At a glance
Alaska Air Group Inc is worth $3.97B, about 43 times its fiscal 2025 earnings. Revenue grew 21.3% to $14.24B in fiscal 2025, with 0.7% kept as profit; over 5 years it has grown 31.9% a year. It pays no dividend; it spent $1.02B buying back its shares over FY2021–FY2025. The stock returned −17.3% over the past year with dividends reinvested and −7.6% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 64.0% in the 2020 crash (S&P 500: 33.7%) and 35.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 11 months and 30 months after the lows.
The business in plain English
Alaska Air Group owns Alaska Airlines, Hawaiian Airlines and the regional carrier Horizon Air. It acquired Hawaiian's parent company in 2024. In October 2025 the two larger airlines combined under one Federal Aviation Administration operating certificate, which is the license an airline needs to fly. Hawaiian kept its own brand. With regional partners, the group flies to more than 140 destinations. Most flights leave from hubs in Seattle, Honolulu, Portland, Anchorage, Los Angeles, San Diego and San Francisco.
Passenger tickets drive the business. Passenger revenue was 90% of the total in 2025. Another 6% came from the Atmos Rewards loyalty program. Members earn points on flights, with partner companies and through co-branded credit cards issued by Bank of America. Counting loyalty revenue booked as passenger revenue, the program brought in about 16% of all revenue. Cargo and other revenue made up the last 4%. That includes fees for flying 10 Airbus A330 freighters for Amazon.
By segment, Alaska Airlines brought in $9.09 billion in 2025, or 64% of the $14.24 billion total. Hawaiian Airlines added $3.28 billion (23%). The Regional segment added $1.85 billion (13%). It consists of Embraer E175 jets that Horizon and SkyWest fly under contract to Alaska. Most of the flying is domestic. Domestic routes made up 88% of Alaska and Hawaiian seat capacity in 2025, with 6% going to Latin America and 6% to the Pacific.
Price history
The interactive chart needs JavaScript.
ALK -17.3% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Alaska Airlines | $9.09B | 63.8% |
| Hawaiian Airlines | $3.28B | 23.1% |
| Regional | $1.85B | 13% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $4.07B, up 9.7% from a year earlier, and net income was $-76.0M (-144.2%).
- For fiscal 2025, revenue was $14.24B (+21.3% year over year; +31.9% a year from FY2020 to FY2025) with a 0.7% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +31.9% good |
|---|---|
| Operating margin | 2.1% weak |
| Free cash flow margin | 6.6% watch |
| Return on equity (FY2025) | 2.4% weak |
| Return on assets (FY2025) | 0.5% weak |
| Net cash (cash minus debt) | $-3.39B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $3.57B | $-1.32B | $-456.0M |
| FY2021 | $6.18B | $478.0M | $738.0M |
| FY2022 | $9.65B | $58.0M | $-253.0M |
| FY2023 | $10.43B | $235.0M | $-444.0M |
| FY2024 | $11.73B | $395.0M | $1.17B |
| FY2025 | $14.24B | $100.0M | $940.0M |
Valuation snapshot
| Market value | $3.97B |
|---|---|
| P/E ratio | 42.9 |
| Dividend yield | 0% |
Rank among 1514 US companies
Market value at each year end
Alaska Air Group’s market value went from $10.94B at the end of 2016 to $3.97B on Oct 28, 2026, down 64%; since the end of 2025 it is down 32%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $3.97B | -31.9% |
| 2025 | $5.83B | -29.0% |
| 2024 | $8.22B | +64.3% |
| 2023 | $5.00B | -8.1% |
| 2022 | $5.45B | -16.6% |
| 2021 | $6.53B | +1.5% |
| 2020 | $6.43B | -22.9% |
| 2019 | $8.34B | +11.2% |
| 2018 | $7.50B | -17.1% |
| 2017 | $9.05B | -17.3% |
| 2016 | $10.94B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| ALK price data to Oct 28, 2026 | -29.3% | -17.3% | +4.4% | -7.6% | -6.2% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -29.3% |
| 2025 | -22.3% |
| 2024 | +65.7% |
| 2023 | -9.0% |
| 2022 | -17.6% |
| 2021 | +0.2% |
| 2020 | -22.8% |
| 2019 | +13.8% |
| 2018 | -15.6% |
| 2017 | -15.9% |
| 2016 | +12.0% |
| 2015 | +36.2% |
| 2014 | +64.7% |
| 2013 | +71.3% |
| 2012 | +14.8% |
| 2011 | +32.5% |
| 2010 | +64.0% |
| 2009 | +18.1% |
| 2008 | +16.9% |
| 2007 | -36.7% |
| 2006 | +10.6% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 47.4% over that stretch · deepest drop along the way 61.7%, back to its old high 5.3 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 63.1% over that stretch · deepest drop along the way 64%, back to its old high 11.2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 23.8% over that stretch · deepest drop along the way 35.9%, back to its old high 29.8 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 1 open-market purchases ($1.0M) and 3 sales ($1.9M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Feb 18, 2026 | Shane R Tackett EVP AND CFO | sell | $1.4M |
| Aug 20, 2026 | Benito Minicucci CEO AND PRESIDENT, Director | buy | $1.0M |
| Feb 18, 2026 | Andrew R Harrison EVP AND CCO | sell | $311K |
| Aug 3, 2026 | Andrew R Harrison EVP AND CCO | sell | $263K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 8.4% | Mar 31, 2025 |
| Dimensional Fund Advisors LP | 5.1% | Jun 30, 2025 |
| Vanguard Capital Management | 5.08% | Mar 31, 2026 |
| FMR LLC | 3.1% | Mar 31, 2026 |
| Victory Capital Management, Inc. | 0.05% | Sep 30, 2025 |
ETFs with the most weight in ALK
| AIRL Themes Airlines ETF | 3.48% |
| JETS U.S. Global Jets ETF | 2.84% |
| VIOG Vanguard S&P Small-Cap 600 Growth ETF | 1.35% |
| RFG Invesco S&P MidCap 400® Pure Growth ETF | 1.18% |
| IYT iShares US Transportation ETF | 1.05% |
| LSAF LeaderShares AlphaFactor US Core Equity ETF | 1.05% |
| AVUV Avantis U.S. Small Cap Value ETF | 0.93% |
| OASC OneAscent Small Cap Core ETF | 0.7% |
What could go wrong
- Hawaiian merger may fall short of plans. Combining Hawaiian's systems and workforce involves moving to a single reservation system and new joint union contracts expected over several years. Delays, labor disputes or extra costs could shrink the expected savings.
- Heavy exposure to a few regions. Flights are concentrated in the Pacific Northwest, Alaska and Hawaii. The company says this leaves it more exposed than airlines with broader networks to bad weather, natural disasters and other local setbacks.
- Significant debt and fixed obligations. As of June 30, 2026, total debt was about $6.05 billion, against $2.66 billion of cash and investments. Higher interest rates would make future borrowing more expensive and could squeeze cash.
- Jet fuel prices can swing sharply. Fuel is a major airline cost, and its price is volatile. A sharp rise or a supply disruption would hurt results. Thin margins leave little cushion: the operating margin was 2.1% in 2025.
- Few suppliers for planes and parts. Its airlines fly Boeing, Airbus and Embraer jets, and the company depends on a limited number of suppliers for aircraft and parts. Problems at one could delay new planes or raise costs.
- Fare wars and recessions can hurt demand. Airlines compete hard on price and on the number of seats they fly, and travel demand tends to drop in a recession. Discounting by rivals or a weaker economy could cut fares and passenger numbers.
Recent events
- Quarterly results released; Investor presentation or announcement
- Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
- Shareholder vote results
- Major agreement signed; New debt or financial obligation
- Other company announcement
- Major agreement signed; Quarterly results released; Investor presentation or announcement
- Investor presentation or announcement
For income and retirement investors
Alaska Air Group pays no dividend. It last paid one in fiscal 2020, at $0.375 per share, and paid none from fiscal 2021 through 2025. For an income investor, that means any return depends entirely on the share price. Instead of dividends, the company has returned cash by repurchasing its own stock. It spent about $1.02 billion from fiscal 2021 to 2025, including $570 million in 2025. Its share count fell 10.9% between October 2021 and July 2026.
The stock has fallen hard in past downturns. It dropped 61.7% during the 2008 financial crisis, though it got back to its earlier high within about five months. It fell 64% in the 2020 COVID crash and took about 11 months to recover. In the 2022 market slump it fell 35.9% and needed nearly 30 months to regain its peak. Cashing out shares for living expenses during drops like these would lock in losses. Single stocks carry more risk than diversified funds.
Questions investors ask
Does Alaska Air Group pay a dividend?
No. Alaska Air Group last paid a dividend in fiscal 2020, at $0.375 per share. It paid none from fiscal 2021 through 2025, and its dividend yield was zero as of October 28, 2026. Instead, the company spent about $1.02 billion repurchasing its own shares from fiscal 2021 to 2025. Over a similar period, its share count fell 10.9%. Investors who need regular income would get none from this stock.
How does Alaska Airlines make money?
Mostly from plane tickets. Passenger revenue made up 90% of Alaska Air Group's $14.24 billion of revenue in 2025. The Atmos Rewards loyalty program, which includes co-branded credit cards issued by Bank of America, added 6% as a separate line. Counting loyalty revenue booked as passenger revenue, the program brought in about 16%. Cargo and other revenue added 4%, including fees for flying 10 Airbus A330 freighters for Amazon. By segment, Alaska Airlines brought in 64% of revenue, Hawaiian 23% and Regional 13%.
Did Alaska Airlines merge with Hawaiian Airlines?
Yes. Alaska Air Group acquired Hawaiian Holdings, the parent of Hawaiian Airlines, in 2024. In October 2025 the Federal Aviation Administration granted the two airlines a single operating certificate, so they operate as one airline. Hawaiian remains a separate brand for travel to, from and within Hawaii. Their loyalty programs were combined into Atmos Rewards in 2025. The 10-K filed February 12, 2026 said a single reservation system was planned for spring 2026. It said joint union contracts were expected over the next few years.
Is Alaska Air Group profitable?
Yes, but only slightly. In 2025 the company earned $100 million of net income on $14.24 billion of revenue, a net margin of 0.7%. Profit fell 74.7% from 2024, even though revenue grew 21.3% with a full year of Hawaiian included. Free cash flow, the cash left after capital spending, was $940 million. In the quarter ended June 30, 2026, it posted a $76 million net loss. As of October 28, 2026, the shares traded at 42.9 times 2025 earnings.
How has Alaska Air stock performed?
Poorly over most periods measured, with large swings. As of October 28, 2026, the share price was down 29.3% year to date and 17.3% over one year. Over three years it gained 14% in total. Over five years it lost 33%, and over 10 years it lost 47%. The stock rose 65.7% in 2024 and fell 22.3% in 2025. Its beta of 2.09 means it has moved about twice as much as the broad market. It fell as much as 44.3% in the year to October 28, 2026.