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Side-by-side financial comparison of ALASKA AIR GROUP, INC. (ALK) and Flutter Entertainment plc (FLUT). Click either name above to swap in a different company.
Flutter Entertainment plc is the larger business by last-quarter revenue ($4.7B vs $3.3B, roughly 1.4× ALASKA AIR GROUP, INC.). Flutter Entertainment plc runs the higher net margin — 0.2% vs -5.8%, a 6.1% gap on every dollar of revenue. On growth, Flutter Entertainment plc posted the faster year-over-year revenue change (24.9% vs 5.2%). Over the past eight quarters, Flutter Entertainment plc's revenue compounded faster (18.1% 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.
Flutter Entertainment plc is an Irish-American multinational sports betting and gambling company. It is listed on the New York Stock Exchange and has a secondary listing on the London Stock Exchange. It owns brands such as Betfair, FanDuel, Paddy Power, PokerStars, Sky Betting & Gaming, and Sportsbet. Flutter is the world's largest online betting company.
ALK vs FLUT — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.3B | $4.7B |
| Net Profit | $-193.0M | $10.0M |
| Gross Margin | — | 44.5% |
| Operating Margin | -8.5% | 5.4% |
| Net Margin | -5.8% | 0.2% |
| Revenue YoY | 5.2% | 24.9% |
| Net Profit YoY | — | -93.6% |
| EPS (diluted) | $-1.69 | $0.00 |
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 | $4.7B | ||
| Q3 25 | $3.8B | $3.8B | ||
| Q2 25 | $3.7B | $4.2B | ||
| Q1 25 | $3.1B | $3.7B | ||
| Q4 24 | $3.5B | $3.8B | ||
| Q3 24 | $3.1B | $3.2B | ||
| Q2 24 | $2.9B | $3.6B |
| Q1 26 | $-193.0M | — | ||
| Q4 25 | $21.0M | $10.0M | ||
| Q3 25 | $73.0M | $-789.0M | ||
| Q2 25 | $172.0M | $37.0M | ||
| Q1 25 | $-166.0M | $335.0M | ||
| Q4 24 | $71.0M | $156.0M | ||
| Q3 24 | $236.0M | $-114.0M | ||
| Q2 24 | $220.0M | $297.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 44.5% | ||
| Q3 25 | — | 42.9% | ||
| Q2 25 | — | 46.8% | ||
| Q1 25 | — | 46.6% | ||
| Q4 24 | — | 48.2% | ||
| Q3 24 | — | 46.1% | ||
| Q2 24 | — | 49.2% |
| Q1 26 | -8.5% | — | ||
| Q4 25 | 2.1% | 5.4% | ||
| Q3 25 | 3.9% | -22.0% | ||
| Q2 25 | 7.5% | 9.3% | ||
| Q1 25 | -6.3% | 6.1% | ||
| Q4 24 | 2.1% | 7.4% | ||
| Q3 24 | 11.1% | 3.0% | ||
| Q2 24 | 11.1% | 10.2% |
| Q1 26 | -5.8% | — | ||
| Q4 25 | 0.6% | 0.2% | ||
| Q3 25 | 1.9% | -20.8% | ||
| Q2 25 | 4.6% | 0.9% | ||
| Q1 25 | -5.3% | 9.1% | ||
| Q4 24 | 2.0% | 4.1% | ||
| Q3 24 | 7.7% | -3.5% | ||
| Q2 24 | 7.6% | 8.2% |
| Q1 26 | $-1.69 | — | ||
| Q4 25 | $0.14 | $0.00 | ||
| Q3 25 | $0.62 | $-3.91 | ||
| Q2 25 | $1.42 | $0.59 | ||
| Q1 25 | $-1.35 | $1.57 | ||
| Q4 24 | $0.58 | $0.47 | ||
| Q3 24 | $1.84 | $-0.58 | ||
| Q2 24 | $1.71 | $1.45 |
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 | $1.8B |
| Total DebtLower is stronger | $5.3B | $12.3B |
| Stockholders' EquityBook value | $3.7B | $9.0B |
| Total Assets | $20.3B | $29.3B |
| Debt / EquityLower = less leverage | 1.43× | 1.36× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $451.0M | — | ||
| Q4 25 | $627.0M | $1.8B | ||
| Q3 25 | $2.3B | $1.7B | ||
| Q2 25 | $2.1B | $1.7B | ||
| Q1 25 | $2.5B | $1.5B | ||
| Q4 24 | $2.5B | $1.5B | ||
| Q3 24 | $2.5B | $1.5B | ||
| Q2 24 | $2.5B | $1.5B |
| Q1 26 | $5.3B | — | ||
| Q4 25 | $4.8B | $12.3B | ||
| Q3 25 | $5.0B | $12.1B | ||
| Q2 25 | $4.9B | $10.0B | ||
| Q1 25 | $4.8B | $6.8B | ||
| Q4 24 | $4.5B | $6.7B | ||
| Q3 24 | $4.6B | $6.9B | ||
| Q2 24 | $2.7B | $6.8B |
| Q1 26 | $3.7B | — | ||
| Q4 25 | $4.1B | $9.0B | ||
| Q3 25 | $4.0B | $9.2B | ||
| Q2 25 | $3.9B | $10.2B | ||
| Q1 25 | $4.1B | $9.9B | ||
| Q4 24 | $4.4B | $9.3B | ||
| Q3 24 | $4.5B | $10.2B | ||
| Q2 24 | $4.2B | $9.9B |
| Q1 26 | $20.3B | — | ||
| Q4 25 | $20.4B | $29.3B | ||
| Q3 25 | $20.0B | $29.3B | ||
| Q2 25 | $19.9B | $29.9B | ||
| Q1 25 | $19.8B | $24.8B | ||
| Q4 24 | $19.8B | $24.5B | ||
| Q3 24 | $19.6B | $25.5B | ||
| Q2 24 | $15.3B | $24.3B |
| Q1 26 | 1.43× | — | ||
| Q4 25 | 1.17× | 1.36× | ||
| Q3 25 | 1.24× | 1.31× | ||
| Q2 25 | 1.26× | 0.97× | ||
| Q1 25 | 1.16× | 0.69× | ||
| Q4 24 | 1.04× | 0.72× | ||
| Q3 24 | 1.03× | 0.67× | ||
| Q2 24 | 0.63× | 0.69× |
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 | $428.0M |
| Free Cash FlowOCF − Capex | — | $392.0M |
| FCF MarginFCF / Revenue | — | 8.3% |
| Capex IntensityCapex / Revenue | 10.2% | 0.8% |
| Cash ConversionOCF / Net Profit | — | 42.80× |
| TTM Free Cash FlowTrailing 4 quarters | — | $1.1B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $229.0M | — | ||
| Q4 25 | $185.0M | $428.0M | ||
| Q3 25 | $229.0M | $209.0M | ||
| Q2 25 | $376.0M | $359.0M | ||
| Q1 25 | $459.0M | $188.0M | ||
| Q4 24 | $274.0M | $652.0M | ||
| Q3 24 | $318.0M | $290.0M | ||
| Q2 24 | $580.0M | $323.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | $392.0M | ||
| Q3 25 | — | $196.0M | ||
| Q2 25 | — | $322.0M | ||
| Q1 25 | — | $169.0M | ||
| Q4 24 | — | $595.0M | ||
| Q3 24 | — | $253.0M | ||
| Q2 24 | — | $295.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 8.3% | ||
| Q3 25 | — | 5.2% | ||
| Q2 25 | — | 7.7% | ||
| Q1 25 | — | 4.6% | ||
| Q4 24 | — | 15.7% | ||
| Q3 24 | — | 7.8% | ||
| Q2 24 | — | 8.2% |
| Q1 26 | 10.2% | — | ||
| Q4 25 | — | 0.8% | ||
| Q3 25 | — | 0.3% | ||
| Q2 25 | — | 0.9% | ||
| Q1 25 | — | 0.5% | ||
| Q4 24 | — | 1.5% | ||
| Q3 24 | — | 1.1% | ||
| Q2 24 | — | 0.8% |
| Q1 26 | — | — | ||
| Q4 25 | 8.81× | 42.80× | ||
| Q3 25 | 3.14× | — | ||
| Q2 25 | 2.19× | 9.70× | ||
| Q1 25 | — | 0.56× | ||
| Q4 24 | 3.86× | 4.18× | ||
| Q3 24 | 1.35× | — | ||
| Q2 24 | 2.64× | 1.09× |
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% |
FLUT
| Other | $2.6B | 55% |
| Sports Book | $1.5B | 32% |
| Igaming | $586.0M | 12% |
| Service Other | $59.0M | 1% |
