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Alaska Air Group ALK Loyalty Plan Revenue — Deferred Revenue

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Other financials

Income statement

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Revenue$4.1B+9.7%
Operating income-$168.0M-161%
Net income-$76.0M-144%
EPS (diluted)-$0.68-148%

Balance sheet

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Cash & equivalents$1.1B+32.8%
Total debt$6.2B-2.2%
Total equity$3.7B-6.9%
Total assets$21.2B+6.8%

Cash flow

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Operating cash flow$185.0M-50.8%
CapEx-$185.0M-315%
Free cash flow--100%

Valuation

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Market cap$5.58B-7.5%
Enterprise value$10.75B-7.4%
P/S0.4×-0.1×

Profitability

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Operating margin-1.5%-5.2pp
Net margin-1.2%-3.5pp
FCF margin4.2%-4.3pp

Returns & leverage

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Return on equity-4.6%-12.3pp
Debt / equity1.7×+0.1×
Current ratio0.5×0.0×

Where this comes from

Reported directly by Alaska Air Group in its filing.

Tagged under the XBRL concept us-gaap:ContractWithCustomerLiabilityCurrent.

The source filing: Alaska Air Group’s 10-Q, filed May 7, 2026.

Filed
May 6, 2026, 8:00 PM EDT
Fiscal quarter
Q1 FY2026
Calendar quarter
Q1 2026
Accession
0000766421-26-000021
(in millions, except share amounts)March 31, 2026December 31, 2025
Accrued wages, vacation and payroll taxes657881
Air traffic liability2,3781,689
Other accrued liabilities1,1211,055
Deferred revenue1,7811,722
Current portion of long-term debt and finance leases498721
Current portion of operating lease liabilities212197
Total Current Liabilities7,0566,589
Long-term debt and finance leases, net of current portion4,8224,834

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FAQ

What is Alaska Air Group's loyalty plan revenue — deferred revenue?
Alaska Air Group (ALK) reported loyalty plan revenue — deferred revenue of $1.78B in Q1 2026.
What does loyalty plan revenue — deferred revenue mean?
This metric represents the portion of loyalty program revenue that has been billed or collected but not yet recognized as earned because the associated travel or partner services have not been provided. It serves as a liability on the balance sheet, reflecting the company's future obligation to fulfill travel rewards or benefits to program members. Monitoring this balance provides insight into the scale of the loyalty program's engagement and the potential future revenue that will be recognized upon redemption.

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