SkyWest (SKYW) Financials

$84.82 0.00 (0.00%)

Closing price 05/22/2026 04:00 PM Eastern

Extended Trading

$83.62 -1.19 (-1.41%)

As of 05/22/2026 05:52 PM Eastern

Annual Income Statements for SkyWest

This table shows SkyWest's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	118	-161	429	280	340	-8.52	112	73	34	323	428
Consolidated Net Income / (Loss)	118	-162	429	280	340	-8.52	112	73	34	323	428
Net Income / (Loss) Continuing Operations	118	-162	429	280	340	-8.52	112	73	34	323	428
Total Pre-Tax Income	194	-249	288	366	446	-7.33	151	93	40	432	566
Total Operating Income	235	-173	388	474	512	109	276	181	104	495	618
Total Gross Profit	1,774	833	932	1,082	1,337	620	802	1,041	853	1,977	1,435
Total Revenue	3,096	3,064	3,123	3,222	2,972	2,127	2,713	3,005	2,935	3,528	4,058
Operating Revenue	3,030	3,064	3,123	3,222	2,972	2,127	2,713	3,005	2,935	3,528	4,058
Total Cost of Revenue	1,321	2,230	2,191	2,140	1,635	1,507	1,912	1,964	2,082	1,551	2,624
Operating Cost of Revenue	1,321	2,230	2,191	2,140	1,635	1,507	1,912	1,964	2,082	1,551	2,624
Total Operating Expenses	1,540	1,006	544	607	825	511	526	860	749	1,482	817
Selling, General & Admin Expense	314	256	251	273	244	223	256	318	294	300	331
Depreciation Expense	265	285	293	335	368	475	440	395	383	384	364
Other Operating Expenses / (Income)	961	466	0.00	0.00	213	-186	-170	147	73	798	122
Total Other Income / (Expense), net	-40	-76	-100	-108	-66	-116	-125	-89	-64	-59	-52
Interest Expense	76	78	105	120	128	123	123	127	131	114	104
Interest & Investment Income	2.00	2.14	4.51	8.82	14	5.88	1.11	18	44	48	43
Other Income / (Expense), net	34	-0.09	0.40	3.62	48	1.17	-3.25	21	23	-	8.86
Income Tax Expense	77	-87	-141	86	106	1.19	39	20	5.97	109	137
Basic Earnings per Share	$2.31	($3.14)	$8.28	$5.40	$6.68	($0.17)	$2.22	$1.44	$0.78	$8.02	$10.62
Weighted Average Basic Shares Outstanding	51.08M	51.51M	51.80M	51.91M	50.93M	50.20M	50.35M	50.55M	43.94M	40.26M	40.31M
Diluted Earnings per Share	$2.27	($3.14)	$8.08	$5.30	$6.62	($0.17)	$2.20	$1.44	$0.77	$7.77	$10.35
Weighted Average Diluted Shares Outstanding	51.83M	51.51M	53.10M	52.87M	51.38M	50.20M	50.75M	50.64M	44.60M	41.55M	41.40M
Weighted Average Basic & Diluted Shares Outstanding	51M	51.51M	51.78M	51.91M	50.93M	50.20M	50.52M	50.44M	40.23M	40.33M	40.41M

This table shows SkyWest's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	23	18	60	76	91	97	101	120	117	91	101
Consolidated Net Income / (Loss)	23	18	60	76	90	97	101	120	116	91	102
Net Income / (Loss) Continuing Operations	23	18	60	76	90	97	101	120	116	91	102
Total Pre-Tax Income	24	24	80	102	116	134	121	163	157	125	108
Total Operating Income	49	28	100	120	131	144	139	170	174	134	124
Total Gross Profit	231	880	286	329	331	1,052	571	379	376	342	552
Total Revenue	766	752	804	867	913	944	948	1,035	1,050	1,024	1,013
Operating Revenue	766	752	804	867	913	944	948	1,035	1,050	1,024	1,013
Total Cost of Revenue	535	-128	518	538	582	-108	377	657	674	682	461
Operating Cost of Revenue	535	-128	518	538	582	-108	377	657	674	682	461
Total Operating Expenses	182	852	187	209	200	908	432	209	202	208	428
Selling, General & Admin Expense	65	63	70	74	80	75	81	91	78	81	89
Depreciation Expense	97	95	96	97	97	95	89	90	92	92	90
Other Operating Expenses / (Income)	20	694	21	39	23	739	261	27	32	35	249
Total Other Income / (Expense), net	-25	-3.18	-19	-17	-15	-10	-19	-7.01	-17	-9.61	-16
Interest Expense	33	31	30	29	28	28	27	27	26	25	24
Interest & Investment Income	11	12	12	12	12	12	10	11	11	12	8.60
Income Tax Expense	0.87	6.92	20	27	26	36	20	43	41	33	6.08
Basic Earnings per Share	$0.56	$0.32	$1.50	$1.88	$2.23	$2.41	$2.48	$2.98	$2.89	$2.27	$2.54
Weighted Average Basic Shares Outstanding	41.83M	43.94M	40.30M	40.18M	40.25M	40.26M	40.49M	40.42M	40.32M	40.31M	40.00M
Diluted Earnings per Share	$0.55	$0.32	$1.45	$1.82	$2.16	$2.34	$2.42	$2.91	$2.81	$2.21	$2.50
Weighted Average Diluted Shares Outstanding	42.58M	44.60M	41.49M	41.43M	41.56M	41.55M	41.60M	41.35M	41.39M	41.40M	40.67M
Weighted Average Basic & Diluted Shares Outstanding	40.94M	40.23M	40.26M	40.10M	40.33M	40.33M	40.47M	40.38M	40.10M	40.41M	39.66M

This table details how cash moves in and out of SkyWest's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	71	-56	35	147	-241	129	43	-155	45	79	-105
Net Cash From Operating Activities	417	507	684	803	721	634	832	480	736	692	940
Net Cash From Continuing Operating Activities	417	507	684	803	721	634	832	480	736	692	940
Net Income / (Loss) Continuing Operations	118	-162	429	280	340	-8.52	112	73	34	323	428
Consolidated Net Income / (Loss)	118	-162	429	280	340	-8.52	112	73	34	323	428
Depreciation Expense	265	285	293	335	368	475	440	395	383	384	364
Non-Cash Adjustments To Reconcile Net Income	-28	472	19	13	-14	81	120	112	44	1.77	11
Changes in Operating Assets and Liabilities, net	63	-89	-56	174	27	86	160	-99	275	-16	136
Net Cash From Investing Activities	-570	-1,177	-751	-983	-657	-683	-699	-905	-23	-229	-652
Net Cash From Continuing Investing Activities	-570	-1,177	-751	-983	-657	-683	-699	-905	-23	-229	-652
Purchase of Property, Plant & Equipment	-711	-1,153	-689	-1,097	-662	-438	-556	-645	-251	-311	-578
Purchase of Investments	-1,170	-2,511	-1,534	-2,309	-1,939	-1,348	-1,518	-1,834	-1,339	-1,431	-1,113
Sale of Property, Plant & Equipment	10	3.01	52	0.00	26	3.24	7.12	17	16	5.15	16
Sale and/or Maturity of Investments	1,299	2,388	1,440	2,451	1,867	1,171	1,526	1,488	1,601	1,543	1,103
Other Investing Activities, net	2.22	96	-21	-29	-2.34	-71	-158	70	-49	-36	-79
Net Cash From Financing Activities	223	614	102	327	-305	178	-91	269	-668	-385	-393
Net Cash From Continuing Financing Activities	223	614	102	327	-305	178	-91	269	-668	-385	-393
Repayment of Debt	-354	-311	-334	-375	-384	-192	-542	-417	-448	-454	-493
Issuance of Debt	595	926	472	785	200	406	450	685	70	116	209
Issuance of Common Equity	9.75	8.14	4.66	5.21	6.27	2.82	3.15	2.96	2.81	2.86	2.65
Other Financing Activities, net	-	0.00	-5.08	-14	-25	-6.17	-1.58	-1.15	-293	-50	-112
Cash Interest Paid	81	77	106	118	132	125	125	125	128	114	106
Cash Income Taxes Paid	5.10	1.21	5.01	2.66	2.49	1.78	6.59	1.17	14	19	17

This table details how cash moves in and out of SkyWest's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-168	535	-126	-204	-148	556	-219	-388	-285	787	-201
Net Cash From Operating Activities	179	224	158	165	184	186	171	257	281	232	144
Net Cash From Continuing Operating Activities	-	736	0.00	-	-	692	0.00	-	-	940	0.00
Net Income / (Loss) Continuing Operations	-	34	0.00	-	-	323	0.00	-	-	428	0.00
Net Cash From Investing Activities	-8.99	-84	-0.55	-75	-43	-110	-66	-307	-147	-133	-83
Net Cash From Continuing Investing Activities	-8.99	-84	-0.55	-75	-43	-110	-66	-307	-147	-133	-83
Purchase of Property, Plant & Equipment	-32	-86	-38	-19	-97	-157	-73	-169	-122	-214	-102
Purchase of Investments	-449	-357	-338	-385	-490	-219	-349	-402	-229	-133	-170
Sale of Property, Plant & Equipment	2.76	9.31	2.21	0.75	1.16	1.04	0.12	3.71	1.68	10	0.25
Sale and/or Maturity of Investments	503	365	383	333	525	302	352	295	199	258	192
Other Investing Activities, net	-34	-16	-11	-4.96	17	-37	4.80	-35	3.87	-53	-3.10
Net Cash From Financing Activities	-159	-117	-125	-128	-105	-27	-153	-81	-138	-21	-118
Net Cash From Continuing Financing Activities	-159	-117	-125	-128	-105	-27	-153	-81	-138	-21	-118
Repayment of Debt	-110	-116	-111	-115	-113	-115	-114	-111	-113	-155	-116
Repurchase of Common Equity	-	-	-8.75	-	-	-	-14	-17	-27	-	-75
Issuance of Debt	-	45	-	-	23	93	0.00	-	-	162	118
Issuance of Common Equity	1.54	-	1.45	-	1.42	-	1.29	-	1.36	-	1.31
Other Financing Activities, net	-51	-45	-6.93	-22	-16	-4.66	-27	-	-	-85	-46
Cash Interest Paid	32	30	30	28	28	26	28	26	29	24	29
Cash Income Taxes Paid	6.28	4.43	0.04	14	0.66	3.66	-0.02	9.11	4.13	3.64	1.08

This table presents SkyWest's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	4,782	5,008	5,474	6,313	6,657	6,888	7,126	7,415	7,026	7,140	7,386
Total Current Assets	1,018	918	995	1,021	760	983	1,069	1,371	1,132	1,117	1,091
Cash & Equivalents	203	147	182	328	87	216	258	103	148	227	123
Short-Term Investments	287	410	504	361	433	610	602	944	687	574	584
Accounts Receivable	62	47	43	64	83	34	65	101	83	123	160
Inventories, net	140	119	120	128	111	91	104	123	127	139	169
Other Current Assets	18	18	27	27	36	31	39	100	87	54	56
Plant, Property, & Equipment, net	3,471	3,822	4,183	5,006	5,395	5,362	5,499	5,548	5,483	5,587	5,843
Plant, Property & Equipment, gross	5,557	5,140	5,650	6,767	7,393	7,818	8,230	8,433	8,683	9,133	9,731
Accumulated Depreciation	2,086	1,318	1,467	1,762	1,998	2,456	2,731	2,884	3,200	3,545	3,888
Total Noncurrent Assets	294	268	296	287	502	543	559	495	411	435	452
Noncurrent Note & Lease Receivables	-	-	-	-	-	-	-	-	-	348	370
Other Noncurrent Operating Assets	283	268	296	287	502	543	559	495	411	88	82
Total Liabilities & Shareholders' Equity	4,782	5,008	5,474	6,313	6,657	6,888	7,126	7,415	7,026	7,140	7,386
Total Liabilities	3,276	3,657	3,720	4,349	4,482	4,748	4,858	5,067	4,913	4,731	4,640
Total Current Liabilities	748	747	821	925	925	942	1,195	1,173	1,254	1,430	1,668
Short-Term Debt	269	305	310	350	364	402	392	439	444	536	547
Accounts Payable	280	241	289	332	284	279	496	422	470	527	634
Current Employee Benefit Liabilities	138	140	154	162	134	126	151	186	195	227	241
Other Taxes Payable	17	16	19	16	15	26	29	20	26	23	23
Other Current Liabilities	44	45	49	65	127	109	127	105	119	117	224
Total Noncurrent Liabilities	2,528	2,910	2,899	3,424	3,557	3,806	3,664	3,894	3,658	3,301	2,972
Long-Term Debt	1,659	2,240	2,377	2,810	2,629	2,802	2,717	2,942	2,562	2,137	1,845
Noncurrent Deferred & Payable Income Tax Liabilities	750	565	419	518	624	626	663	687	688	788	911
Other Noncurrent Operating Liabilities	119	104	103	96	305	173	283	266	409	377	216
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,506	1,351	1,754	1,964	2,175	2,140	2,268	2,348	2,114	2,409	2,746
Total Preferred & Common Equity	1,506	1,351	1,754	1,964	2,175	2,140	2,268	2,348	2,114	2,409	2,746
Total Common Equity	1,506	1,351	1,754	1,964	2,175	2,140	2,268	2,348	2,114	2,409	2,746
Common Stock	642	657	673	691	687	705	722	734	754	777	798
Retained Earnings	1,275	1,104	1,517	1,777	2,079	2,052	2,164	2,237	2,271	2,594	3,023
Treasury Stock	-410	-410	-435	-503	-591	-617	-619	-620	-912	-963	-1,075
Accumulated Other Comprehensive Income / (Loss)	-0.26	-0.07	-0.05	-0.03	-	-	0.00	-3.80	0.33	0.17	0.28
Other Equity Adjustments	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

This table presents SkyWest's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	7,454	7,234	7,116	7,059	6,983	6,962	6,957	7,114	7,174	7,214	7,346
Total Current Assets	1,262	1,252	1,183	1,162	1,069	1,115	1,134	1,071	1,062	1,100	1,013
Cash & Equivalents	39	75	114	125	180	142	178	179	48	45	66
Short-Term Investments	965	861	748	694	641	693	658	572	679	709	561
Accounts Receivable	73	101	105	119	86	103	111	137	152	147	173
Inventories, net	119	122	124	127	130	134	136	140	146	155	174
Other Current Assets	66	93	93	97	32	44	50	43	37	45	39
Plant, Property, & Equipment, net	5,639	5,561	5,491	5,498	5,491	5,435	5,417	5,623	5,681	5,662	5,890
Plant, Property & Equipment, gross	8,572	8,519	8,531	8,620	8,775	8,804	8,878	9,254	9,396	9,467	9,864
Accumulated Depreciation	2,934	2,958	3,040	3,122	3,285	3,369	3,461	3,632	3,715	3,805	3,974
Total Noncurrent Assets	553	420	441	399	423	413	405	420	431	452	444
Noncurrent Note & Lease Receivables	361	-	-	313	337	330	320	337	351	367	361
Other Noncurrent Operating Assets	193	420	441	86	86	82	85	84	80	85	83
Total Liabilities & Shareholders' Equity	7,454	7,234	7,116	7,059	6,983	6,962	6,957	7,114	7,174	7,214	7,346
Total Liabilities	5,058	5,002	4,959	4,922	4,818	4,731	4,645	4,640	4,592	4,536	4,614
Total Current Liabilities	1,160	1,152	1,166	1,206	1,312	1,324	1,314	1,417	1,458	1,553	1,634
Short-Term Debt	429	443	442	443	507	498	497	486	491	520	598
Accounts Payable	381	452	457	487	481	480	460	576	557	580	652
Current Employee Benefit Liabilities	195	184	189	190	181	198	211	202	221	230	215
Other Taxes Payable	36	20	23	25	21	25	27	19	23	23	24
Other Current Liabilities	118	52	55	62	123	124	119	134	167	201	143
Total Noncurrent Liabilities	3,898	3,850	3,793	3,717	3,506	3,407	3,331	3,223	3,134	2,983	2,980
Long-Term Debt	2,982	2,856	2,744	2,634	2,389	2,284	2,197	2,073	2,006	1,865	1,796
Noncurrent Deferred & Payable Income Tax Liabilities	684	682	683	682	704	725	752	806	838	864	915
Other Noncurrent Operating Liabilities	232	313	366	401	413	398	382	344	290	254	270
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	2,396	2,232	2,157	2,137	2,165	2,231	2,311	2,474	2,582	2,678	2,732
Total Preferred & Common Equity	2,396	2,232	2,157	2,137	2,165	2,231	2,311	2,474	2,582	2,678	2,732
Total Common Equity	2,396	2,232	2,157	2,137	2,165	2,231	2,311	2,474	2,582	2,678	2,732
Common Stock	736	740	744	750	761	766	772	783	788	794	804
Retained Earnings	2,284	2,215	2,230	2,254	2,332	2,407	2,497	2,695	2,815	2,931	3,124
Treasury Stock	-620	-720	-816	-867	-928	-942	-958	-1,004	-1,021	-1,048	-1,196
Accumulated Other Comprehensive Income / (Loss)	-4.57	-2.32	-0.81	-0.18	0.15	-0.51	0.38	0.09	0.02	0.34	-0.37
Other Equity Adjustments	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

This table displays calculated financial ratios and metrics derived from SkyWest's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-4.38%	-1.03%	0.00%	0.00%	0.00%	-28.43%	27.57%	10.74%	-2.31%	20.18%	15.03%
EBITDA Growth	74.54%	-78.94%	160.96%	19.24%	14.22%	-36.97%	21.86%	-16.30%	-14.45%	72.88%	12.82%
EBIT Growth	488.67%	-164.43%	100.00%	22.98%	17.16%	-80.36%	147.91%	-25.88%	-36.99%	291.58%	26.70%
NOPAT Growth	717.46%	-185.01%	100.00%	-37.17%	7.53%	-80.49%	169.14%	-30.36%	-37.89%	316.95%	26.57%
Net Income Growth	587.77%	-237.15%	0.00%	-34.63%	21.30%	-102.50%	1,414.27%	-34.81%	-52.93%	840.43%	32.63%
EPS Growth	582.98%	-238.33%	0.00%	-34.41%	24.91%	-102.57%	1,394.12%	-34.55%	-46.53%	909.09%	33.20%
Operating Cash Flow Growth	43.84%	21.41%	35.02%	17.31%	-10.16%	-12.13%	31.29%	-42.25%	53.28%	-5.96%	35.80%
Free Cash Flow Firm Growth	38.00%	-149.03%	17.73%	-306.10%	156.14%	-99.47%	43,693.87%	-105.25%	2,343.70%	-22.79%	-15.66%
Invested Capital Growth	13.51%	13.46%	12.74%	18.07%	4.80%	1.62%	-4.38%	3.64%	-8.47%	-0.11%	3.55%
Revenue Q/Q Growth	-1.94%	-1.68%	0.00%	0.00%	1,665.69%	0.00%	0.00%	-3.09%	2.46%	5.78%	2.01%
EBITDA Q/Q Growth	24.81%	-80.00%	0.00%	5.06%	1.19%	0.00%	9.56%	-12.17%	17.66%	13.58%	-1.34%
EBIT Q/Q Growth	64.93%	-160.84%	0.00%	6.30%	0.71%	0.00%	28.96%	-25.37%	160.80%	27.07%	-1.79%
NOPAT Q/Q Growth	62.63%	-169.41%	0.00%	-63.58%	52.04%	0.00%	34.28%	-26.63%	206.07%	29.86%	-1.44%
Net Income Q/Q Growth	138.04%	-208.37%	0.00%	-44.28%	1.62%	0.00%	0.00%	-41.35%	213.42%	32.85%	-1.43%
EPS Q/Q Growth	134.02%	-210.18%	0.00%	-44.21%	2.48%	0.00%	81.82%	-41.46%	257.14%	35.13%	-1.24%
Operating Cash Flow Q/Q Growth	43.84%	-37.96%	6.96%	10.70%	-11.19%	-7.81%	7.77%	-1.64%	13.50%	-5.27%	5.10%
Free Cash Flow Firm Q/Q Growth	44.13%	-370.58%	-112.88%	-313.38%	194.14%	-99.04%	52.80%	92.66%	10.71%	-26.57%	-5.39%
Invested Capital Q/Q Growth	-2.16%	1.41%	7.79%	2.35%	2.61%	6.59%	4.68%	-2.55%	-2.50%	2.66%	2.83%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	57.31%	60.65%	0.00%	0.00%	44.98%	29.16%	29.55%	34.64%	52.02%	56.03%	35.35%
EBITDA Margin	17.21%	3.66%	0.00%	0.00%	31.23%	27.50%	26.27%	19.85%	17.39%	25.01%	24.42%
Operating Margin	7.58%	-5.64%	0.00%	0.00%	17.24%	5.12%	10.17%	6.03%	3.55%	14.02%	15.22%
EBIT Margin	8.66%	-5.64%	0.00%	0.00%	18.84%	5.17%	10.05%	6.72%	4.34%	14.13%	15.44%
Profit (Net Income) Margin	3.81%	-5.27%	0.00%	0.00%	11.44%	-0.40%	4.12%	2.43%	1.17%	9.15%	10.55%
Tax Burden Percent	60.63%	64.94%	0.00%	76.54%	76.20%	116.21%	74.30%	78.80%	85.20%	74.74%	75.73%
Interest Burden Percent	72.46%	144.01%	0.00%	76.65%	79.71%	-6.66%	55.25%	45.82%	31.66%	86.68%	90.25%
Effective Tax Rate	39.37%	0.00%	0.00%	23.46%	23.80%	0.00%	25.70%	21.20%	14.80%	25.27%	24.27%
Return on Invested Capital (ROIC)	5.15%	-3.86%	0.00%	0.00%	8.60%	1.63%	4.44%	3.10%	1.98%	8.63%	10.74%
ROIC Less NNEP Spread (ROIC-NNEP)	3.29%	-6.24%	0.00%	0.00%	6.56%	-1.72%	0.59%	0.06%	-0.43%	6.32%	8.52%
Return on Net Nonoperating Assets (RNNOA)	2.96%	-7.45%	0.00%	0.00%	7.84%	-2.02%	0.64%	0.06%	-0.44%	5.65%	5.87%
Return on Equity (ROE)	8.11%	-11.31%	0.00%	15.08%	16.43%	-0.39%	5.08%	3.16%	1.54%	14.28%	16.62%
Cash Return on Invested Capital (CROIC)	-7.50%	-16.47%	-11.98%	-7.71%	3.90%	0.02%	8.91%	-0.47%	10.82%	8.75%	7.25%
Operating Return on Assets (OROA)	5.84%	-3.53%	0.00%	0.00%	8.63%	1.62%	3.89%	2.78%	1.76%	7.04%	8.63%
Return on Assets (ROA)	2.56%	-3.30%	0.00%	0.00%	5.24%	-0.13%	1.60%	1.00%	0.48%	4.56%	5.90%
Return on Common Equity (ROCE)	8.11%	-11.31%	0.00%	15.08%	16.43%	-0.39%	5.08%	3.16%	1.54%	14.28%	16.62%
Return on Equity Simple (ROE_SIMPLE)	7.82%	-11.96%	0.00%	14.27%	15.64%	-0.40%	4.94%	3.11%	1.62%	13.41%	0.00%
Net Operating Profit after Tax (NOPAT)	142	-121	0.00	363	390	76	205	143	89	370	468
NOPAT Margin	4.59%	-3.95%	0.00%	0.00%	13.13%	3.58%	7.55%	4.75%	3.02%	10.48%	11.53%
Net Nonoperating Expense Percent (NNEP)	1.86%	2.39%	0.00%	3.70%	2.03%	3.35%	3.85%	3.05%	2.41%	2.31%	2.23%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	2.49%	1.73%	7.28%	9.11%
Cost of Revenue to Revenue	42.69%	39.35%	0.00%	0.00%	55.02%	70.84%	70.45%	65.36%	47.98%	43.97%	64.65%
SG&A Expenses to Revenue	10.14%	8.34%	0.00%	0.00%	8.20%	10.47%	9.43%	10.59%	9.13%	8.34%	8.15%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	49.74%	32.84%	0.00%	0.00%	27.74%	24.05%	19.39%	28.61%	48.47%	42.01%	20.13%
Earnings before Interest and Taxes (EBIT)	268	-173	0.00	478	560	110	273	202	127	499	627
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	533	112	293	812	928	585	713	597	510	882	991
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.62	1.36	1.54	1.18	1.49	0.94	0.87	0.36	1.01	1.68	1.47
Price to Tangible Book Value (P/TBV)	0.62	1.36	1.54	1.18	1.49	0.94	0.87	0.36	1.01	1.68	1.47
Price to Revenue (P/Rev)	0.30	0.60	0.00	0.00	1.09	0.95	0.73	0.28	0.73	1.14	0.99
Price to Earnings (P/E)	7.90	2.12	0.00	0.00	9.53	0.00	17.69	11.45	62.23	12.50	9.40
Dividend Yield	0.87%	0.54%	0.62%	0.91%	0.75%	1.24%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	12.66%	47.11%	0.00%	0.00%	10.49%	0.00%	5.65%	8.73%	1.61%	8.00%	10.64%
Enterprise Value to Invested Capital (EV/IC)	0.80	1.14	1.25	1.08	1.23	0.97	0.94	0.68	1.01	1.38	1.29
Enterprise Value to Revenue (EV/Rev)	0.76	1.24	0.00	0.00	1.92	2.16	1.56	1.05	1.47	1.67	1.41
Enterprise Value to EBITDA (EV/EBITDA)	4.43	33.98	16.04	5.90	6.16	7.87	5.93	5.31	8.44	6.70	5.76
Enterprise Value to EBIT (EV/EBIT)	8.80	0.00	0.00	10.02	10.21	41.87	15.51	15.68	33.84	11.85	9.11
Enterprise Value to NOPAT (EV/NOPAT)	16.60	0.00	0.00	13.20	14.64	60.46	20.63	22.20	48.59	15.98	12.21
Enterprise Value to Operating Cash Flow (EV/OCF)	5.66	7.53	6.87	5.97	7.93	7.27	5.08	6.60	5.85	8.53	6.07
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	32.23	4,896.62	10.27	0.00	8.88	15.78	18.09
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.28	1.88	1.53	1.61	1.38	1.59	1.37	1.44	1.42	1.11	0.87
Long-Term Debt to Equity	1.10	1.66	1.36	1.43	1.21	1.41	1.20	1.25	1.21	0.89	0.67
Financial Leverage	0.90	1.19	1.28	1.20	1.19	1.17	1.10	0.99	1.01	0.89	0.69
Leverage Ratio	3.16	3.43	3.38	3.17	3.13	3.14	3.18	3.15	3.24	3.13	2.82
Compound Leverage Factor	2.29	4.93	0.00	2.43	2.50	-0.21	1.76	1.44	1.02	2.72	2.54
Debt to Total Capital	56.14%	65.33%	60.50%	61.67%	57.91%	61.44%	57.83%	59.01%	58.72%	52.59%	46.55%
Short-Term Debt to Total Capital	7.82%	7.84%	6.97%	6.83%	7.05%	7.25%	7.29%	7.66%	8.67%	10.54%	10.64%
Long-Term Debt to Total Capital	48.31%	57.49%	53.53%	54.83%	50.87%	54.20%	50.54%	51.36%	50.05%	42.05%	35.91%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	43.86%	34.67%	39.50%	38.33%	42.09%	38.56%	42.17%	40.99%	41.28%	47.41%	53.45%
Debt to EBITDA	3.62	22.69	9.18	3.89	3.23	5.83	4.36	5.67	5.89	3.03	2.41
Net Debt to EBITDA	2.68	17.65	6.84	3.04	2.66	4.42	3.15	3.91	4.25	2.12	1.70
Long-Term Debt to EBITDA	3.11	19.97	8.12	3.46	2.83	5.14	3.81	4.93	5.02	2.42	1.86
Debt to NOPAT	13.56	-21.06	0.00	8.71	7.67	44.77	15.17	23.68	33.90	7.23	5.11
Net Debt to NOPAT	10.06	-16.39	0.00	6.81	6.34	33.92	10.97	16.34	24.48	5.06	3.60
Long-Term Debt to NOPAT	11.67	-18.53	0.00	7.74	6.73	39.49	13.26	20.61	28.90	5.78	3.94
Altman Z-Score	1.44	1.15	0.86	0.98	1.57	1.04	1.16	1.05	1.17	1.69	1.83
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.36	1.23	1.21	1.10	0.82	1.04	0.89	1.17	0.90	0.78	0.65
Quick Ratio	0.74	0.81	0.89	0.81	0.65	0.91	0.77	0.98	0.73	0.65	0.52
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-207	-516	-425	-316	177	0.94	412	-22	485	374	316
Operating Cash Flow to CapEx	59.57%	44.05%	107.46%	73.17%	113.39%	145.63%	151.63%	76.43%	312.74%	226.59%	167.18%
Free Cash Flow to Firm to Interest Expense	-2.73	-6.60	0.00	-2.62	1.39	0.01	3.35	-0.17	3.70	3.28	3.02
Operating Cash Flow to Interest Expense	5.50	6.48	0.00	6.67	5.64	5.14	6.76	3.78	5.62	6.06	9.00
Operating Cash Flow Less CapEx to Interest Expense	-3.73	-8.23	0.00	-2.44	0.67	1.61	2.30	-1.17	3.83	3.38	3.62
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.67	0.63	0.00	0.00	0.46	0.31	0.39	0.41	0.41	0.50	0.56
Accounts Receivable Turnover	42.62	56.17	0.00	0.00	40.39	36.22	54.37	36.23	32.02	34.31	28.72
Inventory Turnover	9.51	9.32	0.00	0.00	13.73	14.94	19.58	17.28	11.25	11.66	17.06
Fixed Asset Turnover	0.95	0.84	0.00	0.00	0.57	0.40	0.50	0.54	0.53	0.64	0.71
Accounts Payable Turnover	4.81	4.63	0.00	0.00	5.31	5.35	4.93	4.28	3.16	3.11	4.52
Days Sales Outstanding (DSO)	8.56	6.50	0.00	0.00	9.04	10.08	6.71	10.07	11.40	10.64	12.71
Days Inventory Outstanding (DIO)	38.36	39.18	0.00	0.00	26.58	24.43	18.64	21.12	32.43	31.31	21.39
Days Payable Outstanding (DPO)	75.95	78.89	0.00	0.00	68.80	68.21	73.99	85.33	115.61	117.36	80.76
Cash Conversion Cycle (CCC)	-29.03	-33.21	0.00	0.00	-33.18	-33.70	-48.64	-54.13	-71.77	-75.41	-46.66
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,936	3,332	3,756	4,435	4,648	4,723	4,516	4,681	4,284	4,280	4,432
Invested Capital Turnover	1.12	0.98	0.00	0.00	0.65	0.45	0.59	0.65	0.65	0.82	0.93
Increase / (Decrease) in Invested Capital	349	395	425	679	213	75	-207	164	-396	-4.80	152
Enterprise Value (EV)	2,361	3,813	4,697	4,790	5,715	4,605	4,229	3,168	4,308	5,909	5,712
Market Capitalization	931	1,832	2,695	2,319	3,242	2,021	1,980	835	2,137	4,038	4,027
Book Value per Share	$29.68	$26.11	$33.84	$37.15	$43.14	$42.67	$45.01	$46.40	$51.62	$59.73	$68.48
Tangible Book Value per Share	$29.48	$26.11	$33.84	$37.15	$43.14	$42.67	$45.01	$46.40	$51.62	$59.73	$68.48
Total Capital	3,434	3,896	4,441	5,124	5,168	5,549	5,377	5,728	5,120	5,081	5,139
Total Debt	1,928	2,546	2,687	3,160	2,993	3,410	3,109	3,380	3,006	2,672	2,392
Total Long-Term Debt	1,659	2,240	2,377	2,810	2,629	3,007	2,717	2,942	2,562	2,137	1,845
Net Debt	1,430	1,981	2,002	2,471	2,473	2,584	2,249	2,333	2,171	1,871	1,685
Capital Expenditures (CapEx)	701	1,150	637	1,097	636	435	549	629	235	306	562
Debt-free, Cash-free Net Working Capital (DFCFNWC)	40	-89	-201	-243	-320	-383	-595	-410	-514	-579	-737
Debt-free Net Working Capital (DFNWC)	538	476	484	446	200	443	266	637	321	223	-30
Net Working Capital (NWC)	270	171	174	96	-164	41	-126	199	-122	-313	-576
Net Nonoperating Expense (NNE)	24	41	0.00	83	50	85	93	70	54	47	40
Net Nonoperating Obligations (NNO)	1,430	1,981	2,002	2,471	2,473	2,584	2,249	2,333	2,171	1,871	1,685
Total Depreciation and Amortization (D&A)	265	285	293	335	368	475	440	395	383	384	364
Debt-free, Cash-free Net Working Capital to Revenue	1.30%	-2.90%	0.00%	0.00%	-10.78%	-17.99%	-21.91%	-13.64%	-17.50%	-16.40%	-18.15%
Debt-free Net Working Capital to Revenue	17.39%	15.54%	0.00%	0.00%	6.72%	20.84%	9.79%	21.21%	10.95%	6.32%	-0.73%
Net Working Capital to Revenue	8.71%	5.57%	0.00%	0.00%	-5.53%	1.93%	-4.64%	6.61%	-4.17%	-8.86%	-14.20%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.31	($3.14)	$8.28	$5.40	$0.00	$0.00	$2.22	$1.44	$0.78	$8.02	$10.62
Adjusted Weighted Average Basic Shares Outstanding	51.08M	51.51M	51.80M	51.91M	50.93M	50.20M	50.35M	50.55M	43.94M	40.26M	40.31M
Adjusted Diluted Earnings per Share	$2.27	($3.14)	$8.08	$5.30	$0.00	$0.00	$2.20	$1.44	$0.77	$7.77	$10.35
Adjusted Weighted Average Diluted Shares Outstanding	51.83M	51.51M	53.10M	52.87M	50.93M	50.20M	50.75M	50.64M	44.60M	41.55M	41.40M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	51.13M	51.85M	51.78M	0.00	50.93M	50.20M	50.52M	50.44M	40.23M	40.33M	40.41M
Normalized Net Operating Profit after Tax (NOPAT)	142	-121	0.00	363	390	76	205	143	89	370	468
Normalized NOPAT Margin	4.59%	-3.95%	0.00%	0.00%	13.13%	3.58%	7.55%	4.75%	3.02%	10.48%	11.53%
Pre Tax Income Margin	6.28%	-8.12%	0.00%	0.00%	15.02%	-0.34%	5.55%	3.08%	1.37%	12.25%	13.94%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.54	-2.21	0.00	3.97	4.38	0.89	2.21	1.59	0.97	4.36	6.00
NOPAT to Interest Expense	1.87	-1.55	0.00	3.01	3.06	0.62	1.66	1.12	0.68	3.23	4.48
EBIT Less CapEx to Interest Expense	-5.70	-16.92	0.00	-5.14	-0.59	-2.64	-2.24	-3.36	-0.83	1.69	0.62
NOPAT Less CapEx to Interest Expense	-7.36	-16.26	0.00	-6.09	-1.92	-2.91	-2.79	-3.82	-1.12	0.56	-0.91
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	7.01%	-5.73%	0.00%	7.04%	6.90%	-153.36%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	22.91%	-5.73%	0.00%	26.46%	29.97%	-388.24%	0.00%	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from SkyWest's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	40,406,672.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	40,406,672.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	2.50
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-2.95%	10.35%	16.16%	19.50%	19.14%	25.62%	18.02%	19.39%	15.04%	8.48%	6.82%
EBITDA Growth	-21.48%	123.66%	112.02%	56.42%	60.46%	76.13%	16.96%	24.49%	15.99%	-3.38%	-5.85%
EBIT Growth	-45.44%	223.15%	3,988.46%	191.46%	188.09%	245.12%	40.02%	50.00%	30.92%	-4.14%	-10.21%
NOPAT Growth	-26.22%	180.66%	2,372.73%	217.75%	113.52%	430.39%	55.13%	41.73%	27.05%	-6.50%	0.53%
Net Income Growth	-51.46%	137.19%	373.20%	390.16%	282.10%	455.93%	66.76%	59.13%	29.71%	-6.39%	1.13%
EPS Growth	-42.71%	134.04%	422.22%	420.00%	292.73%	631.25%	66.90%	59.89%	30.09%	-5.56%	3.31%
Operating Cash Flow Growth	39.47%	64.01%	4.96%	-9.58%	2.64%	-17.17%	8.48%	55.50%	52.93%	24.53%	-15.52%
Free Cash Flow Firm Growth	207.56%	320.29%	133.47%	14.32%	-28.44%	-73.61%	-83.11%	-112.17%	-103.67%	-149.08%	-236.82%
Invested Capital Growth	-8.52%	-8.47%	-7.74%	-6.74%	-5.13%	-0.11%	1.02%	4.14%	3.38%	3.55%	5.05%
Revenue Q/Q Growth	5.59%	-1.88%	6.89%	7.90%	5.27%	3.46%	0.43%	9.15%	1.43%	-2.43%	-1.10%
EBITDA Q/Q Growth	3.04%	-2.58%	40.19%	11.15%	5.70%	6.94%	-6.90%	18.30%	-1.52%	-12.90%	-7.22%
EBIT Q/Q Growth	11.74%	-5.12%	127.10%	21.06%	10.46%	13.66%	-7.86%	29.68%	-3.59%	-19.80%	-10.45%
NOPAT Q/Q Growth	70.62%	-58.34%	278.00%	18.26%	14.65%	3.48%	10.56%	8.05%	2.78%	-23.84%	18.87%
Net Income Q/Q Growth	52.27%	-25.39%	244.25%	25.34%	18.70%	8.55%	3.26%	19.61%	-3.25%	-21.66%	11.56%
EPS Q/Q Growth	57.14%	-41.82%	353.13%	25.52%	18.68%	8.33%	3.42%	20.25%	-3.44%	-21.35%	13.12%
Operating Cash Flow Q/Q Growth	-2.15%	25.46%	-29.76%	4.86%	11.06%	1.25%	-8.00%	50.31%	9.23%	-17.55%	-37.59%
Free Cash Flow Firm Q/Q Growth	33.74%	-8.87%	3.40%	-9.29%	-16.28%	-66.40%	-33.82%	-165.36%	74.77%	-349.65%	-84.50%
Invested Capital Q/Q Growth	-1.94%	-2.50%	-1.04%	-1.43%	-0.25%	2.66%	0.08%	1.61%	-0.97%	2.83%	1.52%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	30.20%	117.01%	35.59%	35.46%	36.26%	111.40%	35.59%	36.58%	35.83%	33.41%	54.50%
EBITDA Margin	18.56%	18.43%	24.17%	24.90%	25.00%	25.84%	23.95%	25.96%	25.21%	22.50%	21.11%
Operating Margin	6.43%	3.67%	12.38%	13.80%	14.40%	15.26%	14.70%	16.43%	16.58%	13.10%	12.21%
EBIT Margin	5.96%	5.76%	12.24%	13.73%	14.41%	15.83%	14.52%	17.26%	16.40%	13.48%	12.21%
Profit (Net Income) Margin	3.06%	2.33%	7.50%	8.72%	9.83%	10.31%	10.60%	11.62%	11.08%	8.90%	10.04%
Tax Burden Percent	96.41%	71.68%	75.21%	73.98%	77.20%	72.88%	83.29%	73.73%	74.03%	73.17%	94.36%
Interest Burden Percent	53.33%	56.41%	81.50%	85.79%	88.33%	89.36%	87.64%	91.31%	91.26%	90.21%	87.13%
Effective Tax Rate	3.59%	28.32%	24.79%	26.02%	22.80%	27.12%	16.71%	26.27%	25.97%	26.83%	5.64%
Return on Invested Capital (ROIC)	3.86%	1.72%	6.42%	7.52%	8.66%	9.16%	10.55%	10.91%	11.52%	8.93%	10.82%
ROIC Less NNEP Spread (ROIC-NNEP)	2.83%	1.62%	5.77%	6.91%	8.09%	8.78%	9.75%	10.63%	10.80%	8.53%	9.98%
Return on Net Nonoperating Assets (RNNOA)	2.92%	1.64%	5.82%	6.73%	7.48%	7.85%	8.16%	8.21%	7.55%	5.89%	6.85%
Return on Equity (ROE)	6.78%	3.36%	12.25%	14.24%	16.14%	17.01%	18.71%	19.12%	19.07%	14.82%	17.67%
Cash Return on Invested Capital (CROIC)	9.53%	10.82%	11.80%	12.20%	11.91%	8.75%	8.62%	6.43%	7.87%	7.25%	5.73%
Operating Return on Assets (OROA)	2.35%	2.34%	5.25%	6.22%	6.86%	7.89%	7.57%	9.38%	9.21%	7.53%	6.96%
Return on Assets (ROA)	1.21%	0.95%	3.22%	3.95%	4.68%	5.14%	5.52%	6.31%	6.22%	4.97%	5.72%
Return on Common Equity (ROCE)	6.78%	3.36%	12.25%	14.24%	16.14%	17.01%	18.71%	19.12%	19.07%	14.82%	17.67%
Return on Equity Simple (ROE_SIMPLE)	-1.42%	0.00%	5.39%	7.93%	10.52%	0.00%	14.68%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	48	20	75	89	101	105	116	125	129	98	117
NOPAT Margin	6.20%	2.63%	9.31%	10.21%	11.12%	11.12%	12.24%	12.12%	12.28%	9.58%	11.52%
Net Nonoperating Expense Percent (NNEP)	1.03%	0.10%	0.66%	0.61%	0.57%	0.38%	0.80%	0.28%	0.72%	0.40%	0.84%
Return On Investment Capital (ROIC_SIMPLE)	-	0.39%	-	-	-	2.07%	2.31%	2.47%	2.55%	1.91%	2.28%
Cost of Revenue to Revenue	69.80%	-17.01%	64.41%	64.54%	63.74%	-11.40%	64.41%	63.42%	64.17%	66.59%	45.50%
SG&A Expenses to Revenue	8.49%	8.37%	8.52%	8.33%	8.64%	7.91%	8.53%	8.81%	7.40%	7.90%	8.79%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	23.76%	113.34%	23.21%	21.67%	21.86%	96.14%	20.89%	20.14%	19.24%	20.31%	42.29%
Earnings before Interest and Taxes (EBIT)	46	43	98	119	132	150	138	179	172	138	124
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	142	139	194	216	228	244	227	269	265	231	214
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.83	1.01	1.31	1.48	1.48	1.68	1.42	1.61	1.52	1.47	1.36
Price to Tangible Book Value (P/TBV)	0.83	1.01	1.31	1.48	1.48	1.68	1.42	1.61	1.52	1.47	1.36
Price to Revenue (P/Rev)	0.62	0.73	0.93	1.04	1.02	1.14	0.96	1.08	1.02	0.99	0.90
Price to Earnings (P/E)	0.00	62.23	24.23	18.68	14.03	12.50	9.70	10.22	9.36	9.40	8.65
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	1.61%	4.13%	5.35%	7.13%	8.00%	10.31%	9.79%	10.68%	10.64%	11.56%
Enterprise Value to Invested Capital (EV/IC)	0.92	1.01	1.16	1.26	1.26	1.38	1.25	1.36	1.32	1.29	1.22
Enterprise Value to Revenue (EV/Rev)	1.40	1.47	1.61	1.65	1.58	1.67	1.45	1.55	1.43	1.41	1.33
Enterprise Value to EBITDA (EV/EBITDA)	9.27	8.44	8.00	7.60	6.78	6.70	5.83	6.13	5.67	5.76	5.66
Enterprise Value to EBIT (EV/EBIT)	82.38	33.84	21.48	17.14	13.42	11.85	9.91	9.94	8.92	9.11	9.10
Enterprise Value to NOPAT (EV/NOPAT)	138.83	48.59	29.57	23.18	18.50	15.98	12.98	13.28	12.00	12.21	11.71
Enterprise Value to Operating Cash Flow (EV/OCF)	6.20	5.85	6.59	7.23	7.21	8.53	7.55	7.44	6.36	6.07	5.99
Enterprise Value to Free Cash Flow (EV/FCFF)	9.18	8.88	9.41	9.94	10.33	15.78	14.52	21.65	17.06	18.09	21.75
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.44	1.42	1.34	1.25	1.17	1.11	1.03	0.97	0.89	0.87	0.88
Long-Term Debt to Equity	1.23	1.21	1.10	1.02	0.95	0.89	0.84	0.78	0.70	0.67	0.66
Financial Leverage	1.03	1.01	1.01	0.97	0.93	0.89	0.84	0.77	0.70	0.69	0.69
Leverage Ratio	3.20	3.24	3.23	3.21	3.15	3.13	3.04	2.94	2.84	2.82	2.78
Compound Leverage Factor	1.71	1.83	2.64	2.75	2.78	2.80	2.66	2.68	2.59	2.54	2.42
Debt to Total Capital	59.02%	58.72%	57.22%	55.49%	53.81%	52.59%	50.85%	49.15%	47.10%	46.55%	46.70%
Short-Term Debt to Total Capital	8.50%	8.67%	10.01%	9.93%	9.93%	10.54%	9.66%	9.66%	10.26%	10.64%	11.67%
Long-Term Debt to Total Capital	50.52%	50.05%	47.21%	45.57%	43.89%	42.05%	41.19%	39.50%	36.84%	35.91%	35.03%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	40.98%	41.28%	42.78%	44.51%	46.19%	47.41%	49.15%	50.85%	52.90%	53.45%	53.30%
Debt to EBITDA	7.09	5.89	4.72	4.03	3.47	3.03	2.80	2.58	2.37	2.41	2.47
Net Debt to EBITDA	5.20	4.25	3.38	2.82	2.39	2.12	1.98	1.83	1.62	1.70	1.83
Long-Term Debt to EBITDA	6.07	5.02	3.90	3.31	2.83	2.42	2.27	2.07	1.86	1.86	1.86
Debt to NOPAT	106.22	33.90	17.46	12.28	9.46	7.23	6.23	5.58	5.02	5.11	5.12
Net Debt to NOPAT	77.93	24.48	12.51	8.60	6.52	5.06	4.40	3.96	3.44	3.60	3.78
Long-Term Debt to NOPAT	90.92	28.90	14.41	10.08	7.72	5.78	5.05	4.49	3.93	3.94	3.84
Altman Z-Score	1.08	1.13	1.26	1.38	1.45	1.53	1.51	1.65	1.66	1.61	1.59
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.96	0.90	0.81	0.84	0.86	0.78	0.76	0.73	0.71	0.65	0.62
Quick Ratio	0.78	0.73	0.69	0.71	0.72	0.65	0.63	0.60	0.58	0.52	0.49
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	457	416	430	390	327	110	73	-47	-12	-54	-99
Operating Cash Flow to CapEx	617.86%	293.59%	443.29%	893.98%	192.47%	119.05%	233.66%	155.98%	232.81%	113.55%	141.77%
Free Cash Flow to Firm to Interest Expense	14.03	13.40	14.43	13.48	11.75	3.96	2.68	-1.79	-0.47	-2.14	-4.06
Operating Cash Flow to Interest Expense	5.50	7.23	5.29	5.71	6.60	6.70	6.31	9.68	10.96	9.20	5.91
Operating Cash Flow Less CapEx to Interest Expense	4.61	4.77	4.09	5.07	3.17	1.07	3.61	3.47	6.25	1.10	1.74
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.39	0.41	0.43	0.45	0.48	0.50	0.52	0.54	0.56	0.56	0.57
Accounts Receivable Turnover	29.89	32.02	32.60	30.74	29.00	34.31	32.93	30.19	30.87	28.72	26.60
Inventory Turnover	17.58	11.25	16.66	16.73	16.73	11.66	12.18	12.59	12.73	17.06	17.25
Fixed Asset Turnover	0.51	0.53	0.55	0.58	0.61	0.64	0.66	0.69	0.72	0.71	0.72
Accounts Payable Turnover	4.98	3.16	4.50	4.61	4.66	3.11	3.11	3.40	3.57	4.52	4.41
Days Sales Outstanding (DSO)	12.21	11.40	11.19	11.87	12.59	10.64	11.08	12.09	11.82	12.71	13.72
Days Inventory Outstanding (DIO)	20.76	32.43	21.91	21.82	21.82	31.31	29.96	29.00	28.67	21.39	21.15
Days Payable Outstanding (DPO)	73.31	115.61	81.03	79.25	78.40	117.36	117.26	107.29	102.35	80.76	82.82
Cash Conversion Cycle (CCC)	-40.34	-71.77	-47.92	-45.56	-43.99	-75.41	-76.21	-66.20	-61.86	-46.66	-47.94
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	4,394	4,284	4,240	4,179	4,169	4,280	4,283	4,352	4,310	4,432	4,499
Invested Capital Turnover	0.62	0.65	0.69	0.74	0.78	0.82	0.86	0.90	0.94	0.93	0.94
Increase / (Decrease) in Invested Capital	-409	-396	-355	-302	-225	-4.80	43	173	141	152	216
Enterprise Value (EV)	4,022	4,308	4,903	5,252	5,267	5,909	5,332	5,936	5,694	5,712	5,477
Market Capitalization	1,764	2,137	2,828	3,304	3,410	4,038	3,524	4,167	4,063	4,027	3,711
Book Value per Share	$50.80	$51.62	$53.72	$55.42	$57.64	$59.73	$61.35	$63.82	$66.33	$68.48	$67.62
Tangible Book Value per Share	$50.80	$51.62	$53.72	$55.42	$57.64	$59.73	$61.35	$63.82	$66.33	$68.48	$67.62
Total Capital	5,214	5,120	5,061	5,013	5,005	5,081	5,034	5,079	5,063	5,139	5,126
Total Debt	3,077	3,006	2,896	2,782	2,693	2,672	2,560	2,497	2,385	2,392	2,394
Total Long-Term Debt	2,634	2,562	2,389	2,284	2,197	2,137	2,073	2,006	1,865	1,845	1,796
Net Debt	2,257	2,171	2,075	1,948	1,857	1,871	1,809	1,770	1,631	1,685	1,767
Capital Expenditures (CapEx)	29	76	36	18	95	156	73	165	121	204	102
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-420	-514	-557	-545	-519	-579	-611	-633	-687	-737	-650
Debt-free Net Working Capital (DFNWC)	400	321	264	289	317	223	140	94	66	-30	-23
Net Working Capital (NWC)	-44	-122	-243	-209	-180	-313	-346	-396	-453	-576	-621
Net Nonoperating Expense (NNE)	24	2.28	15	13	12	7.63	16	5.17	13	7.03	15
Net Nonoperating Obligations (NNO)	2,257	2,171	2,075	1,948	1,857	1,871	1,809	1,770	1,631	1,685	1,767
Total Depreciation and Amortization (D&A)	97	95	96	97	97	95	89	90	92	92	90
Debt-free, Cash-free Net Working Capital to Revenue	-14.66%	-17.50%	-18.30%	-17.10%	-15.57%	-16.40%	-16.62%	-16.47%	-17.27%	-18.15%	-15.76%
Debt-free Net Working Capital to Revenue	13.95%	10.95%	8.65%	9.06%	9.50%	6.32%	3.82%	2.46%	1.66%	-0.73%	-0.55%
Net Working Capital to Revenue	-1.52%	-4.17%	-7.97%	-6.55%	-5.40%	-8.86%	-9.42%	-10.31%	-11.40%	-14.20%	-15.06%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.56	$0.32	$1.50	$1.88	$2.23	$2.41	$2.48	$2.98	$2.89	$2.27	$2.54
Adjusted Weighted Average Basic Shares Outstanding	41.83M	43.94M	40.30M	40.18M	40.25M	40.26M	40.49M	40.42M	40.32M	40.31M	40.00M
Adjusted Diluted Earnings per Share	$0.55	$0.32	$1.45	$1.82	$2.16	$2.34	$2.42	$2.91	$2.81	$2.21	$2.50
Adjusted Weighted Average Diluted Shares Outstanding	42.58M	44.60M	41.49M	41.43M	41.56M	41.55M	41.60M	41.35M	41.39M	41.40M	40.67M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	40.94M	40.23M	40.26M	40.10M	40.33M	40.33M	40.47M	40.38M	40.10M	40.41M	39.66M
Normalized Net Operating Profit after Tax (NOPAT)	48	20	75	89	101	105	116	125	129	98	117
Normalized NOPAT Margin	6.20%	2.63%	9.31%	10.21%	11.12%	11.12%	12.24%	12.12%	12.28%	9.58%	11.52%
Pre Tax Income Margin	3.18%	3.25%	9.98%	11.78%	12.73%	14.15%	12.73%	15.76%	14.97%	12.16%	10.64%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.40	1.40	3.30	4.11	4.73	5.39	5.08	6.72	6.72	5.49	5.06
NOPAT to Interest Expense	1.46	0.64	2.51	3.06	3.65	3.79	4.28	4.72	5.03	3.90	4.77
EBIT Less CapEx to Interest Expense	0.51	-1.07	2.11	3.47	1.30	-0.24	2.38	0.52	2.02	-2.61	0.89
NOPAT Less CapEx to Interest Expense	0.57	-1.82	1.32	2.42	0.22	-1.84	1.58	-1.48	0.33	-4.20	0.61
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

SkyWest (NASDAQ:SKYW) has reported quarterly results over the last four years across income statements, cash flow statements, and balance sheets. Below is a concise, investor-focused summary of notable trends and datapoints from that period, with a focus on what could matter for a retail investor.

Revenue trend: SkyWest’s quarterly revenue has trended higher over the four-year window, rising from about $681 million in Q4 2022 to around $1.024 billion in Q4 2025, signaling a recovery and growth cycle in the core airline business.
Gross profitability: Q4 2025 gross profit was $342.3 million on $1.024 billion in revenue, implying a gross margin of roughly 33.4%, which is solid for the airline industry and shows ongoing utilization of capacity.
Operating cash flow strength: In Q4 2025, net cash from continuing operating activities was about $940.4 million, highlighting robust cash generation from core operations despite seasonality and investment needs.
Cash on hand and liquidity signal: SkyWest posted a sizable net increase in cash and equivalents in Q4 2025 (~$787.0 million), suggesting improved liquidity to fund capex, debt service, or contingencies.
Free cash flow potential (near-term): With operating cash flow of about $940.4 million and investing cash outlays of roughly $133–214 million in recent quarters, the quarterly free cash flow in Q4 2025 appears substantial, contributing to a strong liquidity runway for the period observed.
Debt levels: Long-term debt has been elevated and rose modestly across the period (roughly around $1.86–$2.07 billion in recent quarters). While not alarming, higher leverage is a point to watch as financing costs and debt levels can influence margins and flexibility.
Capex and investing pace: Purchases of property, plant & equipment and other investing activities remain meaningful (quarterly PPE outlays typically in the $70–$214 million range), which supports capacity but also uses cash that could otherwise be allocated to other uses.
Earnings per share and net income volatility: Diluted EPS has fluctuated (for example, $2.21 in Q4 2025 vs $2.34 in Q4 2024; Q3 2025 was higher at $2.81), reflecting quarterly volatility in profitability and charges that can affect near-term earnings per share comparisons.
Net profitability trend: Net income attributable to common shareholders declined slightly year over year in Q4 2025 versus Q4 2024 (roughly $90.8 million vs $97.3 million), suggesting some margin pressure or seasonality affecting bottom-line gains.
Liquidity signal concerns: The current ratio appears to be under 1 in several quarters (total current assets around $1.09–$1.10 billion versus total current liabilities near $1.55 billion in the more recent periods), indicating potential near-term liquidity risk that investors should monitor.
Gross margin compression: Despite solid absolute gross profit, the margin softened to about the mid-30s percentage in the latest periods after historically higher margins, which could pressure overall profitability if fuel costs, labor, or other costs rise.

05/26/26 03:44 AM ETAI Generated. May Contain Errors.

SkyWest Financials - Frequently Asked Questions

According to the most recent income statement we have on file, SkyWest's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

SkyWest's net income appears to be on an upward trend, with a most recent value of $428.33 million in 2025, rising from $117.82 million in 2015. The previous period was $322.96 million in 2024. See SkyWest's forecast for analyst expectations on what's next for the company.

SkyWest's total operating income in 2025 was $617.85 million, based on the following breakdown:

Total Gross Profit: $1.43 billion
Total Operating Expenses: $816.85 million

Over the last 10 years, SkyWest's total revenue changed from $3.10 billion in 2015 to $4.06 billion in 2025, a change of 31.1%.

SkyWest's total liabilities were at $4.64 billion at the end of 2025, a 1.9% decrease from 2024, and a 41.7% increase since 2015.

In the past 10 years, SkyWest's cash and equivalents has ranged from $87.21 million in 2019 to $328.38 million in 2018, and is currently $122.67 million as of their latest financial filing in 2025.

Over the last 10 years, SkyWest's book value per share changed from 29.68 in 2015 to 68.48 in 2025, a change of 130.7%.

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Financial statements for NASDAQ:SKYW last updated on 4/28/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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SkyWest (SKYW) Financials

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