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Side-by-side financial comparison of ALASKA AIR GROUP, INC. (ALK) and Carnival (CCL). Click either name above to swap in a different company.
Carnival is the larger business by last-quarter revenue ($6.3B vs $3.3B, roughly 1.9× ALASKA AIR GROUP, INC.). Carnival runs the higher net margin — 6.6% vs -5.8%, a 12.5% gap on every dollar of revenue. On growth, Carnival posted the faster year-over-year revenue change (6.6% vs 5.2%). Over the past eight quarters, Carnival's revenue compounded faster (8.2% 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.
CarnivalCCLEarnings & Financial Report
Carnival is the world's largest leisure travel group specializing in cruise operations. It owns multiple globally recognized cruise brands, serving millions of passengers yearly, offering all-inclusive vacation experiences covering accommodation, catering, entertainment, and shore excursions across global popular destinations.
ALK vs CCL — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.3B | $6.3B |
| Net Profit | $-193.0M | $421.0M |
| Gross Margin | — | — |
| Operating Margin | -8.5% | 11.6% |
| Net Margin | -5.8% | 6.6% |
| Revenue YoY | 5.2% | 6.6% |
| Net Profit YoY | — | 38.9% |
| EPS (diluted) | $-1.69 | $0.33 |
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 | $6.3B | ||
| Q3 25 | $3.8B | $8.2B | ||
| Q2 25 | $3.7B | $6.3B | ||
| Q1 25 | $3.1B | $5.8B | ||
| Q4 24 | $3.5B | $5.9B | ||
| Q3 24 | $3.1B | $7.9B | ||
| Q2 24 | $2.9B | $5.8B |
| Q1 26 | $-193.0M | — | ||
| Q4 25 | $21.0M | $421.0M | ||
| Q3 25 | $73.0M | $1.9B | ||
| Q2 25 | $172.0M | $565.0M | ||
| Q1 25 | $-166.0M | $-78.0M | ||
| Q4 24 | $71.0M | $303.0M | ||
| Q3 24 | $236.0M | $1.7B | ||
| Q2 24 | $220.0M | $92.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 46.2% | ||
| Q2 25 | — | 38.6% | ||
| Q1 25 | — | 35.2% | ||
| Q4 24 | — | 35.5% | ||
| Q3 24 | — | 45.5% | ||
| Q2 24 | — | 34.3% |
| Q1 26 | -8.5% | — | ||
| Q4 25 | 2.1% | 11.6% | ||
| Q3 25 | 3.9% | 27.9% | ||
| Q2 25 | 7.5% | 14.8% | ||
| Q1 25 | -6.3% | 9.3% | ||
| Q4 24 | 2.1% | 9.4% | ||
| Q3 24 | 11.1% | 27.6% | ||
| Q2 24 | 11.1% | 9.7% |
| Q1 26 | -5.8% | — | ||
| Q4 25 | 0.6% | 6.6% | ||
| Q3 25 | 1.9% | 22.7% | ||
| Q2 25 | 4.6% | 8.9% | ||
| Q1 25 | -5.3% | -1.3% | ||
| Q4 24 | 2.0% | 5.1% | ||
| Q3 24 | 7.7% | 22.0% | ||
| Q2 24 | 7.6% | 1.6% |
| Q1 26 | $-1.69 | — | ||
| Q4 25 | $0.14 | $0.33 | ||
| Q3 25 | $0.62 | $1.33 | ||
| Q2 25 | $1.42 | $0.42 | ||
| Q1 25 | $-1.35 | $-0.06 | ||
| Q4 24 | $0.58 | $0.28 | ||
| Q3 24 | $1.84 | $1.26 | ||
| Q2 24 | $1.71 | $0.07 |
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 | $1.9B |
| Total DebtLower is stronger | $5.3B | $27.4B |
| Stockholders' EquityBook value | $3.7B | $12.3B |
| Total Assets | $20.3B | $51.7B |
| Debt / EquityLower = less leverage | 1.43× | 2.23× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $451.0M | — | ||
| Q4 25 | $627.0M | $1.9B | ||
| Q3 25 | $2.3B | $1.8B | ||
| Q2 25 | $2.1B | $2.1B | ||
| Q1 25 | $2.5B | $833.0M | ||
| Q4 24 | $2.5B | $1.2B | ||
| Q3 24 | $2.5B | $1.5B | ||
| Q2 24 | $2.5B | $1.6B |
| Q1 26 | $5.3B | — | ||
| Q4 25 | $4.8B | $27.4B | ||
| Q3 25 | $5.0B | $27.2B | ||
| Q2 25 | $4.9B | $28.0B | ||
| Q1 25 | $4.8B | $27.7B | ||
| Q4 24 | $4.5B | $28.2B | ||
| Q3 24 | $4.6B | $29.6B | ||
| Q2 24 | $2.7B | $30.2B |
| Q1 26 | $3.7B | — | ||
| Q4 25 | $4.1B | $12.3B | ||
| Q3 25 | $4.0B | $11.9B | ||
| Q2 25 | $3.9B | $10.0B | ||
| Q1 25 | $4.1B | $9.2B | ||
| Q4 24 | $4.4B | $9.3B | ||
| Q3 24 | $4.5B | $8.6B | ||
| Q2 24 | $4.2B | $6.8B |
| Q1 26 | $20.3B | — | ||
| Q4 25 | $20.4B | $51.7B | ||
| Q3 25 | $20.0B | $50.8B | ||
| Q2 25 | $19.9B | $51.2B | ||
| Q1 25 | $19.8B | $48.5B | ||
| Q4 24 | $19.8B | $49.1B | ||
| Q3 24 | $19.6B | $49.8B | ||
| Q2 24 | $15.3B | $49.6B |
| Q1 26 | 1.43× | — | ||
| Q4 25 | 1.17× | 2.23× | ||
| Q3 25 | 1.24× | 2.28× | ||
| Q2 25 | 1.26× | 2.79× | ||
| Q1 25 | 1.16× | 3.02× | ||
| Q4 24 | 1.04× | 3.05× | ||
| Q3 24 | 1.03× | 3.45× | ||
| Q2 24 | 0.63× | 4.43× |
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 | $1.5B |
| Free Cash FlowOCF − Capex | — | $12.0M |
| FCF MarginFCF / Revenue | — | 0.2% |
| Capex IntensityCapex / Revenue | 10.2% | 23.8% |
| Cash ConversionOCF / Net Profit | — | 3.61× |
| TTM Free Cash FlowTrailing 4 quarters | — | $2.6B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $229.0M | — | ||
| Q4 25 | $185.0M | $1.5B | ||
| Q3 25 | $229.0M | $1.4B | ||
| Q2 25 | $376.0M | $2.4B | ||
| Q1 25 | $459.0M | $925.0M | ||
| Q4 24 | $274.0M | $911.0M | ||
| Q3 24 | $318.0M | $1.2B | ||
| Q2 24 | $580.0M | $2.0B |
| Q1 26 | — | — | ||
| Q4 25 | — | $12.0M | ||
| Q3 25 | — | $736.0M | ||
| Q2 25 | — | $1.5B | ||
| Q1 25 | — | $318.0M | ||
| Q4 24 | — | $319.0M | ||
| Q3 24 | — | $628.0M | ||
| Q2 24 | — | $720.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.2% | ||
| Q3 25 | — | 9.0% | ||
| Q2 25 | — | 24.4% | ||
| Q1 25 | — | 5.5% | ||
| Q4 24 | — | 5.4% | ||
| Q3 24 | — | 8.0% | ||
| Q2 24 | — | 12.5% |
| Q1 26 | 10.2% | — | ||
| Q4 25 | — | 23.8% | ||
| Q3 25 | — | 7.9% | ||
| Q2 25 | — | 13.4% | ||
| Q1 25 | — | 10.4% | ||
| Q4 24 | — | 10.0% | ||
| Q3 24 | — | 7.3% | ||
| Q2 24 | — | 22.8% |
| Q1 26 | — | — | ||
| Q4 25 | 8.81× | 3.61× | ||
| Q3 25 | 3.14× | 0.75× | ||
| Q2 25 | 2.19× | 4.23× | ||
| Q1 25 | — | — | ||
| Q4 24 | 3.86× | 3.01× | ||
| Q3 24 | 1.35× | 0.69× | ||
| Q2 24 | 2.64× | 22.16× |
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% |
CCL
| Cruise Passenger Ticket | $4.1B | 64% |
| Other | $2.2B | 34% |
| Cruise | $90.0M | 1% |
| Tour And Other | $29.0M | 0% |
