Alaska Air Sees Record Annual Revenue 10% Above 2019 Levels

The airline almost hits the $10 billion mark for the year.

Alaska Air Group has posted its fourth-quarter and full-year results for 2022 revealing record annual revenues of $9.6 billion, up by 10% from 2019. The carrier, on track for a strong 2023, also made some key fleet changes over the last quarter. Let’s explore Alaska’s latest financial results below.

Record yearly revenue for Alaska

The airline earned $2.5 billion in revenue in the last quarter alone, enabling it to reach its highest-ever annual revenue of $9.6 billion for 2022. Alaska’s net income for 2022 under Generally Accepted Accounting Principles (GAAP) stood at $58 million – however, excluding special items and mark-to-market fuel hedge accounting adjustments, this shoots up to $556 million for 2022 and $118 million for Q4 2022.

Alaska Airlines Horizon Air Embraer E175

Photo: Joe Kunzler | Simple Flying

Alaska Airlines CEO Ben Minicucci said,

“The results we posted today signal how well our teams are navigating this recovery. I want to thank our employees for their commitment to our success, and for the work they do every day to take great care of our guests.”

Alaska Airlines notes that $496 million in ‘fleet transition’ costs were “primarily impairment charges and accelerated costs associated with the retirement of the A320 and Q400 fleets,” whilst recording expenses of $76 million for mark-to-market fuel hedge adjustments and $84 million for labor-related special items. The carrier repaid $52 million in debt in the fourth quarter, taking it to $385 million total debt repayments last year and ending the quarter with a debt-to-capitalization ratio of 49%, inside its target range of 40% to 50%.

A strong 2022

Despite a challenging end to the year which saw major disruptions at hubs Seattle–Tacoma International Airport (SEA) and Portland International Airport (PDX) due to adverse winter weather, Alaska Airlines can be proud of its performance over 2022 – the airline came in second on Cirium’s report of North America’s most punctual airlines in 2022 with an On-Time Performance (OTP) of 81.42% over 231,248 flights, beaten out by Delta Air Lines which recorded an OTP of 84.1%.

Ben Miniccuci added,

“2022 was a year of significant recovery and accomplishment for Alaska Airlines. Despite many challenges during the year, we ran one of the best operations, signed five new labor deals, and executed the majority of our single fleet transition. I am confident that we are well positioned to grow, compete and outperform in 2023.”

The airline’s cargo division also excelled during this period – as the only US carrier to utilize dedicated freighter aircraft, Alaska Air Cargo generated cargo revenues of $248 million over 2022, a 15% improvement from 2021.

New aircraft in the last quarter

Alaska retired 10 of its Airbus A320 and nine De Havilland Dash 8 Q400 aircraft during the fourth quarter and has since retired all of its remaining A320s following the final retirement on January 9th. According to, the carrier has just five Dash 8s left in its fleet, all of which are due for retirement by the end of January.

Alaska Airlines Boeing 737 MAX 9 N915AK

Photo: Vincenzo Pace | Simple Flying

In terms of incoming aircraft, Alaska inducted four Boeing 737 MAX 9 aircraft during the last quarter, bringing its total MAX 9 fleet to 37 aircraft, along with three Embraer E175s to be operated by subsidiary Horizon Air.

Did you fly often with Alaska Airlines in 2022? How do you see the next year shaping up for the airline? Let us know in the comments.


  • Alaska 737-800

    Alaska Airlines

    IATA/ICAO Code:

    Airline Type:
    Full Service Carrier

    Anchorage International Airport, Los Angeles International Airport, Portland International Airport, San Francisco International Airport, Seattle-Tacoma International Airport

    Year Founded:


    Ben Minicucci

    United States

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