Alaska Air (ALK) Earnings Dates, Call Summary & Reports

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Earnings Data

Report Date

Jul 16, 2026

Before Open (Confirmed)

Period Ending

2026 (Q2)

Consensus EPS Forecast

-0.85

Last Year’s EPS

1.78

Same Quarter Last Year

Analyst Consensus

Strong Buy

Based on 10 Analysts Ratings

Earnings Call Summary

Q1 2026

Earnings Call Date:Apr 20, 2026|

% Change Since:

Earnings Call Sentiment|Neutral

The call presented a balanced picture: strong strategic and operational progress (revenue growth, loyalty acceleration, premium upgrades, international profitability, PSS cutover, and a favorable Bank of America co‑brand deal) contrasted with significant near‑term financial pressure driven primarily by a large and volatile fuel spike, Q1 losses, rising unit costs, and localized demand shocks in Hawaii and Puerto Vallarta. Management emphasized long‑term conviction in their Alaska Accelerate strategy and durable revenue mix improvements while pausing full‑year guidance until fuel and macro volatility stabilize.

Company Guidance

Management suspended its full‑year guide and instead gave detailed Q2 assumptions: coming off Q1 GAAP net loss $193M (adjusted net loss $192M) and adjusted loss per share $1.68 on $3.3B revenue (+5% YoY) with capacity +1.7%, unit revenue +3.5% and unit cost +6.3%, they now expect Q2 capacity ~+1% YoY, unit cost ~1.5 points above Q1, and an estimated Q2 EPS loss of ~$1/share assuming average fuel ~$4.50/gal for the quarter (April ~$4.75/gal), recovering ~1/3 of incremental fuel; management quantified Q1 fuel being >$100M higher and expects ~+$600M of incremental fuel cost in Q2 (a ~$3.60 EPS headwind), assumed a 32% tax rate, and noted fuel volatility (past week range $4.45–$5.15/gal). Financial flexibility remains strong with ~$2.9B liquidity, $20B unencumbered assets, net leverage 3.3x, debt‑to‑capital 61% (Q1 debt repayment $340M; ~$65M expected in Q2), and $250M of buybacks YTD with $180M remaining under a $1B authorization (paused); management also signaled a path to ~10% unit revenue in Q2 if current booking yields hold while calling out premium demand +8% YoY, managed corporate +19% and held revenue next 90 days +30%, even as Hawaii/Puerto Vallarta (≈30% of system capacity) created roughly a two‑point drag and Puerto Vallarta flying was cut ~30% for Q2.

Revenue Growth and Demand Resilience

Total Q1 revenues of $3.3 billion, up 5% year over year on capacity growth of 1.7%; unit revenues up 3.5% YoY. Company expects a path to ~10% unit revenue growth in Q2 assuming current demand holds.

Loyalty and Co‑brand Momentum

Co‑brand cash remuneration of $615 million, up 12% year over year; active Atmos membership grew 13% YoY. New multiyear Bank of America extension secures an additional ~$1 billion of cash remuneration through 2030 and is expected to contribute roughly 0.5 point of margin in 2026 and ~1 point in 2027.

International Network Expansion & Early Profitability

Seattle–Tokyo reached profitability in March (less than a year after launch); load factors >90% for Seattle–Tokyo and Seoul. New long‑haul routes launching to Rome, London, and Reykjavik with early bookings tracking toward full flights and high Atmos member penetration (70%+ on Rome).

Premium Product and Ancillary Revenue Mix Shift

Premium retrofits on 737 fleet >90% complete, enabling sale of ~1.3 million incremental premium seats ahead of peak summer; premium demand up 8% YoY. Over half of revenues now come from outside main cabin (premium, loyalty, cargo, ancillary).

Operational & Guest Experience Improvements

Delivered industry‑leading #1 on‑time performance in Q1 and very high NPS; free Starlink Wi‑Fi rollout complete on regional fleet (737 installations underway) with guest satisfaction improvement of +15 points across Starlink‑equipped aircraft and nearly +30 points on regional jets.

Integration Milestone Completed

Completed preparations and executed single passenger service system (PSS) cutover, removing a major source of integration friction and enabling unified booking, loyalty and product delivery across the combined airline and Hawaiian's oneworld entry.

Corporate & Managed Travel Strength

Managed corporate travel revenue up 19% YoY; held corporate revenue for next 90 days up ~30%, indicating strong corporate demand and improved relevance from international expansion.

Balance Sheet and Capital Actions

Approximately $2.9 billion in total liquidity (cash + undrawn LOC), $20 billion in unencumbered assets, net leverage 3.3x, debt-to-capital 61%. Repaid $340 million of debt in Q1 and executed $250 million of year-to-date share repurchases (pausing further repurchases to evaluate outlook).

Cargo & Commercial Partnerships

Transitioned to a single cargo system enabling better connectivity and harvesting opportunities; renegotiated Amazon terms to eliminate legacy losses and deepen partnership.

Alaska Air (ALK) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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ALK Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Jul 16, 2026	2026 (Q2)	-0.85 / -	1.78	―	―	―
Apr 20, 2026	2026 (Q1)	-1.65 / -1.68	-0.77	-118.18% (-0.91)
Jan 22, 2026	2025 (Q4)	0.11 / 0.43	0.97	-55.67% (-0.54)
Oct 23, 2025	2025 (Q3)	1.09 / 1.05	2.25	-53.33% (-1.20)		―
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)

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
Apr 20, 2026	$43.54	$41.45	-4.80%
Jan 22, 2026	$48.86	$50.87	+4.11%
Oct 23, 2025	$47.68	$46.63	-2.20%
Jul 23, 2025	$53.88	$50.83	-5.66%

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.