Here are the 10-Q quarterly reports from Alaska Air Group, Inc. (ALK) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow ALK and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full ALK filings page.
Alaska Air Group, Inc. (ALK) reported third-quarter 2026 operating revenue of $4.308 billion, up 14.4% year over year, while net results shifted to a $147 million loss from $73 million of income. Aircraft fuel expense rose 60% to $1.214 billion as fuel cost per gallon increased 57% to $3.94. The company revised its full-year outlook from pretax income to a pretax loss, primarily due to elevated fuel prices.
For the first nine months, revenue was $11.673 billion versus $10.607 billion, while net loss was $416 million versus $79 million of net income. Cash provided by operating activities was $755 million, compared with $1.064 billion a year earlier. Available liquidity was $3.3 billion as of September 30, 2026.
Post-quarter overhead initiatives are expected to generate approximately $100 million in savings in 2027 and included a reduction in force affecting approximately 200 employees. The company expects approximately $11 million of related costs in the fourth quarter of 2026. Management said disclosure controls were effective and debt-covenant requirements were met as of September 30, 2026.
Alaska Air Group reported a GAAP net loss of $76 million in the second quarter of 2026, or $(0.68) per share, compared with net income of $172 million a year earlier. Total operating revenue rose 10% to $4,065 million, driven by a 9% increase in passenger revenue, 23% growth in loyalty program other revenue, and 17% growth in cargo and other revenue. Unit revenue (RASM) increased 8.6%, supported by higher yields, premium products, loyalty activity, and new transatlantic routes.
Profitability was pressured by a sharp rise in fuel costs: aircraft fuel expense increased 86% to $1,305 million, lifting the average fuel price to $4.43 per gallon. Non‑fuel operating expenses excluding special items grew 8%, and operating special items tied mainly to the Hawaiian integration totaled $42 million. For the first six months of 2026, the company recorded a net loss of $269 million on revenue of $7,365 million.
Liquidity remained sizable, with $3,762 million of unrestricted cash, marketable securities, and undrawn credit as of June 30, 2026, equal to 25% of trailing twelve‑month revenue. Long‑term debt and finance leases rose to $5,783 million, and the debt‑to‑capitalization ratio increased to 65%. The company raised about $1.1 billion of new financing, expanded its revolving credit facility to $1.1 billion, repurchased 5.9 million shares for $250 million year‑to‑date, and had $180 million remaining under its $1 billion authorization. Management states it expects existing liquidity and financing capacity to meet needs for at least the next 12 months, while carrying sizeable aircraft purchase and lease commitments through 2035.
Alaska Air Group reported a larger GAAP net loss of $193 million for the quarter ended March 31, 2026, compared with a loss of $166 million a year earlier. Total operating revenue rose 5% to $3.3 billion, driven by higher passenger, loyalty, and cargo revenue.
Passenger revenue increased to $2.92 billion on stronger yields, while loyalty revenue reached $574 million, helped by new Atmos Rewards products and an expanded Bank of America co‑branded credit card agreement. Cargo and other revenue grew to $153 million, supported by additional A330-300 freighters and improved Amazon ATSA economics.
Expenses climbed 7% to $3.58 billion as fuel cost rose 17% to $796 million and wages and benefits increased 10%. Adjusted CASMex rose 6.3% to 12.37¢. The company held $2.6 billion in available liquidity and reported a debt‑to‑capitalization ratio of 61%, above its stated 40–50% target range.
Alaska Air Group (ALK) reported Q3 2025 results with total operating revenue of $3,766 million and net income of $73 million, translating to diluted EPS of $0.62. Passenger revenue was $3,424 million, supported by loyalty program revenue of $558 million and cargo/other revenue of $142 million. Management cited a July IT outage that canceled ~200 flights (about $20 million impact) and recorded $64 million of special items, including $61 million of Hawaiian integration costs.
Cash, restricted cash, and marketable securities totaled $2,300 million at quarter‑end, against total debt of $5,009 million (effective portfolio rate 4.7%). The company repurchased 10.6 million shares for $540 million year‑to‑date under a $1 billion authorization, with $460 million remaining. Alaska and Hawaiian maintain an $850 million secured revolving credit facility with no borrowings outstanding. Firm aircraft commitments total 86 through 2029, and Boeing delivery delays are reflected in updated schedules. The Hawaiian acquisition accounting is finalized; pro forma Q3 2025 net income would have been $116 million.