# EDGAR Filing Document

**Accession Number:** 0000766421
**File Stem:** 0000766421-25-000049
**Filing Date:** 2025-10
**Character Count:** 73339
**Document Hash:** 6fa97576f005739853eabafecc2cec39
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000766421-25-000049.hdr.sgml**: 20251024

**ACCESSION NUMBER**: 0000766421-25-000049

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 26

**CONFORMED PERIOD OF REPORT**: 20251023

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251024

**DATE AS OF CHANGE**: 20251023

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ALASKA AIR GROUP, INC.
- **CENTRAL INDEX KEY:** 0000766421
- **STANDARD INDUSTRIAL CLASSIFICATION:** AIR TRANSPORTATION, SCHEDULED [4512]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 911292054
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-08957
- **FILM NUMBER:** 251413955

**BUSINESS ADDRESS:**
- **STREET 1:** 19300 INTERNATIONAL BOULEVARD
- **CITY:** SEATTLE
- **STATE:** WA
- **ZIP:** 98188
- **BUSINESS PHONE:** 206-392-5040

**MAIL ADDRESS:**
- **STREET 1:** 19300 INTERNATIONAL BOULEVARD
- **CITY:** SEATTLE
- **STATE:** WA
- **ZIP:** 98188

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ALASKA AIR GROUP INC
- **DATE OF NAME CHANGE:** 19920703

?xml version='1.0' encoding='ASCII'? alk-20251023

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

**FORM 8-K** 

**CURRENT REPORT PURSUANT**

**TO SECTION 13 OR 15(D) OF THE**

**SECURITIES EXCHANGE ACT OF 1934**

**October 23, 2025** 

(Date of earliest event reported)

**ALASKA AIR GROUP, INC.** 

(Exact Name of Registrant as Specified in Its Charter)

**Delaware** 

(State or Other Jurisdiction of Incorporation)

---

| | |
|:---|:---|
| **1-8957** | **91-1292054** |
| (Commission File Number) | (IRS Employer Identification No.) |

---

---

| | | | |
|:---|:---|:---|:---|
| **19300 International Boulevard** | **Seattle** | **Washington** | **98188** |
| (Address of Principal Executive Offices) | (Address of Principal Executive Offices) | (Address of Principal Executive Offices) | (Zip Code) |

---

**(206) 392-5040** 

(Registrant's Telephone Number, Including Area Code)

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (*see* General Instruction A.2. below):

☐&nbsp;&nbsp;&nbsp;&nbsp; Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐&nbsp;&nbsp;&nbsp;&nbsp; Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐&nbsp;&nbsp;&nbsp;&nbsp; Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐&nbsp;&nbsp;&nbsp;&nbsp; Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Ticker Symbol** | **Name of each exchange on which registered** |
| Common stock, $0.01 par value | ALK | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).

☐ Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

This document is also available on our website at http://investor.alaskaair.com

------

**ITEM 2.02. Results of Operations And Financial Condition**

On October 23, 2025, Alaska Air Group, Inc. (Air Group) issued a press release and certain supplemental materials reporting financial results for the third quarter of 2025. The press release is furnished herein as Exhibit 99.1. Supplemental information is furnished herein as Exhibit 99.2.

**ITEM 7.01. Regulation FD Disclosure**

Pursuant to 17 CFR Part 243 (Regulation FD), the Company is submitting information relating to its financial and operational outlook in a press release as well as supplemental materials.

In accordance with General Instruction B.2 of Form 8-K, the information under this item shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing. This report will not be deemed an admission as to the materiality of any information required to be disclosed solely to satisfy the requirements of Regulation FD.

**ITEM 9.01. Financial Statements and Other Exhibits**

---

| | |
|:---|:---|
| <u>[Exhibit 99.1](ex99110232025earningsrelea.htm)</u> | Third Quarter 2025 Earnings Press Release dated October 23, 2025 |
| <u>[Exhibit 99.2](alksupplemental3q25.htm)</u> | Supplemental Earnings Materials |
| 104 | Cover Page Interactive Data File - embedded within the Inline XBRL Document |

---

**Signatures**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

<u>ALASKA AIR GROUP, INC.</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Registrant

Date: October 23, 2025

<u>/s/ EMILY HALVERSON</u>

Emily Halverson

Vice President Finance, Controller, and Treasurer

## Exhibit 99.1

**Exhibit 99.1**

![alaskaairgrouplogob03a.jpg](alaskaairgrouplogob03a.jpg)

October 23, 2025

---

| | |
|:---|:---|
| **Media contact:** | **Investor/analyst contact:** |
| Media Relations | Ryan St. John |
| (206) 304-0008 | VP Finance, Planning and Investor Relations |
|  | ALKInvestorRelations@alaskaair.com |

---

**Alaska Air Group reports third quarter 2025 results**

*Announced two new global nonstop routes from Seattle to London and Reykjavik starting May 2026*

*Launched Atmos™ Rewards loyalty program and exceeded premium credit card sign-up expectations*

*Announced fleet wide installation of Starlink high-speed Wi-Fi with complimentary access for Atmos Rewards members*

SEATTLE — Alaska Air Group (NYSE: ALK) today reported financial results for the third quarter ending September 30, 2025.

**Quarter in Review:**

Air Group's Consolidated Statements of Operations, Consolidated Balance Sheets, and Summary Cash Flow Statement include Hawaiian Airlines from September 18, 2024 onward. For comparability of financial and operational results, historical information has also been provided on a pro forma basis within the Supplementary Pro Forma Comparative Financial and Operating Information in this filing and in prior 8-K filings. The pro forma information provided assumes Hawaiian is included in both 2024 and 2025.

Air Group reported third quarter Generally Accepted Accounting Principles (GAAP) pretax margin of 2.9% and a GAAP net income per share of $0.62. Our third quarter adjusted pretax margin was 4.6% and our adjusted earnings per share was $1.05.

---

| | | |
|:---|:---|:---|
| **Q3 2025 Results** | **Prior Expectation** | **Actual Results** |
| Capacity (ASMs) % change versus pro forma 2024 | Down ~(1.0)% | Down ~(0.7)% |
| RASM % change versus pro forma 2024 | Flat to up low single digits | Up ~1.4% |
| CASMex % change versus pro forma 2024 | Up mid to high single digits | Up ~8.6% |
| Adjusted earnings per share | $1.00 to $1.40 | $1.05 |

---

Air Group continued to advance its Alaska Accelerate strategy during the quarter, achieving several key integration milestones. These include the successful launch of our unified Atmos Rewards loyalty program and new premium credit card, final approval for our imminent transition to become one mainline airline under a single operating certificate, and the completion of our selling cutover to a unified passenger service system. These achievements represent significant progress in building the infrastructure to support Air Group's future growth and profitability, and deliver on our Alaska Accelerate goal of $10 earnings per share in 2027 enabled by $1 billion in incremental profit.

------

Third quarter record revenue was $3.8 billion, resulting in a 1.4% year-over-year RASM increase which we believe will continue to lead the industry. Corporate travel grew 8% year-over-year compared to low single-digit declines in the prior quarter, while close-in demand remained strong throughout the third quarter. Our diverse revenue streams continued to deliver with premium revenue increasing 5%, year-over-year, cargo revenue increasing 27% year-over-year, and our loyalty program cash remuneration increasing 8% year-over-year. Commercial initiatives and synergy capture remained on track for the third consecutive quarter.

Unit costs, excluding fuel, freighter costs, and special items increased 8.6% year-over-year. This increase is at the high end of prior guidance, primarily due to elevated recovery costs from the IT outage that resulted in irregular operations in July and several weeks of challenging weather. Economic fuel price per gallon was $2.51 per gallon in the third quarter, reflecting elevated West Coast refining prices during the third quarter.

**Fourth Quarter and Full Year Forecast Information:**

We anticipate fourth quarter unit revenue to increase low single digits year-over-year, building on last year's solid performance. Unit costs for the fourth quarter are expected to increase low single-digits year-over-year and reflect significant cost synergies, with fourth quarter capacity growth expected to be 2 to 3% year-over-year. Fuel costs are expected to remain a headwind due to ongoing volatility in West Coast refining costs. We expect fourth quarter earnings per share of at least $0.40, with full year adjusted earnings per share of at least $2.40.

---

| | | |
|:---|:---|:---|
| | **Q4 Expectation** | **Full Year Expectation** |
| Capacity (ASMs) % change versus pro forma 2024 | Up 2% to 3% | Up ~2% |
| RASM % change versus pro forma 2024 | Up low single digits | Up low single digits |
| CASMex % change versus pro forma 2024 | Up low single digits | Up mid single digits |
| Adjusted earnings per share<sup>(a)</sup> | At least $0.40 | At least $2.40 |

---

(a) Adjusted earnings per share guidance assumes economic fuel price per gallon between $2.50 and $2.60, non-operating expense of approximately $50 million, and a tax rate of 32%

**Financial Results and Updates:**

• Reported GAAP net income for the third quarter of 2025 of $73 million, or $0.62 per share, which includes Hawaiian results, compared to net income of $236 million, or $1.84 per share, for the third quarter of 2024, which includes Hawaiian results from September 18, 2024 onward.

• Reported net income for the third quarter of 2025, excluding special items and other adjustments, of $123 million, or $1.05 per share, which includes Hawaiian results, compared to net income of $289 million, or $2.25 per share, for the third quarter of 2024, which includes Hawaiian results from September 18, 2024 onward.

• Repurchased 10.6 million shares for approximately $540 million for the nine months ended September 30, 2025.

• Generated $229 million in operating cash flow for the third quarter.

• Held $2.3 billion in unrestricted cash and marketable securities as of September 30, 2025.

**Operational Updates:** 

• Announced leadership promotions at Air Group effective in the fourth quarter of 2025, naming Jason Berry COO of Alaska Airlines, Diana Birkett Rakow CEO of Hawaiian Airlines, and Andy Schneider CEO of Horizon Air.

• Ratified a five-year agreement with more than 2,900 IAM-represented McGee Air Services employees.

• Completed the sale of Alaska's final eight 737-900s in the third quarter.

------

• Completed selling cutover in preparation for the full transition to a single passenger service system in spring 2026.

**Atmos Rewards:**

• Launched Atmos Rewards, a combined loyalty program that integrates Alaska's Mileage Plan™ and Hawaiian's HawaiianMiles™ programs, offering flexible earning and expanded redemption options across our global network.

• Released the Atmos Rewards Summit Visa Infinite, our premium co-branded credit card, offering enhanced earnings opportunities and exclusive benefits. Card sign-ups exceeded our year-end goal within two weeks, with notable traction beyond our core West Coast and Hawai'i markets.

**Network and Partnerships:**

• Announced new nonstop services from Seattle to London and Reykjavik starting May 2026, increasing our global reach to five intercontinental destinations from Seattle.

• Announced seven new nonstop routes connecting California and the Pacific Northwest starting this winter, including new service from Burbank, Boise, Spokane, San Diego, and Palm Springs.

• Expanded our codeshare agreement with STARLUX Airlines, enhancing connectivity between our network and its long-haul services to Taipei.

**Customer Experience:**

• Selected Starlink to equip Alaska's fleet with high-speed Wi-Fi, complimentary to all Atmos Rewards members. Installations are expected to begin in the fourth quarter and be completed in 2027.

• Announced investments to widebody aircraft interiors to support Alaska's premium international experience, including lie-flat Business Class suites, a new Premium Economy cabin, refreshed Main Cabin seating, and elevated onboard amenities.

• Announced San Diego lounge expansion plans to begin construction in early 2027, including a 13,000 square-foot space.

**Other Highlights:**

• Launched a new investment fund in partnership with **one**world alliance members and Breakthrough Energy Ventures to advance and commercialize sustainable aviation fuel (SAF) technologies.

• Partnered with Cosmo Oil Marketing to incorporate SAF on Osaka-Honolulu flights as part of our continued commitment to decarbonization.

• Launched the combined Alaska Airlines \| Hawaiian Airlines Foundation, dedicated to investing in nonprofit organizations focused on communities across the states of Alaska and Hawai'i.

• Top awards in the third quarter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ "Best Airline Rewards Program" – #1 ranking from U.S. News & World Report

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ "Most Innovative Airline Initiative" – #1 ranking from Future Travel Experience

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ "2025 World's Best Awards for Best Domestic Airline" – Travel + Leisure. Hawaiian Airlines ranked 2nd and Alaska Airlines ranked 4th

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ "Best Employers by State" – Forbes. Hawaiian Airlines ranked No. 7 in Hawaiʻi and Alaska Airlines No. 11 in Washington.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ "2026 APEX Five Star Major Airlines" – APEX

------

The following table reconciles the company's reported GAAP net income per share (EPS) for the three and nine months ended September 30, 2025 and 2024 to adjusted amounts.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** |
| | **2025** | **2025** | **2024** | **2024** |
| ***(in millions, except per share amounts)*** | **Dollars** | **Per Share** | **Dollars** | **Per Share** |
| Net income | $**73** | $**0.62** | $236 | $1.84 |
| Adjusted for: |  |  |  |  |
| &nbsp;&nbsp;Mark-to-market fuel hedge adjustments | **—** | **—** | (4) | (0.03) |
| &nbsp;&nbsp;Gains on foreign debt | **(2)** | **(0.02)** |  |  |
| &nbsp;&nbsp;Special items<sup>(a)</sup> | **64** | **0.54** | 75 | 0.58 |
| &nbsp;&nbsp;Income tax effect<sup>(b)</sup> | **(12)** | **(0.09)** | (18) | (0.14) |
| **Adjusted net income** | $**123** | $**1.05** | $289 | $2.25 |
|  | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2025** | **2024** | **2024** |
| ***(in millions, except per-share amounts)*** | **Dollars** | **Per Share** | **Dollars** | **Per Share** |
| Net income | $**79** | $**0.65** | $324 | $2.52 |
| Adjusted for: |  |  |  |  |
| &nbsp;&nbsp;Mark-to-market fuel hedge adjustments | **(4)** | **(0.03)** | (22) | (0.17) |
| &nbsp;&nbsp;Losses on foreign debt | **5** | **0.04** |  |  |
| &nbsp;&nbsp;Special items<sup>(a)</sup> | **211** | **1.74** | 255 | 1.99 |
| &nbsp;&nbsp;Income tax effect<sup>(b)</sup> | **(48)** | **(0.39)** | (57) | (0.44) |
| **Adjusted net income** | $**243** | $**2.01** | $500 | $3.90 |

---

(a) Includes $1 million of non-operating special items in the three and nine months ended September 30, 2024.

(b) Includes income tax effect of the adjustments in the tables above as well as one-time effects of the One Big Beautiful Bill Act which was signed into law in the third quarter of 2025.

A conference call regarding the third quarter results will be streamed online at 11:30 a.m. EDT/ 8:30 a.m. PDT on October 24, 2025. It can be accessed at www.alaskaair.com/investors. For those unable to listen to the live broadcast, a replay will be available after the conclusion of the call.

References in this update to "Air Group," "Company," "we," "us," and "our" refer to Alaska Air Group, Inc. and its subsidiaries, unless otherwise specified.

This news release may contain forward-looking statements subject to the safe harbor protection provided by Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995. These statements relate to future events and involve known and unknown risks and uncertainties that may cause actual outcomes to be materially different from those indicated by our forward-looking statements, assumptions or beliefs. For a discussion of risks and uncertainties that may cause our forward-looking statements to differ materially, see Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2024. Some of these risks include competition, labor costs, relations and availability, general economic conditions, increases in operating costs including fuel, uncertainties regarding the ability to successfully integrate the operations of the recently completed acquisition of Hawaiian Holdings, Inc. and the ability to realize anticipated cost savings, synergies, or growth from the acquisition, inability to meet cost reduction and other strategic goals, seasonal fluctuations in demand and financial results, supply chain risks, events that negatively impact aviation safety and security, cybersecurity risks, and changes in laws and regulations that impact our business. All of the forward-looking statements are qualified in their entirety by reference to the risk factors discussed in our most recent Form 10-K and in our subsequent SEC filings. We operate in a continually changing business environment, and new risk factors emerge from time to time. Management cannot predict such new risk factors, nor can it assess the impact, if any, of such new risk factors on our business or events described in any forward-looking statements. We expressly disclaim any obligation to publicly update or revise any forward-looking statements made today to conform them to actual results. Over time, our actual results, performance or achievements may differ from the anticipated results, performance or achievements that are expressed or implied by our forward-looking statements, assumptions or beliefs and such differences might be significant and materially adverse.

Alaska Airlines, Hawaiian Airlines and Horizon Air are subsidiaries of Alaska Air Group, and McGee Air Services is a subsidiary of Alaska Airlines. We are a global airline with hubs in Seattle, Honolulu, Portland, Anchorage, Los Angeles, San Diego and San Francisco. We deliver remarkable care as we fly our guests to more than 140 destinations throughout North America, Latin America, Asia and the Pacific. We'll serve Europe beginning in spring 2026. Guests can book travel at alaskaair.com and hawaiianairlines.com. Alaska is a member of the oneworld alliance, with Hawaiian scheduled to join oneworld in spring 2026. With oneworld and our additional global partners, guests can earn and redeem points for travel to over 1,000 worldwide destinations with Atmos Rewards. Learn more about what's happening at Alaska and Hawaiian at news.alaskaair.com. Alaska Air Group is traded on the New York Stock Exchange (NYSE) as "ALK."

------

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)**

**Alaska Air Group, Inc.**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| ***(in millions, except per share amounts)*** | **2025** | **2024** | **Change** | **2025** | **2024** | **Change** |
| **Operating Revenue** |  |  |  |  |  |  |
| Passenger revenue | $**3424** | $2821 | 21% | $**9587** | $7476 | 28% |
| Loyalty program other revenue | **200** | 171 | 17% | **617** | 509 | 21% |
| Cargo and other revenue | **142** | 80 | 78% | **403** | 216 | 87% |
| **Total Operating Revenue** | **3766** | 3072 | 23% | **10607** | 8201 | 29% |
| **Operating Expenses** |  |  |  |  |  |  |
| Wages and benefits | **1226** | 883 | 39% | **3518** | 2469 | 42% |
| Variable incentive pay | **71** | 104 | (32)% | **194** | 197 | (2)% |
| Aircraft fuel, including hedging gains and losses | **761** | 624 | 22% | **2142** | 1804 | 19% |
| Aircraft maintenance | **238** | 140 | 70% | **698** | 391 | 79% |
| Aircraft rent | **64** | 49 | 31% | **190** | 142 | 34% |
| Landing fees and other rentals | **305** | 194 | 57% | **825** | 532 | 55% |
| Contracted services | **151** | 108 | 40% | **442** | 311 | 42% |
| Selling expenses | **107** | 82 | 30% | **312** | 243 | 28% |
| Depreciation and amortization | **203** | 139 | 46% | **596** | 393 | 52% |
| Food and beverage service | **100** | 69 | 45% | **282** | 194 | 45% |
| Third-party regional carrier expense | **72** | 63 | 14% | **205** | 181 | 13% |
| Other | **256** | 202 | 27% | **764** | 593 | 29% |
| Special items - operating | **64** | 74 | (14)% | **211** | 254 | (17)% |
| **Total Operating Expenses** | **3618** | 2731 | 32% | **10379** | 7704 | 35% |
| **Operating Income** | **148** | 341 | (57)% | **228** | 497 | (54)% |
| **Non-operating Income (Expense)** |  |  |  |  |  |  |
| Interest income | **23** | 28 | (18)% | **71** | 69 | 3% |
| Interest expense | **(70)** | (44) | 59% | **(202)** | (115) | 76% |
| Interest capitalized | **8** | 7 | 14% | **29** | 19 | 53% |
| Other - net | **2** | (4) | 150% | **(10)** | (4) | 150% |
| **Total Non-operating Expense** | **(37)** | (13) | 185% | **(112)** | (31) | NM |
| **Income Before Income Tax** | **111** | 328 |  | **116** | 466 |  |
| Income tax expense | **38** | 92 |  | **37** | 142 |  |
| **Net Income** | $**73** | $236 |  | $**79** | $324 |  |
| **Basic Earnings Per Share** | $**0.63** | $1.87 |  | $**0.66** | $2.57 |  |
| **Diluted Earnings Per Share** | $**0.62** | $1.84 |  | $**0.65** | $2.52 |  |
| Weighted Average Shares Outstanding used for computation: |  |  |  |  |  |  |
| Basic | **115.287** | 126.189 |  | **119.061** | 126.165 |  |
| Diluted | **117.500** | 128.590 |  | **121.193** | 128.347 |  |

---

------

**CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)**

**Alaska Air Group, Inc.**

---

| | | |
|:---|:---|:---|
| ***(in millions)*** | **September 30, 2025** | **December 31, 2024** |
| **ASSETS** | | |
| **Current Assets** | | |
| Cash and cash equivalents | $**778** | $1201 |
| Restricted cash | **28** | 29 |
| Marketable securities | **1494** | 1274 |
| &nbsp;&nbsp;Total cash, restricted cash, and marketable securities | **2300** | 2504 |
| Receivables - net | **586** | 558 |
| Inventories and supplies - net | **229** | 199 |
| Prepaid expenses | **285** | 307 |
| Other current assets | **66** | 192 |
| **Total Current Assets** | **3466** | 3760 |
| **Property and Equipment** |  |  |
| Aircraft and other flight equipment | **12953** | 12273 |
| Other property and equipment | **2367** | 2173 |
| Deposits for future flight equipment | **710** | 883 |
|  | **16030** | 15329 |
| Less accumulated depreciation and amortization | **(4794)** | (4548) |
| **Total Property and Equipment - net** | **11236** | 10781 |
| **Other Assets** |  |  |
| Operating lease assets | **1322** | 1296 |
| Goodwill | **2723** | 2724 |
| Intangible assets - net of accumulated amortization of $60 and $16 | **829** | 873 |
| Other noncurrent assets | **436** | 334 |
| **Total Other Assets** | **5310** | 5227 |
| **Total Assets** | $**20012** | $19768 |

---

------

**CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)**

---

| | | |
|:---|:---|:---|
| ***(in millions, except share amounts)*** | **September 30, 2025** | **December 31, 2024** |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** | | |
| **Current Liabilities** | | |
| Accounts payable | $**322** | $186 |
| Accrued wages, vacation and payroll taxes | **811** | 1001 |
| Air traffic liability | **1938** | 1712 |
| Other accrued liabilities | **1007** | 997 |
| Deferred revenue | **1837** | 1592 |
| Current portion of long-term debt | **519** | 442 |
| Current portion of operating lease liabilities | **216** | 207 |
| Current portion of finance lease liabilities | **9** | 8 |
| **Total Current Liabilities** | **6659** | 6145 |
| **Noncurrent Liabilities** |  |  |
| Long-term debt, net of current portion | **4490** | 4491 |
| Operating lease liabilities, net of current portion | **1197** | 1198 |
| Finance lease liabilities, net of current portion | **40** | 47 |
| Deferred income taxes | **976** | 934 |
| Deferred revenue | **1596** | 1664 |
| Obligation for pension and post-retirement medical benefits | **439** | 460 |
| Other liabilities | **586** | 457 |
| **Total Noncurrent Liabilities** | **9324** | 9251 |
| **Shareholders' Equity** |  |  |
| &nbsp;&nbsp;Preferred stock, $0.01 par value, Authorized: 5,000,000 shares, none issued or outstanding | **—** |  |
| &nbsp;&nbsp;Common stock, $0.01 par value, Authorized: 400,000,000 shares, Issued: 2025 - 144,137,508 shares; 2024 - 141,449,174 shares, Outstanding: 2025 - 115,232,538 shares; 2024 - 123,119,199 shares | **1** | 1 |
| &nbsp;&nbsp;&nbsp;Capital in excess of par value | **913** | 811 |
| &nbsp;&nbsp;Treasury stock (common), at cost: 2025 - 28,904,970 shares; 2024 - 18,329,975 shares | **(1671)** | (1131) |
| Accumulated other comprehensive loss | **(223)** | (239) |
| Retained earnings | **5009** | 4930 |
| **Total Shareholders' Equity** | **4029** | 4372 |
| **Total Liabilities and Shareholders' Equity** | $**20012** | $19768 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **SUMMARY CASH FLOW (unaudited)** | **SUMMARY CASH FLOW (unaudited)** | | |
| **Alaska Air Group, Inc.** | | | |
| ***(in millions)*** | **Nine Months Ended September 30, 2025** |<br>**Six Months Ended June 30, 2025**<sup>(a)</sup> |<br>**Three Months Ended September 30, 2025**<sup>(b)</sup> |
| **Cash Flows from Operating Activities:** | | | |
| Net income | $**79** | $6 | $73 |
| Adjustments to reconcile net income to net cash provided by operating activities | **639** | 455 | 184 |
| Changes in working capital | **346** | 374 | (28) |
| **Net cash provided by operating activities** | **1064** | 835 | 229 |
| **Cash Flows from Investing Activities:** |  |  |  |
| Property and equipment additions | **(963)** | (741) | (222) |
| Other investing activities | **(33)** | (6) | (27) |
| **Net cash used in investing activities** | **(996)** | (747) | (249) |
| **Cash Flows from Financing Activities:** | **(490)** | (544) | 54 |
| Net increase (decrease) in cash and cash equivalents | **(422)** | (456) | 34 |
| Cash, cash equivalents, and restricted cash at beginning of period | **1257** | 1257 | 801 |
| **Cash, cash equivalents, and restricted cash at end of the period** | $**835** | $801 | $835 |

---

(a) As reported in Form 10-Q for the second quarter of 2025.

(b) Cash flows for the three months ended September 30, 2025 can be calculated by subtracting cash flows from the six months ended June 30, 2025 from the nine months ended September 30, 2025.

**SPECIAL ITEMS (unaudited)**

Air Group has classified certain operating activity as special items due to their unusual or infrequently occurring nature. We believe disclosing information about these items separately improves comparable year-over-year analysis and allows stakeholders to better understand our results of operations. A description of the special items is provided below.

*Integration costs:* Integration costs were associated with the acquisition of Hawaiian Airlines and consist of employee-related costs, legal and professional fees, technology, and other merger costs.

*Labor and other:* Labor and other costs in 2025 were primarily for changes to Alaska flight attendants' sick leave benefits pursuant to a new collective bargaining agreement ratified in the first quarter of 2025. Costs in 2024 were associated with new labor agreements, the retirement of Alaska's Airbus and Horizon's Q400 aircraft, and certain litigation items.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| ***(in millions)*** | **2025** | **2024** | **2025** | **2024** |
| **Operating Expenses** |  |  |  |  |
| Integration costs | $**61** | $90 | $**154** | $128 |
| Labor and other | **3** | (16) | **57** | 126 |
| **Special items - operating** | $**64** | $74 | $**211** | $254 |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **OPERATING STATISTICS (unaudited)** | **OPERATING STATISTICS (unaudited)** | **OPERATING STATISTICS (unaudited)** | **OPERATING STATISTICS (unaudited)** | | | |
| A manual recalculation of certain figures using rounded amounts may not agree directly to the actual figures presented in the table below. 2024 figures include Hawaiian results September 18, 2024 onward. | A manual recalculation of certain figures using rounded amounts may not agree directly to the actual figures presented in the table below. 2024 figures include Hawaiian results September 18, 2024 onward. | A manual recalculation of certain figures using rounded amounts may not agree directly to the actual figures presented in the table below. 2024 figures include Hawaiian results September 18, 2024 onward. | A manual recalculation of certain figures using rounded amounts may not agree directly to the actual figures presented in the table below. 2024 figures include Hawaiian results September 18, 2024 onward. | A manual recalculation of certain figures using rounded amounts may not agree directly to the actual figures presented in the table below. 2024 figures include Hawaiian results September 18, 2024 onward. | A manual recalculation of certain figures using rounded amounts may not agree directly to the actual figures presented in the table below. 2024 figures include Hawaiian results September 18, 2024 onward. | A manual recalculation of certain figures using rounded amounts may not agree directly to the actual figures presented in the table below. 2024 figures include Hawaiian results September 18, 2024 onward. |
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** | **Change** | **2025** | **2024** | **Change** |
| **Consolidated Operating Statistics:**<sup>(a)</sup> |  |  |  |  |  |  |
| Revenue passengers (000) | **15879** | 13237 | 20.0% | **44272** | 34899 | 26.9% |
| RPMs (000000) "traffic" | **20739** | 16970 | 22.2% | **58174** | 44803 | 29.8% |
| ASMs (000000) "capacity" | **24447** | 19847 | 23.2% | **69724** | 53422 | 30.5% |
| Load factor | **84.8%** | 85.5% | (0.7) pts | **83.4%** | 83.9% | (0.5) pts |
| Yield | **16.51¢** | 16.62¢ | (0.7)% | **16.48¢** | 16.69¢ | (1.3)% |
| PRASM | **14.00¢** | 14.21¢ | (1.5)% | **13.75¢** | 13.99¢ | (1.7)% |
| RASM | **15.41¢** | 15.48¢ | (0.5)% | **15.21¢** | 15.35¢ | (0.9)% |
| CASMex<sup>(b)</sup> | **11.23¢** | 10.16¢ | 10.5% | **11.32¢** | 10.48¢ | 8.0% |
| Economic fuel cost per gallon<sup>(b) (c)</sup> | **$2.51** | $2.61 | (3.8)% | **$2.50** | $2.82 | (11.3)% |
| Fuel gallons (000000)<sup>(c)</sup> | **303** | 240 | 26.3% | **859** | 646 | 33.0% |
| ASMs per gallon | **80.6** | 82.7 | (2.5)% | **81.1** | 82.6 | (1.8)% |
| Departures (000) | **144.0** | 121.6 | 18.4% | **407.4** | 329.7 | 23.6% |
| Average full-time equivalent employees (FTEs) | **32590** | 24963 | 30.6% | **31221** | 23784 | 31.3% |
| Operating fleet<sup>(d)</sup> | **406** | 394 | 12 a/c | **406** | 394 | 12 a/c |
| **Alaska Airlines Operating Statistics:** |  |  |  |  |  |  |
| RPMs (000000) "traffic" | **14140** | 14951 | (5.4)% | **39597** | 40375 | (1.9)% |
| ASMs (000000) "capacity" | **16631** | 17459 | (4.7)% | **47424** | 48118 | (1.4)% |
| Economic fuel cost per gallon | **$2.53** | $2.60 | (2.7)% | **$2.51** | $2.80 | (10.4)% |
| **Hawaiian Airlines Operating Statistics:** |  |  |  |  |  |  |
| RPMs (000000) "traffic" | **5113** | 634 | NM | **14454** | 634 | NM |
| ASMs (000000) "capacity" | **6045** | 763 | NM | **17313** | 763 | NM |
| Economic fuel cost per gallon<sup>(c)</sup> | **$2.36** | $2.35 | —% | **$2.38** | $2.35 | 1% |
| **Regional Operating Statistics:**<sup>(e)</sup> |  |  |  |  |  |  |
| RPMs (000000) "traffic" | **1486** | 1385 | 7.3% | **4123** | 3795 | 8.6% |
| ASMs (000000) "capacity" | **1771** | 1625 | 9.0% | **4987** | 4540 | 9.8% |
| Economic fuel cost per gallon | **$2.73** | $2.74 | (0.4)% | **$2.70** | $2.99 | (9.7)% |

---

(a)Except for FTEs, data includes information related to third-party regional capacity purchase flying arrangements.

(b)See a reconciliation of this non-GAAP measure and Note A for a discussion of the importance of this measure to investors in the accompanying pages.

(c)Excludes operations under the Air Transportation Services Agreement (ATSA) with Amazon.

(d)Includes aircraft owned and leased by Alaska, Hawaiian, and Horizon as well as aircraft operated by third-party regional carriers under capacity purchase agreements. Excludes all aircraft removed from operating service.

(e)Data presented includes information related to flights operated by Horizon and third-party carriers.

------

**GAAP TO NON-GAAP RECONCILIATIONS (unaudited)**

**Alaska Air Group, Inc.**

We are providing reconciliations of reported non-GAAP financial measures to their most directly comparable financial measures reported on a GAAP basis. Amounts in the tables below are rounded to the nearest million. As a result, a manual recalculation of certain figures using these rounded amounts may not agree directly to the actual figures presented in the tables below.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Adjusted Income Before Income Tax Reconciliation** | **Adjusted Income Before Income Tax Reconciliation** | **Adjusted Income Before Income Tax Reconciliation** | | |
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| ***(in millions)*** | **2025** | **2024** | **2025** | **2024** |
| Income before income tax | $**111** | $328 | $**116** | $466 |
| Adjusted for: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mark-to-market fuel hedge adjustment | **—** | (4) | **(4)** | (22) |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gains)/losses on foreign debt | **(2)** |  | **5** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Special items<sup>(a)</sup> | **64** | 75 | **211** | 255 |
| **Adjusted income before income tax** | $**173** | $399 | $**328** | $699 |
| Pretax margin | **2.9%** | 10.7% | **1.1%** | 5.7% |
| Adjusted pretax margin | **4.6%** | 13.0% | **3.1%** | 8.5% |

---

(a) Includes $1 million of non-operating special items in the three and nine months ended September 30, 2024.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CASMex Reconciliation** | **CASMex Reconciliation** | **CASMex Reconciliation** | **CASMex Reconciliation** | **CASMex Reconciliation** | **CASMex Reconciliation** | **CASMex Reconciliation** | **CASMex Reconciliation** | **CASMex Reconciliation** |
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| ***(in millions)*** | **2025** | **2025** | **2024** | **2024** | **2025** | **2025** | **2024** | **2024** |
| Total operating expenses | $**3618** |  | $2731 |  | $**10379** |  | $7704 |  |
| Less the following components: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Aircraft fuel, including hedging gains and losses | **761** |  | 624 |  | **2142** |  | 1804 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Freighter costs | **47** |  | 17 |  | **135** |  | 46 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Special items - operating | **64** |  | 74 |  | **211** |  | 254 |  |
| **Total operating expenses, excluding fuel, freighter costs, and special items** | $**2746** |  | $2016 |  | $**7891** |  | $5600 |  |
| ASMs | **24447** |  | 19847 |  | **69724** |  | 53422 |  |
| CASMex | **11.23** | **¢** | 10.16 | ¢ | **11.32** | **¢** | 10.48 | ¢ |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fuel Reconciliation** | **Fuel Reconciliation** | **Fuel Reconciliation** | **Fuel Reconciliation** | **Fuel Reconciliation** |
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** |
|  | **2025** | **2025** | **2024** | **2024** |
| ***(in millions, except for per-gallon amounts)*** | **Dollars** | **Cost/Gallon** | **Dollars** | **Cost/Gallon** |
| Raw or "into-plane" fuel cost | $**761** | $**2.51** | $619 | $2.57 |
| Losses on settled hedges | **—** | **—** | 9 | 0.04 |
| **Economic fuel expense** | $**761** | $**2.51** | $628 | $2.61 |
| Mark-to-market fuel hedge adjustment | **—** | **—** | (4) | (0.01) |
| **Aircraft fuel, including hedging gains and losses** | $**761** | $**2.51** | $624 | $2.60 |
| **Fuel gallons** |  | **303** |  | 240 |
|  | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2025** | **2024** | **2024** |
| ***(in millions, except for per gallon amounts)*** | **Dollars** | **Cost/Gallon** | **Dollars** | **Cost/Gallon** |
| Raw or "into-plane" fuel cost | $**2142** | $**2.50** | $1795 | $2.77 |
| Losses on settled hedges | **4** | **—** | 31 | 0.05 |
| **Economic fuel expense** | $**2146** | $**2.50** | $1826 | $2.82 |
| Mark-to-market fuel hedge adjustment | **(4)** | **—** | (22) | (0.03) |
| **Aircraft fuel, including hedging gains and losses** | $**2142** | $**2.50** | $1804 | $2.79 |
| **Fuel gallons** |  | **859** |  | 646 |

---

---

| | | |
|:---|:---|:---|
| **Debt-to-capitalization, including leases** | **Debt-to-capitalization, including leases** | **Debt-to-capitalization, including leases** |
| ***(in millions)*** | **September 30, 2025** | **December 31, 2024** |
| Long-term debt, net of current portion | $**4490** | $4491 |
| Capitalized operating leases | **1413** | 1405 |
| Capitalized finance leases | **49** | 55 |
| **Adjusted debt, net of current portion of long-term debt** | **5952** | 5951 |
| Shareholders' equity | **4029** | 4372 |
| **Total Invested Capital** | $**9981** | $10323 |
| **Debt-to-capitalization ratio, including leases** | **60%** | 58% |

---

------

---

| | | |
|:---|:---|:---|
| **Adjusted net debt to earnings before interest, taxes, depreciation, amortization, rent, and special items** | **Adjusted net debt to earnings before interest, taxes, depreciation, amortization, rent, and special items** | **Adjusted net debt to earnings before interest, taxes, depreciation, amortization, rent, and special items** |
| ***(in millions)*** | **September 30, 2025** | **December 31, 2024** |
| Long-term debt | $**5009** | $4933 |
| Capitalized operating leases | **1413** | 1405 |
| Capitalized finance leases | **49** | 55 |
| &nbsp;&nbsp;&nbsp;**Total adjusted debt** | **6471** | 6393 |
| Less: Total cash and marketable securities | **2272** | 2475 |
| &nbsp;&nbsp;&nbsp;**Adjusted net debt** | $**4199** | $3918 |
| ***(in millions)*** | **Twelve Months Ended September 30, 2025** | **Twelve Months Ended December 31, 2024** |
| Operating Income<sup>(a)</sup> | $**301** | $570 |
| Adjusted for: |  |  |
| &nbsp;&nbsp;&nbsp;Special items - operating | **302** | 345 |
| &nbsp;&nbsp;&nbsp;Mark-to-market fuel hedge adjustments | **(10)** | (28) |
| &nbsp;&nbsp;&nbsp;Gain on foreign debt | **(5)** | (10) |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | **786** | 583 |
| &nbsp;&nbsp;&nbsp;Aircraft rent | **255** | 207 |
| **EBITDAR** | $**1629** | $1667 |
| **Adjusted net debt to EBITDAR** | **2.6x** | 2.4x |

---

(a)Operating income can be reconciled using the trailing twelve month operating income as filed quarterly with the SEC.

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **OPERATING SEGMENTS (unaudited)** | **OPERATING SEGMENTS (unaudited)** | **OPERATING SEGMENTS (unaudited)** | **OPERATING SEGMENTS (unaudited)** | **OPERATING SEGMENTS (unaudited)** | **OPERATING SEGMENTS (unaudited)** | **OPERATING SEGMENTS (unaudited)** | **OPERATING SEGMENTS (unaudited)** |
| **Alaska Air Group, Inc.** | | | | | | | |
| | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** |
| ***(in millions)*** | **Alaska Airlines** | **Hawaiian Airlines** | **Regional** | **Consolidating & Other**<sup>(a)</sup> | **Air Group Adjusted**<sup>(b)</sup> | **Adjustments**<sup>(c)</sup> | **Consolidated** |
| **Operating Revenue** | | | | | | | |
| Passenger revenue | $2172 | $768 | $484 | $— | $3424 | $— | $3424 |
| Loyalty program other revenue | 155 | 29 | 16 |  | 200 |  | 200 |
| Cargo and other revenue | 79 | 60 |  | 3 | 142 |  | 142 |
| **Total Operating Revenue** | 2406 | 857 | 500 | 3 | 3766 |  | 3766 |
| **Operating Expenses** |  |  |  |  |  |  |  |
| Operating expenses, excluding fuel | 1745 | 684 | 386 | (22) | 2793 | 64 | 2857 |
| Fuel expense | 470 | 188 | 103 |  | 761 |  | 761 |
| **Total Operating Expenses (Income)** | 2215 | 872 | 489 | (22) | 3554 | 64 | 3618 |
| **Non-operating Income (Expense)** | (4) | (27) |  | (8) | (39) | 2 | (37) |
| **Income (Loss) Before Income Tax** | $187 | $(42) | $11 | $17 | $173 | $(62) | $111 |
|  | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** |
| ***(in millions)*** | **Alaska Airlines** | **Hawaiian Airlines** | **Regional** | **Consolidating & Other**<sup>(a)</sup> | **Air Group Adjusted**<sup>(b)</sup> | **Adjustments**<sup>(c)</sup> | **Consolidated** |
| **Operating Revenue** |  |  |  |  |  |  |  |
| Passenger revenue | $2261 | $84 | $476 | $— | $2821 | $— | $2821 |
| Loyalty program other revenue | 151 | 5 | 15 |  | 171 |  | 171 |
| Cargo and other revenue | 71 | 6 |  | 3 | 80 |  | 80 |
| **Total Operating Revenue** | 2483 | 95 | 491 | 3 | 3072 |  | 3072 |
| **Operating Expenses** |  |  |  |  |  |  |  |
| Operating expenses, excluding fuel | 1625 | 82 | 340 | (14) | 2033 | 74 | 2107 |
| Fuel expense | 510 | 23 | 95 |  | 628 | (4) | 624 |
| **Total Operating Expenses (Income)** | 2135 | 105 | 435 | (14) | 2661 | 70 | 2731 |
| **Non-operating Income (Expense)** | 3 | (4) |  | (11) | (12) | (1) | (13) |
| **Income (Loss) Before Income Tax** | $351 | $(14) | $56 | $6 | $399 | $(71) | $328 |

---

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** |
| ***(in millions)*** | **Alaska Airlines** | **Hawaiian Airlines** | **Regional** | **Consolidating & Other**<sup>(a)</sup> | **Air Group Adjusted**<sup>(b)</sup> | **Adjustments**<sup>(c)</sup> | **Consolidated** |
| **Operating Revenue** | | | | | | | |
| Passenger revenue | $6061 | $2190 | $1336 | $— | $9587 | $— | $9587 |
| Loyalty program other revenue | 468 | 100 | 49 |  | 617 |  | 617 |
| Cargo and other revenue | 224 | 171 |  | 8 | 403 |  | 403 |
| **Total Operating Revenue** | 6753 | 2461 | 1385 | 8 | 10607 |  | 10607 |
| Operating Expenses |  |  |  |  |  |  |  |
| Operating expenses, excluding fuel | 5004 | 1986 | 1102 | (66) | 8026 | 211 | 8237 |
| Fuel expense | 1326 | 533 | 287 |  | 2146 | (4) | 2142 |
| **Total Operating Expenses (Income)** | 6330 | 2519 | 1389 | (66) | 10172 | 207 | 10379 |
| **Non-operating Income (Expense)** | (12) | (71) |  | (24) | (107) | (5) | (112) |
| **Income (Loss) Before Income Tax** | $411 | $(129) | $(4) | $50 | $328 | $(212) | $116 |
|  | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** |
| ***(in millions)*** | **Alaska Airlines** | **Hawaiian Airlines** | **Regional** | **Consolidating & Other**<sup>(a)</sup> | **Air Group Adjusted**<sup>(b)</sup> | **Adjustments**<sup>(c)</sup> | **Consolidated** |
| **Operating Revenue** |  |  |  |  |  |  |  |
| Passenger revenue | $6078 | $84 | $1314 | $— | $7476 | $— | $7476 |
| Loyalty program other revenue | 460 | 5 | 44 |  | 509 |  | 509 |
| Cargo and other revenue | 202 | 6 |  | 8 | 216 |  | 216 |
| **Total Operating Revenue** | 6740 | 95 | 1358 | 8 | 8201 |  | 8201 |
| Operating Expenses |  |  |  |  |  |  |  |
| Operating expenses, excluding fuel | 4639 | 82 | 977 | (52) | 5646 | 254 | 5900 |
| Fuel expense | 1515 | 23 | 288 |  | 1826 | (22) | 1804 |
| **Total Operating Expenses (Income)** | 6154 | 105 | 1265 | (52) | 7472 | 232 | 7704 |
| **Non-operating Income (Expense)** | 6 | (4) |  | (32) | (30) | (1) | (31) |
| **Income (Loss) Before Income Tax** | $592 | $(14) | $93 | $28 | $699 | $(233) | $466 |

---

(a)Includes consolidating entries, Air Group parent company, Horizon, McGee Air Services, and other immaterial business units.

(b) The Air Group Adjusted column represents the financial information that is reviewed by management to assess performance of operations and determine capital allocation and excludes certain charges.

(c) Includes special items, mark-to-market fuel hedge accounting adjustments, and gain and losses on foreign debt.

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **SUPPLEMENTARY PRO FORMA COMPARATIVE FINANCIAL AND OPERATING INFORMATION (unaudited)** | **SUPPLEMENTARY PRO FORMA COMPARATIVE FINANCIAL AND OPERATING INFORMATION (unaudited)** | **SUPPLEMENTARY PRO FORMA COMPARATIVE FINANCIAL AND OPERATING INFORMATION (unaudited)** | **SUPPLEMENTARY PRO FORMA COMPARATIVE FINANCIAL AND OPERATING INFORMATION (unaudited)** | **SUPPLEMENTARY PRO FORMA COMPARATIVE FINANCIAL AND OPERATING INFORMATION (unaudited)** | **SUPPLEMENTARY PRO FORMA COMPARATIVE FINANCIAL AND OPERATING INFORMATION (unaudited)** | **SUPPLEMENTARY PRO FORMA COMPARATIVE FINANCIAL AND OPERATING INFORMATION (unaudited)** |
| We believe that analysis of specific financial and operational results on a pro forma basis provides more meaningful year-over-year comparisons. The table below provides results comparing the three and nine months ended September 30, 2025 as reported to the pro forma three and nine months ended September 30, 2024. Hawaiian's financial information has been conformed to reflect Air Group's historical financial statement presentation. This information does not purport to reflect what our financial and operational results would have been had the acquisition been consummated at the beginning of the periods presented. | We believe that analysis of specific financial and operational results on a pro forma basis provides more meaningful year-over-year comparisons. The table below provides results comparing the three and nine months ended September 30, 2025 as reported to the pro forma three and nine months ended September 30, 2024. Hawaiian's financial information has been conformed to reflect Air Group's historical financial statement presentation. This information does not purport to reflect what our financial and operational results would have been had the acquisition been consummated at the beginning of the periods presented. | We believe that analysis of specific financial and operational results on a pro forma basis provides more meaningful year-over-year comparisons. The table below provides results comparing the three and nine months ended September 30, 2025 as reported to the pro forma three and nine months ended September 30, 2024. Hawaiian's financial information has been conformed to reflect Air Group's historical financial statement presentation. This information does not purport to reflect what our financial and operational results would have been had the acquisition been consummated at the beginning of the periods presented. | We believe that analysis of specific financial and operational results on a pro forma basis provides more meaningful year-over-year comparisons. The table below provides results comparing the three and nine months ended September 30, 2025 as reported to the pro forma three and nine months ended September 30, 2024. Hawaiian's financial information has been conformed to reflect Air Group's historical financial statement presentation. This information does not purport to reflect what our financial and operational results would have been had the acquisition been consummated at the beginning of the periods presented. | We believe that analysis of specific financial and operational results on a pro forma basis provides more meaningful year-over-year comparisons. The table below provides results comparing the three and nine months ended September 30, 2025 as reported to the pro forma three and nine months ended September 30, 2024. Hawaiian's financial information has been conformed to reflect Air Group's historical financial statement presentation. This information does not purport to reflect what our financial and operational results would have been had the acquisition been consummated at the beginning of the periods presented. | We believe that analysis of specific financial and operational results on a pro forma basis provides more meaningful year-over-year comparisons. The table below provides results comparing the three and nine months ended September 30, 2025 as reported to the pro forma three and nine months ended September 30, 2024. Hawaiian's financial information has been conformed to reflect Air Group's historical financial statement presentation. This information does not purport to reflect what our financial and operational results would have been had the acquisition been consummated at the beginning of the periods presented. | We believe that analysis of specific financial and operational results on a pro forma basis provides more meaningful year-over-year comparisons. The table below provides results comparing the three and nine months ended September 30, 2025 as reported to the pro forma three and nine months ended September 30, 2024. Hawaiian's financial information has been conformed to reflect Air Group's historical financial statement presentation. This information does not purport to reflect what our financial and operational results would have been had the acquisition been consummated at the beginning of the periods presented. |
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| ***(in millions)*** | **2025** | **2024 Pro forma**<sup>(a)</sup> | **Change** | **2025** | **2024 Pro forma**<sup>(b)</sup> | **Change** |
| **Operating Revenue** |  |  |  |  |  |  |
| Passenger revenue | $**3424** | $3424 | —% | $**9587** | $9324 | 3% |
| Loyalty program other revenue | **200** | 197 | 2% | **617** | 593 | 4% |
| Cargo and other revenue | **142** | 118 | 20% | **403** | 328 | 23% |
| **Total Operating Revenue** | **3766** | 3739 | 1% | **10607** | 10245 | 4% |
| Operating expenses, excluding fuel | **2857** | 2650 | 8% | **8237** | 7665 | 7% |
| Aircraft fuel, including hedging gains and losses | **761** | 783 | (3)% | **2142** | 2343 | (9)% |
| **Total Operating Expenses** | **3618** | 3433 | 5% | **10379** | 10008 | 4% |
| **Operating Income** | **148** | 306 | (52)% | **228** | 237 | (4)% |
| Non-operating expense | **(37)** | (51) | (27)% | **(112)** | (88) | 27% |
| **Income Before Income Tax** | **111** | 255 | (56)% | **116** | 149 | (22)% |
| Special items<sup>(c)</sup> | **64** | 79 | (19)% | **211** | 265 | (20)% |
| Mark-to-market fuel hedge adjustments | **—** | (4) | (100)% | **(4)** | (24) | (83)% |
| (Gain)/Losses on foreign debt | **(2)** | 13 | (115)% | **5** | (3) | NM |
| **Adjusted Income Before Income Tax** | $**173** | $343 | (50)% | $**328** | $387 | (15)% |
| Pretax Margin | **2.9%** | 6.8% | (3.9) pts | **1.1%** | 1.5% | (0.4) pts |
| Adjusted Pretax Margin | **4.6%** | 9.2% | (4.6) pts | **3.1%** | 3.8% | (0.7) pts |
| **Pro forma Comparative Operating Statistics** |  |  |  |  |  |  |
| Revenue passengers (000) | **15879** | 15724 | 1.0% | **44272** | 42795 | 3.5% |
| RPMs (000000) "traffic" | **20739** | 21073 | (1.6)% | **58174** | 57498 | 1.2% |
| ASMs (000000) "capacity" | **24447** | 24607 | (0.7)% | **69724** | 68462 | 1.8% |
| Load factor | **84.8%** | 85.6% | (0.8) pts | **83.4%** | 84.0% | (0.6) pts |
| Yield | **16.51¢** | 16.25¢ | 1.6% | **16.48¢** | 16.22¢ | 1.6% |
| RASM | **15.41¢** | 15.19¢ | 1.4% | **15.21¢** | 14.96¢ | 1.7% |
| CASMex | **11.23¢** | 10.34¢ | 8.6% | **11.32¢** | 10.69¢ | 5.9% |
| **Pro forma Comparative CASMex Reconciliation** |  |  |  |  |  |  |
| ***(in millions)*** |  |  |  |  |  |  |
| Total operating expenses | $**3618** | $3433 | 5% | $**10379** | $10008 | 4% |
| Less the following components: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Aircraft fuel, including hedging gains and losses | **761** | 783 | (3)% | **2142** | 2343 | (9)% |
| &nbsp;&nbsp;&nbsp;Freighter costs | **47** | 29 | 62% | **135** | 74 | 82% |
| &nbsp;&nbsp;&nbsp;Special items - operating | **64** | 78 | (18)% | **211** | 272 | (22)% |
| **Total operating expenses, excluding fuel, freighter costs, and special items** | $**2746** | $2543 | 8% | $**7891** | $7319 | 8% |
| ASMs | **24447** | 24607 | (0.7)% | **69724** | 68462 | 1.8% |
| CASMex | **11.23¢** | 10.34¢ | 8.6% | **11.32¢** | 10.69¢ | 5.9% |

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(a) As provided on Form 8-K filed with the SEC on January 22, 2025, including certain immaterial reclassification and policy adjustments.

(b) Pro forma nine months ended September 30, 2024 can be calculated by adding the three months ended March 31, 2024, June 30, 2024, and September 30, 2024 as provided on Form 8-K filed with the SEC on January 22, 2025, including certain immaterial reclassification and policy adjustments.

(c) Includes non-operating special items of $1 million expense and $7 million income for three and nine months ended September 30, 2024.

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**Note A:** Pursuant to Regulation G, we are providing reconciliations of reported non-GAAP financial measures to their most directly comparable financial measures reported on a GAAP basis. We believe that consideration of these non-GAAP financial measures may be important to investors for the following reasons:

**•** By excluding certain costs from our unit metrics, we believe that we have better visibility into the results of operations. Our industry is highly competitive and is characterized by high fixed costs, so even a small reduction in non-fuel operating costs can result in a significant improvement in operating results. We believe that all U.S. carriers are similarly impacted by changes in jet fuel costs over the long run, so it is important for management and investors to understand the impact of company-specific cost drivers which are more controllable by management. We adjust for expenses related directly to our freighter aircraft operations, including those costs incurred under the ATSA with Amazon, to allow for better comparability to other carriers that do not operate freighter aircraft. We also exclude certain special charges as they are unusual or nonrecurring in nature and adjusting for these expenses allows management and investors to better understand our cost performance.

**•** CASMex is one of the most important measures used by management and by the Air Group Board of Directors in assessing quarterly and annual cost performance. CASMex is also a measure commonly used by industry analysts, and we believe it is the basis by which they have historically compared our airline to others in the industry. The measure is also the subject of frequent questions from investors.

**•** Adjusted pretax income is an important metric for the employee incentive plan, which covers the majority of Air Group employees.

**•** Disclosure of the individual impact of certain noted items provides investors the ability to measure and monitor performance both with and without these special items. We believe that disclosing the impact of these items as noted above is important because it provides information on significant items that are not necessarily indicative of future performance. Industry analysts and investors consistently measure our performance without these items for better comparability between periods and among other airlines.

**•** Although we disclose our unit revenue, we do not, nor are we able to, evaluate unit revenue excluding the impact that changes in fuel costs have had on ticket prices. Fuel expense represents a large percentage of our total operating expenses. Fluctuations in fuel prices often drive changes in unit revenue in the mid-to-long term. Although we believe it is useful to evaluate non-fuel unit costs for the reasons noted above, we would caution readers of these financial statements not to place undue reliance on unit costs excluding fuel as a measure or predictor of future profitability because of the significant impact of fuel costs on our business.

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**GLOSSARY OF TERMS**

**Adjusted net debt -** long-term debt, including current portion, plus capitalized operating and finance leases, less cash and marketable securities

**Adjusted net debt to EBITDAR** - represents net adjusted debt divided by EBITDAR (trailing twelve months earnings before interest, taxes, depreciation, amortization, rent, and special items)

**ASMs** - available seat miles, or "capacity"; represents total seats available across the fleet multiplied by the number of miles flown

**CASMex** - operating costs excluding fuel, freighter costs, and special items per ASM, or "unit cost"

**Debt-to-capitalization ratio** - represents adjusted debt (long-term debt plus capitalized operating and finance lease liabilities) divided by total equity plus adjusted debt

**Diluted Earnings per Share** - represents earnings per share (EPS) using fully diluted shares outstanding

**Diluted Shares** - represents the total number of shares that would be outstanding if all possible sources of conversion, such as stock options, were exercised

**Economic Fuel** - best estimate of the cash cost of fuel, net of the impact of our fuel-hedging programs and excluding operations under the Air Transportation Service Agreement (ATSA) with Amazon

**Freighter Costs -** operating expenses directly attributable to the operation of Alaska's B737 freighter aircraft and Hawaiian's A330-300 freighter aircraft exclusively performing cargo missions

**Load Factor** - RPMs as a percentage of ASMs; represents the number of available seats that were filled with revenue passengers

**PRASM** - passenger revenue per ASM, or "passenger unit revenue"

**RASM** - operating revenue per ASMs, or "unit revenue"; operating revenue includes all passenger revenue, freight & mail, loyalty program revenue, and other ancillary revenue; represents the average total revenue for flying one seat one mile

**RPMs** - revenue passenger miles, or "traffic"; represents the number of seats that were filled with revenue passengers; one passenger traveling one mile is one RPM

**Yield** - passenger revenue per RPM; represents the average passenger revenue for flying one passenger one mile

## Exhibit 99.2

![](alksupplemental3q25001.jpg)

ALASKA AIR GROUP Q3 2025 Earnings \| October 23, 2025 1

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![](alksupplemental3q25002.jpg)

2 Safe Harbor This presentation may contain forward - looking statements subject to the safe harbor protection provided by Section 27A of the Securities Act of 1933 , Section 21E of the Securities Exchange Act of 1934 , and the Private Securities Litigation Reform Act of 1995 . These statements relate to future events and involve known and unknown risks and uncertainties that may cause actual outcomes to be materially different from those indicated by our forward - looking statements, assumptions or beliefs . For a discussion of risks and uncertainties that may cause our forward - looking statements to differ materially, see Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2024 . Some of these risks include competition, labor costs, relations and availability, general economic conditions, increases in operating costs including fuel, uncertainties regarding the ability to successfully integrate the operations of the recently completed acquisition of Hawaiian Holdings, Inc . and the ability to realize anticipated cost savings, synergies, or growth from the acquisition, inability to meet cost reduction and other strategic goals, seasonal fluctuations in demand and financial results, supply chain risks, events that negatively impact aviation safety and security, cybersecurity risks, and changes in laws and regulations that impact our business . All of the forward - looking statements are qualified in their entirety by reference to the risk factors discussed in our most recent Form 10-K . We operate in a continually changing business environment, and new risk factors emerge from time to time. Management cannot predict such new risk factors, nor can it assess the impact, if any, of such new risk factors on our business or events described in any forward - looking statements . We expressly disclaim any obligation to publicly update or revise any forward - looking statements made today to conform them to actual results . Over time, our actual results, performance or achievements may differ from the anticipated results, performance or achievements that are expressed or implied by our forward -looking statements, assumptions or beliefs and such differences might be significant and materially adverse . Non -GAAP Financial Information The Company has made reference in this presentation to financial metrics which are not in accordance with GAAP . Pursuant to Regulation G, we have provided reconciliations of non-GAAP financial measures to their most directly comparable financial measures reported on a GAAP basis within the Third Quarter 2025 Earnings Release filed concurrently with this presentation . Prior year non-GAAP financial metrics have been reconciled in previous SEC filings, and can be referenced therein.

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![](alksupplemental3q25003.jpg)

3 Earnings Update ❑ Reported Q3 2025 financials reflect consolidated results , with the comparable prior year period results including Hawaiian from September 18, 2024 onward . Commentary on Q3 performance and forward - looking guidance is compared to pro forma periods and assumes Hawaiian is included in both 2024 and 2025. We believe this basis of comparison is relevant for understanding our expected results. ❑ Air Group's adjusted earnings per share of $1.05 came in line with revised mid -quarter expectations, primarily impacted by higher fuel and non -fuel cost pressure resulting from an IT outage in July and several weeks of irregular operations from challenging summer weather. Strength in revenue trends persisted throughout the quarter and commercial initiatives and synergies remain on track. ❑ Unit revenue increased 1.4% in Q3 2025, continuing to lead the industry as the inflection in demand that began in July persisted throughout the quarter, including a significant rebound in corporate traffic. ❑ Q3 2025 unit costs were up 8.6%, pressured from a combination of lower capacity and operational challenges during the summer period. ❑ Economic fuel cost per gallon averaged $2.51 for Q3 2025 as West Coast refining margins remained elevated throughout the quarter. ❑ Air Group's balance sheet remains strong, with debt -to-cap at 60%, and adjusted net debt to EBITDAR at 2.6x.

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![](alksupplemental3q25004.jpg)

4 Alaska Accelerate initiatives progressing well $100M $150M $150M Network Product Loyalty Cargo ▪ Industry - leading Q3 RASM (1) ▪ PDX banking strategy nearly tripled connecting passengers during Q3 ▪ Launched SEA -ICN in September 2025 ▪ Announced SEA to Rome, London, and Iceland starting Spring 2026 ▪ Premium revenue up 5% ▪ ~ 70% of 737 premium seat retrofits completed ▪ Announced Starlink Wi -Fi installations to begin this winter, bringing Atmos Rewards members free, unmatched connectivity ▪ Officially announced SAN lounge, construction to begin early 2027 ▪ Launched combined single loyalty platform, Atmos ▪ Card acquisitions up 48%, led by premium card; 10% of cardholders entirely new to Atmos ▪ Cash remuneration up 8%, 17% in Sep post - launch ▪ New card acquisitions exceeded YE target within 2 weeks of launch ▪ Cargo revenue increased 27 % y/y ▪ First quarter of full freighter fleet in service including 10 A330 Amazon aircraft ▪ Launch of second international route to ICN $400M Synergies on track Synergies on track Synergies on trackInitiatives on track 1 – Industry - leading Q3 y/y RASM expectation based on SEC filings and consensus estimates as of October 22, 2025

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![](alksupplemental3q25005.jpg)

5 Alaska Accelerate helping close RASM gap Stage -length adjusted unit revenue gap to network carriers Notes 79% 82% 83% FY 2023 FY 2024 FY 2025E Unit revenue based on company filings, company guidance , and consensus estimates for network carriers including DAL, AAL, UAL Stag e length adjusted using Diio data ■ Air Group has made significant investments to better serve the premium segment of the market over the last several years ■ Alaska Accelerate initiatives will continue to close the RASM gap versus network carriers and are beginning to produce results in 2025 ■ We expect to further close this gap as these investments mature and we harvest additional profit in 2026 and beyond

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![](alksupplemental3q25006.jpg)

6 Third consecutive quarter of leading unit revenue Unit revenue change y/y Notes ■ Q3 2025 unit revenue increased 1.4% y/y, on the better end of prior guidance ■ Premium demand remains strong with premium revenue up 5% on a system basis despite an overall capacity decline of (1%) while premium revenue was up 15% for Hawaiian Assets ■ Corporate travel demonstrated a strong inflection in Q3 2025, with revenue up 8% y/y compared to a low single -digit decline in Q2 2025 ■ Cargo revenue and loyalty cash remuneration revenue also outpaced system revenue growth, up 27% and 8% respectively 5.0% (0.6%) 1.4% 2.0% 1Q25 2Q25 3Q25 4Q25E ALK Big 4 Q3 2025 and Q4 2025E unit revenue based on company filings, company guidance and consensus estimates including DAL, AAL, UAL, LU V LSD %

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![](alksupplemental3q25007.jpg)

7 Revenue and Cost dynamics show improving exit rate Y/Y RASM vs CASMex Spread Notes ■ With Alaska Accelerate investments underway, Air Group is beginning to harvest benefits that large industry peers are already fully capturing ■ Absent fuel impacts, margin profile to improve significantly into Q4 2025 as macro headwinds moderate and synergies and initiatives continue to ramp ■ Q2 and Q3 non -fuel costs impacted by reduced growth and elevated transitory costs while revenue faced weaker macroeconomic environment 3% (7%) (7%) (1%) Q1 Q2 Q3 Q4 Approaching flat

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![](alksupplemental3q25008.jpg)

2.1% 6.5% 8.6% 2.9% 5.0% 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 1Q25 2Q25 3Q25 4Q25E FY25E 8 Unit cost exit rate remains strong CASMex change y/y Chart not to scale Capacity Growth 3.9% 2.7% (0.7%) ~ 2% to 3% ~ 2% Notes ■ Unit costs were up 8.6% y/y in Q3 2025, pressured by a combination of low growth (~2pts) and elevated recovery costs from IT outage and challenging summer operations (~1pt) ■ Q4 2025 unit costs still pressured by low growth, but expected to show sequential improvement supported by cost synergy trajectory and return of capacity growth of 2% to 3% y/y ■ FY 2025 unit costs are expected to be up MSD, inclusive of ~2 pts of pressure from labor deals LSD % MSD %

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![](alksupplemental3q25009.jpg)

9 Fuel Costs LA vs USGC Refining Margins (1) Notes ■ Crude oil prices declined marginally throughout the quarter, down ~4% versus June ■ West Coast refining margins remained elevated throughout Q3 2025, averaging $0.75 ■ Recent volatility in West Coast refining margins driven by continued supply disruptions are likely to result in elevated costs for the remainder of the year USGC Crack Platts Jet/Kero LA Crack Q3 Avg: $0.75 1 – Data from FIS Global Kiodex and Platts S&P Global Commodity Insights $1.07 $0.68 $1.20

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![](alksupplemental3q25010.jpg)

10 Balance Sheet and Share Repurchases Shares Outstanding Target Adj. Net Debt/EBITDAR < 1.5x 0.9x 2.7x 1.0x 1.4x 2.4x 2.6x 2019 2021 2022 2023 2024 3Q25 Adjusted Net Debt/EBITDAR 124 129 128 123 121 118 2019 2023 2024 1Q25 2Q25 3Q25 Diluted Share Count (Millions)

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![](alksupplemental3q25011.jpg)

11 2/4 integration milestones completed by October; Most significant phase of PSS cutover complete Single Loyalty Single Operating Certificate (SOC) Single Passenger Service System (PSS) Joint Collective Bargaining Agreements (JCBA) 2H 2025 Q4 2025 Q2 2026 2025 - 2027 Launched new loyalty brand, Atmos Rewards, and new premium credit card on Aug 20 th Achieved single loyalty program on Oct 1 st when HawaiianMiles members joined Atmos Rewards Atmos for Business portal launched in Sep 2025 Teams on track to achieve SOC and become one mainline airline from an FAA/regulatory perspective by end of Oct Starting in Nov, all flights operated under AS code and Alaska call sign; guests continue to see HA flight # until operational cutover Selling cutover completed on October 15 th, ensuring seamless guest experience . Bookings for HA flights departing April 22 nd and beyond are now made in Alaska's reservation system, SABRE The operational cutover in April '26 will unify full guest experience across AS and HA brands Joint collective bargaining negotiations with union groups remain ongoing Complete Complete

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