ALASKA AIR GROUP, INC. — Form 8-K

Alaska Air Group announced Sept. 29, 2026 that it has captured approximately two-thirds of its $1 billion incremental profit target (including $500M in Hawaiian Airlines merger synergies), with plans to achieve the full $1B by 2027. Key milestones completed include unified Atmos Rewards loyalty program (active membership growing ~13% annually vs. 3% pre-merger), single operating certificate, single passenger service system, and launch of new premium products (Aurora suites on 787s and select 737-10 MAX aircraft; Leihōkū suites on A330s; Premium Reserve cabin). Cargo revenue grew ~60% since 2024; company targets $750M by 2030. Premium revenue expected to reach 40%+ of total by 2030 (from 35% today); diversified revenue (non-main cabin) targeted at ~60% by 2030 (from 53% in 2026). Loyalty program cash generation expected to reach ~$4B annually by 2030 (up from $2.2B in 2024).