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Side-by-side financial comparison of ALASKA AIR GROUP, INC. (ALK) and Bausch Health Companies Inc. (BHC). 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 $2.8B, roughly 1.2× Bausch Health Companies Inc.). Bausch Health Companies Inc. runs the higher net margin — -3.7% vs -5.8%, a 2.2% gap on every dollar of revenue. On growth, Bausch Health Companies Inc. posted the faster year-over-year revenue change (9.3% vs 5.2%). Over the past eight quarters, Bausch Health Companies Inc.'s revenue compounded faster (14.0% 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.
Bausch Health Companies Inc. is a global, diversified American-Canadian pharmaceutical company. Its global corporate headquarters are located in Laval, Quebec, Canada, and its U.S. headquarters are in Bridgewater, New Jersey. It develops, manufactures and markets a range of pharmaceutical products in gastroenterology, hepatology, neurology, dermatology, dentistry, medical aesthetics, and international pharmaceuticals. Bausch Health manufactures and markets branded pharmaceuticals, generic ph...
ALK vs BHC — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.3B | $2.8B |
| Net Profit | $-193.0M | $-103.0M |
| Gross Margin | — | — |
| Operating Margin | -8.5% | 17.0% |
| Net Margin | -5.8% | -3.7% |
| Revenue YoY | 5.2% | 9.3% |
| Net Profit YoY | — | -205.1% |
| EPS (diluted) | $-1.69 | $-0.30 |
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 | $2.8B | ||
| Q3 25 | $3.8B | $2.7B | ||
| Q2 25 | $3.7B | $2.5B | ||
| Q1 25 | $3.1B | $2.3B | ||
| Q4 24 | $3.5B | $2.6B | ||
| Q3 24 | $3.1B | $2.5B | ||
| Q2 24 | $2.9B | $2.4B |
| Q1 26 | $-193.0M | — | ||
| Q4 25 | $21.0M | $-103.0M | ||
| Q3 25 | $73.0M | $179.0M | ||
| Q2 25 | $172.0M | $148.0M | ||
| Q1 25 | $-166.0M | $-58.0M | ||
| Q4 24 | $71.0M | $98.0M | ||
| Q3 24 | $236.0M | $-85.0M | ||
| Q2 24 | $220.0M | $10.0M |
| Q1 26 | -8.5% | — | ||
| Q4 25 | 2.1% | 17.0% | ||
| Q3 25 | 3.9% | 23.1% | ||
| Q2 25 | 7.5% | 17.5% | ||
| Q1 25 | -6.3% | 12.2% | ||
| Q4 24 | 2.1% | 21.8% | ||
| Q3 24 | 11.1% | 12.7% | ||
| Q2 24 | 11.1% | 16.2% |
| Q1 26 | -5.8% | — | ||
| Q4 25 | 0.6% | -3.7% | ||
| Q3 25 | 1.9% | 6.7% | ||
| Q2 25 | 4.6% | 5.8% | ||
| Q1 25 | -5.3% | -2.6% | ||
| Q4 24 | 2.0% | 3.8% | ||
| Q3 24 | 7.7% | -3.4% | ||
| Q2 24 | 7.6% | 0.4% |
| Q1 26 | $-1.69 | — | ||
| Q4 25 | $0.14 | $-0.30 | ||
| Q3 25 | $0.62 | $0.48 | ||
| Q2 25 | $1.42 | $0.40 | ||
| Q1 25 | $-1.35 | $-0.16 | ||
| Q4 24 | $0.58 | $0.24 | ||
| Q3 24 | $1.84 | $-0.23 | ||
| Q2 24 | $1.71 | $0.03 |
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 | $20.8B |
| Stockholders' EquityBook value | $3.7B | $-554.0M |
| Total Assets | $20.3B | $26.4B |
| 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 | $1.3B | ||
| Q2 25 | $2.1B | $1.7B | ||
| Q1 25 | $2.5B | $1.1B | ||
| Q4 24 | $2.5B | $1.2B | ||
| Q3 24 | $2.5B | $719.0M | ||
| Q2 24 | $2.5B | $595.0M |
| Q1 26 | $5.3B | — | ||
| Q4 25 | $4.8B | $20.8B | ||
| Q3 25 | $5.0B | $21.0B | ||
| Q2 25 | $4.9B | $21.7B | ||
| Q1 25 | $4.8B | $21.5B | ||
| Q4 24 | $4.5B | $21.6B | ||
| Q3 24 | $4.6B | $21.5B | ||
| Q2 24 | $2.7B | $21.7B |
| Q1 26 | $3.7B | — | ||
| Q4 25 | $4.1B | $-554.0M | ||
| Q3 25 | $4.0B | $-565.0M | ||
| Q2 25 | $3.9B | $-764.0M | ||
| Q1 25 | $4.1B | $-1.2B | ||
| Q4 24 | $4.4B | $-1.3B | ||
| Q3 24 | $4.5B | $-1.2B | ||
| Q2 24 | $4.2B | $-1.2B |
| Q1 26 | $20.3B | — | ||
| Q4 25 | $20.4B | $26.4B | ||
| Q3 25 | $20.0B | $26.8B | ||
| Q2 25 | $19.9B | $27.3B | ||
| Q1 25 | $19.8B | $26.4B | ||
| Q4 24 | $19.8B | $26.5B | ||
| Q3 24 | $19.6B | $26.5B | ||
| Q2 24 | $15.3B | $26.5B |
| 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 | $495.0M |
| Free Cash FlowOCF − Capex | — | $403.0M |
| FCF MarginFCF / Revenue | — | 14.4% |
| Capex IntensityCapex / Revenue | 10.2% | 3.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $1.0B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $229.0M | — | ||
| Q4 25 | $185.0M | $495.0M | ||
| Q3 25 | $229.0M | $405.0M | ||
| Q2 25 | $376.0M | $289.0M | ||
| Q1 25 | $459.0M | $211.0M | ||
| Q4 24 | $274.0M | $601.0M | ||
| Q3 24 | $318.0M | $405.0M | ||
| Q2 24 | $580.0M | $380.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | $403.0M | ||
| Q3 25 | — | $314.0M | ||
| Q2 25 | — | $190.0M | ||
| Q1 25 | — | $96.0M | ||
| Q4 24 | — | $495.0M | ||
| Q3 24 | — | $334.0M | ||
| Q2 24 | — | $302.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 14.4% | ||
| Q3 25 | — | 11.7% | ||
| Q2 25 | — | 7.5% | ||
| Q1 25 | — | 4.2% | ||
| Q4 24 | — | 19.3% | ||
| Q3 24 | — | 13.3% | ||
| Q2 24 | — | 12.6% |
| Q1 26 | 10.2% | — | ||
| Q4 25 | — | 3.3% | ||
| Q3 25 | — | 3.4% | ||
| Q2 25 | — | 3.9% | ||
| Q1 25 | — | 5.1% | ||
| Q4 24 | — | 4.1% | ||
| Q3 24 | — | 2.8% | ||
| Q2 24 | — | 3.2% |
| Q1 26 | — | — | ||
| Q4 25 | 8.81× | — | ||
| Q3 25 | 3.14× | 2.26× | ||
| Q2 25 | 2.19× | 1.95× | ||
| Q1 25 | — | — | ||
| Q4 24 | 3.86× | 6.13× | ||
| Q3 24 | 1.35× | — | ||
| Q2 24 | 2.64× | 38.00× |
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% |
BHC
| Bausch Lomb | $1.4B | 50% |
| Salix Segment | $693.0M | 25% |
| International Rx | $306.0M | 11% |
| Diversified Segment | $255.0M | 9% |
| Solta Medical Segment | $137.0M | 5% |
