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北京时间·🕒 发布 04:38:57时区推断·⟳ 抓取 04:39:26·⚡ 决策 07-22 04:42:02 +2m36s·97.6 天前
阿拉斯加航空公布二季度亏损基本符合预期并给出三季度单位收入双位数增长展望
二季度调整后每股亏损0.92美元，较市场约0.97-0.99美元亏损预期仅小幅好于预期，收入约41亿美元基本贴近4.09-4.13亿美元一致预期。
📄 原文ALK↗ 原文
Alaska Air Group reports second quarter 2026 result
Alaska Airlines Alaska Hawaiian Airlines Hawaiian Q Sign up for news News Hub Alaska Air Group reports second quarter 2…
不做 Alaska Air Group（ALK.US）
财报为正负混合且基本符合预期：EPS仅小幅好于一致预期、收入基本一致，Q3 RASM展望偏好但未形成明确EPS上修，盘后反应也不强；不做。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)
研究档案
消息传播链
- 公司官网盘后发布二季度业绩，披露调整后每股亏损0.92美元、收入41亿美元及三季度RASM低双位数增长展望。市场反应:ALK.US常规盘收跌约1.26%，盘后仅小幅波动。
- 财报前一致预期约为收入40.9亿美元、EPS亏损0.98美元，实际结果只是小幅好于EPS预期、收入基本一致。
- MarketBeat列示Q2一致预期EPS亏损0.97美元、收入40.9亿美元，并显示盘后报价变动很小。市场反应:页面显示盘后约+0.13%，未形成强反应。
关键理由
- 二季度调整后每股亏损0.92美元，较市场约0.97-0.99美元亏损预期仅小幅好于预期，收入约41亿美元基本贴近4.09-4.13亿美元一致预期。
- 三季度RASM预计同比低双位数增长、燃油成本从二季度4.43美元/加仑回落至3.75美元/加仑是假设改善，但尚未给出足够明确的EPS上修幅度。
- 公司市值约50.7亿美元，二季度600百万美元燃油增量成本解释了亏损，但这是已在一季度指引中提示的核心变量，新增预期差有限。
主要风险
- 财报后盘后反应温和，说明市场尚未把这份财报解读成强重定价催化；若明日电话会给出全年盈利恢复路径，需由新信号重判。
- 航空股短线主要受燃油价格和宏观出行需求影响，本次财报正负信息并存，追多或做空都缺少清晰同向边界。
反向证据
- 做多前查反向 · 来源 kb_search · 影响 none
内部KB未命中ALK本次财报的有效付费研报或纪要，未提供足以把财报升格为强超预期的增量证据。
检索:Alaska Air Group Q2 2026 EPS revenue guidance consensus ALK - 做多前查反向 · 来源 web · 日期 2026-07-21 · 影响 weakens
公开一致预期显示EPS亏损约0.97-0.99美元、收入约40.9-41.3亿美元，实际结果仅小幅好于EPS、收入基本一致，削弱追多理由。
检索:ALK Q2 2026 earnings expected EPS revenue consensus July 21 2026 原文 ↗
工具调用 · 历史记录,结果未知(3 种)
- stock_quote · 结果未知
- kb_search · 结果未知
- search_processed_events · 结果未知
原文全文
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Alaska Airlines
Alaska
Hawaiian Airlines
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Alaska Air Group reports second quarter 2026 result
By Alaska Airlines
Jul 21, 2026
By Alaska Airlines
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Alaska Air Group reports second quarter 2026 result
July 21, 2026
Company
Marissa Villegas
29 min read
Share
Summary
No. 1 in the industry in year-to-date on – time performance
Expanded international service to include transatlantic flights from Seattle to Rome, London, Reykjavík
Achieved single passenger service system for Alaska and Hawaiian and recognized employees with 75k Atmos™ Points for final major integration milestone
Q3 RASM expected to have double -digit grow th year-over-year
Alaska Air Group (NYSE: ALK) today reported financial results for the second quarter ending June 30, 2026.
Our second quarter results were defined by a fuel spike outside our control – but underneath it, this company is executing better than ever. We led the industry in on-time performance for the first half of the year, completed the last major milestone of our Hawaiian integration, launched service to Europe, and returned to profitability in June. Absent the fuel headwind, we would have delivered a solidly profitable quarter. I have never been more confident in our people, our plan, and the long-term earnings power of Alaska Air Group.”
Ben Minicucci
President & CEO , Alaska Air Group
Quarter in Review
Air Group reported second quarter Generally Accepted Accounting Principles (GAAP) pretax margin of (5.3)% and GAAP net loss of $76 million, or $0.68 per share. Air Group’s second quarter adjusted pretax margin was (4.3)% and adjusted net loss was $102 million, or $0.92 per share.
Second quarter total revenue grew 10% year-over-year to $4.1 billion on capacity growth of 1%, with unit revenue up 8.6%. Yields strengthened through the quarter, with June producing double digit unit revenue growth and double digit pretax profit margins.
Our revenue performance was impacted by historic rainstorms in Hawai’i in March which had a meaningful impact on April spring break travel and reduced system unit revenue by approximately 3 points in the quarter, modestly above the 2 points originally expected. Outside of Hawai’i, demand remained resilient across the network and our diversified revenue streams continue to outpace system growth: premium revenue increased 15%, cargo revenue increased 21%, and managed corporate revenue accelerated 30% year-over-year respectively. Loyalty performance was also robust, with loyalty cash remuneration up 19%.
Non-fuel unit costs increased 6.5% year-over-year on 1% capacity growth, better than prior guidance. The year-over-year increase reflects 2.5 points of transitory factors, including a one-time employee recognition award tied to achieving a single passenger service system, a year-over-year headwind from prior-year aircraft sale gains, and crew training costs for our international widebody ramp. Outside of these transitory items, core cost management was strong, gaining momentum moving into the second half of the year.
Second quarter economic fuel cost was $4.43 per gallon, an increase of 85% year-over-year, resulting in $600 million of incremental fuel cost for the period. In response to the elevated and unpredictable fuel price environment, we proactively raised $1 billion in financing during the quarter, deliberately bolstering liquidity to the top end of our target range of 15% to 25% of trailing-12-month revenue. As the fuel environment stabilizes and our earnings profile improves, we expect to put excess liquidity towards paying down debt and bring liquidity back to the midpoint of our target range.
Third Quarter Forecast Information
With a strong demand backdrop and an improving unit cost trajectory, we expect a widening spread between unit revenue and unit costs in Q3. Coupled with continued execution on our strategic initiatives, we expect a meaningful inflection in financial performance beginning in Q3.
Third quarter capacity is expected to be up approximately 2% to 3% year-over-year, with nearly all growth coming from long-haul international flying out of Seattle, while capacity within North America will be essentially flat year-over-year.
Unit revenue is expected to improve sequentially from the second to third quarter to low double-digit growth year-over-year, supported by strong yields and demand. While Hawai’i remains a 2-3 point unit revenue headwind in the third quarter, loads are recovering and new bookings are coming in at system level yields, showing demand returning to historical levels in September.
Third quarter non-fuel unit costs are expected to increase in the low to mid single digits year-over-year, a meaningful step-down from the first half of the year, as transitory cost items are behind us and productivity improvements compound. While fuel prices remain volatile, economic fuel cost is expected to come down from second quarter levels as refining margins have recently moderated. Our guidance assumes a fuel price of $3.75 per gallon in the third quarter, reflecting July fuel costs of $3.60 per gallon, and average spot prices of $3.85 for August and September.
(a) Q3 earnings per share guidance assumes non-operating expense of approximately $60 million, a tax rate of approximately 35%, and shares outstanding of approximately 113.5 million.
Operational Updates
Led the industry in year-to-date on-time performance.
Transitioned to a single passenger service system (PSS), marking a key integration milestone that consolidates reservation and customer service platforms across Alaska and Hawaiian, and delivers a more streamlined guest experience.
Launched new transatlantic service from Seattle with flights to Rome, London, and Reykjavik, further expanding our international network and reinforcing our position as the fourth-largest global airline in the U.S.
Took delivery of six 737-8 aircraft, two E175 aircraft, and added one E175 under CPA with SkyWest.
Announced agreement to add four 737-800 freighter aircraft to Alaska’s cargo fleet, effectively doubling the cargo fleet’s capacity. The aircraft are expected to enter service in the first half of 2027.
Completed the 737 cabin retrofits, adding expanded first and premium class seating and refreshed cabin interiors.
Announced expansions in our domestic route network, including the addition of new routes from Santa Rosa, the return of service between Seattle and Long Beach, new service from Honolulu to Burbank, Spokane, and Boise, and increased service between Honolulu and Las Vegas.
Commercial Updates
Hawaiian Airlines joined the oneworld alliance, connecting Hawai’i to over 900 global destinations across more than 170 territories.
Opened the newest Alaska Lounge at Portland International Airport, which is twice the size of the previous Portland lounge and underscores our continued investment in premium travel.
Announced plans for a new world-class Alaska Lounge in Seattle. The new lounge is set to open in 2027 and will span across two floors, featuring showers, premium bars, à la carte dining, and chef-curated seasonal menus.
Liquidity Updates
Generated $606 million of operating cash flow during the first six months of 2026.
Held $3.8 billion in available liquidity, including unrestricted cash, marketable securities, and undrawn credit facilities. Total liquidity includes $1 billion in financing completed in the second quarter, comprising $500 million of 6.5% senior unsecured notes and $500 million in term loans secured by assets associated with the Atmos™ Rewards program.
Had approximately $20 billion of unencumbered assets at June 30, 2026, including 131 aircraft and the unencumbered portion of our loyalty program assets.
Other Highlights
Elected Shane Tackett as President and Chief Financial Officer of Alaska Airlines.
Appointed Mike Sievert, Vice Chairman
Alaska
Hawaiian Airlines
Hawaiian
Q
Sign up for news
News Hub
Alaska Air Group reports second quarter 2026 result
By Alaska Airlines
Jul 21, 2026
By Alaska Airlines
Share On Facebook
Share On X
Share On Linkedin
Share Via Email
Alaska Air Group reports second quarter 2026 result
July 21, 2026
Company
Marissa Villegas
29 min read
Share
Summary
No. 1 in the industry in year-to-date on – time performance
Expanded international service to include transatlantic flights from Seattle to Rome, London, Reykjavík
Achieved single passenger service system for Alaska and Hawaiian and recognized employees with 75k Atmos™ Points for final major integration milestone
Q3 RASM expected to have double -digit grow th year-over-year
Alaska Air Group (NYSE: ALK) today reported financial results for the second quarter ending June 30, 2026.
Our second quarter results were defined by a fuel spike outside our control – but underneath it, this company is executing better than ever. We led the industry in on-time performance for the first half of the year, completed the last major milestone of our Hawaiian integration, launched service to Europe, and returned to profitability in June. Absent the fuel headwind, we would have delivered a solidly profitable quarter. I have never been more confident in our people, our plan, and the long-term earnings power of Alaska Air Group.”
Ben Minicucci
President & CEO , Alaska Air Group
Quarter in Review
Air Group reported second quarter Generally Accepted Accounting Principles (GAAP) pretax margin of (5.3)% and GAAP net loss of $76 million, or $0.68 per share. Air Group’s second quarter adjusted pretax margin was (4.3)% and adjusted net loss was $102 million, or $0.92 per share.
Second quarter total revenue grew 10% year-over-year to $4.1 billion on capacity growth of 1%, with unit revenue up 8.6%. Yields strengthened through the quarter, with June producing double digit unit revenue growth and double digit pretax profit margins.
Our revenue performance was impacted by historic rainstorms in Hawai’i in March which had a meaningful impact on April spring break travel and reduced system unit revenue by approximately 3 points in the quarter, modestly above the 2 points originally expected. Outside of Hawai’i, demand remained resilient across the network and our diversified revenue streams continue to outpace system growth: premium revenue increased 15%, cargo revenue increased 21%, and managed corporate revenue accelerated 30% year-over-year respectively. Loyalty performance was also robust, with loyalty cash remuneration up 19%.
Non-fuel unit costs increased 6.5% year-over-year on 1% capacity growth, better than prior guidance. The year-over-year increase reflects 2.5 points of transitory factors, including a one-time employee recognition award tied to achieving a single passenger service system, a year-over-year headwind from prior-year aircraft sale gains, and crew training costs for our international widebody ramp. Outside of these transitory items, core cost management was strong, gaining momentum moving into the second half of the year.
Second quarter economic fuel cost was $4.43 per gallon, an increase of 85% year-over-year, resulting in $600 million of incremental fuel cost for the period. In response to the elevated and unpredictable fuel price environment, we proactively raised $1 billion in financing during the quarter, deliberately bolstering liquidity to the top end of our target range of 15% to 25% of trailing-12-month revenue. As the fuel environment stabilizes and our earnings profile improves, we expect to put excess liquidity towards paying down debt and bring liquidity back to the midpoint of our target range.
Third Quarter Forecast Information
With a strong demand backdrop and an improving unit cost trajectory, we expect a widening spread between unit revenue and unit costs in Q3. Coupled with continued execution on our strategic initiatives, we expect a meaningful inflection in financial performance beginning in Q3.
Third quarter capacity is expected to be up approximately 2% to 3% year-over-year, with nearly all growth coming from long-haul international flying out of Seattle, while capacity within North America will be essentially flat year-over-year.
Unit revenue is expected to improve sequentially from the second to third quarter to low double-digit growth year-over-year, supported by strong yields and demand. While Hawai’i remains a 2-3 point unit revenue headwind in the third quarter, loads are recovering and new bookings are coming in at system level yields, showing demand returning to historical levels in September.
Third quarter non-fuel unit costs are expected to increase in the low to mid single digits year-over-year, a meaningful step-down from the first half of the year, as transitory cost items are behind us and productivity improvements compound. While fuel prices remain volatile, economic fuel cost is expected to come down from second quarter levels as refining margins have recently moderated. Our guidance assumes a fuel price of $3.75 per gallon in the third quarter, reflecting July fuel costs of $3.60 per gallon, and average spot prices of $3.85 for August and September.
(a) Q3 earnings per share guidance assumes non-operating expense of approximately $60 million, a tax rate of approximately 35%, and shares outstanding of approximately 113.5 million.
Operational Updates
Led the industry in year-to-date on-time performance.
Transitioned to a single passenger service system (PSS), marking a key integration milestone that consolidates reservation and customer service platforms across Alaska and Hawaiian, and delivers a more streamlined guest experience.
Launched new transatlantic service from Seattle with flights to Rome, London, and Reykjavik, further expanding our international network and reinforcing our position as the fourth-largest global airline in the U.S.
Took delivery of six 737-8 aircraft, two E175 aircraft, and added one E175 under CPA with SkyWest.
Announced agreement to add four 737-800 freighter aircraft to Alaska’s cargo fleet, effectively doubling the cargo fleet’s capacity. The aircraft are expected to enter service in the first half of 2027.
Completed the 737 cabin retrofits, adding expanded first and premium class seating and refreshed cabin interiors.
Announced expansions in our domestic route network, including the addition of new routes from Santa Rosa, the return of service between Seattle and Long Beach, new service from Honolulu to Burbank, Spokane, and Boise, and increased service between Honolulu and Las Vegas.
Commercial Updates
Hawaiian Airlines joined the oneworld alliance, connecting Hawai’i to over 900 global destinations across more than 170 territories.
Opened the newest Alaska Lounge at Portland International Airport, which is twice the size of the previous Portland lounge and underscores our continued investment in premium travel.
Announced plans for a new world-class Alaska Lounge in Seattle. The new lounge is set to open in 2027 and will span across two floors, featuring showers, premium bars, à la carte dining, and chef-curated seasonal menus.
Liquidity Updates
Generated $606 million of operating cash flow during the first six months of 2026.
Held $3.8 billion in available liquidity, including unrestricted cash, marketable securities, and undrawn credit facilities. Total liquidity includes $1 billion in financing completed in the second quarter, comprising $500 million of 6.5% senior unsecured notes and $500 million in term loans secured by assets associated with the Atmos™ Rewards program.
Had approximately $20 billion of unencumbered assets at June 30, 2026, including 131 aircraft and the unencumbered portion of our loyalty program assets.
Other Highlights
Elected Shane Tackett as President and Chief Financial Officer of Alaska Airlines.
Appointed Mike Sievert, Vice Chairman
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