$SKYW

SKYWEST INC

CIK:0000793733|SEC Filings

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
OPERATING REVENUES:
Total operating revenues	$ 1,102,751	$ 1,035,227	$ 2,115,928	$ 1,983,682
OPERATING EXPENSES:
Salaries, wages and benefits	426,826	390,243	848,930	767,554
Aircraft maintenance, materials and repairs	242,928	238,885	455,955	447,985
Depreciation and amortization	92,497	90,150	182,713	179,596
Aircraft fuel	60,563	27,459	99,467	51,947
Airport-related expenses	32,600	27,116	68,770	54,939
Other operating expenses	91,507	91,246	180,577	172,156
Total operating expenses	946,921	865,099	1,836,412	1,674,177
OPERATING INCOME	155,830	170,128	279,516	309,505
OTHER INCOME (EXPENSE):
Interest income	8,794	11,050	17,391	21,136
Interest expense	(24,926)	(26,566)	(49,391)	(53,684)
Other income (expense), net	(844)	8,504	(892)	6,877
Total other expense, net	(16,976)	(7,012)	(32,892)	(25,671)
INCOME BEFORE INCOME TAXES	138,854	163,116	246,624	283,834
PROVISION FOR INCOME TAXES	38,154	42,847	44,232	63,014
NET INCOME	$ 100,700	$ 120,269	$ 202,392	$ 220,820
BASIC EARNINGS PER SHARE (in dollars per share)	$ 2.55	$ 2.98	$ 5.1	$ 5.46
DILUTED EARNINGS PER SHARE (in dollars per share)	$ 2.54	$ 2.91	$ 5.04	$ 5.32
Weighted average common shares:
Basic (in shares)	39,424	40,416	39,711	40,453
Diluted (in shares)	39,617	41,351	40,142	41,475
COMPREHENSIVE INCOME:
Net income	$ 100,700	$ 120,269	$ 202,392	$ 220,820
Net unrealized depreciation on marketable securities, net of taxes	(4)	(76)	(648)	(151)
TOTAL COMPREHENSIVE INCOME	100,696	120,193	201,744	220,669
Flying agreements
OPERATING REVENUES:
Total operating revenues	1,064,549	987,511	2,042,434	1,903,505
Lease, airport services and other
OPERATING REVENUES:
Total operating revenues	$ 38,202	$ 47,716	$ 73,494	$ 80,177

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
NET CASH PROVIDED BY OPERATING ACTIVITIES	$ 436,339	$ 428,083
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of marketable securities	(353,910)	(751,545)
Sales of marketable securities	417,926	646,969
Acquisition of property and equipment:
Aircraft and rotable spare parts	(218,624)	(227,832)
Buildings and ground equipment	(22,057)	(13,986)
Deposits paid on aircraft	(12,302)	(31,078)
Proceeds from the sale of property and equipment	298	3,823
Decrease in other assets, net	3,359	991
NET CASH USED IN INVESTING ACTIVITIES	(185,310)	(372,658)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of long-term debt	141,721	47,099
Principal payments on long-term debt	(238,585)	(224,437)
Payment of debt issuance cost	(449)	(192)
Net proceeds from issuance of common stock	1,313	1,293
Employee income tax paid on vested equity awards	(45,637)	(27,242)
Purchase of treasury stock and related excise tax	(150,658)	(30,978)
NET CASH USED IN FINANCING ACTIVITIES	(292,295)	(234,457)
Decrease in cash and cash equivalents	(41,266)	(179,032)
Cash and cash equivalents at beginning of period	122,673	227,362
CASH AND CASH EQUIVALENTS AT END OF PERIOD	81,407	48,330
Non-cash investing and financing activities:
Change in accrued capital expenditures for the period	30,435	16,571
Cash paid during the period for:
Interest, net of capitalized amounts	51,140	53,311
Income taxes, net of refunds	$ 3,669	$ 9,090

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
CURRENT ASSETS:
Cash and cash equivalents	$ 81,407	$ 122,673
Marketable securities	519,572	584,236
Receivables, net	189,017	159,803
Inventories, net	193,683	168,547
Other current assets	40,569	55,935
Total current assets	1,024,248	1,091,194
PROPERTY AND EQUIPMENT:
Aircraft and rotable spares	9,561,706	9,302,510
Deposits on aircraft	100,000	100,000
Buildings, ground equipment and other	341,119	328,401
Total property and equipment, gross	10,002,825	9,730,911
Less-accumulated depreciation and amortization	(4,057,473)	(3,887,943)
Total property and equipment, net	5,945,352	5,842,968
OTHER ASSETS:
Operating lease right-of-use assets	86,958	81,943
Long-term receivables and other assets	355,672	370,144
Total other assets	442,630	452,087
Total assets	7,412,230	7,386,249
CURRENT LIABILITIES:
Current maturities of long-term debt	653,695	546,812
Accounts payable and accrued liabilities	753,216	633,633
Accrued salaries, wages and benefits	229,972	240,954
Current maturities of operating lease liabilities	21,868	19,629
Taxes other than income taxes	24,039	22,694
Other current liabilities	117,637	203,886
Total current liabilities	1,800,427	1,667,608
LONG-TERM DEBT, net of current maturities	1,642,763	1,845,272
DEFERRED INCOME TAXES PAYABLE	952,722	910,731
NONCURRENT OPERATING LEASE LIABILITIES	65,765	62,314
OTHER LONG-TERM LIABILITIES	189,060	153,891
COMMITMENTS AND CONTINGENCIES (Note 7)
STOCKHOLDERS' EQUITY:
Preferred stock, 5,000,000 shares authorized; none issued
Common stock, no par value, 120,000,000 shares authorized; 85,379,909 and 84,270,723 shares issued as of June 30, 2026 and December 31, 2025, respectively	808,081	798,470
Retained earnings	3,224,899	3,022,507
Treasury stock, at cost, 46,445,748 and 44,399,241 shares as of June 30, 2026 and December 31, 2025, respectively	(1,271,117)	(1,074,822)
Accumulated other comprehensive income (loss)	(370)	278
Total stockholders' equity	2,761,493	2,746,433
Total liabilities and stockholders' equity	$ 7,412,230	$ 7,386,249