SkyWest Inc. (SKYW) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q4 26	$2.55	$2.54	-0.4%	—	—	—
Q3 26	$2.17	$2.5	+15.2%	—	—	—
Q2 26	$2.24	$2.21	-1.3%	—	—	—
Q1 26	$2.56	$2.81	+9.8%	—	—	—
Q4 25	$2.4	$2.91	+21.3%	—	—	—
Q3 25	$2.05	$2.42	+18.0%	—	—	—
Q2 25	$1.81	$2.34	+29.3%	—	—	—
Q1 25	$1.95	$2.16	+10.8%	—	—	—
Q4 24	$1.75	$1.82	+4.0%	—	—	—
Q3 24	$1.19	$1.45	+21.8%	—	—	—
Q2 24	$0.18	$0.42	+133.3%	—	—	—
Q1 24	$0.4	$0.55	+37.5%	—	—	—
Q4 23	-$0.45	$0.35	+177.8%	—	—	—
Q3 23	-$0.56	-$0.45	+19.6%	—	—	—
Q2 23	$0.08	-$0.93	-1262.5%	—	—	—
Q1 23	$0.75	$0.96	+28.0%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$10.6	—	—	$4.1B	—
FY24	—	$8.02	—	—	$3.5B	—
FY23	—	$0.78	—	—	$2.9B	—
FY22	—	$1.44	—	—	$3B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$3.1B	$3.1B	$3.2B	$3B	$2.1B	$2.7B	$3B	$2.9B	$3.5B	$4.1B
YoY change	-1.03%	+1.92%	+3.17%	-7.75%	-28.4%	+27.6%	+10.7%	-2.31%	+20.2%	+15%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	3.1B	3.1B	3.2B	3B	2.1B	2.7B	3B	2.9B	3.5B	4.1B
Cost of revenue	2.5B	2.5B	2.5B	2.2B	2.1B	2.5B	2.5B	2.6B	2.7B	3.1B
Gross profit	548.5M	639M	747.1M	777.9M	-13.9M	193.7M	499.3M	372.2M	789M	948.6M
Gross margin	17.9%	20.5%	23.2%	26.2%	-0.65%	7.14%	16.6%	12.7%	22.4%	23.4%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	—	—	—	—	—	—	—	—	—	—
Operating expenses	255.6M	250.8M	272.8M	243.7M	-122.7M	-166.7M	318.1M	268.1M	294.3M	330.8M
Operating income	293M	388.2M	474.3M	534.1M	108.8M	360.5M	181.2M	104.1M	494.7M	617.8M
Operating margin	9.56%	12.4%	14.7%	18%	5.12%	13.3%	6.03%	3.55%	14%	15.2%
Non-operating income, net	-465.7M	400K	3.6M	25.8M	1.2M	-87.8M	20.9M	23.2M	3.9M	8.9M
Pretax income	-248.8M	288.2M	366.3M	446.3M	-7.3M	150.6M	92.6M	40.3M	432.1M	565.6M
Income tax	-87.2M	-140.7M	85.9M	106.2M	1.2M	38.7M	19.6M	6M	109.2M	137.3M
Net income	-161.6M	428.9M	280.4M	340.1M	-8.5M	111.9M	73M	34.3M	323M	428.3M
Net margin	-5.27%	13.7%	8.7%	11.4%	-0.4%	4.12%	2.43%	1.17%	9.15%	10.6%
EBITDA	580M	685.9M	821.3M	964M	590.8M	798.5M	614.2M	554.4M	930.4M	1B
EPS	-3.14	8.28	5.4	6.68	-0.17	2.22	1.44	0.78	8.02	10.6
Diluted EPS	-3.14	8.08	5.3	6.62	-0.17	2.2	1.44	0.77	7.77	10.3

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	766.2M	751.8M	803.6M	867.1M	912.8M	944.4M	948.5M	1B	1.1B	1B	1B	1.1B
Cost of revenue	651.9M	661.2M	635.6M	675.3M	702.5M	725.6M	728.2M	773.9M	798.2M	809.4M	800.4M	855.4M
Gross profit	114.3M	90.5M	168M	191.9M	210.3M	218.8M	220.3M	261.4M	251.9M	215.1M	212.8M	247.3M
Gross margin	14.9%	12%	20.9%	22.1%	23%	23.2%	23.2%	25.2%	24%	21%	21%	22.4%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	—	—	—	—	—	—	—	—	—	—	—	—
Operating expenses	65M	62.9M	68.5M	72.2M	78.9M	74.7M	80.9M	91.2M	77.7M	80.9M	89.1M	91.5M
Operating income	49.3M	27.6M	99.5M	119.6M	131.4M	144.1M	139.4M	170.1M	174.1M	134.2M	123.7M	155.8M
Operating margin	6.43%	3.67%	12.4%	13.8%	14.4%	15.3%	14.7%	16.4%	16.6%	13.1%	12.2%	14.1%
Non-operating income, net	-3.6M	15.7M	-1.1M	-548K	109K	5.4M	-1.6M	8.5M	-1.9M	3.9M	-48K	-844K
Pretax income	24.4M	24.4M	80.2M	102.2M	116.2M	133.6M	120.7M	163.1M	157.2M	124.6M	107.8M	138.9M
Income tax	873K	6.9M	19.9M	26.6M	26.5M	36.2M	20.2M	42.8M	40.8M	33.4M	6.1M	38.2M
Net income	23.5M	17.5M	60.3M	75.6M	89.7M	97.4M	100.6M	120.3M	116.4M	91.2M	101.7M	100.7M
Net margin	3.06%	2.33%	7.5%	8.72%	9.83%	10.3%	10.6%	11.6%	11.1%	8.9%	10%	9.13%
EBITDA	56.9M	55.5M	110M	131.1M	144M	161.3M	147.8M	189.7M	182.8M	149.7M	132.2M	163.8M
EPS	0.56	0.43	1.5	1.88	2.23	2.42	2.48	2.98	2.89	2.28	2.54	2.55
Diluted EPS	0.55	0.42	1.45	1.82	2.16	2.34	2.42	2.91	2.81	2.21	2.5	2.54

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	1.9B	2.8B	2.3B	3.3B	2B	2B	834.5M	—	4B	4B	4B
Enterprise value	3.9B	4.8B	4.8B	6.1B	4.7B	4.5B	3.3B	—	6B	5.8B	5.8B
Shares outstanding	51.5M	51.8M	51.9M	50.9M	50.2M	50.3M	50.5M	43.9M	40.3M	40.3M	40.3M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	6.41	8.23	9.68	—	17.7	11.4	—	12.5	9.45	10
P/S	0.61	0.88	0.72	1.11	0.95	0.73	0.28	—	1.14	1	0.96
P/B	1.39	1.57	1.18	1.51	0.95	0.87	0.36	—	1.67	1.47	1.43
EV/EBITDA	6.67	6.93	5.82	6.35	7.94	5.59	5.42	—	6.44	5.62	6.02
EV/Sales	1.26	1.52	1.48	2.06	2.2	1.65	1.11	—	1.7	1.43	1.37
Earnings yield	—	15.6%	12.1%	10.3%	—	5.66%	8.74%	—	8.01%	10.6%	9.96%
FCF yield	-34.5%	-1.86%	-14.6%	0.19%	9.17%	7.6%	-24.2%	—	9.03%	7.09%	3.63%
PEG	—	—	—	—	—	—	—	—	—	—	-0.7

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	17.9%	20.5%	23.2%	26.2%	-0.65%	7.14%	16.6%	12.7%	22.4%	23.4%	22.4%
Operating margin	9.56%	12.4%	14.7%	18%	5.12%	13.3%	6.03%	3.55%	14%	15.2%	14.1%
Net margin	-5.27%	13.7%	8.7%	11.4%	-0.4%	4.12%	2.43%	1.17%	9.15%	10.6%	9.78%
ROE	-12%	24.4%	14.3%	15.6%	-0.4%	4.94%	3.11%	1.62%	13.4%	15.6%	15.3%
ROA	-3.23%	7.83%	4.44%	5.11%	-0.12%	1.57%	0.98%	0.49%	4.52%	5.8%	5.04%
ROIC	8.77%	10.3%	8.19%	8.14%	2.26%	5.63%	2.95%	2.03%	8.46%	10.4%	10%
Return on tangible assets	-3.24%	7.83%	4.44%	5.11%	-0.12%	1.57%	0.98%	0.49%	4.52%	5.8%	5.53%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.23	1.21	1.1	0.82	1.04	0.89	1.17	0.9	0.78	0.65	0.57
Quick ratio	1.07	1.07	0.97	0.7	0.95	0.81	1.06	0.8	0.68	0.55	0.46
Debt / equity	1.88	1.53	1.61	1.54	1.63	1.48	1.51	1.46	1.15	0.9	0.86
Debt / assets	0.51	0.49	0.5	0.5	0.51	0.47	0.48	0.44	0.39	0.33	0.32
Net debt / EBITDA	3.43	2.92	3.01	2.93	4.51	3.11	4.06	4.07	2.11	1.71	2.84
Interest coverage	-2.18	3.75	4.04	4.49	0.94	2.22	1.73	1.31	4.78	6.42	6.28
Effective tax rate	0%	0%	23.5%	23.8%	0%	25.7%	21.2%	14.8%	25.3%	24.3%	22.4%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	59.5	60.3	62.1	58.4	42.4	53.9	59.4	66.8	87.6	100.7	104.9
EPS (basic)	-3.14	8.28	5.4	6.68	-0.17	2.22	1.44	0.78	8.02	10.6	10.6
EPS (diluted)	-3.14	8.08	5.3	6.62	-0.17	2.2	1.44	0.77	7.77	10.3	10.1
Book value per share	26.2	33.9	37.8	42.7	42.6	45	46.4	48.1	59.8	68.1	70.9
FCF per share	-12.6	-0.99	-6.48	0.12	3.7	2.99	-4	9.56	9.05	7.12	7.96
Cash per share	10.8	13.2	13.3	10.2	16.5	17.1	20.7	19	19.9	17.5	15.5
Capex per share	22.3	12.5	21	12.6	8.3	12.7	10.4	6.57	8.03	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	37.6%	20.7%	33.8%	21.6%	19.6%	23.6%	17.5%	9.84%	9.16%	—	—
Capex / operating cash flow	207.2%	91.9%	135.7%	83.8%	68%	76.3%	116.4%	38.6%	46.1%	—	—
Payout ratio	-5.73%	3.5%	7.04%	6.9%	-153.4%	0%	0%	—	—	—	0%
Dividend yield	0.49%	0.55%	0.86%	0.71%	0.65%	0%	0%	—	—	—	0.56%

Yield

0.56%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.14

ex-dividend Mar 30, 2020

Payout ratio

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Mar 30, 2020	$0.14
Dec 30, 2019	$0.12
Sep 27, 2019	$0.12

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$766.2M	$751.8M	$803.6M	$867.1M	$912.8M	$944.4M	$948.5M	$1B	$1.1B	$1B	$1B	$1.1B
YoY change	-2.95%	+10.4%	+16.2%	+19.5%	+19.1%	+25.6%	+18%	+19.4%	+15%	+8.48%	+6.82%	+6.52%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	556.7M	685.3M	689.3M	520.2M	825.9M	860.4M	1B	835.2M	801.6M	706.9M
Receivables	46.9M	42.7M	64.2M	83M	34.5M	65.3M	100.5M	82.9M	122.8M	159.8M
Inventory	118.5M	119.8M	127.7M	110.5M	91.2M	104.1M	123.2M	127.1M	139M	168.5M
Total current assets	917.8M	995.1M	1B	760.3M	982.8M	1.1B	1.4B	1.1B	1.1B	1.1B
Property, plant & equipment	3.6B	3.9B	4.7B	5.5B	5.4B	5.5B	5.4B	5.3B	5.4B	5.6B
Goodwill & intangibles	16.5M	—	—	—	—	—	—	—	—	—
Total assets	5B	5.5B	6.3B	6.7B	6.9B	7.1B	7.4B	7B	7.1B	7.4B
Accounts payable	241.2M	288.9M	332M	284.5M	278.7M	496.3M	422M	470.3M	527.4M	633.6M
Short-term debt	305.5M	309.7M	350.2M	458.9M	484.8M	470.7M	510.2M	463.2M	556.1M	566.4M
Total current liabilities	747.3M	820.8M	924.8M	924.7M	941.7M	1.2B	1.2B	1.3B	1.4B	1.7B
Long-term debt	2.2B	2.4B	2.8B	2.9B	3B	2.9B	3B	2.6B	2.2B	1.9B
Total liabilities	3.7B	3.7B	4.3B	4.5B	4.7B	4.9B	5.1B	4.9B	4.7B	4.6B
Shareholders' equity	1.4B	1.8B	2B	2.2B	2.1B	2.3B	2.3B	2.1B	2.4B	2.7B
Total debt	2.5B	2.7B	3.2B	3.3B	3.5B	3.3B	3.5B	3.1B	2.8B	2.5B
Net debt	2.4B	2.5B	2.8B	3.3B	3.3B	3.1B	3.4B	2.9B	2.5B	2.4B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	819.5M	835.2M	821.2M	834.3M	836M	801.6M	750.9M	727M	753.4M	706.9M	627.3M	601M
Receivables	118.8M	82.9M	85.9M	102.8M	111.2M	122.8M	137.2M	151.7M	146.5M	159.8M	172.8M	189M
Inventory	127.1M	127.1M	129.9M	134.4M	136.5M	139M	140.2M	145.7M	155M	168.5M	173.6M	193.7M
Total current assets	1.2B	1.1B	1.1B	1.1B	1.1B	1.1B	1.1B	1.1B	1.1B	1.1B	1B	1B
Property, plant & equipment	5.3B	5.3B	5.3B	5.2B	5.2B	5.4B	5.4B	5.5B	5.4B	5.6B	5.6B	5.7B
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—	—	—
Total assets	7.1B	7B	7B	7B	7B	7.1B	7.1B	7.2B	7.2B	7.4B	7.3B	7.4B
Accounts payable	486.7M	470.3M	480.7M	479.6M	460.3M	527.4M	576.1M	556.8M	580.1M	633.6M	652.5M	753.2M
Short-term debt	462.4M	463.2M	526.3M	516.5M	515.3M	556.1M	506.5M	510.6M	539.4M	566.4M	619.3M	675.6M
Total current liabilities	1.2B	1.3B	1.3B	1.3B	1.3B	1.4B	1.4B	1.5B	1.6B	1.7B	1.6B	1.8B
Long-term debt	2.7B	2.6B	2.5B	2.3B	2.3B	2.2B	2.1B	2.1B	1.9B	1.9B	1.9B	1.7B
Total liabilities	4.9B	4.9B	4.8B	4.7B	4.6B	4.7B	4.6B	4.6B	4.5B	4.6B	4.6B	4.7B
Shareholders' equity	2.1B	2.1B	2.2B	2.2B	2.3B	2.4B	2.5B	2.6B	2.7B	2.7B	2.7B	2.8B
Total debt	3.2B	3.1B	3B	2.9B	2.8B	2.8B	2.6B	2.6B	2.5B	2.5B	2.5B	2.4B
Net debt	3B	2.9B	2.8B	2.7B	2.6B	2.5B	2.5B	2.5B	2.4B	2.4B	2.4B	2.3B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-161.6M	428.9M	280.4M	340.1M	-8.5M	111.9M	73M	34.3M	323M	428.3M
Depreciation & amortization	285M	292.8M	334.6M	368.1M	475M	440.2M	394.6M	383.1M	383.9M	364.5M
Stock-based compensation	7.6M	10.6M	13.1M	10.3M	6.8M	8.7M	9.2M	17.1M	19.9M	18.7M
Change in working capital	42.3M	117.5M	75.3M	-83.3M	133.4M	158M	-47.6M	312.9M	-125.4M	5.5M
Operating cash flow	555.5M	704.2M	802.5M	766.7M	612.8M	840.7M	452.9M	748M	701.7M	940.4M
Capital expenditure	-1.2B	-646.8M	-1.1B	-642.4M	-416.8M	-641.3M	-527.2M	-288.8M	-323.1M	—
Investing cash flow	-1.2B	-751.3M	-983.4M	-657M	-683.5M	-698.5M	-904.9M	-23.2M	-228.6M	-14.1M
Dividends paid	-9.3M	-15M	-19.7M	-23.5M	-13.1M	0	0	—	—	—
Share repurchases	0	-20M	-54.4M	-94.6M	-20M	0	0	-291.9M	-43.3M	-84.9M
Financing cash flow	614.1M	102.2M	327.5M	-305.2M	178.4M	-90.6M	269.1M	-667.8M	-384.8M	-393.2M
Net change in cash	-7.4M	55.1M	146.6M	-195.5M	107.7M	51.5M	-182.9M	57M	88.3M	533.1M
Free cash flow	-647.3M	-51.3M	-336.2M	6.3M	185.6M	150.4M	-202.2M	420M	364.2M	287M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	—	—	—	—	—	—	—	—	—	—	—	—
Depreciation & amortization	—	—	—	—	—	—	—	—	—	—	—	—
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	—	—	—	—	—	—	—	—	—	—	—	—
Operating cash flow	—	—	—	—	—	—	—	—	280.8M	231.5M	144.5M	291.9M
Capital expenditure	-84.5M	-74.3M	-35.6M	-18.5M	-89.6M	-179.5M	-78.3M	-190.7M	—	—	—	—
Investing cash flow	-9M	-84.2M	-554K	-75.4M	-43M	-113.6M	-66.1M	-306.5M	-25.9M	115.5M	25.5M	41.8M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	-50.5M	-45.5M	-8.8M	-13.5M	-16.5M	-4.7M	-13.7M	-17.3M	-26.8M	-27.2M	-75.4M	-75.3M
Financing cash flow	-159M	-117.2M	-125.4M	-128.1M	-104.7M	-26.5M	-153.3M	-81.2M	-138M	-20.7M	-118.5M	-173.8M
Net change in cash	-168M	-201.5M	-125.9M	-203.5M	-147.8M	-140.1M	-219.4M	-387.7M	116.8M	326.2M	51.5M	159.9M
Free cash flow	91.6M	129.2M	119.9M	146.1M	87.1M	11.2M	92.6M	62.6M	158.5M	-26.7M	35.9M	147.5M

Date	Ratio
Dec 18, 2000	2:1
Jun 9, 1998	2:1
May 11, 1993	3:2

SkyWest Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history