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Airlines · Industrials · Fiscal year ends Dec 31
Skywest reported revenue of $4.1B in the fiscal year ended Dec 2025, up 15.0% from the year before. Operating income was $618M, an operating margin of 15.2%, and net income was $428M. Operating cash flow of $940M less capital expenditure of $32M left free cash flow of $908M. Net debt was $2.3B.
Ranks among the 9 airlines companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 2,713 | 3,005 | 2,935 | 3,528 | 4,058 |
| Operating income | 276 | 181 | 104 | 495 | 618 |
| Interest expense | 123 | 127 | 131 | 114 | 104 |
| Pre-tax income | 151 | 92.6 | 40.3 | 432 | 566 |
| Income tax | 38.7 | 19.6 | 6.0 | 109 | 137 |
| Net income | 112 | 73.0 | 34.3 | 323 | 428 |
| Diluted EPS | 2.20 | 1.44 | 0.77 | 7.77 | 10.35 |
| Diluted shares | 50.8 | 50.6 | 44.6 | 41.5 | 41.4 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 258 | 103 | 148 | 227 | 123 |
| Receivables | 65.3 | 101 | 82.9 | 123 | 160 |
| Current assets | 1,069 | 1,371 | 1,132 | 1,117 | 1,091 |
| Net PP&E | 5,499 | 5,548 | 5,483 | 5,587 | 5,843 |
| Total assets | 7,126 | 7,415 | 7,026 | 7,140 | 7,386 |
| Payables | 496 | 422 | 470 | 527 | 634 |
| Deferred revenue | 24.5 | 5.2 | 61.0 | 54.8 | 164 |
| Current liabilities | 1,195 | 1,173 | 1,254 | 1,430 | 1,668 |
| Short-term debt | 392 | 439 | 444 | 536 | 547 |
| Long-term debt | 2,717 | 2,942 | 2,562 | 2,137 | 1,845 |
| Total liabilities | 4,858 | 5,067 | 4,913 | 4,731 | 4,640 |
| Shareholders' equity | 2,268 | 2,348 | 2,114 | 2,409 | 2,746 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 832 | 480 | 736 | 692 | 940 |
| Capital expenditure | 18.1 | 13.0 | 13.3 | 44.9 | 32.0 |
| Free cash flow | 814 | 467 | 723 | 648 | 908 |
| Depreciation & amortisation | 440 | 395 | 383 | 384 | 364 |
| Stock-based compensation | 8.7 | 9.2 | 17.1 | 19.9 | 18.7 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 10.7% | −2.3% | 20.2% | 15.0% |
| Operating income growth (YoY) | – | −34.3% | −42.6% | 375.3% | 24.9% |
| EPS growth (YoY) | – | −34.5% | −46.5% | 909.1% | 33.2% |
| Operating margin | 10.2% | 6.0% | 3.5% | 14.0% | 15.2% |
| Net margin | 4.1% | 2.4% | 1.2% | 9.2% | 10.6% |
| Return on equityBlank when equity is negative | 4.9% | 3.1% | 1.6% | 13.4% | 15.6% |
| ROCEEBIT ÷ (assets − current liabilities) | 4.7% | 2.9% | 1.8% | 8.7% | 10.8% |
| Free cash flow margin | 30.0% | 15.6% | 24.6% | 18.4% | 22.4% |
| Cash conversion (CFO ÷ net income) | 7.43x | 6.58x | 21.4x | 2.14x | 2.20x |
| Receivable days | 9 | 12 | 10 | 13 | 14 |
| Interest cover | 2.24x | 1.43x | 0.79x | 4.33x | 5.92x |
| Debt ÷ equity | 1.37x | 1.44x | 1.42x | 1.11x | 0.87x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 2,851 | 3,277 | 2,858 | 2,445 | 2,269 |
| Current ratio | 0.89x | 1.17x | 0.90x | 0.78x | 0.65x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.