SKYWEST INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data SKYWEST INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	3,121	3,204	3,222	2,972	2,127	2,713	3,005	2,935	3,528	4,058
Cost of revenue	3,236	2,734	2,747	2,460	2,018
Gross profit	-115	470	474	512	109
Operating expenses				2,460	2,018	2,438	2,824	2,831	3,033	3,440
Operating income	-173	388	474	512	109	276	181	104	495	618
Interest expense	78.2	105	120	128	123	123	127	131	114	104
Interest income	2.14	4.51	8.82	14.1	5.88	1.11	17.6	43.9	48	43.3
Other non-operating income	-76.1	-100	-108	-66	-116	-125	-88.6	-63.8	-62.5	-52.3
Pre-tax income	-249	288	366	446	-7.33	151	92.6	40.3	432	566
Income tax	-87.2	-141	85.9	106	1.19	38.7	19.6	5.97	109	137
Net income	-162	429	280	340	-8.52	112	73	34.3	323	428
EBITDA	112	681	809	880	584	716	576	487	879	982
EPS, basic	-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	2.20	1.44	0.77	7.77	10.35
Shares, basic (weighted)	51.5	51.8	51.9	50.9	50.2	50.3	50.5	43.9	40.3	40.3
Shares, diluted (weighted)	51.5	53.1	52.9	51.4	50.2	50.8	50.6	44.6	41.5	41.4
Dividend per share	0.19	0.32	0.40	0.48	0.14

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	147	182	328	87.2	216	258	103	148	227	123
Short-term investments		504	361	433	610	602	944	687	574	584
Receivables	46.9	42.7	64.2	83	34.5	65.3	101	82.9	123
Other current assets	18.1	26.9	26.6	35.6	31.2	38.7	100	86.7	53.7	55.9
Total current assets	918	995	1,021	760	983	1,069	1,371	1,132	1,117	1,091
Property, plant and equipment	3,822	4,183	5,006	5,395	5,362	5,499	5,548	5,483	5,587	5,843
Lease right-of-use assets				336	282	239	152	86.7	87.7	81.9
Intangible assets	8.25	4.9
Other non-current assets	50	65.3	105	166	260	320	343	325	435	452
Total assets	5,008	5,474	6,313	6,657	6,888	7,126	7,415	7,026	7,140	7,386
Accounts payable	241	289	332	284	279	496	422	470	527	634
Accrued liabilities	140	154	162	134	126	151	186	195	227	241
Deferred revenue						24.5	5.2	61	54.8	164
Short-term debt	305	310	350	364	402	392	439	444	536	547
Total current liabilities	747	821	925	925	942	1,195	1,173	1,254	1,430	1,668
Long-term debt	2,240	2,377	2,810	2,629	2,802	2,717	2,942	2,562	2,137	1,845
Lease liabilities				259	206	158	88.6	67.4	67.3	62.3
Other non-current liabilities	50.8	58.7	66.9	45.6	173	125	177	341	309	154
Total liabilities	3,657	3,720	4,349	4,482	4,748	4,858	5,067	4,913	4,731	4,640
Total debt	2,546	2,687	3,160	2,993	3,204	3,109	3,380	3,006	2,672	2,392
Paid-in capital	657	673	691	687	705	722	734	754	777	798
Retained earnings	1,104	1,517	1,777	2,079	2,052	2,164	2,237	2,271	2,594	3,023
Treasury stock	-410	-435	-503	-591	-617	-619	-620	-912	-963	-1,075
Other comprehensive income	-0.07	-0.05	-0.03				-3.8	0.33	0.17	0.28
Shareholders' equity	1,351	1,754	1,964	2,175	2,140	2,268	2,348	2,114	2,409	2,746
Total equity	1,351	1,754	1,964	2,175	2,140	2,268	2,348	2,114	2,409	2,746
Total liabilities and equity	5,008	5,474	6,313	6,657	6,888	7,126	7,415	7,026	7,140	7,386

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-162	429	280	340	-8.52	112	73	34.3	323	428
Depreciation and amortization	285	293	335	368	475	440	395	383	384	364
Stock-based compensation	7.57	10.6	13.1	10.3	6.8	8.69	9.16	17.1	19.9	18.7
Deferred income tax	-83.4	-146	99.1	110	6.1	37.3	23.8	0.54	100	123
Change in receivables	15.3	4.2	-21.5	-40.7	26.8	-30.1	-33	19.8	-41.2	-52.5
Change in inventory	-1.99	-1.25	-7.94	-4.3	19.3	-12.9	-16.6	-3.91	-11.9	-29.5
Change in payables	-47.6	46.9	56.1
Cash from operations	507	684	803	721	634	832	480	736	692	940
Capital expenditures	-14.4	-27.5	-34.4	-80.6	-12.7	-18.1	-13	-13.3	-44.9	-32
Purchases of investments	-2,511	-1,534	-2,309	-1,939	-1,348	-1,518	-1,834	-1,339	-1,431	-1,113
Sales and maturities of investments	2,388	1,440	2,451	1,867	1,171	1,526	1,488	1,601	1,543	1,103
Cash from investing	-1,177	-751	-983	-657	-683	-699	-905	-23.2	-229	-652
Debt issued	926	472	785	200	406	450	685	69.7	116	209
Debt repaid	-302	-330	-371	-382	-187	-541	-415	-448	-453	-492
Stock issued	8.14	4.66	5.21	6.27	2.82	3.15	2.96	2.81	2.86	2.65
Share buybacks		-20	-54.4	-78.5	-20
Dividends paid	-9.26	-15	-19.7	-23.5	-13.1
Cash from financing	614	102	327	-305	178	-90.6	269	-668	-385	-393
Net change in cash	-56.3	35	147	-241	129	42.7	-155	45.3	79.1	-105
Free cash flow	492	657	768	640	621	814	467	723	648	908
Interest paid	76.6	106	118	132	125	125	125	128	114	106
Income taxes paid	1.21	5.01	2.66	2.49	1.78	6.59	1.17	13.6	18.6	16.9

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $102.29 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	14.0%	Operating income / revenue.
EBITDA margin	22.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	12.6%	Pre-tax income / revenue.
Net margin	9.8%	Net income / revenue.
FCF margin	20.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	22.6%	Cash from operations / revenue.
Effective tax rate	22.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	14.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	5.5%	Net income / average total assets.
Return on invested capital (ROIC)	9.2%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Capex / revenue	2.0%	Capital expenditures / revenue.
D&A / revenue	8.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	15.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	10.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	13.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	24.9%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	50.5%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	41.5%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	11.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	19.5%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	11.0%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	32.6%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	80.4%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	33.2%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	93.0%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	35.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	25.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	8.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	40.3%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	24.8%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	7.9%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	14.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	5.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	5.1%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	3.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-0.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	1.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-6.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-3.8%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.57x	Current assets / current liabilities.
Quick ratio	0.33x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.33x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.83x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	31.0%	Total debt / total assets.
Liabilities / assets	62.7%	Total liabilities / total assets.
Net debt	$1.70B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.77x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	5.87x	Operating income / interest expense.
Working capital	-$776.2M	Current assets - current liabilities.
Tangible book value	$2.76B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.57x	Revenue / average total assets.
Fixed asset turnover	0.70x	Revenue / average property, plant and equipment.
FCF conversion	210.8%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	8.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$10.35	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$105.77	Revenue / diluted weighted shares.
FCF per share	$21.81	Free cash flow / diluted weighted shares.
Operating cash flow per share	$23.94	Cash from operations / diluted weighted shares.
Book value per share	$69.70	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$69.70	Tangible book value / shares outstanding.
Cash per share	$15.17	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$3.97B	Share price x shares outstanding.
Enterprise value	$5.67B	Market cap + total debt - cash - short-term investments.
P/E	9.69x	Market cap / net income. Only when net income is positive.
P/S	0.95x	Market cap / revenue.
P/B	1.44x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.44x	Market cap / tangible book value, when positive.
P/FCF	4.60x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	4.19x	Market cap / cash from operations, when positive.
EV/Sales	1.35x	Enterprise value / revenue.
EV/EBIT	9.64x	Enterprise value / operating income, when both are positive.
EV/EBITDA	5.93x	Enterprise value / EBITDA, when both are positive.
EV/FCF	6.56x	Enterprise value / free cash flow, when both are positive.
FCF yield	21.8%	Free cash flow / market cap.
Earnings yield	10.3%	Net income / market cap (the inverse of P/E).
PEG	0.10x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was SKYWEST INC's revenue in fiscal 2025?

SKYWEST INC reported revenue of $4.06B for fiscal 2025, 15% higher than the year before.

Was SKYWEST INC profitable in fiscal 2025?

Yes. Net income was $428.3M, a net margin of 10.6%.

How much free cash flow did SKYWEST INC generate in fiscal 2025?

Cash from operations of $940.4M minus capital expenditures of $32.0M left free cash flow of $908.3M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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