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Side-by-side financial comparison of ALASKA AIR GROUP, INC. (ALK) and NetEase, Inc. (NTES). Click either name above to swap in a different company.
NetEase, Inc. is the larger business by last-quarter revenue ($4.0B vs $3.3B, roughly 1.2× ALASKA AIR GROUP, INC.). NetEase, Inc. runs the higher net margin — 31.0% vs -5.8%, a 36.9% gap on every dollar of revenue. Over the past eight quarters, NetEase, Inc.'s revenue compounded faster (9.7% 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.
NetEase, Inc. is a Chinese developer and publisher of online PC and mobile games, advertising services, email services, and e-commerce platforms. It is one of the largest Internet and video game companies in the world and was founded by Ding Lei in June 1997.
ALK vs NTES — Head-to-Head
Income Statement — Q1 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.3B | $4.0B |
| Net Profit | $-193.0M | $1.2B |
| Gross Margin | — | 64.1% |
| Operating Margin | — | 28.3% |
| Net Margin | -5.8% | 31.0% |
| Revenue YoY | 5.2% | — |
| Net Profit YoY | -16.3% | — |
| EPS (diluted) | $-1.69 | — |
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 | — | ||
| Q3 25 | $3.8B | $4.0B | ||
| Q2 25 | $3.7B | $3.9B | ||
| Q1 25 | $3.1B | $4.0B | ||
| Q4 24 | $3.5B | — | ||
| Q3 24 | $3.1B | $3.7B | ||
| Q2 24 | $2.9B | $3.5B |
| Q1 26 | $-193.0M | — | ||
| Q4 25 | $21.0M | — | ||
| Q3 25 | $73.0M | $1.2B | ||
| Q2 25 | $172.0M | $1.3B | ||
| Q1 25 | $-166.0M | $1.5B | ||
| Q4 24 | $71.0M | — | ||
| Q3 24 | $236.0M | $955.7M | ||
| Q2 24 | $220.0M | $939.6M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 64.1% | ||
| Q2 25 | — | 64.7% | ||
| Q1 25 | — | 64.1% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 62.9% | ||
| Q2 24 | — | 62.9% |
| Q1 26 | — | — | ||
| Q4 25 | 2.1% | — | ||
| Q3 25 | 3.9% | 28.3% | ||
| Q2 25 | 7.5% | 32.5% | ||
| Q1 25 | -6.3% | 36.2% | ||
| Q4 24 | 2.1% | — | ||
| Q3 24 | 11.1% | 27.3% | ||
| Q2 24 | 11.1% | 27.4% |
| Q1 26 | -5.8% | — | ||
| Q4 25 | 0.6% | — | ||
| Q3 25 | 1.9% | 31.0% | ||
| Q2 25 | 4.6% | 32.6% | ||
| Q1 25 | -5.3% | 36.6% | ||
| Q4 24 | 2.0% | — | ||
| Q3 24 | 7.7% | 25.6% | ||
| Q2 24 | 7.6% | 26.8% |
| Q1 26 | $-1.69 | — | ||
| Q4 25 | $0.14 | — | ||
| Q3 25 | $0.62 | — | ||
| Q2 25 | $1.42 | — | ||
| Q1 25 | $-1.35 | — | ||
| Q4 24 | $0.58 | — | ||
| Q3 24 | $1.84 | — | ||
| Q2 24 | $1.71 | — |
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 | $31.3B |
| Total DebtLower is stronger | $5.3B | — |
| Stockholders' EquityBook value | $3.7B | $160.8B |
| Total Assets | $20.3B | $214.5B |
| Debt / EquityLower = less leverage | 1.43× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $451.0M | — | ||
| Q4 25 | $627.0M | — | ||
| Q3 25 | $2.3B | $31.3B | ||
| Q2 25 | $2.1B | $54.4B | ||
| Q1 25 | $2.5B | $41.7B | ||
| Q4 24 | $2.5B | — | ||
| Q3 24 | $2.5B | $20.2B | ||
| Q2 24 | $2.5B | $19.0B |
| Q1 26 | $5.3B | — | ||
| Q4 25 | $4.8B | — | ||
| Q3 25 | $5.0B | — | ||
| Q2 25 | $4.9B | — | ||
| Q1 25 | $4.8B | — | ||
| Q4 24 | $4.5B | — | ||
| Q3 24 | $4.6B | — | ||
| Q2 24 | $2.7B | — |
| Q1 26 | $3.7B | — | ||
| Q4 25 | $4.1B | — | ||
| Q3 25 | $4.0B | $160.8B | ||
| Q2 25 | $3.9B | $154.0B | ||
| Q1 25 | $4.1B | $147.8B | ||
| Q4 24 | $4.4B | — | ||
| Q3 24 | $4.5B | $135.6B | ||
| Q2 24 | $4.2B | $134.2B |
| Q1 26 | $20.3B | — | ||
| Q4 25 | $20.4B | — | ||
| Q3 25 | $20.0B | $214.5B | ||
| Q2 25 | $19.9B | $208.5B | ||
| Q1 25 | $19.8B | $200.9B | ||
| Q4 24 | $19.8B | — | ||
| Q3 24 | $19.6B | $184.9B | ||
| Q2 24 | $15.3B | $183.3B |
| Q1 26 | 1.43× | — | ||
| Q4 25 | 1.17× | — | ||
| Q3 25 | 1.24× | — | ||
| Q2 25 | 1.26× | — | ||
| Q1 25 | 1.16× | — | ||
| Q4 24 | 1.04× | — | ||
| Q3 24 | 1.03× | — | ||
| Q2 24 | 0.63× | — |
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 | $1.8B |
| Free Cash FlowOCF − Capex | — | $1.8B |
| FCF MarginFCF / Revenue | — | 44.7% |
| Capex IntensityCapex / Revenue | 10.2% | 1.0% |
| Cash ConversionOCF / Net Profit | — | 1.47× |
| TTM Free Cash FlowTrailing 4 quarters | — | $6.3B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $229.0M | — | ||
| Q4 25 | $185.0M | — | ||
| Q3 25 | $229.0M | $1.8B | ||
| Q2 25 | $376.0M | $1.5B | ||
| Q1 25 | $459.0M | $1.7B | ||
| Q4 24 | $274.0M | — | ||
| Q3 24 | $318.0M | $1.5B | ||
| Q2 24 | $580.0M | $898.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | $1.8B | ||
| Q2 25 | — | $1.5B | ||
| Q1 25 | — | $1.6B | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $1.5B | ||
| Q2 24 | — | $875.6M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 44.7% | ||
| Q2 25 | — | 38.3% | ||
| Q1 25 | — | 40.4% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 38.9% | ||
| Q2 24 | — | 25.0% |
| Q1 26 | 10.2% | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 1.0% | ||
| Q2 25 | — | 0.7% | ||
| Q1 25 | — | 1.6% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.4% | ||
| Q2 24 | — | 0.7% |
| Q1 26 | — | — | ||
| Q4 25 | 8.81× | — | ||
| Q3 25 | 3.14× | 1.47× | ||
| Q2 25 | 2.19× | 1.20× | ||
| Q1 25 | — | 1.15× | ||
| Q4 24 | 3.86× | — | ||
| Q3 24 | 1.35× | 1.58× | ||
| Q2 24 | 2.64× | 0.96× |
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% |
NTES
| Games and related value-added services | $3.3B | 82% |
| NetEase Cloud Music | $275.9M | 7% |
| Youdao | $228.8M | 6% |
| Innovative businesses and others | $202.1M | 5% |
