0M $88.0M $150M $46.0M
Net income $797M $960M $437M $769M −$1.3B $478M $58.0M $235M $395M $100M
Diluted EPS $6.41 $7.75 $3.52 $6.19 −$10.72 $3.77 $0.45 $1.83 $3.08 $0.83
Diluted shares 0.12B 0.12B 0.12B 0.12B 0.12B 0.13B 0.13B 0.13B 0.13B 0.12B
Cash flow
Cash from operations $1.4B $1.6B $1.2B $1.7B −$234M $1.0B $1.4B $1.1B $1.5B $1.2B
Capital expenditure $678M $1.0B $960M $696M $222M $292M $1.7B $1.5B $293M $309M
Free cash flow $708M $564M $235M $1.0B −$456M $738M −$253M −$444M $1.2B $940M
Depreciation and amortization $363M $372M $398M $423M $420M $394M $415M $451M $583M $795M
Stock-based compensation $26.0M $55.0M $47.0M $29.0M $24.0M $51.0M $42.0M $85.0M $63.0M $10.0M
Acquisitions $2.0B $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $659M $0.0M
Share buybacks $193M $75.0M $50.0M $75.0M $31.0M $0.0M $0.0M $137M $312M $570M
Dividends paid $136M $148M $158M $173M $45.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $329M $223M $208M $248M $76.0M $0.0M $0.0M $137M $312M $570M
Balance sheet
Cash and short-term investments $1.6B $1.6B $1.2B $1.5B $3.3B $3.1B $2.4B $1.8B $2.5B $2.1B
Total debt $3.0B $2.6B $2.1B $1.5B $3.5B $2.5B $2.2B $2.5B $4.9B $5.3B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $64.0M $55.0M $246M
Current assets $2.1B $2.2B $1.8B $2.0B $4.0B $3.9B $3.0B $2.7B $3.8B $3.3B
Current liabilities $2.5B $2.7B $2.9B $3.2B $4.3B $4.0B $4.5B $4.5B $6.1B $6.6B
Inventory $47.0M $57.0M $60.0M $72.0M $57.0M $62.0M $104M $116M $199M $203M
Property and equipment, net $5.7B $6.3B $6.8B $6.9B $6.2B $6.1B $7.3B $8.4B $10.8B $11.9B
Total assets $10.0B $10.7B $10.9B $13.0B $14.0B $14.0B $14.2B $14.6B $19.8B $20.4B
Total liabilities $7.2B $7.3B $7.2B $8.7B $11.1B $10.2B $10.4B $10.5B $15.4B $16.2B
Shareholders' equity $2.7B $3.5B $3.8B $4.3B $3.0B $3.8B $3.8B $4.1B $4.4B $4.1B
Margins
Operating margin 22.0% 15.3% 7.8% 12.1% −49.8% 11.1% 0.7% 3.8% 4.9% 2.1%
EBITDA margin 28.2% 20.0% 12.6% 16.9% −38.0% 17.5% 5.0% 8.1% 9.8% 7.7%
Net margin 13.5% 12.2% 5.3% 8.8% −37.1% 7.7% 0.6% 2.3% 3.4% 0.7%
FCF margin 12.0% 7.1% 2.8% 11.7% −12.8% 12.0% −2.6% −4.3% 10.0% 6.6%
Returns
Return on capital 26.8% 23.4% 10.6% 18.0% −37.7% 16.4% 1.5% 6.8% 7.1% 2.9%
Return on capital employed 21.5% 15.6% 8.0% 12.0% −18.2% 7.0% 0.7% 4.0% 4.8% 2.2%
Return on equity 30.9% 31.0% 12.1% 19.0% −36.2% 14.1% 1.5% 5.9% 9.3% 2.4%
Return on assets 9.7% 9.3% 4.0% 6.4% −9.8% 3.4% 0.4% 1.6% 2.3% 0.5%
Growth
Revenue growth — 33.2% 4.7% 6.3% −59.4% 73.2% 56.2% 8.1% 12.6% 21.3%
Net income growth −6.0% 20.5% −54.5% 76.0% −272.2% — −87.9% 305.2% 68.1% −74.7%
EPS growth −2.3% 20.9% −54.6% 75.9% −273.2% — −88.1% 306.7% 68.3% −73.1%
FCF growth −6.0% −20.3% −58.3% 336.6% −144.4% — −134.3% — — −19.7%
Share count change −3.9% −0.4% 0.1% 0.3% −0.7% 2.7% 0.9% 0.6% −0.3% −6.6%
Financial health
Net debt / EBITDA 0.8x 0.6x 0.8x −0.0x — −0.5x −0.5x 0.9x 2.2x 3.1x
Debt / equity 1.1x 0.7x 0.6x 0.4x 1.2x 0.7x 0.6x 0.6x 1.1x 1.4x
Interest coverage 23.8x 11.7x 7.1x 13.6x −18.1x 5.4x 0.7x 3.3x 3.3x 1.1x
Current ratio 0.8x 0.8x 0.6x 0.6x 0.9x 1.0x 0.7x 0.6x 0.6x 0.5x
Quick ratio 0.8x 0.8x 0.6x 0.6x 0.9x 1.0x 0.7x 0.6x 0.6x 0.5x
Capital allocation
Capex / revenue 11.4% 13.0% 11.6% 7.9% 6.2% 4.7% 17.3% 14.3% 2.5% 2.2%
Stock comp / revenue 0.4% 0.7% 0.6% 0.3% 0.7% 0.8% 0.4% 0.8% 0.5% 0.1%
Payouts / FCF 46.5% 39.5% 88.5% 24.2% — 0.0% — — 26.6% 60.6%
Quality scores
Piotroski F-score 5.0 5.0 4.0 7.0 3.0 7.0 5.0 5.0 7.0 5.0
Altman Z'' 2.1 2.2 1.6 1.8 0.2 1.7 0.7 0.8 0.5 0.1
Accruals ratio −7.1% −6.1% −7.0% −8.0% −8.1% −3.9% −9.7% −5.7% −6.2% −5.7%

Source: SEC EDGAR XBRL filings (CIK 0000766421). Data updated October 12, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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