SkyWest
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SkyWest (SKYW) investor relations material

SkyWest Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary29 Jan, 2026

Executive summary

  • Q4 2025 net income was $91 million ($2.21 per diluted share), impacted by FAA-mandated flight cancellations due to a government shutdown, reducing pre-tax income by $7 million.

  • Full-year 2025 net income rose 33% year-over-year to $428 million ($10.35 per diluted share), driven by 15% block hour growth and strong operating leverage.

  • Achieved multiyear contract extensions for 40 E175s with United and 13 E175s with Delta, ensuring no major E175 contract expirations until late 2028.

  • Named a Fortune World's Most Admired Company for 2026, the only regional airline in the top 10.

  • Five new E175 aircraft delivered in Q4 2025.

Financial highlights

  • Q4 2025 revenue was $1 billion, up 8% year-over-year; operating expenses rose 11% to $890 million, reflecting higher production and maintenance costs.

  • Full year 2025 operating revenues were $4.06 billion, up from $3.53 billion in 2024; operating income for the year was $617.8 million, up from $494.7 million.

  • Q4 contract revenue was $803 million, up from $786 million in Q4 2024.

  • Prorate and charter revenue reached $167 million in Q4, up from $126 million in Q4 2024.

  • Free cash flow for 2025 exceeded $400 million.

Outlook and guidance

  • By end of 2028, nearly 300 E175 aircraft expected in fleet; 44 additional E175s secured for delivery from 2028–2032, with purchase rights for 50 more.

  • 2026 block hours expected to grow mid-single digits over 2025, with EPS anticipated in the mid-$11 range.

  • 2026 CapEx forecasted at $600–$625 million, with 9 new E175 deliveries planned.

  • Q1 2026 EPS expected to be flat to down from Q4 2025 due to sharper seasonality; Q2 and Q3 projected as strongest quarters.

  • Focus areas for 2026 include redeploying 20 parked dual-class CRJs, strong prorate demand, and new E175 placements.

Future E175 unassigned fleet deployment plan
Address Q4 raw flight completion rate decline
Capital deployment strategy given cash reduction
Strategy for 44 unassigned E175 firm orders
Shift in capital allocation strategy?
MRO impact on CRJ return to service?
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Frequently asked questions

SkyWest, Inc., through its subsidiaries, operates a regional airline in the United States. The company operates as a scheduled service, commuter, and contract air carrier primarily providing air charter service and partial jet airlift services to the U.S. military. It also transports cargo for the U.S. mail; and offers operations, maintenance and management services for aircraft of other airlines. In addition, the company trains pilots for domestic and multinational airlines; provides aircraft maintenance inspection and certification services; offers consulting services for aviation-related businesses; sells and leases aircraft parts; and provides multipurpose aircraft maintenance and repair services. The company was formerly known as SkyWest Airlines Company and changed its name to SkyWest, Inc. in July 2002. SkyWest, Inc. Is based in St. George, Utah.

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