Alaska Air Group, Inc. reported a pretax income of $146 million for the fiscal year ending December 31, 2025, a significant decrease from $545 million in 2024. When adjusted for the acquisition of Hawaiian Airlines, which was completed on September 18, 2024, the pro forma pretax income for 2024 was $228 million. Total operating revenue for 2025 reached $14.2 billion, up from $11.7 billion in 2024, driven primarily by a 3% increase in passenger revenue, which amounted to $12.8 billion. The company attributed this growth to a rise in traffic and yield, as well as the integration of Hawaiian's operations.
In terms of operational metrics, Alaska and Hawaiian together carried approximately 58.6 million revenue passengers in 2025, a 2.6% increase from the previous year. The load factor for the year was reported at 82.9%, slightly down from 83.9% in 2024. The company also noted a 19% increase in cargo and other revenue, totaling $549 million, largely due to enhanced cargo services under its agreement with Amazon. The total number of employees across the Air Group increased to 35,951, reflecting a 4.8% rise compared to the previous year.
Strategically, Alaska Air Group made significant strides in integrating Hawaiian Airlines into its operations, culminating in the receipt of a single operating certificate from the FAA on October 29, 2025. This integration included the launch of the Atmos™ Rewards loyalty program, which combines the previous Mileage Plan and HawaiianMiles programs, and is expected to enhance customer engagement and retention. The company also initiated a five-year, $600 million investment plan aimed at modernizing airport operations and enhancing guest experiences in Hawaii.
Looking ahead, Alaska Air Group anticipates a capacity growth of 2% to 3% in 2026, while continuing to focus on cost management and operational efficiency. The company remains committed to realizing synergies from the Hawaiian integration and expects to leverage its expanded network to enhance profitability. However, management acknowledged the uncertainties in the macroeconomic environment and the potential impacts on travel demand, emphasizing the importance of disciplined financial practices moving forward.
About ALASKA AIR GROUP, INC.
Alaska Air Group, Inc. is a leading airline operator in the U.S., managing Alaska Airlines, Hawaiian Airlines, and Horizon Air. The company focuses on passenger and cargo transportation across North America and the Pacific, serving over 140 destinations. With a commitment to safety and sustainability, Alaska aims for net-zero carbon emissions by 2040.
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