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Side-by-side financial comparison of ALASKA AIR GROUP, INC. (ALK) and CVR ENERGY INC (CVI). 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 $1.8B, roughly 1.8× CVR ENERGY INC). ALASKA AIR GROUP, INC. runs the higher net margin — -5.8% vs -6.1%, a 0.2% gap on every dollar of revenue. On growth, ALASKA AIR GROUP, INC. posted the faster year-over-year revenue change (5.2% vs -7.0%). 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.
CVR Energy Inc is a United States-based energy holding company operating two core segments: petroleum refining and nitrogen fertilizer manufacturing. It produces a wide range of products including gasoline, diesel, jet fuel, and agricultural fertilizers, primarily serving commercial, industrial and agricultural customers across North America.
ALK vs CVI — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.3B | $1.8B |
| Net Profit | $-193.0M | $-110.0M |
| Gross Margin | — | -3.1% |
| Operating Margin | — | -5.3% |
| Net Margin | -5.8% | -6.1% |
| Revenue YoY | 5.2% | -7.0% |
| Net Profit YoY | -16.3% | -492.9% |
| EPS (diluted) | $-1.69 | $-1.09 |
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 | $1.8B | ||
| Q3 25 | $3.8B | $1.9B | ||
| Q2 25 | $3.7B | $1.8B | ||
| Q1 25 | $3.1B | $1.6B | ||
| Q4 24 | $3.5B | $1.9B | ||
| Q3 24 | $3.1B | $1.8B | ||
| Q2 24 | $2.9B | $2.0B |
| Q1 26 | $-193.0M | — | ||
| Q4 25 | $21.0M | $-110.0M | ||
| Q3 25 | $73.0M | $374.0M | ||
| Q2 25 | $172.0M | $-114.0M | ||
| Q1 25 | $-166.0M | $-123.0M | ||
| Q4 24 | $71.0M | $28.0M | ||
| Q3 24 | $236.0M | $-124.0M | ||
| Q2 24 | $220.0M | $21.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | -3.1% | ||
| Q3 25 | — | 28.8% | ||
| Q2 25 | — | -3.7% | ||
| Q1 25 | — | -5.5% | ||
| Q4 24 | — | 3.0% | ||
| Q3 24 | — | -3.9% | ||
| Q2 24 | — | 2.9% |
| Q1 26 | — | — | ||
| Q4 25 | 2.1% | -5.3% | ||
| Q3 25 | 3.9% | 26.3% | ||
| Q2 25 | 7.5% | -5.8% | ||
| Q1 25 | -6.3% | -8.0% | ||
| Q4 24 | 2.1% | 1.1% | ||
| Q3 24 | 11.1% | -6.2% | ||
| Q2 24 | 11.1% | 1.4% |
| Q1 26 | -5.8% | — | ||
| Q4 25 | 0.6% | -6.1% | ||
| Q3 25 | 1.9% | 19.2% | ||
| Q2 25 | 4.6% | -6.5% | ||
| Q1 25 | -5.3% | -7.5% | ||
| Q4 24 | 2.0% | 1.4% | ||
| Q3 24 | 7.7% | -6.8% | ||
| Q2 24 | 7.6% | 1.1% |
| Q1 26 | $-1.69 | — | ||
| Q4 25 | $0.14 | $-1.09 | ||
| Q3 25 | $0.62 | $3.72 | ||
| Q2 25 | $1.42 | $-1.14 | ||
| Q1 25 | $-1.35 | $-1.22 | ||
| Q4 24 | $0.58 | $0.28 | ||
| Q3 24 | $1.84 | $-1.24 | ||
| Q2 24 | $1.71 | $0.21 |
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 | $511.0M |
| Total DebtLower is stronger | $5.3B | $1.8B |
| Stockholders' EquityBook value | $3.7B | $730.0M |
| Total Assets | $20.3B | $3.7B |
| Debt / EquityLower = less leverage | 1.43× | 2.40× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $451.0M | — | ||
| Q4 25 | $627.0M | $511.0M | ||
| Q3 25 | $2.3B | $670.0M | ||
| Q2 25 | $2.1B | $596.0M | ||
| Q1 25 | $2.5B | $695.0M | ||
| Q4 24 | $2.5B | $987.0M | ||
| Q3 24 | $2.5B | $534.0M | ||
| Q2 24 | $2.5B | $586.0M |
| Q1 26 | $5.3B | — | ||
| Q4 25 | $4.8B | $1.8B | ||
| Q3 25 | $5.0B | $1.8B | ||
| Q2 25 | $4.9B | $1.8B | ||
| Q1 25 | $4.8B | $1.9B | ||
| Q4 24 | $4.5B | $1.9B | ||
| Q3 24 | $4.6B | $1.6B | ||
| Q2 24 | $2.7B | $1.6B |
| Q1 26 | $3.7B | — | ||
| Q4 25 | $4.1B | $730.0M | ||
| Q3 25 | $4.0B | $840.0M | ||
| Q2 25 | $3.9B | $466.0M | ||
| Q1 25 | $4.1B | $580.0M | ||
| Q4 24 | $4.4B | $703.0M | ||
| Q3 24 | $4.5B | $675.0M | ||
| Q2 24 | $4.2B | $849.0M |
| Q1 26 | $20.3B | — | ||
| Q4 25 | $20.4B | $3.7B | ||
| Q3 25 | $20.0B | $4.0B | ||
| Q2 25 | $19.9B | $4.0B | ||
| Q1 25 | $19.8B | $4.3B | ||
| Q4 24 | $19.8B | $4.3B | ||
| Q3 24 | $19.6B | $3.9B | ||
| Q2 24 | $15.3B | $4.0B |
| Q1 26 | 1.43× | — | ||
| Q4 25 | 1.17× | 2.40× | ||
| Q3 25 | 1.24× | 2.17× | ||
| Q2 25 | 1.26× | 3.97× | ||
| Q1 25 | 1.16× | 3.29× | ||
| Q4 24 | 1.04× | 2.71× | ||
| Q3 24 | 1.03× | 2.33× | ||
| Q2 24 | 0.63× | 1.86× |
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 | $0 |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | 10.2% | 3.0% |
| 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 | $0 | ||
| Q3 25 | $229.0M | $163.0M | ||
| Q2 25 | $376.0M | $176.0M | ||
| Q1 25 | $459.0M | $-195.0M | ||
| Q4 24 | $274.0M | $98.0M | ||
| Q3 24 | $318.0M | $48.0M | ||
| Q2 24 | $580.0M | $81.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | $125.0M | ||
| Q2 25 | — | $135.0M | ||
| Q1 25 | — | $-246.0M | ||
| Q4 24 | — | $43.0M | ||
| Q3 24 | — | $14.0M | ||
| Q2 24 | — | $38.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 6.4% | ||
| Q2 25 | — | 7.7% | ||
| Q1 25 | — | -14.9% | ||
| Q4 24 | — | 2.2% | ||
| Q3 24 | — | 0.8% | ||
| Q2 24 | — | 1.9% |
| Q1 26 | 10.2% | — | ||
| Q4 25 | — | 3.0% | ||
| Q3 25 | — | 2.0% | ||
| Q2 25 | — | 2.3% | ||
| Q1 25 | — | 3.1% | ||
| Q4 24 | — | 2.8% | ||
| Q3 24 | — | 1.9% | ||
| Q2 24 | — | 2.2% |
| Q1 26 | — | — | ||
| Q4 25 | 8.81× | — | ||
| Q3 25 | 3.14× | 0.44× | ||
| Q2 25 | 2.19× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 3.86× | 3.50× | ||
| Q3 24 | 1.35× | — | ||
| Q2 24 | 2.64× | 3.86× |
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% |
CVI
| Petroleum Segment | $1.6B | 91% |
| Product UAN | $64.0M | 4% |
| Product Ammonia | $51.0M | 3% |
| Renewables Diesel | $27.0M | 1% |
| Product Urea Products | $8.0M | 0% |
| Renewable Fuel Credits | $7.0M | 0% |
