Alaska Air Group, Inc. (ALK) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Cash from Operations | 421M | 185M | 229M | 376M | 459M | 274M | 318M | 580M | 292M | -53M | 271M | 610M | 222M | 9M | 174M | 948M | 287M | 129M | -106M | 840M |
| Operating CF Margin % | 12.76% | 5.09% | 6.08% | 10.15% | 14.63% | 7.75% | 10.35% | 20.02% | 13.08% | -2.08% | 9.55% | 21.49% | 10.11% | 0.36% | 6.15% | 35.67% | 17.07% | 6.79% | -5.43% | 55.01% |
| Operating CF Growth % | -8.28% | -32.48% | -27.99% | -35.17% | 57.19% | 616.98% | 17.34% | -4.92% | 31.53% | -688.89% | 55.75% | -35.65% | -22.65% | -93.02% | 264.15% | 12.86% | 71.86% | 136.86% | 48.29% | 191.67% |
| Net Income | -193M | 21M | 73M | 172M | -166M | 71M | 236M | 220M | -132M | -2M | 139M | 240M | -142M | 22M | 40M | 139M | -143M | 18M | 194M | 397M |
| Depreciation & Amortization | 204M | 199M | 203M | 199M | 194M | 190M | 139M | 128M | 126M | 121M | 113M | 113M | 104M | 105M | 104M | 104M | 102M | 100M | 99M | 98M |
| Stock-Based Compensation | 25M | 19M | -19M | 0 | 20M | 8M | 18M | 18M | 19M | -73M | 17M | 33M | 23M | 9M | 13M | 15M | 5M | -35M | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | -127M | 80M | 0 | -47M | 89M | 0 | 0 | -56M | 22M | 0 | 58M | -58M | 9M | 62M | 72M |
| Other Non-Cash Items | 0 | -1M | 0 | -10M | 52M | 55M | 4M | 71M | 23M | 23M | 157M | 174M | 120M | 98M | 155M | 88M | 133M | -4M | -302M | 242M |
| Working Capital Changes | 385M | -53M | -28M | 15M | 359M | 77M | -159M | 143M | 303M | -211M | -155M | 50M | 173M | -247M | -138M | 544M | 248M | 41M | -159M | 31M |
| Change in Receivables | -65M | 22M | 145M | -160M | -11M | 0 | -30M | 0 | -55M | 26M | 10M | -11M | -44M | 14M | 56M | -3M | -112M | -13M | 30M | -49M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -169M | -627M | -249M | -366M | -381M | -198M | -301M | -453M | 318M | -154M | -331M | -539M | 60M | -330M | -167M | -760M | 39M | -65M | 127M | -527M |
| Capital Expenditures | -338M | -625M | -222M | -503M | -238M | -429M | -265M | -499M | -57M | -503M | -357M | -510M | -124M | -724M | -315M | -344M | -288M | -102M | -88M | -75M |
| CapEx % of Revenue | 10.24% | 17.21% | 5.89% | 13.58% | 7.59% | 12.14% | 8.63% | 17.22% | 2.55% | 19.7% | 12.57% | 17.97% | 5.65% | 29.21% | 11.14% | 12.94% | 17.13% | 5.37% | 4.51% | 4.91% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | -659M | 0 | 0 | 32M | 0 | 2M | 0 | -394M | -148M | 0 | 0 | -38M | -219M | 452M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -3M | -4M | 86M | 82M | -9M | 27M | 23M | 41M | 255M | -12M | -76M | -27M | -3M | 394M | 148M | -1M | -1M | 37M | 215M | -452M |
| Cash from Financing | -428M | 291M | 54M | -308M | -236M | 112M | -80M | 92M | -5M | -159M | 177M | -51M | -114M | -29M | -90M | -38M | -168M | -89M | -544M | -363M |
| Debt Issued (Net) | -230M | 300M | 57M | 88M | -156M | 330M | -65M | 83M | 47M | 58M | 220M | -53M | -96M | -52M | -94M | -69M | -170M | -112M | -541M | -392M |
| Equity Issued (Net) | -193M | -30M | -5M | -430M | -105M | -249M | -14M | -29M | -20M | -67M | -13M | -39M | -18M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -193M | -30M | -5M | -430M | -105M | -249M | -14M | -29M | -20M | -67M | -13M | -39M | -18M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -5M | 21M | 2M | 34M | 25M | 31M | -1M | 38M | -32M | -150M | -30M | 41M | 0 | 23M | 4M | 31M | 2M | 23M | -3M | 29M |
| Net Change in Cash | -176M | -151M | 34M | -294M | -158M | 188M | -63M | 219M | 605M | -366M | 117M | 20M | 168M | -350M | -83M | 150M | 158M | -25M | -523M | -50M |
| Free Cash Flow | 83M | -440M | 7M | -127M | 221M | -155M | 53M | 50M | 235M | -556M | -86M | 100M | 98M | -715M | -141M | 604M | -1M | 27M | -194M | 765M |
| FCF Margin % | 2.52% | -12.11% | 0.19% | -3.43% | 7.04% | -4.39% | 1.73% | 1.73% | 10.53% | -21.78% | -3.03% | 3.52% | 4.46% | -28.84% | -4.99% | 22.72% | -0.06% | 1.42% | -9.93% | 50.1% |
| FCF Growth % | -62.44% | -183.87% | -86.79% | -354% | -5.96% | 72.12% | 161.63% | -50% | 139.8% | 22.24% | 39.01% | -83.44% | 9900% | -2748.15% | 27.32% | -21.05% | -100.71% | 107.67% | 19.5% | 220.08% |
| FCF per Share | 0.73 | -3.75 | 0.06 | -1.03 | 1.79 | -1.20 | 0.41 | 0.39 | 1.87 | -4.37 | -0.67 | 0.78 | 0.77 | -5.57 | -1.10 | 4.73 | -0.01 | 0.21 | -1.53 | 6.03 |
| FCF Conversion (FCF/Net Income) | -2.18x | 8.81x | 3.14x | 2.19x | -2.77x | 3.86x | 1.35x | 2.64x | -2.21x | 26.50x | 1.95x | 2.54x | -1.56x | 0.41x | 4.35x | 6.82x | -2.01x | 7.17x | -0.55x | 2.12x |
| Interest Paid | 0 | 46M | 69M | 0 | 0 | 41M | 52M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 3M | 0 | 0 | 0 | 20M | 2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |