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Alaska Air Group cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$82.0M in Q3 2026 · $675M over twelve months

Operating cash flow$149M
Capital spending−$67.0M
Free cash flow+$82.0M

Analysis

In Q3 2026, Alaska Air Group generated $149M of operating cash flow and spent $67.0M on capital projects, leaving free cash flow of $82.0M. That is $56.0M less than in Q3 2025 ($138M).

Over the twelve months to Sep 30, 2026, operating cash flow was $940M; the largest uses were other investing ($1.3B), buybacks ($280M), capital spending ($265M); besides operations, cash came from net borrowing (+) / repaid (−) ($888M), other financing ($50.0M); the cash balance rose by $79.0M.

Operating cash flow was $149M against net income of −$147M. The largest differences: deferred revenue −$269M, depreciation & amortization +$216M, receivables +$25.0M.

Free cash flow

Alaska Air Group: free cash flow by quarterAlaska Air Group: free cash flow by quarter$183MQ4 2024$417MQ1 2025$290MQ2 2025$138MQ3 2025$95.0MQ4 2025$391MQ1 2026$107MQ2 2026$82.0MQ3 2026
Operating cash flow less capital spending.
Alaska Air Group: operating cash flow against capital spendingAlaska Air Group: operating cash flow against capital spendingOperating cash flowCapital spending$274M$91.0MQ4 2024$459M$42.0MQ1 2025$376M$86.0MQ2 2025$229M$91.0MQ3 2025$185M$90.0MQ4 2025$421M$30.0MQ1 2026$185M$78.0MQ2 2026$149M$67.0MQ3 2026
Latest (Q3 2026): Operating cash flow $149M, Capital spending $67.0M.

Capital allocation, year by year

Alaska Air Group: where the cash came from (up) and went (down), by fiscal yearAlaska Air Group: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $1.0BFY2021: Net borrowing −$971MFY2021: Asset sales $2.0MFY2021: Capital spending −$292M$1.0BFY2021FY2022: Operating cash flow $1.4BFY2022: Net borrowing −$385MFY2022: Asset sales $4.0MFY2022: Capital spending −$1.7B$1.4BFY2022FY2023: Operating cash flow $1.1BFY2023: Net borrowing $129MFY2023: Asset sales $32.0MFY2023: Capital spending −$1.5BFY2023: Buybacks −$137M$1.2BFY2023FY2024: Operating cash flow $1.5BFY2024: Net borrowing $395MFY2024: Capital spending −$293MFY2024: Acquisitions −$659MFY2024: Buybacks −$312M$1.9BFY2024FY2025: Operating cash flow $1.2BFY2025: Net borrowing $280MFY2025: Shares issued $23.0MFY2025: Capital spending −$309MFY2025: Buybacks −$570M$1.6BFY2025
Over these 5 years operating cash flow totalled $6.2B; the largest uses were capital spending ($4.1B) and net borrowing ($1.4B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$2.2B
Debt$6.0B
Net debt$3.7B
Due within a year$554M

Alaska Air Group funds itself: free cash flow was $675M over the last twelve months, and $2.2B of cash and investments stands against $6.0B of debt ($554M due within a year, 4.0× covered by cash).

Alaska Air Group: debt maturities by year (FY2025)Alaska Air Group: debt maturities by year (FY2025)$554MYear 1$766MYear 2$330MYear 3$878MYear 4$268MYear 5$2.6BAfter year 5
Principal due in each year as disclosed in the annual report, against $2.2B of cash and investments now.

Where the cash came from and went

Alaska Air Group: sources (+) and uses (−) of cash, Q3 2026Alaska Air Group: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)$213MOther investing−$190MOperating cash flow$149MNet borrowing (+) / repaid (−)−$106MCapital spending−$67.0MOther financing$1.0M
Alaska Air Group: sources (+) and uses (−) of cash, TTM to Q3 2026Alaska Air Group: sources (+) and uses (−) of cash, TTM to Q3 2026Other investing−$1.3BOperating cash flow$940MNet borrowing (+) / repaid (−)$888MBuybacks−$280MCapital spending−$265MCash drawn (+) / kept (−)−$79.0MOther financing$50.0M

From profit to cash

Alaska Air Group: net income to operating cash flow, Q3 2026Alaska Air Group: net income to operating cash flow, Q3 2026Net income−$147MDepreciation & amortization$216MStock-based pay$22.0MReceivables$25.0MDeferred revenue−$269MOperating cash flow$149M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$149M−$67.0M—−$106M$213M$82.0M
Q2 2026$185M−$78.0M−$57.0M$924M−$619M$107M
Q1 2026$421M−$30.0M−$193M−$230M$176M$391M
Q4 2025$185M−$90.0M−$30.0M$300M$151M$95.0M
Q3 2025$229M−$91.0M−$5.0M$57.0M−$34.0M$138M
Q2 2025$376M−$86.0M−$430M$88.0M$298M$290M
Q1 2025$459M−$42.0M−$105M−$156M$158M$417M
Q4 2024$274M−$91.0M−$249M$259M−$188M$183M

Alaska Air Group: income statement and cash flow

Alaska Air Group, Q3 2026: revenue $4.3B (+14% year over year), operating margin 1.9%. The chart follows the revenue to costs, profit and cash.

Alaska Air Group: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.