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Side-by-side financial comparison of ALASKA AIR GROUP, INC. (ALK) and KeyCorp (KEY). 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 $2.0B, roughly 1.6× KeyCorp). KeyCorp runs the higher net margin — 25.4% vs -5.8%, a 31.3% gap on every dollar of revenue. On growth, KeyCorp posted the faster year-over-year revenue change (131.8% vs 5.2%). Over the past eight quarters, KeyCorp's revenue compounded faster (14.4% 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.
Key is a Japanese visual novel studio known for making dramatic and plot-oriented titles. It was formed on July 21, 1998, as a brand under the publisher Visual Arts, and is located in Kita, Osaka.
ALK vs KEY — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.3B | $2.0B |
| Net Profit | $-193.0M | $510.0M |
| Gross Margin | — | — |
| Operating Margin | -8.5% | 32.3% |
| Net Margin | -5.8% | 25.4% |
| Revenue YoY | 5.2% | 131.8% |
| Net Profit YoY | — | 309.0% |
| EPS (diluted) | $-1.69 | $0.43 |
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 | $2.0B | ||
| Q3 25 | $3.8B | $1.9B | ||
| Q2 25 | $3.7B | $1.8B | ||
| Q1 25 | $3.1B | $1.8B | ||
| Q4 24 | $3.5B | $865.0M | ||
| Q3 24 | $3.1B | $695.0M | ||
| Q2 24 | $2.9B | $1.5B |
| Q1 26 | $-193.0M | — | ||
| Q4 25 | $21.0M | $510.0M | ||
| Q3 25 | $73.0M | $489.0M | ||
| Q2 25 | $172.0M | $425.0M | ||
| Q1 25 | $-166.0M | $405.0M | ||
| Q4 24 | $71.0M | $-244.0M | ||
| Q3 24 | $236.0M | $-410.0M | ||
| Q2 24 | $220.0M | $274.0M |
| Q1 26 | -8.5% | — | ||
| Q4 25 | 2.1% | 32.3% | ||
| Q3 25 | 3.9% | 31.8% | ||
| Q2 25 | 7.5% | 29.3% | ||
| Q1 25 | -6.3% | 29.0% | ||
| Q4 24 | 2.1% | -92.6% | ||
| Q3 24 | 11.1% | -72.8% | ||
| Q2 24 | 11.1% | 22.0% |
| Q1 26 | -5.8% | — | ||
| Q4 25 | 0.6% | 25.4% | ||
| Q3 25 | 1.9% | 25.8% | ||
| Q2 25 | 4.6% | 23.1% | ||
| Q1 25 | -5.3% | 22.8% | ||
| Q4 24 | 2.0% | -54.7% | ||
| Q3 24 | 7.7% | -59.0% | ||
| Q2 24 | 7.6% | 18.0% |
| Q1 26 | $-1.69 | — | ||
| Q4 25 | $0.14 | $0.43 | ||
| Q3 25 | $0.62 | $0.41 | ||
| Q2 25 | $1.42 | $0.35 | ||
| Q1 25 | $-1.35 | $0.33 | ||
| Q4 24 | $0.58 | $-0.30 | ||
| Q3 24 | $1.84 | $-0.47 | ||
| Q2 24 | $1.71 | $0.25 |
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 | $10.2B |
| Total DebtLower is stronger | $5.3B | $9.9B |
| Stockholders' EquityBook value | $3.7B | $20.4B |
| Total Assets | $20.3B | $184.4B |
| Debt / EquityLower = less leverage | 1.43× | 0.49× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $451.0M | — | ||
| Q4 25 | $627.0M | $10.2B | ||
| Q3 25 | $2.3B | $13.3B | ||
| Q2 25 | $2.1B | $11.6B | ||
| Q1 25 | $2.5B | $15.3B | ||
| Q4 24 | $2.5B | $17.5B | ||
| Q3 24 | $2.5B | $22.8B | ||
| Q2 24 | $2.5B | $15.5B |
| Q1 26 | $5.3B | — | ||
| Q4 25 | $4.8B | $9.9B | ||
| Q3 25 | $5.0B | $10.9B | ||
| Q2 25 | $4.9B | $12.1B | ||
| Q1 25 | $4.8B | $12.4B | ||
| Q4 24 | $4.5B | $12.1B | ||
| Q3 24 | $4.6B | $15.7B | ||
| Q2 24 | $2.7B | $16.9B |
| Q1 26 | $3.7B | — | ||
| Q4 25 | $4.1B | $20.4B | ||
| Q3 25 | $4.0B | $20.1B | ||
| Q2 25 | $3.9B | $19.5B | ||
| Q1 25 | $4.1B | $19.0B | ||
| Q4 24 | $4.4B | $18.2B | ||
| Q3 24 | $4.5B | $16.9B | ||
| Q2 24 | $4.2B | $14.8B |
| Q1 26 | $20.3B | — | ||
| Q4 25 | $20.4B | $184.4B | ||
| Q3 25 | $20.0B | $187.4B | ||
| Q2 25 | $19.9B | $185.5B | ||
| Q1 25 | $19.8B | $188.7B | ||
| Q4 24 | $19.8B | $187.2B | ||
| Q3 24 | $19.6B | $189.8B | ||
| Q2 24 | $15.3B | $187.4B |
| Q1 26 | 1.43× | — | ||
| Q4 25 | 1.17× | 0.49× | ||
| Q3 25 | 1.24× | 0.54× | ||
| Q2 25 | 1.26× | 0.62× | ||
| Q1 25 | 1.16× | 0.65× | ||
| Q4 24 | 1.04× | 0.67× | ||
| Q3 24 | 1.03× | 0.93× | ||
| Q2 24 | 0.63× | 1.14× |
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 | $2.2B |
| Free Cash FlowOCF − Capex | — | $2.1B |
| FCF MarginFCF / Revenue | — | 104.8% |
| Capex IntensityCapex / Revenue | 10.2% | 5.3% |
| Cash ConversionOCF / Net Profit | — | 4.33× |
| TTM Free Cash FlowTrailing 4 quarters | — | $3.5B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $229.0M | — | ||
| Q4 25 | $185.0M | $2.2B | ||
| Q3 25 | $229.0M | $396.0M | ||
| Q2 25 | $376.0M | $1.2B | ||
| Q1 25 | $459.0M | $-140.0M | ||
| Q4 24 | $274.0M | $664.0M | ||
| Q3 24 | $318.0M | $-1.2B | ||
| Q2 24 | $580.0M | $-217.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | $2.1B | ||
| Q3 25 | — | $367.0M | ||
| Q2 25 | — | $1.2B | ||
| Q1 25 | — | $-150.0M | ||
| Q4 24 | — | $599.0M | ||
| Q3 24 | — | $-1.2B | ||
| Q2 24 | — | $-230.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 104.8% | ||
| Q3 25 | — | 19.4% | ||
| Q2 25 | — | 65.8% | ||
| Q1 25 | — | -8.5% | ||
| Q4 24 | — | 69.2% | ||
| Q3 24 | — | -175.8% | ||
| Q2 24 | — | -15.1% |
| Q1 26 | 10.2% | — | ||
| Q4 25 | — | 5.3% | ||
| Q3 25 | — | 1.5% | ||
| Q2 25 | — | 1.3% | ||
| Q1 25 | — | 0.6% | ||
| Q4 24 | — | 7.5% | ||
| Q3 24 | — | 2.4% | ||
| Q2 24 | — | 0.9% |
| Q1 26 | — | — | ||
| Q4 25 | 8.81× | 4.33× | ||
| Q3 25 | 3.14× | 0.81× | ||
| Q2 25 | 2.19× | 2.90× | ||
| Q1 25 | — | -0.35× | ||
| Q4 24 | 3.86× | — | ||
| Q3 24 | 1.35× | — | ||
| Q2 24 | 2.64× | -0.79× |
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% |
KEY
Segment breakdown not available.
