Operating income scaled to $123.7 million in 2026Q1 despite revenue growth cooling to 6.8%, indicating improved operating leverage amidst industry-wide inflationary pressures.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Mar'01 | Mar'99 | Mar'98 | Mar'97 | Mar'96 |
|---|
| Sales/Revenue | 4.12B | 4.06B | 3.53B | 2.94B | 3B | 2.71B | 2.13B | 2.97B | 3.22B | 3.12B | 3.12B | 3.1B | 3.24B | 3.3B | 3.53B | 3.65B | 2.77B | 2.61B | 3.5B | 3.37B | 3.11B | 1.96B | 1.16B | 888.03M | 774.45M | 601.87M | 474.78M | 388.6M | 297.1M | 283.3M | 251.7M |
| Revenue Growth % | 12.26% | 15.03% | 20.18% | -2.31% | 10.74% | 27.57% | -28.43% | -7.75% | 3.17% | 0.04% | 0.83% | -4.38% | -1.83% | -6.7% | -3.3% | 32.18% | 5.8% | -25.25% | 3.61% | 8.34% | 58.58% | 69.89% | 30.18% | 14.67% | 28.67% | 26.77% | 22.18% | 30.8% | 4.87% | 12.55% | 11.67% |
| Cost of Goods Sold | 2.39B | 1.56B | 2.74B | 2.56B | 2.51B | 2.52B | 2.14B | 2.19B | 2.47B | 2.48B | 2.52B | 2.55B | 2.87B | 2.91B | 3.14B | 3.37B | 1.07B | 1.34B | 2.14B | 2.67B | 2.44B | 1.54B | 871.61M | 570.5M | 470.52M | 437.75M | 304.34M | 248.2M | 198.4M | 205.1M | 185.2M |
| COGS % of Revenue | - | 38.42% | 77.64% | 87.32% | 83.38% | 92.86% | 100.65% | 73.83% | 76.81% | 79.54% | 80.84% | 82.29% | 88.78% | 88.1% | 88.8% | 92.15% | 38.61% | 51.26% | 61.1% | 79.19% | 78.33% | 78.29% | 75.4% | 64.24% | 60.76% | 72.73% | 64.1% | 63.87% | 66.78% | 72.4% | 73.58% |
| Gross Profit | 1.73B | 2.5B | 788.96M | 372.19M | 499.31M | 193.72M | -13.89M | 777.86M | 747.11M | 638.98M | 598.01M | 548.37M | 363.36M | 392.35M | 395.83M | 287.07M | 1.7B | 1.27B | 1.36B | 702.3M | 675.05M | 426.33M | 284.44M | 317.53M | 303.93M | 164.12M | 170.44M | 140.4M | 98.7M | 78.2M | 66.5M |
| Gross Margin % | 41.93% | 61.58% | 22.36% | 12.68% | 16.62% | 7.14% | -0.65% | 26.17% | 23.19% | 20.46% | 19.16% | 17.71% | 11.22% | 11.9% | 11.2% | 7.85% | 61.39% | 48.74% | 38.9% | 20.81% | 21.67% | 21.71% | 24.6% | 35.76% | 39.24% | 27.27% | 35.9% | 36.13% | 33.22% | 27.6% | 26.42% |
| Gross Profit Growth % | - | 216.73% | 111.98% | -25.46% | 157.74% | 1494.49% | -101.79% | 4.12% | 16.92% | 6.85% | 9.05% | 50.92% | -7.39% | -0.88% | 37.89% | -83.09% | 33.24% | -6.33% | 93.66% | 4.04% | 58.34% | 49.89% | -10.42% | 4.48% | 85.19% | -3.71% | 21.4% | 42.25% | 26.21% | 17.59% | 1.37% |
| Operating Expenses | 1.55B | 1.88B | 294.31M | 268.12M | 318.14M | -82.14M | -122.69M | 265.6M | 272.83M | 250.78M | 305.04M | 313.85M | 263.73M | 239.24M | 229.84M | 240.19M | 1.49B | 1.06B | 3.24B | 357.78M | 335.89M | 205.93M | 139.66M | 209.05M | 184.37M | 106.73M | 83.76M | 76.1M | 64.7M | 62.7M | 54.5M |
| OpEx % of Revenue | - | 46.35% | 8.34% | 9.13% | 10.59% | -3.03% | -5.77% | 8.94% | 8.47% | 8.03% | 9.77% | 10.14% | 8.15% | 7.25% | 6.5% | 6.57% | 53.77% | 40.62% | 92.7% | 10.6% | 10.78% | 10.48% | 12.08% | 23.54% | 23.81% | 17.73% | 17.64% | 19.58% | 21.78% | 22.13% | 21.65% |
| Selling, General & Admin | 77.71M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 272.83M | 250.78M | 305.04M | 0 | 0 | 0 | 0 | 1.5B | 1.25B | 698.33M | 724.09M | 148.83M | 146.01M | 90.65M | 62.84M | 134.63M | 128.27M | 60.84M | 55.3M | 51.9M | 40.5M | 42.2M | 37.9M |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | 8.47% | 8.03% | 9.77% | - | - | - | - | 41.08% | 45.22% | 26.72% | 20.71% | 4.41% | 4.69% | 4.62% | 5.44% | 15.16% | 16.56% | 10.11% | 11.65% | 13.36% | 13.63% | 14.9% | 15.06% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 3M | 1.88B | 294.31M | 268.12M | 318.14M | -82.14M | -122.69M | 265.6M | 0 | 400K | -94K | 33.66M | 20.71M | 10.39M | -10.64M | -13.42M | 236.5M | 363.43M | 380.72M | 208.94M | 189.88M | 115.28M | 76.82M | 74.42M | 56.1M | 45.89M | 28.46M | 24.2M | 24.2M | 20.5M | 16.6M |
| Operating Income | 602.15M | 617.85M | 494.66M | 104.07M | 181.16M | 275.87M | 108.8M | 512.26M | 474.28M | 388.2M | -172.68M | 234.51M | 24.85M | 153.11M | 165.99M | 41.1M | 201.83M | 212.19M | 255.23M | 344.52M | 339.16M | 220.41M | 144.78M | 108.48M | 119.56M | 57.38M | 86.68M | 64.3M | 34M | 15.5M | 12M |
| Operating Margin % | 14.61% | 15.22% | 14.02% | 3.55% | 6.03% | 10.17% | 5.12% | 17.24% | 14.72% | 12.43% | -5.53% | 7.58% | 0.77% | 4.64% | 4.7% | 1.12% | 7.3% | 8.12% | 7.3% | 10.21% | 10.89% | 11.22% | 12.52% | 12.22% | 15.44% | 9.53% | 18.26% | 16.55% | 11.44% | 5.47% | 4.77% |
| Operating Income Growth % | - | 24.9% | 375.32% | -42.55% | -34.33% | 153.55% | -78.76% | 8.01% | 22.17% | 324.8% | -173.63% | 843.8% | -83.77% | -7.76% | 303.81% | -79.63% | -4.89% | -16.86% | -25.92% | 1.58% | 53.88% | 52.24% | 33.46% | -9.26% | 108.35% | -33.8% | 34.81% | 89.12% | 119.35% | 29.17% | -41.18% |
| EBITDA | 967.42M | 982.34M | 878.54M | 487.18M | 575.71M | 716.07M | 583.76M | 880.36M | 808.87M | 680.97M | 112.28M | 499.02M | 284.49M | 398.12M | 417.94M | 295.29M | 438.32M | 433.74M | 475.43M | 553.47M | 555.57M | 335.68M | 221.59M | 182.9M | 177.09M | 103.27M | 115.14M | 88.5M | 58.2M | 36M | 28.6M |
| EBITDA Margin % | 23.46% | 24.21% | 24.9% | 16.6% | 19.16% | 26.39% | 27.44% | 29.62% | 25.11% | 21.81% | 3.6% | 16.12% | 8.79% | 12.07% | 11.83% | 8.08% | 15.85% | 16.6% | 13.6% | 16.4% | 17.84% | 17.09% | 19.17% | 20.6% | 22.87% | 17.16% | 24.25% | 22.77% | 19.59% | 12.71% | 11.36% |
| EBITDA Growth % | 6.08% | 11.82% | 80.33% | -15.38% | -19.6% | 22.66% | -33.69% | 8.84% | 18.78% | 506.46% | -77.5% | 75.41% | -28.54% | -4.74% | 41.54% | -32.63% | 1.06% | -8.77% | -14.1% | -0.38% | 65.5% | 51.49% | 21.16% | 3.28% | 71.48% | -10.31% | 30.11% | 52.06% | 61.67% | 25.87% | -14.88% |
| D&A (Non-Cash Add-back) | 365.27M | 364.5M | 383.88M | 383.12M | 394.55M | 440.2M | 474.96M | 368.1M | 334.59M | 292.77M | 284.97M | 264.51M | 259.64M | 245M | 251.96M | 254.18M | 236.5M | 221.55M | 220.19M | 208.94M | 216.41M | 115.28M | 76.82M | 74.42M | 57.53M | 45.89M | 28.46M | 24.2M | 24.2M | 20.5M | 16.6M |
| EBIT | 522.2M | 670.04M | 546.48M | 171.24M | 219.67M | 273.73M | 115.85M | 574.06M | 474.28M | 388.2M | -170.63M | 234.51M | 99.63M | 153.11M | 163.28M | 30.21M | 232.42M | 218.06M | 282.25M | 344.52M | 358.03M | 220.41M | 144.78M | 108.48M | 119.56M | 65.56M | 78.92M | 86.68M | 64.3M | 32.7M | 15.5M |
| Net Interest Income | -44.09M | -61.12M | -66.38M | -87M | -109.48M | -122.01M | -117.29M | -113.62M | -111.59M | -100.42M | -76.03M | -73.85M | -61.9M | -64.97M | -69.45M | -72.15M | -72.14M | -75.21M | -85.29M | -62.09M | -80.26M | -28.23M | 1.86M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 41.84M | 43.33M | 47.96M | 43.93M | 17.61M | 1.11M | 5.88M | 14.13M | 8.82M | 4.51M | 2.14M | 2M | 4.1M | 3.69M | 7.93M | 8.24M | 14.38M | 11.12M | 20.78M | 31.65M | 19.95M | 12.94M | 10.05M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 52.86M | 104.44M | 114.34M | 130.93M | 127.08M | 123.12M | 123.17M | 127.75M | 120.41M | 104.92M | 78.18M | 75.85M | 66M | 68.66M | 77.38M | 80.38M | 86.52M | 86.33M | 106.06M | 93.74M | 100.22M | 41.18M | 8.19M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10.8M |
| Other Income/Expense | -49.51M | -52.26M | -62.51M | -63.76M | -88.58M | -125.26M | -116.13M | -65.95M | -107.97M | -100.02M | -76.13M | -40.19M | -41.19M | -54.58M | -80.09M | -91.28M | -55.92M | -80.46M | -79.05M | -94.2M | -99.13M | -40.78M | -8.19M | 1.01M | 8.77M | 25.43M | 6.93M | 28.54M | 35.9M | 1.1M | 4.6M |
| Pretax Income | 552.64M | 565.59M | 432.14M | 40.31M | 92.58M | 150.61M | -7.33M | 446.31M | 366.31M | 288.18M | -248.81M | 194.32M | -16.34M | 98.53M | 85.9M | -50.17M | 145.9M | 131.73M | 176.18M | 250.32M | 240.03M | 179.63M | 136.59M | 109.49M | 128.33M | 82.81M | 92.84M | 69.9M | 35.6M | 16.6M | 6.8M |
| Pretax Margin % | 13.4% | 13.94% | 12.25% | 1.37% | 3.08% | 5.55% | -0.34% | 15.02% | 11.37% | 9.23% | -7.97% | 6.28% | -0.5% | 2.99% | 2.43% | -1.37% | 5.28% | 5.04% | 5.04% | 7.42% | 7.71% | 9.15% | 11.82% | 12.33% | 16.57% | 13.76% | 19.55% | 17.99% | 11.98% | 5.86% | 2.7% |
| Income Tax | 123.17M | 137.26M | 109.18M | 5.97M | 19.63M | 38.7M | 1.19M | 106.21M | 85.94M | -140.72M | -87.23M | 76.5M | 7.81M | 39.58M | 34.74M | -22.84M | 49.55M | 48.08M | 63.25M | 91.13M | 94.22M | 67.36M | 54.63M | 42.7M | 50.05M | 32.3M | 35.73M | 27.3M | 13.7M | 6.5M | 2.4M |
| Effective Tax Rate % | 22.29% | 24.27% | 25.27% | 14.8% | 21.2% | 25.7% | -16.21% | 23.8% | 23.46% | -48.83% | 35.06% | 39.37% | -47.79% | 40.17% | 40.44% | 45.52% | 33.96% | 36.49% | 35.9% | 36.4% | 39.25% | 37.5% | 40% | 39% | 39% | 39% | 38.49% | 39.06% | 38.48% | 39.16% | 35.29% |
| Net Income | 429.48M | 428.33M | 322.96M | 34.34M | 72.95M | 111.91M | -8.52M | 340.1M | 280.37M | 428.91M | -161.59M | 117.82M | -24.15M | 58.96M | 51.16M | -27.34M | 96.35M | 83.66M | 112.93M | 159.19M | 145.81M | 112.27M | 81.95M | 66.79M | 86.87M | 50.52M | 57.11M | 41.8M | 21.9M | 10.1M | 4.4M |
| Net Margin % | 10.42% | 10.55% | 9.15% | 1.17% | 2.43% | 4.12% | -0.4% | 11.44% | 8.7% | 13.74% | -5.18% | 3.81% | -0.75% | 1.79% | 1.45% | -0.75% | 3.48% | 3.2% | 3.23% | 4.72% | 4.68% | 5.72% | 7.09% | 7.52% | 11.22% | 8.39% | 12.03% | 10.76% | 7.37% | 3.57% | 1.75% |
| Net Income Growth % | 18.24% | 32.63% | 840.43% | -52.93% | -34.81% | 1414.27% | -102.5% | 21.3% | -34.63% | 365.44% | -237.15% | 587.77% | -140.97% | 15.25% | 287.15% | -128.37% | 15.17% | -25.92% | -29.06% | 9.18% | 29.87% | 36.99% | 22.71% | -23.11% | 71.96% | -11.54% | 36.62% | 90.87% | 116.83% | 129.55% | -67.88% |
| Net Income (Continuing) | 429.48M | 428.33M | 322.96M | 34.34M | 72.95M | 111.91M | -8.52M | 340.1M | 280.37M | 428.91M | -161.59M | 117.82M | -24.15M | 58.96M | 51.16M | -27.34M | 96.35M | 83.66M | 112.93M | 159.19M | 145.81M | 112.27M | 81.95M | 66.79M | 78.28M | 50.52M | 57.11M | 57.1M | 42.6M | 21.7M | 10.1M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 10.56 | 10.35 | 7.77 | 0.77 | 1.44 | 2.21 | -0.17 | 6.62 | 5.30 | 8.08 | -3.14 | 2.27 | -0.47 | 1.12 | 0.99 | -0.52 | 1.70 | 1.47 | 1.93 | 2.49 | 2.30 | 1.90 | 1.40 | 1.15 | 1.51 | 0.88 | 1.14 | 0.84 | 0.52 | 0.25 | 0.11 |
| EPS Growth % | 19.34% | 33.2% | 909.09% | -46.53% | -34.84% | 1400% | -102.57% | 24.91% | -34.41% | 357.32% | -238.33% | 582.98% | -141.96% | 13.13% | 290.38% | -130.59% | 15.65% | -23.83% | -22.49% | 8.26% | 21.05% | 35.71% | 21.74% | -23.84% | 71.59% | -22.81% | 35.71% | 61.54% | 108% | 127.27% | -63.33% |
| EPS (Basic) | - | 10.62 | 8.02 | 0.78 | 1.44 | 2.22 | -0.17 | 6.68 | 5.40 | 8.28 | -3.14 | 2.31 | -0.47 | 1.14 | 1.00 | -0.52 | 1.73 | 1.50 | 1.95 | 2.54 | 2.33 | 1.94 | 1.42 | 1.16 | 1.52 | 0.90 | 1.16 | 0.86 | 0.53 | 0.25 | 0.11 |
| Diluted Shares Outstanding | 40.67M | 41.4M | 41.55M | 44.6M | 50.64M | 50.75M | 50.2M | 51.38M | 52.87M | 53.1M | 51.51M | 51.83M | 51.24M | 52.42M | 51.75M | 52.2M | 56.53M | 56.81M | 58.63M | 64.04M | 63.38M | 58.93M | 58.35M | 58.13M | 57.55M | 57.24M | 49.92M | 49.57M | 42.34M | 40.4M | 40M |
| Basic Shares Outstanding | 40M | 40.31M | 40.26M | 43.94M | 50.55M | 50.35M | 50.2M | 50.93M | 51.91M | 51.8M | 51.46M | 51.08M | 51.24M | 51.69M | 51.09M | 52.2M | 55.61M | 55.85M | 57.79M | 62.71M | 62.47M | 57.85M | 57.86M | 57.74M | 57.23M | 56.37M | 49.13M | 48.4M | 41.6M | 40.4M | 40M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | 6.9% | 7.04% | 3.5% | - | 7.01% | - | 14.01% | 15.98% | - | 9.34% | 10.82% | 6.16% | 5.06% | 5.13% | 6.27% | 7.81% | 6.91% | 5.26% | 8.9% | 7.37% | 7.04% | 12.79% | 19.8% | 40.91% |
Pilot labor supply constraints
According to recent financial disclosures, SkyWest's year-over-year revenue growth has decelerated to 6.8% in 2026Q1, a notable cooling from the double-digit expansion observed throughout 2025, suggesting that the rapid post-pandemic recovery phase in block hour production may be reaching a structural plateau within current capacity limits.
The transition from 19.4% growth in 2025Q2 to single-digit expansion indicates that the company is likely hitting a ceiling in fleet utilization. Investors should monitor whether this deceleration reflects a lack of available flight crews or a strategic shift toward higher-yield, lower-volume contract structures.
Based on reported income statements, SkyWest's gross margin experienced significant fluctuations, ranging from 12.0% in 2023Q4 to a peak of 60.9% in 2025Q4, highlighting the impact of pass-through accounting treatments that often obscure the underlying profitability of the core regional flight operations segment.
The extreme variance in gross margins suggests that accounting for reimbursable expenses like fuel and landing fees creates noise that complicates period-over-period comparisons. Analysts should focus on the stability of operating margins, which have remained more consistent, to gauge the true effectiveness of the company's cost-plus contract model.
As reported in recent filings, SkyWest has demonstrated improved operating leverage, with operating income scaling to $123.7M in 2026Q1 despite a deceleration in top-line growth, indicating that management is successfully managing fixed costs even as the broader regional airline industry faces persistent inflationary pressures on labor.
The ability to maintain double-digit operating margins during a period of slowing revenue growth suggests that the company is effectively controlling its overhead. This operational discipline appears to be a key differentiator compared to peers who have struggled to maintain positive operating income in similar environments.
Based on the provided income statement data, SkyWest's net income has remained consistently positive over the last ten quarters, with the absence of stock-based compensation since 2024 suggesting a high quality of earnings that is not diluted by non-cash equity grants to management or employees.
The consistent conversion of operating income into net income implies a lack of significant non-operating drags or tax anomalies. This stability in earnings quality warrants further investigation into whether the company's depreciation policies for its E175 fleet are appropriately capturing the long-term economic life of these assets.
As noted in industry analysis, the primary risk to SkyWest's income statement remains the potential for margin compression if major carrier partners seek to renegotiate capacity purchase agreements to offset their own rising costs, a scenario that could abruptly challenge the company's current profitability trajectory.
While the CPA model provides a revenue floor, it also limits the upside and leaves the company vulnerable to the strategic whims of its major partners. Investors should remain cautious regarding the sustainability of current margin levels if pilot wage inflation continues to outpace the contractual fee-per-block-hour adjustments.
Quick answers to the most common questions about buying SKYW stock.
For fiscal year 2025, SkyWest, Inc. (SKYW) reported total revenue of $4.06B. This represents a 1512.3% increase compared to $251.7M in 1996.
SkyWest, Inc. (SKYW) is profitable, generating $428.3M in net income for the fiscal year ending 2025 with a net profit margin of 10.6%.
SkyWest, Inc. (SKYW) reported an operating income of $617.8M, resulting in an operating profit margin of 15.2%. This margin reflects the operational efficiency of the business before interest and taxes.
SkyWest, Inc. (SKYW) generated $2.50B in gross profit for the year, representing a gross profit margin of 61.6%. This demonstrates the company's core pricing power and production efficiency.