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Side-by-side financial comparison of ALASKA AIR GROUP, INC. (ALK) and Norwegian Cruise Line Holdings (NCLH). 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 $2.2B, roughly 1.5× Norwegian Cruise Line Holdings). Norwegian Cruise Line Holdings runs the higher net margin — 0.6% vs -5.8%, a 6.5% gap on every dollar of revenue. On growth, Norwegian Cruise Line Holdings posted the faster year-over-year revenue change (6.4% vs 5.2%). Over the past eight quarters, ALASKA AIR GROUP, INC.'s revenue compounded faster (6.7% CAGR vs 1.2%).
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.
Norwegian Cruise Line (NCL) is an American cruise line founded in Norway in 1966, headquartered in Miami-Dade County, Florida, and incorporated in the Bahamas. It is the fourth-largest cruise line in the world by passengers, controlling about 8.6% of the total worldwide share of the cruise market by passengers as of 2021. It is wholly owned by parent company Norwegian Cruise Line Holdings.
ALK vs NCLH — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.3B | $2.2B |
| Net Profit | $-193.0M | $14.3M |
| Gross Margin | — | 41.0% |
| Operating Margin | -8.5% | 8.3% |
| Net Margin | -5.8% | 0.6% |
| Revenue YoY | 5.2% | 6.4% |
| Net Profit YoY | — | -94.4% |
| EPS (diluted) | $-1.69 | $0.08 |
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 | $2.2B | ||
| Q3 25 | $3.8B | $2.9B | ||
| Q2 25 | $3.7B | $2.5B | ||
| Q1 25 | $3.1B | $2.1B | ||
| Q4 24 | $3.5B | $2.1B | ||
| Q3 24 | $3.1B | $2.8B | ||
| Q2 24 | $2.9B | $2.4B |
| Q1 26 | $-193.0M | — | ||
| Q4 25 | $21.0M | $14.3M | ||
| Q3 25 | $73.0M | $419.3M | ||
| Q2 25 | $172.0M | $30.0M | ||
| Q1 25 | $-166.0M | $-40.3M | ||
| Q4 24 | $71.0M | $254.5M | ||
| Q3 24 | $236.0M | $474.9M | ||
| Q2 24 | $220.0M | $163.4M |
| Q1 26 | — | — | ||
| Q4 25 | — | 41.0% | ||
| Q3 25 | — | 47.1% | ||
| Q2 25 | — | 42.1% | ||
| Q1 25 | — | 38.7% | ||
| Q4 24 | — | 38.0% | ||
| Q3 24 | — | 45.2% | ||
| Q2 24 | — | 38.7% |
| Q1 26 | -8.5% | — | ||
| Q4 25 | 2.1% | 8.3% | ||
| Q3 25 | 3.9% | 25.5% | ||
| Q2 25 | 7.5% | 16.8% | ||
| Q1 25 | -6.3% | 9.4% | ||
| Q4 24 | 2.1% | 10.2% | ||
| Q3 24 | 11.1% | 24.6% | ||
| Q2 24 | 11.1% | 14.4% |
| Q1 26 | -5.8% | — | ||
| Q4 25 | 0.6% | 0.6% | ||
| Q3 25 | 1.9% | 14.3% | ||
| Q2 25 | 4.6% | 1.2% | ||
| Q1 25 | -5.3% | -1.9% | ||
| Q4 24 | 2.0% | 12.1% | ||
| Q3 24 | 7.7% | 16.9% | ||
| Q2 24 | 7.6% | 6.9% |
| Q1 26 | $-1.69 | — | ||
| Q4 25 | $0.14 | $0.08 | ||
| Q3 25 | $0.62 | $0.86 | ||
| Q2 25 | $1.42 | $0.07 | ||
| Q1 25 | $-1.35 | $-0.09 | ||
| Q4 24 | $0.58 | $0.55 | ||
| Q3 24 | $1.84 | $0.95 | ||
| Q2 24 | $1.71 | $0.35 |
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 | $209.9M |
| Total DebtLower is stronger | $5.3B | $13.7B |
| Stockholders' EquityBook value | $3.7B | $2.2B |
| Total Assets | $20.3B | $22.5B |
| Debt / EquityLower = less leverage | 1.43× | 6.21× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $451.0M | — | ||
| Q4 25 | $627.0M | $209.9M | ||
| Q3 25 | $2.3B | $166.8M | ||
| Q2 25 | $2.1B | $184.0M | ||
| Q1 25 | $2.5B | $184.4M | ||
| Q4 24 | $2.5B | $190.8M | ||
| Q3 24 | $2.5B | $332.5M | ||
| Q2 24 | $2.5B | $594.1M |
| Q1 26 | $5.3B | — | ||
| Q4 25 | $4.8B | $13.7B | ||
| Q3 25 | $5.0B | $13.6B | ||
| Q2 25 | $4.9B | $12.6B | ||
| Q1 25 | $4.8B | $12.9B | ||
| Q4 24 | $4.5B | $11.8B | ||
| Q3 24 | $4.6B | $11.8B | ||
| Q2 24 | $2.7B | $11.9B |
| Q1 26 | $3.7B | — | ||
| Q4 25 | $4.1B | $2.2B | ||
| Q3 25 | $4.0B | $2.2B | ||
| Q2 25 | $3.9B | $1.6B | ||
| Q1 25 | $4.1B | $1.4B | ||
| Q4 24 | $4.4B | $1.4B | ||
| Q3 24 | $4.5B | $1.1B | ||
| Q2 24 | $4.2B | $693.1M |
| Q1 26 | $20.3B | — | ||
| Q4 25 | $20.4B | $22.5B | ||
| Q3 25 | $20.0B | $22.2B | ||
| Q2 25 | $19.9B | $21.6B | ||
| Q1 25 | $19.8B | $21.4B | ||
| Q4 24 | $19.8B | $20.0B | ||
| Q3 24 | $19.6B | $19.8B | ||
| Q2 24 | $15.3B | $20.1B |
| Q1 26 | 1.43× | — | ||
| Q4 25 | 1.17× | 6.21× | ||
| Q3 25 | 1.24× | 6.22× | ||
| Q2 25 | 1.26× | 8.05× | ||
| Q1 25 | 1.16× | 9.09× | ||
| Q4 24 | 1.04× | 8.26× | ||
| Q3 24 | 1.03× | 10.35× | ||
| Q2 24 | 0.63× | 17.19× |
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 | $459.1M |
| Free Cash FlowOCF − Capex | — | $21.5M |
| FCF MarginFCF / Revenue | — | 1.0% |
| Capex IntensityCapex / Revenue | 10.2% | 19.5% |
| Cash ConversionOCF / Net Profit | — | 32.21× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-1.2B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $229.0M | — | ||
| Q4 25 | $185.0M | $459.1M | ||
| Q3 25 | $229.0M | $236.6M | ||
| Q2 25 | $376.0M | $714.9M | ||
| Q1 25 | $459.0M | $679.2M | ||
| Q4 24 | $274.0M | $399.3M | ||
| Q3 24 | $318.0M | $172.5M | ||
| Q2 24 | $580.0M | $670.9M |
| Q1 26 | — | — | ||
| Q4 25 | — | $21.5M | ||
| Q3 25 | — | $-726.5M | ||
| Q2 25 | — | $381.2M | ||
| Q1 25 | — | $-846.0M | ||
| Q4 24 | — | $155.8M | ||
| Q3 24 | — | $-195.5M | ||
| Q2 24 | — | $330.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.0% | ||
| Q3 25 | — | -24.7% | ||
| Q2 25 | — | 15.1% | ||
| Q1 25 | — | -39.8% | ||
| Q4 24 | — | 7.4% | ||
| Q3 24 | — | -7.0% | ||
| Q2 24 | — | 13.9% |
| Q1 26 | 10.2% | — | ||
| Q4 25 | — | 19.5% | ||
| Q3 25 | — | 32.8% | ||
| Q2 25 | — | 13.3% | ||
| Q1 25 | — | 71.7% | ||
| Q4 24 | — | 11.5% | ||
| Q3 24 | — | 13.1% | ||
| Q2 24 | — | 14.4% |
| Q1 26 | — | — | ||
| Q4 25 | 8.81× | 32.21× | ||
| Q3 25 | 3.14× | 0.56× | ||
| Q2 25 | 2.19× | 23.83× | ||
| Q1 25 | — | — | ||
| Q4 24 | 3.86× | 1.57× | ||
| Q3 24 | 1.35× | 0.36× | ||
| Q2 24 | 2.64× | 4.10× |
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% |
NCLH
| Passenger | $1.5B | 67% |
| Onboard And Other | $734.4M | 33% |
