SKYWEST INC SKYW
Through SkyWest Airlines, our primary operating entity, we offer scheduled passenger service to destinations in the United States, Canada and Mexico. Substantially all of our flights are operated as United Express, Delta Connection, American Eagle or Alaska Airlines flights under code-share agreements with United, Delta, American or Alaska, respectively. Code-share agreements are commercial agreements between airlines that, among other things, allow one airline to use another airline's flight designator codes on its flights. As of December 31, 2025, we offered approximately 2,260 daily departures, of which approximately 940 were United Express flights, 680 were Delta Connection flights, 420 were American Eagle flights and 210 were Alaska Airlines flights.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.06B | $3.53B | $2.94B | $3.00B | $2.71B | $2.13B | $2.97B | $3.22B | $3.12B | $3.06B |
| Cost of revenue | — | — | — | — | — | $2.02B | $2.46B | $2.75B | $2.73B | $3.24B |
| Gross profit | — | — | — | — | — | $108.8M | $512.3M | $474.3M | $388.2M | -$172.7M |
| Total operating expenses | $3.44B | $3.03B | $2.83B | $2.82B | $2.44B | $2.02B | $2.46B | — | $2.82B | $3.29B |
| Operating income | $617.8M | $494.7M | $104.1M | $181.2M | $275.9M | $108.8M | $512.3M | $474.3M | $388.2M | -$172.7M |
| Interest expense | $104.4M | $114.3M | $130.9M | $127.1M | $123.1M | $123.2M | $127.8M | $120.4M | $104.9M | $78.2M |
| Pre-tax income | $565.6M | $432.1M | $40.3M | $92.6M | $150.6M | -$7.3M | $446.3M | $366.3M | $288.2M | -$248.8M |
| Income tax | $137.3M | $109.2M | $6.0M | $19.6M | $38.7M | $1.2M | $106.2M | $85.9M | $140.7M | $87.2M |
| Net income | $428.3M | $323.0M | $34.3M | $73.0M | $111.9M | -$8.5M | $340.1M | $280.4M | $428.9M | -$161.6M |
| EPS, basic | 10.62 | 8.02 | 0.78 | 1.44 | 2.22 | -0.17 | 6.68 | 5.40 | 8.28 | -3.14 |
| EPS, diluted | 10.35 | 7.77 | 0.77 | 1.44 | 2.20 | -0.17 | 6.62 | 5.30 | 8.08 | -3.14 |
| Shares, diluted (wtd. avg.) | $41.4M | $41.5M | $44.6M | $50.6M | $50.8M | $50.2M | $51.4M | $52.9M | $53.1M | $51.5M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $122.7M | $227.4M | $148.3M | $103.0M | $258.4M | $215.7M | $87.2M | $328.4M | $181.8M | $146.8M |
| Short-term investments | $584.2M | $574.3M | $686.9M | $944.2M | $602.0M | $610.2M | $433.0M | $360.9M | $503.5M | — |
| Receivables | — | $122.8M | $82.9M | $100.5M | $65.3M | $34.5M | $83.0M | $64.2M | $42.7M | $46.9M |
| Total current assets | $1.09B | $1.12B | $1.13B | $1.37B | $1.07B | $982.8M | $760.3M | $1.02B | $995.1M | $917.8M |
| Property, plant and equipment | $5.84B | $5.59B | $5.48B | $5.55B | $5.50B | $5.36B | $5.39B | $5.01B | $4.18B | $3.82B |
| Other intangibles | — | — | — | — | — | — | — | — | $4.9M | $8.2M |
| Total assets | $7.39B | $7.14B | $7.03B | $7.41B | $7.13B | $6.89B | $6.66B | $6.31B | $5.47B | $5.01B |
| Accounts payable | $633.6M | $527.4M | $470.3M | $422.0M | $496.3M | $278.7M | $284.5M | $332.0M | $288.9M | $241.2M |
| Short-term debt | $546.8M | $535.6M | $443.9M | $438.5M | $391.8M | $402.2M | $364.1M | $350.2M | $309.7M | $305.5M |
| Total current liabilities | $1.67B | $1.43B | $1.25B | $1.17B | $1.19B | $941.7M | $924.7M | $924.8M | $820.8M | $747.3M |
| Long-term debt | $1.85B | $2.14B | $2.56B | $2.94B | $2.72B | $2.80B | $2.63B | $2.81B | $2.38B | $2.24B |
| Retained earnings | $3.02B | $2.59B | $2.27B | $2.24B | $2.16B | $2.05B | $2.08B | $1.78B | $1.52B | $1.10B |
| Total equity | $2.75B | $2.41B | $2.11B | $2.35B | $2.27B | $2.14B | $2.18B | $1.96B | $1.75B | $1.35B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $940.4M | $692.5M | $736.3M | $480.4M | $831.8M | $633.6M | $721.0M | $802.5M | $684.1M | $506.7M |
| Depreciation and amortisation | $364.5M | $383.9M | $383.1M | $394.6M | $440.2M | $475.0M | $368.1M | $334.6M | $292.8M | $285.0M |
| Stock-based compensation | $18.7M | $19.9M | $17.1M | $9.2M | $8.7M | $6.8M | $10.3M | $13.1M | $10.6M | $7.6M |
| Capital expenditure | $32.0M | $44.9M | $13.3M | $13.0M | $18.1M | $12.7M | $80.6M | $34.4M | $27.5M | $14.3M |
| Investing cash flow | -$651.8M | -$228.6M | -$23.2M | -$904.9M | -$698.5M | -$683.5M | -$657.0M | -$983.4M | -$751.3M | -$1.18B |
| Financing cash flow | -$393.2M | -$384.8M | -$667.8M | $269.1M | -$90.6M | $178.4M | -$305.2M | $327.5M | $102.2M | $614.1M |
| Dividends paid | — | — | — | — | — | $13.1M | $23.5M | $19.7M | $15.0M | $9.3M |
| Buybacks | — | — | — | — | — | $20.0M | $78.5M | $54.4M | $20.0M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-016358.
Others in SIC 4512
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| DAL | DELTA AIR LINES, INC. | $52.72B | 10.5x | 2.8% |
| UAL | United Airlines Holdings, Inc. | $36.15B | 10.9x | 3.5% |
| LUV | SOUTHWEST AIRLINES CO | $19.38B | 50.2x | 2.1% |
| AAL | American Airlines Group Inc. | $8.69B | 77.2x | 0.8% |
| ALK | ALASKA AIR GROUP, INC. | $4.69B | 50.7x | 21.3% |
| ALGT | Allegiant Travel CO | $2.14B | — | 4.8% |
| JBLU | JETBLUE AIRWAYS CORP | $1.75B | — | -2.3% |
| ULCC | Frontier Group Holdings, Inc. | $1.37B | — | -1.4% |