[SCHEDULE 13G/A] Alaska Air Group, Inc. SEC Filing

Rhea-AI Filing Summary

The Vanguard Group has filed Amendment No. 16 to Schedule 13G disclosing a 10.18% beneficial stake in Alaska Air Group (ALK) as of 31 July 2025. Vanguard reports control over 11,744,392 common shares.

• Sole voting power: 0 shares – Vanguard generally does not vote index-fund shares directly.
• Shared voting power: 739,407 shares.
• Sole dispositive power: 10,931,711 shares.
• Shared dispositive power: 812,681 shares.

The filing crosses the 10% ownership threshold, classifying Vanguard as a significant beneficial owner. Vanguard states the shares were acquired in the ordinary course of business and not to influence control of ALK. The group files as an investment adviser (Type IA) under Rule 13d-1(b).

No other entities are reported to hold more than 5% through Vanguard, and there is no indication of activist intent or group formation. The certification is signed by Ashley Grim, Head of Global Fund Administration, on 07 Aug 2025.

Positive

• Vanguard Group now holds 10.18 % of ALK’s common stock (11.74 M shares), indicating strong institutional support and potentially enhancing share-price stability.

Negative

• None.

Insights

Equity Portfolio Manager

TL;DR – Vanguard’s >10% stake signals solid institutional backing; impact modestly positive.

Crossing the 10 % threshold elevates Vanguard to a reporting insider, highlighting that passive funds now own a material slice of ALK’s float. While the firm retains no sole voting power, its 11.7 M-share position underpins liquidity and can temper volatility. Historically, index managers rarely engage on strategy, so governance pressure is minimal. Still, incremental buying by the world’s largest asset manager often supports market confidence and can tighten the tradable float, a mild tailwind for valuation multiples. Impact assessment: beneficial but not transformative.

Corporate Governance Specialist

TL;DR – Passive ownership above 10 % has limited control implications; largely neutral.

Vanguard files as an investment adviser, certifying no intent to influence control. With zero sole voting rights, stewardship activity remains proxy-based and routine. The absence of group formation or activist language suggests no immediate governance shift. Regulators and boards will note the ownership concentration, yet practical influence remains dispersed across Vanguard-managed funds. From a governance lens, the disclosure is compliance-driven and not expected to alter ALK’s strategic direction.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 16)

Alaska Air Group Inc

(Name of Issuer)

Common Stock

(Title of Class of Securities)

011659109

(CUSIP Number)

07/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 011659109

1

Names of Reporting Persons

The Vanguard Group

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

PENNSYLVANIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 739,407.00
7	Sole Dispositive Power 10,931,711.00
8	Shared Dispositive Power 812,681.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

11,744,392.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

10.18 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Alaska Air Group Inc
(b)	Address of issuer's principal executive offices: 19300 International Blvd, Seatac, WA, 98188
Item 2.
(a)	Name of person filing: The Vanguard Group
(b)	Address or principal business office or, if none, residence: 100 Vanguard Blvd., Malvern, PA 19355
(c)	Citizenship: PA
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 011659109
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 11744392
(b)	Percent of class: 10.18 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 739407
	(iii) Sole power to dispose or to direct the disposition of: 10931711
	(iv) Shared power to dispose or to direct the disposition of: 812681
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. The Vanguard Group, Inc.'s clients, including investment companies registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities reported herein. No one other person's interest in the securities reported herein is more than 5%.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

The Vanguard Group

Signature:	Ashley Grim
Name/Title:	Head of Global Fund Administration
Date:	08/07/2025

FAQ

How many Alaska Air Group (ALK) shares does Vanguard own?

Vanguard reports 11,744,392 common shares, representing 10.18 % of ALK’s outstanding stock.

Does Vanguard have voting control over ALK?

The firm lists 0 shares with sole voting power and 739,407 shares with shared voting power, limiting its direct influence.

Why did Vanguard file a Schedule 13G?

Crossing the 5 % (and now 10 %) ownership threshold requires disclosure under Rule 13d-1; Vanguard is filing as an investment adviser (Rule 13d-1(b)).

Is Vanguard acting as an activist investor in ALK?

No. The certification states the shares were acquired in the ordinary course of business and not to change or influence control.

When was the ownership position effective?

The report is based on holdings as of 31 July 2025 and was signed on 07 Aug 2025.