The earnings call highlighted significant achievements in revenue growth, successful integration of Hawaiian assets, and positive momentum in premium and cargo operations. However, there were challenges related to operational disruptions, softer-than-expected demand, and cost pressures. Despite these challenges, the company remains optimistic about future growth and profitability.

Company Guidance -

Q3 2025

During the Alaska Air Group 2025 Second Quarter Earnings Call, the company reported a GAAP net income of $172 million and an adjusted net income of $215 million, surpassing their earnings per share guidance with an adjusted EPS of $1.78. The firm achieved record revenues of $3.7 billion, driven by a strong performance in premium revenues and the successful integration of Hawaiian assets, which contributed to a profitable quarter for the Hawaiian franchise for the first time since 2019. The airline's Alaska Accelerate initiative is on track, with synergies and key initiatives progressing ahead of plan, aiming to unlock $1 billion in incremental profit over the next two years. The company also highlighted the launch of its international operations, with new routes such as Seattle to Tokyo Narita and plans for further expansion, supported by the addition of five Boeing 787s. Looking ahead, Alaska Air Group anticipates delivering at least $3.25 in adjusted EPS for 2025, with a long-term target of $10 by 2027, buoyed by promising synergies and favorable capacity adjustments in the broader industry.

Record Revenue Achievement

Air Group generated a record $3.7 billion in revenue, marking a 2% year-over-year increase on capacity growth of 2.7%.

Profitability of Hawaiian Assets

Hawaiian assets recorded their first profitable quarter since 2019, with premium revenues up nearly 19% year-over-year.

Strong Premium Revenue Growth

Premium revenues were up 5% year-over-year, reflecting strong demand and strategic expansion of premium offerings.

Successful Integration and Synergies

The integration of Alaska and Hawaiian Airlines is yielding results ahead of plan, with synergies and initiatives tracking positively.

Positive Momentum in Cargo Operations

Cargo revenues increased by 34% year-over-year, with the successful launch of Seattle, Tokyo Narita route enhancing capabilities.

Launch of International Gateway

Successful launch of Seattle to Tokyo Narita service and planned expansion to Seoul and Rome, supported by an order of additional Boeing 787s.

Resilient Demand and Booking Uptick

Recent uptick in bookings and positive demand momentum noted, despite initial softer demand earlier in the year.

Alaska Air (ALK) Earnings, Revenues Date & History

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ALK Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 16, 2025	2025 (Q3)	1.32 / -	2.25	―	―	―
Jul 23, 2025	2025 (Q2)	1.54 / 1.78	2.55	-30.20% (-0.77)
Apr 23, 2025	2025 (Q1)	-0.77 / -0.77	-0.92	16.30% (+0.15)
Jan 23, 2025	2024 (Q4)	0.47 / 0.97	0.3	223.33% (+0.67)
Oct 31, 2024	2024 (Q3)	2.22 / 2.25	1.83	22.95% (+0.42)	―	―
Jul 17, 2024	2024 (Q2)	2.41 / 2.55	3	-15.00% (-0.45)
Apr 18, 2024	2024 (Q1)	-1.05 / -0.92	-0.62	-48.39% (-0.30)
Jan 25, 2024	2023 (Q4)	0.18 / 0.30	0.92	-67.39% (-0.62)	―
Oct 19, 2023	2023 (Q3)	1.86 / 1.83	2.53	-27.67% (-0.70)	―
Jul 25, 2023	2023 (Q2)	2.71 / 3.00	2.19	36.99% (+0.81)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

ALK Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 23, 2025	$53.88	$50.83	-5.66%
Apr 23, 2025	$46.11	$41.51	-9.98%
Jan 23, 2025	$67.40	$68.85	+2.15%
Oct 31, 2024	$47.27	$47.91	+1.35%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.