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Side-by-side financial comparison of ALASKA AIR GROUP, INC. (ALK) and KE Holdings Inc. (BEKE). 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 $3.2B, roughly 1.0× KE Holdings Inc.). KE Holdings Inc. runs the higher net margin — 3.2% vs -5.8%, a 9.1% gap on every dollar of revenue. Over the past eight quarters, KE Holdings Inc.'s revenue compounded faster (9.8% CAGR vs 6.7%).
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.
KE Holdings Inc., operating under the well-known Beike brand, is a leading integrated online and offline residential service platform based in China. It offers a full range of services including second-hand property brokerage, new housing sales agency, home rental, renovation, and related financial consultation to meet diverse housing-related demands of consumers across multiple scenarios.
ALK vs BEKE — Head-to-Head
Income Statement — Q1 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.3B | $3.2B |
| Net Profit | $-193.0M | $104.9M |
| Gross Margin | — | 21.4% |
| Operating Margin | -8.5% | 2.6% |
| Net Margin | -5.8% | 3.2% |
| Revenue YoY | 5.2% | — |
| Net Profit YoY | — | — |
| EPS (diluted) | $-1.69 | — |
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 | $3.2B | ||
| Q3 25 | $3.8B | $3.6B | ||
| Q2 25 | $3.7B | — | ||
| Q1 25 | $3.1B | $3.2B | ||
| Q4 24 | $3.5B | — | ||
| Q3 24 | $3.1B | $3.2B | ||
| Q2 24 | $2.9B | $3.2B |
| Q1 26 | $-193.0M | — | ||
| Q4 25 | $21.0M | $104.9M | ||
| Q3 25 | $73.0M | $182.4M | ||
| Q2 25 | $172.0M | — | ||
| Q1 25 | $-166.0M | $117.9M | ||
| Q4 24 | $71.0M | — | ||
| Q3 24 | $236.0M | $166.5M | ||
| Q2 24 | $220.0M | $261.5M |
| Q1 26 | — | — | ||
| Q4 25 | — | 21.4% | ||
| Q3 25 | — | 21.9% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 20.7% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 22.7% | ||
| Q2 24 | — | 27.9% |
| Q1 26 | -8.5% | — | ||
| Q4 25 | 2.1% | 2.6% | ||
| Q3 25 | 3.9% | 4.1% | ||
| Q2 25 | 7.5% | — | ||
| Q1 25 | -6.3% | 2.5% | ||
| Q4 24 | 2.1% | — | ||
| Q3 24 | 11.1% | 3.2% | ||
| Q2 24 | 11.1% | 8.6% |
| Q1 26 | -5.8% | — | ||
| Q4 25 | 0.6% | 3.2% | ||
| Q3 25 | 1.9% | 5.0% | ||
| Q2 25 | 4.6% | — | ||
| Q1 25 | -5.3% | 3.7% | ||
| Q4 24 | 2.0% | — | ||
| Q3 24 | 7.7% | 5.2% | ||
| Q2 24 | 7.6% | 8.1% |
| Q1 26 | $-1.69 | — | ||
| Q4 25 | $0.14 | — | ||
| Q3 25 | $0.62 | — | ||
| Q2 25 | $1.42 | — | ||
| Q1 25 | $-1.35 | — | ||
| Q4 24 | $0.58 | — | ||
| Q3 24 | $1.84 | — | ||
| Q2 24 | $1.71 | — |
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 | $1.3B |
| Total DebtLower is stronger | $5.3B | — |
| Stockholders' EquityBook value | $3.7B | — |
| Total Assets | $20.3B | $16.8B |
| Debt / EquityLower = less leverage | 1.43× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $451.0M | — | ||
| Q4 25 | $627.0M | $1.3B | ||
| Q3 25 | $2.3B | $1.6B | ||
| Q2 25 | $2.1B | — | ||
| Q1 25 | $2.5B | $1.8B | ||
| Q4 24 | $2.5B | — | ||
| Q3 24 | $2.5B | $1.4B | ||
| Q2 24 | $2.5B | $1.3B |
| Q1 26 | $5.3B | — | ||
| Q4 25 | $4.8B | — | ||
| Q3 25 | $5.0B | — | ||
| Q2 25 | $4.9B | — | ||
| Q1 25 | $4.8B | — | ||
| Q4 24 | $4.5B | — | ||
| Q3 24 | $4.6B | — | ||
| Q2 24 | $2.7B | — |
| Q1 26 | $3.7B | — | ||
| Q4 25 | $4.1B | — | ||
| Q3 25 | $4.0B | $9.6B | ||
| Q2 25 | $3.9B | — | ||
| Q1 25 | $4.1B | $9.5B | ||
| Q4 24 | $4.4B | — | ||
| Q3 24 | $4.5B | $10.1B | ||
| Q2 24 | $4.2B | $9.7B |
| Q1 26 | $20.3B | — | ||
| Q4 25 | $20.4B | $16.8B | ||
| Q3 25 | $20.0B | $17.3B | ||
| Q2 25 | $19.9B | — | ||
| Q1 25 | $19.8B | $18.0B | ||
| Q4 24 | $19.8B | — | ||
| Q3 24 | $19.6B | $17.5B | ||
| Q2 24 | $15.3B | $16.9B |
| Q1 26 | 1.43× | — | ||
| Q4 25 | 1.17× | — | ||
| Q3 25 | 1.24× | — | ||
| Q2 25 | 1.26× | — | ||
| Q1 25 | 1.16× | — | ||
| Q4 24 | 1.04× | — | ||
| Q3 24 | 1.03× | — | ||
| Q2 24 | 0.63× | — |
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 | — |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | 10.2% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $229.0M | — | ||
| Q4 25 | $185.0M | — | ||
| Q3 25 | $229.0M | — | ||
| Q2 25 | $376.0M | — | ||
| Q1 25 | $459.0M | $-546.4M | ||
| Q4 24 | $274.0M | — | ||
| Q3 24 | $318.0M | $64.0M | ||
| Q2 24 | $580.0M | — |
| Q1 26 | 10.2% | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | 8.81× | — | ||
| Q3 25 | 3.14× | — | ||
| Q2 25 | 2.19× | — | ||
| Q1 25 | — | -4.64× | ||
| Q4 24 | 3.86× | — | ||
| Q3 24 | 1.35× | 0.38× | ||
| Q2 24 | 2.64× | — |
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% |
BEKE
| New home transaction services | $932.6M | 29% |
| Existing home transaction services | $841.5M | 26% |
| Home rental services | $804.4M | 25% |
| Home renovation and furnishing | $604.0M | 19% |
| Emerging and other services | $55.6M | 2% |
