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SkyWest (SKYW) investor relations material

SkyWest Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary30 Oct, 2025

Executive summary

  • Q3 2025 net income was $116.4 million, or $2.81 per diluted share, up from $89.7 million and $2.16 per share in Q3 2024, reflecting strong demand and operational execution.

  • Q3 2025 operating revenues reached $1.1 billion, up 15% year-over-year, with block hours increasing 14.9% and aircraft in scheduled service or under contract rising 2.9% year-over-year.

  • Achieved over 185 days of 100% controllable completion year-to-date, with more than 2,500 daily departures and 12.4 million passengers carried in Q3.

  • Navigated challenges from a federal government shutdown, ATC system strain, and inflationary pressures while maintaining service commitments.

  • Department of Transportation finalized commuter authorization for SkyWest Charter, opening new growth avenues.

Financial highlights

  • Q3 2025 revenue was $1.1 billion (+15% YoY); net income: $116.4 million (+29.7% YoY); diluted EPS: $2.81 (+30.1% YoY).

  • Nine months ended September 30, 2025: operating revenues $3.03 billion (+17.4% YoY); net income $337.2 million (+49.5% YoY); diluted EPS $8.14 (+49.6% YoY).

  • Q3 contract revenue reached $844 million, pro-rate and charter revenue $167 million, and leasing/other revenue $39 million.

  • Ended Q3 with $753 million in cash, $2.4 billion in debt (down from $2.7 billion at year-end 2024), and generated $144 million in Q3 free cash flow.

  • Operating expenses for Q3 were $876 million (+12% YoY), driven by higher maintenance, labor, and fuel costs.

Outlook and guidance

  • 2025 block hours expected to rise ~15% over 2024; 2025 GAAP EPS projected in the mid-$10 range, with Q4 EPS around $2.30.

  • 2026 block hours anticipated to grow low single digits, with mid to high single-digit EPS growth to ~$11.

  • Scheduled to add 13 new E175s with United by end of 2026, 16 new E175s with Delta from 2027–2028, and one new E175 with Alaska in 2026.

  • 2026 CapEx expected at $575–$625 million, with 11 E175 deliveries and 20 CRJ-550s entering service.

  • Management expects available liquidity to be sufficient for at least the next 12 months.

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Frequently asked questions

SkyWest, Inc., through its subsidiaries, operates a regional airline in the United States. The company operates as a scheduled service, commuter, and contract air carrier primarily providing air charter service and partial jet airlift services to the U.S. military. It also transports cargo for the U.S. mail; and offers operations, maintenance and management services for aircraft of other airlines. In addition, the company trains pilots for domestic and multinational airlines; provides aircraft maintenance inspection and certification services; offers consulting services for aviation-related businesses; sells and leases aircraft parts; and provides multipurpose aircraft maintenance and repair services. The company was formerly known as SkyWest Airlines Company and changed its name to SkyWest, Inc. in July 2002. SkyWest, Inc. Is based in St. George, Utah.

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