‍SEATTLE — Alaska Air Group has reported its financial results for the second quarter of 2025, showing steady performance amid rising travel demand and persistent cost pressures.

Ben Minicucci, President and CEO of Alaska Airlines, said, “The results this quarter are clear evidence of our team’s disciplined execution and unwavering focus on what we can control: delivering a remarkable guest experience, driving operational excellence, and unlocking the value of our newly combined network and commercial platform.” 

Minicucci added, “I’ve never been more confident in our team of 30,000 to execute our Alaska Accelerate plan and position Air Group for long-term success.”

It’s also worth noting that following the completion of the merger, Hawaiian Airlines’ (HA) performance has been included in Air Group’s consolidated financials. The Statements of Operations, Balance Sheets, and Summary Cash Flow Statement reflect this addition from September 18, 202,4, onward.

2nd Quarter Financials

Alaska Airlines (AS)reported a strong $3.7 billion in revenue for Q2 2025. However, Revenue per Available Seat Mile (RASM) declined by 0.6% compared to the same quarter last year. Available Seat Miles (ASM) increased by 2.7%, indicating an expansion of capacity. The adjusted pretax margin stood at 8.0%, and adjusted earnings per share (EPS) came in at $1.78, exceeding earlier expectations of $1.65.

The airline's strong performance was driven by its commercial initiatives and focus on revenue diversification. In the second quarter, 49% of total revenue was generated outside the main cabin.

• Premium revenue grew by 5% year-over-year.
• Cargo revenue increased by 34%
• Loyalty program cash remuneration rose by 5%

On the cost side, non-fuel unit costs, excluding freighter costs and special items, increased by 6.5% year-over-year.