Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-09-30

Alaska Air Group (ALK)

CEO Ben Minicucci was paid $9,904,339 in fiscal year 2025, ↑ up 14.6% from fiscal year 2024, the 33rd percentile of its disclosed peer group (SEC filing 0001193125-26-132048 ↗): executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$9,904,339 ↑
Ben Minicucci total, FY2025
33rd
CEO pay percentile vs peers
117.7:1
CEO-to-median pay ratio
90.51%
Say-on-pay support, latest vote

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Sample answer — “What is the CEO’s total compensation?”
- Ben Minicucci (CEO Alaska Air Group & Alaska Airlines), FY2025 total compensation $9,904,339 (base salary $847,692) [exec_comp, SEC accession 0001193125-26-132048, filed 2026-03-30]

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ALK's next annual pay disclosure, estimated April 2, 2027.est. Filing ↗

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Ben Minicucci$847,692$0$6,769,222$0$1,632,721$145,411$509,293$9,904,339
CEO Alaska Air Group & Alaska Airlines
Shane Tackett625,71402,816,3820689,19852,092329,7934,513,179
EVP Finance & CFO Alaska Air Group & Alaska Airlines
Andrew Harrison583,88802,382,1960611,076253,886353,6034,184,649
EVP & CCO Alaska Airlines
Constance von Muehlen498,01902,220,4680521,34369,961170,7573,480,548
EVP & Advisor to COO Alaska Airlines
Kyle Levine599,07501,656,3330511,14369,370310,8643,146,785
EVP Corporate & Public Affairs, Chief Legal Officer & Corporate Secretary Alaska Air Group & Alaska Airlines

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
Ben Minicucci$9,904,339$8,645,983$10,313,054↑ +1,258,356
Shane Tackett4,513,1794,220,8225,624,706↑ +292,357
Andrew Harrison4,184,6493,877,0584,572,950↑ +307,591
Constance von Muehlen3,480,5483,498,9754,578,007↓ −18,427
Kyle Levine3,146,7852,890,5803,654,637↑ +256,205

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

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Companies that benchmark against ALK
10 companies name ALK as a compensation peer

Each company listed discloses ALK in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named ALK in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01c

Board of directors

One page per director: the seat, the committees and the fee table, read for one person at a time.

DirectorRoleFY2025 total
Adrienne R. LoftonIndependent Director$240,795
Daniel K. ElwellIndependent Director$265,114
Eric K. YeamanIndependent Director$316,481
Helvi K. SandvikIndependent Director$240,795
James A. BeerIndependent Director$265,494
Kathleen T. HoganIndependent Director$348,148
Patricia M. BedientChair of the Board$405,731
Peter A. ShimerIndependent Director$242,873
Raymond L. ConnerIndependent Director$267,992
02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Lindsay-Rae McIntyreEVP & Chief People Officer2026-04-01A17,960$0$0Derivative, Class A CommonForm 4 ↗
Lindsay-Rae McIntyreEVP & Chief People Officer2026-04-01A44,90000Derivative, Class A CommonForm 4 ↗
Helvi K. SandvikDirector2026-05-13A5,18639199,972CommonForm 4 ↗
Eric K. YeamanDirector2026-05-13A5,18639199,972CommonForm 4 ↗
James A. BeerDirector2026-05-13A5,18639199,972CommonForm 4 ↗
Raymond L. ConnerDirector2026-05-13A5,18639199,972CommonForm 4 ↗
Daniel K. ElwellDirector2026-05-13A2,5933999,986CommonForm 4 ↗
Daniel K. ElwellDirector2026-05-13A2,5933999,986CommonForm 4 ↗
Adrienne R. LoftonDirector2026-05-13A5,18639199,972CommonForm 4 ↗
Peter A. ShimerDirector2026-05-13A5,18639199,972CommonForm 4 ↗
Kathleen T. HoganDirector2026-05-13A5,18639199,972CommonForm 4 ↗
Patricia M. BedientDirector2026-05-13A6,48339249,984CommonForm 4 ↗
G. Michael SievertDirector2026-06-01A4,25845189,566CommonForm 4 ↗
Shane TackettPres. of Ops Sub & CFO2026-06-29A4,10000Derivative, Class A CommonForm 4 ↗
Andrew HarrisonEVP AND CCO2026-08-03D5,30050263,256CommonForm 4 ↗
Ben MinicucciDirector2026-08-20A25,000401,001,510CommonForm 4 ↗
Andrew HarrisonEVP AND CCO2026-09-22D8694236,420CommonForm 4 ↗
Andrew HarrisonEVP AND CCO2026-09-22A86900CommonForm 4 ↗
Dividend-equivalent accruals2026-09-22—1,416——2 insiders, 3 accrual rows
Andrea L. SchneiderPres & CEO Horizon Airlines2026-09-22A49900CommonForm 4 ↗
Andrea L. SchneiderPres & CEO Horizon Airlines2026-09-22D48422,012CommonForm 4 ↗
Ben MinicucciDirector2026-09-22D2,69800Derivative, Class A CommonForm 4 ↗
Ben MinicucciDirector2026-09-22D2,69850134,657CommonForm 4 ↗
Andrea L. SchneiderPres & CEO Horizon Airlines2026-09-22D4994220,913CommonForm 4 ↗
Andrea L. SchneiderPres & CEO Horizon Airlines2026-09-22A4800CommonForm 4 ↗
Ben MinicucciDirector2026-09-22A2,69800CommonForm 4 ↗
Jason M. BerryEVP & Chief Operating Officer2026-09-23D2,01000Derivative, Class A CommonForm 4 ↗
Jason M. BerryEVP & Chief Operating Officer2026-09-23D7924031,442CommonForm 4 ↗
Jason M. BerryEVP & Chief Operating Officer2026-09-23A2,010——CommonForm 4 ↗
Dividend-equivalent accruals2026-09-29—523——2 insiders, 2 accrual rows
Kyle LevineEVP Corp Pub Aff & Chf Leg Off2026-09-29D83403,314CommonForm 4 ↗
Kyle LevineEVP Corp Pub Aff & Chf Leg Off2026-09-29A210——CommonForm 4 ↗
Rakow Diana BirkettEVP & CEO of Hawaiian Airlines2026-09-29D148395,816CommonForm 4 ↗
Rakow Diana BirkettEVP & CEO of Hawaiian Airlines2026-09-29A313——CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

View all 37 transactions
InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Lindsay-Rae McIntyreEVP & Chief People Officer2026-04-01A17,960$0$0Derivative, Class A CommonForm 4 ↗
Lindsay-Rae McIntyreEVP & Chief People Officer2026-04-01A44,90000Derivative, Class A CommonForm 4 ↗
Helvi K. SandvikDirector2026-05-13A5,18639199,972CommonForm 4 ↗
Eric K. YeamanDirector2026-05-13A5,18639199,972CommonForm 4 ↗
James A. BeerDirector2026-05-13A5,18639199,972CommonForm 4 ↗
Raymond L. ConnerDirector2026-05-13A5,18639199,972CommonForm 4 ↗
Daniel K. ElwellDirector2026-05-13A2,5933999,986CommonForm 4 ↗
Daniel K. ElwellDirector2026-05-13A2,5933999,986CommonForm 4 ↗
Adrienne R. LoftonDirector2026-05-13A5,18639199,972CommonForm 4 ↗
Peter A. ShimerDirector2026-05-13A5,18639199,972CommonForm 4 ↗
Kathleen T. HoganDirector2026-05-13A5,18639199,972CommonForm 4 ↗
Patricia M. BedientDirector2026-05-13A6,48339249,984CommonForm 4 ↗
G. Michael SievertDirector2026-06-01A4,25845189,566CommonForm 4 ↗
Shane TackettPres. of Ops Sub & CFO2026-06-29A4,10000Derivative, Class A CommonForm 4 ↗
Andrew HarrisonEVP AND CCO2026-08-03D5,30050263,256CommonForm 4 ↗
Ben MinicucciDirector2026-08-20A25,000401,001,510CommonForm 4 ↗
Andrew HarrisonEVP AND CCO2026-09-22D8694236,420CommonForm 4 ↗
Andrew HarrisonEVP AND CCO2026-09-22A86900CommonForm 4 ↗
Andrea L. SchneiderPres & CEO Horizon Airlines2026-09-22D49900Derivative, Class A CommonForm 4 ↗
Andrea L. SchneiderPres & CEO Horizon Airlines2026-09-22D4800Derivative, Class A CommonForm 4 ↗
Andrea L. SchneiderPres & CEO Horizon Airlines2026-09-22A49900CommonForm 4 ↗
Andrea L. SchneiderPres & CEO Horizon Airlines2026-09-22D48422,012CommonForm 4 ↗
Ben MinicucciDirector2026-09-22D2,69800Derivative, Class A CommonForm 4 ↗
Ben MinicucciDirector2026-09-22D2,69850134,657CommonForm 4 ↗
Andrea L. SchneiderPres & CEO Horizon Airlines2026-09-22D4994220,913CommonForm 4 ↗
Andrea L. SchneiderPres & CEO Horizon Airlines2026-09-22A4800CommonForm 4 ↗
Andrew HarrisonEVP AND CCO2026-09-22D86900Derivative, Class A CommonForm 4 ↗
Ben MinicucciDirector2026-09-22A2,69800CommonForm 4 ↗
Jason M. BerryEVP & Chief Operating Officer2026-09-23D2,01000Derivative, Class A CommonForm 4 ↗
Jason M. BerryEVP & Chief Operating Officer2026-09-23D7924031,442CommonForm 4 ↗
Jason M. BerryEVP & Chief Operating Officer2026-09-23A2,010——CommonForm 4 ↗
Kyle LevineEVP Corp Pub Aff & Chf Leg Off2026-09-29D21000Derivative, Class A CommonForm 4 ↗
Kyle LevineEVP Corp Pub Aff & Chf Leg Off2026-09-29D83403,314CommonForm 4 ↗
Kyle LevineEVP Corp Pub Aff & Chf Leg Off2026-09-29A210——CommonForm 4 ↗
Rakow Diana BirkettEVP & CEO of Hawaiian Airlines2026-09-29D31300Derivative, Class A CommonForm 4 ↗
Rakow Diana BirkettEVP & CEO of Hawaiian Airlines2026-09-29D148395,816CommonForm 4 ↗
Rakow Diana BirkettEVP & CEO of Hawaiian Airlines2026-09-29A313——CommonForm 4 ↗
03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Ben MinicucciPSU2025-02-1123,23046,460—92,920$3,384,611
Shane TackettRSU2025-02-11——19,330—1,408,191
Kyle LevineRSU2025-09-29——630—31,777
Kyle LevinePSU2025-02-115,57511,150—22,300812,278
Andrew HarrisonRSU2025-02-11——16,350—1,191,098
Constance von MuehlenPSU2025-02-117,62015,240—30,4801,110,234
Constance von MuehlenRSU2025-02-11——15,240—1,110,234
Ben MinicucciRSU2025-02-11——46,460—3,384,611
Kyle LevineRSU2025-02-11——11,150—812,278
Shane TackettPSU2025-02-119,66519,330—38,6601,408,191
Andrew HarrisonPSU2025-02-118,17516,350—32,7001,191,098
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Ben Minicucci$3,384,611$3,384,611$050.0%
Shane Tackett1,408,1911,408,191050.0%
Kyle Levine844,055812,278049.0%
Andrew Harrison1,191,0981,191,098050.0%
Constance von Muehlen1,110,2341,110,234050.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Shane TackettRSU18,060—$908,418
Ben MinicucciPSU46,460—4,673,876
Andrew HarrisonRSU17,020—856,106
Kyle LevineOption12255.36—
Ben MinicucciRSU45,440—2,285,632
Shane TackettRSU20,447—1,028,484
Constance von MuehlenPSU15,240—1,533,144
Ben MinicucciPSU68,160—6,856,896
Kyle LevinePSU17,720—1,782,632
Shane TackettPSU30,670—3,085,402
Shane TackettPSU19,330—1,944,598
Andrew HarrisonPSU26,580—2,673,948
Constance von MuehlenPSU26,580—2,673,948
Ben MinicucciRSU46,460—2,336,938
Constance von MuehlenRSU13,160—661,948
Ben MinicucciRSU39,160—1,969,748
Andrew HarrisonPSU16,350—1,644,810
Constance von MuehlenRSU17,720—891,316
Kyle LevinePSU11,150—1,121,690
Shane TackettRSU19,330—972,299
Andrew HarrisonRSU17,720—891,316
Andrew HarrisonRSU16,350—822,405
Constance von MuehlenRSU15,240—766,572
Kyle LevineRSU11,814—594,244
Kyle LevineRSU11,150—560,845
Kyle LevineRSU7,740—389,322
Kyle LevineRSU4,857—244,307
Kyle LevineRSU630—31,689
Ben MinicucciOption8,95355.36—
Shane TackettOption4,40855.36—
Andrew HarrisonOption4,40855.36—
Kyle LevineOption1,80655.36—
05

Incentive-plan design — the Compensation Discussion & Analysis

The Company's executive compensation program is designed to compensate executives appropriately and competitively to drive superior performance and support shareholder alignment, with a high percentage of total direct compensation being variable and tied to performance goals and stock value.

CEO STI target (% of salary)175%
CEO LTI target (% of salary)—
Independent consultantMeridian
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingtrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-1271,795,6217,301,516224,40790.51%Passed
20252025-05-0888,089,2462,162,742428,71297.14%Passed
20242024-05-0987,006,9683,212,798505,84295.9%Passed
20232023-05-0488,706,3153,607,192282,85495.8%Passed
20222022-05-0580,765,8133,239,752278,10095.83%Passed
20212021-05-0681,420,4795,678,592241,00193.22%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-05-1290.51%a
20252025-05-0897.14%b
20242024-05-0995.9%c

a. Approved under the standard stated in the filing — “Accordingly, an abstention, because it is not a vote "for," will have the effect of a negative vote.”.

b. Approved under the standard stated in the filing — “Accordingly, an abstention, because it is not a vote "for," will have the effect of a negative vote.”.

c. Approved under the standard stated in the filing — “Accordingly, an abstention, because it is not a vote "for," will have the effect of a negative vote.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)117.7 : 1
CEO total compensation$9,920,374
Median employee compensation$84,308
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Patricia M. BedientIndependent · Board Chair$240,001$139,999$0$0$25,731$405,731
Kathleen T. HoganIndependent · Compensation and Leadership Development Committee · Governance, Nominating and Corporate Responsibility Committee (Chair)110,001139,9990098,148348,148
Eric K. YeamanIndependent · Audit Committee (Chair) · Governance, Nominating and Corporate Responsibility Committee140,001139,9990036,481316,481
Raymond L. ConnerIndependent · Compensation and Leadership Development Committee (Chair) · Safety Committee115,001139,9990012,992267,992
James A. BeerIndependent · Audit Committee · Innovation Committee (Chair)110,001139,9990015,494265,494
Daniel K. ElwellIndependent · Safety Committee (Chair) · Innovation Committee110,001139,9990015,114265,114
Peter A. ShimerIndependent · Audit Committee · Safety Committee · Partial-year service90,001139,9990012,873242,873
Adrienne R. LoftonIndependent · Compensation and Leadership Development Committee · Innovation Committee90,001139,9990010,795240,795
Helvi K. SandvikIndependent · Compensation and Leadership Development Committee · Governance, Nominating and Corporate Responsibility Committee90,001139,9990010,795240,795
09

Board fee structure and ownership guideline

Annual cash retainer$90,000
Annual equity retainer$140,000
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)30,000 / 25,000 / 20,000
Stock ownership guideline$540,000
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$1,095,009
Equity awards (grant-date value)$1,259,991
All other compensation$238,423
Total cost of the board$2,593,423

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Alaska Air Group names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Alaska Air Group.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1United Airlines Holdings2025Scott Kirby$1,200,000$22,565,804$0$8,010,000$32,282,253
2Royal Caribbean Group2025Jason Liberty1,396,15415,800,05705,129,60023,978,813
3Delta Air Lines2025Edward Bastian1,082,50011,914,23105,846,04019,222,401
4Carnival Corporation & Plc2025Josh Weinstein1,435,57711,961,02705,420,10018,887,776
5Expedia Group2025Ariane Gorin1,254,80815,689,8000017,592,584
6Southwest Airlines2025Robert Jordan844,79213,075,07202,031,16016,587,882
7Norfolk Southern2025Mark George1,100,0009,199,7332,300,0102,932,87516,245,050
8American Airlines Group2025Robert Isom1,300,00012,489,0000013,871,825
9Norwegian Cruise Line Holdings2025Harry Sommer1,300,0009,499,96002,880,80013,752,560
10XPO2025Mario Harik872,1989,876,76001,236,90612,001,545
11C.H. Robinson Worldwide2025David Bozeman1,100,9626,984,38302,879,61811,045,949
12Ryder Systems2025Robert Sanchez1,100,0017,159,49501,675,89410,178,386
13Alaska Air Group2025Ben Minicucci847,6926,769,22201,632,7219,904,339
14Expeditors International of Washington2025Daniel Wall100,0005,940,13403,600,7299,643,863
15Avis Budget Group2025Brian Choi837,5004,285,0140765,3515,921,410
16JetBlue Airways2025Joanna Geraghty700,0003,249,99601,102,5005,191,318
17Knight-Swift Transportation Holdings2025Adam Miller950,0003,242,667—803,1305,011,329
18Hertz Global Holdings2025Wayne West1,500,000003,003,7504,524,371
19Lyft2025David Risher725,000001,871,6252,824,088

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Alaska Air Group110.0%PSU 50 · RSU 50NoMeridian
American Airlines Group50.97%PSU 50 · RSU 50NoKorn Ferry
Avis Budget Groupnot disclosedPSU 50 · RSU 50not disclosedPay Governance LLC
C.H. Robinson Worldwide171%PSU 60 · RSU 40NoSemler Brossy
Carnival Corporation & Plc186.9%PSU 60 · RSU 40Yes — Relative TSRFW Cook
Delta Air Lines54.46%PSU 50 · Cash LTI 25 · RSU 25NoFrederic W. Cook & Co., Inc. (FW Cook)
Expedia Groupnot disclosedPSU 50 · RSU 50NoCompensia, Inc.
Expeditors International of Washingtonnot disclosedPSU 50 · RSU 50NoMeridian Compensation Partners, LLC
Hertz Global Holdingsnot disclosedRSU 50 · PSU 50not disclosedFW Cook
JetBlue Airwaysnot disclosednot disclosedYes — Relative TSRPay Governance LLC
Knight-Swift Transportation Holdingsnot disclosedPRSU 60 · RSU 40not disclosedPearl Meyer
Lyft108.5%PSU 50 · RSU 50NoPay Governance
Norfolk Southern118.5%not disclosedYes — relative TSRFW Cook
Norwegian Cruise Line Holdings110.8%PSU 50 · RSU 50NoKorn Ferry
Royal Caribbean Group183.2%PSU 51 · RSU 28NoMeridian
Ryder Systems90%PSU 60 · RSU 40NoFW Cook
Southwest Airlines119.48%RSU 50 · PSU 50NoMeridian Compensation Partners, LLC
United Airlines Holdings135%not disclosedNoExequity
XPOnot disclosednot disclosednot disclosedExequity LLP

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

10d

Frequently asked questions

Who was the highest-paid executive at Alaska Air Group in fiscal 2025?
As disclosed, Ben Minicucci (CEO Alaska Air Group & Alaska Airlines) was the highest-paid executive at Alaska Air Group in fiscal 2025, with total compensation of $9,904,339.
How does Alaska Air Group's chief executive pay compare to its disclosed peer group?
As disclosed, Ben Minicucci's total compensation ranked at the 33rd percentile of Alaska Air Group's disclosed peer group.
What is Alaska Air Group's CEO-to-median employee pay ratio?
As disclosed, Alaska Air Group's CEO-to-median employee pay ratio was 117.7:1.
How did shareholders vote on Alaska Air Group's executive compensation?
As disclosed, 90.51% of shareholders supported Alaska Air Group's executive compensation in the latest say-on-pay vote.
How much does Alaska Air Group spend in total on board compensation for fiscal 2025?
As disclosed, Alaska Air Group reported total board compensation of $2,593,423 for fiscal 2025.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Ben MinicucciDEF 14A2026-03-300001193125-26-132048Section “2024 Summary Compensation Table”. As printed: 9,904,339. Filing ↗machine: t40 · r2 · c17 · span 1199860–1199869
2Section 01, Shane TackettDEF 14A2026-03-300001193125-26-132048Section “2025 Summary Compensation Table” · page 58. As printed: 4,513,179. Filing ↗machine: t40 · r6 · c17 · span 1230530–1230539
3Section 01, Andrew HarrisonDEF 14A2026-03-300001193125-26-132048Section “2025 Summary Compensation Table” · page 58. As printed: 4,184,649. Filing ↗machine: t40 · r10 · c17 · span 1261218–1261227
4Section 01, Constance von MuehlenDEF 14A2026-03-300001193125-26-132048Section “Executive Compensation”. As printed: 3,480,548. Filing ↗
5Section 01, Kyle LevineDEF 14A2026-03-300001193125-26-132048Section “2025 Summary Compensation Table” · page 58. As printed: 3,146,785. Filing ↗machine: t40 · r18 · c17 · span 1322482–1322491
6Section 03, Ben Minicucci PSUDEF 14A2026-03-300001193125-26-132048Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t43 · r4 · c17 · span 1510411–1510417
7Section 03, Shane Tackett RSUDEF 14A2026-03-300001193125-26-132048Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t43 · r8 · c17 · span 1543322–1543328
8Section 03, Kyle Levine RSUDEF 14A2026-03-300001193125-26-132048Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t43 · r21 · c17 · span 1652527–1652530
9Section 03, Kyle Levine PSUDEF 14A2026-03-300001193125-26-132048Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t43 · r20 · c17 · span 1642053–1642059
10Section 03, Andrew Harrison RSUDEF 14A2026-03-300001193125-26-132048Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1578884–1578893
11Section 03, Constance von Muehlen PSUDEF 14A2026-03-300001193125-26-132048Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1622114–1622123
12Section 03, Constance von Muehlen RSUDEF 14A2026-03-300001193125-26-132048Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1611768–1611777
13Section 03, Ben Minicucci RSUDEF 14A2026-03-300001193125-26-132048Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t43 · r4 · c17 · span 1510411–1510417
14Section 03, Kyle Levine RSUDEF 14A2026-03-300001193125-26-132048Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t43 · r20 · c17 · span 1642053–1642059
15Section 03, Shane Tackett PSUDEF 14A2026-03-300001193125-26-132048Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t43 · r8 · c17 · span 1543322–1543328
16Section 03, Andrew Harrison PSUDEF 14A2026-03-300001193125-26-132048Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1589197–1589206
17Section 07, pay ratioDEF 14A2026-03-300001193125-26-132048Section “CEO Pay Ratio”. As printed: 117.7 : 1. Filing ↗machine: span 2587399–2587409
18Section 08, Patricia M. BedientDEF 14A2026-03-300001193125-26-132048Section “Director Compensation”. As printed: 405,731. Filing ↗machine: span 814145–814397
19Section 08, Kathleen T. HoganDEF 14A2026-03-300001193125-26-132048Section “Director Compensation”. As printed: 348,148. Filing ↗machine: span 830712–830964
20Section 08, Eric K. YeamanDEF 14A2026-03-300001193125-26-132048Section “Director Compensation”. As printed: 316,481. Filing ↗machine: span 847275–847527
21Section 08, Raymond L. ConnerDEF 14A2026-03-300001193125-26-132048Section “Director Compensation”. As printed: 267,992. Filing ↗machine: span 822427–822679
22Section 08, James A. BeerDEF 14A2026-03-300001193125-26-132048Section “Director Compensation”. As printed: 265,494. Filing ↗machine: span 818284–818536
23Section 08, Daniel K. ElwellDEF 14A2026-03-300001193125-26-132048Section “Director Compensation”. As printed: 265,114. Filing ↗machine: span 826569–826821
24Section 08, Peter A. ShimerDEF 14A2026-03-300001193125-26-132048Section “Director Compensation”. As printed: 242,873. Filing ↗machine: span 843136–843388
25Section 08, Adrienne R. LoftonDEF 14A2026-03-300001193125-26-132048Section “Director Compensation”. As printed: 240,795. Filing ↗machine: span 834855–835107
26Section 08, Helvi K. SandvikDEF 14A2026-03-300001193125-26-132048Section “Director Compensation”. As printed: 240,795. Filing ↗machine: span 838996–839248
27Section 02, Lindsay-Rae McIntyre 2026-04-01Form 42026-04-020002125884-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
28Section 02, Lindsay-Rae McIntyre 2026-04-01Form 42026-04-020002125884-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
29Section 02, Helvi K. Sandvik 2026-05-13Form 42026-05-140001592033-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
30Section 02, Eric K. Yeaman 2026-05-13Form 42026-05-140001215819-26-000003Insider equity transaction reported since the proxy statement. Filing ↗
31Section 02, James A. Beer 2026-05-13Form 42026-05-140001272505-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
32Section 02, Raymond L. Conner 2026-05-13Form 42026-05-140001553498-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
33Section 02, Daniel K. Elwell 2026-05-13Form 42026-05-140001841043-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
34Section 02, Daniel K. Elwell 2026-05-13Form 42026-05-140001841043-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
35Section 02, Adrienne R. Lofton 2026-05-13Form 42026-05-140001888417-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
36Section 02, Peter A. Shimer 2026-05-13Form 42026-05-140002067677-26-000009Insider equity transaction reported since the proxy statement. Filing ↗
37Section 02, Kathleen T. Hogan 2026-05-13Form 42026-05-140001626431-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
38Section 02, Patricia M. Bedient 2026-05-13Form 42026-05-140001310643-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
39Section 02, G. Michael Sievert 2026-06-01Form 42026-06-030001182438-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
40Section 02, Shane Tackett 2026-06-29Form 42026-06-300001544028-26-000012Insider equity transaction reported since the proxy statement. Filing ↗
41Section 02, Andrew Harrison 2026-08-03Form 42026-08-040001544030-26-000010Insider equity transaction reported since the proxy statement. Filing ↗
42Section 02, Ben Minicucci 2026-08-20Form 42026-08-210001451455-26-000011Insider equity transaction reported since the proxy statement. Filing ↗
43Section 02, Andrew Harrison 2026-09-22Form 42026-09-240001544030-26-000012Insider equity transaction reported since the proxy statement. Filing ↗
44Section 02, Andrew Harrison 2026-09-22Form 42026-09-240001544030-26-000012Insider equity transaction reported since the proxy statement. Filing ↗
45Section 02, Andrea L. Schneider 2026-09-22Form 42026-09-240001715974-26-000009Insider equity transaction reported since the proxy statement. Filing ↗
46Section 02, Andrea L. Schneider 2026-09-22Form 42026-09-240001715974-26-000009Insider equity transaction reported since the proxy statement. Filing ↗
47Section 02, Andrea L. Schneider 2026-09-22Form 42026-09-240001715974-26-000009Insider equity transaction reported since the proxy statement. Filing ↗
48Section 02, Andrea L. Schneider 2026-09-22Form 42026-09-240001715974-26-000009Insider equity transaction reported since the proxy statement. Filing ↗
49Section 02, Ben Minicucci 2026-09-22Form 42026-09-240001451455-26-000013Insider equity transaction reported since the proxy statement. Filing ↗
50Section 02, Ben Minicucci 2026-09-22Form 42026-09-240001451455-26-000013Insider equity transaction reported since the proxy statement. Filing ↗
51Section 02, Andrea L. Schneider 2026-09-22Form 42026-09-240001715974-26-000009Insider equity transaction reported since the proxy statement. Filing ↗
52Section 02, Andrea L. Schneider 2026-09-22Form 42026-09-240001715974-26-000009Insider equity transaction reported since the proxy statement. Filing ↗
53Section 02, Andrew Harrison 2026-09-22Form 42026-09-240001544030-26-000012Insider equity transaction reported since the proxy statement. Filing ↗
54Section 02, Ben Minicucci 2026-09-22Form 42026-09-240001451455-26-000013Insider equity transaction reported since the proxy statement. Filing ↗
55Section 02, Jason M. Berry 2026-09-23Form 42026-09-240001999104-26-000010Insider equity transaction reported since the proxy statement. Filing ↗
56Section 02, Jason M. Berry 2026-09-23Form 42026-09-240001999104-26-000010Insider equity transaction reported since the proxy statement. Filing ↗
57Section 02, Jason M. Berry 2026-09-23Form 42026-09-240001999104-26-000010Insider equity transaction reported since the proxy statement. Filing ↗
58Section 02, Kyle Levine 2026-09-29Form 42026-09-300001663200-26-000008Insider equity transaction reported since the proxy statement. Filing ↗
59Section 02, Kyle Levine 2026-09-29Form 42026-09-300001663200-26-000008Insider equity transaction reported since the proxy statement. Filing ↗
60Section 02, Kyle Levine 2026-09-29Form 42026-09-300001663200-26-000008Insider equity transaction reported since the proxy statement. Filing ↗
61Section 02, Rakow Diana Birkett 2026-09-29Form 42026-09-300001717592-26-000008Insider equity transaction reported since the proxy statement. Filing ↗
62Section 02, Rakow Diana Birkett 2026-09-29Form 42026-09-300001717592-26-000008Insider equity transaction reported since the proxy statement. Filing ↗
63Section 02, Rakow Diana Birkett 2026-09-29Form 42026-09-300001717592-26-000008Insider equity transaction reported since the proxy statement. Filing ↗
64Section 06, 2026 voteForm 8-K2026-05-140000766421-26-000027Item 5.07 · say-on-pay result. As reported: 90.51% (votes for as printed: 71,795,621). Filing ↗
65Section 06, 2025 voteForm 8-K2025-05-140000766421-25-000020Item 5.07 · say-on-pay result. As reported: 97.14% (votes for as printed: 88,089,246). Filing ↗
66Section 06, 2024 voteForm 8-K2024-05-130000766421-24-000035Item 5.07 · say-on-pay result. As reported: 95.9% (votes for as printed: 87,006,968). Filing ↗
67Section 01 trend, Δ column (computed)Computed——Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
68Section 03b vehicle mix (computed)Computed——RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
69Section 09b board cost (computed)Computed——Cash 1,095,009 + equity 1,259,991 + all other 238,423 = 2,593,423, summed across the director compensation table rows.machine: formula: Σ = 2,593,423
70United Airlines Holdings, Section 10b CEO totalDEF 14A2026-04-070001104659-26-040467CEO total compensation as printed in United Airlines Holdings's own proxy. As printed: 32,282,253. Filing ↗machine: t375 · r8 · c16 · span 2556272–2556282
71Royal Caribbean Group, Section 10b CEO totalDEF 14A2026-04-170000884887-26-000017CEO total compensation as printed in Royal Caribbean Group's own proxy. As printed: 23,978,813. Filing ↗machine: r3 · c12 · span 2449115–2449125
72Delta Air Lines, Section 10b CEO totalDEF 14A2026-04-240001308179-26-000345CEO total compensation as printed in Delta Air Lines's own proxy. As printed: 19,222,401. Filing ↗machine: t124 · r1 · c35 · span 616606–616616
73Carnival Corporation & Plc, Section 10b CEO totalDEF 14A2026-02-270001104659-26-021074CEO total compensation as printed in Carnival Corporation & Plc's own proxy. As printed: 18,887,776. Filing ↗machine: t207 · r1 · c36 · span 2027870–2027880
74Expedia Group, Section 10b CEO totalDEF 14A2026-04-290001324424-26-000022CEO total compensation as printed in Expedia Group's own proxy. As printed: 17,592,584. Filing ↗machine: t142 · r6 · c10 · span 775351–775361
75Southwest Airlines, Section 10b CEO totalDEF 14A2026-03-270001193125-26-127237CEO total compensation as printed in Southwest Airlines's own proxy. As printed: 16,587,882. Filing ↗machine: t263 · r2 · c39 · span 1219658–1219668
76Norfolk Southern, Section 10b CEO totalDEF 14A2026-03-270001193125-26-127620CEO total compensation as printed in Norfolk Southern's own proxy. As printed: 16,245,050. Filing ↗machine: r5 · c33 · span 2773362–2773372
77American Airlines Group, Section 10b CEO totalDEF 14A2026-04-280001193125-26-187096CEO total compensation as printed in American Airlines Group's own proxy. As printed: 13,871,825. Filing ↗machine: r3 · c34 · span 1427237–1427247
78Norwegian Cruise Line Holdings, Section 10b CEO totalDEF 14A2026-04-300001104659-26-052146CEO total compensation as printed in Norwegian Cruise Line Holdings's own proxy. As printed: 13,752,560. Filing ↗machine: r1 · c56 · span 938613–938623
79XPO, Section 10b CEO totalDEF 14A2026-04-070001104659-26-040425CEO total compensation as printed in XPO's own proxy. As printed: 12,001,545. Filing ↗machine: r4 · c49 · span 1080319–1080329
80C.H. Robinson Worldwide, Section 10b CEO totalDEF 14A2026-03-240001043277-26-000011CEO total compensation as printed in C.H. Robinson Worldwide's own proxy. As printed: 11,045,949. Filing ↗machine: r3 · c39 · span 1034575–1034585
81Ryder Systems, Section 10b CEO totalDEF 14A2026-03-110001628280-26-016651CEO total compensation as printed in Ryder Systems's own proxy. As printed: 10,178,386. Filing ↗machine: t211 · r2 · c8 · span 970489–970499
82Alaska Air Group (subject), Section 10b CEO totalDEF 14A2026-03-300001193125-26-132048CEO total compensation as printed in Alaska Air Group's own proxy. As printed: 9,904,339. Filing ↗machine: t40 · r2 · c17 · span 1199860–1199869
83Expeditors International of Washington, Section 10b CEO totalDEF 14A2026-03-240001193125-26-121388CEO total compensation as printed in Expeditors International of Washington's own proxy. As printed: 9,643,863. Filing ↗machine: r2 · c6 · span 687349–687359
84Avis Budget Group, Section 10b CEO totalDEF 14A2026-04-020001140361-26-012980CEO total compensation as printed in Avis Budget Group's own proxy. As printed: 5,921,410. Filing ↗machine: r2 · c28 · span 648111–648120
85JetBlue Airways, Section 10b CEO totalDEF 14A2026-04-020001158463-26-000041CEO total compensation as printed in JetBlue Airways's own proxy. As printed: 5,191,318. Filing ↗machine: r5 · c7 · span 2148744–2148753
86Knight-Swift Transportation Holdings, Section 10b CEO totalDEF 14A2026-04-020001492691-26-000025CEO total compensation as printed in Knight-Swift Transportation Holdings's own proxy. As printed: 5,011,329. Filing ↗
87Hertz Global Holdings, Section 10b CEO totalDEF 14A2026-04-160001104659-26-044356CEO total compensation as printed in Hertz Global Holdings's own proxy. As printed: 4,524,371. Filing ↗machine: r1 · c30 · span 1099924–1099933
88Lyft, Section 10b CEO totalDEF 14A2026-04-100001628280-26-024680CEO total compensation as printed in Lyft's own proxy. As printed: 2,824,088. Filing ↗machine: t25 · r2 · c12 · span 578611–578620
89Section 10a, United Airlines Holdings reciprocityDEF 14A—0001104659-26-040467United Airlines Holdings's most recent proxy was read; its disclosed peer group does not include Alaska Air Group. Filing ↗
90Section 10a, Expeditors International of Washington reciprocityDEF 14A—0001193125-26-121388Expeditors International of Washington names Alaska Air Group in its own disclosed peer group (read from its most recent proxy). Filing ↗
91Section 10a, Norwegian Cruise Line Holdings reciprocityDEF 14A—0001104659-26-052146Norwegian Cruise Line Holdings names Alaska Air Group in its own disclosed peer group (read from its most recent proxy). Filing ↗
92Section 10a, Southwest Airlines reciprocityDEF 14A—0001193125-26-127237Southwest Airlines names Alaska Air Group in its own disclosed peer group (read from its most recent proxy). Filing ↗
93Section 10a, American Airlines Group reciprocityDEF 14A—0001193125-26-187096American Airlines Group's most recent proxy was read; its disclosed peer group does not include Alaska Air Group. Filing ↗
94Section 10a, Avis Budget Group reciprocityDEF 14A—0001140361-26-012980Avis Budget Group names Alaska Air Group in its own disclosed peer group (read from its most recent proxy). Filing ↗
95Section 10a, C.H. Robinson Worldwide reciprocityDEF 14A—0001043277-26-000011C.H. Robinson Worldwide's most recent proxy was read; its disclosed peer group does not include Alaska Air Group. Filing ↗
96Section 10a, Delta Air Lines reciprocityDEF 14A—0001308179-26-000345Delta Air Lines's most recent proxy was read; its disclosed peer group does not include Alaska Air Group. Filing ↗
97Section 10a, Expedia Group reciprocityDEF 14A—0001324424-26-000022Expedia Group's most recent proxy was read; its disclosed peer group does not include Alaska Air Group. Filing ↗
98Section 10a, JetBlue Airways reciprocityDEF 14A—0001158463-26-000041JetBlue Airways names Alaska Air Group in its own disclosed peer group (read from its most recent proxy). Filing ↗
99Section 10a, Knight-Swift Transportation Holdings reciprocityDEF 14A—0001492691-26-000025Knight-Swift Transportation Holdings's most recent proxy was read; its disclosed peer group does not include Alaska Air Group. Filing ↗
100Section 10a, Lyft reciprocityDEF 14A—0001628280-26-024680Lyft's most recent proxy was read; its disclosed peer group does not include Alaska Air Group. Filing ↗
101Section 10a, Royal Caribbean Group reciprocityDEF 14A—0000884887-26-000017Royal Caribbean Group's most recent proxy was read; its disclosed peer group does not include Alaska Air Group. Filing ↗
102Section 10a, Ryder Systems reciprocityDEF 14A—0001628280-26-016651Ryder Systems's most recent proxy was read; its disclosed peer group does not include Alaska Air Group. Filing ↗
103Section 10a, XPO reciprocityDEF 14A—0001104659-26-040425XPO's most recent proxy was read; its disclosed peer group does not include Alaska Air Group. Filing ↗
104Section 10a, Hertz Global Holdings reciprocityDEF 14A—0001104659-26-044356Hertz Global Holdings names Alaska Air Group in its own disclosed peer group (read from its most recent proxy). Filing ↗

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