ALASKA AIR GROUP, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data ALASKA AIR GROUP, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	5,931	7,933	8,264	8,781	3,566	6,176	9,646	10,426	11,735	14,239
Selling and marketing								334	387	443
Operating expenses	4,619	6,686	7,621	7,718	5,341	5,491	9,576	10,032	11,165
Operating income	1,306	1,208	643	1,063	-1,775	685	70	394	570	303
Interest expense	55	103	91	78	98	128	108	121	171	272
Interest income	27	34	38	42	31	25	53	80	101	94
Other non-operating income	10	-49	-58	-47	-65	-56	9	-71	-25	-157
Pre-tax income	1,316	1,159	585	1,016	-1,840	629	79	323	545	146
Income tax	519	199	148	247	-516	151	21	88	150	46
Net income	797	960	437	769	-1,324	478	58	235	395	100
EBITDA	1,669	1,580	1,041	1,486	-1,355	1,079	485	845	1,153	1,098
EPS, basic	6.45	7.79	3.55	6.24	-10.72	3.82	0.46	1.84	3.13	0.85
EPS, diluted	6.41	7.75	3.52	6.19	-10.72	3.77	0.45	1.83	3.08	0.83
Shares, basic (weighted)	124	123	123	123	123	125	127	127	126	118
Shares, diluted (weighted)	124	124	124	124	123	127	128	129	128	120
Dividend per share	1.10	1.20	1.28	1.40	0.38

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	328	194	105	221	1,370	470	338	281	1,201	627
Short-term investments	1,252	1,427	1,131	1,300	1,976	2,646	2,079	1,510	1,274	1,496
Receivables	302	341	366	323	480	546	296	383	558	565
Inventory	47	57	60	72	57	62	104	116	199	203
Other current assets	121	133	125	121	123	76	60	239	192	69
Total current assets	2,050	2,152	1,787	2,037	4,006	3,920	3,040	2,705	3,760	3,266
Property, plant and equipment	5,666	6,284	6,781	6,902	6,211	6,138	7,257	8,388	10,781	11,857
Lease right-of-use assets			0	1,711	1,400	1,453	1,471	1,195	1,296	1,268
Goodwill	1,934	1,943	1,943	1,943	2,050	2,044	2,038	1,943	2,724	2,723
Intangible assets	143	133	127	122	107			90	873	815
Other non-current assets	169	234	274	278	379	396	380	292	334	432
Total assets	9,962	10,746	10,912	12,993	14,046	13,951	14,186	14,613	19,768	20,361
Accounts payable	92	120	132	146	108	200	221	207	186	324
Accrued liabilities	878	400	416	431	424	625	846	800	997	1,055
Deferred revenue		635	788	900
Short-term debt	319	307	486	235	1,138	366	276	353	442	540
Total current liabilities	2,535	2,686	2,942	3,201	4,293	3,991	4,493	4,459	6,145	6,589
Long-term debt	2,645	2,262	1,617	1,264	2,357	2,173	1,883	2,182	4,491	4,769
Lease liabilities			0	1,439	1,268	1,279	1,393	1,125	1,198	1,141
Other non-current liabilities	417	425	418	232	524	378	305	295	457	595
Total liabilities	7,218	7,286	7,161	8,662	11,058	10,150	10,370	10,500	15,396	16,243
Total debt	2,964	2,569	2,103	1,499	3,495	2,539	2,159	2,471	4,933	5,309
Paid-in capital	110	164	232	305	391	494	577	695	811	961
Retained earnings	3,568	4,193	4,534	5,133	3,764	4,242	4,300	4,535	4,930	5,030
Treasury stock	-443	-518	-568	-643	-674	-674	-674	-819	-1,131	-1,701
Other comprehensive income	-305	-380	-448	-465	-494	-262	-388	-299	-239	-173
Shareholders' equity	2,744	3,460	3,751	4,331	2,988	3,801	3,816	4,113	4,372	4,118
Total equity	2,744	3,460	3,751	4,331	2,988	3,801	3,816	4,113	4,372	4,118
Total liabilities and equity	9,962	10,746	10,912	12,993	14,046	13,951	14,186	14,613	19,768	20,361
Shares outstanding	123	123	123	123	124	126	128	126	123	116

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	797	960	437	769	-1,324	478	58	235	395	100
Depreciation and amortization	363	372	398	423	420	394	415	451	583	795
Stock-based compensation	26	55	47	29	24	51	42	85	63	10
Deferred income tax	79	37	144	208	-293	95	35	95	129	48
Change in receivables	-46	-39	-25	43	-168	-69	-45	-19	-128	-4
Cash from operations	1,386	1,590	1,195	1,722	-234	1,030	1,418	1,050	1,464	1,249
Capital expenditures	-678	-1,026	-960	-696	-222	-292	-1,671	-1,494
Acquisitions	-1,951	0	0				0	0	-659	0
Purchases of investments	-960	-1,569	-834	-1,810	-2,962	-4,301	-1,797	-536	-832	-1,479
Sales and maturities of investments	962	1,388	1,116	1,674	2,318	3,595	2,252	1,152
Cash from investing	-2,622	-1,129	-631	-791	-593	-1,008	-1,218	-964	-634	-1,623
Debt issued	2,044	0	339	450	2,564	363	0	411	2,310	808
Debt repaid	-249	-397	-807	-1,058	-565	-1,334	-385	-282	-1,915	-519
Stock issued									0	23
Share buybacks	-193	-75	-50	-75	-31	0	0	-137	-312	-570
Dividends paid	-136	-148	-158	-173	-45	0	0
Cash from financing	1,491	-592	-647	-813	1,981	-914	-325	-147	119	-199
Net change in cash	255	-134	-83	118	1,154	-892	-125	-61	949	-573
Free cash flow	708	564	235	1,026	-456	738	-253	-444
Interest paid	24	84	72	60	50	109	71	105	148	223
Income taxes paid	459	177	0	31	0	48	0	15	22	3

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $40.94 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	-1.5%	Operating income / revenue.
EBITDA margin	4.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-2.6%	Pre-tax income / revenue.
Net margin	-1.2%	Net income / revenue.
Operating cash flow margin	6.9%	Cash from operations / revenue.
Return on equity (ROE)	-4.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-0.8%	Net income / average total assets.
Return on invested capital (ROIC)	-2.0%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	0.3%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	5.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	21.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	13.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	31.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-46.8%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	63.0%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	-4.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	31.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	-74.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	19.9%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	-73.1%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	22.6%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-14.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-4.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	-5.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	2.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	6.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	3.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	12.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	7.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-6.6%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-2.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.6%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.55x	Current assets / current liabilities.
Quick ratio	0.46x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.37x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.65x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	28.5%	Total debt / total assets.
Liabilities / assets	82.7%	Total liabilities / total assets.
Net debt	$3.39B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	5.75x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	-0.74x	Operating income / interest expense.
Working capital	-$3.26B	Current assets - current liabilities.
Goodwill and intangibles / assets	16.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	$160.0M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.69x	Revenue / average total assets.
Fixed asset turnover	1.23x	Revenue / average property, plant and equipment.
Receivables turnover	21.7x	Revenue / average receivables.
Days sales outstanding	17 days	365 x average receivables / revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$1.57	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$132.85	Revenue / diluted weighted shares.
Operating cash flow per share	$9.18	Cash from operations / diluted weighted shares.
Book value per share	$32.90	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$1.43	Tangible book value / shares outstanding.
Cash per share	$23.86	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$4.57B	Share price x shares outstanding.
Enterprise value	$7.96B	Market cap + total debt - cash - short-term investments.
P/S	0.31x	Market cap / revenue.
P/B	1.24x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	28.6x	Market cap / tangible book value, when positive.
P/OCF	4.48x	Market cap / cash from operations, when positive.
EV/Sales	0.54x	Enterprise value / revenue.
EV/EBITDA	13.5x	Enterprise value / EBITDA, when both are positive.
Earnings yield	-3.8%	Net income / market cap (the inverse of P/E).
Shareholder yield	6.2%	(Dividends paid + share buybacks) / market cap.

What was ALASKA AIR GROUP, INC.'s revenue in fiscal 2025?

ALASKA AIR GROUP, INC. reported revenue of $14.24B for fiscal 2025, 21.3% higher than the year before.

Was ALASKA AIR GROUP, INC. profitable in fiscal 2025?

Yes. Net income was $100.0M, a net margin of 0.7%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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