Exhibit 99.3

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 periods ending March 31, 2024 and June 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.

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.

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ALASKA AIR GROUP

Unaudited Pro Forma Condensed Combined Statement of Operations

Three Months Ended March 31, 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			$	2,004					$	583					$	2					$	—														$	2,589
Mileage Plan other revenue			164						—						(29)						—															135
Cargo and other revenue			64						62						26						—															152
Total Operating Revenue			2,232						645						(1)						—															2,876
Wages and benefits			804						262						(5)						—			(a)												1,061
Variable incentive pay			44						—						5						—															49
Aircraft fuel, including hedging gains and losses			565						189						5						—															759
Aircraft maintenance			122						71						5						—															198
Aircraft rent			47						30						(6)						(7)															64
Landing fees and other rentals			165						43						4						—															212
Contracted services			97						—						32						—															129
Selling expenses			77						28						2						—															107
Depreciation and amortization			126						33						2						17															178
Food and beverage service			58						—						22						—															80
Third-party regional carrier expense			54						—						—						—															54
Other			205						46						19						—															270
Special items - operating			34						8						—						—															42
Aircraft and passenger servicing			—						45						(45)						—															—
Purchased services			—						38						(38)						—															—
Total Operating Expenses			2,398						793						2						10															3,203
Operating Income / (Loss)			(166)						(148)						(3)						(10)															(327)
Non-operating Income (Expense)			(12)						(4)						1						(3)			(b)												(18)
Income (Loss) Before Income Tax			(178)						(152)						(2)						(13)															(345)
Income tax expense / (benefit)			(46)						(15)						—						(3)			(c)												(64)
Net Income (Loss)			(132)						(137)						(2)						(10)															(281)
RPMs (000,000) "traffic"			12,524						4,073																											16,597
ASMs (000,000) "capacity"			15,378						5,051																											20,429
Load Factor			81.4		%				80.6		%																									81.2		%
RASM			14.51		¢				12.78		¢																									14.08		¢
			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			$	1,833					$	604					$	(3)					$	10														$	2,444
Less the following components:
Freighter costs			15						—						—						—															15
Special items - operating			34						8						—						—															42
Total non-fuel operating expenses, excluding freighter costs and special items			$	1,784					$	596					$	(3)					$	10														$	2,387
CASMex			11.60		¢				11.79		¢																									11.68		¢
Adjusted Pretax Income
Income before income tax			$	(178)					$	(152)					$	(2)					$	(13)														$	(345)
Adjusted for:
Mark-to-market fuel hedge adjustment			(13)						(2)						—						—															(15)
Special items - operating			34						8						—						—															42
Special items - net non-operating			—						(14)						—						—															(14)
Adjusted income before income tax			$	(157)					$	(160)					$	(2)					$	(13)														$	(332)

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Pretax margin			(8.0)		%				(23.6)		%																									(12.0)		%
Adjusted pretax margin			(7.0)		%				(24.8)		%																									(11.4)		%
Adjusted Net Income
Net Income (Loss)			$	(132)					$	(137)					$	(2)					$	(10)														$	(281)
Adjusted for:
Mark-to-market fuel hedge adjustments			(13)						(2)						—						—															(15)
Special items - operating			34						8						—						—															42
Special items - net non-operating			—						(14)						—						—															(14)
Income tax effect of reconciling items above			(5)						1						—						—															(4)
Adjusted Net Income (Loss)			$	(116)					$	(144)					$	(2)					$	(10)														$	(272)

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ALASKA AIR GROUP

Unaudited Pro Forma Condensed Combined Statement of Operations

Three Months Ended June 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			$	2,651					$	666					$	3					$	—														$	3,320
Mileage Plan other revenue			174						—						(29)						—															145
Cargo and other revenue			72						66						27						—															165
Total Operating Revenue			2,897						732						1						—															3,630
Wages and benefits			782						265						(5)						—			(a)												1,042
Variable incentive pay			49						—						5						—															54
Aircraft fuel, including hedging gains and losses			615						179						7						—															801
Aircraft maintenance			129						70						5						—															204
Aircraft rent			46						30						(6)						(7)															63
Landing fees and other rentals			173						45						4						—															222
Contracted services			106						—						33						—															139
Selling expenses			84						29						2						—															115
Depreciation and amortization			128						35						2						17															182
Food and beverage service			67						—						23						—															90
Third-party regional carrier expense			64						—						—						—															64
Other			186						41						19						—															246
Special items - operating			146						6						—						—															152
Aircraft and passenger servicing			—						48						(48)						—															—
Purchased services			—						39						(39)						—															—
Total Operating Expenses			2,575						787						2						10															3,374
Operating Income / (Loss)			322						(55)						(1)						(10)															256
Non-operating Income (Expense)			(6)						(12)						2						(3)			(b)												(19)
Income (Loss) Before Income Tax			316						(67)						1						(13)															237
Income tax expense / (benefit)			96						—						—						(3)			(c)												93
Net Income (Loss)			220						(67)						1						(10)															144
RPMs (000,000) "traffic"			15,309						4,519																											19,828
ASMs (000,000) "capacity"			18,196						5,230																											23,426
Load Factor			84.1		%				86.4		%																									84.6		%
RASM			15.92		¢				13.99		¢																									15.50		¢
			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			$	1,960					$	608					$	(5)					$	10														$	2,573
Less the following components:
Freighter costs			13						—						—						—															15
Special items - operating			146						6						—						—															152
Total non-fuel operating expenses, excluding freighter costs and special items			$	1,801					$	602					$	(5)					$	10														$	2,406
CASMex			9.89		¢				11.50		¢																									10.27		¢
Adjusted Pretax Income
Income before income tax			$	316					$	(67)					$	1					$	(13)														$	237
Adjusted for:
Mark-to-market fuel hedge adjustment			(5)						—						—						—															(5)
Special items - operating			146						6						—						—															152
Special items - net non-operating			—						(10)						—						—															(10)
Adjusted income before income tax			$	457					$	(71)					$	1					$	(13)														$	374

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Pretax margin			10.9		%				(9.2)		%																									6.5		%
Adjusted pretax margin			15.8		%				(9.7)		%																									10.4		%
Adjusted Net Income
Net Income (Loss)			$	220					$	(67)					$	1					$	(10)														$	144
Adjusted for:
Mark-to-market fuel hedge adjustments			(5)						—						—						—															(5)
Special items - operating			146						6						—						—															152
Special items - net non-operating			—						(10)						—						—															(10)
Income tax effect of reconciling items above			(34)						—						—						—															(34)
Adjusted Net Income (Loss)			$	327					$	(71)					$	1					$	(10)														$	247

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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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