Alaska Air Group Reports First Quarter 2026 Net Loss of $193 Million or $1.69 per Diluted Share
- Joe Breitfeller
- 2 hours ago
- 3 min read
Alaska Air Group has reported a first quarter 2026 net loss of $193 million or ($1.69) per diluted share on a year-over-year increase in revenue of 5.0 percent to $3.3 billion. Following the close of the quarter, the company increased total liquidity to $2.9 billion.
On Monday (April 20, 2026), Alaska Air Group reported their first quarter financial results for the period ending March 31, 2026. The company reported a first quarter 2026 net loss of $193 million or ($1.69) per diluted share on a year-over-year increase in revenue of 5.0 percent to $3.3 billion. Alaska’s first quarter revenue per available seat mile (RASM) increased 3.5 percent versus the same period last year to 15.30 cents, while cost per available seat mile, excluding fuel, (CASM-ex) increased 6.3 percent to 12.37 cents. In April, the Company exercised the accordion feature of their revolving credit facility, increasing total liquidity to $2.9 billion. At March 31, 2026, Alaska Air Group had approximately $20 billion in unencumbered assets, including 124 aircraft and their loyalty program.
In Monday’s announcement, Alaska Air Group’s President and CEO, Ben Minicucci, said,
“Even in a volatile quarter, we’re seeing clear evidence that our long-term Alaska Accelerate plan is working. We’re leading the industry in on-time performance, achieving a significant integration milestone with a single reservation system, generating incredible loyalty growth with Atmos Rewards and driving strong international demand as we launch service to Europe. I’m confident in our people, our plan, and our future.”
During the first quarter, the Group’s international long-haul expansion continued to perform strongly with Seattle-Tokyo reaching profitability less than one year after launch and load factors exceeding 90 percent on both Seattle-Tokyo and Seattle-Seoul routes.
Atmos Rewards membership and co‑brand credit card remuneration both grew double digits year-over-year, with particularly strong momentum in Hawaiʻi. Additionally, Alaska’s new long‑term extension and expansion of their co‑brand partnership with Bank of America will improve economics and drive incremental growth in cash remuneration for Air Group in 2026 and beyond.
Alaska Air Group’s first quarter fuel costs increased materially due to elevated crude and refining prices, averaging $2.98 for the period. According to the company, if higher fuel costs and the one‑time disruptions in Hawaiʻi and Puerto Vallarta were excluded, results would have exceeded the midpoint of their original first quarter expectations.
Alaska Airlines has become the first airline to install Starlink high-speed Wi-Fi across their full regional fleet, with the first equipped mainline aircraft now in service and fleetwide completion expected by the end of 2027. The Group has also completed over 90 percent of their Boeing 737 cabin retrofits, which is expected to be fully completed this summer. Additionally, the Group launched Alaska’s new International Business Class on the Boeing 787‑9 Dreamliner with enclosed suites, elevated dining, and upgraded amenities, alongside refreshed Premium and Main Cabin offerings and planned Starlink connectivity.
Alaska Airlines, Hawaiian Airlines and Horizon Air are subsidiaries of Alaska Air Group, with McGee Air Services a subsidiary of Alaska Airlines. With hubs in Seattle, Honolulu, Portland, Anchorage, Los Angeles, San Diego and San Francisco, the carrier delivers exceptional care as they fly their guests to over 140 destinations across North America, Latin America, Asia and the Pacific. Alaska Airlines is a member of the oneworld Alliance with Hawaiian scheduled to join in 2026. With oneworld and our additional global partners, guests can earn and redeem miles for travel to over 1,000 worldwide destinations. Alaska Air Group is traded on the New York Stock Exchange (NYSE) under the symbol ‘ALK.’
Source: Alaska Airlines
