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Alaska Air Group reports second quarter 2021 results investor.alaskaair.com/news-releases/news-release-details/alaska-air-group-reports-second-quarter-2021-results News releases SEATTLE , July 22 , 2021 / PRNewswire / -- Financial Results : ● Reported net income for the second quarter of 2021 under Generally Accepted Accounting Principles ( GAAP ) of $ 397 million , or $ 3.15 per share , compared to a net loss of $ 214 million , or $ 1.74 per share in the second quarter of 2020 . Reported a net loss for the second quarter of 2021 , excluding CARES Act Payroll Support Program ( PSP ) wage offsets , special items and mark - to - market fuel hedge accounting adjustments , of $ 38 million , or $ 0.30 per share , compared to an adjusted net loss of $ 439 million or $ 3.57 per share , in the second quarter of 2020 . Reported a debt - to - capitalization ratio , including short - term borrowings related to COVID - 19 , of 56 % . • Held $ 4.0 billion in unrestricted cash and marketable securities as of June 30 , 2021 . • Generated $ 840 million in operating cash flow in the second quarter , inclusive of $ 489 million of PSP funding , bolstered by improved advance bookings on a surge in demand for air travel . Excluding PSP funding , quarterly operating cash flows improved over $ 580 million from the first quarter of 2021 . Operational Updates : Announced plans to grow our mainline and regional fleets , exercising options for 13 Boeing 737-9 MAX with deliveries in 2023 and 2024 , and nine E175 to be operated by Horizon Air with deliveries in 2022 and 2023. In addition , expanded our long - term capacity agreement with SkyWest Airlines by eight aircraft to be delivered in 2022 . Announced new service to Central America with new routes to Belize from Seattle and Los Angeles , with service slated to begin in November 2021 . ● • Issued recall notices to all pilots on incentive lines for return to work by October 2021 . • Continued our history of providing meaningful incentive programs to our employees with $ 67 million in cash bonuses earned to date . • Announced seven new domestic routes aimed at providing our West Coast guests more options to sun - filled destinations , including three new routes serving Boise , Idaho . Liquidity Updates : • Received $ 664 million through a combination of grants and loans from the U.S. Treasury under an extension of the PSP . Repaid approximately $ 570 million in debt , including the full $ 135 million loan from the U.S. Treasury made available under the CARES Act and the $ 363 million outstanding balance on two credit facilities . Sustainability Updates : • Announced five - part pathway to achieve a net zero carbon footprint by 2040 , putting the airline on track to meet the annual carbon intensity target that is part of its performance - based pay program for all employees . • First airline to implement network optimization software , Flyways , using artificial intelligence and machine learning to optimize air traffic and enable more fuel - efficient flight paths for aggregate savings of fuel , carbon emissions and time . • Partnered with Boeing to launch a 737-9 ecoDemonstrator to test advanced technologies that can enhance the safety and sustainability of air travel . The aircraft will conduct five months of flight tests across the U.S. • Revealed " Our Commitment " aircraft in partnership with long - time partner UNCF , a symbol of the airline's commitments to increase diverse representation in our leadership , advance education as a critical component of equity , and to make Alaska Airlines a place where everyone feels they belong . Alaska Air Group Inc. today reported second quarter 2021 GAAP net income of $ 397 million , or $ 3.15 per share , compared to a net loss of $ 214 million , or $ 1.74 per share in the second quarter of 2020. Excluding the impact of payroll support program wage offsets , special items and mark - to - market fuel hedge adjustments , the company reported an adjusted net loss of $ 38 million , or $ 0.30 per diluted share , compared to an adjusted net loss of $ 439 million , or $ 3.57 per diluted share in 2020 . " As we put the worst of last year's downturn behind us , Alaska is back on the path to profitability , " said CEO Ben Minicucci . " We are executing our plan , rebuilding our network , leveraging our capacity to meet growing demand , and delivering exceptional service and value to our guests . I'm incredibly proud and grateful for how hard our employees are working and how they show up for each other and our guests every day with focus on safety , operational excellence and care . " The following table reconciles the company's reported GAAP net income ( loss ) per share ( EPS ) for the three and six months ended June 30 , 2021 and 2020 to adjusted amounts . Three Months Ended June 30 , 2021 2020 1/16