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Alaska Air Group vs Frontier Group Holdings: ALK and ULCC compared
Alaska Air Group is the larger company: $4.3B of revenue in its latest quarter (Q3 2026) against $1.4B for Frontier Group Holdings (Q3 2026). Frontier Group Holdings is growing faster (+53% against +14% a year earlier). Alaska Air Group is more profitable, with an operating margin of 1.9% against -8.0%.
Where the money goes: ALK and ULCC
Alaska Air Group (ALK) · Q3 2026
Alaska Air Group, Q3 2026: revenue $4.3B (+14% year over year), operating margin 1.9%, net loss $147M, operating cash flow $149M. The chart follows the revenue to costs, profit and cash.
Frontier Group Holdings (ULCC) · Q3 2026
Frontier Group Holdings, Q3 2026: revenue $1.4B (+53% year over year), operating margin -8.0%, net loss $104M, operating cash flow −$41.0M. The chart follows the revenue to costs, profit and cash.
| Alaska Air Group (ALK) | Frontier Group Holdings (ULCC) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $4.3B | $1.4B |
| Revenue growth, Y/Y | +14% | +53% |
| Operating margin | 1.9% | -8.0% |
| Net earnings | −$147M | −$104M |
| Net margin | -3.4% | -7.7% |
| Operating cash flow | $149M | −$41.0M |
| Free cash flow | $82.0M | — |
| Market value | $4.3B | $1.7B |
| Analysts’ mean target | $51.69 | $6.94 |
Where the revenue comes from
Frontier Group Holdings
- Passenger: $1.3B (98%)
- Other: $28.0M (2%)
Questions
Which is bigger, Alaska Air Group or Frontier Group Holdings?
Alaska Air Group is the larger company: $4.3B of revenue in its latest quarter (Q3 2026) against $1.4B for Frontier Group Holdings (Q3 2026).
Is Alaska Air Group or Frontier Group Holdings growing faster?
Frontier Group Holdings is growing faster (+53% against +14% a year earlier).
Which is more profitable, Alaska Air Group or Frontier Group Holdings?
Alaska Air Group is more profitable, with an operating margin of 1.9% against -8.0%.
More: Alaska Air Group earnings · how Alaska Air Group makes money · Frontier Group Holdings earnings · how Frontier Group Holdings makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 6, 2026; 10-Q filed Oct 28, 2026). Fiscal quarters can end on different dates. Not investment advice.