Detailed financial statements for SkyWest, Inc. (SKYW): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
SkyWest, Inc. functions as a regional airline operator within the United States, managing its activities through various subsidiaries. The company organizes its business into two primary divisions: SkyWest Airlines and SkyWest Leasing. In addition to its aviation services, it also engages in leasing regional jet aircraft and spare engines to third-party clients.
Analysis Summary
SkyWest, Inc. reported revenue of $4.06B in the most recent fiscal year, growing at a 5-year CAGR of 13.8%.
Trailing-twelve-month margins: gross margin 71.4%, operating margin 14.0%, net margin 9.8%. Free cash flow grew at 9.1% CAGR over 5 years.
At the current price of $96.06, SKYW trades at a P/E of 9.36 and an ROE of 15.02%. Market capitalisation stands at $3.8B.
Balance sheet quality for SKYW: current ratio of 0.7, net debt of $1.69B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of $287.0M represents 67% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.12B | $3.12B | $3.22B | $2.97B | $2.13B | $2.71B | $3.00B | $2.94B | $3.53B | $4.06B |
| Cost of Revenue | $2.52B | $2.48B | $2.47B | $2.19B | $2.14B | $2.52B | $2.51B | $2.56B | $2.74B | $1.56B |
| Gross Profit | $598.0M | $639.0M | $747.1M | $777.9M | -$13.9M | $193.7M | $499.3M | $372.2M | $789.0M | $2.50B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $305.0M | $250.8M | $272.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Expenses | $305.0M | $250.8M | $272.8M | $265.6M | -$122.7M | -$82.1M | $318.1M | $268.1M | $294.3M | $1.88B |
| Operating Income | -$172.7M | $388.2M | $474.3M | $512.3M | $108.8M | $275.9M | $181.2M | $104.1M | $494.7M | $617.8M |
| EBITDA | $114.3M | $681.0M | $808.9M | $942.2M | $590.8M | $713.9M | $614.2M | $554.4M | $930.4M | $1.03B |
| Interest Expense | $78.2M | $104.9M | $120.4M | $127.8M | $123.2M | $123.1M | $127.1M | $130.9M | $114.3M | $104.4M |
| Pre-tax 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 | $6.0M | $109.2M | $137.3M |
| Net Income | -$161.6M | $428.9M | $280.4M | $340.1M | -$8.5M | $111.9M | $73.0M | $34.3M | $323.0M | $428.3M |
| EPS | $-3.14 | $8.28 | $5.40 | $6.68 | $-0.17 | $2.22 | $1.44 | $0.78 | $8.02 | $10.62 |
| EPS (Diluted) | $-3.14 | $8.08 | $5.30 | $6.62 | $-0.17 | $2.21 | $1.44 | $0.77 | $7.77 | $10.35 |
| Shares Outstanding (Diluted) | $51.5M | $53.1M | $52.9M | $51.4M | $50.2M | $50.8M | $50.6M | $44.6M | $41.5M | $41.4M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $1.05B | $1.02B | $1.01B | $1.10B |
| Gross Profit | $251.9M | $624.3M | $212.8M | $1.90B |
| Operating Income | $174.1M | $134.2M | $123.7M | $155.8M |
| EBITDA | $275.3M | $242.2M | $222.5M | $239.8M |
| Net Income | $116.4M | $91.2M | $101.7M | $100.7M |
| EPS | $2.88 | $2.28 | $2.54 | $2.56 |
| EPS (Diluted) | $2.82 | $2.21 | $2.50 | $2.54 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $146.8M | $181.8M | $328.4M | $87.2M | $215.7M | $258.4M | $103.0M | $148.3M | $227.4M | 0 |
| Short-term Investments | $409.9M | $503.5M | $360.9M | $433.0M | $610.2M | $602.0M | $944.2M | $686.9M | $574.3M | $706.9M |
| Receivables | $53.9M | $48.0M | $90.1M | $94.1M | $38.4M | $65.3M | $110.4M | $84.1M | $123.9M | $159.8M |
| Inventory | $118.5M | $119.8M | $127.7M | $110.5M | $91.2M | $104.1M | $123.2M | $127.1M | $139.0M | $168.5M |
| Total Current Assets | $917.8M | $995.1M | $1.02B | $760.3M | $982.8M | $1.07B | $1.37B | $1.13B | $1.12B | $1.09B |
| Property, Plant & Equipment | $3.82B | $4.18B | $5.01B | $5.73B | $5.64B | $5.74B | $5.70B | $5.57B | $5.68B | $5.74B |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | $8.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $5.01B | $5.47B | $6.31B | $6.66B | $7.21B | $7.13B | $7.86B | $7.03B | $7.14B | $7.39B |
| Accounts Payable | $241.2M | $288.9M | $332.0M | $284.5M | $278.7M | $496.3M | $422.0M | $470.3M | $527.4M | 0 |
| Short-term Debt | $305.5M | $309.7M | $350.2M | $364.1M | $484.8M | $391.8M | $438.5M | $443.9M | $535.6M | $546.8M |
| Total Current Liabilities | $747.3M | $820.8M | $924.8M | $924.7M | $941.7M | $1.19B | $1.17B | $1.25B | $1.43B | $1.67B |
| Long-term Debt | $2.24B | $2.38B | $2.81B | $2.63B | $2.80B | $2.72B | $2.94B | $2.56B | $2.14B | $1.85B |
| Total Liabilities | $3.66B | $3.72B | $4.35B | $4.48B | $5.07B | $4.86B | $5.51B | $4.91B | $4.73B | $4.64B |
| Retained Earnings | $1.10B | $1.52B | $1.78B | $2.08B | $2.05B | $2.16B | $2.24B | $2.27B | $2.59B | $3.02B |
| Total Equity | $1.35B | $1.75B | $1.96B | $2.18B | $2.14B | $2.27B | $2.35B | $2.11B | $2.41B | $2.75B |
| Total Debt | $2.55B | $2.69B | $3.16B | $3.35B | $3.49B | $3.35B | $3.54B | $3.09B | $2.76B | $2.39B |
| Net Debt | $1.99B | $2.00B | $2.47B | $2.83B | $2.67B | $2.49B | $2.49B | $2.26B | $1.96B | $1.69B |
| Working Capital | $170.5M | $174.3M | $96.0M | -$164.3M | $41.1M | -$126.0M | $198.7M | -$122.4M | -$312.5M | -$576.4M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $44.5M | 0 | 0 | $81.4M |
| Total Assets | $7.21B | $7.39B | $7.35B | $7.41B |
| Total Liabilities | $4.54B | $4.64B | $4.61B | $4.65B |
| Total Equity | $2.68B | $2.75B | $2.73B | $2.76B |
| Total Debt | $2.47B | $2.39B | $681.4M | $2.30B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$161.6M | $428.9M | $280.4M | $340.1M | -$8.5M | $111.9M | $73.0M | $34.3M | $323.0M | $428.3M |
| Depreciation & Amortization | $285.0M | $292.8M | $334.6M | $368.1M | $475.0M | $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 | -$5.2M | $97.4M | $75.3M | -$82.4M | $133.4M | $158.0M | -$47.6M | $312.9M | -$125.4M | $5.5M |
| Operating Cash Flow | $506.7M | $684.1M | $802.5M | $721.0M | $633.6M | $831.8M | $480.4M | $736.3M | $692.5M | $940.4M |
| Capital Expenditure | -$1.15B | -$735.4M | -$1.14B | -$714.7M | -$447.9M | -$681.4M | -$682.6M | -$316.3M | -$328.3M | -$653.4M |
| Acquisitions | $3.0M | $88.5M | $49.5M | $53.2M | $31.1M | $40.1M | $155.4M | 0 | 0 | 0 |
| Stock Repurchased | 0 | -$20.0M | -$54.4M | -$94.6M | -$20.0M | 0 | 0 | -$291.9M | -$43.3M | -$84.9M |
| Dividends Paid | -$9.3M | -$15.0M | -$19.7M | -$23.5M | -$13.1M | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$647.3M | -$51.3M | -$336.2M | $6.3M | $185.6M | $150.4M | -$202.2M | $420.0M | $364.2M | $287.0M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $280.8M | $231.5M | $144.5M | $291.9M |
| Capital Expenditure | -$122.3M | -$258.2M | -$108.6M | -$144.4M |
| Free Cash Flow | $158.5M | -$26.7M | $35.9M | $147.5M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +0.0% | +3.2% | -7.8% | -28.4% | +27.6% | +10.7% | -2.3% | +20.2% | +15.0% | |
| Net Income Growth (YoY) | +365.4% | -34.6% | +21.3% | -102.5% | +1,414.3% | -34.8% | -52.9% | +840.4% | +32.6% | |
| EPS Growth (YoY) | +363.7% | -34.8% | +23.7% | -102.5% | +1,405.9% | -35.1% | -45.8% | +928.2% | +32.4% | |
| Shares Change (YoY) | +3.1% | -0.4% | -2.8% | -2.3% | +1.1% | -0.2% | -11.9% | -6.8% | -0.3% | |
| FCF Growth (YoY) | +92.1% | -555.9% | +101.9% | +2,847.6% | -19.0% | -234.4% | +307.7% | -13.3% | -21.2% | |
| Gross Margin | 19.2% | 20.5% | 23.2% | 26.2% | -0.7% | 7.1% | 16.6% | 12.7% | 22.4% | 61.6% |
| Operating Margin | -5.5% | 12.4% | 14.7% | 17.2% | 5.1% | 10.2% | 6.0% | 3.5% | 14.0% | 15.2% |
| EBITDA Margin | 3.7% | 21.8% | 25.1% | 31.7% | 27.8% | 26.3% | 20.4% | 18.9% | 26.4% | 25.5% |
| Net Margin | -5.2% | 13.7% | 8.7% | 11.4% | -0.4% | 4.1% | 2.4% | 1.2% | 9.2% | 10.6% |
| FCF Margin | -20.7% | -1.6% | -10.4% | 0.2% | 8.7% | 5.5% | -6.7% | 14.3% | 10.3% | 7.1% |
| Effective Tax Rate | 35.1% | -48.8% | 23.5% | 23.8% | -16.2% | 25.7% | 21.2% | 14.8% | 25.3% | 24.3% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-12.57 | $-0.97 | $-6.36 | $0.12 | $3.70 | $2.96 | $-3.99 | $9.42 | $8.77 | $6.93 |
| Dividends Per Share | $0.18 | $0.28 | $0.37 | $0.46 | $0.26 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $51.5M | $51.8M | $51.9M | $50.9M | $50.2M | $50.3M | $50.5M | $43.9M | $40.3M | $40.3M |
What to look at in Industrials
Aerospace, defence, machinery, transport. Semi-cyclical. Key: backlog, operating margins, and FCF conversion.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — The best indicator of operational discipline in industrials
- ROIC — Quality industrials have ROIC >15% — the rest destroy capital
- FCF conversion — FCF / Net Income — in industrials good >85%
- Net debt / EBITDA — Cyclical industrials with high debt suffer hard in recessions
- Capex / Revenue — Maintaining the machinery. <4% = possible underinvestment (future decline)
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
Profitability
| Return on Equity | 15.02% |
| Return on Invested Capital | 7.28% |
| Return on Assets | 5.53% |
| Gross Margin | 71.40% |
| Operating Margin | 14.03% |
| Net Margin | 9.78% |
Financial Health
| Debt / Equity | 0.83 |
| Current Ratio | 0.57 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 1.83 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -11.61 | 6.41 | 8.24 | 9.68 | -237.12 | 17.70 | 11.47 | 66.92 | 12.49 | 9.45 |
| P/B | 1.39 | 1.57 | 1.18 | 1.51 | 0.95 | 0.87 | 0.36 | 1.09 | 1.67 | 1.47 |
| P/S | 0.60 | 0.88 | 0.72 | 1.11 | 0.95 | 0.73 | 0.28 | 0.78 | 1.14 | 1.00 |
| Gross Margin | 19.2% | 20.5% | 23.2% | 26.2% | -0.7% | 7.1% | 16.6% | 12.7% | 22.4% | 61.6% |
| Operating Margin | -5.5% | 12.4% | 14.7% | 17.2% | 5.1% | 10.2% | 6.0% | 3.5% | 14.0% | 15.2% |
| Net Margin | -5.2% | 13.7% | 8.7% | 11.4% | -0.4% | 4.1% | 2.4% | 1.2% | 9.2% | 10.6% |
Related companies: ALK · CAAP · CPA · EOSE · MDU · MWA · OMAB
Explore sector: Industrials · Airlines, Airports & Air Services
More sections of SKYW: Overview · Valuation · Statistics · Estimates · Technical · Ownership · News · Events
Discover more: Weekly Radar: the S&P 500 through the Buffett and Lynch methods · Investment Academy — learn to analyze stocks