SCHEDULE: FMR LLC Reports 5.6% Stake in Alaska Air Group Inc.

Sentiment:

Beneficial Ownership Report 5 February 2026 1:16 PM

FMR LLC and Abigail P. Johnson have reported a 5.6% beneficial ownership stake in Alaska Air Group Inc., totaling over 6.49 million common shares.

Summary

FMR LLC and Abigail P. Johnson beneficially own 6,490,726.97 shares of ALASKA AIR GROUP INC common stock.
This ownership represents 5.6% of the total class of securities.
FMR LLC holds sole voting power over 6,378,933.90 shares and sole dispositive power over 6,490,726.97 shares.
Abigail P. Johnson holds sole dispositive power over 6,490,726.97 shares, with no sole or shared voting power.
The securities were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of the issuer.
The filing is an Amendment No. 1 to a Schedule 13G, indicating a previous filing for this stake.
Several FMR LLC subsidiaries and affiliates are identified as entities beneficially owning shares, including FIAM LLC, Fidelity Diversifying Solutions LLC, Fidelity Institutional Asset Management Trust Company, Fidelity Management & Research Company LLC, Fidelity Management Trust Company, and Strategic Advisers LLC.

Sentiment

Score: 6

Explanation: StockSavvy.ai views this as a neutral to slightly positive filing. It's a routine disclosure of a significant, passive institutional stake, which generally signals stability rather than immediate catalysts or concerns.

Positives

A significant 5.6% stake held by a major institutional investor like FMR LLC indicates continued confidence in Alaska Air Group Inc.'s long-term prospects.
The certification that the shares are held in the ordinary course of business and not for control purposes suggests a stable, passive investment.

Risks

The filing explicitly states that the securities were not acquired or held for the purpose of changing or influencing the control of the issuer, which could limit potential activist investor upside.

Future Outlook

This filing does not contain any forward-looking statements or guidance regarding the issuer's future performance or outlook.

Management Comments

FMR LLC and Abigail P. Johnson certify that, to the best of their knowledge and belief, the securities were acquired and are held in the ordinary course of business and not for the purpose or with the effect of changing or influencing the control of ALASKA AIR GROUP INC.

Industry Context

StockSavvy.ai notes that institutional ownership, particularly from large asset managers like FMR LLC (Fidelity), is common in established airline companies. A 5.6% stake in Alaska Air Group Inc. positions FMR LLC as a significant, albeit passive, shareholder, reflecting ongoing institutional interest in the U.S. airline sector, which is subject to economic cycles, fuel price volatility, and travel demand fluctuations.

Comparison to Industry Standards

A 5.6% beneficial ownership stake is a substantial holding for an institutional investor in a publicly traded company, aligning with typical significant passive investment positions seen across various sectors, including airlines.
For comparison, other major institutional investors often hold similar or larger stakes in airline peers such as Delta Air Lines (DAL) or United Airlines Holdings (UAL), indicating a standard practice of diversified portfolio allocation within the industry.

Corporate Governance

Change Type	Description	Effective Date	Impact Assessment
Ownership Structure Disclosure	Abigail P. Johnson, as Director, Chairman, and CEO of FMR LLC, along with other Johnson family members, are predominant owners of Series B voting common shares of FMR LLC, representing 49% of its voting power. A shareholders' voting agreement ensures all Series B shares are voted in accordance with the majority, potentially forming a controlling group over FMR LLC under the Investment Company Act of 1940.		This clarifies the ultimate control structure of the reporting entity, FMR LLC, and its beneficial ownership of Alaska Air Group shares, providing transparency into the institutional investor's internal governance.

Stakeholder Impact

Shareholders of ALASKA AIR GROUP INC benefit from the transparency provided by this filing, confirming a significant institutional investor's continued stake in the company.
The passive nature of the investment, as certified by FMR LLC, suggests no immediate intent to influence management or strategic direction, which may provide stability for existing stakeholders.

Key Dates

Date	Description
January 3, 2023	Effective date of Power of Attorney for FMR LLC.
January 26, 2023	Effective date of Power of Attorney for Abigail P. Johnson.
December 31, 2025	Date of event which requires filing of this statement (beneficial ownership calculation date).
February 4, 2026	Date of filing of this Schedule 13G.

Recommendation

hold

This Schedule 13G filing is a routine disclosure of a significant, passive institutional ownership stake. It does not contain new financial performance data, strategic announcements, or changes in company fundamentals that would warrant a change in investment recommendation. The continued holding by a major investor like FMR LLC suggests a baseline level of confidence, supporting a 'hold' recommendation for seasoned investors who would typically already be aware of such institutional positions.

Keywords

Alaska Air Group Inc., FMR LLC, Abigail P. Johnson, Beneficial Ownership, Common Stock, Airline Industry, Institutional Investor, SEC Filing, Schedule 13G

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