Every material Form 8-K Alaska Air has filed with the SEC since October 31, 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Alaska Air Group reported a third-quarter GAAP net loss of $147 million, or $1.32 per share, compared with net income of $73 million a year earlier, while total operating revenue rose 14% to $4.3 billion. The company now expects a full-year 2026 adjusted loss of $5.00 to $5.50 per share, including $1.8 billion of fuel expense above its plan, which points to continued pressure on shareholder earnings.
GAAP net loss of $147 million, or $1.32 per share, versus net income of $73 million in Q3 2025
Adjusted net loss of $35 million, or $0.31 per share; $0.36 per share excluding a $75 million tax adjustment
Full-year 2026 adjusted loss per share guidance of ($5.50) to ($5.00), including $1.8 billion of fuel expense above plan
Q4 2026 adjusted loss per share guidance of ($2.50) to ($2.00), assuming fuel of $4.65 to $4.85 per gallon
Alaska Air Group reported a second-quarter 2026 GAAP net loss of $76 million, or $0.68 per share, compared with net income of $172 million a year earlier, as aircraft fuel cost $4.43 per gallon, up 85% year-over-year. Total operating revenue rose 10% to $4.1 billion, and the company guided to third-quarter adjusted earnings per share of $0.00 to $1.00, so shareholders face a weaker quarter in profit terms but a guided improvement ahead.
Q2 total operating revenue rose 10% year-over-year to $4.1 billion; GAAP net loss was $76 million, or $0.68 per share, versus net income of $172 million in Q2 2025.
Adjusted net loss was $102 million, or $0.92 per share; the company cited $600 million of incremental fuel cost in the quarter.
Q3 2026 guidance: adjusted earnings per share of $0.00 to $1.00, unit revenue up low double digits year-over-year, and economic fuel cost of $3.75 per gallon.
The company raised $1 billion in financing in Q2, including $500 million of 6.5% senior unsecured notes, and reported $3.8 billion in available liquidity at June 30, 2026.
Alaska Air Group's board elected CFO Shane Tackett president of Alaska Airlines, effective June 29, 2026, while he keeps the CFO role and takes over the airline's commercial division. The filing also raises his annual base salary to $692,804 from $659,813 and sets his long-term incentive target at $3,000,000, which gives shareholders a clearer view of the company's senior leadership and pay structure.
Shane Tackett elected president of Alaska Airlines effective June 29, 2026, and continues as CFO of AAG and Alaska Airlines
Commercial division, led by Chief Commercial Officer Andrew Harrison, moves under Tackett's responsibilities
Base salary raised from $659,813 to $692,804; target annual cash incentive raised from 100% to 105% of base salary
Long-term incentive target set at $3,000,000; equity grant value to be set in February 2027
Alaska Air Group's board appointed G. Michael Sievert, former CEO of T-Mobile, as a director effective June 1, 2026, increasing the board from 10 to 11 seats. The filing states that he qualifies as an independent director and will also serve on the boards of Alaska Airlines and Horizon Air Industries, which gives shareholders a new board member with a background in large-scale consumer businesses.
Appointed June 1, 2026, effective immediately; board seats increased from 10 to 11.
Received a prorated annual cash retainer of $85,320 through the next annual meeting, plus a stock grant valued at $189,590.
Will serve on the board's Safety and Innovation Committees and on the boards of Alaska Airlines, Inc. and Horizon Air Industries, Inc.
Per the press release, T-Mobile's market value rose from about $60 billion to about $260 billion during Sievert's time as CEO.
Alaska Airlines issued and sold $500 million of 6.500% senior notes maturing June 1, 2031, fully guaranteed by Alaska Air Group. The company also added a $500 million senior secured term loan backed by Atmos Rewards loyalty program collateral, which increases the company's borrowing and the claims on that collateral.
$500 million of 6.500% senior notes issued May 12, 2026, maturing June 1, 2031, with semiannual interest starting December 1, 2026
Notes are callable before December 1, 2030 at the greater of par or a make-whole price at Treasury plus 50 basis points
$500 million incremental senior secured term loan at Term SOFR plus 2.00%, secured by Atmos Rewards loyalty collateral
Holders of the notes may require repurchase at 101% of principal upon specified changes of control
Alaska Air Group reported a first-quarter 2026 GAAP net loss of $193 million, or $1.69 per share, compared with a net loss of $166 million, or $1.35 per share, a year earlier, even though total operating revenue rose 5% to $3.3 billion. The company suspended full-year 2026 guidance because of fuel price volatility and gave an estimated second-quarter adjusted loss of approximately ($1.00) per share, which matters to shareholders because the filing shows higher costs and no current full-year earnings range.
Q1 2026 GAAP net loss of $193 million, or $1.69 per share, versus a net loss of $166 million, or $1.35 per share, in Q1 2025
Total operating revenue rose 5% to $3.3 billion; aircraft fuel cost per gallon averaged $2.98 versus $2.61
Full-year 2026 guidance suspended; second-quarter adjusted loss per share estimated at approximately ($1.00)
Revolving credit facility commitments increased from $850 million to $1.1 billion in April 2026
Alaska Air Group reported fourth-quarter and full-year 2025 results on January 22, 2026. Fourth-quarter revenue rose 3% to $3.6 billion, and adjusted EPS of $0.43 beat the company's prior expectation of about $0.10, but both GAAP and adjusted EPS fell sharply from a year earlier. The company guided to full-year 2026 adjusted EPS of $3.50 to $6.50 and a first-quarter adjusted loss of $0.50 to $1.50 per share.
Q4 2025 GAAP net income was $21 million, or $0.18 per share, versus $71 million, or $0.55 per share, in Q4 2024.
Q4 2025 adjusted EPS was $0.43, versus $0.97 a year earlier and the company's prior expectation of about $0.10.
Full-year 2025 adjusted EPS was $2.44, versus $4.87 in 2024; the company repurchased 11.3 million shares for $570 million in 2025.
2026 guidance: full-year adjusted EPS of $3.50 to $6.50; first-quarter adjusted EPS of ($1.50) to ($0.50).
Alaska Airlines finalized an order with Boeing for 53 incremental 737-10 aircraft and exercised 52 737-10 options, plus five 787 options, all dated December 31, 2025. The company also added options for 35 more 737-10 aircraft, and the filing does not disclose a purchase price. The deliveries extend Alaska's aircraft delivery stream through 2035 and support its fleet growth plans.
53 incremental and 52 option 737-10 aircraft scheduled for delivery between 2028 and 2035
Five 787 option aircraft exercised for delivery between 2031 and 2032
35 additional 737-10 option aircraft added to the purchase agreement
Company plans to file the supplemental agreements with its 2025 Form 10-K
Alaska Air Group reported third-quarter 2025 total operating revenue of $3.8 billion, up 23% from a year earlier, while GAAP net income fell to $73 million, or $0.62 per share, from $236 million, or $1.84 per share. Adjusted earnings per share were $1.05, compared with $2.25 a year earlier, and the company guided to adjusted EPS of at least $0.40 for the fourth quarter and at least $2.40 for the full year. Higher revenue alongside much lower profit makes the earnings picture mixed for shareholders.
Q3 GAAP net income was $73 million ($0.62 diluted EPS), versus $236 million ($1.84) in Q3 2024.
Q3 adjusted EPS was $1.05, versus $2.25 in Q3 2024 and within the company's prior expectation of $1.00 to $1.40.
Guidance calls for fourth-quarter adjusted EPS of at least $0.40 and full-year 2025 adjusted EPS of at least $2.40.
The company repurchased 10.6 million shares for about $540 million in the nine months ended September 30, 2025, and held $2.3 billion in unrestricted cash and marketable securities.
Alaska Air Group announced a leadership change: Jason Berry will become executive vice president and chief operating officer of Alaska Airlines on November 3, 2025, succeeding Constance von Muehlen, who will retire on February 15, 2026. The filing is a leadership and management transition with no financial results or guidance included, and it is tied to the integration of Alaska and Hawaiian Airlines.
Jason Berry, 48, elected Alaska Airlines EVP and COO effective November 3, 2025; base salary set at $525,000
Berry's target annual cash incentive is 85% of base salary; long-term incentive target is $1,600,000
Von Muehlen serves as Advisor to the COO from November 3, 2025, until her retirement on February 15, 2026
Andrea Schneider succeeds Berry as president of Horizon Air Industries, Inc.
Alaska Air Group entered into an amendment to the term loan facility for its loyalty program, dated October 15, 2024, which reprices the loans. The loans will bear interest at Term SOFR (with a zero floor) plus 1.75%, or the Alternate Base Rate (with a 1.00% floor) plus 0.75%. The filing does not state the loan amount or the prior rate, so the size of the change in borrowing costs cannot be determined from this document.
Amendment dated August 6, 2025 to the Term Loan Credit and Guaranty Agreement dated October 15, 2024 for the loyalty term loan facility
Term SOFR-based loans now carry a margin of 1.75%, with a zero floor on SOFR
Alternate Base Rate loans carry a 1.00% floor plus a 0.75% margin; Bank of America, N.A. serves as replacement lender and administrative agent
Alaska Air Group reported second-quarter 2025 results on July 23, 2025. Total operating revenue rose 28% to $3.7 billion, but GAAP net income fell to $172 million from $220 million a year earlier, and adjusted EPS fell to $1.78 from $2.55, though the 2025 figure exceeded the company's prior adjusted EPS guidance range of $1.15 to $1.65. The 2025 quarter includes Hawaiian Airlines, while the 2024 comparison does not, and management expects full-year EPS greater than $3.25 and third-quarter adjusted EPS of $1.00 to $1.40.
Q2 GAAP net income was $172 million, or $1.42 per share, versus $220 million, or $1.71 per share, in Q2 2024
Q2 adjusted EPS was $1.78, above the prior guidance range of $1.15 to $1.65; the 2024 comparison was $2.55
Third-quarter adjusted EPS is expected at $1.00 to $1.40, including an expected 10 cent impact from a July IT outage; full-year EPS is expected to be greater than $3.25
Repurchased 8.7 million shares for about $428 million in Q2; the company reported $2.1 billion in unrestricted cash and marketable securities as of June 30, 2025
At its May 8, 2025 annual meeting, Alaska Air Group stockholders approved increases to its 2016 Performance Incentive Plan and Employee Stock Purchase Plan, and the company filed amended charter documents and bylaws on May 9, 2025. The changes add foreign ownership limits to comply with U.S. federal law, limit officer monetary liability, and tighten stockholder nomination procedures, which affects how shareholders can nominate directors and propose business.
Stockholders approved 1,450,000 additional shares for the 2016 Plan and 6,000,000 additional shares for the ESPP, with both plans extended through March 12, 2035.
A certificate of amendment adding foreign ownership limits was filed with Delaware on May 9, 2025, to comply with rules enforced by the U.S. Department of Transportation.
A stockholder proposal to amend the clawback policy was defeated, with 3,891,347 votes for and 86,121,899 against.
All 10 director nominees were elected to one-year terms expiring at the 2026 annual meeting.
Alaska Air Group reported a first-quarter 2025 GAAP net loss of $166 million, or $1.35 per share, up from $132 million a year earlier; the figures include Hawaiian Airlines, which was not in the 2024 results. Adjusted net loss narrowed to $95 million ($0.77 per share) from $116 million, but came in below the company's own expected range of $(0.70) to $(0.50) per share. The company guided second-quarter adjusted EPS to $1.15 to $1.65 and did not update full-year 2025 guidance, citing economic uncertainty.
GAAP net loss of $166 million ($1.35 per share) vs. $132 million ($1.05 per share) in Q1 2024
Adjusted net loss of $95 million ($0.77 per share) vs. $116 million ($0.92 per share) in Q1 2024; prior expectation was $(0.70) to $(0.50) per share
Total operating revenue of $3.1 billion, up 41% reported and up 9% on a combined basis
Q2 2025 adjusted EPS guidance of $1.15 to $1.65; full-year 2025 guidance not updated
Alaska Air Group reported fourth-quarter adjusted earnings of $0.97 per share, above its prior guidance of $0.40 to $0.50, and full-year 2024 adjusted EPS of $4.87. It guided full-year 2025 adjusted EPS above $5.75 but expects a first-quarter 2025 loss of $0.50 to $0.70 per share. The company also authorized a new $1 billion share repurchase plan over four years.
Q4 2024 adjusted EPS was $0.97 versus prior guidance of $0.40 to $0.50; GAAP EPS was $0.55.
Full-year 2024 revenue was $11.7 billion; GAAP net income was $395 million, compared with $235 million in 2023.
Full-year 2025 adjusted EPS is expected to be above $5.75; Q1 2025 adjusted EPS is expected to be a loss of $0.70 to $0.50 per share.
A new $1 billion share repurchase plan begins in January 2025; about $250 million of shares were repurchased in Q4 2024.
Alaska Air Group reported third-quarter 2024 GAAP net income of $236 million, or $1.84 per diluted share, up from $139 million, or $1.08, a year earlier. Excluding special items and fuel hedge adjustments, adjusted EPS was $2.25, above the company's revised guidance range and at the high end of that range. Results include only 13 days of Hawaiian Airlines following the September 18, 2024 acquisition close, and the company expects full-year 2024 EPS above the midpoint of its previous $3.50 to $4.50 guidance range.
Q3 GAAP net income $236 million ($1.84 per share) vs. $139 million ($1.08) in Q3 2023; adjusted EPS $2.25 vs. $1.83
Q4 2024 guidance: adjusted EPS of $0.20 to $0.40 and unit revenue (RASM) up mid-single digits versus 2023
Subsequent to quarter end, the company completed $2 billion in financing backed by its Mileage Plan loyalty program; about $1.4 billion was used to refinance Hawaiian debt
Total liquidity of $3.4 billion at quarter end; the company will hold an Investor Day on December 10 and will not host a Q3 earnings call
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.
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