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Side-by-side financial comparison of ALASKA AIR GROUP, INC. (ALK) and CarMax (KMX). Click either name above to swap in a different company.
CarMax is the larger business by last-quarter revenue ($5.8B vs $3.3B, roughly 1.8× ALASKA AIR GROUP, INC.). CarMax runs the higher net margin — 1.1% vs -5.8%, a 6.9% gap on every dollar of revenue. On growth, ALASKA AIR GROUP, INC. posted the faster year-over-year revenue change (5.2% vs -6.9%). Over the past eight quarters, ALASKA AIR GROUP, INC.'s revenue compounded faster (6.7% CAGR vs 1.5%).
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.
CarMax, Inc. is a used vehicle retailer based in the United States. It operates two business segments: CarMax Sales Operations and CarMax Auto Finance. The company began as a side business of Circuit City Corporation, Inc., opening its first location in September 1993 in Richmond, Virginia. As of January 2025, CarMax operates 253 locations.
ALK vs KMX — Head-to-Head
Income Statement — Q1 FY2026 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $3.3B | $5.8B |
| Net Profit | $-193.0M | $62.2M |
| Gross Margin | — | 10.2% |
| Operating Margin | -8.5% | — |
| Net Margin | -5.8% | 1.1% |
| Revenue YoY | 5.2% | -6.9% |
| Net Profit YoY | — | -50.4% |
| 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 | $5.8B | ||
| Q3 25 | $3.8B | $6.6B | ||
| Q2 25 | $3.7B | $7.5B | ||
| Q1 25 | $3.1B | $6.0B | ||
| Q4 24 | $3.5B | $6.2B | ||
| Q3 24 | $3.1B | $7.0B | ||
| Q2 24 | $2.9B | $7.1B |
| Q1 26 | $-193.0M | — | ||
| Q4 25 | $21.0M | $62.2M | ||
| Q3 25 | $73.0M | $95.4M | ||
| Q2 25 | $172.0M | $210.4M | ||
| Q1 25 | $-166.0M | $89.9M | ||
| Q4 24 | $71.0M | $125.4M | ||
| Q3 24 | $236.0M | $132.8M | ||
| Q2 24 | $220.0M | $152.4M |
| Q1 26 | — | — | ||
| Q4 25 | — | 10.2% | ||
| Q3 25 | — | 10.9% | ||
| Q2 25 | — | 11.8% | ||
| Q1 25 | — | 11.1% | ||
| Q4 24 | — | 10.9% | ||
| Q3 24 | — | 10.8% | ||
| Q2 24 | — | 11.1% |
| Q1 26 | -8.5% | — | ||
| Q4 25 | 2.1% | — | ||
| Q3 25 | 3.9% | — | ||
| Q2 25 | 7.5% | — | ||
| Q1 25 | -6.3% | 2.0% | ||
| Q4 24 | 2.1% | 2.7% | ||
| Q3 24 | 11.1% | 2.5% | ||
| Q2 24 | 11.1% | 2.9% |
| Q1 26 | -5.8% | — | ||
| Q4 25 | 0.6% | 1.1% | ||
| Q3 25 | 1.9% | 1.4% | ||
| Q2 25 | 4.6% | 2.8% | ||
| Q1 25 | -5.3% | 1.5% | ||
| Q4 24 | 2.0% | 2.0% | ||
| Q3 24 | 7.7% | 1.9% | ||
| Q2 24 | 7.6% | 2.1% |
| Q1 26 | $-1.69 | — | ||
| Q4 25 | $0.14 | $0.43 | ||
| Q3 25 | $0.62 | $0.64 | ||
| Q2 25 | $1.42 | $1.38 | ||
| Q1 25 | $-1.35 | $0.58 | ||
| Q4 24 | $0.58 | $0.81 | ||
| Q3 24 | $1.84 | $0.85 | ||
| Q2 24 | $1.71 | $0.97 |
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 | $204.9M |
| Total DebtLower is stronger | $5.3B | $16.6B |
| Stockholders' EquityBook value | $3.7B | $6.1B |
| Total Assets | $20.3B | $25.6B |
| Debt / EquityLower = less leverage | 1.43× | 2.74× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $451.0M | — | ||
| Q4 25 | $627.0M | $204.9M | ||
| Q3 25 | $2.3B | $540.4M | ||
| Q2 25 | $2.1B | $262.8M | ||
| Q1 25 | $2.5B | $247.0M | ||
| Q4 24 | $2.5B | $271.9M | ||
| Q3 24 | $2.5B | $524.7M | ||
| Q2 24 | $2.5B | $218.9M |
| Q1 26 | $5.3B | — | ||
| Q4 25 | $4.8B | $16.6B | ||
| Q3 25 | $5.0B | $17.8B | ||
| Q2 25 | $4.9B | $18.0B | ||
| Q1 25 | $4.8B | $18.1B | ||
| Q4 24 | $4.5B | $18.1B | ||
| Q3 24 | $4.6B | $18.1B | ||
| Q2 24 | $2.7B | $18.2B |
| Q1 26 | $3.7B | — | ||
| Q4 25 | $4.1B | $6.1B | ||
| Q3 25 | $4.0B | $6.2B | ||
| Q2 25 | $3.9B | $6.3B | ||
| Q1 25 | $4.1B | $6.2B | ||
| Q4 24 | $4.4B | $6.2B | ||
| Q3 24 | $4.5B | $6.2B | ||
| Q2 24 | $4.2B | $6.2B |
| Q1 26 | $20.3B | — | ||
| Q4 25 | $20.4B | $25.6B | ||
| Q3 25 | $20.0B | $27.1B | ||
| Q2 25 | $19.9B | $27.4B | ||
| Q1 25 | $19.8B | $27.4B | ||
| Q4 24 | $19.8B | $27.3B | ||
| Q3 24 | $19.6B | $27.3B | ||
| Q2 24 | $15.3B | $27.2B |
| Q1 26 | 1.43× | — | ||
| Q4 25 | 1.17× | 2.74× | ||
| Q3 25 | 1.24× | 2.87× | ||
| Q2 25 | 1.26× | 2.86× | ||
| Q1 25 | 1.16× | 2.91× | ||
| Q4 24 | 1.04× | 2.92× | ||
| Q3 24 | 1.03× | 2.93× | ||
| Q2 24 | 0.63× | 2.95× |
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 | $1.3B |
| Free Cash FlowOCF − Capex | — | $1.1B |
| FCF MarginFCF / Revenue | — | 19.2% |
| Capex IntensityCapex / Revenue | 10.2% | 2.4% |
| Cash ConversionOCF / Net Profit | — | 20.14× |
| TTM Free Cash FlowTrailing 4 quarters | — | $1.9B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $229.0M | — | ||
| Q4 25 | $185.0M | $1.3B | ||
| Q3 25 | $229.0M | $785.5M | ||
| Q2 25 | $376.0M | $299.5M | ||
| Q1 25 | $459.0M | $146.4M | ||
| Q4 24 | $274.0M | $-23.4M | ||
| Q3 24 | $318.0M | $619.1M | ||
| Q2 24 | $580.0M | $-117.7M |
| Q1 26 | — | — | ||
| Q4 25 | — | $1.1B | ||
| Q3 25 | — | $654.0M | ||
| Q2 25 | — | $162.8M | ||
| Q1 25 | — | $18.8M | ||
| Q4 24 | — | $-150.6M | ||
| Q3 24 | — | $509.9M | ||
| Q2 24 | — | $-221.6M |
| Q1 26 | — | — | ||
| Q4 25 | — | 19.2% | ||
| Q3 25 | — | 9.9% | ||
| Q2 25 | — | 2.2% | ||
| Q1 25 | — | 0.3% | ||
| Q4 24 | — | -2.4% | ||
| Q3 24 | — | 7.3% | ||
| Q2 24 | — | -3.1% |
| Q1 26 | 10.2% | — | ||
| Q4 25 | — | 2.4% | ||
| Q3 25 | — | 2.0% | ||
| Q2 25 | — | 1.8% | ||
| Q1 25 | — | 2.1% | ||
| Q4 24 | — | 2.0% | ||
| Q3 24 | — | 1.6% | ||
| Q2 24 | — | 1.5% |
| Q1 26 | — | — | ||
| Q4 25 | 8.81× | 20.14× | ||
| Q3 25 | 3.14× | 8.24× | ||
| Q2 25 | 2.19× | 1.42× | ||
| Q1 25 | — | 1.63× | ||
| Q4 24 | 3.86× | -0.19× | ||
| Q3 24 | 1.35× | 4.66× | ||
| Q2 24 | 2.64× | -0.77× |
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% |
KMX
| Used Vehicles | $4.5B | 78% |
| Wholesale Vehicles | $1.1B | 19% |
| Other | $150.6M | 3% |
| Extendedprotectionplan Domain | $96.6M | 2% |
| Advertising Subscription Revenues Domain | $35.1M | 1% |
| Service Domain | $18.5M | 0% |
| Thirdpartyfinancefees Domain | $3.0M | 0% |
