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Side-by-side financial comparison of ALASKA AIR GROUP, INC. (ALK) and Freeport-McMoRan (FCX). Click either name above to swap in a different company.
Freeport-McMoRan is the larger business by last-quarter revenue ($5.3B vs $3.3B, roughly 1.6× ALASKA AIR GROUP, INC.). Freeport-McMoRan runs the higher net margin — 10.7% vs -5.8%, a 16.6% gap on every dollar of revenue. On growth, ALASKA AIR GROUP, INC. posted the faster year-over-year revenue change (5.2% vs -10.4%). Over the past eight quarters, ALASKA AIR GROUP, INC.'s revenue compounded faster (6.7% CAGR vs -7.9%).
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.
Freeport-McMoRan Inc., often called Freeport, is an American mining company based in the Freeport-McMoRan Center, in Phoenix, Arizona. The company is the world's largest producer of molybdenum, a major copper producer and operates the world's largest gold mine, the Grasberg mine in Papua, Indonesia.
ALK vs FCX — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.3B | $5.3B |
| Net Profit | $-193.0M | $565.0M |
| Gross Margin | — | 12.4% |
| Operating Margin | -8.5% | 15.4% |
| Net Margin | -5.8% | 10.7% |
| Revenue YoY | 5.2% | -10.4% |
| Net Profit YoY | — | -21.6% |
| 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 | $5.3B | ||
| Q3 25 | $3.8B | $6.8B | ||
| Q2 25 | $3.7B | $7.5B | ||
| Q1 25 | $3.1B | $5.6B | ||
| Q4 24 | $3.5B | $5.9B | ||
| Q3 24 | $3.1B | $6.7B | ||
| Q2 24 | $2.9B | $6.4B |
| Q1 26 | $-193.0M | — | ||
| Q4 25 | $21.0M | $565.0M | ||
| Q3 25 | $73.0M | $1.2B | ||
| Q2 25 | $172.0M | $1.5B | ||
| Q1 25 | $-166.0M | $793.0M | ||
| Q4 24 | $71.0M | $721.0M | ||
| Q3 24 | $236.0M | $1.2B | ||
| Q2 24 | $220.0M | $1.3B |
| Q1 26 | — | — | ||
| Q4 25 | — | 12.4% | ||
| Q3 25 | — | 29.2% | ||
| Q2 25 | — | 34.2% | ||
| Q1 25 | — | 24.3% | ||
| Q4 24 | — | 27.0% | ||
| Q3 24 | — | 30.0% | ||
| Q2 24 | — | 31.5% |
| Q1 26 | -8.5% | — | ||
| Q4 25 | 2.1% | 15.4% | ||
| Q3 25 | 3.9% | 28.9% | ||
| Q2 25 | 7.5% | 32.3% | ||
| Q1 25 | -6.3% | 23.4% | ||
| Q4 24 | 2.1% | 21.1% | ||
| Q3 24 | 11.1% | 29.0% | ||
| Q2 24 | 11.1% | 32.0% |
| Q1 26 | -5.8% | — | ||
| Q4 25 | 0.6% | 10.7% | ||
| Q3 25 | 1.9% | 18.3% | ||
| Q2 25 | 4.6% | 20.6% | ||
| Q1 25 | -5.3% | 14.2% | ||
| Q4 24 | 2.0% | 12.3% | ||
| Q3 24 | 7.7% | 18.5% | ||
| Q2 24 | 7.6% | 20.0% |
| Q1 26 | $-1.69 | — | ||
| Q4 25 | $0.14 | — | ||
| Q3 25 | $0.62 | $0.46 | ||
| Q2 25 | $1.42 | $0.53 | ||
| Q1 25 | $-1.35 | $0.24 | ||
| Q4 24 | $0.58 | — | ||
| Q3 24 | $1.84 | $0.36 | ||
| Q2 24 | $1.71 | $0.42 |
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 | $3.8B |
| Total DebtLower is stronger | $5.3B | $9.4B |
| Stockholders' EquityBook value | $3.7B | $18.9B |
| Total Assets | $20.3B | $58.2B |
| Debt / EquityLower = less leverage | 1.43× | 0.50× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $451.0M | — | ||
| Q4 25 | $627.0M | $3.8B | ||
| Q3 25 | $2.3B | $4.3B | ||
| Q2 25 | $2.1B | $4.5B | ||
| Q1 25 | $2.5B | $4.4B | ||
| Q4 24 | $2.5B | $3.9B | ||
| Q3 24 | $2.5B | $5.0B | ||
| Q2 24 | $2.5B | $5.3B |
| Q1 26 | $5.3B | — | ||
| Q4 25 | $4.8B | $9.4B | ||
| Q3 25 | $5.0B | — | ||
| Q2 25 | $4.9B | — | ||
| Q1 25 | $4.8B | $9.4B | ||
| Q4 24 | $4.5B | $8.9B | ||
| Q3 24 | $4.6B | $9.7B | ||
| Q2 24 | $2.7B | $9.4B |
| Q1 26 | $3.7B | — | ||
| Q4 25 | $4.1B | $18.9B | ||
| Q3 25 | $4.0B | $18.7B | ||
| Q2 25 | $3.9B | $18.2B | ||
| Q1 25 | $4.1B | $17.7B | ||
| Q4 24 | $4.4B | $17.6B | ||
| Q3 24 | $4.5B | $17.5B | ||
| Q2 24 | $4.2B | $17.4B |
| Q1 26 | $20.3B | — | ||
| Q4 25 | $20.4B | $58.2B | ||
| Q3 25 | $20.0B | $56.8B | ||
| Q2 25 | $19.9B | $56.5B | ||
| Q1 25 | $19.8B | $56.0B | ||
| Q4 24 | $19.8B | $54.8B | ||
| Q3 24 | $19.6B | $55.4B | ||
| Q2 24 | $15.3B | $54.6B |
| Q1 26 | 1.43× | — | ||
| Q4 25 | 1.17× | 0.50× | ||
| Q3 25 | 1.24× | — | ||
| Q2 25 | 1.26× | — | ||
| Q1 25 | 1.16× | 0.53× | ||
| Q4 24 | 1.04× | 0.51× | ||
| Q3 24 | 1.03× | 0.55× | ||
| Q2 24 | 0.63× | 0.54× |
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 | $693.0M |
| Free Cash FlowOCF − Capex | — | $-312.0M |
| FCF MarginFCF / Revenue | — | -5.9% |
| Capex IntensityCapex / Revenue | 10.2% | 19.1% |
| Cash ConversionOCF / Net Profit | — | 1.23× |
| TTM Free Cash FlowTrailing 4 quarters | — | $1.1B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $229.0M | — | ||
| Q4 25 | $185.0M | $693.0M | ||
| Q3 25 | $229.0M | $1.7B | ||
| Q2 25 | $376.0M | $2.2B | ||
| Q1 25 | $459.0M | $1.1B | ||
| Q4 24 | $274.0M | $1.4B | ||
| Q3 24 | $318.0M | $1.9B | ||
| Q2 24 | $580.0M | $2.0B |
| Q1 26 | — | — | ||
| Q4 25 | — | $-312.0M | ||
| Q3 25 | — | $608.0M | ||
| Q2 25 | — | $934.0M | ||
| Q1 25 | — | $-114.0M | ||
| Q4 24 | — | $197.0M | ||
| Q3 24 | — | $673.0M | ||
| Q2 24 | — | $840.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | -5.9% | ||
| Q3 25 | — | 8.9% | ||
| Q2 25 | — | 12.4% | ||
| Q1 25 | — | -2.0% | ||
| Q4 24 | — | 3.4% | ||
| Q3 24 | — | 10.1% | ||
| Q2 24 | — | 13.1% |
| Q1 26 | 10.2% | — | ||
| Q4 25 | — | 19.1% | ||
| Q3 25 | — | 15.5% | ||
| Q2 25 | — | 16.8% | ||
| Q1 25 | — | 21.0% | ||
| Q4 24 | — | 21.1% | ||
| Q3 24 | — | 17.9% | ||
| Q2 24 | — | 17.4% |
| Q1 26 | — | — | ||
| Q4 25 | 8.81× | 1.23× | ||
| Q3 25 | 3.14× | 1.33× | ||
| Q2 25 | 2.19× | 1.42× | ||
| Q1 25 | — | 1.33× | ||
| Q4 24 | 3.86× | 1.99× | ||
| Q3 24 | 1.35× | 1.51× | ||
| Q2 24 | 2.64× | 1.53× |
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% |
FCX
| Morenci | $2.5B | 47% |
| Grasberg Segment | $964.0M | 18% |
| Copper In Concentrates | $934.0M | 18% |
| Molybdenum | $541.0M | 10% |
| Gold | $388.0M | 7% |
