What is Alaska Air Group's net debt?

Alaska Air Group (ALK) reported net debt of $5.92B in Q1 2026.

How has Alaska Air Group's net debt changed year-over-year?

Alaska Air Group's net debt increased by 14.3% year-over-year, from $5.18B to $5.92B.

What is the long-term trend for Alaska Air Group's net debt?

Over 5 years (2020 to 2025), Alaska Air Group's net debt has grown at a 11.1% compound annual growth rate (CAGR), from $3.67B to $6.21B.

What does net debt mean?

Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.

Alaska Air Group ALK Net debt

Discontinued — last reported Q1 '26

Net debt at other companies

SeaboardSEB

2×-0.4×

Sabra HealthcareSBRA

-0.2×-0.3×

TDS

Telephone and Data SystemsTDS

-0.2×-25.0×

Dolby Laboratories, Inc.DLB

-1.8×-0.2×

Hannon Armstrong Sustainable Infrastructure CapitalHASI

0.5×+0.4×

Moelis & CompanyMC

0.7×-0.1×

Other financials

Income statement

See full

Revenue$3.3B+5.2%

Operating income-$279.0M-41.6%

Net income-$193.0M-16.3%

EPS (diluted)-$1.69-25.2%

Balance sheet

See full

Cash & equivalents$508.0M-53.8%

Total debt$6.4B+2.4%

Total equity$3.7B-9.8%

Total assets$20.3B+2.4%

Cash flow

See full

Operating cash flow$421.0M-8.3%

CapEx$30.0M-28.6%

Free cash flow$391.0M-6.2%

Valuation

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Market cap$5.49B-30.2%

Enterprise value$11.41B-9.7%

P/E75.2×+53.4×

P/S0.4×-0.2×

Profitability

See full

Operating margin1.5%-2.7pp

Net margin0.5%-2.3pp

FCF margin6.3%-4.4pp

Returns & leverage

See full

Return on equity1.9%-7.0pp

Debt / equity1.7×+0.2×

Current ratio0.4×-0.1×

Where this comes from

Calculated from Alaska Air Group’s reported figures.

$6.4Btotal debt−$508.0Mcash and equivalents=$5.92B

The official record: Alaska Air Group’s 10-Q, filed May 7, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Alaska Air Group's net debt?: Alaska Air Group (ALK) reported net debt of $5.92B in Q1 2026.
How has Alaska Air Group's net debt changed year-over-year?: Alaska Air Group's net debt increased by 14.3% year-over-year, from $5.18B to $5.92B.
What is the long-term trend for Alaska Air Group's net debt?: Over 5 years (2020 to 2025), Alaska Air Group's net debt has grown at a 11.1% compound annual growth rate (CAGR), from $3.67B to $6.21B.
What does net debt mean?: Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.