Alaska Air Q3 2026 GAAP loss $1.32/shr; revenue up 14% to $4.3B; FY guide cut to $5.00-$5.50 loss

ALASKA AIR GROUP, INC.

Q3 GAAP net loss $147M (-$1.32/shr); adjusted net income $49M or $0.36/shr excluding a $0.67 tax catch-up; adjusted pretax margin 1.1%.
Revenue $4.3B up 14% YoY on 2.4% capacity growth; RASM +11.7%, CASMex +4.4%; economic fuel $3.94/gal vs $3.75 guidance.
Q4 guide: adjusted loss $2.00-$2.50/shr, fuel $4.65-$4.85/gal; full-year adjusted loss $5.00-$5.50 including $1.8B fuel headwind above plan.
Announced intent to join oneworld Atlantic and Pacific joint international businesses; Seattle adds Athens, Paris, Osaka and Papeete nonstops in spring 2027.
Loyalty cash remuneration up 21% to $721M; premium revenue +25% (>36% of total); $3.3B liquidity and $755M nine-month operating cash flow.

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