Alaska Air Group reports first quarter 2022 results

SEATTLE — Alaska Air Group (NYSE: ALK) today reported financial results for its first quarter ending March 31, 2022 and provided outlook for the second quarter ending June 30, 2022.

“Alaska has a proven track record and a resilient business model that delivers in good times and through challenging ones. We are on course to deliver 6% to 9% adjusted pre-tax margins in 2022, as we recently announced at our investor day,” said CEO Ben Minicucci. “March results were particularly strong, marked by our highest cash sales month in history and revenues that exceeded 2019 levels for the first time since the pandemic began. Our people are working hard to get our airline back to its pre- COVID size and to return to growth from there, all while delivering the operational excellence that we’re known for. It’s an honor to have our company’s hard work recognized by Air Transport World as the 2022 Global Airline of the Year.”

Financial results:

  • Reported net loss for the first quarter of 2022 under Generally Accepted Accounting Principles (GAAP) of $143 million, or $1.14 per share, compared to a net loss of $131 million, or $1.05 per share in the first quarter of 2021.
  • Reported net loss for the first quarter of 2022, excluding special items and mark-to-market fuel hedge accounting adjustments, of $167 million, or $1.33 per share, compared to a net loss, excluding special items and mark-to-market fuel hedge accounting adjustments, of $436 million or $3.51 per share, in the first quarter of 2021.
  • Generated $287 million in operating cash flow for the first quarter, driven by increased advance bookings as both leisure and business demand for air travel continue to recover.
  • Held $2.9 billion in unrestricted cash and marketable securities as of March 31, 2022.
  • Ended the quarter with a debt-to-capitalization ratio of 50%, within our target range of 40% to 50%.

Operational updates:

  • Announced plans to accelerate the transition of Alaska’s mainline fleet to all-Boeing and introduced new plans to transition Horizon’s regional fleet to all-Embraer jets by the end of 2023. This transition is expected to drive significant economic benefits through cost savings, operational simplicity and better fuel efficiency.
  • Extended the co-branded Mileage Plan credit card agreement with Bank of America through 2030, providing expanded guest benefits and accelerating Alaska’s strategic growth plans in the West Coast.
  • Modified the Boeing aircraft order to include six firm and 41 option 737-10 aircraft and 10 firm 737-8 aircraft. The new mix of aircraft types provides an optimal fleet for our network and anticipated growth.
  • Announced plans to renovate and expand Alaska lounges in Seattle and Portland to provide additional capacity and enhanced amenities, with both expected to open by 2026.
  • Received nine Boeing 737-9 aircraft, bringing the total number of 737-9s in our fleet to 20.
  • Added Air Tahiti Nui as a new global Mileage Plan partner, allowing our guests to earn miles flying nonstop between Seattle or Los Angeles and French Polynesia.
  • Expanded codeshare agreement with Finnair, bringing total codeshare growth to more than 250 routes since Alaska’s entrance into the oneworld alliance in 2021.

Recognition and awards:

  • Awarded the 2022 Airline of the Year by Air Transport World, given to an airline each year in recognition of outstanding performance, innovation and superior service.
  • Named to the TIME100 Most Influential Companies list, highlighting Alaska’s commitment to make meaningful changes in the climate impact of aviation.

Environmental, social and governance updates:

  • Announced Patricia Bedient as the next chair of Alaska Air Group’s Board of Directors, replacing Brad Tilden effective May 5, 2022.
  • Launched the Ascend Pilot Academy in partnership with Hillsboro Aero Academy, providing aspiring pilots a simpler and more financially accessible path to become a commercial pilot at Horizon and Alaska.
  • Alongside other oneworld partners, signed two offtake agreements to procure sustainable aviation fuel for California operations, beginning in 2024.

Tune in:

A conference call regarding the first quarter results will be streamed online at 8:30 a.m. PDT on April 21, 2022. It can be accessed at For those unable to listen to the live broadcast, a replay will be available after the conclusion of the call.

Full earnings financial data:

Statistical data, reconciliations of the reported non-GAAP financial measures, further details regarding results and a glossary of financial terms can be found in our Earnings Release as filed with the SEC.