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Side-by-side financial comparison of ALASKA AIR GROUP, INC. (ALK) and Southwest Airlines (LUV). Click either name above to swap in a different company.
Southwest Airlines is the larger business by last-quarter revenue ($7.2B vs $3.3B, roughly 2.2× ALASKA AIR GROUP, INC.). Southwest Airlines runs the higher net margin — 3.1% vs -5.8%, a 9.0% gap on every dollar of revenue. On growth, Southwest Airlines posted the faster year-over-year revenue change (12.8% vs 5.2%). Over the past eight quarters, ALASKA AIR GROUP, INC.'s revenue compounded faster (6.7% CAGR vs -0.7%).
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.
Southwest Airlines is a major low-cost airline of the United States. It is headquartered in the Love Field neighborhood of Dallas, Texas. It is the fourth-largest airline in North America when measured by passengers carried, as of 2024. With its all-Boeing 737 fleet, Southwest serves over 100 destinations in 42 states, Washington, D.C.
ALK vs LUV — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $3.3B | $7.2B |
| Net Profit | $-193.0M | $227.0M |
| Gross Margin | — | — |
| Operating Margin | — | — |
| Net Margin | -5.8% | 3.1% |
| Revenue YoY | 5.2% | 12.8% |
| Net Profit YoY | -16.3% | 252.3% |
| EPS (diluted) | $-1.69 | $0.45 |
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 | $7.2B | ||
| Q4 25 | $3.6B | $7.4B | ||
| Q3 25 | $3.8B | $6.9B | ||
| Q2 25 | $3.7B | $7.2B | ||
| Q1 25 | $3.1B | $6.4B | ||
| Q4 24 | $3.5B | $6.9B | ||
| Q3 24 | $3.1B | $6.9B | ||
| Q2 24 | $2.9B | $7.4B |
| Q1 26 | $-193.0M | $227.0M | ||
| Q4 25 | $21.0M | $323.0M | ||
| Q3 25 | $73.0M | $54.0M | ||
| Q2 25 | $172.0M | $213.0M | ||
| Q1 25 | $-166.0M | $-149.0M | ||
| Q4 24 | $71.0M | $262.0M | ||
| Q3 24 | $236.0M | $67.0M | ||
| Q2 24 | $220.0M | $367.0M |
| Q1 26 | — | — | ||
| Q4 25 | 2.1% | 5.3% | ||
| Q3 25 | 3.9% | 0.5% | ||
| Q2 25 | 7.5% | 3.1% | ||
| Q1 25 | -6.3% | -3.5% | ||
| Q4 24 | 2.1% | 4.0% | ||
| Q3 24 | 11.1% | 0.6% | ||
| Q2 24 | 11.1% | 5.4% |
| Q1 26 | -5.8% | 3.1% | ||
| Q4 25 | 0.6% | 4.3% | ||
| Q3 25 | 1.9% | 0.8% | ||
| Q2 25 | 4.6% | 2.9% | ||
| Q1 25 | -5.3% | -2.3% | ||
| Q4 24 | 2.0% | 3.8% | ||
| Q3 24 | 7.7% | 1.0% | ||
| Q2 24 | 7.6% | 5.0% |
| Q1 26 | $-1.69 | $0.45 | ||
| Q4 25 | $0.14 | $0.56 | ||
| Q3 25 | $0.62 | $0.10 | ||
| Q2 25 | $1.42 | $0.39 | ||
| Q1 25 | $-1.35 | $-0.26 | ||
| Q4 24 | $0.58 | $0.46 | ||
| Q3 24 | $1.84 | $0.11 | ||
| Q2 24 | $1.71 | $0.58 |
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 | $3.3B |
| Total DebtLower is stronger | $5.3B | $5.4B |
| Stockholders' EquityBook value | $3.7B | $6.9B |
| Total Assets | $20.3B | $20.4B |
| Debt / EquityLower = less leverage | 1.43× | 0.78× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $451.0M | $3.3B | ||
| Q4 25 | $627.0M | $3.2B | ||
| Q3 25 | $2.3B | $3.0B | ||
| Q2 25 | $2.1B | $3.8B | ||
| Q1 25 | $2.5B | $8.3B | ||
| Q4 24 | $2.5B | $8.7B | ||
| Q3 24 | $2.5B | $9.4B | ||
| Q2 24 | $2.5B | $10.0B |
| Q1 26 | $5.3B | $5.4B | ||
| Q4 25 | $4.8B | $4.6B | ||
| Q3 25 | $5.0B | $4.1B | ||
| Q2 25 | $4.9B | $4.1B | ||
| Q1 25 | $4.8B | $4.1B | ||
| Q4 24 | $4.5B | $5.1B | ||
| Q3 24 | $4.6B | $5.1B | ||
| Q2 24 | $2.7B | $5.1B |
| Q1 26 | $3.7B | $6.9B | ||
| Q4 25 | $4.1B | $8.0B | ||
| Q3 25 | $4.0B | $7.8B | ||
| Q2 25 | $3.9B | $8.0B | ||
| Q1 25 | $4.1B | $9.4B | ||
| Q4 24 | $4.4B | $10.3B | ||
| Q3 24 | $4.5B | $10.4B | ||
| Q2 24 | $4.2B | $10.5B |
| Q1 26 | $20.3B | $20.4B | ||
| Q4 25 | $20.4B | $29.1B | ||
| Q3 25 | $20.0B | $28.3B | ||
| Q2 25 | $19.9B | $28.7B | ||
| Q1 25 | $19.8B | $33.2B | ||
| Q4 24 | $19.8B | $33.8B | ||
| Q3 24 | $19.6B | $34.8B | ||
| Q2 24 | $15.3B | $35.6B |
| Q1 26 | 1.43× | 0.78× | ||
| Q4 25 | 1.17× | 0.57× | ||
| Q3 25 | 1.24× | 0.52× | ||
| Q2 25 | 1.26× | 0.51× | ||
| Q1 25 | 1.16× | 0.44× | ||
| Q4 24 | 1.04× | 0.49× | ||
| Q3 24 | 1.03× | 0.49× | ||
| Q2 24 | 0.63× | 0.48× |
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 | $1.4B |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | 10.2% | 8.7% |
| Cash ConversionOCF / Net Profit | — | 6.25× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $229.0M | $1.4B | ||
| Q4 25 | $185.0M | $294.0M | ||
| Q3 25 | $229.0M | $287.0M | ||
| Q2 25 | $376.0M | $401.0M | ||
| Q1 25 | $459.0M | $860.0M | ||
| Q4 24 | $274.0M | $476.0M | ||
| Q3 24 | $318.0M | $113.0M | ||
| Q2 24 | $580.0M | $-23.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | $-565.0M | ||
| Q3 25 | — | $-391.0M | ||
| Q2 25 | — | $-234.0M | ||
| Q1 25 | — | $359.0M | ||
| Q4 24 | — | $16.0M | ||
| Q3 24 | — | $-404.0M | ||
| Q2 24 | — | $-517.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | -7.6% | ||
| Q3 25 | — | -5.6% | ||
| Q2 25 | — | -3.2% | ||
| Q1 25 | — | 5.6% | ||
| Q4 24 | — | 0.2% | ||
| Q3 24 | — | -5.9% | ||
| Q2 24 | — | -7.0% |
| Q1 26 | 10.2% | 8.7% | ||
| Q4 25 | — | 11.5% | ||
| Q3 25 | — | 9.8% | ||
| Q2 25 | — | 8.8% | ||
| Q1 25 | — | 7.8% | ||
| Q4 24 | — | 6.6% | ||
| Q3 24 | — | 7.5% | ||
| Q2 24 | — | 6.7% |
| Q1 26 | — | 6.25× | ||
| Q4 25 | 8.81× | 0.91× | ||
| Q3 25 | 3.14× | 5.31× | ||
| Q2 25 | 2.19× | 1.88× | ||
| Q1 25 | — | — | ||
| Q4 24 | 3.86× | 1.82× | ||
| Q3 24 | 1.35× | 1.69× | ||
| Q2 24 | 2.64× | -0.06× |
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% |
LUV
| Passenger | $6.6B | 91% |
| Other | $614.0M | 8% |
| Freight | $44.0M | 1% |
