Alaska Air Group posts record annual revenue of $9.6 billion, up 10% versus 2019

Published: Monday, February 27, 2023

SEATTLE, WASHINGTON— Alaska Air Group Inc. (NYSE: ALK) says it had $2.5 billion in operating revenue for the fourth quarter, resulting in $9.6 billion in operating revenue for the full year 2022, the highest annual total in the company history.

“2022 was a year of significant recovery and accomplishment for Alaska Airlines,” said Alaska Airlines CEO Ben Minicucci.

“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. 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. I am confident that we are well positioned to grow, compete and out-perform in 2023,” he noted.

With business doing good following the difficult years during the pandemic, Alaska Air Group said it made $257 million of incentive pay in 2022 earned by employees for meeting or exceeding profitability, safety and emissions targets. The payout is the richest in the 20-year history of the plan, representing nearly six weeks of pay for most employees.

Additionally, it received nearly $1.5 billion in annual cash remuneration under the renewed co-brand credit card arrangement with Bank of America, the highest level in the program’s history.