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Side-by-side financial comparison of ALASKA AIR GROUP, INC. (ALK) and SHOPIFY INC. (SHOP). Click either name above to swap in a different company.
SHOPIFY INC. is the larger business by last-quarter revenue ($3.7B vs $3.3B, roughly 1.1× ALASKA AIR GROUP, INC.). SHOPIFY INC. runs the higher net margin — 20.2% vs -5.8%, a 26.1% gap on every dollar of revenue. On growth, SHOPIFY INC. posted the faster year-over-year revenue change (30.6% vs 5.2%). Over the past eight quarters, SHOPIFY INC.'s revenue compounded faster (40.5% 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.
Shopify Inc., stylized as shopify, is a Canadian multinational e-commerce company headquartered in Ottawa, Ontario that operates a platform for retail point-of-sale systems. The company has over 5 million customers and processed US$292.3 billion in transactions in 2024, of which 57% was in the United States. Major customers include Tesla, LVMH, Nestlé, PepsiCo, AB InBev, Kraft Heinz, Lindt, Whole Foods Market, Red Bull, and Hyatt.
ALK vs SHOP — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.3B | $3.7B |
| Net Profit | $-193.0M | $743.0M |
| Gross Margin | — | 46.1% |
| Operating Margin | — | 17.2% |
| Net Margin | -5.8% | 20.2% |
| Revenue YoY | 5.2% | 30.6% |
| Net Profit YoY | -16.3% | -42.5% |
| EPS (diluted) | $-1.69 | $0.58 |
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 | $3.7B | ||
| Q3 25 | $3.8B | $2.8B | ||
| Q2 25 | $3.7B | $2.7B | ||
| Q1 25 | $3.1B | $2.4B | ||
| Q4 24 | $3.5B | $2.8B | ||
| Q3 24 | $3.1B | $2.2B | ||
| Q2 24 | $2.9B | $2.0B |
| Q1 26 | $-193.0M | — | ||
| Q4 25 | $21.0M | $743.0M | ||
| Q3 25 | $73.0M | $264.0M | ||
| Q2 25 | $172.0M | $906.0M | ||
| Q1 25 | $-166.0M | $-682.0M | ||
| Q4 24 | $71.0M | $1.3B | ||
| Q3 24 | $236.0M | $828.0M | ||
| Q2 24 | $220.0M | $171.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 46.1% | ||
| Q3 25 | — | 48.9% | ||
| Q2 25 | — | 48.6% | ||
| Q1 25 | — | 49.5% | ||
| Q4 24 | — | 48.1% | ||
| Q3 24 | — | 51.7% | ||
| Q2 24 | — | 51.1% |
| Q1 26 | — | — | ||
| Q4 25 | 2.1% | 17.2% | ||
| Q3 25 | 3.9% | 12.1% | ||
| Q2 25 | 7.5% | 10.9% | ||
| Q1 25 | -6.3% | 8.6% | ||
| Q4 24 | 2.1% | 16.5% | ||
| Q3 24 | 11.1% | 13.1% | ||
| Q2 24 | 11.1% | 11.8% |
| Q1 26 | -5.8% | — | ||
| Q4 25 | 0.6% | 20.2% | ||
| Q3 25 | 1.9% | 9.3% | ||
| Q2 25 | 4.6% | 33.8% | ||
| Q1 25 | -5.3% | -28.9% | ||
| Q4 24 | 2.0% | 46.0% | ||
| Q3 24 | 7.7% | 38.3% | ||
| Q2 24 | 7.6% | 8.4% |
| Q1 26 | $-1.69 | — | ||
| Q4 25 | $0.14 | $0.58 | ||
| Q3 25 | $0.62 | $0.20 | ||
| Q2 25 | $1.42 | $0.69 | ||
| Q1 25 | $-1.35 | $-0.53 | ||
| Q4 24 | $0.58 | $0.99 | ||
| Q3 24 | $1.84 | $0.64 | ||
| Q2 24 | $1.71 | $0.13 |
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 | $5.8B |
| Total DebtLower is stronger | $5.3B | — |
| Stockholders' EquityBook value | $3.7B | $13.5B |
| Total Assets | $20.3B | $15.2B |
| Debt / EquityLower = less leverage | 1.43× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $451.0M | — | ||
| Q4 25 | $627.0M | $5.8B | ||
| Q3 25 | $2.3B | $6.3B | ||
| Q2 25 | $2.1B | $5.8B | ||
| Q1 25 | $2.5B | $5.5B | ||
| Q4 24 | $2.5B | $5.5B | ||
| Q3 24 | $2.5B | — | ||
| Q2 24 | $2.5B | — |
| 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 | $13.5B | ||
| Q3 25 | $4.0B | $12.5B | ||
| Q2 25 | $3.9B | $12.1B | ||
| Q1 25 | $4.1B | $11.1B | ||
| Q4 24 | $4.4B | $11.6B | ||
| Q3 24 | $4.5B | $10.1B | ||
| Q2 24 | $4.2B | $9.2B |
| Q1 26 | $20.3B | — | ||
| Q4 25 | $20.4B | $15.2B | ||
| Q3 25 | $20.0B | $15.0B | ||
| Q2 25 | $19.9B | $14.6B | ||
| Q1 25 | $19.8B | $13.4B | ||
| Q4 24 | $19.8B | $13.9B | ||
| Q3 24 | $19.6B | — | ||
| Q2 24 | $15.3B | — |
| 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 | $725.0M |
| Free Cash FlowOCF − Capex | — | $715.0M |
| FCF MarginFCF / Revenue | — | 19.5% |
| Capex IntensityCapex / Revenue | 10.2% | 0.3% |
| Cash ConversionOCF / Net Profit | — | 0.98× |
| TTM Free Cash FlowTrailing 4 quarters | — | $2.0B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $229.0M | — | ||
| Q4 25 | $185.0M | $725.0M | ||
| Q3 25 | $229.0M | $513.0M | ||
| Q2 25 | $376.0M | $428.0M | ||
| Q1 25 | $459.0M | $367.0M | ||
| Q4 24 | $274.0M | $615.0M | ||
| Q3 24 | $318.0M | $423.0M | ||
| Q2 24 | $580.0M | $340.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | $715.0M | ||
| Q3 25 | — | $507.0M | ||
| Q2 25 | — | $422.0M | ||
| Q1 25 | — | $363.0M | ||
| Q4 24 | — | $611.0M | ||
| Q3 24 | — | $421.0M | ||
| Q2 24 | — | $333.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 19.5% | ||
| Q3 25 | — | 17.8% | ||
| Q2 25 | — | 15.7% | ||
| Q1 25 | — | 15.4% | ||
| Q4 24 | — | 21.7% | ||
| Q3 24 | — | 19.5% | ||
| Q2 24 | — | 16.3% |
| Q1 26 | 10.2% | — | ||
| Q4 25 | — | 0.3% | ||
| Q3 25 | — | 0.2% | ||
| Q2 25 | — | 0.2% | ||
| Q1 25 | — | 0.2% | ||
| Q4 24 | — | 0.1% | ||
| Q3 24 | — | 0.1% | ||
| Q2 24 | — | 0.3% |
| Q1 26 | — | — | ||
| Q4 25 | 8.81× | 0.98× | ||
| Q3 25 | 3.14× | 1.94× | ||
| Q2 25 | 2.19× | 0.47× | ||
| Q1 25 | — | — | ||
| Q4 24 | 3.86× | 0.48× | ||
| Q3 24 | 1.35× | 0.51× | ||
| Q2 24 | 2.64× | 1.99× |
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% |
SHOP
| Services | $2.9B | 79% |
| Subscription And Circulation | $777.0M | 21% |
