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Side-by-side financial comparison of ALASKA AIR GROUP, INC. (ALK) and Zoetis (ZTS). 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 $2.4B, roughly 1.4× Zoetis). Zoetis runs the higher net margin — 25.3% vs -5.8%, a 31.1% gap on every dollar of revenue. On growth, ALASKA AIR GROUP, INC. posted the faster year-over-year revenue change (5.2% vs 3.0%). Over the past eight quarters, ALASKA AIR GROUP, INC.'s revenue compounded faster (6.7% CAGR vs 4.4%).
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.
Zoetis Inc. (/zō-EH-tis/) is an American drug company, the world's largest producer of medicine and vaccinations for pets and livestock. The company was a subsidiary of Pfizer, the world's largest drug maker, but with Pfizer's spinoff of its 83% interest in the firm it is now a completely independent company. The company directly markets its products in approximately 45 countries, and sells them in more than 100 countries. Operations outside the United States accounted for 50% of the total re...
ALK vs ZTS — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.3B | $2.4B |
| Net Profit | $-193.0M | $603.0M |
| Gross Margin | — | 70.2% |
| Operating Margin | -8.5% | 31.9% |
| Net Margin | -5.8% | 25.3% |
| Revenue YoY | 5.2% | 3.0% |
| Net Profit YoY | — | 3.8% |
| EPS (diluted) | $-1.69 | $1.37 |
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 | $2.4B | ||
| Q3 25 | $3.8B | $2.4B | ||
| Q2 25 | $3.7B | $2.5B | ||
| Q1 25 | $3.1B | $2.2B | ||
| Q4 24 | $3.5B | $2.3B | ||
| Q3 24 | $3.1B | $2.4B | ||
| Q2 24 | $2.9B | $2.4B |
| Q1 26 | $-193.0M | — | ||
| Q4 25 | $21.0M | $603.0M | ||
| Q3 25 | $73.0M | $721.0M | ||
| Q2 25 | $172.0M | $718.0M | ||
| Q1 25 | $-166.0M | $631.0M | ||
| Q4 24 | $71.0M | $581.0M | ||
| Q3 24 | $236.0M | $682.0M | ||
| Q2 24 | $220.0M | $624.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 70.2% | ||
| Q3 25 | — | 71.5% | ||
| Q2 25 | — | 73.6% | ||
| Q1 25 | — | 72.0% | ||
| Q4 24 | — | 69.5% | ||
| Q3 24 | — | 70.6% | ||
| Q2 24 | — | 71.7% |
| Q1 26 | -8.5% | — | ||
| Q4 25 | 2.1% | 31.9% | ||
| Q3 25 | 3.9% | 37.0% | ||
| Q2 25 | 7.5% | 36.7% | ||
| Q1 25 | -6.3% | 36.5% | ||
| Q4 24 | 2.1% | 31.6% | ||
| Q3 24 | 11.1% | 36.6% | ||
| Q2 24 | 11.1% | 33.0% |
| Q1 26 | -5.8% | — | ||
| Q4 25 | 0.6% | 25.3% | ||
| Q3 25 | 1.9% | 30.0% | ||
| Q2 25 | 4.6% | 29.2% | ||
| Q1 25 | -5.3% | 28.4% | ||
| Q4 24 | 2.0% | 25.1% | ||
| Q3 24 | 7.7% | 28.6% | ||
| Q2 24 | 7.6% | 26.4% |
| Q1 26 | $-1.69 | — | ||
| Q4 25 | $0.14 | $1.37 | ||
| Q3 25 | $0.62 | $1.63 | ||
| Q2 25 | $1.42 | $1.61 | ||
| Q1 25 | $-1.35 | $1.41 | ||
| Q4 24 | $0.58 | $1.29 | ||
| Q3 24 | $1.84 | $1.50 | ||
| Q2 24 | $1.71 | $1.37 |
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 | — |
| Total DebtLower is stronger | $5.3B | — |
| Stockholders' EquityBook value | $3.7B | $3.3B |
| Total Assets | $20.3B | $15.5B |
| Debt / EquityLower = less leverage | 1.43× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $451.0M | — | ||
| Q4 25 | $627.0M | — | ||
| Q3 25 | $2.3B | $2.1B | ||
| Q2 25 | $2.1B | $1.4B | ||
| Q1 25 | $2.5B | $1.7B | ||
| Q4 24 | $2.5B | $2.0B | ||
| Q3 24 | $2.5B | $1.7B | ||
| Q2 24 | $2.5B | $1.6B |
| 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 | $3.3B | ||
| Q3 25 | $4.0B | $5.4B | ||
| Q2 25 | $3.9B | $5.0B | ||
| Q1 25 | $4.1B | $4.7B | ||
| Q4 24 | $4.4B | $4.8B | ||
| Q3 24 | $4.5B | $5.2B | ||
| Q2 24 | $4.2B | $5.0B |
| Q1 26 | $20.3B | — | ||
| Q4 25 | $20.4B | $15.5B | ||
| Q3 25 | $20.0B | $15.2B | ||
| Q2 25 | $19.9B | $14.5B | ||
| Q1 25 | $19.8B | $14.1B | ||
| Q4 24 | $19.8B | $14.2B | ||
| Q3 24 | $19.6B | $14.4B | ||
| Q2 24 | $15.3B | $14.2B |
| 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 | $893.0M |
| Free Cash FlowOCF − Capex | — | $732.0M |
| FCF MarginFCF / Revenue | — | 30.7% |
| Capex IntensityCapex / Revenue | 10.2% | 6.7% |
| Cash ConversionOCF / Net Profit | — | 1.48× |
| TTM Free Cash FlowTrailing 4 quarters | — | $2.3B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $229.0M | — | ||
| Q4 25 | $185.0M | $893.0M | ||
| Q3 25 | $229.0M | $938.0M | ||
| Q2 25 | $376.0M | $486.0M | ||
| Q1 25 | $459.0M | $587.0M | ||
| Q4 24 | $274.0M | $905.0M | ||
| Q3 24 | $318.0M | $951.0M | ||
| Q2 24 | $580.0M | $502.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | $732.0M | ||
| Q3 25 | — | $805.0M | ||
| Q2 25 | — | $308.0M | ||
| Q1 25 | — | $438.0M | ||
| Q4 24 | — | $689.0M | ||
| Q3 24 | — | $784.0M | ||
| Q2 24 | — | $370.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 30.7% | ||
| Q3 25 | — | 33.5% | ||
| Q2 25 | — | 12.5% | ||
| Q1 25 | — | 19.7% | ||
| Q4 24 | — | 29.7% | ||
| Q3 24 | — | 32.8% | ||
| Q2 24 | — | 15.7% |
| Q1 26 | 10.2% | — | ||
| Q4 25 | — | 6.7% | ||
| Q3 25 | — | 5.5% | ||
| Q2 25 | — | 7.2% | ||
| Q1 25 | — | 6.7% | ||
| Q4 24 | — | 9.3% | ||
| Q3 24 | — | 7.0% | ||
| Q2 24 | — | 5.6% |
| Q1 26 | — | — | ||
| Q4 25 | 8.81× | 1.48× | ||
| Q3 25 | 3.14× | 1.30× | ||
| Q2 25 | 2.19× | 0.68× | ||
| Q1 25 | — | 0.93× | ||
| Q4 24 | 3.86× | 1.56× | ||
| Q3 24 | 1.35× | 1.39× | ||
| Q2 24 | 2.64× | 0.80× |
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% |
ZTS
| Other | $1.3B | 56% |
| Livestock | $234.0M | 10% |
| Pain Sedation | $209.0M | 9% |
| Other Pharmaceuticals | $188.0M | 8% |
| Swine | $125.0M | 5% |
| Poultry | $117.0M | 5% |
| Fish | $81.0M | 3% |
| Other Non Pharmaceuticals | $70.0M | 3% |
| Manufactured Product Other | $18.0M | 1% |
| Medicated Feed Additives | $12.0M | 1% |
