Alaska Air Group reports Q2 net loss of $76M; fuel costs surge 85% YoY; Q3 EPS guidance $0.00-$1.00

ALASKA AIR GROUP, INC.

GAAP net loss $76M ($0.68/share); adjusted net loss $102M ($0.92/share); revenue $4.1B (+10% YoY).
Economic fuel cost $4.43/gal (+85% YoY) added $600M in incremental fuel expense; adjusted pretax margin -4.3%.
Q3 guidance: capacity +2-3% YoY, RASM low double-digit growth, CASMex +low-mid single digits, fuel $3.75/gal, adjusted EPS $0.00-$1.00.
Raised $1B in financing (6.5% senior notes + term loans); liquidity $3.8B; operating cash flow $606M in H1 2026.
Operational: #1 on-time YTD, launched transatlantic service, completed single PSS integration, awarded 75k Atmos points to employees.

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