A

ALASKA AIR GROUP, INC.

ALK · CIK 0000766421

18 fiscal years · 0 SEC filings · every number carries its receipt

Revenue (FY)
$14.24B21.3%
FY2025
Net income (FY)
$100.0M74.7%
FY2025
Free cash flow (FY)
−$444.0M75.5%
FY2023
Diluted EPS (FY)
$0.8373.1%
FY2025
The story, charted

The shape of the business

FY2008–FY2025 · hover any year for its receipt
Revenue & net incomeRevenueNet income
$0$5B$10B$15BFY2008 · Revenue $3.66B · Net income −$135.9M · 0000766421-11-000020 · filed 2011-02-23FY08Revenue $3.66BNet income −$135.9M0000766421-11-000020 · filed 2011-02-23FY2009 · Revenue $3.40B · Net income $121.6M · 0000766421-12-000018 · filed 2012-02-21FY09Revenue $3.40BNet income $121.6M0000766421-12-000018 · filed 2012-02-21FY2010 · Revenue $3.83B · Net income $251.0M · 0000766421-13-000010 · filed 2013-02-14FY10Revenue $3.83BNet income $251.0M0000766421-13-000010 · filed 2013-02-14FY2011 · Revenue $0 · Net income $245.0M · 0000766421-14-000010 · filed 2014-02-13FY11Revenue $0Net income $245.0M0000766421-14-000010 · filed 2014-02-13FY2012 · Revenue $0 · Net income $316.0M · 0000766421-15-000009 · filed 2015-02-11FY12Revenue $0Net income $316.0M0000766421-15-000009 · filed 2015-02-11FY2013 · Revenue $0 · Net income $508.0M · 0000766421-16-000065 · filed 2016-02-11FY13Revenue $0Net income $508.0M0000766421-16-000065 · filed 2016-02-11FY2014 · Revenue $0 · Net income $605.0M · 0000766421-17-000016 · filed 2017-02-28FY14Revenue $0Net income $605.0M0000766421-17-000016 · filed 2017-02-28FY2015 · Revenue $0 · Net income $848.0M · 0000766421-18-000015 · filed 2018-02-15FY15Revenue $0Net income $848.0M0000766421-18-000015 · filed 2018-02-15FY2016 · Revenue $5.92B · Net income $797.0M · 0000766421-19-000008 · filed 2019-02-15FY16Revenue $5.92BNet income $797.0M0000766421-19-000008 · filed 2019-02-15FY2017 · Revenue $7.89B · Net income $960.0M · 0000766421-20-000013 · filed 2020-02-12FY17Revenue $7.89BNet income $960.0M0000766421-20-000013 · filed 2020-02-12FY2018 · Revenue $8.26B · Net income $437.0M · 0000766421-21-000018 · filed 2021-02-26FY18Revenue $8.26BNet income $437.0M0000766421-21-000018 · filed 2021-02-26FY2019 · Revenue $8.78B · Net income $769.0M · 0000766421-22-000009 · filed 2022-02-11FY19Revenue $8.78BNet income $769.0M0000766421-22-000009 · filed 2022-02-11FY2020 · Revenue $3.57B · Net income −$1.32B · 0000766421-23-000009 · filed 2023-02-13FY20Revenue $3.57BNet income −$1.32B0000766421-23-000009 · filed 2023-02-13FY2021 · Revenue $6.18B · Net income $478.0M · 0000766421-24-000012 · filed 2024-02-14FY21Revenue $6.18BNet income $478.0M0000766421-24-000012 · filed 2024-02-14FY2022 · Revenue $9.65B · Net income $58.0M · 0000766421-25-000009 · filed 2025-02-14FY22Revenue $9.65BNet income $58.0M0000766421-25-000009 · filed 2025-02-14FY2023 · Revenue $10.43B · Net income $235.0M · 0000766421-26-000010 · filed 2026-02-12FY23Revenue $10.43BNet income $235.0M0000766421-26-000010 · filed 2026-02-12FY2024 · Revenue $11.73B · Net income $395.0M · 0000766421-26-000010 · filed 2026-02-12FY24Revenue $11.73BNet income $395.0M0000766421-26-000010 · filed 2026-02-12FY2025 · Revenue $14.24B · Net income $100.0M · 0000766421-26-000010 · filed 2026-02-12FY25Revenue $14.24BNet income $100.0M0000766421-26-000010 · filed 2026-02-12FY25Revenue $14.24BNet income $100.0M0000766421-26-000010 · filed 2026-02-12FY09FY11FY13FY15FY17FY19FY21FY23FY25

revenue 3.9× since FY2008 · net margin -3.7% → 0.7%

MarginsNet marginFCF margin
-40%-20%0%FY2008 · Net margin -3.7% · FCF margin -6.6%FY08Net margin -3.7%FCF margin -6.6%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2009 · Net margin 3.6% · FCF margin -4.3%FY09Net margin 3.6%FCF margin -4.3%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2010 · Net margin 6.6% · FCF margin 9.6%FY10Net margin 6.6%FCF margin 9.6%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2016 · Net margin 13.5% · FCF margin 11.9%FY16Net margin 13.5%FCF margin 11.9%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2017 · Net margin 12.2% · FCF margin 7.1%FY17Net margin 12.2%FCF margin 7.1%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2018 · Net margin 5.3% · FCF margin 2.8%FY18Net margin 5.3%FCF margin 2.8%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2019 · Net margin 8.8% · FCF margin 11.7%FY19Net margin 8.8%FCF margin 11.7%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2020 · Net margin -37.1% · FCF margin -12.8%FY20Net margin -37.1%FCF margin -12.8%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2021 · Net margin 7.7% · FCF margin 11.9%FY21Net margin 7.7%FCF margin 11.9%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2022 · Net margin 0.6% · FCF margin -2.6%FY22Net margin 0.6%FCF margin -2.6%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2023 · Net margin 2.3% · FCF margin -4.3%FY23Net margin 2.3%FCF margin -4.3%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2024 · Net margin 3.4%FY24Net margin 3.4%derived: net income ÷ revenueFY2025 · Net margin 0.7%FY25Net margin 0.7%derived: net income ÷ revenueFY25Net margin 0.7%derived: net income ÷ revenue’08’16’19’22’25

FY2025: net 0.7% · free cash flow -4.3% of revenue

Cash engineOperating cash flowFree cash flow
$0$1BFY2008 · OCF $172.5M · FCF −$240.3M · 0000766421-11-000020 · filed 2011-02-23FY08OCF $172.5MFCF −$240.3M0000766421-11-000020 · filed 2011-02-23FY2009 · OCF $292.5M · FCF −$145.9M · 0000766421-12-000018 · filed 2012-02-21FY09OCF $292.5MFCF −$145.9M0000766421-12-000018 · filed 2012-02-21FY2010 · OCF $553.0M · FCF $368.0M · 0000766421-13-000010 · filed 2013-02-14FY10OCF $553.0MFCF $368.0M0000766421-13-000010 · filed 2013-02-14FY2011 · OCF $696.0M · FCF $309.0M · 0000766421-14-000010 · filed 2014-02-13FY11OCF $696.0MFCF $309.0M0000766421-14-000010 · filed 2014-02-13FY2012 · OCF $753.0M · FCF $235.0M · 0000766421-15-000009 · filed 2015-02-11FY12OCF $753.0MFCF $235.0M0000766421-15-000009 · filed 2015-02-11FY2013 · OCF $981.0M · FCF $415.0M · 0000766421-16-000065 · filed 2016-02-11FY13OCF $981.0MFCF $415.0M0000766421-16-000065 · filed 2016-02-11FY2014 · OCF $1.03B · FCF $336.0M · 0000766421-17-000016 · filed 2017-02-28FY14OCF $1.03BFCF $336.0M0000766421-17-000016 · filed 2017-02-28FY2015 · OCF $1.58B · FCF $753.0M · 0000766421-18-000015 · filed 2018-02-15FY15OCF $1.58BFCF $753.0M0000766421-18-000015 · filed 2018-02-15FY2016 · OCF $1.39B · FCF $708.0M · 0000766421-19-000008 · filed 2019-02-15FY16OCF $1.39BFCF $708.0M0000766421-19-000008 · filed 2019-02-15FY2017 · OCF $1.59B · FCF $564.0M · 0000766421-20-000013 · filed 2020-02-12FY17OCF $1.59BFCF $564.0M0000766421-20-000013 · filed 2020-02-12FY2018 · OCF $1.20B · FCF $235.0M · 0000766421-21-000018 · filed 2021-02-26FY18OCF $1.20BFCF $235.0M0000766421-21-000018 · filed 2021-02-26FY2019 · OCF $1.72B · FCF $1.03B · 0000766421-22-000009 · filed 2022-02-11FY19OCF $1.72BFCF $1.03B0000766421-22-000009 · filed 2022-02-11FY2020 · OCF −$234.0M · FCF −$456.0M · 0000766421-23-000009 · filed 2023-02-13FY20OCF −$234.0MFCF −$456.0M0000766421-23-000009 · filed 2023-02-13FY2021 · OCF $1.03B · FCF $738.0M · 0000766421-24-000012 · filed 2024-02-14FY21OCF $1.03BFCF $738.0M0000766421-24-000012 · filed 2024-02-14FY2022 · OCF $1.42B · FCF −$253.0M · 0000766421-25-000009 · filed 2025-02-14FY22OCF $1.42BFCF −$253.0M0000766421-25-000009 · filed 2025-02-14FY2023 · OCF $1.05B · FCF −$444.0M · 0000766421-26-000010 · filed 2026-02-12FY23OCF $1.05BFCF −$444.0M0000766421-26-000010 · filed 2026-02-12FY2024 · OCF $1.46B · 0000766421-26-000010 · filed 2026-02-12FY24OCF $1.46B0000766421-26-000010 · filed 2026-02-12FY2025 · OCF $1.25B · 0000766421-26-000010 · filed 2026-02-12FY25OCF $1.25B0000766421-26-000010 · filed 2026-02-12FY25OCF $1.25B0000766421-26-000010 · filed 2026-02-12’09’13’17’21’25
Returns on capitalReturn on equityReturn on assets
0%FY2009 · ROE 13.9% · ROA 2.4%FY09ROE 13.9%ROA 2.4%derived: net income ÷ equity · derived: net income ÷ assetsFY2010 · ROE 22.7% · ROA 5.0%FY10ROE 22.7%ROA 5.0%derived: net income ÷ equity · derived: net income ÷ assetsFY2011 · ROE 20.9% · ROA 4.7%FY11ROE 20.9%ROA 4.7%derived: net income ÷ equity · derived: net income ÷ assetsFY2012 · ROE 22.2% · ROA 5.7%FY12ROE 22.2%ROA 5.7%derived: net income ÷ equity · derived: net income ÷ assetsFY2013 · ROE 25.0% · ROA 8.7%FY13ROE 25.0%ROA 8.7%derived: net income ÷ equity · derived: net income ÷ assetsFY2014 · ROE 28.4% · ROA 10.0%FY14ROE 28.4%ROA 10.0%derived: net income ÷ equity · derived: net income ÷ assetsFY2015 · ROE 35.2% · ROA 13.0%FY15ROE 35.2%ROA 13.0%derived: net income ÷ equity · derived: net income ÷ assetsFY2016 · ROE 27.2% · ROA 8.0%FY16ROE 27.2%ROA 8.0%derived: net income ÷ equity · derived: net income ÷ assetsFY2017 · ROE 27.7% · ROA 8.9%FY17ROE 27.7%ROA 8.9%derived: net income ÷ equity · derived: net income ÷ assetsFY2018 · ROE 11.7% · ROA 4.0%FY18ROE 11.7%ROA 4.0%derived: net income ÷ equity · derived: net income ÷ assetsFY2019 · ROE 17.8% · ROA 5.9%FY19ROE 17.8%ROA 5.9%derived: net income ÷ equity · derived: net income ÷ assetsFY2020 · ROE -44.3% · ROA -9.4%FY20ROE -44.3%ROA -9.4%derived: net income ÷ equity · derived: net income ÷ assetsFY2021 · ROE 12.6% · ROA 3.4%FY21ROE 12.6%ROA 3.4%derived: net income ÷ equity · derived: net income ÷ assetsFY2022 · ROE 1.5% · ROA 0.4%FY22ROE 1.5%ROA 0.4%derived: net income ÷ equity · derived: net income ÷ assetsFY2023 · ROE 5.7% · ROA 1.6%FY23ROE 5.7%ROA 1.6%derived: net income ÷ equity · derived: net income ÷ assetsFY2024 · ROE 9.0% · ROA 2.0%FY24ROE 9.0%ROA 2.0%derived: net income ÷ equity · derived: net income ÷ assetsFY2025 · ROE 2.4% · ROA 0.5%FY25ROE 2.4%ROA 0.5%derived: net income ÷ equity · derived: net income ÷ assetsFY25ROE 2.4%ROA 0.5%derived: net income ÷ equity · derived: net income ÷ assets’09’13’17’21’25

return on equity 14% (FY2009) → 2% (FY2025) · on assets 0.5%

The receipts