Alaska Air Q3 adj EPS $1.05, revenue $3.8B record; guides Q4 EPS ≥$0.40

ALASKA AIR GROUP, INC.

2025-Q3 EPS reported $0.65 vs consensus $1.14 ▼ miss (-42.9%)

Q3 GAAP net income $73M ($0.62/sh); adjusted $123M ($1.05/sh); revenue $3.8B record.
Unit costs (CASMex) +8.6% y/y vs guidance, due to IT outage and summer weather disruption.
Launched Atmos Rewards loyalty program; premium credit card sign-ups exceeded year-end goal in 2 weeks.
Leadership changes: Berry COO Alaska, Rakow CEO Hawaiian, Schneider CEO Horizon, effective Q4.
Q4 guidance: EPS at least $0.40, full year at least $2.40; capacity +2-3% y/y.

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