Alaska Air Group reported $146m Q4 cargo revenue as Alaska and Hawaiian Airlines merged operations under single certificate
Alaska Air Group has reported positive fourth quarter 2025 for cargo revenue, while its subsidiary Alaska Airlines and its acquisition Hawaiian Airlines are now carrying out flights under a single air operating certificate (AOC).
The Group, which completed the acquisition of Hawaiian Airlines in September 2024, said cargo revenue was $146m for the fourth quarter of 2025, up 11% year on year. Cargo revenue for 2025 was $549m, up 58% from $348m in 2024.
"We continued to build on key milestones for our Alaska Accelerate strategy during the quarter, including achieving a single operating certificate for Alaska and Hawaiian Airlines," said the Group.
Alaska added that this month, cargo also became the first operational workgroup of Alaska Airlines and Hawaiian Airlines to be fully integrated, "merging onto one unified cargo selling and technology platform".
Alaska operates three Boeing 737-700 passenger-to-freighter (P2F) aircraft and two Boeing 737-800P2Fs, while Hawaiian now operates 10 Airbus A330-300P2Fs for Amazon.
In the Group's fourth-quarter earnings call held on 23 January, Benito Minicucci, president, chief executive and director of Alaska Air Group cofirmed Hawaiian would not be taking on any additional A330-300P2Fs for Amazon. "That number is not going up," he said.
Speaking about expectations for cargo business this year, Jason Berry, chief operating officer at Alaska Airlines, said that "as we brought these two airlines together, we saw a lot of synergies and opportunities, and those are happening".
He added: "And the top-end revenue and the margin is really good coming in on the cargo side. We're seeing good momentum on all sides. We just actually got to a single selling platform earlier this month, and that's really actually helping us unlock and making it a lot simpler for our customers on the cargo side to book with us. So we expect to continue to see positive growth on that as we bring in the new (passenger) wide-bodies and continue to just work the network."
Earlier this month, Alaska Airlines confirmed it would order 105 new 737-10 aircraft and five new 787 aircraft.
Looking ahead to the end of the first quarter, Alaska said it expected first-quarter unit revenues to be "solidly positive", but it acknowledged economic conditions meant there is a level of uncertainty.
However, Alaska said it would continue to benefit from the acquisition of Hawaiian in 2026.
"We expect to continue to realise value from Alaska Accelerate initiatives and synergies from the Hawaiian integration, which remain on track or ahead of plan relative to our initial expectations."
Additionally, the Group said it is close to being operationally ready to launch passenger flights to London Heathrow (LHR) year-round and Rome Fiumicino Airport (FCO) seasonally, which will further support belly cargo operations.
