Alaska Air (ALK) financial statements
Alaska Air reported revenue of $14.2B in fiscal 2025, up 10.2% a year over 9 years.
Net income was $100M and the operating margin 2.1%, against 22.0% in 2016.
The diluted share count fell 4% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Alaska Air's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.9B | $7.9B | $8.3B | $8.8B | $3.6B | $6.2B | $9.6B | $10.4B | $11.7B | $14.2B |
| Operating income | $1.3B | $1.2B | $643M | $1.1B | -$1.8B | $685M | $70M | $394M | $570M | $303M |
| Interest expense | $55M | $103M | $91M | $78M | $98M | $128M | $108M | $121M | $171M | $272M |
| Pre-tax income | $1.3B | $1.2B | $585M | $1.0B | -$1.8B | $629M | $79M | $323M | $545M | $146M |
| Income tax | $519M | $199M | $148M | $247M | -$516M | $151M | $21M | $88M | $150M | $46M |
| Net income | $797M | $960M | $437M | $769M | -$1.3B | $478M | $58M | $235M | $395M | $100M |
| EPS (diluted) | $6.41 | $7.75 | $3.52 | $6.19 | -$10.72 | $3.77 | $0.45 | $1.83 | $3.08 | $0.83 |
| Diluted shares | 124M | 124M | 124M | 124M | 123M | 127M | 128M | 129M | 128M | 120M |
| Operating margin | 22.0% | 15.3% | 7.8% | 12.1% | -49.8% | 11.1% | 0.7% | 3.8% | 4.9% | 2.1% |
| Net margin | 13.5% | 12.2% | 5.3% | 8.8% | -37.1% | 7.7% | 0.6% | 2.3% | 3.4% | 0.7% |
Balance sheet
Fiscal years, from Alaska Air's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $1.6B | $1.6B | $1.2B | $1.5B | $3.3B | $3.1B | $2.4B | $1.8B | $2.5B | $2.1B |
| Receivables | $302M | $341M | $366M | $323M | $480M | $546M | $296M | $383M | $558M | $565M |
| Inventory | $47M | $57M | $60M | $72M | $57M | $62M | $104M | $116M | $199M | $203M |
| Total current assets | $2.0B | $2.2B | $1.8B | $2.0B | $4.0B | $3.9B | $3.0B | $2.7B | $3.8B | $3.3B |
| Property, plant and equipment | $5.7B | $6.3B | $6.8B | $6.9B | $6.2B | $6.1B | $7.3B | $8.4B | $10.8B | $11.9B |
| Goodwill | $1.9B | $1.9B | $1.9B | $1.9B | $2.0B | $2.0B | $2.0B | $1.9B | $2.7B | $2.7B |
| Total assets | $10.0B | $10.7B | $10.9B | $13.0B | $14.0B | $14.0B | $14.2B | $14.6B | $19.8B | $20.4B |
| Total current liabilities | $2.5B | $2.7B | $2.9B | $3.2B | $4.3B | $4.0B | $4.5B | $4.5B | $6.1B | $6.6B |
| Long-term debt | $2.6B | $2.3B | $1.6B | $1.3B | $2.4B | $2.2B | $1.9B | $2.2B | $4.5B | $4.8B |
| Total liabilities | $7.2B | $7.3B | $7.2B | $8.7B | $11.1B | $10.2B | $10.4B | $10.5B | $15.4B | $16.2B |
| Shareholders' equity | $2.7B | $3.5B | $3.8B | $4.3B | $3.0B | $3.8B | $3.8B | $4.1B | $4.4B | $4.1B |
| Net debt | $2.6B | $2.4B | $2.0B | $1.3B | $2.1B | $2.1B | $1.8B | $2.2B | $3.7B | $4.7B |
Cash flow
Fiscal years, from Alaska Air's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.4B | $1.6B | $1.2B | $1.7B | -$234M | $1.0B | $1.4B | $1.1B | $1.5B | $1.2B |
| Capital spending | $678M | $1.0B | $960M | $696M | $222M | $292M | $1.7B | $1.5B | — | — |
| Free cash flow | $708M | $564M | $235M | $1.0B | -$456M | $738M | -$253M | -$444M | — | — |
| Stock-based compensation | $26M | $55M | $47M | $29M | $24M | $51M | $42M | $85M | $63M | $10M |
| Dividends paid | $136M | $148M | $158M | $173M | $45M | $0 | $0 | — | — | — |
| Share buybacks (net) | -$193M | -$75M | -$50M | -$75M | -$31M | $0 | $0 | -$137M | -$312M | -$570M |
| Net borrowing | $1.8B | -$397M | -$468M | -$608M | $2.0B | -$971M | -$385M | $129M | $395M | $289M |
| Free cash flow margin | 11.9% | 7.1% | 2.8% | 11.7% | -12.8% | 11.9% | -2.6% | -4.3% | — | — |
| Dividends per share | $1.09 | $1.19 | $1.27 | $1.39 | $0.36 | — | — | — | — | — |
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What was Alaska Air's revenue in 2025?
$14.2B in fiscal 2025, from its 10-K filing.
From Alaska Air's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.