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Side-by-side financial comparison of ALASKA AIR GROUP, INC. (ALK) and APA Corporation (APA). Click either name above to swap in a different company.
ALASKA AIR GROUP, INC. is the larger business by last-quarter revenue ($3.3B vs $2.2B, roughly 1.5× APA Corporation). APA Corporation runs the higher net margin — 15.0% vs -5.8%, a 20.8% gap on every dollar of revenue. On growth, ALASKA AIR GROUP, INC. posted the faster year-over-year revenue change (5.2% vs -24.3%). Over the past eight quarters, ALASKA AIR GROUP, INC.'s revenue compounded faster (6.7% CAGR vs 1.4%).
Alaska Air Group, Inc. is an American airline holding company based in SeaTac, Washington, United States. The group owns two mainline carriers, Alaska Airlines and Hawaiian Airlines, along with a regional airline, Horizon Air. Alaska Airlines in turn wholly owns an aircraft ground handling company, McGee Air Services.
APA Corporation, a holding company for Apache Corporation, an American company engaged in hydrocarbon exploration. It is organized in Delaware and headquartered in Houston.
ALK vs APA — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.3B | $2.2B |
| Net Profit | $-193.0M | $331.0M |
| Gross Margin | — | — |
| Operating Margin | — | 32.5% |
| Net Margin | -5.8% | 15.0% |
| Revenue YoY | 5.2% | -24.3% |
| Net Profit YoY | -16.3% | -22.1% |
| EPS (diluted) | $-1.69 | $0.79 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $3.3B | — | ||
| Q4 25 | $3.6B | $2.2B | ||
| Q3 25 | $3.8B | $2.3B | ||
| Q2 25 | $3.7B | $2.3B | ||
| Q1 25 | $3.1B | $2.7B | ||
| Q4 24 | $3.5B | $2.9B | ||
| Q3 24 | $3.1B | $2.7B | ||
| Q2 24 | $2.9B | $2.8B |
| Q1 26 | $-193.0M | — | ||
| Q4 25 | $21.0M | $331.0M | ||
| Q3 25 | $73.0M | $205.0M | ||
| Q2 25 | $172.0M | $603.0M | ||
| Q1 25 | $-166.0M | $418.0M | ||
| Q4 24 | $71.0M | $425.0M | ||
| Q3 24 | $236.0M | $-223.0M | ||
| Q2 24 | $220.0M | $541.0M |
| Q1 26 | — | — | ||
| Q4 25 | 2.1% | 32.5% | ||
| Q3 25 | 3.9% | 33.7% | ||
| Q2 25 | 7.5% | 31.8% | ||
| Q1 25 | -6.3% | 31.9% | ||
| Q4 24 | 2.1% | 31.4% | ||
| Q3 24 | 11.1% | -5.2% | ||
| Q2 24 | 11.1% | 34.4% |
| Q1 26 | -5.8% | — | ||
| Q4 25 | 0.6% | 15.0% | ||
| Q3 25 | 1.9% | 9.0% | ||
| Q2 25 | 4.6% | 26.0% | ||
| Q1 25 | -5.3% | 15.4% | ||
| Q4 24 | 2.0% | 14.6% | ||
| Q3 24 | 7.7% | -8.1% | ||
| Q2 24 | 7.6% | 19.0% |
| Q1 26 | $-1.69 | — | ||
| Q4 25 | $0.14 | $0.79 | ||
| Q3 25 | $0.62 | $0.57 | ||
| Q2 25 | $1.42 | $1.67 | ||
| Q1 25 | $-1.35 | $0.96 | ||
| Q4 24 | $0.58 | $0.97 | ||
| Q3 24 | $1.84 | $-0.60 | ||
| Q2 24 | $1.71 | $1.46 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $451.0M | $516.0M |
| Total DebtLower is stronger | $5.3B | $4.3B |
| Stockholders' EquityBook value | $3.7B | $6.1B |
| Total Assets | $20.3B | $17.8B |
| Debt / EquityLower = less leverage | 1.43× | 0.70× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $451.0M | — | ||
| Q4 25 | $627.0M | $516.0M | ||
| Q3 25 | $2.3B | $475.0M | ||
| Q2 25 | $2.1B | $107.0M | ||
| Q1 25 | $2.5B | $67.0M | ||
| Q4 24 | $2.5B | $625.0M | ||
| Q3 24 | $2.5B | $64.0M | ||
| Q2 24 | $2.5B | $160.0M |
| Q1 26 | $5.3B | — | ||
| Q4 25 | $4.8B | $4.3B | ||
| Q3 25 | $5.0B | $4.3B | ||
| Q2 25 | $4.9B | $4.3B | ||
| Q1 25 | $4.8B | $5.2B | ||
| Q4 24 | $4.5B | $6.0B | ||
| Q3 24 | $4.6B | $6.4B | ||
| Q2 24 | $2.7B | $6.7B |
| Q1 26 | $3.7B | — | ||
| Q4 25 | $4.1B | $6.1B | ||
| Q3 25 | $4.0B | $6.0B | ||
| Q2 25 | $3.9B | $5.9B | ||
| Q1 25 | $4.1B | $5.4B | ||
| Q4 24 | $4.4B | $5.3B | ||
| Q3 24 | $4.5B | $5.1B | ||
| Q2 24 | $4.2B | $5.4B |
| Q1 26 | $20.3B | — | ||
| Q4 25 | $20.4B | $17.8B | ||
| Q3 25 | $20.0B | $17.7B | ||
| Q2 25 | $19.9B | $18.1B | ||
| Q1 25 | $19.8B | $18.5B | ||
| Q4 24 | $19.8B | $19.4B | ||
| Q3 24 | $19.6B | $19.4B | ||
| Q2 24 | $15.3B | $20.2B |
| Q1 26 | 1.43× | — | ||
| Q4 25 | 1.17× | 0.70× | ||
| Q3 25 | 1.24× | 0.72× | ||
| Q2 25 | 1.26× | 0.73× | ||
| Q1 25 | 1.16× | 0.96× | ||
| Q4 24 | 1.04× | 1.13× | ||
| Q3 24 | 1.03× | 1.25× | ||
| Q2 24 | 0.63× | 1.24× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $229.0M | $808.0M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | 10.2% | — |
| Cash ConversionOCF / Net Profit | — | 2.44× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $229.0M | — | ||
| Q4 25 | $185.0M | $808.0M | ||
| Q3 25 | $229.0M | $1.5B | ||
| Q2 25 | $376.0M | $1.2B | ||
| Q1 25 | $459.0M | $1.1B | ||
| Q4 24 | $274.0M | $1.0B | ||
| Q3 24 | $318.0M | $1.3B | ||
| Q2 24 | $580.0M | $877.0M |
| Q1 26 | 10.2% | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | 8.81× | 2.44× | ||
| Q3 25 | 3.14× | 7.12× | ||
| Q2 25 | 2.19× | 1.96× | ||
| Q1 25 | — | 2.62× | ||
| Q4 24 | 3.86× | 2.44× | ||
| Q3 24 | 1.35× | — | ||
| Q2 24 | 2.64× | 1.62× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ALK
| Passenger revenue | $2.9B | 88% |
| Loyalty program other revenue | $227.0M | 7% |
| Cargo and other revenue | $153.0M | 5% |
APA
| Oil And Gas Excluding Purchased | $1.7B | 76% |
| Oil And Gas Purchased | $323.0M | 15% |
| Oil Reserves | $114.0M | 5% |
| Other | $72.0M | 3% |
| Natural Gas Reserves | $30.0M | 1% |
