SKYW

MKT CAP:$3B

SkyWest, Inc.

Market Cap

$3B

Industrials·Airlines, Airports & Air Services·🇺🇸 United States·NASDAQ

Industrials·Airlines,·🇺🇸·NASDAQ

Stock Price

$92.95-$8.25 (-8.15%)

Apr 23, 2026

Company Details

SkyWest, Inc., through its subsidiaries, operates a regional airline in the United States. The company operates through two segment, SkyWest Airlines and SkyWest Leasing. It also leases regional jet aircraft and spare engines to third parti...

CEO

Russell A. Childs

IPO Date

Jun 26, 1986

Website

inc.skywest.com

Key Metrics TTM

Revenue

$4.1B

+12.3% YoY

Net Income

$429M

EPS (Diluted)

$10.43

Free Cash Flow

$287M

Revenue / Share

$101.38

Gross Margin

41.9%

Operating Margin

14.6%

Net Margin

10.4%

FCF Margin

7.0%

P/S

0.8x

P/E

8.1x

Earnings Reports

Q1 2026

Apr 23, 2026

NEW

$1.0B+6.8%EPS $2.50

FY 2025

Feb 17, 2026

$4.1B+15.0%EPS $10.35

Q4 2025

Feb 17, 2026

$1.0B+8.5%EPS $2.21

Q3 2025

Oct 31, 2025

$1.1B+15.0%EPS $2.82

Q2 2025

Jul 25, 2025

$1.0B+19.4%EPS $2.90

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 22	$799M	$173M	$89M
Q3 22	$789M	$139M	$76M
Q4 22	$681M	$63M	-$35M
Q1 23	$692M	$61M	-$5M
Q2 23	$726M	$106M	$32M
Q3 23	$766M	$114M	$49M
Q4 23	$752M	$91M	$28M
Q1 24	$804M	$168M	$100M
Q2 24	$867M	$192M	$120M
Q3 24	$913M	$307M	$131M
Q4 24	$944M	$219M	$144M
Q1 25	$948M	$220M	$139M
Q2 25	$1.0B	$261M	$170M
Q3 25	$1.1B	$252M	$174M
Q4 25	$1.0B	$624M	$134M
Q1 26	$1.0B	$591M	$124M

Valuation

Quarter	P/S	P/E
Q2 22	0.4x	12.9x
Q3 22	0.3x	6.7x
Q4 22	0.3x	12.6x
Q1 23	0.3x	29.2x
Q2 23	0.6x	—
Q3 23	0.6x	—
Q4 23	0.7x	60.6x
Q1 24	0.9x	23.7x
Q2 24	1.0x	18.6x
Q3 24	1.0x	14.1x
Q4 24	1.1x	12.6x
Q1 25	1.0x	9.7x
Q2 25	1.1x	10.2x
Q3 25	1.0x	9.4x
Q4 25	1.0x	9.5x
Q1 26	0.9x	8.2x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$21M	-$122M
Q2 22	$195M	-$11M
Q3 22	$128M	-$95M
Q4 22	$137M	$25M
Q1 23	$150M	$47M
Q2 23	$183M	$152M
Q3 23	$179M	$92M
Q4 23	$224M	$129M
Q1 24	$158M	$109M
Q2 24	$165M	$141M
Q3 24	$184M	$87M
Q4 24	$186M	$11M
Q1 25	$171M	$93M
Q2 25	$257M	$63M
Q3 25	$281M	$158M
Q4 25	$232M	-$27M

Capital Expenditures

Quarter	CapEx
Q1 22	$142M
Q2 22	$206M
Q3 22	$224M
Q4 22	$111M
Q1 23	$103M
Q2 23	$31M
Q3 23	$87M
Q4 23	$95M
Q1 24	$48M
Q2 24	$24M
Q3 24	$97M
Q4 24	$175M
Q1 25	$78M
Q2 25	$194M
Q3 25	$122M
Q4 25	$258M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 22	+21.6%	+8.3%
Q3 22	+6.0%	-2.0%
Q4 22	-12.3%	-3.7%
Q1 23	-5.9%	+2.0%
Q2 23	-9.2%	-2.4%
Q3 23	-2.9%	+0.4%
Q4 23	+10.4%	+1.1%
Q1 24	+16.2%	+1.1%
Q2 24	+19.5%	+7.7%
Q3 24	+19.1%	+9.0%
Q4 24	+25.6%	+10.5%
Q1 25	+18.0%	+14.9%
Q2 25	+19.4%	+15.7%
Q3 25	+15.0%	+12.1%
Q4 25	+8.5%	+11.2%
Q1 26	+6.8%	+9.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$0	0.0%
Q2 22	$3M	0.4%
Q3 22	$0	0.0%
Q4 22	-$2M	-0.3%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$4M	0.6%
Q4 23	$4M	0.6%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$0	0.0%
Q1 25	$0	0.0%
Q2 25	$0	0.0%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	SG&A
Q2 22	$84M
Q3 22	$64M
Q4 22	$98M
Q1 23	$66M
Q2 23	$74M
Q3 23	$65M
Q4 23	$63M
Q1 24	$68M
Q2 24	$72M
Q3 25	$78M

Revenue Segments

Quarter	Airport customer service and other revenue	Flying agreements	Lease, airport services and other.
Q4 22	$10M	$654M	$27M
Q1 23	$11M	$664M	$28M
Q2 23	$8M	$700M	$25M
Q3 23	$8M	$742M	$24M
Q4 23	$7M	$728M	$24M
Q1 24	$9M	$778M	$25M
Q2 24	$7M	$838M	$29M
Q3 24	$7M	$883M	$29M
Q1 25	$9M	$916M	$32M
Q2 25	$22M	$988M	$48M
Q3 25	$13M	$1.0B	$39M
Q4 25	$29M	$970M	$54M

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$96M	$879M	$975M
Q3 22	$39M	$965M	$1.0B
Q4 22	$103M	$944M	$1.0B
Q1 23	$75M	$861M	$936M
Q2 23	$114M	$748M	$862M
Q3 23	$125M	$694M	$820M
Q4 23	$148M	$687M	$835M
Q1 24	$180M	$641M	$821M
Q2 24	$142M	$693M	$834M
Q3 24	$178M	$658M	$836M
Q4 24	$227M	$574M	$802M
Q1 25	$179M	$572M	$751M
Q2 25	$48M	$679M	$727M
Q3 25	$45M	$709M	$753M
Q4 25	$0	$707M	$707M
Q1 26	$0	$627M	$627M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 22	51M	-0.3%	-0.3%
Q3 22	51M	+0.1%	-0.2%
Q4 22	51M	-0.1%	-0.5%
Q1 23	49M	-2.4%	-2.6%
Q2 23	44M	-10.5%	-12.6%
Q3 23	43M	-3.7%	-15.9%
Q4 23	42M	-1.9%	-17.4%
Q1 24	41M	-0.7%	-16.0%
Q2 24	41M	-0.1%	-6.3%
Q3 24	42M	+0.3%	-2.4%
Q4 24	42M	-0.0%	-0.5%
Q1 25	42M	+0.1%	+0.3%
Q2 25	41M	-0.3%	+0.1%
Q3 25	41M	-0.1%	-0.3%
Q4 25	41M	-0.4%	-0.7%
Q1 26	41M	-1.5%	-2.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 22	$52.6K	15K
Q3 22	$51.9K	15K
Q4 22	$50.2K	14K
Q1 23	$50.9K	14K
Q2 23	$53.4K	14K
Q3 23	$56.4K	14K
Q4 23	$57.8K	13K
Q1 24	$61.8K	13K
Q2 24	$66.7K	13K
Q3 24	$70.2K	13K
Q4 24	$63.0K	15K
Q1 25	$63.2K	15K
Q2 25	$69.0K	15K
Q3 25	$70.0K	15K
Q4 25	$64.8K	16K
Q1 26	$64.1K	16K

Revenue / Employee