Managed corporate revenue in the fourth quarter at Alaska Airlines was up 9% year over year, according to Andrew Harrison, chief commercial officer, speaking on a fourth quarter earnings call.
Harrison said “forward-looking business bookings for 2026 are also very encouraging.” He added that first-quarter held, or deferred, managed corporate revenue on the books is up 20% year over year. The technology, manufacturing and financial services sectors in particular showed “significant increases,” according to Harrison.
Harrison also said the share of corporate travelers in business class cabins on the Seattle-to-Tokyo and Seattle-to-Seoul routes is about to pass the airline’s fair market share, “demonstrating that we have successfully tapped into the lucrative international corporate revenue pool of the West Coast that we previously did not have access to.”
Alaska, said Harrison, is “getting more and more penetration into our corporate contracts,” adding, “it all stems to what we’ve been working on to become more relevant for the corporate traveler.”
The carrier reported a 7.1% year-over-year increase in first- and premium-class revenue for the fourth quarter. Premium revenue represented 36% of total revenue, up one point from the third quarter. For the full year, premium cabin revenue increased 6.7% compared with 2024.
Fourth-quarter passenger revenue of more than $3.2 billion represented a 2% increase year over year, with total revenue up 3% to more than $3.6 billion. Full-year passenger revenue in 2025 was more than $12.8 billion, a 20% increase over the prior year. Total 2025 revenue was up 21% to $14.2 billion.
Net income in the fourth quarter was $21 million compared with $71 million in the same period in 2024. Alaska attributed a $30 million negative impact on fourth-quarter earnings to the government shutdown. Full-year net income was $100 million versus $395 million in 2024.
The airline projects first quarter capacity to increase 1% to 2% year over year, with full-year capacity to be up 2% to 3 % against 2025.
