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USD millions

FY2025

FY2024

FY2023

FY2022

FY2021

FY2020

FY2019

FY2018

FY2017

FY2016

FY2015

FY2014

Revenue

14,239

11,735

10,426

9,646

6,176

3,566

8,781

8,264

7,894

5,925

5,598

5,368

Net income

100

395

235

478

(1,324)

769

437

960

797

848

605

Diluted EPS

0.83

3.08

1.83

0.45

3.77

(10.72)

6.19

3.52

7.75

6.41

6.56

4.42

Diluted shares

120

128

129

128

127

123

124

129

137

Operating cash flow

1,249

1,464

1,050

1,418

1,030

(234)

1,722

1,195

1,590

1,386

1,584

1,030

Capital expenditures

—

1,494

1,671

292

222

696

960

1,026

678

831

694

Free cash flow

—

(444)

(253)

738

(456)

1,026

235

564

708

753

336

Cash & equivalents

627

1,201

281

338

470

1,370

221

105

194

328

107

Total assets

20,361

19,768

14,613

14,186

13,951

14,046

12,993

10,912

10,746

9,962

6,530

6,064

Shareholders' equity

4,118

4,372

4,113

3,816

3,801

2,988

4,331

3,751

3,460

2,931

2,411

2,127

ALASKA AIR GROUP, INC.

ALKCIK 000076642118 fiscal years

RevenueFY2025

$14.24B21.3%

Net incomeFY2025

$100.0M74.7%

Free cash flowFY2023

−$444.0M75.5%

Diluted EPSFY2025

$0.8373.1%

Trends

FY2008–FY2025 · hover a year for its filing

Revenue & net incomeRevenueNet income

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

MarginsNet marginFCF margin

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

Cash flowOperating cash flowFree cash flow

Returns on capitalReturn on equityReturn on assets

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

Financial statements

Annual Quarterly

USD millions, except per-share values; share counts in millions. Hover a value for its XBRL tag and filing accession.

USD millions	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014
Revenue	14,239	11,735	10,426	9,646	6,176	3,566	8,781	8,264	7,894	5,925	5,598	5,368
Net income	100	395	235	58	478	(1,324)	769	437	960	797	848	605
Diluted EPS	0.83	3.08	1.83	0.45	3.77	(10.72)	6.19	3.52	7.75	6.41	6.56	4.42
Diluted shares	120	128	129	128	127	123	124	124	124	124	129	137
Operating cash flow	1,249	1,464	1,050	1,418	1,030	(234)	1,722	1,195	1,590	1,386	1,584	1,030
Capital expenditures	—	—	1,494	1,671	292	222	696	960	1,026	678	831	694
Free cash flow	—	—	(444)	(253)	738	(456)	1,026	235	564	708	753	336
Cash & equivalents	627	1,201	281	338	470	1,370	221	105	194	328	73	107
Total assets	20,361	19,768	14,613	14,186	13,951	14,046	12,993	10,912	10,746	9,962	6,530	6,064
Shareholders' equity	4,118	4,372	4,113	3,816	3,801	2,988	4,331	3,751	3,460	2,931	2,411	2,127

As reported in SEC filings; a missing tag shows “—”, never zero. Free cash flow is operating cash flow − capex. Methodology