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Sep 30, 2025
Alaska Air Q3 2025 Earnings Report
Alaska Air reported Q3 2025 results with net income of $73 million and record revenue of $3.766 billion.
Key Takeaways
Alaska Air delivered a profitable Q3 2025, supported by strong unit revenue, loyalty program growth, and improved cargo and premium revenues. Adjusted EPS came in at $1.05, while unit costs rose due to weather and an IT outage.
Achieved record quarterly revenue of $3.766 billion
Adjusted EPS was $1.05, driven by strong RASM and loyalty gains
Net income of $73 million despite increased operating costs
Premium, cargo, and loyalty revenues grew year-over-year
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Alaska Air expects Q4 2025 unit revenue to grow low single digits YoY with stable cost synergies, though fuel volatility remains a headwind.
Positive Outlook
- Q4 unit revenue expected to rise low single digits
- Full-year adjusted EPS expected to be at least $2.40
- Capacity projected to grow 2–3% YoY in Q4
- Cost synergies anticipated to support margin expansion
- Strong loyalty program engagement and sign-ups
Challenges Ahead
- Fuel price volatility on the West Coast remains a risk
- Q4 EPS forecast remains modest at minimum $0.40
- Weather disruptions impacted Q3 cost structure
- IT outages increased recovery-related expenses
- CASMex up 8.6% YoY, reaching high end of guidance
Historical Earnings Impact
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Avg. Return Before/After Earnings
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