Alaska Air Group, Inc. (ALK) Cash Flow Statement
Where ALK’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $1.25B −14.7% vs 2024
- Capital expenditures
- $1.59B 11.2% of revenue
- Free cash flow
- −$339.0M −2.4% margin
- Returned to shareholders
- $570.0M
- Change in cash
- −$573.0M cash at year-end $684.0M
Cash from operations
$1.25B
Capital expenditures
−$1.59B
Investments (net)
−$190.0M
Acquisitions & other
+$155.0M
Share buybacks (net)
−$570.0M
Net borrowing (repayment)
+$289.0M
Other financing
+$82.0M
Change in cash
−$573.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
ALK operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
ALK cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $1.39B2016 | $1.25B2025 | −1.1%/yr | |
| Capital expenditures | $678.0M2016 | $1.59B2025 | +9.9%/yr | |
| Free cash flow | $708.0M2016 | −$339.0M2025 | — | |
| Free cash flow margin | 11.9%2016 | −2.4%2025 | −14.3 pts | |
| Operating cash flow / net income | 1.702016 | 12.492025 | +10.79 | |
| Stock-based compensation | $26.0M2016 | $10.0M2025 | −10.1%/yr | |
| Dividends paid | $136.0M2016 | $02022 | −100.0% | |
| Share buybacks (net) | $193.0M2016 | $570.0M2025 | +12.8%/yr | |
| Capex / revenue | 11.4%2016 | 11.2%2025 | −0.3 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ALK cash flow by activity
OperatingInvestingFinancingChange in cash
ALK net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
ALK cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $100.0M | $395.0M | $235.0M | $58.0M | $478.0M | −$1.32B | $769.0M | $437.0M | $1.03B | $814.0M |
| Depreciation & amortization | $795.0M | $583.0M | $451.0M | $415.0M | $394.0M | $420.0M | $423.0M | $398.0M | $372.0M | $363.0M |
| Stock-based compensation | $10.0M | $63.0M | $59.0M | $35.0M | $51.0M | $24.0M | $29.0M | $47.0M | $55.0M | $26.0M |
| Change in working capital | $293.0M | $492.0M | −$286.0M | $407.0M | $118.0M | −$201.0M | $501.0M | $313.0M | $129.0M | $183.0M |
| Other non-cash items | $51.0M | −$69.0M | $591.0M | $503.0M | −$11.0M | $847.0M | $0 | $0 | $0 | $0 |
| Cash from operating activities | $1.25B | $1.46B | $1.05B | $1.42B | $1.03B | −$234.0M | $1.72B | $1.20B | $1.59B | $1.39B |
| Investing activities | ||||||||||
| Capital expenditures | −$1.59B | −$1.28B | −$1.49B | −$1.67B | −$292.0M | −$206.0M | −$696.0M | −$960.0M | −$1.03B | −$678.0M |
| Investments (net) | −$190.0M | −$634.0M | −$1.14B | −$1.22B | −$1.01B | −$644.0M | −$136.0M | $282.0M | −$181.0M | $2.0M |
| Acquisitions & other investing | $155.0M | $1.28B | $1.67B | $1.67B | $292.0M | $257.0M | $41.0M | $47.0M | $75.0M | −$1.95B |
| Cash from investing activities | −$1.62B | −$634.0M | −$964.0M | −$1.22B | −$1.01B | −$593.0M | −$791.0M | −$631.0M | −$1.13B | −$2.62B |
| Financing activities | ||||||||||
| Dividends paid | — | — | — | $0 | $0 | −$45.0M | −$173.0M | −$158.0M | −$148.0M | −$136.0M |
| Share repurchases & issuance (net) | −$570.0M | −$312.0M | −$137.0M | −$18.0M | $0 | −$31.0M | −$75.0M | −$50.0M | −$75.0M | −$193.0M |
| Net borrowing (repayment) | $289.0M | $395.0M | $129.0M | −$385.0M | −$971.0M | $2.00B | −$608.0M | −$468.0M | −$397.0M | $1.79B |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $82.0M | $36.0M | −$139.0M | $78.0M | $57.0M | $58.0M | $43.0M | $29.0M | $28.0M | $25.0M |
| Cash from financing activities | −$199.0M | $119.0M | −$147.0M | −$325.0M | −$914.0M | $1.98B | −$813.0M | −$647.0M | −$592.0M | $1.49B |
| Summary | ||||||||||
| Net change in cash | −$573.0M | $949.0M | −$61.0M | −$125.0M | −$892.0M | $1.15B | $118.0M | −$83.0M | −$134.0M | $255.0M |
| Cash at end of period | $684.0M | $1.26B | $308.0M | $369.0M | $494.0M | $1.39B | $232.0M | $114.0M | $194.0M | $328.0M |
| Free cash flow | −$339.0M | $183.0M | −$444.0M | −$253.0M | $738.0M | −$440.0M | $1.03B | $235.0M | $564.0M | $708.0M |
| Free cash flow margin | −2.4% | 1.6% | −4.3% | −2.6% | 11.9% | −12.3% | 11.7% | 2.8% | 7.1% | 11.9% |
| Capex / revenue | 11.2% | 10.9% | 14.3% | 17.3% | 4.7% | 5.8% | 7.9% | 11.6% | 13.0% | 11.4% |
| Operating cash flow / net income | 12.49 | 3.71 | 4.47 | 24.45 | 2.15 | — | 2.24 | 2.73 | 1.54 | 1.70 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$76.0M | −$193.0M | $21.0M | $73.0M | $172.0M | −$166.0M | $71.0M | $236.0M | $220.0M | −$132.0M | −$2.0M | $139.0M |
| Depreciation & amortization | $207.0M | $204.0M | $199.0M | $203.0M | $199.0M | $194.0M | $190.0M | $139.0M | $128.0M | $126.0M | $121.0M | $113.0M |
| Stock-based compensation | $17.0M | $25.0M | $19.0M | −$19.0M | −$10.0M | $20.0M | $8.0M | $18.0M | $18.0M | $19.0M | −$73.0M | $17.0M |
| Change in working capital | $421.0M | $385.0M | −$53.0M | −$28.0M | $15.0M | $359.0M | $77.0M | −$159.0M | $143.0M | $303.0M | −$211.0M | −$155.0M |
| Other non-cash items | −$384.0M | $0 | −$1.0M | $0 | $0 | $52.0M | −$72.0M | $84.0M | $71.0M | −$24.0M | $112.0M | $157.0M |
| Cash from operating activities | $185.0M | $421.0M | $185.0M | $229.0M | $376.0M | $459.0M | $274.0M | $318.0M | $580.0M | $292.0M | −$53.0M | $271.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$185.0M | −$338.0M | −$625.0M | −$222.0M | −$503.0M | −$238.0M | −$429.0M | −$265.0M | −$530.0M | −$57.0M | −$503.0M | −$357.0M |
| Investments (net) | −$283.0M | $172.0M | $2.0M | −$249.0M | −$366.0M | −$381.0M | −$198.0M | −$301.0M | −$453.0M | $318.0M | — | −$331.0M |
| Acquisitions & other investing | $2.0M | −$3.0M | −$4.0M | $222.0M | $503.0M | $238.0M | $429.0M | $265.0M | $530.0M | $57.0M | $349.0M | $357.0M |
| Cash from investing activities | −$466.0M | −$169.0M | −$627.0M | −$249.0M | −$366.0M | −$381.0M | −$198.0M | −$301.0M | −$453.0M | $318.0M | −$154.0M | −$331.0M |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | −$57.0M | −$193.0M | −$30.0M | −$5.0M | −$430.0M | −$105.0M | −$249.0M | −$14.0M | −$29.0M | −$20.0M | −$67.0M | −$13.0M |
| Net borrowing (repayment) | $924.0M | −$230.0M | $300.0M | $57.0M | $88.0M | −$156.0M | $330.0M | −$65.0M | — | — | — | $220.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $33.0M | −$5.0M | $21.0M | $2.0M | $34.0M | $25.0M | $31.0M | −$1.0M | $121.0M | $15.0M | −$92.0M | −$30.0M |
| Cash from financing activities | $900.0M | −$428.0M | $291.0M | $54.0M | −$308.0M | −$236.0M | $112.0M | −$80.0M | $92.0M | −$5.0M | −$159.0M | $177.0M |
| Summary | ||||||||||||
| Net change in cash | $619.0M | −$176.0M | −$151.0M | $34.0M | −$294.0M | −$158.0M | $188.0M | −$63.0M | $219.0M | $605.0M | −$366.0M | $117.0M |
| Cash at end of period | $1.13B | $508.0M | $684.0M | $835.0M | $778.0M | $1.10B | $1.26B | $1.07B | $1.13B | $913.0M | $281.0M | $674.0M |
| Free cash flow | $0 | $83.0M | −$440.0M | $7.0M | −$127.0M | $221.0M | −$155.0M | $53.0M | $50.0M | $235.0M | −$556.0M | −$86.0M |
| Free cash flow margin | 0.0% | 2.5% | −12.1% | 0.2% | −3.4% | 7.0% | −4.4% | 1.7% | 1.7% | 10.5% | −21.8% | −3.0% |
| Capex / revenue | 4.6% | 10.2% | 17.2% | 5.9% | 13.6% | 7.6% | 12.1% | 8.6% | 18.3% | 2.6% | 19.7% | 12.6% |
| Operating cash flow / net income | — | — | 8.81 | 3.14 | 2.19 | — | 3.86 | 1.35 | 2.64 | — | — | 1.95 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
ALK cash generation
In fiscal 2025 (ended December 31, 2025), Alaska Air generated $1.2 billion of cash from operations (down 14.7%) and spent $1.6 billion on capital expenditures, leaving free cash flow of -$339.0 million, −2.4% of revenue. It returned $570.0 million to shareholders through dividends ($0) and net share buybacks ($570.0 million). Cash and equivalents fell by $573.0 million over the year.
Related: ALK income statement, ALK balance sheet. See the ALK stock overview for the latest quote and news.
ALK cash flow FAQ
What is Alaska Air's free cash flow?
Alaska Air's free cash flow was -$339.0 million in fiscal 2025: $1.2 billion of operating cash flow minus $1.6 billion of capital expenditures It was $183.0 million a year earlier..
How much cash does Alaska Air generate from operations?
Alaska Air generated $1.2 billion of cash from operating activities in fiscal 2025, 12.49 times its net income of $100.0 million.
How much does Alaska Air spend on capital expenditures?
Alaska Air spent $1.6 billion on capital expenditures in fiscal 2025, 11.2% of revenue, compared with $1.3 billion the year before.
How much stock does Alaska Air buy back?
Alaska Air spent $570.0 million on net share repurchases in fiscal 2025.