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阿拉斯加航空集团（ALK）与埃培智集团（IPG）财务数据对比。点击上方公司名可切换其他公司
阿拉斯加航空集团的季度营收约是埃培智集团的1.5倍（$3.3B vs $2.1B），埃培智集团净利率更高（5.8% vs -5.8%，领先11.7%），阿拉斯加航空集团同比增速更快（5.2% vs -4.8%），过去两年阿拉斯加航空集团的营收复合增速更高（6.7% vs -9.1%）
阿拉斯加航空集团是总部位于美国华盛顿州西塔科的航空控股企业，旗下拥有阿拉斯加航空、夏威夷航空两家干线航司，以及区域航司地平线航空，阿拉斯加航空还全资控股飞机地面服务提供商麦吉航空服务。
埃培智集团（IPG）是总部位于美国纽约的广告营销传播集团，旗下拥有FCB、IPG盟博、麦肯世界集团、睿狮集团等五大核心业务网络，以及公关、体育营销、艺人经纪、医疗营销等领域的多家专业独立代理商，被宏盟收购前是与WPP、阳狮、宏盟齐名的全球广告行业“四大集团”之一。
ALK vs IPG — 直观对比
营收规模更大
ALK
是对方的1.5倍
$2.1B
营收增速更快
ALK
高出10.0%
-4.8%
净利率更高
IPG
高出11.7%
-5.8%
两年增速更快
ALK
近两年复合增速
-9.1%
损益表 — Q1 FY2026 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.3B | $2.1B |
| 净利润 | $-193.0M | $124.2M |
| 毛利率 | — | — |
| 营业利润率 | -8.5% | 10.3% |
| 净利率 | -5.8% | 5.8% |
| 营收同比 | 5.2% | -4.8% |
| 净利润同比 | — | 517.9% |
| 每股收益（稀释后） | $-1.69 | $0.34 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收ALKIPG
| Q1 26 | $3.3B | — | ||
| Q4 25 | $3.6B | — | ||
| Q3 25 | $3.8B | $2.1B | ||
| Q2 25 | $3.7B | $2.2B | ||
| Q1 25 | $3.1B | $2.0B | ||
| Q4 24 | $3.5B | $2.4B | ||
| Q3 24 | $3.1B | $2.2B | ||
| Q2 24 | $2.9B | $2.3B |
净利润ALKIPG
| Q1 26 | $-193.0M | — | ||
| Q4 25 | $21.0M | — | ||
| Q3 25 | $73.0M | $124.2M | ||
| Q2 25 | $172.0M | $162.5M | ||
| Q1 25 | $-166.0M | $-85.4M | ||
| Q4 24 | $71.0M | $344.5M | ||
| Q3 24 | $236.0M | $20.1M | ||
| Q2 24 | $220.0M | $214.5M |
毛利率ALKIPG
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -3.2% | ||
| Q4 24 | — | 10.1% | ||
| Q3 24 | — | 2.9% | ||
| Q2 24 | — | 1.2% |
营业利润率ALKIPG
| Q1 26 | -8.5% | — | ||
| Q4 25 | 2.1% | — | ||
| Q3 25 | 3.9% | 10.3% | ||
| Q2 25 | 7.5% | 11.2% | ||
| Q1 25 | -6.3% | -2.1% | ||
| Q4 24 | 2.1% | 23.3% | ||
| Q3 24 | 11.1% | 5.9% | ||
| Q2 24 | 11.1% | 13.7% |
净利率ALKIPG
| Q1 26 | -5.8% | — | ||
| Q4 25 | 0.6% | — | ||
| Q3 25 | 1.9% | 5.8% | ||
| Q2 25 | 4.6% | 7.5% | ||
| Q1 25 | -5.3% | -4.3% | ||
| Q4 24 | 2.0% | 14.1% | ||
| Q3 24 | 7.7% | 0.9% | ||
| Q2 24 | 7.6% | 9.2% |
每股收益（稀释后）ALKIPG
| Q1 26 | $-1.69 | — | ||
| Q4 25 | $0.14 | — | ||
| Q3 25 | $0.62 | $0.34 | ||
| Q2 25 | $1.42 | $0.44 | ||
| Q1 25 | $-1.35 | $-0.23 | ||
| Q4 24 | $0.58 | $0.92 | ||
| Q3 24 | $1.84 | $0.05 | ||
| Q2 24 | $1.71 | $0.57 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $451.0M | $1.5B |
| 总债务越低越好 | $5.3B | — |
| 股东权益账面价值 | $3.7B | $3.7B |
| 总资产 | $20.3B | $17.0B |
| 负债/权益比越低杠杆越低 | 1.43× | — |
8季度趋势，按日历期对齐
现金及短期投资ALKIPG
| Q1 26 | $451.0M | — | ||
| Q4 25 | $627.0M | — | ||
| Q3 25 | $2.3B | $1.5B | ||
| Q2 25 | $2.1B | $1.6B | ||
| Q1 25 | $2.5B | $1.9B | ||
| Q4 24 | $2.5B | $2.2B | ||
| Q3 24 | $2.5B | $1.5B | ||
| Q2 24 | $2.5B | $1.5B |
总债务ALKIPG
| 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 | — |
股东权益ALKIPG
| Q1 26 | $3.7B | — | ||
| Q4 25 | $4.1B | — | ||
| Q3 25 | $4.0B | $3.7B | ||
| Q2 25 | $3.9B | $3.7B | ||
| Q1 25 | $4.1B | $3.6B | ||
| Q4 24 | $4.4B | $3.8B | ||
| Q3 24 | $4.5B | $3.7B | ||
| Q2 24 | $4.2B | $3.8B |
总资产ALKIPG
| Q1 26 | $20.3B | — | ||
| Q4 25 | $20.4B | — | ||
| Q3 25 | $20.0B | $17.0B | ||
| Q2 25 | $19.9B | $17.0B | ||
| Q1 25 | $19.8B | $17.1B | ||
| Q4 24 | $19.8B | $18.3B | ||
| Q3 24 | $19.6B | $17.1B | ||
| Q2 24 | $15.3B | $17.0B |
负债/权益比ALKIPG
| 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× | — |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $229.0M | $180.1M |
| 自由现金流经营现金流 - 资本支出 | — | $153.6M |
| 自由现金流率自由现金流/营收 | — | 7.2% |
| 资本支出强度资本支出/营收 | 10.2% | 1.2% |
| 现金转化率经营现金流/净利润 | — | 1.45× |
| 过去12个月自由现金流最近4个季度 | — | $806.8M |
8季度趋势，按日历期对齐
经营现金流ALKIPG
| Q1 26 | $229.0M | — | ||
| Q4 25 | $185.0M | — | ||
| Q3 25 | $229.0M | $180.1M | ||
| Q2 25 | $376.0M | $-96.0M | ||
| Q1 25 | $459.0M | $-37.0M | ||
| Q4 24 | $274.0M | $868.1M | ||
| Q3 24 | $318.0M | $223.8M | ||
| Q2 24 | $580.0M | $120.7M |
自由现金流ALKIPG
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | $153.6M | ||
| Q2 25 | — | $-121.8M | ||
| Q1 25 | — | $-58.5M | ||
| Q4 24 | — | $833.5M | ||
| Q3 24 | — | $186.5M | ||
| Q2 24 | — | $85.9M |
自由现金流率ALKIPG
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 7.2% | ||
| Q2 25 | — | -5.6% | ||
| Q1 25 | — | -2.9% | ||
| Q4 24 | — | 34.2% | ||
| Q3 24 | — | 8.3% | ||
| Q2 24 | — | 3.7% |
资本支出强度ALKIPG
| Q1 26 | 10.2% | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 1.2% | ||
| Q2 25 | — | 1.2% | ||
| Q1 25 | — | 1.1% | ||
| Q4 24 | — | 1.4% | ||
| Q3 24 | — | 1.7% | ||
| Q2 24 | — | 1.5% |
现金转化率ALKIPG
| Q1 26 | — | — | ||
| Q4 25 | 8.81× | — | ||
| Q3 25 | 3.14× | 1.45× | ||
| Q2 25 | 2.19× | -0.59× | ||
| Q1 25 | — | — | ||
| Q4 24 | 3.86× | 2.52× | ||
| Q3 24 | 1.35× | 11.13× | ||
| Q2 24 | 2.64× | 0.56× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
ALK
| Passenger revenue | $2.9B | 88% |
| Loyalty program other revenue | $227.0M | 7% |
| Cargo and other revenue | $153.0M | 5% |
IPG
| MDE | $619.0M | 29% |
| IAC | $574.9M | 27% |
| Other | $527.9M | 25% |
| SCE | $413.8M | 19% |
