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Stocks · Industrials · Air Transportation, Scheduled

ALASKA AIR GROUP, INC.

ALK Clue Score42
United States Fiscal year ends December CIK 0000766421
$39.36 -0.40% Close, 9 Oct 2026
Alert on the numbers Alert on insider trades
Price $39.36 −32.67% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue5.93Operating income1.31Net income0.80EPS, diluted6.41Fiscal year 2017Revenue7.89 +33.2%Operating income1.21Net income0.96 +20.5%EPS, diluted7.75 +20.9%Fiscal year 2018Revenue8.26 +4.7%Operating income0.64Net income0.44 −54.5%EPS, diluted3.52 −54.6%Fiscal year 2019Revenue8.78 +6.3%Operating income1.06Net income0.77 +76.0%EPS, diluted6.19 +75.9%Fiscal year 2020Revenue3.57 −59.4%Operating income−1.78Net income−1.32 −272.2%EPS, diluted−10.72 −273.2%Fiscal year 2021Revenue6.18 +73.2%Operating income0.69Net income0.48EPS, diluted3.77Fiscal year 2022Revenue9.65 +56.2%Operating income0.07Net income0.06 −87.9%EPS, diluted0.45 −88.1%Fiscal year 2023Revenue10.43 +8.1%Operating income0.39Net income0.24 +305.2%EPS, diluted1.83 +306.7%Fiscal year 2024Revenue11.74 +12.6%Operating income0.57Net income0.40 +68.1%EPS, diluted3.08 +68.3%Fiscal year 2025Revenue14.24 +21.3%Operating income0.30Net income0.10 −74.7%EPS, diluted0.83 −73.1%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 5.93 7.89 8.26 8.78 3.57 6.18 9.65 10.43 11.74 14.24
Growth +33.2% +4.7% +6.3% −59.4% +73.2% +56.2% +8.1% +12.6% +21.3%
Operating income 1.31 1.21 0.64 1.06 −1.78 0.69 0.07 0.39 0.57 0.30
Net income 0.80 0.96 0.44 0.77 −1.32 0.48 0.06 0.24 0.40 0.10
Growth +20.5% −54.5% +76.0% −272.2% −87.9% +305.2% +68.1% −74.7%
EPS, diluted 6.41 7.75 3.52 6.19 −10.72 3.77 0.45 1.83 3.08 0.83
Growth +20.9% −54.6% +75.9% −273.2% −88.1% +306.7% +68.3% −73.1%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin22.0%Net margin13.5%Free cash flow margin11.9%Fiscal year 2017Operating margin15.3%Net margin12.2%Free cash flow margin7.1%Fiscal year 2018Operating margin7.8%Net margin5.3%Free cash flow margin2.8%Fiscal year 2019Operating margin12.1%Net margin8.8%Free cash flow margin11.7%Fiscal year 2020Operating margin−49.8%Net margin−37.1%Free cash flow margin−12.8%Fiscal year 2021Operating margin11.1%Net margin7.7%Free cash flow margin11.9%Fiscal year 2022Operating margin0.7%Net margin0.6%Free cash flow margin−2.6%Fiscal year 2023Operating margin3.8%Net margin2.3%Free cash flow margin−4.3%Fiscal year 2024Operating margin4.9%Net margin3.4%Fiscal year 2025Operating margin2.1%Net margin0.7%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin 22.0% 15.3% 7.8% 12.1% −49.8% 11.1% 0.7% 3.8% 4.9% 2.1%
Net margin 13.5% 12.2% 5.3% 8.8% −37.1% 7.7% 0.6% 2.3% 3.4% 0.7%
Free cash flow margin 11.9% 7.1% 2.8% 11.7% −12.8% 11.9% −2.6% −4.3% n/a n/a

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow1.39Capital expenditure−0.68Free cash flow0.71Buybacks−0.19Dividends paid−0.14Fiscal year 2017Operating cash flow1.59Capital expenditure−1.03Free cash flow0.56 −20.3%Buybacks−0.08Dividends paid−0.15Fiscal year 2018Operating cash flow1.20Capital expenditure−0.96Free cash flow0.24 −58.3%Buybacks−0.05Dividends paid−0.16Fiscal year 2019Operating cash flow1.72Capital expenditure−0.70Free cash flow1.03 +336.6%Buybacks−0.08Dividends paid−0.17Fiscal year 2020Operating cash flow−0.23Capital expenditure−0.22Free cash flow−0.46 −144.4%Buybacks−0.03Dividends paid−0.05Fiscal year 2021Operating cash flow1.03Capital expenditure−0.29Free cash flow0.74Buybacks0.00Dividends paid0.00Fiscal year 2022Operating cash flow1.42Capital expenditure−1.67Free cash flow−0.25 −134.3%Buybacks0.00Dividends paid0.00Fiscal year 2023Operating cash flow1.05Capital expenditure−1.49Free cash flow−0.44Buybacks−0.14Fiscal year 2024Operating cash flow1.46Buybacks−0.31Fiscal year 2025Operating cash flow1.25Buybacks−0.57
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 1.39 1.59 1.20 1.72 −0.23 1.03 1.42 1.05 1.46 1.25
Capital expenditure −0.68 −1.03 −0.96 −0.70 −0.22 −0.29 −1.67 −1.49 n/a n/a
Free cash flow 0.71 0.56 0.24 1.03 −0.46 0.74 −0.25 −0.44 n/a n/a
Growth −20.3% −58.3% +336.6% −144.4% −134.3%
Buybacks −0.19 −0.08 −0.05 −0.08 −0.03 0.00 0.00 −0.14 −0.31 −0.57
Dividends paid −0.14 −0.15 −0.16 −0.17 −0.05 0.00 0.00 n/a n/a n/a

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash0.33Total debt2.96Net cash (debt)−2.64Shareholders’ equity2.74Debt to equity1.08Fiscal year 2017Cash0.19Total debt2.57Net cash (debt)−2.38Shareholders’ equity3.46Debt to equity0.74Fiscal year 2018Cash0.11Total debt2.10Net cash (debt)−2.00Shareholders’ equity3.75Debt to equity0.56Fiscal year 2019Cash0.22Total debt1.50Net cash (debt)−1.28Shareholders’ equity4.33Debt to equity0.35Fiscal year 2020Cash1.37Total debt3.50Net cash (debt)−2.13Shareholders’ equity2.99Debt to equity1.17Fiscal year 2021Cash0.47Total debt2.54Net cash (debt)−2.07Shareholders’ equity3.80Debt to equity0.67Fiscal year 2022Cash0.34Total debt2.16Net cash (debt)−1.82Shareholders’ equity3.82Debt to equity0.57Fiscal year 2023Cash0.28Total debt2.47Net cash (debt)−2.19Shareholders’ equity4.11Debt to equity0.60Fiscal year 2024Cash1.20Total debt4.93Net cash (debt)−3.73Shareholders’ equity4.37Debt to equity1.13Fiscal year 2025Cash0.63Total debt5.31Net cash (debt)−4.68Shareholders’ equity4.12Debt to equity1.29
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 0.33 0.19 0.11 0.22 1.37 0.47 0.34 0.28 1.20 0.63
Total debt 2.96 2.57 2.10 1.50 3.50 2.54 2.16 2.47 4.93 5.31
Net cash (debt) −2.64 −2.38 −2.00 −1.28 −2.13 −2.07 −1.82 −2.19 −3.73 −4.68
Shareholders’ equity 2.74 3.46 3.75 4.33 2.99 3.80 3.82 4.11 4.37 4.12
Debt to equity 1.08 0.74 0.56 0.35 1.17 0.67 0.57 0.60 1.13 1.29

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
22.0% 15.3% 7.8% 12.1% −49.8% 11.1% 0.7% 3.8% 4.9% 2.1%
22.2% 14.7% 7.1% 11.6% −51.6% 10.2% 0.8% 3.1% 4.6% 1.0%
13.5% 12.2% 5.3% 8.8% −37.1% 7.7% 0.6% 2.3% 3.4% 0.7%
11.9% 7.1% 2.8% 11.7% −12.8% 11.9% −2.6% −4.3% n/a n/a
Spending
11.4% 13.0% 11.6% 7.9% 6.2% 4.7% 17.3% 14.3% n/a n/a
39.4% 17.2% 25.3% 24.3% n/a 24.0% 26.6% 27.2% 27.5% 31.5%
Returns
29.0% 27.7% 11.7% 17.8% −44.3% 12.6% 1.5% 5.7% 9.0% 2.4%
8.0% 8.9% 4.0% 5.9% −9.4% 3.4% 0.4% 1.6% 2.0% 0.5%
Balance and payout
1.08 0.74 0.56 0.35 1.17 0.67 0.57 0.60 1.13 1.29
17.1% 15.4% 36.2% 22.5% n/a 0.0% 0.0% n/a n/a n/a
46.5% 39.5% 88.5% 24.2% n/a 0.0% n/a n/a n/a n/a