Alaska Air Group
Q3 2022 Earnings Call
Oct 20, 2022, 11:30 a.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Good morning, ladies and gentlemen, and welcome to the Alaska Air Group 2022 third quarter earnings call. [Operator instructions] Today's call is being recorded and will be accessible for future playback at alaskaair.com. [Operator instructions]. I would now like to turn the call over to Alaska Air Group's vice president of finance, Emily Halverson.
Emily Halverson -- Vice President, Finance
Thank you, operator, and good morning. Thank you for joining us for our third quarter 2022 earnings call. This morning, we issued our earnings release, which is available at investor.alaskaair.com. On today's call, you'll hear updates from Ben, Andrew, and Shane.
Several others of our management team are also on the line to answer your questions during the Q&A portion of the call. This morning, Air Group reported third quarter GAAP net income of $40 million. Excluding special items and mark-to-market fuel hedge adjustments, Air Group reported adjusted net income of $325 million. As a reminder, our comments today will include forward-looking statements about future performance, which may differ materially from our actual results.
Information on risk factors that could affect our business can be found in our SEC filings. We'll also refer to certain non-GAAP financial measures such as adjusted earnings and unit costs, excluding fuel. And as usual, we have provided a reconciliation between the most directly comparable GAAP and non-GAAP measures in today's earnings release. Over to you, Ben.
Ben Minicucci -- Chief Operating Officer
Thanks, Emily, and good morning, everyone. Today, we released our third quarter results, closing out the busiest travel period since the pandemic began. Demand was resilient, planes were full, our people were busy and our results were strong. Our 15.6% pre-tax margin is likely to top the industry and came within two points of our 2019 margin despite the impact and the exceptionally high fuel prices and multiple new labor contracts.
We ran the best operation this summer, leading the industry with the No. 1 DOT on-time performance from June through September. Our $2.8 billion in revenue marked the highest quarterly revenue ever recorded in our history. Our unit revenue was up 27% versus 2019, which we also believe is best in the industry and underscores that our commercial initiatives are delivering.