Data Shows Alaska Airlines’ Merger Is Working

Alaska Airlines Group announced 2Q26 numbers. Before we get to that, remember that for 1Q26, the key headwinds were sharply higher crude and refining costs, which were the largest drag. Localized demand disruptions such as rainstorms in Hawaii and civil unrest in Puerto Vallarta ahead of spring break. These markets represent roughly 30% of Air Group capacity and created a nearly 1-point unit revenue headwind.

For 2Q26, though, it was again heavily impacted by a sharp fuel price spike, while underlying commercial and operational performance was strong, with clear sequential improvement and a return to profitability in June. The group also launched transatlantic service from Seattle (Rome – 787, London – 787, Reykjavík – MAX).