Alaska Air Group
Q2 2022 Earnings Call
Jul 21, 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 second quarter earnings call. [Operator instructions]. Today's call is being recorded and will be accessible for future playback at alaskaair.com. After our speaker's remarks, we will conduct a question-and-answer session for analysts.
I would now like to turn the call over to Alaska Air Group's vice president of finance, Emily Halverson.
Emily Halverson -- Managing Director, Investor Relations
Thank you, operator, and good morning. Thank you for joining us for our second 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 second quarter GAAP net income of $139 million. Excluding special items and mark-to-market fuel hedge adjustments, Air Group reported adjusted net income of $280 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 will also refer to certain non-GAAP financial measures, such as adjusted earnings and unit costs, excluding fuel. And as usual, we've 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. Our performance this quarter continues to demonstrate the underlying strength of our business model and ability to adapt to a rapidly evolving external environment. We are in a period of record breaking demand, which is reflected in the solid Q2 results we reported this morning. Our 14%, second quarter pre-tax margin lands us near the top of the industry.
A remarkable achievement given the fact that fuel expense is up 65% versus the same period in 2019. June, especially was a phenomenal month as revenue surpassed $1 billion, the highest monthly revenue recorded in our history. And we achieved this on capacity still below 2019 levels. Bank cash remuneration increased 40% in June, demonstrating the power of our renewed credit card deal and the strength of our terrific partnership with Bank of America.