Alaska Air Q1 adjusted loss $0.77; Q2 EPS guidance $1.15-$1.65; RASM up 5%

ALASKA AIR GROUP, INC.

2025-Q1 EPS reported -$1.35 revenue$3,137,000,000

GAAP net loss $166M ($1.35/share) vs $132M ($1.05) in Q1 2024; adjusted loss $95M ($0.77) vs $116M ($0.92).
Capacity up 3.9% vs pro forma 2024; RASM +5.0% (led industry, but 3pts hit by demand softness).
Q2 2025 guidance: capacity +2-3%, RASM flat to down low-single-digit, CASMex up mid-to-high single-digit, adj EPS $1.15-$1.65.
Operating cash flow $459M; repurchased $107M in Q1, $149M YTD through April 22.
Ratified CBAs with Alaska (~6,900) and Hawaiian (~2,100) AFA flight attendants; integration synergies on track.

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