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Side-by-side financial comparison of ALASKA AIR GROUP, INC. (ALK) and Vistra Corp. (VST). Click either name above to swap in a different company.
Vistra Corp. is the larger business by last-quarter revenue ($4.8B vs $3.3B, roughly 1.5× ALASKA AIR GROUP, INC.). Vistra Corp. runs the higher net margin — 4.8% vs -5.8%, a 10.7% gap on every dollar of revenue. On growth, Vistra Corp. posted the faster year-over-year revenue change (31.2% vs 5.2%). Over the past eight quarters, Vistra Corp.'s revenue compounded faster (23.3% 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.
Vistra may refer to either of two companies:Vistra, a corporate services company based in Hong Kong Vistra Corp, an energy company based in Texas
ALK vs VST — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.3B | $4.8B |
| Net Profit | $-193.0M | $233.0M |
| Gross Margin | — | — |
| Operating Margin | — | 9.9% |
| Net Margin | -5.8% | 4.8% |
| Revenue YoY | 5.2% | 31.2% |
| Net Profit YoY | -16.3% | -47.2% |
| EPS (diluted) | $-1.69 | $0.55 |
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 | $4.8B | ||
| Q3 25 | $3.8B | $4.8B | ||
| Q2 25 | $3.7B | $3.8B | ||
| Q1 25 | $3.1B | $4.3B | ||
| Q4 24 | $3.5B | $3.7B | ||
| Q3 24 | $3.1B | $4.3B | ||
| Q2 24 | $2.9B | $3.6B |
| Q1 26 | $-193.0M | — | ||
| Q4 25 | $21.0M | $233.0M | ||
| Q3 25 | $73.0M | $652.0M | ||
| Q2 25 | $172.0M | $327.0M | ||
| Q1 25 | $-166.0M | $-268.0M | ||
| Q4 24 | $71.0M | $441.0M | ||
| Q3 24 | $236.0M | $1.9B | ||
| Q2 24 | $220.0M | $365.0M |
| Q1 26 | — | — | ||
| Q4 25 | 2.1% | 9.9% | ||
| Q3 25 | 3.9% | 21.7% | ||
| Q2 25 | 7.5% | 13.7% | ||
| Q1 25 | -6.3% | -2.8% | ||
| Q4 24 | 2.1% | 16.4% | ||
| Q3 24 | 11.1% | 59.6% | ||
| Q2 24 | 11.1% | 22.5% |
| Q1 26 | -5.8% | — | ||
| Q4 25 | 0.6% | 4.8% | ||
| Q3 25 | 1.9% | 13.6% | ||
| Q2 25 | 4.6% | 8.7% | ||
| Q1 25 | -5.3% | -6.3% | ||
| Q4 24 | 2.0% | 12.0% | ||
| Q3 24 | 7.7% | 43.5% | ||
| Q2 24 | 7.6% | 10.1% |
| Q1 26 | $-1.69 | — | ||
| Q4 25 | $0.14 | $0.55 | ||
| Q3 25 | $0.62 | $1.75 | ||
| Q2 25 | $1.42 | $0.81 | ||
| Q1 25 | $-1.35 | $-0.93 | ||
| Q4 24 | $0.58 | $1.09 | ||
| Q3 24 | $1.84 | $5.25 | ||
| Q2 24 | $1.71 | $0.90 |
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 | $785.0M |
| Total DebtLower is stronger | $5.3B | $15.8B |
| Stockholders' EquityBook value | $3.7B | $5.1B |
| Total Assets | $20.3B | $41.5B |
| Debt / EquityLower = less leverage | 1.43× | 3.11× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $451.0M | — | ||
| Q4 25 | $627.0M | $785.0M | ||
| Q3 25 | $2.3B | $602.0M | ||
| Q2 25 | $2.1B | $458.0M | ||
| Q1 25 | $2.5B | $561.0M | ||
| Q4 24 | $2.5B | $1.2B | ||
| Q3 24 | $2.5B | $905.0M | ||
| Q2 24 | $2.5B | $1.6B |
| Q1 26 | $5.3B | — | ||
| Q4 25 | $4.8B | $15.8B | ||
| Q3 25 | $5.0B | $15.8B | ||
| Q2 25 | $4.9B | $15.5B | ||
| Q1 25 | $4.8B | $15.4B | ||
| Q4 24 | $4.5B | $15.4B | ||
| Q3 24 | $4.6B | $13.9B | ||
| Q2 24 | $2.7B | $13.9B |
| Q1 26 | $3.7B | — | ||
| Q4 25 | $4.1B | $5.1B | ||
| Q3 25 | $4.0B | $5.2B | ||
| Q2 25 | $3.9B | $4.8B | ||
| Q1 25 | $4.1B | $4.8B | ||
| Q4 24 | $4.4B | $5.6B | ||
| Q3 24 | $4.5B | $5.4B | ||
| Q2 24 | $4.2B | $5.6B |
| Q1 26 | $20.3B | — | ||
| Q4 25 | $20.4B | $41.5B | ||
| Q3 25 | $20.0B | $38.0B | ||
| Q2 25 | $19.9B | $38.1B | ||
| Q1 25 | $19.8B | $38.2B | ||
| Q4 24 | $19.8B | $37.8B | ||
| Q3 24 | $19.6B | $37.9B | ||
| Q2 24 | $15.3B | $39.1B |
| Q1 26 | 1.43× | — | ||
| Q4 25 | 1.17× | 3.11× | ||
| Q3 25 | 1.24× | 3.02× | ||
| Q2 25 | 1.26× | 3.22× | ||
| Q1 25 | 1.16× | 3.20× | ||
| Q4 24 | 1.04× | 2.77× | ||
| Q3 24 | 1.03× | 2.56× | ||
| Q2 24 | 0.63× | 2.49× |
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 | $1.4B |
| Free Cash FlowOCF − Capex | — | $596.0M |
| FCF MarginFCF / Revenue | — | 12.4% |
| Capex IntensityCapex / Revenue | 10.2% | 17.4% |
| Cash ConversionOCF / Net Profit | — | 6.15× |
| TTM Free Cash FlowTrailing 4 quarters | — | $1.3B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $229.0M | — | ||
| Q4 25 | $185.0M | $1.4B | ||
| Q3 25 | $229.0M | $1.5B | ||
| Q2 25 | $376.0M | $572.0M | ||
| Q1 25 | $459.0M | $599.0M | ||
| Q4 24 | $274.0M | $1.4B | ||
| Q3 24 | $318.0M | $1.7B | ||
| Q2 24 | $580.0M | $1.2B |
| Q1 26 | — | — | ||
| Q4 25 | — | $596.0M | ||
| Q3 25 | — | $1.0B | ||
| Q2 25 | — | $-118.0M | ||
| Q1 25 | — | $-169.0M | ||
| Q4 24 | — | $923.0M | ||
| Q3 24 | — | $1.0B | ||
| Q2 24 | — | $698.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 12.4% | ||
| Q3 25 | — | 21.1% | ||
| Q2 25 | — | -3.1% | ||
| Q1 25 | — | -4.0% | ||
| Q4 24 | — | 25.2% | ||
| Q3 24 | — | 23.4% | ||
| Q2 24 | — | 19.4% |
| Q1 26 | 10.2% | — | ||
| Q4 25 | — | 17.4% | ||
| Q3 25 | — | 9.6% | ||
| Q2 25 | — | 18.4% | ||
| Q1 25 | — | 18.1% | ||
| Q4 24 | — | 11.7% | ||
| Q3 24 | — | 15.8% | ||
| Q2 24 | — | 13.8% |
| Q1 26 | — | — | ||
| Q4 25 | 8.81× | 6.15× | ||
| Q3 25 | 3.14× | 2.25× | ||
| Q2 25 | 2.19× | 1.75× | ||
| Q1 25 | — | — | ||
| Q4 24 | 3.86× | 3.07× | ||
| Q3 24 | 1.35× | 0.90× | ||
| Q2 24 | 2.64× | 3.28× |
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% |
VST
| Retail Energy Charge In ERCOT | $2.1B | 43% |
| Retail Energy Charge In Northeast Midwest | $1.2B | 24% |
| East Segment | $1.1B | 24% |
| Hedging Revenue Realized | $170.0M | 4% |
| Revenue From Other Wholesale Contracts | $116.0M | 2% |
| Transferable Production Tax Credit Revenues | $78.0M | 2% |
| West Segment | $77.0M | 2% |
| Intersegment Sales | $25.0M | 1% |
