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Side-by-side financial comparison of ALASKA AIR GROUP, INC. (ALK) and Hyatt Hotels Corp (H). 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× Hyatt Hotels Corp). Hyatt Hotels Corp runs the higher net margin — -1.1% vs -5.8%, a 4.7% gap on every dollar of revenue. On growth, Hyatt Hotels Corp posted the faster year-over-year revenue change (11.7% vs 5.2%). Over the past eight quarters, ALASKA AIR GROUP, INC.'s revenue compounded faster (6.7% CAGR vs 2.2%).
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.
Hyatt Hotels Corporation, commonly known as Hyatt Hotels & Resorts, is an American multinational hospitality company headquartered in the Riverside Plaza area of Chicago that manages and franchises luxury and business hotels, resorts, and vacation properties. Hyatt Hotels & Resorts is one of the businesses managed by the Pritzker family. Hyatt has more than 1350 hotels and all-inclusive properties in 69 countries, across North America, South America, Europe, Asia, Africa and Australia.
ALK vs H — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.3B | $1.8B |
| Net Profit | $-193.0M | $-20.0M |
| Gross Margin | — | — |
| Operating Margin | -8.5% | 0.4% |
| Net Margin | -5.8% | -1.1% |
| Revenue YoY | 5.2% | 11.7% |
| Net Profit YoY | — | 64.3% |
| EPS (diluted) | $-1.69 | $-0.20 |
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 | $1.8B | ||
| Q2 25 | $3.7B | $1.8B | ||
| Q1 25 | $3.1B | $1.7B | ||
| Q4 24 | $3.5B | $1.6B | ||
| Q3 24 | $3.1B | $1.6B | ||
| Q2 24 | $2.9B | $1.7B |
| Q1 26 | $-193.0M | — | ||
| Q4 25 | $21.0M | $-20.0M | ||
| Q3 25 | $73.0M | $-49.0M | ||
| Q2 25 | $172.0M | $-3.0M | ||
| Q1 25 | $-166.0M | $20.0M | ||
| Q4 24 | $71.0M | $-56.0M | ||
| Q3 24 | $236.0M | $471.0M | ||
| Q2 24 | $220.0M | $359.0M |
| Q1 26 | -8.5% | — | ||
| Q4 25 | 2.1% | 0.4% | ||
| Q3 25 | 3.9% | -1.0% | ||
| Q2 25 | 7.5% | 2.1% | ||
| Q1 25 | -6.3% | 3.0% | ||
| Q4 24 | 2.1% | -3.0% | ||
| Q3 24 | 11.1% | 37.3% | ||
| Q2 24 | 11.1% | 27.1% |
| Q1 26 | -5.8% | — | ||
| Q4 25 | 0.6% | -1.1% | ||
| Q3 25 | 1.9% | -2.7% | ||
| Q2 25 | 4.6% | -0.2% | ||
| Q1 25 | -5.3% | 1.2% | ||
| Q4 24 | 2.0% | -3.5% | ||
| Q3 24 | 7.7% | 28.9% | ||
| Q2 24 | 7.6% | 21.1% |
| Q1 26 | $-1.69 | — | ||
| Q4 25 | $0.14 | $-0.20 | ||
| Q3 25 | $0.62 | $-0.51 | ||
| Q2 25 | $1.42 | $-0.03 | ||
| Q1 25 | $-1.35 | $0.19 | ||
| Q4 24 | $0.58 | $-0.37 | ||
| Q3 24 | $1.84 | $4.63 | ||
| Q2 24 | $1.71 | $3.46 |
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 | $813.0M |
| Total DebtLower is stronger | $5.3B | — |
| Stockholders' EquityBook value | $3.7B | $3.3B |
| Total Assets | $20.3B | $14.0B |
| Debt / EquityLower = less leverage | 1.43× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $451.0M | — | ||
| Q4 25 | $627.0M | $813.0M | ||
| Q3 25 | $2.3B | $749.0M | ||
| Q2 25 | $2.1B | $912.0M | ||
| Q1 25 | $2.5B | $1.8B | ||
| Q4 24 | $2.5B | $1.4B | ||
| Q3 24 | $2.5B | $1.1B | ||
| Q2 24 | $2.5B | $2.0B |
| Q1 26 | $5.3B | — | ||
| Q4 25 | $4.8B | — | ||
| Q3 25 | $5.0B | $6.0B | ||
| Q2 25 | $4.9B | $6.0B | ||
| Q1 25 | $4.8B | $4.3B | ||
| Q4 24 | $4.5B | $3.8B | ||
| Q3 24 | $4.6B | $3.1B | ||
| Q2 24 | $2.7B | $3.9B |
| Q1 26 | $3.7B | — | ||
| Q4 25 | $4.1B | $3.3B | ||
| Q3 25 | $4.0B | $3.5B | ||
| Q2 25 | $3.9B | $3.6B | ||
| Q1 25 | $4.1B | $3.5B | ||
| Q4 24 | $4.4B | $3.5B | ||
| Q3 24 | $4.5B | $3.7B | ||
| Q2 24 | $4.2B | $3.9B |
| Q1 26 | $20.3B | — | ||
| Q4 25 | $20.4B | $14.0B | ||
| Q3 25 | $20.0B | $15.7B | ||
| Q2 25 | $19.9B | $15.9B | ||
| Q1 25 | $19.8B | $14.0B | ||
| Q4 24 | $19.8B | $13.3B | ||
| Q3 24 | $19.6B | $11.9B | ||
| Q2 24 | $15.3B | $12.8B |
| Q1 26 | 1.43× | — | ||
| Q4 25 | 1.17× | — | ||
| Q3 25 | 1.24× | 1.73× | ||
| Q2 25 | 1.26× | 1.69× | ||
| Q1 25 | 1.16× | 1.25× | ||
| Q4 24 | 1.04× | 1.07× | ||
| Q3 24 | 1.03× | 0.85× | ||
| Q2 24 | 0.63× | 1.01× |
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 | $313.0M |
| Free Cash FlowOCF − Capex | — | $236.0M |
| FCF MarginFCF / Revenue | — | 13.2% |
| Capex IntensityCapex / Revenue | 10.2% | 4.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $159.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $229.0M | — | ||
| Q4 25 | $185.0M | $313.0M | ||
| Q3 25 | $229.0M | $-20.0M | ||
| Q2 25 | $376.0M | $-67.0M | ||
| Q1 25 | $459.0M | $153.0M | ||
| Q4 24 | $274.0M | $235.0M | ||
| Q3 24 | $318.0M | $-21.0M | ||
| Q2 24 | $580.0M | $177.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | $236.0M | ||
| Q3 25 | — | $-89.0M | ||
| Q2 25 | — | $-111.0M | ||
| Q1 25 | — | $123.0M | ||
| Q4 24 | — | $184.0M | ||
| Q3 24 | — | $-64.0M | ||
| Q2 24 | — | $135.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 13.2% | ||
| Q3 25 | — | -5.0% | ||
| Q2 25 | — | -6.1% | ||
| Q1 25 | — | 7.2% | ||
| Q4 24 | — | 11.5% | ||
| Q3 24 | — | -3.9% | ||
| Q2 24 | — | 7.9% |
| Q1 26 | 10.2% | — | ||
| Q4 25 | — | 4.3% | ||
| Q3 25 | — | 3.9% | ||
| Q2 25 | — | 2.4% | ||
| Q1 25 | — | 1.7% | ||
| Q4 24 | — | 3.2% | ||
| Q3 24 | — | 2.6% | ||
| Q2 24 | — | 2.5% |
| Q1 26 | — | — | ||
| Q4 25 | 8.81× | — | ||
| Q3 25 | 3.14× | — | ||
| Q2 25 | 2.19× | — | ||
| Q1 25 | — | 7.65× | ||
| Q4 24 | 3.86× | — | ||
| Q3 24 | 1.35× | -0.04× | ||
| Q2 24 | 2.64× | 0.49× |
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% |
H
| Other | $627.0M | 35% |
| Rooms Revenue | $326.0M | 18% |
| Net Fees | $290.0M | 16% |
| Distribution Segment | $177.0M | 10% |
| Franchise And Other Fees | $114.0M | 6% |
| Base Management Fees | $112.0M | 6% |
| Incentive Management Fees | $81.0M | 5% |
| Other Owned And Leased Hotel Revenue | $41.0M | 2% |
| Contra Revenue | $17.0M | 1% |
| Other Revenues | $4.0M | 0% |
