SkyWest (SKYW) financial statements
SkyWest reported revenue of $4.1B in fiscal 2025, up 3.2% a year over 9 years.
Net income was $428M and the operating margin 15.2%, against -5.6% in 2016.
Free cash flow was $908M.
The diluted share count fell 20% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from SkyWest's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.1B | $3.1B | $3.2B | $3.0B | $2.1B | $2.7B | $3.0B | $2.9B | $3.5B | $4.1B |
| Cost of revenue | $3.2B | $2.7B | $2.7B | $2.5B | $2.0B | — | — | — | — | — |
| Gross profit | -$173M | $388M | $474M | $512M | $109M | — | — | — | — | — |
| Operating income | -$173M | $388M | $474M | $512M | $109M | $276M | $181M | $104M | $495M | $618M |
| Interest expense | $78M | $105M | $120M | $128M | $123M | $123M | $127M | $131M | $114M | $104M |
| Pre-tax income | -$249M | $288M | $366M | $446M | -$7M | $151M | $93M | $40M | $432M | $566M |
| Income tax | -$87M | -$141M | $86M | $106M | $1M | $39M | $20M | $6M | $109M | $137M |
| Net income | -$162M | $429M | $280M | $340M | -$9M | $112M | $73M | $34M | $323M | $428M |
| EPS (diluted) | -$3.14 | $8.08 | $5.30 | $6.62 | -$0.17 | $2.20 | $1.44 | $0.77 | $7.77 | $10.35 |
| Diluted shares | 52M | 53M | 53M | 51M | 50M | 51M | 51M | 45M | 42M | 41M |
| Gross margin | -5.6% | 12.4% | 14.7% | 17.2% | 5.1% | — | — | — | — | — |
| Operating margin | -5.6% | 12.4% | 14.7% | 17.2% | 5.1% | 10.2% | 6.0% | 3.5% | 14.0% | 15.2% |
| Net margin | -5.3% | 13.7% | 8.7% | 11.4% | -0.4% | 4.1% | 2.4% | 1.2% | 9.2% | 10.6% |
Balance sheet
Fiscal years, from SkyWest's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $557M | $685M | $689M | $520M | $826M | $860M | $1.0B | $835M | $802M | $707M |
| Receivables | $47M | $43M | $64M | $83M | $34M | $65M | $100M | $83M | $123M | — |
| Total current assets | $918M | $995M | $1.0B | $760M | $983M | $1.1B | $1.4B | $1.1B | $1.1B | $1.1B |
| Property, plant and equipment | $3.8B | $4.2B | $5.0B | $5.4B | $5.4B | $5.5B | $5.5B | $5.5B | $5.6B | $5.8B |
| Total assets | $5.0B | $5.5B | $6.3B | $6.7B | $6.9B | $7.1B | $7.4B | $7.0B | $7.1B | $7.4B |
| Total current liabilities | $747M | $821M | $925M | $925M | $942M | $1.2B | $1.2B | $1.3B | $1.4B | $1.7B |
| Long-term debt | $2.2B | $2.4B | $2.8B | $2.6B | $2.8B | $2.7B | $2.9B | $2.6B | $2.1B | $1.8B |
| Total liabilities | $3.7B | $3.7B | $4.3B | $4.5B | $4.7B | $4.9B | $5.1B | $4.9B | $4.7B | $4.6B |
| Shareholders' equity | $1.4B | $1.8B | $2.0B | $2.2B | $2.1B | $2.3B | $2.3B | $2.1B | $2.4B | $2.7B |
| Net debt | $2.4B | $2.5B | $2.8B | $2.9B | $3.0B | $2.9B | $3.3B | $2.9B | $2.4B | $2.3B |
Cash flow
Fiscal years, from SkyWest's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $507M | $684M | $803M | $721M | $634M | $832M | $480M | $736M | $692M | $940M |
| Capital spending | $14M | $27M | $34M | $81M | $13M | $18M | $13M | $13M | $45M | $32M |
| Free cash flow | $492M | $657M | $768M | $640M | $621M | $814M | $467M | $723M | $648M | $908M |
| Stock-based compensation | $8M | $11M | $13M | $10M | $7M | $9M | $9M | $17M | $20M | $19M |
| Dividends paid | $9M | $15M | $20M | $23M | $13M | — | — | — | — | — |
| Share buybacks (net) | — | -$20M | -$54M | -$78M | -$20M | — | — | — | — | — |
| Net borrowing | $624M | $141M | $414M | -$182M | $219M | -$91M | $269M | -$378M | -$337M | -$283M |
| Free cash flow margin | 16.1% | 21.0% | 23.8% | 21.5% | 29.2% | 30.0% | 15.6% | 24.6% | 18.4% | 22.4% |
| Dividends per share | $0.18 | $0.28 | $0.37 | $0.46 | $0.26 | — | — | — | — | — |
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Open SKYW in InvestinglyQuestions
What was SkyWest's revenue in 2025?
$4.1B in fiscal 2025, from its 10-K filing.
How much free cash flow does SkyWest generate?
$908M in fiscal 2025 (operating cash flow minus capital spending).
From SkyWest's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.