Despite another challenging year, Alaska Air Group (NYSE: ALK) finished the year with "solid results," according to Chief Operating Officer Ben Minicucci.

The SeaTac, Washington-based company posted mixed earnings results last month, beating earnings-per-share (EPS) estimates while missing on revenue expectations. Let's take a closer look at Alaska Air's fourth-quarter and full-year 2022 results to determine whether this airline stock is a buy in today's market.

Alaska Air Group led the industry last quarter with 7.6% pre-tax profit margins. In fact, Alaska has ranked first in pre-tax margins for 11 of the past 13 years. Profitability, even with the pandemic thrown into the mix, has remained a top priority for the airline. Although they've declined overall, Alaska Air's margins have remained comparably high relative to competitors.

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Source Fool.com