Alaska Air Group Inc., founded in 1985 and headquartered in SeaTac, Washington, United States, operates Alaska Airlines and Horizon Air to serve a broad domestic market on the West Coast and beyond. It earns revenue through ticket sales, ancillary services, and cargo operations while benefiting from a robust loyalty program like Mileage Plan. Led by CEO Ben Minicucci since 2021, the company is consistently ranked among the top U.S. carriers in customer satisfaction. With plans for fleet modernization and network expansion, Alaska Air Group is positioning itself for steady growth in a competitive industry.
Financial Statements
In thousands, USD
FY 2025
FY 2024
FY 2023
FY 2022
Total Revenues
14,239,000
11,735,000
10,426,000
9,646,000
Cost of Sales
11,426,000
9,034,000
8,106,000
7,569,000
Gross Profit
2,813,000
2,701,000
2,320,000
2,077,000
Selling, General & Administrative Expenses
407,000
349,000
303,000
295,000
Depreciation & Amortization Expenses
795,000
583,000
451,000
415,000
Other Operating Expenses
1,308,000
1,199,000
1,172,000
1,297,000
Operating Profit
303,000
570,000
394,000
70,000
Interest and Investment Income
131,000
130,000
107,000
67,000
Interest Expense
(272,000)
(171,000)
(121,000)
(108,000)
Non-Operating Income
(16,000)
16,000
(57,000)
50,000
Total Non-Operating Income
(157,000)
(25,000)
(71,000)
9,000
Income Before Provision for Income Taxes
146,000
545,000
323,000
79,000
Provision for Income Taxes
46,000
150,000
88,000
21,000
Consolidated Net Income
100,000
395,000
235,000
58,000
Net Income Attributable to Common Shareholders
100,000
395,000
235,000
58,000
Basic EPS
0.85
3.13
1.84
0.46
Diluted EPS
0.83
3.08
1.83
0.45
Basic Weighted Average Shares Outstanding
118,171
126,136
127,375
126,657
Diluted Weighted Average Shares Outstanding
119,926
128,372
128,708
127,899
Shares Outstanding
115,531
123,119
126,090
127,534
FY 2025
FY 2024
FY 2023
FY 2022
Cash and Cash Equivalents
655,000
1,230,000
281,000
338,000
Short-Term Investments
1,496,000
1,274,000
1,510,000
2,079,000
Total Cash and Cash Equivalents
2,151,000
2,504,000
1,791,000
2,417,000
Accounts Receivable
565,000
558,000
383,000
296,000
Total Trade Receivables
565,000
558,000
383,000
296,000
Inventories
203,000
199,000
116,000
104,000
Other Current Assets
347,000
499,000
415,000
223,000
Total Current Assets
3,266,000
3,760,000
2,705,000
3,040,000
Net Property, Plant & Equipment
13,125,000
12,077,000
9,583,000
8,728,000
Net Intangible Assets
815,000
873,000
90,000
—
Goodwill
2,723,000
2,724,000
1,943,000
2,038,000
Other Long-Term Assets
432,000
334,000
292,000
380,000
Total Assets
20,361,000
19,768,000
14,613,000
14,186,000
Accounts Payable
324,000
186,000
207,000
221,000
Accrued Expenses
1,936,000
1,998,000
1,384,000
1,465,000
Current Portion of Long-Term Debt
721,000
450,000
289,000
276,000
Current Portion of Leases
197,000
207,000
222,000
228,000
Unearned Revenue
1,722,000
1,592,000
1,221,000
1,123,000
Other Current Liabilities
1,689,000
1,712,000
1,136,000
1,180,000
Total Current Liabilities
6,589,000
6,145,000
4,459,000
4,493,000
Long-Term Debt
4,834,000
4,538,000
2,182,000
1,883,000
Leases
1,141,000
1,198,000
1,125,000
1,393,000
Other Long-Term Liabilities
3,679,000
3,515,000
2,734,000
2,601,000
Total Long-Term Liabilities
9,654,000
9,251,000
6,041,000
3,994,000
Total Liabilities
16,243,000
15,396,000
10,500,000
8,487,000
Common Stock
1,000
1,000
1,000
1,000
Treasury Stock
(1,701,000)
(1,131,000)
(819,000)
(674,000)
Additional Paid-in Capital
961,000
811,000
695,000
577,000
Accumulated Other Comprehensive Income
(173,000)
(239,000)
(299,000)
(388,000)
Retained Earnings
5,030,000
4,930,000
4,535,000
4,300,000
Total Common Shareholders' Equity
4,118,000
4,372,000
4,113,000
3,816,000
Total Shareholders' Equity
4,118,000
4,372,000
4,113,000
3,816,000
Total Liabilities and Shareholders' Equity
20,361,000
19,768,000
14,613,000
14,186,000
FY 2025
FY 2024
FY 2023
FY 2022
Net Income
100,000
395,000
235,000
58,000
Depreciation & Amortization
795,000
583,000
451,000
415,000
Share-Based Compensation Expense
10,000
63,000
85,000
42,000
Other Adjustments
98,000
65,000
503,000
518,000
Changes in Trade Receivables
(4,000)
(128,000)
(19,000)
(45,000)
Changes in Unearned Revenue
154,000
179,000
62,000
156,000
Changes in Other Operating Activities
96,000
307,000
(267,000)
274,000
Cash from Operating Activities
1,249,000
1,464,000
1,050,000
1,418,000
Capital Expenditure
(1,588,000)
(1,281,000)
(1,494,000)
(1,671,000)
Purchases of Investments
(1,479,000)
(832,000)
(536,000)
(1,797,000)
Proceeds from Sale of Investments
1,289,000
1,761,000
1,152,000
2,252,000
Payments for Business Acquisitions
—
(659,000)
—
—
Other Investing Activities
155,000
377,000
(86,000)
(2,000)
Cash from Investing Activities
(1,623,000)
(634,000)
(964,000)
(1,218,000)
Issuance of Long-Term Debt
808,000
2,310,000
411,000
—
Repayments of Long-Term Debt
(519,000)
(1,915,000)
(282,000)
(385,000)
Net Issuance / (Repayments) of Long-Term Debt
289,000
395,000
129,000
(385,000)
Repurchases of Common Shares
(570,000)
(312,000)
(137,000)
—
Net Issuance / (Repurchases) of Common Shares
(570,000)
(312,000)
(137,000)
—
Other Financing Activities
82,000
36,000
(139,000)
60,000
Cash from Financing Activities
(199,000)
119,000
(147,000)
(325,000)
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash