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Side-by-side financial comparison of ALASKA AIR GROUP, INC. (ALK) and Royal Caribbean Group (RCL). Click either name above to swap in a different company.
Royal Caribbean Group is the larger business by last-quarter revenue ($4.5B vs $3.3B, roughly 1.3× ALASKA AIR GROUP, INC.). Royal Caribbean Group runs the higher net margin — 21.3% vs -5.8%, a 27.2% gap on every dollar of revenue. On growth, Royal Caribbean Group posted the faster year-over-year revenue change (11.3% vs 5.2%). Over the past eight quarters, ALASKA AIR GROUP, INC.'s revenue compounded faster (6.7% CAGR vs 4.1%).
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.
Royal Caribbean Group, formerly known as Royal Caribbean Cruises Ltd., is a cruise holding company headquartered in Miami, Florida, United States and incorporated in Liberia. It is the world's second-largest cruise line operator, after Carnival Corporation & plc. As of September 2025, Royal Caribbean Group fully owns three cruise lines: Royal Caribbean International, Celebrity Cruises, and Silversea Cruises. It also holds a 50% stake in TUI Cruises, which operates Mein Schiff and Hapag-Lloyd ...
ALK vs RCL — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $3.3B | $4.5B |
| Net Profit | $-193.0M | $950.0M |
| Gross Margin | — | — |
| Operating Margin | -8.5% | 26.1% |
| Net Margin | -5.8% | 21.3% |
| Revenue YoY | 5.2% | 11.3% |
| Net Profit YoY | — | 29.1% |
| EPS (diluted) | $-1.69 | $3.48 |
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 | $4.5B | ||
| Q4 25 | $3.6B | $4.3B | ||
| Q3 25 | $3.8B | $5.1B | ||
| Q2 25 | $3.7B | $4.5B | ||
| Q1 25 | $3.1B | $4.0B | ||
| Q4 24 | $3.5B | $3.8B | ||
| Q3 24 | $3.1B | $4.9B | ||
| Q2 24 | $2.9B | $4.1B |
| Q1 26 | $-193.0M | $950.0M | ||
| Q4 25 | $21.0M | $753.0M | ||
| Q3 25 | $73.0M | $1.6B | ||
| Q2 25 | $172.0M | $1.2B | ||
| Q1 25 | $-166.0M | $730.0M | ||
| Q4 24 | $71.0M | $552.0M | ||
| Q3 24 | $236.0M | $1.1B | ||
| Q2 24 | $220.0M | $854.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 47.4% | ||
| Q3 25 | — | 51.8% | ||
| Q2 25 | — | 49.7% | ||
| Q1 25 | — | 48.0% | ||
| Q4 24 | — | 45.4% | ||
| Q3 24 | — | 51.1% | ||
| Q2 24 | — | 47.6% |
| Q1 26 | -8.5% | 26.1% | ||
| Q4 25 | 2.1% | 21.9% | ||
| Q3 25 | 3.9% | 33.1% | ||
| Q2 25 | 7.5% | 29.3% | ||
| Q1 25 | -6.3% | 23.6% | ||
| Q4 24 | 2.1% | 16.6% | ||
| Q3 24 | 11.1% | 33.4% | ||
| Q2 24 | 11.1% | 26.7% |
| Q1 26 | -5.8% | 21.3% | ||
| Q4 25 | 0.6% | 17.7% | ||
| Q3 25 | 1.9% | 30.6% | ||
| Q2 25 | 4.6% | 26.7% | ||
| Q1 25 | -5.3% | 18.3% | ||
| Q4 24 | 2.0% | 14.7% | ||
| Q3 24 | 7.7% | 22.7% | ||
| Q2 24 | 7.6% | 20.8% |
| Q1 26 | $-1.69 | $3.48 | ||
| Q4 25 | $0.14 | $2.76 | ||
| Q3 25 | $0.62 | $5.74 | ||
| Q2 25 | $1.42 | $4.41 | ||
| Q1 25 | $-1.35 | $2.70 | ||
| Q4 24 | $0.58 | $2.27 | ||
| Q3 24 | $1.84 | $4.21 | ||
| Q2 24 | $1.71 | $3.11 |
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 | $512.0M |
| Total DebtLower is stronger | $5.3B | $21.1B |
| Stockholders' EquityBook value | $3.7B | $10.0B |
| Total Assets | $20.3B | $42.0B |
| Debt / EquityLower = less leverage | 1.43× | 2.11× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $451.0M | $512.0M | ||
| Q4 25 | $627.0M | $825.0M | ||
| Q3 25 | $2.3B | $432.0M | ||
| Q2 25 | $2.1B | $735.0M | ||
| Q1 25 | $2.5B | $386.0M | ||
| Q4 24 | $2.5B | $388.0M | ||
| Q3 24 | $2.5B | $418.0M | ||
| Q2 24 | $2.5B | $391.0M |
| Q1 26 | $5.3B | $21.1B | ||
| Q4 25 | $4.8B | $18.2B | ||
| Q3 25 | $5.0B | $17.2B | ||
| Q2 25 | $4.9B | $17.6B | ||
| Q1 25 | $4.8B | $18.0B | ||
| Q4 24 | $4.5B | $18.5B | ||
| Q3 24 | $4.6B | $19.0B | ||
| Q2 24 | $2.7B | $19.8B |
| Q1 26 | $3.7B | $10.0B | ||
| Q4 25 | $4.1B | $10.0B | ||
| Q3 25 | $4.0B | $10.1B | ||
| Q2 25 | $3.9B | $9.2B | ||
| Q1 25 | $4.1B | $8.0B | ||
| Q4 24 | $4.4B | $7.6B | ||
| Q3 24 | $4.5B | $7.0B | ||
| Q2 24 | $4.2B | $6.0B |
| Q1 26 | $20.3B | $42.0B | ||
| Q4 25 | $20.4B | $41.6B | ||
| Q3 25 | $20.0B | $40.1B | ||
| Q2 25 | $19.9B | $38.5B | ||
| Q1 25 | $19.8B | $37.5B | ||
| Q4 24 | $19.8B | $37.1B | ||
| Q3 24 | $19.6B | $37.1B | ||
| Q2 24 | $15.3B | $37.0B |
| Q1 26 | 1.43× | 2.11× | ||
| Q4 25 | 1.17× | 1.81× | ||
| Q3 25 | 1.24× | 1.70× | ||
| Q2 25 | 1.26× | 1.92× | ||
| Q1 25 | 1.16× | 2.26× | ||
| Q4 24 | 1.04× | 2.44× | ||
| Q3 24 | 1.03× | 2.69× | ||
| Q2 24 | 0.63× | 3.29× |
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 | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | 10.2% | — |
| Cash ConversionOCF / Net Profit | — | 1.93× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $229.0M | $1.8B | ||
| Q4 25 | $185.0M | $1.6B | ||
| Q3 25 | $229.0M | $1.5B | ||
| Q2 25 | $376.0M | $1.7B | ||
| Q1 25 | $459.0M | $1.6B | ||
| Q4 24 | $274.0M | $1.5B | ||
| Q3 24 | $318.0M | $897.0M | ||
| Q2 24 | $580.0M | $1.6B |
| Q1 26 | — | — | ||
| Q4 25 | — | $116.0M | ||
| Q3 25 | — | $-989.0M | ||
| Q2 25 | — | $910.0M | ||
| Q1 25 | — | $1.2B | ||
| Q4 24 | — | $915.0M | ||
| Q3 24 | — | $563.0M | ||
| Q2 24 | — | $-567.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 2.7% | ||
| Q3 25 | — | -19.2% | ||
| Q2 25 | — | 20.1% | ||
| Q1 25 | — | 30.0% | ||
| Q4 24 | — | 24.3% | ||
| Q3 24 | — | 11.5% | ||
| Q2 24 | — | -13.8% |
| Q1 26 | 10.2% | — | ||
| Q4 25 | — | 35.4% | ||
| Q3 25 | — | 47.8% | ||
| Q2 25 | — | 18.4% | ||
| Q1 25 | — | 10.7% | ||
| Q4 24 | — | 14.7% | ||
| Q3 24 | — | 6.8% | ||
| Q2 24 | — | 52.1% |
| Q1 26 | — | 1.93× | ||
| Q4 25 | 8.81× | 2.16× | ||
| Q3 25 | 3.14× | 0.93× | ||
| Q2 25 | 2.19× | 1.44× | ||
| Q1 25 | — | 2.23× | ||
| Q4 24 | 3.86× | 2.66× | ||
| Q3 24 | 1.35× | 0.81× | ||
| Q2 24 | 2.64× | 1.84× |
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% |
RCL
| Passenger ticket revenues | $3.0B | 68% |
| Onboard and other revenues | $1.4B | 32% |
