Alaska Air

Q2 FY2026 EarningsQ2 FY26 results missed consensus across bottom-line metrics, primarily due to an 85% YoY surge in fuel prices. Revenue of $4.07B slightly beat the $4.09B consensus (down ~0.5%), while GAAP EPS of -$0.68 beat the mean expectation of -$0.96 due to lower-than-expected special integration costs. However, operating cash flow and EBIT were significantly impacted by fuel volatility, and the debt-to-capitalization ratio rose to 65% following $1.1B in new financing for the Hawaiian Airlines integration.