ALASKA AIR GROUP, INC. 8-K

What Happened
Alaska Air Group (ALK) filed a Form 8‑K on March 30, 2026 under Regulation FD to update shareholders on its Q1 2026 operating outlook. The company now expects Q1 adjusted loss per share of ($2.00) to ($1.50), citing sharply higher fuel and refining costs plus demand disruptions in Puerto Vallarta and historic flooding in Hawaiʻi. Management says demand remains generally strong across the network, capacity is toward the high end of guidance (up ~2%), and corporate forward bookings for the next 90 days are up more than 25% year‑over‑year.

Key Details

• Q1 2026 adjusted loss per share expected: ($2.00) to ($1.50).
• Economic jet fuel expected to average $2.90–$3.00 per gallon; at least a ($0.70) per-share EPS headwind from higher fuel.
• Singapore refining margins (about 20% of fuel supply) rose ~400% since early February (from ~$0.45 to ~$2.25/gal); U.S. refining costs up ~140% in same period.
• Demand impacts from Puerto Vallarta unrest and Hawaiʻi storms affect roughly 30% of ALK capacity; 55% of quarter revenue still to be earned and management expects recovery in Hawaiʻi.

Why It Matters
This update signals materially higher operating costs and a weaker near‑term earnings result than prior guidance, primarily from fuel price and refining margin volatility plus regional demand shocks. For investors, the most immediate impacts are the revised Q1 adjusted loss-per-share range and the stated minimum ~$0.70 EPS drag from fuel. At the same time, management highlights continuing demand strength (notably corporate bookings) and seasonal recovery potential, which could help earnings later in the year. The filing is a Regulation FD disclosure and contains forward‑looking statements subject to risks described in ALK’s 2025 Form 10‑K.