EarningsQ2 2026 Earnings Report
DE:ALK Q2 2026 EPS Results
Actual EPS-€0.82
Consensus EPS-€0.89
Beat/MissBeat by +€0.06
One Year Ago EPS€1.59
DE:ALK Q2 2026 Revenue Results
Actual Revenue€3.63B
Expected Revenue€3.65B
Beat/MissMissed by -€25.16M
YoY Revenue Growth+9.75%
Earnings Announcement Details
QuarterQ2 2026
Date07/21/2026
TimeAfter Close
Conference CallTuesday, July 21, 2026
DE:ALK Upcoming Earnings
Alaska Air's next earnings date is estimated for October 20, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
DE:ALK Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call highlights strong commercial and operational momentum following major integration milestones: double-digit unit revenue acceleration, robust loyalty and cobrand performance, premium and cargo growth, improved guest satisfaction and a June return to profitability. However, near-term financials were significantly impacted by an outsized and volatile fuel spike (fuel up ~70% YoY), a Q2 adjusted net loss, elevated CASM ex-fuel in the quarter (6.5% YoY), and temporarily higher leverage. Management presents a coherent plan (capacity discipline, cost control, international and premium mix, cargo expansion, and liquidity management) and expects earnings inflection as fuel normalizes and synergies/optimizations are harvested. Overall, the operational/commercial wins and clear path to margin recovery outweigh the near-term financial headwinds driven primarily by fuel volatility.Company Guidance
Revenue Growth
Second quarter revenue of $4.1 billion, a 10% increase year over year on only 1% capacity growth.
Unit Revenue Acceleration
System unit revenues up 8.6% in Q2 with month-by-month acceleration of +5.5% in April, +8.8% in May, and +11% in June; total June revenues up 13.2%.
Premium Product Strength
Premium revenues grew 15% in the quarter; premium now represents 35% of total revenue, up 1.5 percentage points.
Loyalty and Cobrand Momentum
Cobrand remuneration reached $663 million, up 19% year over year. Active Atmos Rewards members up 15% with attrition down over 30% YoY; Hawaii new cardholders up 73% YoY and Huakai community membership up 34%.
Cargo Expansion and Performance
Cargo revenues up 21% year over year. Announced addition of four Boeing 737-800 freighters (nearly doubling dedicated 737 freighter fleet to nine) to be deployed early 2027 to capture cargo growth and reliability benefits.
Operational and Guest Experience Milestones
Completed single passenger service system cutover (dual-brand PSS), operated largest summer schedule, launched first long-haul Europe services, led the industry in on-time performance (YTD up 5 points YoY in Q2), and NPS/guest satisfaction improved (guest satisfaction up 7 points since last quarter; Hawaii +10 points).
Return to Profitability in June
Returned to profitability in June with a double-digit pretax margin despite an outsized fuel headwind.
Onboard Product and Digital Engagement
Starlink-equipped flights show 20% higher guest satisfaction; onboard portal drove nearly 75% of nonmembers to sign up for Atmos Rewards; one-third of fleet equipped with Starlink with remainder expected by 2027.
Fleet and Capacity Optimization
Completed 737 cabin retrofits adding 1.3 million incremental first and premium class seats; announced plan to retire 717 fleet beginning 2028 and reassign Neighbor Island flying to more efficient 737s.
Liquidity and Proactive Financing
Finished the quarter with $3.8 billion in total liquidity after proactively raising $1 billion ($500M senior unsecured notes — first unsecured bond — and $500M term loan); company reports ~ $20 billion in unencumbered assets.
DE:ALK Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed