Alaska Air Group, Inc.

Alaska Air Group, Inc. reported total revenue of $14.24 billion for the fiscal year ended December 31, 2025, generating a net income of $100.0 million, or $1.00 per diluted share. Operating performance resulted in operating income of $303.0 million, constrained by total operating expenses of $13.94 billion, which included significant costs for wages and benefits ($4.76B) and aircraft fuel ($2.88B). Special operating items totaling $250.0 million also impacted results. The company maintained strong cash generation, with net cash provided by operating activities reaching $1.25 billion. However, significant capital expenditures of $1.58 billion and share repurchases of $570.0 million reduced the cash position. The balance sheet reflects total assets of $20.36 billion against total liabilities of $16.24 billion, resulting in shareholders' equity of $4.12 billion. The acquisition of Hawaiian appears integrated, with goodwill of $2.72 billion recorded on the balance sheet, while acquisition cash flow impacts were neutral for the period.

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