Sep 2026 (Q3 FY26) — Oct 21, 2026
Alaska Air Group Q3 FY26 — Strong Diversified Revenue Growth Despite Fuel Headwinds
Read the full callAlaska Air Group earnings: last reported Wed, 21 Oct 2026, for the quarter ended Sep 2026.
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 4,065 | +9.7% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | -4.1 | −11.6 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | -76.0 | −144.2% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
19 of 27 judged targets kept · 45 open · verdicts reflect calls analysed to Sep 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Full Year Earnings Guidance Update | Provide update on full year earnings guidance | Jun 2026 | For the full year, we now expect an adjusted loss per share of between $5.50 and $5. | Achieved |
| Economic Fuel Cost | $3.75 per gallon | Jun 2026 | Our average price was $3.94 per gallon during the quarter, above our original July guidance of $3.75, driven by higher crude and refining costs. | Missed |
| EPS | $3.50 to $6.50 | Dec 2025 | For the full year, we now expect an adjusted loss per share of between $5.50 and $5. | Revised Down |
8 of ALASKA AIR GROUP, INC.'s 72 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 69 more targets are in the full ledger.
Claimed
Qualified
Price
1Y: $47.68 on 22 Oct 2025 → $34.4. High $60.21 (9 Feb 2026), low $33.54 (21 Oct 2026).
Overview
Guidance
19 of 27 judged targets kept · 45 open · verdicts reflect calls analysed to Sep 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Full Year Earnings Guidance Update | Provide update on full year earnings guidance | Jun 2026 | For the full year, we now expect an adjusted loss per share of between $5.50 and $5. | Achieved |
| Economic Fuel Cost | $3.75 per gallon | Jun 2026 | Our average price was $3.94 per gallon during the quarter, above our original July guidance of $3.75, driven by higher crude and refining costs. | Missed |
| EPS | $3.50 to $6.50 | Dec 2025 | For the full year, we now expect an adjusted loss per share of between $5.50 and $5. | Revised Down |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 72 tracked commitments, with each call’s wording and source.
Call summaries
Alaska Air Group Q3 FY26 — Strong Diversified Revenue Growth Despite Fuel Headwinds
Read the full callAlaska Air Group Q2 FY26 — Strategic Milestones Achieved Amidst Fuel Headwinds
Read the full callAlaska Air Group Q1 FY26 — Strong Demand and Loyalty Offset Fuel Headwinds
Read the full callEvery analysed call
Financials
Net profit, year on year: −144% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 3,072 | 3,534 | 3,137 | 3,704 | 3,766 | 3,632 | 3,300 | 4,065 |
| Expenses | 2,731 | -7,317 | 3,334 | 3,427 | 3,618 | 3,557 | 3,579 | 4,233 |
| Operating profit | 341 | 73 | -197 | 277 | 148 | 75 | -279 | -168 |
| Operating margin | 11.1% | 2.1% | −6.3% | 7.5% | 3.9% | 2.1% | −8.4% | −4.1% |
| Other income | -13 | 6 | -36 | -39 | -37 | -45 | -38 | -46 |
| Interest | 44 | 56 | 66 | 66 | 70 | 70 | 76 | 86 |
| Profit before tax | 328 | 79 | -233 | 238 | 111 | 30 | -317 | -214 |
| Tax rate | 28.1% | 10.1% | 28.8% | 27.7% | 34.2% | 30.0% | 39.1% | 64.5% |
| Net profit | 236 | 71 | -166 | 172 | 73 | 21 | -193 | -76 |
| EPS ($ per share) | 1.87 | — | -1.35 | 1.45 | 0.63 | — | -1.69 | -0.68 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Reserves | 4,534 | 5,133 | 3,764 | 4,242 | 4,300 | 4,535 | 4,930 | 5,030 |
| Total liabilities | 7,161 | 8,662 | 11,058 | 10,150 | 10,370 | 10,500 | 15,396 | 16,243 |
| Fixed assets | 6,781 | 6,902 | 6,211 | 6,138 | 7,257 | 8,388 | 10,781 | 11,857 |
| Investments | 1,131 | 1,300 | 1,976 | 2,646 | 2,079 | 1,510 | 1,274 | — |
| Total assets | 10,912 | 12,993 | 14,046 | 13,951 | 14,186 | 14,613 | 19,768 | 20,361 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 1,195 | 1,722 | -234 | 1,030 | 1,418 | 1,050 | 1,464 | 1,249 |
| Cash from investing | -631 | -791 | -593 | -1,008 | -1,218 | -964 | -634 | -1,623 |
| Cash from financing | -647 | -813 | 1,981 | -914 | -325 | -147 | 119 | -199 |
| Capital expenditure | -960 | -696 | -222 | -292 | -1,671 | -1,494 | -293 | -309 |
| Free cash flow | 235 | 1,026 | -456 | 738 | -253 | -444 | 1,171 | 940 |
| Segment | Q2 FY2024 | Q3 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Passenger Tickets | — | — | — | — | — | — | 74% | 76% | — |
| Loyalty Plan | — | — | — | — | — | — | 11% | 10% | — |
| Loyalty Plan Other | — | — | — | — | — | — | 7% | 6% | — |
| Passenger Ancillary Services | — | — | — | — | — | — | 4% | 4% | — |
| Cargo and Freight | — | — | — | — | — | — | 5% | 4% | — |
| Other Services | — | — | — | — | — | — | 3% | 2% | — |
| Cargo Services | — | — | — | — | — | — | 2% | 2% | — |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
| KPI | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|
| Employees | 30K+To start, I want to thank our more than 30,000 employees across Alaska, Hawaiian and Horizon for their continued focus, professionalism and commitment to taking care of our guests through another unpredictable start to the year.Source: earnings call transcript | 30K+I want to thank our more than 30,000 employees across Alaska, Hawaiian and Horizon.Source: earnings call transcript | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Q1 FY2026 · share of revenue
As ALK cuts its regions in its filings; they can nest, so they need not add to 100%.
112 filings between Nov 2, 2025 and Sep 29, 2026.
Purchases
$1.00M
1 purchase by 1 insider
Sales
$3.47M
6 sales by 3 insiders
| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| TACKETT SHANE R | — | $1.92M | Feb 18, 2026 |
| HARRISON ANDREW R | — | $1.37M | Aug 3, 2026 |
| MINICUCCI BENITO | $1.00M | — | Aug 20, 2026 |
| LEVINE KYLE B | — | $176.7K | Feb 9, 2026 |
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 29, 2026 | BIRKETT RAKOW DIANA EVP & CEO of Hawaiian Airlines | Option exercise | 313 | — |
| Sep 29, 2026 | BIRKETT RAKOW DIANA EVP & CEO of Hawaiian Airlines | Tax withheld | 148 | $5.8K |
| Sep 29, 2026 | LEVINE KYLE B EVP Corp Pub Aff & Chf Leg Off | Tax withheld | 83 | $3.3K |
| Sep 29, 2026 | LEVINE KYLE B EVP Corp Pub Aff & Chf Leg Off | Option exercise | 210 | — |
| Sep 23, 2026 | Berry Jason M EVP & Chief Operating Officer | Option exercise | 2,010 | — |
| Sep 23, 2026 | Berry Jason M EVP & Chief Operating Officer | Tax withheld | 792 | $31.4K |
| Sep 22, 2026 | HARRISON ANDREW R EVP AND CCO | Option exercise | 869 | $0 |
| Sep 22, 2026 | SCHNEIDER ANDREA L Pres & CEO Horizon Airlines | Tax withheld | 48 | $2.0K |
| Sep 22, 2026 | MINICUCCI BENITO CEO AND PRESIDENT | Option exercise | 2,698 | $0 |
| Sep 22, 2026 | SCHNEIDER ANDREA L Pres & CEO Horizon Airlines | Tax withheld | 499 | $20.9K |
| Sep 22, 2026 | HARRISON ANDREW R EVP AND CCO | Tax withheld | 869 | $36.4K |
| Sep 22, 2026 | SCHNEIDER ANDREA L Pres & CEO Horizon Airlines | Option exercise | 48 | $0 |
| Sep 22, 2026 | MINICUCCI BENITO CEO AND PRESIDENT | Tax withheld | 2,698 | $134.7K |
| Sep 22, 2026 | SCHNEIDER ANDREA L Pres & CEO Horizon Airlines | Option exercise | 499 | $0 |
| Aug 20, 2026 | MINICUCCI BENITO CEO AND PRESIDENT | Purchase | 25,000 | $1.00M |
| Aug 3, 2026 | HARRISON ANDREW R EVP AND CCO | Sale | 5,300 | $263.3K |
| Jun 1, 2026 | SIEVERT G MICHAEL Director | Award | 4,258 | $189.6K |
| May 13, 2026 | Bedient Patricia M Director | Award | 6,483 | $250.0K |
| May 13, 2026 | YEAMAN ERIC K Director | Award | 5,186 | $200.0K |
| May 13, 2026 | Conner Raymond L. Director | Award | 5,186 | $200.0K |
| May 13, 2026 | Shimer Peter A Director | Award | 5,186 | $200.0K |
| May 13, 2026 | ELWELL DANIEL KEVIN Director | Award | 2,593 | $100.0K |
| May 13, 2026 | LOFTON ADRIENNE ROCHELLE Director | Award | 5,186 | $200.0K |
| May 13, 2026 | ELWELL DANIEL KEVIN Director | Award | 2,593 | $100.0K |
| May 13, 2026 | Hogan Kathleen T Director | Award | 5,186 | $200.0K |
| May 13, 2026 | SANDVIK HELVI KAY Director | Award | 5,186 | $200.0K |
| May 13, 2026 | BEER JAMES A Director | Award | 5,186 | $200.0K |
| Mar 20, 2026 | Berry Jason M EVP & Chief Operating Officer | Tax withheld | 279 | $10.3K |
| Mar 20, 2026 | Berry Jason M EVP & Chief Operating Officer | Option exercise | 697 | $0 |
| Feb 18, 2026 | HARRISON ANDREW R EVP AND CCO | Sale | 5,500 | $311.5K |
| Feb 18, 2026 | TACKETT SHANE R EVP AND CFO | Sale | 24,000 | $1.37M |
| Feb 13, 2026 | HARRISON ANDREW R EVP AND CCO | Option exercise | 8,860 | $0 |
| Feb 13, 2026 | HARRISON ANDREW R EVP AND CCO | Tax withheld | 6,410 | $354.3K |
| Feb 13, 2026 | HARRISON ANDREW R EVP AND CCO | Option exercise | 17,020 | $0 |
| Feb 13, 2026 | HARRISON ANDREW R EVP AND CCO | Sale | 14,500 | $794.8K |
| Feb 13, 2026 | TACKETT SHANE R EVP AND CFO | Tax withheld | 4,091 | $226.1K |
| Feb 13, 2026 | TACKETT SHANE R EVP AND CFO | Option exercise | 10,223 | $0 |
| Feb 13, 2026 | HALVERSON EMILY VP Finance, Controller & Treas | Tax withheld | 597 | $33.0K |
| Feb 13, 2026 | HALVERSON EMILY VP Finance, Controller & Treas | Option exercise | 2,383 | $0 |
| Feb 13, 2026 | HALVERSON EMILY VP Finance, Controller & Treas | Tax withheld | 638 | $35.3K |
| Feb 13, 2026 | TACKETT SHANE R EVP AND CFO | Tax withheld | 7,226 | $399.4K |
| Feb 13, 2026 | TACKETT SHANE R EVP AND CFO | Option exercise | 18,060 | $0 |
| Feb 13, 2026 | HALVERSON EMILY VP Finance, Controller & Treas | Option exercise | 2,550 | $0 |
| Feb 13, 2026 | VON MUEHLEN CONSTANCE E EVP & Advisor to COO | Tax withheld | 3,337 | $184.4K |
| Feb 13, 2026 | MINICUCCI BENITO CEO AND PRESIDENT | Tax withheld | 8,556 | $472.9K |
| Feb 13, 2026 | VON MUEHLEN CONSTANCE E EVP & Advisor to COO | Option exercise | 8,860 | $0 |
| Feb 13, 2026 | VON MUEHLEN CONSTANCE E EVP & Advisor to COO | Tax withheld | 4,956 | $273.9K |
| Feb 13, 2026 | MINICUCCI BENITO CEO AND PRESIDENT | Option exercise | 22,720 | $0 |
| Feb 13, 2026 | VON MUEHLEN CONSTANCE E EVP & Advisor to COO | Option exercise | 13,160 | $0 |
| Feb 13, 2026 | BIRKETT RAKOW DIANA EVP & CEO of Hawaiian Airlines | Tax withheld | 1,637 | $90.5K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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