DEBT (Tables)

12 Months Ended

Dec. 31, 2025

Debt obligations on the consolidated balance sheet:


(in millions)	2025			2024
Fixed-rate notes payable due through 2037	$	115		$	56
Fixed-rate PSP notes payable due through 2031	630			688
Fixed-rate EETCs payable due through 2027	715			864
Fixed-rate Japanese Yen denominated notes payable due through 2031	51			88
Variable-rate Japanese Yen denominated notes payable through 2033	149			—
Variable-rate PSP notes payable due through 2030	62			—
Variable-rate notes payable due through 2037	1,639			1,283
Loyalty financing, variable-rate term loan facility due through 2031	743			750
Loyalty financing, fixed-rate notes due through 2031	1,250			1,250

Less debt issuance costs and other	(45)			(46)
Total debt	5,309			4,933
Less current portion	540			442
Long-term debt, less current portion	$	4,769		$	4,491

Weighted-average fixed-interest rate	3.9		%	3.9		%
Weighted-average variable-interest rate	5.2		%	6.3		%

Schedule of Maturities of Long-term Debt

At December 31, 2025, long-term debt principal payments for the next five years and thereafter are as follows:


(in millions)	Total(a)
2026	$	554
2027	766
2028	330
2029	878
2030	268
Thereafter	2,580
Total principal payments	$	5,376

(a) The Company recognized the long-term debt assumed in the Hawaiian acquisition at fair value as of the acquisition date. As a result, the amount in the consolidated balance sheets will not equal the total balance of remaining principal payments presented in this table.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

ALASKA AIR GROUP, INC. 10-K