Alaska Air Group, Inc.

Company overview

Delaware corporation formed in 1985. Parent company of Alaska Airlines, Hawaiian Airlines, Horizon Air, Virgin America (acquired 2016; merged 2018), McGee Air Services, and other subsidiaries.
Through October 29, 2025, the group operated three airlines. On that date, Alaska Airlines’ and Hawaiian Airlines’ operations were combined under Alaska’s FAA operating certificate while Hawaiian remains a distinct guest-facing brand.
OneWorld alliance member. Atmos Rewards provides alliance benefits, and starting spring 2026 Atmos Rewards benefits will extend to guests traveling on Hawaiian-branded aircraft.
Europe service planned to begin in spring 2026.

Revenue passengers: Alaska and Hawaiian carried 47 million revenue passengers in 2025 (includes Hawaiian results from Sept 18, 2024, through Dec 31, 2024).
Regional passengers: Horizon and SkyWest regional operations carried about 11 million revenue passengers in 2025.
Hubs: Seattle, Honolulu, Portland, Anchorage, Los Angeles, San Diego, San Francisco.
Geographic mix (passenger capacity for 2025): Domestic 88%, Latin America 6%, Pacific 6%.

Total employees (as of Dec 31, 2025): 35,951
- Alaska: 22,377
- Hawaiian: 6,456
- Horizon: 3,846
- McGee Air Services: 3,272
Approximately 81% of Air Group employees were represented by unions (as of 12/31/2025), with active collective bargaining negotiations ongoing for several groups.

Loyalty program: Atmos Rewards (launched Oct 2025 by combining Alaska’s Mileage Plan and HawaiianMiles). Members redeemed nearly eight million award tickets on Air Group and partner airlines in 2025.
Loyalty revenue: Atmos Rewards accounted for about 16% of Air Group’s total revenue in 2025.
Awarding and earning: Points do not expire and can be redeemed across a global network (over 1,000 destinations and 30+ airline partners). Tier levels (Atmos Silver, Gold, Platinum, Titanium) provide various benefits, including reciprocal OneWorld benefits for status holders.
Ticket distribution: 74% of total sales were direct to customers in 2025; 26% were via traditional and online travel agencies.
Co-branded credit cards: Atmos Rewards Ascent Visa Signature, Atmos Rewards Summit Visa Infinite, Atmos Rewards Visa Signature Business (with Bank of America); additional cards tied to Hawaiian Airlines and Bank of Hawai‘i.

Core business: scheduled passenger and cargo air transportation across a multi-aircraft fleet (B737 family, B787, B717, A330, A321neo, A330-300F) operating in North America, Latin America, Asia, and the Pacific.
Freight and cargo: Alaska operates cargo services including five dedicated freighter aircraft and an ATSA arrangement with Amazon (10 A330-300F aircraft under a fixed-fee structure).
Other revenue sources: lounge memberships, hotel and car commissions, travel insurance, and other immaterial items.
Fleet and capacity: Total Air Group fleet of 413 aircraft (Mainline 324, Regional 89). Average fleet age 9.7 years.
Regional operations: Horizon Air and SkyWest (E175) operate in the western U.S. under capacity purchase agreements (CPAs) with Alaska.

Route strategy emphasizes West Coast and Hawaiian markets, centered on Seattle, Honolulu, Portland, Los Angeles, San Diego, and San Francisco.
Codeshare and interline arrangements with numerous partners; OneWorld membership provides reciprocal benefits with alliance carriers.
Integration with Hawaiian includes a targeted spring 2026 transition to a single passenger service system (PSS) to enable a single reservation system and inventory across Alaska and Hawaiian networks.

Atmos Rewards is evolving into a unified loyalty platform combining Alaska and Hawaiian benefits, with members earning and redeeming across the combined network and partner airlines.
Atmos Giving: Atmos Rewards members donated over 100 million points in 2025.
Kahuʻewai Hawaiʻi Investment Plan: five-year, $600 million program to modernize Hawaiian airport operations, guest experience, employee support, community, and sustainability in Hawaiʻi.
SAF and net-zero initiatives: a five-part plan to reduce emissions, modernize fleets, expand use of sustainable aviation fuel (SAF), and invest through Alaska Star Ventures (ASV) in companies such as BEV, ZeroAvia, JetZero, and Twelve.

Fuel expense was $2,879 million in 2025, representing 21% of total operating expenses.
Loyalty program revenue represented 16% of total revenue in 2025. Direct-to-consumer sales were the primary distribution channel (74%).
The company faces debt and fixed obligations, fuel price volatility, and regulatory and commercial risks including safety, labor relations, cybersecurity, and regulatory changes.
The business depends on a limited set of suppliers for aircraft and parts and may face supply-chain constraints.

Revenue passengers (Air Group): 47 million in 2025 (including Hawaiian’s late-2024 results).
Regional passengers: approximately 11 million in 2025.
Passenger revenue mix: passenger-related revenue accounted for 90% of consolidated revenue in 2025.
Fuel: total fuel expense $2,879 million in 2025; fuel was 21% of total operating expenses.

Regulated by the DOT, FAA, and TSA; subject to consumer protection rules and airport/slot regimes.
Maintains an FAA air carrier certificate and complies with applicable security and environmental requirements.
Corporate governance includes a Delaware exclusive forum provision for certain stockholder litigation and board/committee oversight on safety, governance, and climate-related matters.

October 2025: Alaska and Hawaiian received a single operating certificate (SOC), making Alaska the single operating airline while preserving Hawaiian as a distinct guest-facing brand.
Spring 2026: Planned transition to a single PSS across Alaska and Hawaiian networks and start of Europe service.

Information is current as of 2025.