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Side-by-side financial comparison of ALASKA AIR GROUP, INC. (ALK) and MARKEL GROUP INC. (MKL). Click either name above to swap in a different company.
MARKEL GROUP INC. is the larger business by last-quarter revenue ($3.6B vs $3.3B, roughly 1.1× ALASKA AIR GROUP, INC.). MARKEL GROUP INC. runs the higher net margin — 16.1% vs -5.8%, a 22.0% 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 -10.5%).
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.
MARKEL GROUP INC.MKLEarnings & Financial Report
Markel Group Inc. is a group of companies headquartered in Richmond, Virginia, and originally founded in 1930 as an insurance company.
ALK vs MKL — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.3B | $3.6B |
| Net Profit | $-193.0M | $576.8M |
| Gross Margin | — | — |
| Operating Margin | -8.5% | 22.2% |
| Net Margin | -5.8% | 16.1% |
| Revenue YoY | 5.2% | -6.9% |
| Net Profit YoY | — | 5.0% |
| EPS (diluted) | $-1.69 | $48.22 |
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 | $3.6B | ||
| Q3 25 | $3.8B | $3.9B | ||
| Q2 25 | $3.7B | $4.6B | ||
| Q1 25 | $3.1B | $3.4B | ||
| Q4 24 | $3.5B | $3.8B | ||
| Q3 24 | $3.1B | $4.6B | ||
| Q2 24 | $2.9B | $3.7B |
| Q1 26 | $-193.0M | — | ||
| Q4 25 | $21.0M | $576.8M | ||
| Q3 25 | $73.0M | $751.3M | ||
| Q2 25 | $172.0M | $657.1M | ||
| Q1 25 | $-166.0M | $121.7M | ||
| Q4 24 | $71.0M | $549.2M | ||
| Q3 24 | $236.0M | $905.0M | ||
| Q2 24 | $220.0M | $267.7M |
| Q1 26 | -8.5% | — | ||
| Q4 25 | 2.1% | 22.2% | ||
| Q3 25 | 3.9% | 25.7% | ||
| Q2 25 | 7.5% | 24.1% | ||
| Q1 25 | -6.3% | 8.3% | ||
| Q4 24 | 2.1% | 15.5% | ||
| Q3 24 | 11.1% | 29.7% | ||
| Q2 24 | 11.1% | 11.1% |
| Q1 26 | -5.8% | — | ||
| Q4 25 | 0.6% | 16.1% | ||
| Q3 25 | 1.9% | 19.1% | ||
| Q2 25 | 4.6% | 14.3% | ||
| Q1 25 | -5.3% | 3.6% | ||
| Q4 24 | 2.0% | 14.3% | ||
| Q3 24 | 7.7% | 19.6% | ||
| Q2 24 | 7.6% | 7.2% |
| Q1 26 | $-1.69 | — | ||
| Q4 25 | $0.14 | $48.22 | ||
| Q3 25 | $0.62 | $59.25 | ||
| Q2 25 | $1.42 | $49.67 | ||
| Q1 25 | $-1.35 | $12.08 | ||
| Q4 24 | $0.58 | $39.02 | ||
| Q3 24 | $1.84 | $66.25 | ||
| Q2 24 | $1.71 | $18.62 |
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 | $4.0B |
| Total DebtLower is stronger | $5.3B | $4.3B |
| Stockholders' EquityBook value | $3.7B | $18.6B |
| Total Assets | $20.3B | $68.9B |
| Debt / EquityLower = less leverage | 1.43× | 0.23× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $451.0M | — | ||
| Q4 25 | $627.0M | $4.0B | ||
| Q3 25 | $2.3B | $4.0B | ||
| Q2 25 | $2.1B | $3.7B | ||
| Q1 25 | $2.5B | $4.2B | ||
| Q4 24 | $2.5B | $3.7B | ||
| Q3 24 | $2.5B | $3.9B | ||
| Q2 24 | $2.5B | $3.5B |
| Q1 26 | $5.3B | — | ||
| Q4 25 | $4.8B | $4.3B | ||
| Q3 25 | $5.0B | $4.3B | ||
| Q2 25 | $4.9B | $4.4B | ||
| Q1 25 | $4.8B | $4.4B | ||
| Q4 24 | $4.5B | $4.3B | ||
| Q3 24 | $4.6B | $4.4B | ||
| Q2 24 | $2.7B | $4.4B |
| Q1 26 | $3.7B | — | ||
| Q4 25 | $4.1B | $18.6B | ||
| Q3 25 | $4.0B | $18.0B | ||
| Q2 25 | $3.9B | $17.3B | ||
| Q1 25 | $4.1B | $17.1B | ||
| Q4 24 | $4.4B | $16.9B | ||
| Q3 24 | $4.5B | $17.0B | ||
| Q2 24 | $4.2B | $15.9B |
| Q1 26 | $20.3B | — | ||
| Q4 25 | $20.4B | $68.9B | ||
| Q3 25 | $20.0B | $67.4B | ||
| Q2 25 | $19.9B | $66.8B | ||
| Q1 25 | $19.8B | $64.6B | ||
| Q4 24 | $19.8B | $61.9B | ||
| Q3 24 | $19.6B | $62.3B | ||
| Q2 24 | $15.3B | $59.7B |
| Q1 26 | 1.43× | — | ||
| Q4 25 | 1.17× | 0.23× | ||
| Q3 25 | 1.24× | 0.24× | ||
| Q2 25 | 1.26× | 0.25× | ||
| Q1 25 | 1.16× | 0.26× | ||
| Q4 24 | 1.04× | 0.26× | ||
| Q3 24 | 1.03× | 0.26× | ||
| Q2 24 | 0.63× | 0.28× |
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 | $662.2M |
| Free Cash FlowOCF − Capex | — | $599.1M |
| FCF MarginFCF / Revenue | — | 16.7% |
| Capex IntensityCapex / Revenue | 10.2% | 1.8% |
| Cash ConversionOCF / Net Profit | — | 1.15× |
| TTM Free Cash FlowTrailing 4 quarters | — | $2.6B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $229.0M | — | ||
| Q4 25 | $185.0M | $662.2M | ||
| Q3 25 | $229.0M | $1.2B | ||
| Q2 25 | $376.0M | $504.4M | ||
| Q1 25 | $459.0M | $376.2M | ||
| Q4 24 | $274.0M | $493.9M | ||
| Q3 24 | $318.0M | $890.8M | ||
| Q2 24 | $580.0M | $578.6M |
| Q1 26 | — | — | ||
| Q4 25 | — | $599.1M | ||
| Q3 25 | — | $1.2B | ||
| Q2 25 | — | $453.8M | ||
| Q1 25 | — | $335.5M | ||
| Q4 24 | — | $420.0M | ||
| Q3 24 | — | $838.9M | ||
| Q2 24 | — | $521.4M |
| Q1 26 | — | — | ||
| Q4 25 | — | 16.7% | ||
| Q3 25 | — | 29.6% | ||
| Q2 25 | — | 9.9% | ||
| Q1 25 | — | 9.9% | ||
| Q4 24 | — | 10.9% | ||
| Q3 24 | — | 18.2% | ||
| Q2 24 | — | 14.1% |
| Q1 26 | 10.2% | — | ||
| Q4 25 | — | 1.8% | ||
| Q3 25 | — | 1.3% | ||
| Q2 25 | — | 1.1% | ||
| Q1 25 | — | 1.2% | ||
| Q4 24 | — | 1.9% | ||
| Q3 24 | — | 1.1% | ||
| Q2 24 | — | 1.5% |
| Q1 26 | — | — | ||
| Q4 25 | 8.81× | 1.15× | ||
| Q3 25 | 3.14× | 1.62× | ||
| Q2 25 | 2.19× | 0.77× | ||
| Q1 25 | — | 3.09× | ||
| Q4 24 | 3.86× | 0.90× | ||
| Q3 24 | 1.35× | 0.98× | ||
| Q2 24 | 2.64× | 2.16× |
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% |
MKL
| Industrial | $1.6B | 45% |
| Consumer And Other | $958.3M | 27% |
| Financial | $737.0M | 21% |
| Other | $198.8M | 6% |
| Corporate Operations | $52.0M | 1% |
| Revenue From Contract With Customer | $10.5M | 0% |
