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Side-by-side financial comparison of ALASKA AIR GROUP, INC. (ALK) and Lam Research (LRCX). Click either name above to swap in a different company.
Lam Research is the larger business by last-quarter revenue ($5.8B vs $3.3B, roughly 1.8× ALASKA AIR GROUP, INC.). Lam Research runs the higher net margin — 31.2% vs -5.8%, a 37.1% gap on every dollar of revenue. On growth, Lam Research posted the faster year-over-year revenue change (23.8% vs 5.2%). Over the past eight quarters, Lam Research's revenue compounded faster (22.8% 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.
Lam Research Corporation is an American supplier of wafer-fabrication equipment and related services to the semiconductor industry. Its products are used primarily in front-end wafer processing, which involves the steps that create the active components of semiconductor devices and their wiring (interconnects). The company also builds equipment for back-end wafer-level packaging (WLP) and for related manufacturing markets such as for microelectromechanical systems (MEMS).
ALK vs LRCX — Head-to-Head
Income Statement — Q1 FY2026 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $3.3B | $5.8B |
| Net Profit | $-193.0M | $1.8B |
| Gross Margin | — | 49.8% |
| Operating Margin | -8.5% | 35.0% |
| Net Margin | -5.8% | 31.2% |
| Revenue YoY | 5.2% | 23.8% |
| Net Profit YoY | — | 37.2% |
| EPS (diluted) | $-1.69 | $1.45 |
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 | $5.8B | ||
| Q4 25 | $3.6B | $5.3B | ||
| Q3 25 | $3.8B | $5.3B | ||
| Q2 25 | $3.7B | $5.2B | ||
| Q1 25 | $3.1B | $4.7B | ||
| Q4 24 | $3.5B | $4.4B | ||
| Q3 24 | $3.1B | $4.2B | ||
| Q2 24 | $2.9B | $3.9B |
| Q1 26 | $-193.0M | $1.8B | ||
| Q4 25 | $21.0M | $1.6B | ||
| Q3 25 | $73.0M | $1.6B | ||
| Q2 25 | $172.0M | $1.7B | ||
| Q1 25 | $-166.0M | $1.3B | ||
| Q4 24 | $71.0M | $1.2B | ||
| Q3 24 | $236.0M | $1.1B | ||
| Q2 24 | $220.0M | $1.0B |
| Q1 26 | — | 49.8% | ||
| Q4 25 | — | 49.6% | ||
| Q3 25 | — | 50.4% | ||
| Q2 25 | — | 50.1% | ||
| Q1 25 | — | 49.0% | ||
| Q4 24 | — | 47.4% | ||
| Q3 24 | — | 48.0% | ||
| Q2 24 | — | 47.5% |
| Q1 26 | -8.5% | 35.0% | ||
| Q4 25 | 2.1% | 33.9% | ||
| Q3 25 | 3.9% | 34.4% | ||
| Q2 25 | 7.5% | 33.7% | ||
| Q1 25 | -6.3% | 33.1% | ||
| Q4 24 | 2.1% | 30.5% | ||
| Q3 24 | 11.1% | 30.3% | ||
| Q2 24 | 11.1% | 29.1% |
| Q1 26 | -5.8% | 31.2% | ||
| Q4 25 | 0.6% | 29.8% | ||
| Q3 25 | 1.9% | 29.5% | ||
| Q2 25 | 4.6% | 33.3% | ||
| Q1 25 | -5.3% | 28.2% | ||
| Q4 24 | 2.0% | 27.2% | ||
| Q3 24 | 7.7% | 26.8% | ||
| Q2 24 | 7.6% | 26.4% |
| Q1 26 | $-1.69 | $1.45 | ||
| Q4 25 | $0.14 | $1.26 | ||
| Q3 25 | $0.62 | $1.24 | ||
| Q2 25 | $1.42 | $1.34 | ||
| Q1 25 | $-1.35 | $1.03 | ||
| Q4 24 | $0.58 | $0.92 | ||
| Q3 24 | $1.84 | $0.86 | ||
| Q2 24 | $1.71 | $7.78 |
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 | $4.8B |
| Total DebtLower is stronger | $5.3B | — |
| Stockholders' EquityBook value | $3.7B | — |
| Total Assets | $20.3B | $20.8B |
| Debt / EquityLower = less leverage | 1.43× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $451.0M | $4.8B | ||
| Q4 25 | $627.0M | $6.2B | ||
| Q3 25 | $2.3B | $6.7B | ||
| Q2 25 | $2.1B | $6.4B | ||
| Q1 25 | $2.5B | $5.5B | ||
| Q4 24 | $2.5B | $5.7B | ||
| Q3 24 | $2.5B | $6.1B | ||
| Q2 24 | $2.5B | $5.8B |
| Q1 26 | $5.3B | — | ||
| Q4 25 | $4.8B | $3.7B | ||
| Q3 25 | $5.0B | $3.7B | ||
| Q2 25 | $4.9B | $3.7B | ||
| Q1 25 | $4.8B | $3.7B | ||
| Q4 24 | $4.5B | $4.5B | ||
| Q3 24 | $4.6B | $4.5B | ||
| Q2 24 | $2.7B | $4.5B |
| Q1 26 | $3.7B | — | ||
| Q4 25 | $4.1B | $10.1B | ||
| Q3 25 | $4.0B | $10.2B | ||
| Q2 25 | $3.9B | $9.9B | ||
| Q1 25 | $4.1B | $9.5B | ||
| Q4 24 | $4.4B | $8.8B | ||
| Q3 24 | $4.5B | $8.5B | ||
| Q2 24 | $4.2B | $8.5B |
| Q1 26 | $20.3B | $20.8B | ||
| Q4 25 | $20.4B | $21.4B | ||
| Q3 25 | $20.0B | $21.9B | ||
| Q2 25 | $19.9B | $21.3B | ||
| Q1 25 | $19.8B | $20.0B | ||
| Q4 24 | $19.8B | $19.8B | ||
| Q3 24 | $19.6B | $19.5B | ||
| Q2 24 | $15.3B | $18.7B |
| Q1 26 | 1.43× | — | ||
| Q4 25 | 1.17× | 0.37× | ||
| Q3 25 | 1.24× | 0.37× | ||
| Q2 25 | 1.26× | 0.38× | ||
| Q1 25 | 1.16× | 0.39× | ||
| Q4 24 | 1.04× | 0.51× | ||
| Q3 24 | 1.03× | 0.53× | ||
| Q2 24 | 0.63× | 0.52× |
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 | $1.1B |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | 10.2% | 5.7% |
| Cash ConversionOCF / Net Profit | — | 0.63× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $229.0M | $1.1B | ||
| Q4 25 | $185.0M | $1.5B | ||
| Q3 25 | $229.0M | $1.8B | ||
| Q2 25 | $376.0M | $2.6B | ||
| Q1 25 | $459.0M | $1.3B | ||
| Q4 24 | $274.0M | $741.9M | ||
| Q3 24 | $318.0M | $1.6B | ||
| Q2 24 | $580.0M | $862.4M |
| Q1 26 | — | — | ||
| Q4 25 | — | $1.2B | ||
| Q3 25 | — | $1.6B | ||
| Q2 25 | — | $2.4B | ||
| Q1 25 | — | $1.0B | ||
| Q4 24 | — | $553.6M | ||
| Q3 24 | — | $1.5B | ||
| Q2 24 | — | $761.7M |
| Q1 26 | — | — | ||
| Q4 25 | — | 22.8% | ||
| Q3 25 | — | 29.9% | ||
| Q2 25 | — | 46.1% | ||
| Q1 25 | — | 21.6% | ||
| Q4 24 | — | 12.7% | ||
| Q3 24 | — | 35.0% | ||
| Q2 24 | — | 19.7% |
| Q1 26 | 10.2% | 5.7% | ||
| Q4 25 | — | 4.9% | ||
| Q3 25 | — | 3.5% | ||
| Q2 25 | — | 3.3% | ||
| Q1 25 | — | 6.1% | ||
| Q4 24 | — | 4.3% | ||
| Q3 24 | — | 2.7% | ||
| Q2 24 | — | 2.6% |
| Q1 26 | — | 0.63× | ||
| Q4 25 | 8.81× | 0.93× | ||
| Q3 25 | 3.14× | 1.13× | ||
| Q2 25 | 2.19× | 1.48× | ||
| Q1 25 | — | 0.98× | ||
| Q4 24 | 3.86× | 0.62× | ||
| Q3 24 | 1.35× | 1.40× | ||
| 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% |
LRCX
Segment breakdown not available.
