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Dec 31, 2025
Alaska Air Q4 2025 Earnings Report
Reported modest profitability with positive adjusted EPS and stable revenue despite a challenging macro environment.
Key Takeaways
Alaska Air Group posted a net income of $21 million and adjusted EPS of $0.43 for Q4 2025. Revenue reached $3.6 billion as the company advanced integration with Hawaiian Airlines and expanded its international strategy.
Achieved single operating certificate with Hawaiian Airlines, marking a key integration milestone.
Adjusted EPS of $0.43 exceeded expectations.
Revenue grew to $3.6 billion, up 3% year-over-year.
Unit cost control efforts led to lower-than-expected CASMex growth.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Alaska Air anticipates flat earnings year-over-year in Q1 2026 with improving booking trends and synergy capture from the Hawaiian integration.
Positive Outlook
- Strong January bookings to date with some record booking days.
- Managed corporate revenues up 20% YoY so far in Q1 2026.
- International expansion with new routes to Europe launching in spring 2026.
- Synergies from Hawaiian integration on track or ahead of plan.
- Premium and loyalty revenue streams showing continued growth.
Challenges Ahead
- Macroeconomic uncertainty may impact 2026 performance.
- Fuel price volatility remains a risk to profitability.
- Q1 2026 EPS expected to be flat YoY, showing slow margin recovery.
- Load factor decreased YoY, indicating efficiency pressure.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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