Skywest Inc Financials
This page shows Skywest Inc (SKYW) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Profit recovery is dropping into cash while deleveraging reshapes a business that still runs with thin short-term liquidity.
From FY2023 to FY2025, operating margin rose from3.6% to15.2% , showing that the recent revenue rebound translated into a much more profitable operating model rather than just higher volume. Over that same span, operating cash flow reached$940M against only$32M of capex in FY2025, so the recovery is also repairing the balance sheet instead of being absorbed by heavy reinvestment.
The balance sheet is becoming less debt-dependent—long-term debt fell to
Cash generation is being helped by a large depreciation charge relative to reported capex: FY2025 depreciation was
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Skywest Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Skywest Inc has an operating margin of 15.2%, meaning the company retains $15 of operating profit per $100 of revenue. This results in a moderate score of 50/100, indicating healthy but not exceptional operating efficiency. This is up from 14.0% the prior year.
Skywest Inc's revenue surged 15.0% year-over-year to $4.1B, reflecting rapid business expansion. This strong growth earns a score of 63/100.
Skywest Inc carries a low D/E ratio of 0.67, meaning only $0.67 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 88/100, indicating a strong balance sheet with room for future borrowing.
Skywest Inc's current ratio of 0.65 is below the typical benchmark, resulting in a score of 8/100. This tight liquidity could limit financial flexibility if cash inflows slow.
Skywest Inc converts 22.4% of revenue into free cash flow ($908.3M). This strong cash generation earns a score of 79/100.
Skywest Inc's ROE of 15.6% shows moderate profitability relative to equity, earning a score of 38/100. This is up from 13.4% the prior year.
Skywest Inc scores 1.73, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Skywest Inc passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Skywest Inc generates $2.20 in operating cash flow ($940.4M OCF vs $428.3M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Skywest Inc earns $5.9 in operating income for every $1 of interest expense ($617.8M vs $104.4M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Earnings & Revenue
Skywest Inc generated $4.1B in revenue in fiscal year 2025. This represents an increase of 15.0% from the prior year.
Skywest Inc's EBITDA was $982.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 11.8% from the prior year.
Skywest Inc reported $428.3M in net income in fiscal year 2025. This represents an increase of 32.6% from the prior year.
Skywest Inc earned $10.35 per diluted share (EPS) in fiscal year 2025. This represents an increase of 33.2% from the prior year.
Cash & Balance Sheet
Skywest Inc generated $908.3M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 40.3% from the prior year.
Skywest Inc held $122.7M in cash against $1.8B in long-term debt as of fiscal year 2025.
Skywest Inc had 40M shares outstanding in fiscal year 2025. This represents an increase of 0.2% from the prior year.
Margins & Returns
Skywest Inc's operating margin was 15.2% in fiscal year 2025, reflecting core business profitability. This is up 1.2 percentage points from the prior year.
Skywest Inc's net profit margin was 10.5% in fiscal year 2025, showing the share of revenue converted to profit. This is up 1.4 percentage points from the prior year.
Skywest Inc's ROE was 15.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 2.2 percentage points from the prior year.
Capital Allocation
Skywest Inc invested $32.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 28.7% from the prior year.
SKYW Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.0B-1.1% | $1.0B-2.4% | $1.1B+1.4% | $1.0B+9.1% | $948.5M+0.4% | $944.4M+3.5% | $912.8M+5.3% | $867.1M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $422.1M+5.5% | $400.2M+2.2% | $391.6M+0.4% | $390.2M+3.4% | $377.3M-0.8% | $380.5M+0.8% | $377.4M+6.3% | $355.0M |
| Operating Income | $123.7M-7.8% | $134.2M-22.9% | $174.1M+2.4% | $170.1M+22.1% | $139.4M-3.3% | $144.1M+9.6% | $131.4M+9.9% | $119.6M |
| Interest Expense | $24.5M-2.7% | $25.1M-1.8% | $25.6M-3.6% | $26.6M-2.0% | $27.1M-2.2% | $27.7M-0.3% | $27.8M-4.0% | $29.0M |
| Income Tax | $6.1M-81.8% | $33.4M-18.1% | $40.8M-4.8% | $42.8M+112.5% | $20.2M-44.3% | $36.2M+36.8% | $26.5M-0.4% | $26.6M |
| Net Income | $101.7M+11.6% | $91.2M-21.7% | $116.4M-3.3% | $120.3M+19.6% | $100.6M+3.3% | $97.4M+8.5% | $89.7M+18.7% | $75.6M |
| EPS (Diluted) | $2.50 | N/A | $2.81-3.4% | $2.91+20.2% | $2.42 | N/A | $2.16+18.7% | $1.82 |
SKYW Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $7.3B-0.5% | $7.4B+2.4% | $7.2B+0.6% | $7.2B+0.8% | $7.1B-0.4% | $7.1B+2.6% | $7.0B-0.1% | $7.0B |
| Current Assets | $1.0B-7.2% | $1.1B-0.8% | $1.1B+3.6% | $1.1B-0.9% | $1.1B-4.1% | $1.1B-1.5% | $1.1B+1.7% | $1.1B |
| Cash & Equivalents | $65.8M-46.3% | $122.7M+175.5% | $44.5M-7.9% | $48.3M-73.0% | $179.0M-21.3% | $227.4M+28.0% | $177.6M+25.3% | $141.8M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $4.6B-0.6% | $4.6B+2.3% | $4.5B-1.2% | $4.6B-1.0% | $4.6B-1.9% | $4.7B+1.9% | $4.6B-1.8% | $4.7B |
| Current Liabilities | $1.6B-2.0% | $1.7B+7.4% | $1.6B+6.6% | $1.5B+2.9% | $1.4B-0.9% | $1.4B+8.8% | $1.3B-0.7% | $1.3B |
| Long-Term Debt | $1.8B-2.7% | $1.8B-1.1% | $1.9B-7.0% | $2.0B-3.3% | $2.1B-3.0% | $2.1B-2.7% | $2.2B-3.8% | $2.3B |
| Total Equity | $2.7B-0.5% | $2.7B+2.5% | $2.7B+3.7% | $2.6B+4.4% | $2.5B+2.7% | $2.4B+4.2% | $2.3B+3.6% | $2.2B |
| Retained Earnings | $3.1B+3.4% | $3.0B+3.1% | $2.9B+4.1% | $2.8B+4.5% | $2.7B+3.9% | $2.6B+3.9% | $2.5B+3.7% | $2.4B |
SKYW Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $144.5M-37.6% | $231.5M-17.5% | $280.8M+9.2% | $257.1M+50.3% | $171.0M-8.0% | $185.9M+1.2% | $183.6M+11.1% | $165.3M |
| Capital Expenditures | $14.0M+95.4% | $7.2M-87.0% | $55.4M-60.3% | $139.5M+1550.0% | $8.5M-63.6% | $23.2M-72.5% | $84.3M+106.0% | $40.9M |
| Free Cash Flow | $130.4M-41.9% | $224.3M-0.5% | $225.4M+91.7% | $117.6M-27.7% | $162.6M-0.1% | $162.7M+63.8% | $99.3M-20.2% | $124.4M |
| Investing Cash Flow | -$82.8M+37.5% | -$132.6M+9.5% | -$146.5M+52.2% | -$306.5M-363.7% | -$66.1M+39.7% | -$109.6M-154.9% | -$43.0M+43.0% | -$75.4M |
| Financing Cash Flow | -$118.5M-471.5% | -$20.7M+85.0% | -$138.0M-70.1% | -$81.2M+47.1% | -$153.3M-478.1% | -$26.5M+74.7% | -$104.7M+18.2% | -$128.1M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
SKYW Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | 12.2%-0.9pp | 13.1%-3.5pp | 16.6%+0.2pp | 16.4%+1.7pp | 14.7%-0.6pp | 15.3%+0.9pp | 14.4%+0.6pp | 13.8% |
| Net Margin | 10.0%+1.1pp | 8.9%-2.2pp | 11.1%-0.5pp | 11.6%+1.0pp | 10.6%+0.3pp | 10.3%+0.5pp | 9.8%+1.1pp | 8.7% |
| Return on Equity | 3.7%+0.4pp | 3.3%-1.0pp | 4.3%-0.3pp | 4.7%+0.6pp | 4.1%+0.0pp | 4.0%+0.2pp | 3.9%+0.5pp | 3.4% |
| Return on Assets | 1.4%+0.1pp | 1.2%-0.4pp | 1.6%-0.1pp | 1.7%+0.3pp | 1.4%+0.1pp | 1.4%+0.1pp | 1.3%+0.2pp | 1.1% |
| Current Ratio | 0.62-0.0 | 0.65-0.1 | 0.71-0.0 | 0.73-0.0 | 0.76-0.0 | 0.78-0.1 | 0.86+0.0 | 0.84 |
| Debt-to-Equity | 0.66-0.0 | 0.67-0.0 | 0.70-0.1 | 0.78-0.1 | 0.84-0.0 | 0.89-0.1 | 0.95-0.1 | 1.02 |
| FCF Margin | 12.9%-9.0pp | 21.9%+0.4pp | 21.5%+10.1pp | 11.4%-5.8pp | 17.1%-0.1pp | 17.2%+6.4pp | 10.9%-3.5pp | 14.3% |
Note: The current ratio is below 1.0 (0.65), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Similar Companies
Frequently Asked Questions
What is Skywest Inc's annual revenue?
Skywest Inc (SKYW) reported $4.1B in total revenue for fiscal year 2025. This represents a 15.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Skywest Inc's revenue growing?
Skywest Inc (SKYW) revenue grew by 15% year-over-year, from $3.5B to $4.1B in fiscal year 2025.
Is Skywest Inc profitable?
Yes, Skywest Inc (SKYW) reported a net income of $428.3M in fiscal year 2025, with a net profit margin of 10.5%.
What is Skywest Inc's EBITDA?
Skywest Inc (SKYW) had EBITDA of $982.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Skywest Inc have?
As of fiscal year 2025, Skywest Inc (SKYW) had $122.7M in cash and equivalents against $1.8B in long-term debt.
What is Skywest Inc's operating margin?
Skywest Inc (SKYW) had an operating margin of 15.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Skywest Inc's net profit margin?
Skywest Inc (SKYW) had a net profit margin of 10.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Skywest Inc's return on equity (ROE)?
Skywest Inc (SKYW) has a return on equity of 15.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Skywest Inc's free cash flow?
Skywest Inc (SKYW) generated $908.3M in free cash flow during fiscal year 2025. This represents a 40.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Skywest Inc's operating cash flow?
Skywest Inc (SKYW) generated $940.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Skywest Inc's total assets?
Skywest Inc (SKYW) had $7.4B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Skywest Inc's capital expenditures?
Skywest Inc (SKYW) invested $32.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Skywest Inc's current ratio?
Skywest Inc (SKYW) had a current ratio of 0.65 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Skywest Inc's debt-to-equity ratio?
Skywest Inc (SKYW) had a debt-to-equity ratio of 0.67 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Skywest Inc's return on assets (ROA)?
Skywest Inc (SKYW) had a return on assets of 5.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Skywest Inc's Altman Z-Score?
Skywest Inc (SKYW) has an Altman Z-Score of 1.73, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Skywest Inc's Piotroski F-Score?
Skywest Inc (SKYW) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Skywest Inc's earnings high quality?
Skywest Inc (SKYW) has an earnings quality ratio of 2.20x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Skywest Inc cover its interest payments?
Skywest Inc (SKYW) has an interest coverage ratio of 5.9x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Skywest Inc?
Skywest Inc (SKYW) scores 54 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.