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American Airlines vs Alaska Air: revenue, profit, margins and growth compared

American Airlines brought in $54.6B of revenue in fiscal 2025, Alaska Air $14.2B in fiscal 2025. Revenue changed by +0.8% at American Airlines and +21.3% at Alaska Air on the year before, so Alaska Air grew faster. American Airlines kept 0.2% of its revenue as net profit, Alaska Air 0.7%.

Side by side, latest fiscal year

AALALK
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$54.6B$14.2B
Revenue growth+0.8%+21.3%
Net income$111M$100M
Net margin0.2%0.7%
Free cash flow-$680Mn/a
Free cash flow margin-1.2%n/a
Earnings per share (diluted)$0.17$0.83
Cash$1.1B$627M
Debt$24.6B$5.3B
Price to earnings81.649.3
Market value$9.2B$4.6B
Dividend yieldn/an/a
Rank by revenue in sector#17 of 778 · Consumer discretionary#95 of 778 · Consumer discretionary

Over the years

Revenue
AAL FY2018: $44.5BAAL FY2019: $45.8BAAL FY2020: $17.3BAAL FY2021: $29.9BAAL FY2022: $49BAAL FY2023: $52.8BAAL FY2024: $54.2BAAL FY2025: $54.6BALK FY2018: $8.3BALK FY2019: $8.8BALK FY2020: $3.6BALK FY2021: $6.2BALK FY2022: $9.6BALK FY2023: $10.4BALK FY2024: $11.7BALK FY2025: $14.2BFY18FY19FY20FY21FY22FY23FY24FY25
AAL $54.6BALK $14.2B
Net income
AAL FY2018: $1.4BAAL FY2019: $1.7BAAL FY2020: -$8.9BAAL FY2021: -$2BAAL FY2022: $127MAAL FY2023: $822MAAL FY2024: $846MAAL FY2025: $111MALK FY2018: $437MALK FY2019: $769MALK FY2020: -$1.3BALK FY2021: $478MALK FY2022: $58MALK FY2023: $235MALK FY2024: $395MALK FY2025: $100MFY18FY19FY20FY21FY22FY23FY24FY25
AAL $111MALK $100M
Net margin
AAL FY2018: 3.2%AAL FY2019: 3.7%AAL FY2020: -51.2%AAL FY2021: -6.7%AAL FY2022: 0.3%AAL FY2023: 1.6%AAL FY2024: 1.6%AAL FY2025: 0.2%ALK FY2018: 5.3%ALK FY2019: 8.8%ALK FY2020: -37.1%ALK FY2021: 7.7%ALK FY2022: 0.6%ALK FY2023: 2.3%ALK FY2024: 3.4%ALK FY2025: 0.7%FY18FY19FY20FY21FY22FY23FY24FY25
AAL 0.2%ALK 0.7%
Revenue growth
AAL FY2019: +2.8%AAL FY2020: -62.1%AAL FY2021: +72.4%AAL FY2022: +63.9%AAL FY2023: +7.8%AAL FY2024: +2.7%AAL FY2025: +0.8%ALK FY2019: +6.3%ALK FY2020: -59.4%ALK FY2021: +73.2%ALK FY2022: +56.2%ALK FY2023: +8.1%ALK FY2024: +12.6%ALK FY2025: +21.3%FY19FY20FY21FY22FY23FY24FY25
AAL +0.8%ALK +21.3%
Free cash flow
AAL FY2018: -$212MAAL FY2019: -$453MAAL FY2020: -$8.5BAAL FY2021: $496MAAL FY2022: -$373MAAL FY2023: $1.2BAAL FY2024: $1.3BAAL FY2025: -$680MALK FY2018: $235MALK FY2019: $1BALK FY2020: -$456MALK FY2021: $738MALK FY2022: -$253MALK FY2023: -$444MFY18FY19FY20FY21FY22FY23FY24FY25
AAL -$680MALK -$444M

Fiscal years as each company reports them; the two may end in different months.

Questions about American Airlines and Alaska Air

Which is bigger by revenue, American Airlines or Alaska Air?

American Airlines is bigger by revenue: $54.6B in fiscal 2025, against $14.2B for Alaska Air in fiscal 2025.

Which keeps more of its revenue as profit, American Airlines or Alaska Air?

American Airlines had a net margin of 0.2% in fiscal 2025; Alaska Air had 0.7% in fiscal 2025.

Which grew revenue faster, American Airlines or Alaska Air?

In their latest fiscal years revenue changed by +0.8% at American Airlines and +21.3% at Alaska Air.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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