Alaska Air Group (ALK) Earnings: Q3 2026 Results and Next Report Date

The quarter ended September 30, 2026 and Alaska Air Group published the results on October 20, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Alaska Air Group reports EPS two ways: GAAP, under the accounting rules every US filer follows, and adjusted, excluding certain tax impacts, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Alaska Air Group's adjusted EPS of $0.36 excludes special items, foreign debt gains and losses, and a $75 million cumulative tax catch-up tied to first-half losses. Including that tax item, adjusted EPS was a loss of $0.31. The year-ago adjusted figure of $1.05 had no such tax item.
• Hawaiian Airlines, acquired in 2024, was combined with Alaska Airlines under one FAA operating certificate on October 29, 2025, so both quarters on this page include Hawaiian.

Source: Alaska Air Group Q3 2026 earnings release (Form 8-K, Exhibit 99.1), October 20, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Alaska Air Group splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Alaska Air Group's Passenger revenue revenue was $3.9 billion in Q3 2026, up 13% from $3.4 billion in Q3 2025, 90% of total revenue.
• Alaska Air Group's Loyalty program other revenue revenue was $263 million in Q3 2026, up 32% from $200 million in Q3 2025, 6% of total revenue.
• Alaska Air Group's Cargo and other revenue revenue was $160 million in Q3 2026, up 13% from $142 million in Q3 2025, 4% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q3 2026 release, Alaska Air Group said:

“Air Group expects capacity to grow approximately 1% to 1.5% year-over-year, with the increase concentrated in international flying.”

“Unit revenue is expected to increase in the low double digits year-over-year and improve sequentially on a gross basis, supported by continued yield strength.”

“Elevated fuel costs are expected to remain a significant headwind to near-term profitability, with our guidance assuming a fourth quarter economic fuel cost of $4.65 to $4.85 per gallon, or $650 million higher than our initial plan.”

“For the full year, we now expect an adjusted loss per share between ($5.50) and ($5.00), inclusive of $1.8 billion in fuel expense above our plan.”

Source: Alaska Air Group Q3 2026 earnings release, Oct 20, 2026.

This is the company's own guidance as of Oct 20, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the ALK forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP total operating revenue and diluted EPS, each as first reported in that quarter's earnings release.

Alaska Air Group's next report is expected around January 21, 2027, a date estimated from its reporting history that the company has not yet confirmed. This page will show Q3 2026 until those results are out and have been checked against the release.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Oct 20, 2026

Alaska Air Group's total operating revenue was $4,308 million in Q3 2026, up 14% from $3,766 million. Passenger revenue was $3,885 million, loyalty program other revenue $263 million and cargo and other revenue $160 million. Within passenger revenue, ticket revenue was $3,296 million, ancillary revenue such as bag fees $202 million, and loyalty program passenger revenue $387 million. (Alaska Air Group Q3 2026 earnings release, Oct 20, 2026; Alaska Air Group Form 10-Q, Q3 2026, Nov 6, 2026)

Alaska Air Group grew capacity (ASMs) 2.4% while unit revenue (RASM) rose 11.7% to 17.21 cents and yield rose 13.4% to 18.73 cents. Traffic was flat and the load factor fell 2.0 points to 82.8%. The 10-Q attributes the $461 million passenger revenue increase to higher yields, premium revenue and managed corporate travel, partly offset by softer leisure demand including Hawai'i, where rainfall and tropical storms hurt bookings. (Alaska Air Group Q3 2026 earnings release, Oct 20, 2026; Alaska Air Group Form 10-Q, Q3 2026, Nov 6, 2026)

Alaska Air Group says revenue outside the main cabin reached 54% of total revenue. Premium revenue grew about 25% and was more than 36% of total revenue, managed corporate revenue rose 30%, and loyalty program cash remuneration grew 21% to $721 million. Loyalty program other revenue rose 32%, which the 10-Q ties to the August 2025 launch of Atmos Rewards and the Summit Visa Infinite card and to the expanded Bank of America card agreement signed in Q1 2026. (Alaska Air Group Q3 2026 earnings release, Oct 20, 2026; Alaska Air Group Form 10-Q, Q3 2026, Nov 6, 2026)

Alaska Air Group's revenue is mostly domestic. Of the $4,308 million, $3,966 million was domestic (U.S. and Canada), $163 million Pacific, $95 million Latin America and $84 million Atlantic, a region that began with European flying in Q2 2026. Cargo and other revenue rose 13%, mainly from better economics under the amended Amazon air transportation agreement, under which Alaska operates 10 A330-300F freighters. (Alaska Air Group Form 10-Q, Q3 2026, Nov 6, 2026; Alaska Air Group Form 10-K, 2025, Feb 12, 2026)

Alaska Air Group reported a GAAP net loss of $147 million, or $1.32 per diluted share, even though pretax income was $18 million, because income tax expense was $165 million. In Q3 Alaska Air Group cut its estimated annual tax rate after its full-year outlook moved from pretax income to a pretax loss, and the 10-Q says the resulting catch-up included $151 million related to the first and second quarters. (Alaska Air Group Q3 2026 earnings release, Oct 20, 2026; Alaska Air Group Form 10-Q, Q3 2026, Nov 6, 2026)

Alaska Air Group's adjusted figures exclude special items (mainly Hawaiian integration costs, $25 million in the quarter) and foreign debt gains and losses. On that basis it reported an adjusted net loss of $35 million, or $0.31 per share. Removing a further $75 million cumulative catch-up tied to tax benefits on first-half losses gives adjusted EPS of $0.36, within the $0.00 to $1.00 it had expected, against $1.05 a year earlier. (Alaska Air Group Q3 2026 earnings release, Oct 20, 2026)

Fuel drove the year-over-year decline. Alaska Air Group's aircraft fuel expense rose 60% to $1,214 million as economic fuel cost per gallon rose 57.0% to $3.94, against an expectation of $3.75. Diluted shares fell to 111.611 million from 117.500 million after buybacks of $203 million in Q1 and $47 million in Q2; there were no repurchases in Q3. (Alaska Air Group Q3 2026 earnings release, Oct 20, 2026; Alaska Air Group Form 10-Q, Q3 2026, Nov 6, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Alaska Air Group publishes a numeric outlook in its release. For Q4 2026 it expects capacity up 1% to 1.5%, unit revenue up low double digits, non-fuel unit costs (CASMex) up mid single digits, economic fuel of $4.65 to $4.85 per gallon and an adjusted loss per share of ($2.50) to ($2.00). That guidance assumes non-operating expense of about $70 million, a tax rate of about 20% and about 112.5 million shares. (Alaska Air Group Q3 2026 earnings release, Oct 20, 2026)

For full year 2026 Alaska Air Group now expects an adjusted loss per share between ($5.50) and ($5.00), including $1.8 billion of fuel expense above its plan. After the quarter it announced overhead cuts, including a reduction in force of about 200 employees, that it expects to save about $100 million in 2027, with about $11 million of related costs in Q4 2026. (Alaska Air Group Q3 2026 earnings release, Oct 20, 2026; Alaska Air Group Form 10-Q, Q3 2026, Nov 6, 2026)

A consensus figure is the average of the models published by the analysts who cover Alaska Air Group, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Alaska Air Group's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning ALK is on is ALK a buy or a sell?, what analysts expect next is on the ALK forecast, and what the company does is on the Alaska Air Group (ALK) stock page.

Every number on this page can be traced to a document Alaska Air Group published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.