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Side-by-side financial comparison of ALASKA AIR GROUP, INC. (ALK) and F&G Annuities & Life, Inc. (FG). 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 1.9× F&G Annuities & Life, Inc.). F&G Annuities & Life, Inc. runs the higher net margin — 7.3% vs -5.8%, a 13.1% gap on every dollar of revenue. On growth, F&G Annuities & Life, Inc. posted the faster year-over-year revenue change (13.2% vs 5.2%). Over the past eight quarters, ALASKA AIR GROUP, INC.'s revenue compounded faster (6.7% CAGR vs 6.1%).
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.
F&G Annuities & Life, Inc. is a public company headquartered in Des Moines, Iowa. It primarily provides annuities, life insurance, and pension buyout services. The company was founded in 1959.
ALK vs FG — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.3B | $1.8B |
| Net Profit | $-193.0M | $128.0M |
| Gross Margin | — | — |
| Operating Margin | -8.5% | — |
| Net Margin | -5.8% | 7.3% |
| Revenue YoY | 5.2% | 13.2% |
| Net Profit YoY | — | -60.9% |
| EPS (diluted) | $-1.69 | $0.97 |
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 | $1.7B | ||
| Q2 25 | $3.7B | $1.4B | ||
| Q1 25 | $3.1B | $908.0M | ||
| Q4 24 | $3.5B | $1.6B | ||
| Q3 24 | $3.1B | $1.4B | ||
| Q2 24 | $2.9B | $1.2B |
| Q1 26 | $-193.0M | — | ||
| Q4 25 | $21.0M | $128.0M | ||
| Q3 25 | $73.0M | $118.0M | ||
| Q2 25 | $172.0M | $40.0M | ||
| Q1 25 | $-166.0M | $-21.0M | ||
| Q4 24 | $71.0M | $327.0M | ||
| Q3 24 | $236.0M | $-6.0M | ||
| Q2 24 | $220.0M | $203.0M |
| Q1 26 | -8.5% | — | ||
| Q4 25 | 2.1% | — | ||
| Q3 25 | 3.9% | — | ||
| Q2 25 | 7.5% | — | ||
| Q1 25 | -6.3% | — | ||
| Q4 24 | 2.1% | — | ||
| Q3 24 | 11.1% | — | ||
| Q2 24 | 11.1% | — |
| Q1 26 | -5.8% | — | ||
| Q4 25 | 0.6% | 7.3% | ||
| Q3 25 | 1.9% | 7.0% | ||
| Q2 25 | 4.6% | 2.9% | ||
| Q1 25 | -5.3% | -2.3% | ||
| Q4 24 | 2.0% | 21.0% | ||
| Q3 24 | 7.7% | -0.4% | ||
| Q2 24 | 7.6% | 17.3% |
| Q1 26 | $-1.69 | — | ||
| Q4 25 | $0.14 | $0.97 | ||
| Q3 25 | $0.62 | $0.85 | ||
| Q2 25 | $1.42 | $0.26 | ||
| Q1 25 | $-1.35 | $-0.20 | ||
| Q4 24 | $0.58 | $2.53 | ||
| Q3 24 | $1.84 | $-0.08 | ||
| Q2 24 | $1.71 | $1.55 |
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 | $1.5B |
| Total DebtLower is stronger | $5.3B | $2.2B |
| Stockholders' EquityBook value | $3.7B | $4.8B |
| Total Assets | $20.3B | $98.4B |
| Debt / EquityLower = less leverage | 1.43× | 0.47× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $451.0M | — | ||
| Q4 25 | $627.0M | $1.5B | ||
| Q3 25 | $2.3B | $2.2B | ||
| Q2 25 | $2.1B | $1.9B | ||
| Q1 25 | $2.5B | $3.3B | ||
| Q4 24 | $2.5B | $2.3B | ||
| Q3 24 | $2.5B | $3.5B | ||
| Q2 24 | $2.5B | $3.5B |
| Q1 26 | $5.3B | — | ||
| Q4 25 | $4.8B | $2.2B | ||
| Q3 25 | $5.0B | $2.2B | ||
| Q2 25 | $4.9B | $2.2B | ||
| Q1 25 | $4.8B | $2.2B | ||
| Q4 24 | $4.5B | $2.2B | ||
| Q3 24 | $4.6B | $2.0B | ||
| Q2 24 | $2.7B | $2.0B |
| Q1 26 | $3.7B | — | ||
| Q4 25 | $4.1B | $4.8B | ||
| Q3 25 | $4.0B | $4.8B | ||
| Q2 25 | $3.9B | $4.4B | ||
| Q1 25 | $4.1B | $4.4B | ||
| Q4 24 | $4.4B | $4.0B | ||
| Q3 24 | $4.5B | $4.3B | ||
| Q2 24 | $4.2B | $3.7B |
| Q1 26 | $20.3B | — | ||
| Q4 25 | $20.4B | $98.4B | ||
| Q3 25 | $20.0B | $96.1B | ||
| Q2 25 | $19.9B | $91.8B | ||
| Q1 25 | $19.8B | $88.0B | ||
| Q4 24 | $19.8B | $85.0B | ||
| Q3 24 | $19.6B | $84.1B | ||
| Q2 24 | $15.3B | $78.5B |
| Q1 26 | 1.43× | — | ||
| Q4 25 | 1.17× | 0.47× | ||
| Q3 25 | 1.24× | 0.46× | ||
| Q2 25 | 1.26× | 0.50× | ||
| Q1 25 | 1.16× | 0.51× | ||
| Q4 24 | 1.04× | 0.55× | ||
| Q3 24 | 1.03× | 0.47× | ||
| Q2 24 | 0.63× | 0.56× |
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 | $1.2B |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | 10.2% | — |
| Cash ConversionOCF / Net Profit | — | 9.13× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $229.0M | — | ||
| Q4 25 | $185.0M | $1.2B | ||
| Q3 25 | $229.0M | $937.0M | ||
| Q2 25 | $376.0M | $1.6B | ||
| Q1 25 | $459.0M | $956.0M | ||
| Q4 24 | $274.0M | $1.3B | ||
| Q3 24 | $318.0M | $2.1B | ||
| Q2 24 | $580.0M | $1.1B |
| Q1 26 | 10.2% | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | 8.81× | 9.13× | ||
| Q3 25 | 3.14× | 7.94× | ||
| Q2 25 | 2.19× | 40.50× | ||
| Q1 25 | — | — | ||
| Q4 24 | 3.86× | 4.04× | ||
| Q3 24 | 1.35× | — | ||
| Q2 24 | 2.64× | 5.20× |
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% |
FG
Segment breakdown not available.
