CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Operating Revenue
Total Operating Revenue	$ 3,766	$ 3,072	$ 10,607	$ 8,201
Operating Expenses
Wages and benefits	1,226	883	3,518	2,469
Variable incentive pay	71	104	194	197
Aircraft fuel, including hedging gains and losses	761	624	2,142	1,804
Aircraft maintenance	238	140	698	391
Aircraft rent	64	49	190	142
Landing fees and other rentals	305	194	825	532
Contracted services	151	108	442	311
Selling expenses	107	82	312	243
Depreciation and amortization	203	139	596	393
Food and beverage service	100	69	282	194
Third-party regional carrier expense	72	63	205	181
Other	256	202	764	593
Special items - operating	64	74	211	254
Total Operating Expenses	3,618	2,731	10,379	7,704
Operating Income	148	341	228	497
Non-operating Income (Expense)
Interest income	23	28	71	69
Interest expense	(70)	(44)	(202)	(115)
Interest capitalized	8	7	29	19
Other - net	2	(4)	(10)	(4)
Total Non-operating Expense	(37)	(13)	(112)	(31)
Income Before Income Tax	111	328	116	466
Income tax expense	38	92	37	142
Net Income	$ 73	$ 236	$ 79	$ 324
Basic earnings per share (in dollars per share)	$ 0.63	$ 1.87	$ 0.66	$ 2.57
Diluted earnings per share (in dollars per share)	$ 0.62	$ 1.84	$ 0.65	$ 2.52
Weighted Average Shares Outstanding used for computation:
Basic	115,287,000	126,189,000	119,061,000.000	126,165,000
Diluted	117,500,000	128,590,000	121,193,000	128,347,000
Passenger revenue
Operating Revenue
Total Operating Revenue	$ 3,424	$ 2,821	$ 9,587	$ 7,476
Passenger revenue \| Passenger
Operating Revenue
Total Operating Revenue	3,424	2,821	9,587	7,476
Loyalty Plan Revenue
Operating Revenue
Total Operating Revenue	558	460	1,652	1,336
Loyalty Plan Revenue \| Passenger
Operating Revenue
Total Operating Revenue	358	289	1,035	827
Loyalty Plan Revenue \| Loyalty program other
Operating Revenue
Total Operating Revenue	200	171	617	509
Cargo and other revenue
Operating Revenue
Total Operating Revenue	142	80	403	216
Cargo and other revenue \| Cargo and Freight
Operating Revenue
Total Operating Revenue	$ 142	$ 80	$ 403	$ 216

ALASKA AIR GROUP, INC. 10-Q