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Side-by-side financial comparison of ALASKA AIR GROUP, INC. (ALK) and Ulta Beauty (ULTA). 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 $2.9B, roughly 1.2× Ulta Beauty). Ulta Beauty runs the higher net margin — 8.1% vs -5.8%, a 13.9% gap on every dollar of revenue. On growth, Ulta Beauty posted the faster year-over-year revenue change (12.9% vs 5.2%). Over the past eight quarters, Ulta Beauty's revenue compounded faster (7.2% 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.
Ulta Beauty, Inc., formerly known as Ulta Salon, Cosmetics & Fragrance Inc. and before 2000 as Ulta3, is an American chain of cosmetic stores headquartered in Bolingbrook, Illinois. Ulta Beauty carries both high- and low-end cosmetics, fragrances, nail products, bath and body products, beauty tools and haircare products. Each location has a beauty salon available to the public.
ALK vs ULTA — Head-to-Head
Income Statement — Q1 FY2026 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $3.3B | $2.9B |
| Net Profit | $-193.0M | $230.9M |
| Gross Margin | — | 40.4% |
| Operating Margin | — | 10.8% |
| Net Margin | -5.8% | 8.1% |
| Revenue YoY | 5.2% | 12.9% |
| Net Profit YoY | -16.3% | -4.7% |
| EPS (diluted) | $-1.69 | $5.14 |
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 | — | ||
| Q4 25 | $3.6B | $2.9B | ||
| Q3 25 | $3.8B | $2.8B | ||
| Q2 25 | $3.7B | $2.8B | ||
| Q1 25 | $3.1B | — | ||
| Q4 24 | $3.5B | $2.5B | ||
| Q3 24 | $3.1B | $2.6B | ||
| Q2 24 | $2.9B | $2.7B |
| Q1 26 | $-193.0M | — | ||
| Q4 25 | $21.0M | $230.9M | ||
| Q3 25 | $73.0M | $260.9M | ||
| Q2 25 | $172.0M | $305.1M | ||
| Q1 25 | $-166.0M | — | ||
| Q4 24 | $71.0M | $242.2M | ||
| Q3 24 | $236.0M | $252.6M | ||
| Q2 24 | $220.0M | $313.1M |
| Q1 26 | — | — | ||
| Q4 25 | — | 40.4% | ||
| Q3 25 | — | 39.2% | ||
| Q2 25 | — | 39.1% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 39.7% | ||
| Q3 24 | — | 38.3% | ||
| Q2 24 | — | 39.2% |
| Q1 26 | — | — | ||
| Q4 25 | 2.1% | 10.8% | ||
| Q3 25 | 3.9% | 12.4% | ||
| Q2 25 | 7.5% | 14.1% | ||
| Q1 25 | -6.3% | — | ||
| Q4 24 | 2.1% | 12.6% | ||
| Q3 24 | 11.1% | 12.9% | ||
| Q2 24 | 11.1% | 14.7% |
| Q1 26 | -5.8% | — | ||
| Q4 25 | 0.6% | 8.1% | ||
| Q3 25 | 1.9% | 9.4% | ||
| Q2 25 | 4.6% | 10.7% | ||
| Q1 25 | -5.3% | — | ||
| Q4 24 | 2.0% | 9.6% | ||
| Q3 24 | 7.7% | 9.9% | ||
| Q2 24 | 7.6% | 11.5% |
| Q1 26 | $-1.69 | — | ||
| Q4 25 | $0.14 | $5.14 | ||
| Q3 25 | $0.62 | $5.78 | ||
| Q2 25 | $1.42 | $6.70 | ||
| Q1 25 | $-1.35 | — | ||
| Q4 24 | $0.58 | $5.14 | ||
| Q3 24 | $1.84 | $5.30 | ||
| Q2 24 | $1.71 | $6.47 |
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 | $204.9M |
| Total DebtLower is stronger | $5.3B | — |
| Stockholders' EquityBook value | $3.7B | $2.6B |
| Total Assets | $20.3B | $7.0B |
| Debt / EquityLower = less leverage | 1.43× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $451.0M | — | ||
| Q4 25 | $627.0M | $204.9M | ||
| Q3 25 | $2.3B | $242.7M | ||
| Q2 25 | $2.1B | $454.6M | ||
| Q1 25 | $2.5B | — | ||
| Q4 24 | $2.5B | $177.8M | ||
| Q3 24 | $2.5B | $414.0M | ||
| Q2 24 | $2.5B | $524.6M |
| 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 | $2.6B | ||
| Q3 25 | $4.0B | $2.6B | ||
| Q2 25 | $3.9B | $2.4B | ||
| Q1 25 | $4.1B | — | ||
| Q4 24 | $4.4B | $2.3B | ||
| Q3 24 | $4.5B | $2.3B | ||
| Q2 24 | $4.2B | $2.3B |
| Q1 26 | $20.3B | — | ||
| Q4 25 | $20.4B | $7.0B | ||
| Q3 25 | $20.0B | $6.6B | ||
| Q2 25 | $19.9B | $6.0B | ||
| Q1 25 | $19.8B | — | ||
| Q4 24 | $19.8B | $6.0B | ||
| Q3 24 | $19.6B | $5.7B | ||
| Q2 24 | $15.3B | $5.6B |
| 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 | $5.6M |
| Free Cash FlowOCF − Capex | — | $-81.6M |
| FCF MarginFCF / Revenue | — | -2.9% |
| Capex IntensityCapex / Revenue | 10.2% | 3.1% |
| Cash ConversionOCF / Net Profit | — | 0.02× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-92.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $229.0M | — | ||
| Q4 25 | $185.0M | $5.6M | ||
| Q3 25 | $229.0M | $96.5M | ||
| Q2 25 | $376.0M | $220.0M | ||
| Q1 25 | $459.0M | — | ||
| Q4 24 | $274.0M | $-56.8M | ||
| Q3 24 | $318.0M | $199.5M | ||
| Q2 24 | $580.0M | $159.3M |
| Q1 26 | — | — | ||
| Q4 25 | — | $-81.6M | ||
| Q3 25 | — | $19.6M | ||
| Q2 25 | — | $141.0M | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $-171.1M | ||
| Q3 24 | — | $104.3M | ||
| Q2 24 | — | $68.3M |
| Q1 26 | — | — | ||
| Q4 25 | — | -2.9% | ||
| Q3 25 | — | 0.7% | ||
| Q2 25 | — | 4.9% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -6.8% | ||
| Q3 24 | — | 4.1% | ||
| Q2 24 | — | 2.5% |
| Q1 26 | 10.2% | — | ||
| Q4 25 | — | 3.1% | ||
| Q3 25 | — | 2.8% | ||
| Q2 25 | — | 2.8% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 4.5% | ||
| Q3 24 | — | 3.7% | ||
| Q2 24 | — | 3.3% |
| Q1 26 | — | — | ||
| Q4 25 | 8.81× | 0.02× | ||
| Q3 25 | 3.14× | 0.37× | ||
| Q2 25 | 2.19× | 0.72× | ||
| Q1 25 | — | — | ||
| Q4 24 | 3.86× | -0.23× | ||
| Q3 24 | 1.35× | 0.79× | ||
| Q2 24 | 2.64× | 0.51× |
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% |
ULTA
Segment breakdown not available.
