Balance Sheet Alaska Air Group, Inc.

Equities

ALK

US0116591092

Airlines

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Published financial data: ALASKA AIR GROUP, INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	6.18B	9.65B	10.43B	11.74B	14.24B
Other Revenues, Total	-	-	-	-	-
Total Revenues	6.18B	9.65B	10.43B	11.74B	14.24B
Cost of Goods Sold, Total	5.24B	7.29B	7.96B	8.87B	11.18B
Gross Profit	939M	2.36B	2.46B	2.86B	3.06B
Selling General & Admin Expenses, Total	173M	295M	303M	349M	407M
Depreciation & Amortization - (IS)	394M	415M	451M	583M	795M
Other Operating Expenses	629M	1.29B	891M	1.04B	1.31B
Other Operating Expenses, Total	1.2B	2B	1.64B	1.97B	2.51B
Operating Income	-257M	356M	818M	889M	555M
Interest Expense, Total	-117M	-94M	-94M	-142M	-235M
Interest And Investment Income	25M	53M	80M	101M	94M
Net Interest Expenses	-92M	-41M	-14M	-41M	-141M
Other Non Operating Income (Expenses)	-	-6M	-22M	-2M	-22M
EBT, Excl. Unusual Items	-349M	309M	782M	846M	392M
Restructuring Charges	10M	-	-	-	-
Merger & Related Restructuring Charges	-	-	-	-208M	-193M
Gain (Loss) On Sale Of Investments	6M	-	-	-	-
Asset Writedown	-	-70M	-278M	-11M	-
Legal Settlements	-	-	-	-53M	-
Other Unusual Items	962M	-160M	-181M	-29M	-53M
EBT, Incl. Unusual Items	629M	79M	323M	545M	146M
Income Tax Expense	151M	21M	88M	150M	46M
Earnings From Continuing Operations	478M	58M	235M	395M	100M
Net Income to Company	478M	58M	235M	395M	100M
Net Income - (IS)	478M	58M	235M	395M	100M
Net Income to Common Incl Extra Items	478M	58M	235M	395M	100M
Net Income to Common Excl. Extra Items	478M	58M	235M	395M	100M
Per Share Items
Net EPS - Basic	3.82	0.46	1.84	3.13	0.85
Basic EPS - Continuing Operations	3.82	0.46	1.84	3.13	0.85
Basic Weighted Average Shares Outstanding	125M	127M	127M	126M	118M
Net EPS - Diluted	3.77	0.45	1.83	3.08	0.83
Diluted EPS - Continuing Operations	3.77	0.45	1.83	3.08	0.83
Diluted Weighted Average Shares Outstanding	127M	128M	129M	128M	120M
Normalized Basic EPS	-1.74	1.52	3.84	4.19	2.07
Normalized Diluted EPS	-1.72	1.51	3.8	4.12	2.04
Dividend Per Share	-	-	-	-	-
Payout Ratio	-	-	-	-	-
American Depositary Receipts Ratio (ADR)	1	1	1	1	1
Supplemental Items
EBITDA	137M	771M	1.27B	1.42B	1.27B
EBITA	-257M	356M	818M	905M	613M
EBIT	-257M	356M	818M	889M	555M
EBITDAR	791M	1.48B	1.96B	2.2B	2.32B
Total Revenues (As Reported)	6.18B	9.65B	10.43B	11.74B	14.24B
Effective Tax Rate - (Ratio)	24.01	26.58	27.24	27.52	31.51
Current Domestic Taxes	56M	-14M	-7M	21M	-2M
Total Current Taxes	56M	-14M	-7M	21M	-2M
Deferred Domestic Taxes	95M	35M	95M	129M	48M
Total Deferred Taxes	95M	35M	95M	129M	48M
Normalized Net Income	-218M	193M	489M	529M	245M
Interest Capitalized	11M	14M	27M	29M	37M
Interest on Long-Term Debt	128M	108M	121M	171M	272M
Non-Cash Pension Expense	-30M	-56M	17M	-2M	-6M
Supplemental Operating Expense Items
Advertising Expense	-	-	-	-	-
Marketing Expenses	-	85M	78M	97M	101M
Selling and Marketing Expenses	173M	295M	303M	349M	407M
Net Rental Expense, Total	654M	708M	690M	774M	1.05B
Imputed Operating Lease Interest Expense	146M	155M	176M	207M	343M
Imputed Operating Lease Depreciation	508M	553M	514M	567M	704M
Maintenance & Repair Expenses, Total	364M	424M	488M	620M	912M
Stock-Based Comp., COGS (Total)	44M	35M	59M	52M	69M
Stock-Based Comp., Other (Total)	-	-	-	11M	-
Total Stock-Based Compensation	44M	35M	59M	63M	69M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	470M	338M	281M	1.2B	627M
Short Term Investments	2.65B	2.08B	1.51B	1.27B	1.5B
Trading Asset Securities, Total	-	8M	6M	-	-
Total Cash And Short Term Investments	3.12B	2.42B	1.8B	2.48B	2.12B
Accounts Receivable, Total	546M	296M	383M	558M	565M
Total Receivables	546M	296M	383M	558M	565M
Inventory	62M	104M	116M	199M	203M
Prepaid Expenses	125M	163M	176M	307M	278M
Restricted Cash	-	-	-	29M	28M
Other Current Assets, Total	71M	52M	233M	192M	69M
Total Current Assets	3.92B	3.04B	2.7B	3.76B	3.27B
Gross Property Plant And Equipment	11.07B	12.18B	13.43B	15.74B	17.34B
Accumulated Depreciation	-3.86B	-4.13B	-4.34B	-4.55B	-4.94B
Net Property Plant And Equipment	7.21B	8.06B	9.09B	11.19B	12.39B
Long-term Investments	-	7M	2M	-	-
Goodwill	-	-	-	2.72B	2.72B
Other Intangibles, Total	2.04B	2.04B	2.03B	873M	815M
Other Long-Term Assets, Total	780M	1.04B	781M	1.22B	1.16B
Total Assets	13.95B	14.19B	14.61B	19.77B	20.36B
Liabilities
Accounts Payable, Total	200M	221M	207M	186M	324M
Accrued Expenses, Total	1.02B	1.24B	1.27B	1.98B	1.93B
Current Portion of Long-Term Debt	372M	276M	289M	442M	540M
Current Portion of Leases	268M	228M	222M	215M	378M
Unearned Revenue Current, Total	2.08B	2.3B	2.36B	3.3B	3.41B
Other Current Liabilities	53M	223M	112M	20M	5M
Total Current Liabilities	3.99B	4.49B	4.46B	6.14B	6.59B
Long-Term Debt	2.18B	1.88B	2.18B	4.49B	4.77B
Long-Term Leases	1.28B	1.39B	1.12B	1.24B	1.21B
Unearned Revenue Non Current	1.45B	1.37B	1.38B	1.66B	1.71B
Pension & Other Post Retirement Benefits	305M	348M	362M	460M	369M
Deferred Tax Liability Non Current	578M	574M	695M	934M	1B
Other Non Current Liabilities	375M	305M	295M	457M	595M
Total Liabilities	10.15B	10.37B	10.5B	15.4B	16.24B
Common Stock, Total	1M	1M	1M	1M	1M
Additional Paid In Capital	494M	577M	695M	811M	961M
Retained Earnings	4.24B	4.3B	4.54B	4.93B	5.03B
Treasury Stock	-674M	-674M	-819M	-1.13B	-1.7B
Comprehensive Income and Other	-262M	-388M	-299M	-239M	-173M
Total Common Equity	3.8B	3.82B	4.11B	4.37B	4.12B
Total Equity	3.8B	3.82B	4.11B	4.37B	4.12B
Total Liabilities And Equity	13.95B	14.19B	14.61B	19.77B	20.36B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	126M	128M	126M	123M	115M
ECS Total Common Shares Outstanding	126M	128M	126M	123M	116M
Book Value / Share	30.19	29.92	32.62	35.51	35.64
Tangible Book Value	1.76B	1.78B	2.08B	775M	580M
Tangible Book Value Per Share	13.95	13.94	16.5	6.29	5.02
Total Debt	4.1B	3.78B	3.82B	6.39B	6.89B
Net Debt	979M	1.36B	2.02B	3.92B	4.77B
Debt Equivalent of Unfunded Proj. Benefit Obligation	63M	185M	160M	155M	33M
Debt Equivalent Oper. Leases	5.23B	5.66B	5.52B	6.19B	8.38B
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Raw Materials, Total	21M	38M	31M	30M	33M
Inventories - Others	90M	121M	145M	259M	256M
Machinery, Total	8.13B	9.05B	10.42B	12.27B	13.65B
Full Time Employees	20.55K	22.92K	23.18K	30.21K	32K
Part Time Employees	2.28K	2.55K	2.86K	3.73K	3.96K
Accumulated Allowance for Doubtful Accounts (Supple)	-	-	-	-	-

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	478M	58M	235M	395M	100M
Depreciation & Amortization - CF	394M	415M	451M	520M	658M
Amortization of Goodwill and Intangible Assets - (CF)	-	-	-	16M	58M
Depreciation & Amortization, Total	394M	415M	451M	536M	716M
Amortization of Deferred Charges, Total - (CF)	-	-	-	47M	79M
Asset Writedown & Restructuring Costs	-11M	496M	-	-	-
Stock-Based Compensation (CF)	51M	42M	85M	63M	10M
Other Operating Activities, Total	-	-	422M	-70M	51M
Change In Accounts Receivable	-66M	-45M	-19M	-128M	-4M
Change in Unearned Revenues	171M	156M	62M	179M	154M
Change In Income Taxes	-	295M	-	-	-
Change In Deferred Taxes	104M	22M	81M	135M	47M
Change in Other Net Operating Assets	-91M	-21M	-267M	307M	96M
Cash from Operations	1.03B	1.42B	1.05B	1.46B	1.25B
Capital Expenditure	-292M	-1.67B	-1.49B	-1.28B	-1.59B
Sale of Property, Plant, and Equipment	2M	4M	32M	-	-
Cash Acquisitions	-	-	-	-659M	-
Investment in Marketable and Equity Securities, Total	-706M	455M	616M	929M	-190M
Other Investing Activities, Total	-12M	-6M	-118M	377M	155M
Cash from Investing	-1.01B	-1.22B	-964M	-634M	-1.62B
Long-Term Debt Issued, Total	363M	-	411M	2.31B	808M
Total Debt Issued	363M	-	411M	2.31B	808M
Long-Term Debt Repaid, Total	-1.33B	-385M	-282M	-1.92B	-519M
Total Debt Repaid	-1.33B	-385M	-282M	-1.92B	-519M
Repurchase of Common Stock	-	-	-137M	-312M	-570M
Common Dividends Paid	-	-	-	-	-
Common & Preferred Stock Dividends Paid	-	-	-	-	-
Other Financing Activities, Total	57M	60M	-139M	36M	82M
Cash from Financing	-914M	-325M	-147M	119M	-199M
Net Change in Cash	-892M	-125M	-61M	949M	-573M
Supplemental Items
Cash Interest Paid	109M	71M	105M	148M	223M
Cash Income Tax Paid (Refund)	48M	-	15M	22M	3M
Levered Free Cash Flow	264M	-230M	-866M	1B	-199M
Unlevered Free Cash Flow	337M	-172M	-807M	1.09B	-52.12M
Change In Net Working Capital	-352M	-827M	334M	-1.17B	-325M
Net Debt Issued / Repaid	-971M	-385M	129M	395M	289M

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	-1.15	1.58	3.55	3.23	1.73
Return on Total Capital	-2.01	2.87	6.59	5.94	3.19
Return On Equity %	14.08	1.52	5.93	9.31	2.36
Return on Common Equity	14.08	1.52	5.93	9.31	2.36
Margin Analysis
Gross Profit Margin %	15.2	24.43	23.62	24.38	21.51
SG&A Margin	2.8	3.06	2.91	2.97	2.86
EBITDA Margin %	2.22	7.99	12.17	12.14	8.93
EBITA Margin %	-4.16	3.69	7.85	7.71	4.3
EBIT Margin %	-4.16	3.69	7.85	7.58	3.9
Income From Continuing Operations Margin %	7.74	0.6	2.25	3.37	0.7
Net Income Margin %	7.74	0.6	2.25	3.37	0.7
Net Avail. For Common Margin %	7.74	0.6	2.25	3.37	0.7
Normalized Net Income Margin	-3.53	2	4.69	4.51	1.72
Levered Free Cash Flow Margin	4.28	-2.39	-8.3	8.53	-1.4
Unlevered Free Cash Flow Margin	5.46	-1.78	-7.74	9.29	-0.37
Asset Turnover
Asset Turnover	0.44	0.69	0.72	0.68	0.71
Fixed Assets Turnover	0.87	1.26	1.22	1.16	1.21
Receivables Turnover (Average Receivables)	12.04	22.91	30.71	24.94	25.36
Inventory Turnover (Average Inventory)	88.02	87.82	72.39	56.34	55.6
Short Term Liquidity
Current Ratio	0.98	0.68	0.61	0.61	0.5
Quick Ratio	0.92	0.61	0.49	0.49	0.41
Operating Cash Flow to Current Liabilities	0.26	0.32	0.24	0.24	0.19
Days Sales Outstanding (Average Receivables)	30.32	15.93	11.89	14.67	14.39
Days Outstanding Inventory (Average Inventory)	4.15	4.16	5.04	6.5	6.56
Average Days Payable Outstanding	10.72	10.48	9.79	8.03	8.32
Cash Conversion Cycle (Average Days)	23.74	9.61	7.13	13.14	12.63
Long Term Solvency
Total Debt/Equity	107.73	99.06	92.83	146.23	167.39
Total Debt / Total Capital	51.86	49.76	48.14	59.39	62.6
LT Debt/Equity	90.9	85.85	80.4	131.2	145.09
Long-Term Debt / Total Capital	43.76	43.13	41.7	53.28	54.26
Total Liabilities / Total Assets	72.75	73.1	71.85	77.88	79.78
EBIT / Interest Expense	-2.2	3.79	8.7	6.26	2.36
EBITDA / Interest Expense	6.76	15.73	20.84	15.49	9.86
(EBITDA - Capex) / Interest Expense	4.26	-2.04	4.95	6.46	3.11
Total Debt / EBITDA	5.18	2.56	1.95	2.91	2.97
Net Debt / EBITDA	1.24	0.92	1.03	1.78	2.06
Total Debt / (EBITDA - Capex)	8.21	-19.69	8.21	6.96	9.44
Net Debt / (EBITDA - Capex)	1.96	-7.06	4.35	4.27	6.53
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	73.19	56.19	8.09	12.56	21.34
Gross Profit, 1 Yr. Growth %	-238.09	151.01	4.5	16.16	7.06
EBITDA, 1 Yr. Growth %	-110.61	458.7	6.02	14.55	-10.81
EBITA, 1 Yr. Growth %	-84.98	-239.06	4.6	9.96	-32.27
EBIT, 1 Yr. Growth %	-84.98	-239.06	4.6	8.68	-37.57
Earnings From Cont. Operations, 1 Yr. Growth %	-136.1	-87.87	305.17	68.09	-74.68
Net Income, 1 Yr. Growth %	-136.1	-87.87	305.17	68.09	-74.68
Normalized Net Income, 1 Yr. Growth %	-80.23	-190.35	6.39	8.18	-53.66
Diluted EPS Before Extra, 1 Yr. Growth %	-135.15	-88.06	306.67	68.31	-73.05
Accounts Receivable, 1 Yr. Growth %	13.75	-45.79	29.39	45.69	1.25
Inventory, 1 Yr. Growth %	8.77	67.74	11.54	71.55	2.01
Net Property, Plant and Equip., 1 Yr. Growth %	2.55	11.81	12.83	23.12	10.72
Total Assets, 1 Yr. Growth %	-0.68	1.68	3.01	35.28	3
Tangible Book Value, 1 Yr. Growth %	87.31	1.2	16.99	-62.74	-25.16
Common Equity, 1 Yr. Growth %	27.21	0.39	7.78	6.3	-5.81
Cash From Operations, 1 Yr. Growth %	-540.17	37.67	-25.95	39.43	-14.69
Capital Expenditures, 1 Yr. Growth %	31.53	472.26	-10.59	-14.26	23.97
Levered Free Cash Flow, 1 Yr. Growth %	-130.24	-186.93	-2.5K	-218.38	-120.1
Unlevered Free Cash Flow, 1 Yr. Growth %	-141.17	-150.74	-951.45	-238.5	-104.83
Dividend Per Share, 1 Yr. Growth %	-	-	-	-	-
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-16.13	64.47	29.93	10.3	16.86
Gross Profit, 2 Yr. CAGR %	-37	73.5	73.63	15.81	15.33
EBITDA, 2 Yr. CAGR %	-69.72	-36.6	204.35	13.61	1
EBITA, 2 Yr. CAGR %	-51.01	-60.98	78.41	12.82	-13.8
EBIT, 2 Yr. CAGR %	-51.01	-60.98	78.41	12.21	-17.73
Earnings From Cont. Operations, 2 Yr. CAGR %	-21.16	-79.07	-29.88	160.97	-34.77
Net Income, 2 Yr. CAGR %	-21.16	-79.07	-29.88	160.97	-34.77
Normalized Net Income, 2 Yr. CAGR %	-42.32	-63.95	50.99	13.3	-29.29
Diluted EPS Before Extra, 2 Yr. CAGR %	-21.96	-79.52	-30.33	161.62	-32.65
Accounts Receivable, 2 Yr. CAGR %	30.02	-21.47	-16.25	37.3	21.46
Inventory, 2 Yr. CAGR %	-7.2	35.08	36.78	38.33	32.29
Net Property, Plant and Equip., 2 Yr. CAGR %	-5.56	7.08	12.32	17.86	16.76
Total Assets, 2 Yr. CAGR %	3.62	0.5	2.35	18.05	18.04
Tangible Book Value, 2 Yr. CAGR %	-11.94	37.68	8.8	-33.98	-47.19
Common Equity, 2 Yr. CAGR %	-6.32	13.01	4.02	7.04	0.06
Cash From Operations, 2 Yr. CAGR %	-22.66	146.17	0.97	1.61	9.07
Capital Expenditures, 2 Yr. CAGR %	-35.23	174.35	126.2	-12.44	3.1
Levered Free Cash Flow, 2 Yr. CAGR %	-36.96	-57.35	80.98	1.39K	-52.15
Unlevered Free Cash Flow, 2 Yr. CAGR %	-30.79	-62.37	54.64	348.17	-74.64
Dividend Per Share, 2 Yr. CAGR %	-	-	-	-	-
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-9.25	3.18	42.99	23.86	13.86
Gross Profit, 3 Yr. CAGR %	-23.4	-0.13	46.52	51.86	12.82
EBITDA, 3 Yr. CAGR %	-51.37	-19.79	-12.86	118.29	4.81
EBITA, 3 Yr. CAGR %	-31.31	-30.73	-29.54	52.14	-4.82
EBIT, 3 Yr. CAGR %	-31.31	-30.73	-29.54	51.24	-7.71
Earnings From Cont. Operations, 3 Yr. CAGR %	3.03	-57.75	-43.8	-6.16	19.91
Net Income, 3 Yr. CAGR %	3.03	-57.75	-43.8	-6.16	19.91
Normalized Net Income, 3 Yr. CAGR %	-22.4	-33.46	-30.98	35.11	-15.9
Diluted EPS Before Extra, 3 Yr. CAGR %	2.31	-58.26	-44.54	-6.52	22.64
Accounts Receivable, 3 Yr. CAGR %	14.26	-2.87	-7.25	0.73	24.05
Inventory, 3 Yr. CAGR %	1.1	13.04	26.72	47.51	24.97
Net Property, Plant and Equip., 3 Yr. CAGR %	4.35	-0.09	8.96	15.81	15.43
Total Assets, 3 Yr. CAGR %	8.53	2.97	1.33	12.32	12.8
Tangible Book Value, 3 Yr. CAGR %	1.48	-7.77	30.4	-23.88	-31.16
Common Equity, 3 Yr. CAGR %	0.44	-4.13	11.24	4.78	2.57
Cash From Operations, 3 Yr. CAGR %	-4.83	-6.27	64.94	12.43	-4.14
Capital Expenditures, 3 Yr. CAGR %	-32.75	33.9	88.8	63.7	-1.68
Levered Free Cash Flow, 3 Yr. CAGR %	149.57	-29.78	-11.9	55.88	253.63
Unlevered Free Cash Flow, 3 Yr. CAGR %	127.57	-37.56	-12.67	47.82	-1.32
Dividend Per Share, 3 Yr. CAGR %	-	-	-	-	-
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	0.83	4.09	4.76	5.97	31.9
Gross Profit, 5 Yr. CAGR %	-17.55	-2.14	3.35	3.87	31.36
EBITDA, 5 Yr. CAGR %	-40.08	-14.59	1.28	-0.94	-7.9
EBITA, 5 Yr. CAGR %	-28.86	-23.1	0.62	-3.31	-23.49
EBIT, 5 Yr. CAGR %	-28.86	-23.1	0.62	-3.66	-25
Earnings From Cont. Operations, 5 Yr. CAGR %	-9.72	-42.95	-11.67	-12.47	-40.35
Net Income, 5 Yr. CAGR %	-9.72	-42.95	-11.67	-12.47	-40.35
Normalized Net Income, 5 Yr. CAGR %	-24.46	-24.61	0.92	-4.21	-30.27
Diluted EPS Before Extra, 5 Yr. CAGR %	-10.07	-43.4	-12.26	-13.03	-40.06
Accounts Receivable, 5 Yr. CAGR %	12.57	-2.79	0.91	11.55	3.31
Inventory, 5 Yr. CAGR %	5.7	12.78	14.09	22.55	28.92
Net Property, Plant and Equip., 5 Yr. CAGR %	7.07	6.83	7.47	6.74	12.01
Total Assets, 5 Yr. CAGR %	6.97	5.71	6.01	8.76	7.71
Tangible Book Value, 5 Yr. CAGR %	15.52	5.14	4.35	-19.31	-9.17
Common Equity, 5 Yr. CAGR %	5.34	1.98	1.86	0.19	6.63
Cash From Operations, 5 Yr. CAGR %	-5.76	-2.26	-2.55	-3.19	39.79
Capital Expenditures, 5 Yr. CAGR %	-15.51	10.25	9.25	12.98	48.22
Levered Free Cash Flow, 5 Yr. CAGR %	-22.68	-2.31	119.46	8.52	-30.93
Unlevered Free Cash Flow, 5 Yr. CAGR %	-19.13	-11.31	94.98	9.12	-46.7
Dividend Per Share, 5 Yr. CAGR %	-	-	-	-	-