group · US
Alaska Air Group
Alaska Airlines + Hawaiian Airlines (acquired 2024).
Investor Day · September 2026 · checked by an AI Agent
Revenue · Q2 2026
+9.7% vLY
Op. profit
−160.6% vLY
Op. margin
-4.1%−11.6pt vLY
group · US
Alaska Air GroupAlaska Airlines + Hawaiian Airlines (acquired 2024).
Investor Day · September 2026 · checked by an AI Agent
Revenue · Q2 2026
+9.7% vLY
Op. profit
−160.6% vLY
Op. margin
-4.1%−11.6pt vLY
Load factor
−1.6pt vLY
Millions of USD, as reported · calendar-normalized quarters
Operating profit ÷ revenue, computed from reported figures
Revenue vs cost per available seat-km (USD cents) — the gap is unit profitability
| Period | Revenue | Op. profit | Load factor | ASK | Net result | Load factor |
|---|---|---|---|---|---|---|
| Q2 2026 | ||||||
| Q1 2026 | ||||||
| Q4 2025 | ||||||
| Q3 2025 |
Economic fuel cost spiked to $4.43/gallon, up 85% YoY, adding ~$600M of incremental fuel cost and driving the quarterly loss.
“Second quarter economic fuel cost was $4.43 per gallon, an increase of 85% year-over-year, resulting in $600 million of incremental fuel cost for the period.”
Management expects a meaningful inflection beginning Q3, with unit revenue growth accelerating to low double-digits and a widening RASM-CASM spread.
“we expect a meaningful inflection in financial performance beginning in Q3”
Diversified revenue streams outpaced system growth: premium revenue +15%, cargo +21%, managed corporate +30%, loyalty cash remuneration +19% YoY.
Historic March rainstorms in Hawaii cut system unit revenue by ~3 points, hitting April spring-break travel more than the 2 points originally expected.
Completed the final technical milestone of the Hawaiian integration (single passenger service system) and launched service to Europe.
| Q2 2025 |
| Q1 2025 |
| Q4 2024 |
| Q3 2024 |
| Q2 2024 |
Proactively raised $1B in Q2 financing ($500M of 6.5% senior unsecured notes + $500M term loans on Atmos Rewards assets), lifting liquidity to $3.8B, the top of its 15-25% of TTM revenue target.
Took delivery of six 737-8 and two E175 aircraft, and agreed to add four 737-800 freighters (doubling cargo fleet capacity) entering service in H1 2027.
Non-fuel unit cost included a one-time employee recognition award tied to achieving a single passenger service system, part of 2.5 points of transitory CASMex pressure.