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Alaska Air vs Skywest: revenue, profit, margins and growth compared

Alaska Air brought in $14.2B of revenue in fiscal 2025, Skywest $4.1B in fiscal 2025. Revenue changed by +21.3% at Alaska Air and +15.0% at Skywest on the year before, so Alaska Air grew faster. Alaska Air kept 0.7% of its revenue as net profit, Skywest 10.6%.

Side by side, latest fiscal year

ALKSKYW
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$14.2B$4.1B
Revenue growth+21.3%+15.0%
Net income$100M$428.3M
Net margin0.7%10.6%
Free cash flown/a$908.3M
Free cash flow marginn/a22.4%
Earnings per share (diluted)$0.83$10.35
Cash$627M$122.7M
Debt$5.3B$2.4B
Price to earnings49.39.9
Market value$4.6B$4B
Dividend yieldn/an/a
Rank by revenue in sector#95 of 778 · Consumer discretionary#235 of 778 · Consumer discretionary

Over the years

Revenue
ALK FY2018: $8.3BALK FY2019: $8.8BALK FY2020: $3.6BALK FY2021: $6.2BALK FY2022: $9.6BALK FY2023: $10.4BALK FY2024: $11.7BALK FY2025: $14.2BSKYW FY2018: $3.2BSKYW FY2019: $3BSKYW FY2020: $2.1BSKYW FY2021: $2.7BSKYW FY2022: $3BSKYW FY2023: $2.9BSKYW FY2024: $3.5BSKYW FY2025: $4.1BFY18FY19FY20FY21FY22FY23FY24FY25
ALK $14.2BSKYW $4.1B
Net income
ALK FY2018: $437MALK FY2019: $769MALK FY2020: -$1.3BALK FY2021: $478MALK FY2022: $58MALK FY2023: $235MALK FY2024: $395MALK FY2025: $100MSKYW FY2018: $280.4MSKYW FY2019: $340.1MSKYW FY2020: -$8.5MSKYW FY2021: $111.9MSKYW FY2022: $73MSKYW FY2023: $34.3MSKYW FY2024: $323MSKYW FY2025: $428.3MFY18FY19FY20FY21FY22FY23FY24FY25
ALK $100MSKYW $428.3M
Net margin
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%SKYW FY2018: 8.7%SKYW FY2019: 11.4%SKYW FY2020: -0.4%SKYW FY2021: 4.1%SKYW FY2022: 2.4%SKYW FY2023: 1.2%SKYW FY2024: 9.2%SKYW FY2025: 10.6%FY18FY19FY20FY21FY22FY23FY24FY25
ALK 0.7%SKYW 10.6%
Revenue growth
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%SKYW FY2019: -7.8%SKYW FY2020: -28.4%SKYW FY2021: +27.6%SKYW FY2022: +10.7%SKYW FY2023: -2.3%SKYW FY2024: +20.2%SKYW FY2025: +15.0%FY19FY20FY21FY22FY23FY24FY25
ALK +21.3%SKYW +15.0%
Free cash flow
ALK FY2018: $235MALK FY2019: $1BALK FY2020: -$456MALK FY2021: $738MALK FY2022: -$253MALK FY2023: -$444MSKYW FY2018: $768.1MSKYW FY2019: $640.4MSKYW FY2020: $620.9MSKYW FY2021: $813.7MSKYW FY2022: $467.3MSKYW FY2023: $723.1MSKYW FY2024: $647.6MSKYW FY2025: $908.3MFY18FY19FY20FY21FY22FY23FY24FY25
ALK -$444MSKYW $908.3M

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

Questions about Alaska Air and Skywest

Which is bigger by revenue, Alaska Air or Skywest?

Alaska Air is bigger by revenue: $14.2B in fiscal 2025, against $4.1B for Skywest in fiscal 2025.

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

Alaska Air had a net margin of 0.7% in fiscal 2025; Skywest had 10.6% in fiscal 2025.

Which grew revenue faster, Alaska Air or Skywest?

In their latest fiscal years revenue changed by +21.3% at Alaska Air and +15.0% at Skywest.

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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