ALASKA AIR GROUP, INC. (ALK) Form 8-K — Oct 20, 2026
Alaska Air Group reported Q3 2026 revenue of $4.3 billion, up 14% year over year, but swung to a GAAP net loss of $147 million, or $(1.32) per share. Adjusted EPS excluding certain tax impacts was $0.36, within the original guidance range, though the company recorded a $75 million cumulative tax catch-up that cut adjusted EPS by $0.67. The core problem is fuel: economic fuel cost hit $3.94 per gallon in Q3 (up 57% YoY), and full-year fuel expense is running $1.8 billion above plan. Full-year 2026 guidance was cut to an adjusted loss per share of $(5.50) to $(5.00), with Q4 expected at $(2.50) to $(2.00) assuming fuel of $4.65 to $4.85 per gallon.
Key figures
- Revenue
- 4308000000
- Guidance
- Q4: adjusted loss per share $(2.50) to $(2.00); capacity up 1-1.5% YoY; economic fuel $4.65-$4.85/gallon. Full-year 2026 adjusted loss per share $(5.50) to $(5.00) including $1.8B fuel expense above plan.
- Revenue Yoy
- 14%
- Total Assets
- 21029000000
- Cash Position
- 835000000
- Shares Outstanding
- 111631476
- Rasm yoy
- 11.7%
- Casmex yoy
- 4.4%
- Gaap pretax margin
- 0.4%
- Adjusted eps ex tax
- 0.36
- Available liquidity
- $3.3 billion
- Adjusted pretax margin
- 1.1%
- Debt to capitalization
- 66%
- Premium revenue growth
- ~25%
- Fuel headwind full year
- $1.8 billion
- Operating cash flow 9mo
- 755000000
- Diversified revenue share
- 54%
- Loyalty cash remuneration
- $721 million, +21%
- Q3 tax catchup adjustment
- $75 million (reduced adjusted EPS by $0.67)
- Economic fuel per gallon q3
- $3.94
- Adjusted net debt to ebitdar
- 5.5x
AI analysis
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