Cash Flow Statement

Operating Cash Flow

-12%

10Y

-21%

Currency: USD

	Mar-2002	Jun-2002	Sep-2002	Dec-2002	Mar-2003	Jun-2003	Sep-2003	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025	Dec-2025
Operating Cash Flow
Net Income	(93)	(99)	(113)	(119)	(90)	(42)	(14)	14	27	(20)	14	(15)	(53)	(34)	(18)	(6)	(5)	34	(74)	(55)	14	5	103	124	97	114	(53)	(136)	(118)	(152)	22	122	146	176	210	251	320	290	245	245	211	250	336	316	312	349	474	508	565	626	535	605	660	729	805	848	883	909	891	797	706	739	742	960	871	771	729	437	437	506	611	769	533	57	(696)	(1 324)	(1 223)	(612)	13	478	466	208	54	58	59	160	259	235	245	225	322	395	361	313	150	100
Depreciation & Amortization	206	206	203	195	195	196	194	202	209	209	210	205	185	170	143	143	146	148	152	158	163	170	176	177	185	193	198	205	208	211	214	219	223	227	229	231	235	238	243	247	251	254	258	264	269	271	272	270	271	277	285	294	300	306	312	320	332	345	365	363	365	363	357	372	376	383	387	398	410	418	425	423	425	427	426	420	409	400	394	394	399	405	410	415	417	426	435	451	473	488	514	583	651	722	786	0
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	2	0	0	0	8	11	14	18	12	15	15	14	13	13	13	13	12	12	13	12	9	11	8	8	17	15	16	16	10	19	21	28	32	22	36	33	6	11	(1)	1	25	25	24	22	26	30	38	50	55	50	47	46	47	50	46	33	29	27	20	23	24	27	41	45	51	44	47	49	42	60	78	82	85	128	113	114	63	(9)	(37)	(74)	0
Other Non-Cash Items	65	65	64	52	(1)	(0)	1	2	7	44	68	95	189	168	141	115	148	135	225	225	97	99	17	22	28	61	81	98	96	82	57	36	31	15	26	22	32	54	47	55	46	17	15	10	19	22	28	(160)	(170)	(156)	(159)	6	11	(1)	1	25	25	24	22	26	30	38	50	55	50	47	46	47	50	46	33	29	187	(113)	(65)	871	743	1 023	973	40	79	255	421	538	545	591	597	507	462	250	98	(7)	23	18	(23)	856
Cash Taxes Paid	(18)	(39)	(23)	(23)	(23)	(2)	(2)	(0)	(0)	(43)	(40)	(40)	(39)	4	(2)	2	1	(0)	10	10	5	6	(2)	4	12	12	8	(1)	(5)	(13)	(9)	(9)	(9)	(5)	(5)	0	0	5	8	8	5	5	55	78	87	87	129	149	149	236	234	326	385	341	(121)	349	297	423	932	459	448	291	267	177	175	163	48	0	0	0	2	31	31	31	29	0	0	0	0	48	48	48	48	0	0	14	14	15	0	1	3	22	0	0	20	0
Cash Interest Paid	44	51	47	45	43	44	44	40	34	43	357	50	59	51	(263)	52	53	50	51	48	47	51	56	59	63	63	69	71	85	88	96	95	95	94	96	106	103	98	93	74	65	59	48	46	45	42	37	35	31	30	30	28	24	20	11	8	9	8	11	24	42	58	80	84	82	81	76	72	66	67	60	60	51	51	50	50	91	86	112	109	94	83	81	71	68	78	84	105	108	118	127	148	180	201	218	0
Change in Working Capital	26	71	(25)	(3)	44	76	99	137	139	124	75	49	(12)	(68)	(51)	18	69	101	177	122	155	206	139	159	142	(49)	24	6	(39)	54	44	(85)	(63)	83	29	49	30	5	120	149	253	262	116	163	182	249	164	363	345	277	390	125	331	250	249	391	355	316	283	200	230	431	388	203	129	31	57	313	460	532	521	501	142	639	792	(201)	(29)	(359)	(829)	118	206	390	653	407	332	(162)	(179)	(143)	(60)	127	203	493	596	374	425	293
Cash from Operating Activities	204 N/A	242 +18%	129 -47%	125 -3%	148 +18%	230 +56%	280 +22%	355 +27%	382 +7%	357 -6%	366 +3%	333 -9%	309 -7%	235 -24%	229 -3%	270 +18%	359 +33%	417 +16%	480 +15%	450 -6%	429 -5%	480 +12%	434 -9%	482 +11%	452 -6%	319 -29%	250 -22%	173 -31%	148 -14%	194 +31%	337 +73%	293 -13%	337 +15%	500 +48%	493 -1%	553 +12%	617 +12%	588 -5%	655 +11%	696 +6%	760 +9%	783 +3%	725 -7%	753 +4%	782 +4%	889 +14%	938 +5%	981 +5%	1 011 +3%	1 024 +1%	1 051 +3%	1 030 -2%	1 302 +26%	1 284 -1%	1 367 +6%	1 584 +16%	1 595 +1%	1 594 0%	1 561 -2%	1 386 -11%	1 331 -4%	1 571 +18%	1 537 -2%	1 590 +3%	1 426 -10%	1 232 -14%	1 219 -1%	1 195 -2%	1 357 +14%	1 502 +11%	1 590 +6%	1 722 +8%	1 287 -25%	1 010 -22%	457 -55%	(234) N/A	(100) +57%	452 N/A	551 +22%	1 030 +87%	1 150 +12%	1 258 +9%	1 538 +22%	1 418 -8%	1 353 -5%	1 015 -25%	1 112 +10%	1 050 -6%	1 120 +7%	1 090 -3%	1 137 +4%	1 464 +29%	1 631 +11%	1 427 -13%	1 338 -6%	1 249 -7%
Investing Cash Flow
Capital Expenditures	(290)	(146)	(141)	(136)	(205)	(295)	(293)	(294)	(264)	(166)	(129)	(123)	(180)	(292)	(341)	(425)	(486)	(477)	(624)	(682)	(763)	(855)	(825)	(834)	(725)	(645)	(586)	(413)	(495)	(437)	(350)	(438)	(238)	(242)	(245)	(185)	(309)	(315)	(406)	(387)	(336)	(401)	(352)	(518)	(523)	(521)	(573)	(566)	(556)	(658)	(730)	(694)	(880)	(903)	(803)	(831)	(671)	(612)	(672)	(678)	(775)	(850)	(1 010)	(1 026)	(1 045)	(937)	(739)	(960)	(840)	(870)	(933)	(696)	(700)	(531)	(373)	(206)	(114)	(140)	(192)	(292)	(553)	(822)	(1 049)	(1 671)	(1 507)	(1 673)	(1 715)	(1 494)	(1 458)	(1 447)	(1 355)	(1 281)	(1 431)	(1 435)	(1 392)	(1 588)
Other Items	31	(100)	273	(226)	(223)	(268)	(279)	(344)	(304)	(89)	(220)	(269)	32	(54)	(12)	(57)	(275)	(270)	(216)	149	86	193	208	233	178	33	(0)	(169)	(101)	(118)	(218)	(219)	(231)	(193)	(118)	(110)	27	17	(29)	(16)	(206)	(171)	(126)	(127)	(100)	(225)	(238)	(132)	(155)	(110)	94	153	82	350	153	(99)	(174)	(314)	(172)	(1 944)	(1 999)	(2 153)	(2 113)	(103)	240	311	419	329	187	177	(73)	(95)	(32)	146	(477)	(387)	(895)	(1 399)	(577)	(716)	127	163	96	453	310	697	575	530	752	827	765	647	98	189	198	(35)
Cash from Investing Activities	(259) N/A	(246) +5%	132 N/A	(361) N/A	(428) -18%	(563) -32%	(572) -2%	(638) -12%	(568) +11%	(255) +55%	(349) -36%	(392) -12%	(148) +62%	(347) -135%	(353) -2%	(481) -36%	(760) -58%	(747) +2%	(840) -12%	(533) +37%	(677) -27%	(662) +2%	(617) +7%	(602) +2%	(547) +9%	(613) -12%	(586) +4%	(581) +1%	(596) -2%	(555) +7%	(568) -2%	(657) -16%	(470) +29%	(435) +7%	(363) +16%	(295) +19%	(281) +5%	(297) -6%	(435) -46%	(403) +7%	(543) -35%	(572) -5%	(478) +16%	(645) -35%	(623) +3%	(746) -20%	(812) -9%	(698) +14%	(711) -2%	(768) -8%	(636) +17%	(541) +15%	(798) -48%	(553) +31%	(650) -18%	(930) -43%	(845) +9%	(926) -10%	(844) +9%	(2 622) -211%	(2 774) -6%	(3 003) -8%	(3 123) -4%	(1 129) +64%	(805) +29%	(626) +22%	(320) +49%	(631) -97%	(653) -3%	(693) -6%	(1 006) -45%	(791) +21%	(732) +7%	(385) +47%	(850) -121%	(593) +30%	(1 009) -70%	(1 539) -53%	(769) +50%	(1 008) -31%	(426) +58%	(659) -55%	(953) -45%	(1 218) -28%	(1 197) +2%	(976) +18%	(1 140) -17%	(964) +15%	(706) +27%	(620) +12%	(590) +5%	(634) -7%	(1 333) -110%	(1 246) +7%	(1 194) +4%	(1 623) -36%
Financing Cash Flow
Net Issuance of Common Stock	1	1	0	1	1	2	3	4	4	4	4	8	9	9	20	215	216	231	223	35	37	21	13	(56)	(100)	(108)	(103)	(45)	(3)	(7)	(19)	(11)	(12)	(7)	7	(9)	(27)	(22)	(51)	(60)	(47)	(54)	(44)	(29)	(32)	(55)	(63)	(135)	(157)	(180)	(314)	(321)	(393)	(500)	(460)	(505)	(530)	(436)	(317)	(193)	(66)	(22)	(50)	(75)	(87)	(78)	(62)	(50)	(51)	(50)	(66)	(75)	(93)	(81)	(53)	(31)	0	0	0	0	0	0	0	0	(18)	(57)	(70)	(137)	(139)	(129)	(130)	(312)	(397)	(798)	(789)	0
Net Issuance of Debt	322	238	17	14	135	180	207	203	137	(20)	(87)	(115)	(171)	(72)	(32)	40	161	204	259	206	231	182	100	150	246	423	619	541	249	130	(62)	14	32	(113)	(182)	(321)	(370)	(316)	(232)	(227)	(197)	(267)	(325)	(275)	(304)	(219)	(174)	(161)	(110)	(65)	(68)	(68)	(66)	(113)	(115)	(116)	(117)	(115)	1 430	1 795	1 730	1 693	77	(397)	(416)	(496)	(676)	(468)	(487)	(488)	(320)	(608)	296	810	2 131	1 999	1 308	541	(1 203)	(971)	(1 215)	(892)	(445)	(385)	(311)	(295)	19	129	272	408	123	395	192	197	319	0
Cash Paid for Dividends	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(14)	(28)	(45)	(62)	(65)	(68)	(77)	(86)	(95)	(102)	(110)	(118)	(126)	(136)	(139)	(142)	(145)	(148)	(150)	(153)	(155)	(158)	(162)	(165)	(169)	(173)	(175)	(132)	(89)	(45)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other	0	0	0	0	(5)	(5)	(5)	0	0	0	0	1	0	1	2	2	2	4	4	0	4	1	0	0	0	0	0	(8)	227	222	222	243	(6)	(1)	4	(3)	4	6	1	7	14	79	83	216	224	152	138	(1)	7	16	25	(5)	(7)	(9)	7	35	34	37	26	25	23	20	30	28	32	31	34	29	38	40	36	43	14	44	22	58	71	68	73	57	51	53	60	60	58	68	34	(139)	(171)	(174)	(145)	36	93	89	92	(199)
Cash from Financing Activities	324 N/A	239 -26%	17 -93%	15 -11%	132 +775%	177 +34%	205 +16%	207 +1%	145 -30%	(11) N/A	(78) -605%	(106) -36%	(162) -52%	(62) +62%	(10) +83%	257 N/A	379 +48%	439 +16%	486 +11%	240 -51%	269 +12%	200 -25%	111 -45%	93 -15%	146 +56%	315 +116%	515 +64%	488 -5%	473 -3%	345 -27%	141 -59%	246 +74%	13 -95%	(121) N/A	(171) -42%	(332) -94%	(393) -18%	(332) +16%	(282) +15%	(280) +1%	(230) +18%	(243) -6%	(286) -18%	(88) +69%	(112) -27%	(121) -8%	(113) +7%	(325) -189%	(305) +6%	(291) +5%	(422) -45%	(462) -9%	(543) -18%	(708) -30%	(663) +6%	(688) -4%	(723) -5%	(632) +13%	1 013 N/A	1 491 +47%	1 548 +4%	1 549 +0%	(88) N/A	(592) -573%	(621) -5%	(696) -12%	(859) -23%	(647) +25%	(662) -2%	(663) 0%	(519) +22%	(813) -57%	42 N/A	641 +1 426%	2 011 +214%	1 981 -1%	1 379 -30%	609 -56%	(1 130) N/A	(914) +19%	(1 164) -27%	(839) +28%	(385) +54%	(325) +16%	(271) +17%	(284) -5%	(17) +94%	(147) -765%	(38) +74%	105 N/A	(152) N/A	119 N/A	(112) N/A	(512) -357%	(378) +26%	(199) +47%
Change in Cash
Net Change in Cash	269 N/A	234 -13%	278 +18%	(222) N/A	(149) +33%	(156) -5%	(87) +44%	(76) +13%	(41) +46%	91 N/A	(61) N/A	(165) -172%	(1) +99%	(174) -12 321%	(134) +23%	46 N/A	(23) N/A	109 N/A	126 +15%	157 +25%	21 -87%	18 -14%	(72) N/A	(26) +63%	51 N/A	21 -59%	179 +756%	79 -56%	25 -68%	(16) N/A	(89) -465%	(119) -33%	(119) 0%	(55) +54%	(41) +26%	(75) -83%	(58) +23%	(41) +29%	(62) -50%	13 N/A	(12) N/A	(32) -163%	(40) -27%	20 N/A	47 +135%	22 -54%	14 -37%	(42) N/A	(5) +88%	(35) -600%	(7) +80%	27 N/A	(39) N/A	23 N/A	54 +135%	(34) N/A	27 N/A	36 +33%	1 730 +4 706%	255 -85%	105 -59%	117 +11%	(1 674) N/A	(131) +92%	0 N/A	(90) N/A	40 N/A	(83) N/A	42 N/A	146 +248%	65 -55%	118 +82%	597 +406%	1 266 +112%	1 618 +28%	1 154 -29%	270 -77%	(478) N/A	(1 348) -182%	(892) +34%	(440) +51%	(240) +45%	200 N/A	(125) N/A	(115) +8%	(245) -113%	(45) +82%	(61) -36%	376 N/A	575 +53%	395 -31%	949 +140%	186 -80%	(331) N/A	(234) +29%	(573) -145%
Free Cash Flow
Free Cash Flow	(86) N/A	96 N/A	(12) N/A	(11) +10%	(58) -419%	(65) -13%	(13) +80%	61 N/A	118 +93%	191 +62%	237 +24%	211 -11%	129 -39%	(58) N/A	(112) -94%	(154) -38%	(127) +18%	(60) +53%	(144) -140%	(232) -62%	(334) -44%	(376) -12%	(391) -4%	(352) +10%	(272) +23%	(326) -20%	(336) -3%	(240) +28%	(347) -44%	(243) +30%	(13) +95%	(146) -1 067%	99 N/A	258 +162%	248 -4%	367 +48%	309 -16%	273 -11%	249 -9%	309 +24%	424 +37%	382 -10%	372 -3%	235 -37%	259 +10%	368 +42%	364 -1%	415 +14%	455 +10%	366 -20%	321 -12%	336 +5%	422 +26%	381 -10%	564 +48%	753 +34%	924 +23%	982 +6%	889 -9%	708 -20%	556 -21%	721 +30%	527 -27%	564 +7%	381 -32%	295 -23%	480 +63%	235 -51%	517 +120%	632 +22%	657 +4%	1 026 +56%	587 -43%	479 -18%	84 -82%	(440) N/A	(214) +51%	312 N/A	359 +15%	738 +106%	597 -19%	436 -27%	489 +12%	(253) N/A	(154) +39%	(658) -327%	(603) +8%	(444) +26%	(338) +24%	(357) -6%	(218) +39%	183 N/A	200 +9%	(8) N/A	(54) -575%	(339) -528%

Income Statement Balance Sheet Cash Flow Statement

Alaska Air Group Inc
NYSE:ALK

Cash Flow Statement

Cash Flow Statement
Alaska Air Group Inc

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Alaska Air Group Inc NYSE:ALK

Cash Flow Statement

Cash Flow Statement Alaska Air Group Inc

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Alaska Air Group Inc
NYSE:ALK

Cash Flow Statement
Alaska Air Group Inc