Exhibit 99.4

Unaudited Pro Forma Condensed Combined Financial Information

Unaudited Pro Forma Information

The following presents certain unaudited pro forma condensed combined statements of operations for the quarter-to-date and year-to-date periods ending September 30, 2023 and December 31, 2023, and for the quarter to date period ending September 30, 2024. The pro forma financial information is based upon the combined historical financial statements of Alaska Air Group, Inc., ("Air Group") and Hawaiian Holdings, Inc., (“Hawaiian”), after giving effect to Air Group’s purchase of all the issued and outstanding shares of Hawaiian by means of a merger (the “Merger”). The combined pro forma information includes adjustments in accordance with Article 11 of Regulation S-X to illustrate the effects of the merger as if it had occurred on January 1, 2023, the beginning of the earliest period presented.

Following Air Group's acquisition of Hawaiian on September 18, 2024, 13 days of Hawaiian's results were incorporated into the combined companies financial reporting. Management believes pro forma combined operating results for prior periods are useful for the purpose of comparing our actual or expected future operating results, as it provides a relevant baseline for identifying trends in the overall operating performance of our business. Management also believes the recalculation of certain operating statistics, unit metrics and certain non-GAAP measures on a pro forma basis to be useful in review of operating results.

"Other Adjustments" in the unaudited pro forma combined statements of operations reflect the preliminary allocation of the purchase price to the acquired assets and liabilities based upon estimates of fair values. These adjustments are provisional and subject to further adjustment up to September 18, 2025 as additional information becomes available, additional analyses are performed and as warranted by changes in current conditions and future expectations. Differences between these preliminary estimates and the final acquisition accounting will occur and these differences could have a material impact on the unaudited pro forma condensed combined financial information and the Combined Company’s future results of operations.

The unaudited pro forma condensed combined financial information is presented for informational purposes only. Such information is not necessarily indicative of the operating results or financial position that actually would have been achieved if the Merger had been consummated on the dates indicated or that the Combined Company may achieve in future periods. Specifically, the unaudited pro forma condensed combined financial information does not include any projected synergies expected to be achieved as a result of the Merger or any associated costs that may be incurred to achieve any projected synergies. The unaudited pro forma condensed combined financial information also exclude the costs associated with any integration activities that may result from the Merger.

1

ALASKA AIR GROUP

Unaudited Pro Forma Condensed Combined Statement of Operations

Three Months Ended September 30, 2023

			As Reported												Pro Forma
(in millions, except statistical data)			Alaska						Hawaiian						Reclassification and Policy Adjustments						Other															Condensed Combined Pro Forma
Operating Revenue
Passenger revenue			$	2,618					$	665					$	—					$	—														$	3,283
Mileage Plan other revenue			159						—						31						—															190
Cargo and other revenue			62						63						(32)						—															93
Total Operating Revenue			2,839						728						(1)						—															3,566
Non-fuel operating expense			1,934						583						(2)						9			(a)												2,524
Fuel Expense			694						200						8						—															902
Total Operating Expenses			2,628						783						6						9															3,426
Operating Income / (Loss)			211						(55)						(7)						(9)															140
Non-operating Income (Expense)			(18)						(6)						6						3			(b)												(15)
Income (Loss) Before Income Tax			193						(61)						(1)						(6)															125
Income tax expense / (benefit)			54						(12)						—						(2)			(c)												40
Net Income (Loss)			139						(49)						(1)						(4)															85
RPMs (000,000) "traffic"			15,718						4,451																											20,169
ASMs (000,000) "capacity"			18,582						5,169																											23,751
Load Factor			84.6		%				86.1		%																									84.9		%
RASM			15.28		¢				14.08		¢																									15.01		¢
			As Reported												Pro Forma
(in millions, except statistical data)			Alaska						Hawaiian						Reclassification and Policy Adjustments						Other															Condensed Combined Pro Forma
CASMex Reconciliation
Non-fuel operating expense			$	1,934					$	583					$	(2)					$	9														$	2,524
Less the following components:
Freighter costs			12						—						—						—															12
Special items - operating			156						—						—						—															156
Total non-fuel operating expenses, excluding freighter costs and special items			$	1,766					$	583					$	(2)					$	9														$	2,356
CASMex			9.50		¢				11.27		¢																									9.92		¢
Adjusted Pretax Income
Income before income tax			$	193					$	(61)					$	(1)					$	(6)														$	125
Adjusted for:
Mark-to-market fuel hedge adjustment			(35)						(7)						—						—															(42)
Special items - operating			156						—						—						—															156
Special items - net non-operating			8						(1)						—						—															7
Adjusted income before income tax			$	322					$	(69)					$	(1)					$	(6)														$	246
Pretax margin			6.8		%				(8.4)		%																									3.5		%
Adjusted pretax margin			11.4		%				(9.5)		%																									7.0		%
Adjusted Net Income
Net Income (Loss)			$	139					$	(49)					$	(1)					$	(4)														$	85
Adjusted for:
Mark-to-market fuel hedge adjustments			(35)						(7)						—						—															(42)
Special items - operating			156						—						—						—															156
Special items - net non-operating			8						(1)						—						—															7
Income tax effect of reconciling items above			(31)						2						—						—															(29)
Adjusted Net Income (Loss)			$	237					$	(55)					$	(1)					$	(4)														$	177

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ALASKA AIR GROUP

Unaudited Pro Forma Condensed Combined Statement of Operations

Three Months Ended December 31, 2023

			As Reported												Pro Forma
(in millions, except statistical data)			Alaska						Hawaiian						Reclassification and Policy Adjustments						Other															Condensed Combined Pro Forma
Operating Revenue
Passenger revenue			$	2,326					$	602					$	—					$	—														$	2,928
Mileage Plan other revenue			165						—						31						—															$	196
Cargo and other revenue			62						67						(32)						—															$	97
Total Operating Revenue			2,553						669						(1)						—															3,221
Non-fuel operating expense			1,812						579						(13)						9			(a)												2,387
Fuel Expense			709						202						8						—															919
Total Operating Expenses			2,521						781						(5)						9															3,306
Operating Income / (Loss)			32						(112)						4						(9)															(85)
Non-operating Income (Expense)			(28)						(15)						6						3			(b)												(34)
Income (Loss) Before Income Tax			4						(127)						10						(6)															(119)
Income tax expense / (benefit)			6						(26)						—						(2)			(c)												(22)
Net Income (Loss)			(2)						(101)						10						(4)															(97)
RPMs (000,000) "traffic"			14,153						4,221																											18,374
ASMs (000,000) "capacity"			17,077						5,104																											22,181
Load Factor			82.9		%				82.7		%																									82.8		%
RASM			14.95		¢				13.11		¢																									14.52		¢
			As Reported												Pro Forma
(in millions, except statistical data)			Alaska						Hawaiian						Reclassification and Policy Adjustments						Other															Condensed Combined Pro Forma
CASMex Reconciliation
Non-fuel operating expense			$	1,812					$	579					$	(13)					$	9														$	2,387
Less the following components:
Freighter costs			15						—						—						—															15
Special items - operating			37						(22)						—						—															15
Total non-fuel operating expenses, excluding freighter costs and special items			$	1,760					$	601					$	(13)					$	9														$	2,357
CASMex			10.31		¢				11.77		¢																									10.63		¢
Adjusted Pretax Income
Income before income tax			$	4					$	(127)					$	10					$	(6)														$	(119)
Adjusted for:
Mark-to-market fuel hedge adjustment			12						4						—						—															16
Special items - operating			37						(22)						—						—															15
Special items - net non-operating			4						(9)						—						—															(5)
Adjusted income before income tax			$	57					$	(154)					$	10					$	(6)														$	(93)
Pretax margin			0.2		%				(19.0)		%																									(3.7)		%
Adjusted pretax margin			2.2		%				(22.9)		%																									(2.8)		%
Adjusted Net Income
Net Income (Loss)			$	(2)					$	(101)					$	10					$	(4)														$	(97)
Adjusted for:
Mark-to-market fuel hedge adjustments			12						4						—						—															16
Special items - operating			37						(22)						—						—															15
Special items - net non-operating			4						(9)						—						—															(5)
Income tax effect of reconciling items above			(13)						5						—						—															(8)
Adjusted Net Income (Loss)			$	38					$	(123)					$	10					$	(4)														$	(79)

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ALASKA AIR GROUP

Unaudited Pro Forma Condensed Combined Statement of Operations

Twelve Months Ended December 31, 2023

			As Reported												Pro Forma
(in millions, except statistical data)			Alaska						Hawaiian						Reclassification and Policy Adjustments						Other															Condensed Combined Pro Forma
Operating Revenue
Passenger revenue			$	9,526					$	2,460					$	—					$	—														$	11,986
Mileage Plan other revenue			648						—						124						—															772
Cargo and other revenue			252						256						(126)						—															382
Total Operating Revenue			10,426						2,716						(2)						—															13,140
Non-fuel operating expense			7,391						2,244						(20)						33			(a)												9,648
Fuel Expense			2,641						766						32						—															3,439
Total Operating Expenses			10,032						3,010						12						33															13,087
Operating Income / (Loss)			394						(294)						(14)						(33)															53
Non-operating Income (expense)			(71)						(34)						12						4			(b)												(89)
Income (Loss) Before Income Tax			323						(328)						(2)						(29)															(36)
Income tax expense / (benefit)			88						(67)						—						(7)			(c)												14
Net Income (Loss)			235						(261)						(2)						(22)															(50)
RPMs (000,000) "traffic"			57,362						16,865																											74,227
ASMs (000,000) "capacity"			68,524						20,204																											88,728
Load Factor			83.7		%				83.5		%																									83.7		%
RASM			15.22		¢				13.44		¢																									14.81		¢
			As Reported												Pro Forma
(in millions, except statistical data)			Alaska						Hawaiian						Reclassification and Policy Adjustments						Other															Condensed Combined Pro Forma
CASMex Reconciliation
Non-fuel operating expense			$	7,391					$	2,244					$	(20)					$	33														$	9,648
Less the following components:
Freighter costs			53						—						—						—															53
Special items - operating			443						(38)						—						—															405
Total non-fuel operating expenses, excluding freighter costs and special items			$	6,895					$	2,282					$	(20)					$	33														$	9,190
CASMex			10.06		¢				11.29		¢																									10.36		¢
Adjusted Pretax Income
Income before income tax			$	323					$	(328)					$	(2)					$	(29)														$	(36)
Adjusted for:
Mark-to-market fuel hedge adjustment			(2)						2						—						—															—
Special items - operating			443						(38)						—						—															405
Special items - net non-operating			18						(29)						—						—															(11)
Adjusted income before income tax			$	782					$	(393)					$	(2)					$	(29)														$	358
Pretax margin			3.1		%				(12.1)		%																									(0.3)		%
Adjusted pretax margin			7.5		%				(14.5)		%																									2.7		%
Adjusted Net Income
Net Income (Loss)			$	235					$	(261)					$	(2)					$	(22)														$	(50)
Adjusted for:
Mark-to-market fuel hedge adjustments			(2)						2						—						—															—
Special items - operating			443						(38)						—						—															405
Special items - net non-operating			18						(29)						—						—															(11)
Income tax effect of reconciling items above			(111)						12						—						—															(111)
Adjusted Net Income (Loss)			$	583					$	(314)					$	(2)					$	(22)														$	233

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ALASKA AIR GROUP

Unaudited Pro Forma Condensed Combined Statement of Operations

Three Months Ended September 30, 2024

			As Reported												Pro Forma
(in millions, except statistical data)			Alaska						Hawaiian						Reclassification and Policy Adjustments						Other															Condensed Combined Pro Forma
Operating Revenue
Passenger revenue			$	2,821					$	606					$	—					$	—														$	3,427
Mileage Plan other revenue			171						—						4						—															175
Cargo and other revenue			80						62						(5)						—															137
Total Operating Revenue			3,072						668						(1)						—															3,739
Non-fuel operating expense			2,107						539						(8)						(9)			(a)												2,629
Fuel Expense			624						153						6						—															783
Total Operating Expenses			2,731						692						(2)						(9)															3,412
Operating Income / (Loss)			341						(24)						1						9															327
Non-operating Income (Expense)			(13)						(38)						17						3			(b)												(31)
Income (Loss) Before Income Tax			328						(62)						18						12															296
Income tax expense / (benefit)			92						(3)						—						3			(c)												92
Net Income (Loss)			236						(59)						18						9															204
RPMs (000,000) "traffic"			16,970						4,103																											21,073
ASMs (000,000) "capacity"			19,847						4,760																											24,607
Load Factor			85.5		%				86.2		%																									85.6		%
RASM			15.48		¢				14.03		¢																									15.19		¢
			As Reported												Pro Forma
(in millions, except statistical data)			Alaska						Hawaiian						Reclassification and Policy Adjustments						Other															Condensed Combined Pro Forma
CASMex Reconciliation
Non-fuel operating expense			$	2,107					$	539					$	(8)					$	(9)														$	2,629
Less the following components:
Freighter costs			17						—						—						—															17
Special items - operating			74						3						—						—															77
Total non-fuel operating expenses, excluding freighter costs and special items			$	2,016					$	536					$	(8)					$	(9)														$	2,535
CASMex			10.16		¢				11.26		¢																									10.30		¢
Adjusted Pretax Income
Income before income tax			$	328					$	(62)					$	18					$	12														$	296
Adjusted for:
Mark-to-market fuel hedge adjustment			(4)						—						—						—															(4)
Special items - operating			74						3						—						—															77
Special items - net non-operating			1						—						—						—															1
Adjusted income before income tax			$	399					$	(59)					$	18					$	12														$	370
Pretax margin			10.7		%				(9.3)		%																									7.9		%
Adjusted pretax margin			13.0		%				(8.8)		%																									9.9		%
Adjusted Net Income
Net Income (Loss)			$	236					$	(59)					$	18					$	9														$	204
Adjusted for:
Mark-to-market fuel hedge adjustments			(4)						—						—						—															(4)
Special items - operating			74						3						—						—															77
Special items - net non-operating			1						—						—						—															1
Income tax effect of reconciling items above			(18)						—						—						—															(18)
Adjusted Net Income (Loss)			$	289					$	(56)					$	18					$	9														$	260

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Notes for the Pro Forma Adjustments

(a)Adjustments to non-fuel operating expense includes impacts of purchase accounting and related depreciation and amortization.

(b)To eliminate the historical amortization of debt fees and discount and to record the impact for interest expense related to the fair value adjustment of debt.

(c)To recognize the income tax impacts of other adjustments.

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