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Side-by-side financial comparison of ALASKA AIR GROUP, INC. (ALK) and JETBLUE AIRWAYS CORP (JBLU). 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 $2.2B, roughly 1.5× JETBLUE AIRWAYS CORP). ALASKA AIR GROUP, INC. runs the higher net margin — -5.8% vs -7.9%, a 2.0% gap on every dollar of revenue. On growth, ALASKA AIR GROUP, INC. posted the faster year-over-year revenue change (5.2% vs -1.4%). Over the past eight quarters, ALASKA AIR GROUP, INC.'s revenue compounded faster (6.7% CAGR vs 0.8%).
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.
JetBlue Airways Corporation, stylized as jetBlue, is an American low-cost airline headquartered in Long Island City, in Queens, New York City. Primarily a point-to-point carrier, JetBlue's network features six focus cities including its main hub at New York City's John F. Kennedy International Airport, with destinations across the Americas and Europe. Although not a member of any global airline alliances, JetBlue has codeshare agreements with airlines from Oneworld, SkyTeam, and Star Alliance.
ALK vs JBLU — Head-to-Head
Income Statement — Q1 2026 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $3.3B | $2.2B |
| Net Profit | $-193.0M | $-177.0M |
| Gross Margin | — | — |
| Operating Margin | — | -4.5% |
| Net Margin | -5.8% | -7.9% |
| Revenue YoY | 5.2% | -1.4% |
| Net Profit YoY | -16.3% | -302.3% |
| EPS (diluted) | $-1.69 | $-0.47 |
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 | $2.2B | ||
| Q3 25 | $3.8B | $2.3B | ||
| Q2 25 | $3.7B | $2.4B | ||
| Q1 25 | $3.1B | $2.1B | ||
| Q4 24 | $3.5B | $2.3B | ||
| Q3 24 | $3.1B | $2.4B | ||
| Q2 24 | $2.9B | $2.4B |
| Q1 26 | $-193.0M | — | ||
| Q4 25 | $21.0M | $-177.0M | ||
| Q3 25 | $73.0M | $-143.0M | ||
| Q2 25 | $172.0M | $-74.0M | ||
| Q1 25 | $-166.0M | $-208.0M | ||
| Q4 24 | $71.0M | $-44.0M | ||
| Q3 24 | $236.0M | $-60.0M | ||
| Q2 24 | $220.0M | $25.0M |
| Q1 26 | — | — | ||
| Q4 25 | 2.1% | -4.5% | ||
| Q3 25 | 3.9% | -4.3% | ||
| Q2 25 | 7.5% | 0.3% | ||
| Q1 25 | -6.3% | -8.1% | ||
| Q4 24 | 2.1% | 0.7% | ||
| Q3 24 | 11.1% | -1.6% | ||
| Q2 24 | 11.1% | 2.3% |
| Q1 26 | -5.8% | — | ||
| Q4 25 | 0.6% | -7.9% | ||
| Q3 25 | 1.9% | -6.2% | ||
| Q2 25 | 4.6% | -3.1% | ||
| Q1 25 | -5.3% | -9.7% | ||
| Q4 24 | 2.0% | -1.9% | ||
| Q3 24 | 7.7% | -2.5% | ||
| Q2 24 | 7.6% | 1.0% |
| Q1 26 | $-1.69 | — | ||
| Q4 25 | $0.14 | $-0.47 | ||
| Q3 25 | $0.62 | $-0.39 | ||
| Q2 25 | $1.42 | $-0.21 | ||
| Q1 25 | $-1.35 | $-0.59 | ||
| Q4 24 | $0.58 | $-0.09 | ||
| Q3 24 | $1.84 | $-0.17 | ||
| Q2 24 | $1.71 | $0.07 |
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 | $2.2B |
| Total DebtLower is stronger | $5.3B | $7.7B |
| Stockholders' EquityBook value | $3.7B | $2.1B |
| Total Assets | $20.3B | $16.6B |
| Debt / EquityLower = less leverage | 1.43× | 3.65× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $451.0M | — | ||
| Q4 25 | $627.0M | $2.2B | ||
| Q3 25 | $2.3B | $2.6B | ||
| Q2 25 | $2.1B | $3.1B | ||
| Q1 25 | $2.5B | $3.5B | ||
| Q4 24 | $2.5B | $3.6B | ||
| Q3 24 | $2.5B | $4.0B | ||
| Q2 24 | $2.5B | $1.5B |
| Q1 26 | $5.3B | — | ||
| Q4 25 | $4.8B | $7.7B | ||
| Q3 25 | $5.0B | $7.8B | ||
| Q2 25 | $4.9B | $7.7B | ||
| Q1 25 | $4.8B | $8.1B | ||
| Q4 24 | $4.5B | $8.1B | ||
| Q3 24 | $4.6B | $7.9B | ||
| Q2 24 | $2.7B | $5.0B |
| Q1 26 | $3.7B | — | ||
| Q4 25 | $4.1B | $2.1B | ||
| Q3 25 | $4.0B | $2.3B | ||
| Q2 25 | $3.9B | $2.4B | ||
| Q1 25 | $4.1B | $2.4B | ||
| Q4 24 | $4.4B | $2.6B | ||
| Q3 24 | $4.5B | $2.6B | ||
| Q2 24 | $4.2B | $2.7B |
| Q1 26 | $20.3B | — | ||
| Q4 25 | $20.4B | $16.6B | ||
| Q3 25 | $20.0B | $16.6B | ||
| Q2 25 | $19.9B | $16.9B | ||
| Q1 25 | $19.8B | $17.1B | ||
| Q4 24 | $19.8B | $16.8B | ||
| Q3 24 | $19.6B | $16.6B | ||
| Q2 24 | $15.3B | $14.0B |
| Q1 26 | 1.43× | — | ||
| Q4 25 | 1.17× | 3.65× | ||
| Q3 25 | 1.24× | 3.42× | ||
| Q2 25 | 1.26× | 3.21× | ||
| Q1 25 | 1.16× | 3.31× | ||
| Q4 24 | 1.04× | 3.08× | ||
| Q3 24 | 1.03× | 2.98× | ||
| Q2 24 | 0.63× | 1.86× |
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 | $49.0M |
| Free Cash FlowOCF − Capex | — | $-287.0M |
| FCF MarginFCF / Revenue | — | -12.8% |
| Capex IntensityCapex / Revenue | 10.2% | 15.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-1.2B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $229.0M | — | ||
| Q4 25 | $185.0M | $49.0M | ||
| Q3 25 | $229.0M | $-142.0M | ||
| Q2 25 | $376.0M | $-115.0M | ||
| Q1 25 | $459.0M | $114.0M | ||
| Q4 24 | $274.0M | $-17.0M | ||
| Q3 24 | $318.0M | $-29.0M | ||
| Q2 24 | $580.0M | $-14.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | $-287.0M | ||
| Q3 25 | — | $-411.0M | ||
| Q2 25 | — | $-412.0M | ||
| Q1 25 | — | $-62.0M | ||
| Q4 24 | — | $-368.0M | ||
| Q3 24 | — | $-302.0M | ||
| Q2 24 | — | $-441.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | -12.8% | ||
| Q3 25 | — | -17.7% | ||
| Q2 25 | — | -17.5% | ||
| Q1 25 | — | -2.9% | ||
| Q4 24 | — | -16.2% | ||
| Q3 24 | — | -12.8% | ||
| Q2 24 | — | -18.2% |
| Q1 26 | 10.2% | — | ||
| Q4 25 | — | 15.0% | ||
| Q3 25 | — | 11.6% | ||
| Q2 25 | — | 12.6% | ||
| Q1 25 | — | 8.2% | ||
| Q4 24 | — | 15.4% | ||
| Q3 24 | — | 11.5% | ||
| Q2 24 | — | 17.6% |
| Q1 26 | — | — | ||
| Q4 25 | 8.81× | — | ||
| Q3 25 | 3.14× | — | ||
| Q2 25 | 2.19× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 3.86× | — | ||
| Q3 24 | 1.35× | — | ||
| Q2 24 | 2.64× | -0.56× |
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% |
JBLU
| Passenger | $2.1B | 91% |
| Other | $191.0M | 9% |
