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Skywest vs United Airlines: revenue, profit, margins and growth compared

Skywest brought in $4.1B of revenue in fiscal 2025, United Airlines $59.1B in fiscal 2025. Revenue changed by +15.0% at Skywest and +3.5% at United Airlines on the year before, so Skywest grew faster. Skywest kept 10.6% of its revenue as net profit, United Airlines 5.7%. Free cash flow was $908.3M at Skywest and $2.6B at United Airlines.

Side by side, latest fiscal year

SKYWUAL
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$4.1B$59.1B
Revenue growth+15.0%+3.5%
Net income$428.3M$3.4B
Net margin10.6%5.7%
Free cash flow$908.3M$2.6B
Free cash flow margin22.4%4.3%
Earnings per share (diluted)$10.35$10.20
Cash$122.7M$5.9B
Debt$2.4B$21.3B
Price to earnings9.911.2
Market value$4B$37B
Dividend yieldn/an/a
Rank by revenue in sector#235 of 778 · Consumer discretionary#16 of 778 · Consumer discretionary

Over the years

Revenue
SKYW FY2018: $3.2BSKYW FY2019: $3BSKYW FY2020: $2.1BSKYW FY2021: $2.7BSKYW FY2022: $3BSKYW FY2023: $2.9BSKYW FY2024: $3.5BSKYW FY2025: $4.1BUAL FY2018: $41.3BUAL FY2019: $43.3BUAL FY2020: $15.4BUAL FY2021: $24.6BUAL FY2022: $45BUAL FY2023: $53.7BUAL FY2024: $57.1BUAL FY2025: $59.1BFY18FY19FY20FY21FY22FY23FY24FY25
SKYW $4.1BUAL $59.1B
Net income
SKYW FY2018: $280.4MSKYW FY2019: $340.1MSKYW FY2020: -$8.5MSKYW FY2021: $111.9MSKYW FY2022: $73MSKYW FY2023: $34.3MSKYW FY2024: $323MSKYW FY2025: $428.3MUAL FY2018: $2.1BUAL FY2019: $3BUAL FY2020: -$7.1BUAL FY2021: -$2BUAL FY2022: $737MUAL FY2023: $2.6BUAL FY2024: $3.1BUAL FY2025: $3.4BFY18FY19FY20FY21FY22FY23FY24FY25
SKYW $428.3MUAL $3.4B
Net margin
SKYW FY2018: 8.7%SKYW FY2019: 11.4%SKYW FY2020: -0.4%SKYW FY2021: 4.1%SKYW FY2022: 2.4%SKYW FY2023: 1.2%SKYW FY2024: 9.2%SKYW FY2025: 10.6%UAL FY2018: 5.1%UAL FY2019: 7.0%UAL FY2020: -46.0%UAL FY2021: -8.0%UAL FY2022: 1.6%UAL FY2023: 4.9%UAL FY2024: 5.5%UAL FY2025: 5.7%FY18FY19FY20FY21FY22FY23FY24FY25
SKYW 10.6%UAL 5.7%
Revenue growth
SKYW FY2019: -7.8%SKYW FY2020: -28.4%SKYW FY2021: +27.6%SKYW FY2022: +10.7%SKYW FY2023: -2.3%SKYW FY2024: +20.2%SKYW FY2025: +15.0%UAL FY2019: +4.7%UAL FY2020: -64.5%UAL FY2021: +60.4%UAL FY2022: +82.5%UAL FY2023: +19.5%UAL FY2024: +6.2%UAL FY2025: +3.5%FY19FY20FY21FY22FY23FY24FY25
SKYW +15.0%UAL +3.5%
Free cash flow
SKYW FY2018: $768.1MSKYW FY2019: $640.4MSKYW FY2020: $620.9MSKYW FY2021: $813.7MSKYW FY2022: $467.3MSKYW FY2023: $723.1MSKYW FY2024: $647.6MSKYW FY2025: $908.3MUAL FY2018: $2.1BUAL FY2019: $2.4BUAL FY2020: -$5.9BUAL FY2021: -$40MUAL FY2022: $1.2BUAL FY2023: -$260MUAL FY2024: $3.8BUAL FY2025: $2.6BFY18FY19FY20FY21FY22FY23FY24FY25
SKYW $908.3MUAL $2.6B

Fiscal years as each company reports them; the two may end in different months.

Questions about Skywest and United Airlines

Which is bigger by revenue, Skywest or United Airlines?

United Airlines is bigger by revenue: $59.1B in fiscal 2025, against $4.1B for Skywest in fiscal 2025.

Which keeps more of its revenue as profit, Skywest or United Airlines?

Skywest had a net margin of 10.6% in fiscal 2025; United Airlines had 5.7% in fiscal 2025.

Which grew revenue faster, Skywest or United Airlines?

In their latest fiscal years revenue changed by +15.0% at Skywest and +3.5% at United Airlines.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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