Alaska Air reports USD 3.6 billion in sales for the fourth quarter of 2025.

Financial figures for the fourth quarter and the entire year ended December 31, 2025, were released by Alaska Air Group Inc. Air Group reported net income per share of USD 0.18 and a GAAP pretax margin of 0.8% for the fourth quarter. Adjusted pretax margin was 1.8% and adjusted earnings per share were USD 0.43 for the fourth quarter.

As the Alaska-Hawaiian Airlines merger reaches its peak strength in 2026, we see momentum picking up speed. With an expanding global network, well-executed premium travel experiences, and Atmos Rewards extending our 11-year run as the top airline loyalty program, the people across our airlines delivered throughout a transformative year that put us in a winning position. Ben Minicucci, President & CEO of Alaska Air Group, stated, “Our model is positioned for where travellers are heading, and we’re ready to compete as one of four global U.S. airlines.”

Hawaiian Airlines is included in Air Group’s Consolidated Statements of Operations, Consolidated Balance Sheets, and Summary Cash Flow Statement starting on September 18, 2024. In the Supplementary Pro Forma Comparative Financial and Operating Information in this filing and previous 8-K filings, historical data for the entire year 2024 has also been included on a pro forma basis for the purpose of comparing financial and operational results. With Hawaiian Airlines included in Air Group for the entire quarter, the results for the fourth quarter of 2024 that are shown in the supplemental section are as reported.

In the third quarter, the company started marketing its new international routes from Seattle to London and Rome. The first flights are expected to start in the spring of 2026. As part of its efforts to promote its growing worldwide operations, the group is also selling in six different currencies and has just launched websites in Japanese, Korean, and Italian.

Despite a brief decline in demand due to the government shutdown in November, the company’s fourth-quarter sales of USD 3.6 billion translated into a 0.6% year-over-year RASM increases. While close-in demand held steady during the fourth quarter as bookings and yields continue to recover from the difficult conditions earlier in the year, corporate travel increased 9% year over year. Both the premium and loyalty revenue grew by 7% and 12%, respectively, over the previous year. For the fourth straight quarter, synergy capture and commercial objectives stayed on course.

With the exception of fuel, freighter fees, and special items, unit expenses rose 1.3% annually. Due to high West Coast refining prices during the quarter, the economic fuel price per gallon was USD 2.57 per gallon in the fourth quarter.

Bookings have increased throughout the first three weeks of January compared to the same period last year. With managed corporate sales up 20% year over year for the first quarter, the group has had some of the strongest booking days since January 1st.