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Airlines · Industrials · Fiscal year ends Dec 31
Alaska Air reported revenue of $14.2B in the fiscal year ended Dec 2025, up 21.3% from the year before. Operating income was $303M, an operating margin of 2.1%, and net income was $100M. Net debt was $4.7B.
Ranks among the 9 airlines companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 6,176 | 9,646 | 10,426 | 11,735 | 14,239 |
| Operating income | 685 | 70.0 | 394 | 570 | 303 |
| Interest expense | 128 | 108 | 121 | 171 | 272 |
| Pre-tax income | 629 | 79.0 | 323 | 545 | 146 |
| Income tax | 151 | 21.0 | 88.0 | 150 | 46.0 |
| Net income | 478 | 58.0 | 235 | 395 | 100 |
| Diluted EPS | 3.77 | 0.45 | 1.83 | 3.08 | 0.83 |
| Diluted shares | 127 | 128 | 129 | 128 | 120 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 470 | 338 | 281 | 1,201 | 627 |
| Receivables | 546 | 296 | 383 | 558 | 565 |
| Inventory | 62.0 | 104 | 116 | 199 | 203 |
| Current assets | 3,920 | 3,040 | 2,705 | 3,760 | 3,266 |
| Net PP&E | 6,138 | 7,257 | 8,388 | 10,781 | 11,857 |
| Goodwill | 2,044 | 2,038 | 1,943 | 2,724 | 2,723 |
| Total assets | 13,951 | 14,186 | 14,613 | 19,768 | 20,361 |
| Payables | 200 | 221 | 207 | 186 | 324 |
| Current liabilities | 3,991 | 4,493 | 4,459 | 6,145 | 6,589 |
| Short-term debt | 366 | 276 | 289 | 442 | 540 |
| Long-term debt | 2,173 | 1,883 | 2,182 | 4,491 | 4,769 |
| Total liabilities | 10,150 | 10,370 | 10,500 | 15,396 | 16,243 |
| Shareholders' equity | 3,801 | 3,816 | 4,113 | 4,372 | 4,118 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 1,030 | 1,418 | 1,050 | 1,464 | 1,249 |
| Capital expenditure | 292 | 1,671 | 1,494 | – | – |
| Free cash flow | 738 | −253 | −444 | – | – |
| Depreciation & amortisation | 394 | 415 | 451 | 583 | 795 |
| Stock-based compensation | 51.0 | 42.0 | 85.0 | 63.0 | 10.0 |
| Acquisitions | – | 0.0 | 0.0 | 659 | 0.0 |
| Share buybacks | 0.0 | 0.0 | 137 | 312 | 570 |
| Dividends paid | 0.0 | 0.0 | – | – | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 56.2% | 8.1% | 12.6% | 21.3% |
| Operating income growth (YoY) | – | −89.8% | 462.9% | 44.7% | −46.8% |
| EPS growth (YoY) | – | −88.1% | 306.7% | 68.3% | −73.1% |
| Operating margin | 11.1% | 0.7% | 3.8% | 4.9% | 2.1% |
| Net margin | 7.7% | 0.6% | 2.3% | 3.4% | 0.7% |
| Return on equityBlank when equity is negative | 12.6% | 1.5% | 5.7% | 9.0% | 2.4% |
| ROCEEBIT ÷ (assets − current liabilities) | 6.9% | 0.7% | 3.9% | 4.2% | 2.2% |
| Free cash flow margin | 11.9% | −2.6% | −4.3% | – | – |
| Cash conversion (CFO ÷ net income) | 2.15x | 24.4x | 4.47x | 3.71x | 12.5x |
| Receivable days | 32 | 11 | 13 | 17 | 14 |
| Interest cover | 5.35x | 0.65x | 3.26x | 3.33x | 1.11x |
| Debt ÷ equity | 0.67x | 0.57x | 0.60x | 1.13x | 1.29x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 2,069 | 1,821 | 2,190 | 3,732 | 4,682 |
| Current ratio | 0.98x | 0.68x | 0.61x | 0.61x | 0.50x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.