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  "documentTitle": "2025 Q3 Supplemental",
  "authorId": "Alaska-Airlines",
  "authorName": "Alaska Air Group",
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  "notes": "The chart illustrates a 'U' shaped recovery in the spread between Revenue per Available Seat Mile (RASM) and Cost per Available Seat Mile excluding fuel (CASMex).",
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      "text": "Absent fuel impacts, margin profile to improve significantly into Q4 2025 as macro headwinds moderate and synergies and initiatives continue to ramp",
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      "text": "With Alaska Accelerate investments underway, Air Group is beginning to harvest benefits that large industry peers are already fully capturing. Absent fuel impacts, margin profile to improve significantly into Q4 2025 as macro headwinds moderate and synergies and initiatives continue to ramp. Q2 and Q3 non-fuel costs impacted by reduced growth and elevated transitory costs while revenue faced weaker macroeconomic environment",
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