Alaska Airlines reported GAAP net income of US$21 million for the fourth quarter of 2025 and US$100 million, for the full year. This compares with GAAP net income of US$71 million in the fourth quarter of 2024 and US$395 million for that full year. Excluding special items and other adjustments, net income for the fourth quarter of 2025 was US$50 million with full-year adjusted net income of US$293 million. These figures compare with adjusted net income of US$125 million in the fourth quarter of 2024 and US$625 million for the full year. For 2025, the airline generated an adjusted pre-tax margin of 2.8%.
During the fourth quarter, Alaska repurchased 0.7 million shares for approximately US$30 million, bringing total share buybacks in 2025 to 11.3 million shares at a cost of US$570 million. Operationally, Alaska and Hawaiian Airlines, a subsidiary recently acquired by Alaskan Airlines Group, achieved a single operating certificate, marking a major milestone in their integration by becoming one airline in the eyes of the Federal Aviation Administration. The airline also announced the largest fleet order in its history in January 2026, covering 105 Boeing 737-10 aircraft, five Boeing 787s and options for a further 35 737-10s, a move that will expand the fleet to 475 aircraft by 2030 and more than 550 by 2035.
In the fourth quarter, Alaska took delivery of six Boeing 737-8s and one Boeing 787-9. In January 2026, it unveiled a new global livery for its 787 fleet, which is set to operate on international routes to and from Seattle. The airline also announced the opening of a new Horizon base in Las Vegas to support regional growth and increased flying in California.
