Alaska Airlines’ long-haul expansion draws positive investor response after Hawaiian acquisition

Alaska Airlines has moved to expand its presence in the long-haul market, following its $1.9 billion acquisition of Hawaiian Airlines in December 2023. The purchase gave Alaska access to a fleet of widebody aircraft and new international routes, enabling it to enter markets that were previously out of reach.

The carrier's first major step was launching an intercontinental route from Seattle-Tacoma International Airport (SEA) to Tokyo Narita International Airport (NRT), which began service on May 12, 2025. This inaugural flight was operated by a Hawaiian Airlines Airbus A330-200. Later this year, Alaska plans to start nonstop service to Seoul Incheon Airport (ICN). Further expansion is scheduled for next year with flights planned for Rome Fiumicino Airport (FCO), London Heathrow Airport (LHR), and Reykjavík Keflavik Airport (KEF).

Investor reaction to Alaska’s new strategy has been largely positive but not without reservations. In December 2024, when the airline announced new transpacific routes and a $1 billion share buyback program, the company’s stock experienced a significant single-day surge of 14%, marking its largest gain in four years. Industry analysts pointed out that Alaska appeared to be making effective use of assets gained from the Hawaiian merger and saw potential in positioning Seattle as a global gateway.