SKYWEST INC

Listed Company

SKYWCIK 0000793733NasdaqLarge AcceleratedAir Transportation, ScheduledUtahFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$428.33M

Total Assets

$7.39B

Equity

$2.75B

Shares Out

39.66M

Op. Cash Flow

$940.36M

Business

SKYWEST INC offers scheduled regional passenger air service through SkyWest Airlines, operating flights primarily under code-share agreements with United, Delta, American and Alaska. It provides regional flying under capacity purchase and prorate agreements, on-demand charter service (SWC), and aircraft and engine leasing and financing via its SkyWest Leasing segment. The company’s main services include operating E175 and various CRJ regional jets, crew training and maintenance, and third-party leasing. Its operations serve markets across the United States, Canada and Mexico through major airline hubs and partner distribution channels.

Summary from filing dated 2025-02-13

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total operating revenues	4,058	3,528	2,935	3,005	2,713
Salaries, wages and benefits	1,559	1,464	1,323	1,212	987
Aircraft maintenance, materials and repairs	944	713	673	644	818
Depreciation and amortization	364	384	383	395	440
Airport-related expenses	122	86	73	72	—
Aircraft fuel	120	87	86	108	—
Other operating expenses	331	300	294	318	256
Total operating expenses	3,440	3,033	2,831	2,824	2,438
OPERATING INCOME	618	495	104	181	276
Interest income	43	48	44	18	1
Interest expense	−104	−114	−131	−127	—
Other income, net	9	4	23	21	−3
Total other expense, net	−52	−63	−64	−89	−125
INCOME BEFORE INCOME TAXES	566	432	40	93	151
PROVISION FOR INCOME TAXES	137	109	6	20	39
NET INCOME	428	323	34	—	—
BASIC EARNINGS PER SHARE (in dollars per share)	10.62	8.02	0.78	1.44	2.22
DILUTED EARNINGS PER SHARE (in dollars per share)	10.35	7.77	0.77	1.44	2.2
Basic (in shares)	40	40	44	51	50
Diluted (in shares)	41	42	45	51	51
Net unrealized appreciation (depreciation) on marketable securities, net of taxes	110,000	−157,000	4	—	—
TOTAL COMPREHENSIVE INCOME	428	323	38	69	112

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	123	227	148	103	258
Marketable securities	584	574	687	944	602
Receivables, net	160	123	83	101	65
Inventories, net	169	139	127	123	104
Other current assets	56	54	87	100	39
Total current assets	1,091	1,117	1,132	1,371	1,069
Aircraft and rotable spares	9,303	8,775	8,323	8,144	7,848
Deposits on aircraft	100	66	77	24	125
Buildings, ground equipment and other	328	293	282	265	257
Total property and equipment, gross	9,731	9,133	8,683	8,433	8,230
Less-accumulated depreciation and amortization	−3,888	−3,545	−3,200	−2,884	−2,731
Total property and equipment, net	5,800	5,587	5,483	5,548	5,499
Operating lease right-of-use assets	82	88	87	152	239
Long-term receivables and other assets	370	348	—	—	—
Total other assets	452	435	325	343	320
Total assets	7,386	7,140	7,026	7,415	7,126
Current maturities of long-term debt	547	536	444	439	392
Accounts payable and accrued liabilities	634	527	470	422	496
Accrued salaries, wages and benefits	241	227	195	186	151
Current maturities of operating lease liabilities	20	20	19	72	79
Taxes other than income taxes	23	23	26	20	29
Other current liabilities	204	97	100	34	48
Total current liabilities	1,668	1,430	1,254	1,173	1,195
LONG-TERM DEBT, net of current maturities	1,845	2,137	2,562	2,942	2,717
DEFERRED INCOME TAXES PAYABLE	911	788	688	687	663
NONCURRENT OPERATING LEASE LIABILITIES	62	67	67	89	158
OTHER LONG-TERM LIABILITIES	154	309	341	177	125
COMMITMENTS AND CONTINGENCIES (Note 5)	—	—	—	—	—
Preferred stock, 5,000,000 shares authorized; none issued	—	—	—	—	—
Common stock, no par value, 120,000,000 shares authorized; 84,270,723 and 83,638,680 shares issued as of December 31, 2025 and December 31, 2024, respectively	798	777	754	734	722
Retained earnings	3,023	2,594	2,271	2,237	2,164
Treasury stock, at cost, 44,399,241 and 43,310,324 shares as of December 31, 2025 and December 31, 2024, respectively	−1,075	−963	−912	−620	−619
Accumulated other comprehensive income	278,000	168,000	325,000	−4	—
Total stockholders' equity	2,746	2,409	2,114	2,348	2,268
Total liabilities and stockholders' equity	7,386	7,140	7,026	7,415	7,126

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net income	428	323	34	73	112
Stock based compensation expense	19	20	17	9	9
Increase (decrease) in credit loss reserves	8	−4	−185,000	−5	−4
Gain on disposal of fixed assets	−8	−8	−14	−8	−5
Loss on investments in other companies	1	7	479,000	−11	—
Net increase in deferred income taxes	123	100	539,000	24	37
Impairment (gain) on assets held for sale	—	−4	2	51	—
Decrease (increase) in receivables	−52	−41	20	−33	−30
Decrease (increase) in income tax receivable	−2	−8	997,000	8	−6
Increase in inventories	−30	−12	−4	−17	−13
Decrease (increase) in other current assets	−21,000	−14	2	−3	−2
Decrease (increase) in operating lease right-of-use assets	6	−1	26	87	44
Increase (decrease) in operating lease liabilities	−6	1	−55	−77	−51
Increase (decrease) in deferred revenue	−48	−40	230	41	−7
Decrease (increase) in unbilled revenue	−14	−8	13	−12	−8
Increase (decrease) in accounts payable and other current liabilities	152	−3	81	−42	231
NET CASH PROVIDED BY OPERATING ACTIVITIES	940	692	736	480	832
Purchases of marketable securities	−1,113	−1,431	−1,339	−1,834	−1,518
Sales of marketable securities	1,103	1,543	1,601	1,488	1,526
Aircraft and rotable spare parts	−546	−266	−238	−632	−538
Buildings and ground equipment	−32	−45	−13	−13	−18
Proceeds from the sale of property and equipment	16	5	16	17	7
Deposits on aircraft	−75	−18	−65	−37	−126
Aircraft deposits applied towards acquired aircraft	—	—	12	138	33
Decrease (increase) in other assets, net	−4	−18	4	—	—
NET CASH USED IN INVESTING ACTIVITIES	−652	−229	−23	−905	−699
Proceeds from issuance of long-term debt	209	116	70	685	450
Principal payments on long-term debt	−492	−453	−448	−415	−541
Payment of debt issuance cost	−634,000	−670,000	−175,000	−2	−2
Net proceeds from issuance of common stock	3	3	3	3	3
Employee income tax paid on vested equity awards	−27	−7	−585,000	−1	−2
Purchase of treasury stock and related excise tax	−85	−43	−292	—	—
NET CASH USED IN FINANCING ACTIVITIES	−393	−385	−668	269	−91
Increase (decrease) in cash and cash equivalents	−105	79	45	−155	43
Change in accrued capital expenditures for the period	−29	99	13	—	—
Derecognition of right of use assets	—	—	−39	—	—
Derecognition of operating lease liabilities	—	—	39	—	—
Interest, net of capitalized amounts	106	114	128	125	125
Income taxes, net of refunds	17	19	14	1	7

Filings

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