Persistent free cash flow deficits, highlighted by a $36.0 million cash burn in 2026Q1, underscore the significant capital intensity required for ongoing infrastructure development.
| Cash from Operations | 3.16M | -2.34M | -9.1M | -7.74M | -27.49M | -6.62M | -1.04M | -1.39M |
| Operating CF Margin % | - | -8.48% | -61.62% | -102.11% | -1490.03% | -419.2% | -151.9% | - |
| Operating CF Growth % | 516.93% | 74.32% | -17.58% | 71.86% | -315.59% | -535.19% | 24.83% | - |
| Net Income | 19.62M | 7.32M | -53.68M | -16.18M | -13.68M | -13.61M | -2.54M | -1.76M |
| Depreciation & Amortization | 7.22M | 6.38M | 2.71M | 2.28M | 695K | 1.01M | 93.46K | 0 |
| Stock-Based Compensation | 3.31M | 5.77M | 3.92M | 2.26M | 1.22M | 217K | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -28.43M | -29.17M | 38.76M | 4.37M | -12.43M | 2.78M | 1.33M | 454.3K |
| Working Capital Changes | 7.31M | 7.36M | -799K | -466K | -3.29M | 2.99M | 66.28K | -83.38K |
| Change in Receivables | 1.36M | -166K | -1.11M | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 7.76M | 7.53M | 309K | 3.11M | -1.31M | 3.3M | 92.9K | -87.99K |
| Cash from Investing | -184.77M | -62.33M | -43.91M | -16.27M | -187.84M | -15.99M | -11.9M | -4.07M |
| Capital Expenditures | -92.58M | 0 | -78.55M | -56.14M | -45.97M | -15.99M | -11.9M | -4.07M |
| CapEx % of Revenue | 301.84% | 305.64% | 532.14% | 741.12% | 2491.44% | 1013.56% | 1735.29% | - |
| Acquisitions | 10K | 0 | -31.68M | 1.79M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 200K | -81.26M | -989K | -2.04M | -2.2M | 0 | 0 | 0 |
| Cash from Financing | 179.04M | 7.33M | 75.09M | 54.87M | 52.79M | 226.47M | 11.99M | 5.68M |
| Debt Issued (Net) | 184.21M | 8.68M | -1.78M | -1.76M | 0 | 149.18M | 13.74M | 6.83M |
| Equity Issued (Net) | 746K | 191K | 76.25M | 57.31M | 45M | 85M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -5.91M | -1.53M | 617K | -677K | 7.79M | -7.71M | -1.75M | -1.15M |
| Net Change in Cash | -2.57M | -57.34M | 22.09M | 30.87M | -162.54M | 203.86M | -946.83K | 221.41K |
| Free Cash Flow | -89.42M | -86.51M | -87.64M | -63.88M | -73.46M | -22.61M | -12.94M | -5.46M |
| FCF Margin % | -291.53% | -314.12% | -593.75% | -843.23% | -3981.46% | -1432.76% | -1887.19% | - |
| FCF Growth % | 12.83% | 1.29% | -37.21% | 13.05% | -224.91% | -74.74% | -137% | - |
| FCF per Share | -2.62 | -2.54 | -3.40 | -3.88 | -5.26 | -1.51 | -0.76 | -0.40 |
| FCF Conversion (FCF/Net Income) | -4.56x | -0.12x | 0.20x | 0.48x | 8.63x | 0.49x | 0.41x | 0.71x |
| Interest Paid | 134K | 0 | 0 | 0 | 0 | 0 | 795.36K | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
High Capital Intensity Risk
As reported in recent financial statements, the relationship between net income and operating cash flow remains highly inconsistent, with the OCF/NI ratio fluctuating significantly and reaching 0.70 in 2026Q1, which suggests that reported earnings are not currently translating into meaningful cash generation for the business.
The persistent gap between net income and operating cash flow indicates that the company's accounting earnings are likely decoupled from its actual cash-generating capacity. Investors should monitor this divergence, as it suggests that the business is currently reliant on non-cash accounting adjustments rather than core operational inflows to support its financial position.
Based on the company's reported quarterly figures, free cash flow remains deeply negative, with a cash burn of $36.0 million in 2026Q1 alone, underscoring the substantial capital requirements needed to sustain the current infrastructure development strategy before reaching a self-funding operational state.
The trajectory of free cash flow highlights the heavy burden of capital expenditure relative to the company's current revenue base. This trend suggests that the firm is in a high-growth, high-burn phase where cash outflows are expected to continue outpacing operational inflows until the portfolio of hangar campuses reaches critical mass.
According to SEC filings, Sky Harbour's capital expenditure remains elevated, with quarterly outlays frequently exceeding $20 million, reflecting the intensive nature of building out specialized aviation infrastructure that requires significant upfront investment before any potential long-term rental yield can be realized by the company.
The high ratio of capital expenditure to revenue indicates that the company is prioritizing asset expansion over near-term cash preservation. This strategy warrants further investigation into whether the expected returns on these new campuses will be sufficient to offset the significant debt and equity capital currently being deployed.
Analysis of the cash flow statement reveals that working capital changes have been inconsistent, swinging from a $6.1 million contribution in 2025Q4 to a $2.0 million drain in 2026Q1, which suggests that the company's cash position is sensitive to the timing of project-related payables and receivables.
The erratic nature of these working capital movements may indicate challenges in managing the cash cycle during the construction and commissioning phases of new campuses. Investors should monitor whether these fluctuations stabilize as the company moves toward a more predictable, recurring rental revenue model.
Quick answers to the most common questions about buying SKYH stock.
Sky Harbour Group Corporation (SKYH) generated $-2.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Sky Harbour Group Corporation (SKYH) reported negative free cash flow of $86.5M in 2025, indicating capital requirements exceeded cash from operations.
Sky Harbour Group Corporation (SKYH) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.