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Side-by-side financial comparison of ALASKA AIR GROUP, INC. (ALK) and Frontier Group Holdings, Inc. (ULCC). 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 $997.0M, roughly 3.3× Frontier Group Holdings, Inc.). Frontier Group Holdings, Inc. runs the higher net margin — 5.3% vs -5.8%, a 11.2% gap on every dollar of revenue. On growth, ALASKA AIR GROUP, INC. posted the faster year-over-year revenue change (5.2% vs -0.5%). Over the past eight quarters, Frontier Group Holdings, Inc.'s revenue compounded faster (7.4% 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.
Frontier Communications Parent, Inc. is an American telecommunications company with a fiber-optic network and cloud-based services owned by Verizon. It was previously known as Citizens Utilities Co., Citizens Communications Co., and Frontier Communications Corp.
ALK vs ULCC — Head-to-Head
Income Statement — Q1 2026 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $3.3B | $997.0M |
| Net Profit | $-193.0M | $53.0M |
| Gross Margin | — | — |
| Operating Margin | — | 4.9% |
| Net Margin | -5.8% | 5.3% |
| Revenue YoY | 5.2% | -0.5% |
| Net Profit YoY | -16.3% | -1.9% |
| EPS (diluted) | $-1.69 | $0.24 |
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 | $997.0M | ||
| Q3 25 | $3.8B | $886.0M | ||
| Q2 25 | $3.7B | $929.0M | ||
| Q1 25 | $3.1B | $912.0M | ||
| Q4 24 | $3.5B | $1.0B | ||
| Q3 24 | $3.1B | $935.0M | ||
| Q2 24 | $2.9B | $973.0M |
| Q1 26 | $-193.0M | — | ||
| Q4 25 | $21.0M | $53.0M | ||
| Q3 25 | $73.0M | $-77.0M | ||
| Q2 25 | $172.0M | $-70.0M | ||
| Q1 25 | $-166.0M | $-43.0M | ||
| Q4 24 | $71.0M | $54.0M | ||
| Q3 24 | $236.0M | $26.0M | ||
| Q2 24 | $220.0M | $31.0M |
| Q1 26 | — | — | ||
| Q4 25 | 2.1% | 4.9% | ||
| Q3 25 | 3.9% | -8.7% | ||
| Q2 25 | 7.5% | -8.1% | ||
| Q1 25 | -6.3% | -5.0% | ||
| Q4 24 | 2.1% | 4.5% | ||
| Q3 24 | 11.1% | 2.0% | ||
| Q2 24 | 11.1% | 2.6% |
| Q1 26 | -5.8% | — | ||
| Q4 25 | 0.6% | 5.3% | ||
| Q3 25 | 1.9% | -8.7% | ||
| Q2 25 | 4.6% | -7.5% | ||
| Q1 25 | -5.3% | -4.7% | ||
| Q4 24 | 2.0% | 5.4% | ||
| Q3 24 | 7.7% | 2.8% | ||
| Q2 24 | 7.6% | 3.2% |
| Q1 26 | $-1.69 | — | ||
| Q4 25 | $0.14 | $0.24 | ||
| Q3 25 | $0.62 | $-0.34 | ||
| Q2 25 | $1.42 | $-0.31 | ||
| Q1 25 | $-1.35 | $-0.19 | ||
| Q4 24 | $0.58 | $0.24 | ||
| Q3 24 | $1.84 | $0.11 | ||
| Q2 24 | $1.71 | $0.14 |
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 | $671.0M |
| Total DebtLower is stronger | $5.3B | $620.0M |
| Stockholders' EquityBook value | $3.7B | $491.0M |
| Total Assets | $20.3B | $7.2B |
| Debt / EquityLower = less leverage | 1.43× | 1.26× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $451.0M | — | ||
| Q4 25 | $627.0M | $671.0M | ||
| Q3 25 | $2.3B | $566.0M | ||
| Q2 25 | $2.1B | $563.0M | ||
| Q1 25 | $2.5B | $686.0M | ||
| Q4 24 | $2.5B | $740.0M | ||
| Q3 24 | $2.5B | $576.0M | ||
| Q2 24 | $2.5B | $658.0M |
| Q1 26 | $5.3B | — | ||
| Q4 25 | $4.8B | $620.0M | ||
| Q3 25 | $5.0B | $673.0M | ||
| Q2 25 | $4.9B | $565.0M | ||
| Q1 25 | $4.8B | $512.0M | ||
| Q4 24 | $4.5B | $507.0M | ||
| Q3 24 | $4.6B | $474.0M | ||
| Q2 24 | $2.7B | $455.0M |
| Q1 26 | $3.7B | — | ||
| Q4 25 | $4.1B | $491.0M | ||
| Q3 25 | $4.0B | $434.0M | ||
| Q2 25 | $3.9B | $506.0M | ||
| Q1 25 | $4.1B | $570.0M | ||
| Q4 24 | $4.4B | $604.0M | ||
| Q3 24 | $4.5B | $549.0M | ||
| Q2 24 | $4.2B | $520.0M |
| Q1 26 | $20.3B | — | ||
| Q4 25 | $20.4B | $7.2B | ||
| Q3 25 | $20.0B | $6.7B | ||
| Q2 25 | $19.9B | $6.5B | ||
| Q1 25 | $19.8B | $6.5B | ||
| Q4 24 | $19.8B | $6.2B | ||
| Q3 24 | $19.6B | $5.8B | ||
| Q2 24 | $15.3B | $5.7B |
| Q1 26 | 1.43× | — | ||
| Q4 25 | 1.17× | 1.26× | ||
| Q3 25 | 1.24× | 1.55× | ||
| Q2 25 | 1.26× | 1.12× | ||
| Q1 25 | 1.16× | 0.90× | ||
| Q4 24 | 1.04× | 0.84× | ||
| Q3 24 | 1.03× | 0.86× | ||
| Q2 24 | 0.63× | 0.88× |
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 | $-91.0M |
| Free Cash FlowOCF − Capex | — | $-113.0M |
| FCF MarginFCF / Revenue | — | -11.3% |
| Capex IntensityCapex / Revenue | 10.2% | 2.2% |
| Cash ConversionOCF / Net Profit | — | -1.72× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-600.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $229.0M | — | ||
| Q4 25 | $185.0M | $-91.0M | ||
| Q3 25 | $229.0M | $-215.0M | ||
| Q2 25 | $376.0M | $-133.0M | ||
| Q1 25 | $459.0M | $-86.0M | ||
| Q4 24 | $274.0M | $87.0M | ||
| Q3 24 | $318.0M | $-156.0M | ||
| Q2 24 | $580.0M | $9.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | $-113.0M | ||
| Q3 25 | — | $-217.0M | ||
| Q2 25 | — | $-166.0M | ||
| Q1 25 | — | $-104.0M | ||
| Q4 24 | — | $73.0M | ||
| Q3 24 | — | $-170.0M | ||
| Q2 24 | — | $-22.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | -11.3% | ||
| Q3 25 | — | -24.5% | ||
| Q2 25 | — | -17.9% | ||
| Q1 25 | — | -11.4% | ||
| Q4 24 | — | 7.3% | ||
| Q3 24 | — | -18.2% | ||
| Q2 24 | — | -2.3% |
| Q1 26 | 10.2% | — | ||
| Q4 25 | — | 2.2% | ||
| Q3 25 | — | 0.2% | ||
| Q2 25 | — | 3.6% | ||
| Q1 25 | — | 2.0% | ||
| Q4 24 | — | 1.4% | ||
| Q3 24 | — | 1.5% | ||
| Q2 24 | — | 3.2% |
| Q1 26 | — | — | ||
| Q4 25 | 8.81× | -1.72× | ||
| Q3 25 | 3.14× | — | ||
| Q2 25 | 2.19× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 3.86× | 1.61× | ||
| Q3 24 | 1.35× | -6.00× | ||
| Q2 24 | 2.64× | 0.29× |
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% |
ULCC
| Aircraft Fare | $453.0M | 45% |
| Passenger Service Fees | $227.0M | 23% |
| Passenger Baggage | $177.0M | 18% |
| Passenger Seat Selection | $69.0M | 7% |
| Other Passenger Revenue | $36.0M | 4% |
| Other | $35.0M | 4% |
