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Side-by-side financial comparison of ALASKA AIR GROUP, INC. (ALK) and United Airlines Holdings (UAL). Click either name above to swap in a different company.
United Airlines Holdings is the larger business by last-quarter revenue ($14.6B vs $3.3B, roughly 4.4× ALASKA AIR GROUP, INC.). United Airlines Holdings runs the higher net margin — 4.8% vs -5.8%, a 10.6% gap on every dollar of revenue. On growth, United Airlines Holdings posted the faster year-over-year revenue change (10.6% vs 5.2%). Over the past eight quarters, ALASKA AIR GROUP, INC.'s revenue compounded faster (6.7% CAGR vs -1.3%).
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.
United Airlines, Inc. is a major airline in the United States headquartered in Chicago, Illinois. It operates an extensive domestic and international route network across the United States and to destinations on six continents. Regional service is provided by independent carriers operating under the United Express brand, and the Star Alliance, of which United was one of the five founding airlines, extends its network throughout the world.
ALK vs UAL — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $3.3B | $14.6B |
| Net Profit | $-193.0M | $699.0M |
| Gross Margin | — | — |
| Operating Margin | — | 6.8% |
| Net Margin | -5.8% | 4.8% |
| Revenue YoY | 5.2% | 10.6% |
| Net Profit YoY | -16.3% | 80.6% |
| EPS (diluted) | $-1.69 | $2.14 |
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 | $14.6B | ||
| Q4 25 | $3.6B | $15.4B | ||
| Q3 25 | $3.8B | $15.2B | ||
| Q2 25 | $3.7B | $15.2B | ||
| Q1 25 | $3.1B | $13.2B | ||
| Q4 24 | $3.5B | $14.7B | ||
| Q3 24 | $3.1B | $14.8B | ||
| Q2 24 | $2.9B | $15.0B |
| Q1 26 | $-193.0M | $699.0M | ||
| Q4 25 | $21.0M | $1.0B | ||
| Q3 25 | $73.0M | $949.0M | ||
| Q2 25 | $172.0M | $973.0M | ||
| Q1 25 | $-166.0M | $387.0M | ||
| Q4 24 | $71.0M | $985.0M | ||
| Q3 24 | $236.0M | $965.0M | ||
| Q2 24 | $220.0M | $1.3B |
| Q1 26 | — | 6.8% | ||
| Q4 25 | 2.1% | 9.0% | ||
| Q3 25 | 3.9% | 9.2% | ||
| Q2 25 | 7.5% | 8.7% | ||
| Q1 25 | -6.3% | 4.6% | ||
| Q4 24 | 2.1% | 10.2% | ||
| Q3 24 | 11.1% | 10.5% | ||
| Q2 24 | 11.1% | 12.9% |
| Q1 26 | -5.8% | 4.8% | ||
| Q4 25 | 0.6% | 6.8% | ||
| Q3 25 | 1.9% | 6.2% | ||
| Q2 25 | 4.6% | 6.4% | ||
| Q1 25 | -5.3% | 2.9% | ||
| Q4 24 | 2.0% | 6.7% | ||
| Q3 24 | 7.7% | 6.5% | ||
| Q2 24 | 7.6% | 8.8% |
| Q1 26 | $-1.69 | $2.14 | ||
| Q4 25 | $0.14 | $3.17 | ||
| Q3 25 | $0.62 | $2.90 | ||
| Q2 25 | $1.42 | $2.97 | ||
| Q1 25 | $-1.35 | $1.16 | ||
| Q4 24 | $0.58 | $2.97 | ||
| Q3 24 | $1.84 | $2.90 | ||
| Q2 24 | $1.71 | $3.96 |
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 | $14.2B |
| Total DebtLower is stronger | $5.3B | — |
| Stockholders' EquityBook value | $3.7B | $15.9B |
| Total Assets | $20.3B | $80.9B |
| Debt / EquityLower = less leverage | 1.43× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $451.0M | $14.2B | ||
| Q4 25 | $627.0M | $12.2B | ||
| Q3 25 | $2.3B | $13.3B | ||
| Q2 25 | $2.1B | $15.6B | ||
| Q1 25 | $2.5B | $15.3B | ||
| Q4 24 | $2.5B | $14.5B | ||
| Q3 24 | $2.5B | $14.2B | ||
| Q2 24 | $2.5B | $15.2B |
| Q1 26 | $5.3B | — | ||
| Q4 25 | $4.8B | $20.6B | ||
| Q3 25 | $5.0B | $20.8B | ||
| Q2 25 | $4.9B | $20.9B | ||
| Q1 25 | $4.8B | $24.4B | ||
| Q4 24 | $4.5B | $25.2B | ||
| Q3 24 | $4.6B | — | ||
| Q2 24 | $2.7B | — |
| Q1 26 | $3.7B | $15.9B | ||
| Q4 25 | $4.1B | $15.3B | ||
| Q3 25 | $4.0B | $14.3B | ||
| Q2 25 | $3.9B | $13.4B | ||
| Q1 25 | $4.1B | $12.6B | ||
| Q4 24 | $4.4B | $12.7B | ||
| Q3 24 | $4.5B | $11.4B | ||
| Q2 24 | $4.2B | $10.5B |
| Q1 26 | $20.3B | $80.9B | ||
| Q4 25 | $20.4B | $76.4B | ||
| Q3 25 | $20.0B | $76.3B | ||
| Q2 25 | $19.9B | $77.2B | ||
| Q1 25 | $19.8B | $76.1B | ||
| Q4 24 | $19.8B | $74.1B | ||
| Q3 24 | $19.6B | $72.6B | ||
| Q2 24 | $15.3B | $73.3B |
| Q1 26 | 1.43× | — | ||
| Q4 25 | 1.17× | 1.35× | ||
| Q3 25 | 1.24× | 1.45× | ||
| Q2 25 | 1.26× | 1.56× | ||
| Q1 25 | 1.16× | 1.93× | ||
| Q4 24 | 1.04× | 1.99× | ||
| 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 | $4.8B |
| Free Cash FlowOCF − Capex | — | $2.0B |
| FCF MarginFCF / Revenue | — | 13.9% |
| Capex IntensityCapex / Revenue | 10.2% | 13.9% |
| Cash ConversionOCF / Net Profit | — | 6.87× |
| TTM Free Cash FlowTrailing 4 quarters | — | $2.1B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $229.0M | $4.8B | ||
| Q4 25 | $185.0M | $1.3B | ||
| Q3 25 | $229.0M | $1.2B | ||
| Q2 25 | $376.0M | $2.2B | ||
| Q1 25 | $459.0M | $3.7B | ||
| Q4 24 | $274.0M | $2.2B | ||
| Q3 24 | $318.0M | $1.5B | ||
| Q2 24 | $580.0M | $2.9B |
| Q1 26 | — | $2.0B | ||
| Q4 25 | — | $-604.0M | ||
| Q3 25 | — | $-246.0M | ||
| Q2 25 | — | $930.0M | ||
| Q1 25 | — | $2.5B | ||
| Q4 24 | — | $549.0M | ||
| Q3 24 | — | $88.0M | ||
| Q2 24 | — | $1.7B |
| Q1 26 | — | 13.9% | ||
| Q4 25 | — | -3.9% | ||
| Q3 25 | — | -1.6% | ||
| Q2 25 | — | 6.1% | ||
| Q1 25 | — | 18.7% | ||
| Q4 24 | — | 3.7% | ||
| Q3 24 | — | 0.6% | ||
| Q2 24 | — | 11.4% |
| Q1 26 | 10.2% | 13.9% | ||
| Q4 25 | — | 12.3% | ||
| Q3 25 | — | 9.6% | ||
| Q2 25 | — | 8.4% | ||
| Q1 25 | — | 9.3% | ||
| Q4 24 | — | 11.4% | ||
| Q3 24 | — | 9.5% | ||
| Q2 24 | — | 7.8% |
| Q1 26 | — | 6.87× | ||
| Q4 25 | 8.81× | 1.23× | ||
| Q3 25 | 3.14× | 1.28× | ||
| Q2 25 | 2.19× | 2.28× | ||
| Q1 25 | — | 9.59× | ||
| Q4 24 | 3.86× | 2.26× | ||
| Q3 24 | 1.35× | 1.55× | ||
| Q2 24 | 2.64× | 2.17× |
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% |
UAL
| Passenger revenue | $13.2B | 90% |
| Other | $1.0B | 7% |
| Cargo revenue | $422.0M | 3% |
