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Side-by-side financial comparison of ALASKA AIR GROUP, INC. (ALK) and GRAPHIC PACKAGING HOLDING CO (GPK). 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 $2.1B, roughly 1.6× GRAPHIC PACKAGING HOLDING CO). GRAPHIC PACKAGING HOLDING CO runs the higher net margin — 3.4% vs -5.8%, a 9.2% gap on every dollar of revenue. On growth, ALASKA AIR GROUP, INC. posted the faster year-over-year revenue change (5.2% vs 0.2%). Over the past eight quarters, ALASKA AIR GROUP, INC.'s revenue compounded faster (6.7% CAGR vs -3.5%).
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.
Graphic Packaging International is a Fortune 500 corporation based in Atlanta, Georgia, United States. It designs and manufactures packaging solutions for commercial products. GPI manufactures paperboard and folding cartons for a wide range of popular consumer goods, particularly beverages and packaged food. The company operates paperboard mills in Kalamazoo, Michigan; Macon, Georgia; Middletown, Ohio; Prosperity, South Carolina; Texarkana, Texas; and West Monroe, Louisiana, that use recycled...
ALK vs GPK — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.3B | $2.1B |
| Net Profit | $-193.0M | $71.0M |
| Gross Margin | — | 14.1% |
| Operating Margin | — | 7.4% |
| Net Margin | -5.8% | 3.4% |
| Revenue YoY | 5.2% | 0.2% |
| Net Profit YoY | -16.3% | -48.6% |
| EPS (diluted) | $-1.69 | $0.24 |
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 | $2.1B | ||
| Q3 25 | $3.8B | $2.2B | ||
| Q2 25 | $3.7B | $2.2B | ||
| Q1 25 | $3.1B | $2.1B | ||
| Q4 24 | $3.5B | $2.1B | ||
| Q3 24 | $3.1B | $2.2B | ||
| Q2 24 | $2.9B | $2.2B |
| Q1 26 | $-193.0M | — | ||
| Q4 25 | $21.0M | $71.0M | ||
| Q3 25 | $73.0M | $142.0M | ||
| Q2 25 | $172.0M | $104.0M | ||
| Q1 25 | $-166.0M | $127.0M | ||
| Q4 24 | $71.0M | $138.0M | ||
| Q3 24 | $236.0M | $165.0M | ||
| Q2 24 | $220.0M | $190.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 14.1% | ||
| Q3 25 | — | 19.6% | ||
| Q2 25 | — | 18.7% | ||
| Q1 25 | — | 20.6% | ||
| Q4 24 | — | 21.4% | ||
| Q3 24 | — | 22.3% | ||
| Q2 24 | — | 21.2% |
| Q1 26 | — | — | ||
| Q4 25 | 2.1% | 7.4% | ||
| Q3 25 | 3.9% | 10.7% | ||
| Q2 25 | 7.5% | 8.8% | ||
| Q1 25 | -6.3% | 10.5% | ||
| Q4 24 | 2.1% | 11.4% | ||
| Q3 24 | 11.1% | 12.6% | ||
| Q2 24 | 11.1% | 14.5% |
| Q1 26 | -5.8% | — | ||
| Q4 25 | 0.6% | 3.4% | ||
| Q3 25 | 1.9% | 6.5% | ||
| Q2 25 | 4.6% | 4.7% | ||
| Q1 25 | -5.3% | 6.0% | ||
| Q4 24 | 2.0% | 6.6% | ||
| Q3 24 | 7.7% | 7.5% | ||
| Q2 24 | 7.6% | 8.5% |
| Q1 26 | $-1.69 | — | ||
| Q4 25 | $0.14 | $0.24 | ||
| Q3 25 | $0.62 | $0.48 | ||
| Q2 25 | $1.42 | $0.34 | ||
| Q1 25 | $-1.35 | $0.42 | ||
| Q4 24 | $0.58 | $0.46 | ||
| Q3 24 | $1.84 | $0.55 | ||
| Q2 24 | $1.71 | $0.62 |
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 | $261.0M |
| Total DebtLower is stronger | $5.3B | $5.0B |
| Stockholders' EquityBook value | $3.7B | $3.3B |
| Total Assets | $20.3B | $11.8B |
| Debt / EquityLower = less leverage | 1.43× | 1.51× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $451.0M | — | ||
| Q4 25 | $627.0M | $261.0M | ||
| Q3 25 | $2.3B | $120.0M | ||
| Q2 25 | $2.1B | $120.0M | ||
| Q1 25 | $2.5B | $129.0M | ||
| Q4 24 | $2.5B | $157.0M | ||
| Q3 24 | $2.5B | $126.0M | ||
| Q2 24 | $2.5B | $125.0M |
| Q1 26 | $5.3B | — | ||
| Q4 25 | $4.8B | $5.0B | ||
| Q3 25 | $5.0B | $5.5B | ||
| Q2 25 | $4.9B | $5.4B | ||
| Q1 25 | $4.8B | $5.7B | ||
| Q4 24 | $4.5B | $5.1B | ||
| Q3 24 | $4.6B | $5.4B | ||
| Q2 24 | $2.7B | $4.9B |
| Q1 26 | $3.7B | — | ||
| Q4 25 | $4.1B | $3.3B | ||
| Q3 25 | $4.0B | $3.3B | ||
| Q2 25 | $3.9B | $3.2B | ||
| Q1 25 | $4.1B | $3.2B | ||
| Q4 24 | $4.4B | $3.0B | ||
| Q3 24 | $4.5B | $3.0B | ||
| Q2 24 | $4.2B | $2.8B |
| Q1 26 | $20.3B | — | ||
| Q4 25 | $20.4B | $11.8B | ||
| Q3 25 | $20.0B | $11.9B | ||
| Q2 25 | $19.9B | $11.8B | ||
| Q1 25 | $19.8B | $11.5B | ||
| Q4 24 | $19.8B | $11.1B | ||
| Q3 24 | $19.6B | $11.2B | ||
| Q2 24 | $15.3B | $10.8B |
| Q1 26 | 1.43× | — | ||
| Q4 25 | 1.17× | 1.51× | ||
| Q3 25 | 1.24× | 1.67× | ||
| Q2 25 | 1.26× | 1.68× | ||
| Q1 25 | 1.16× | 1.80× | ||
| Q4 24 | 1.04× | 1.71× | ||
| Q3 24 | 1.03× | 1.79× | ||
| Q2 24 | 0.63× | 1.75× |
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 | $521.0M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | 10.2% | — |
| Cash ConversionOCF / Net Profit | — | 7.34× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $229.0M | — | ||
| Q4 25 | $185.0M | $521.0M | ||
| Q3 25 | $229.0M | $227.0M | ||
| Q2 25 | $376.0M | $267.0M | ||
| Q1 25 | $459.0M | $-174.0M | ||
| Q4 24 | $274.0M | $489.0M | ||
| Q3 24 | $318.0M | $187.0M | ||
| Q2 24 | $580.0M | $161.0M |
| Q1 26 | 10.2% | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | 8.81× | 7.34× | ||
| Q3 25 | 3.14× | 1.60× | ||
| Q2 25 | 2.19× | 2.57× | ||
| Q1 25 | — | -1.37× | ||
| Q4 24 | 3.86× | 3.54× | ||
| Q3 24 | 1.35× | 1.13× | ||
| Q2 24 | 2.64× | 0.85× |
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% |
GPK
| Americas Paperboard Packaging | $1.4B | 68% |
| Other | $667.0M | 32% |
