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  "documentTitle": "2025 Q3 Supplemental",
  "authorId": "Alaska-Airlines",
  "authorName": "Alaska Air Group",
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  "notes": "The chart highlights ALK's recovery and sustained lead in unit revenue growth compared to the industry average (Big 4).",
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      "text": "Q3 2025 unit revenue increased 1.4% y/y, on the better end of prior guidance",
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      "text": "Q3 2025 unit revenue increased 1.4% y/y, on the better end of prior guidance. Premium demand remains strong with premium revenue up 5% on a system basis. Corporate travel demonstrated a strong inflection in Q3 2025. Cargo revenue and loyalty cash remuneration revenue also outpaced system revenue growth.",
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      "text": "Q3 2025 and Q4 2025E unit revenue based on company filings, company guidance and consensus estimates including DAL, AAL, UAL, LUV",
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      "kind": "title",
      "text": "Third consecutive quarter of leading unit revenue",
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      "evidence": "ALK blue line vs Big 4 gray line for instant comparison",
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      "evidence": "RASM gap closing (5), leading unit rev (6), improving spread (7), unit cost trajectory (8) all point one way",
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