Short answer
SKYWEST INC (SKYW) filed its fiscal 2025 10-K annual report with the SEC on Feb 17, 2026. It reported revenue of $4.1B (+15.0% year over year) and net income of $428M.
- Top risk flagged: US tariffs on aircraft parts increased costs, especially non-US components for E175 jets imported from Brazil, impacting financial condition
FY2025 key financial metrics · XBRL
- Revenue
- $4.1B
- +15.0% YoY
- Net income
- $428M
- +32.6% YoY
- Operating margin
- 15.2%
- +1.2 pp YoY
- EPS (diluted)
- $10.35
- +33.2% YoY
- ROE
- 15.6%
- +2.2 pp YoY
- Operating cash flow
- $940M
- +35.8% YoY
Source: XBRL data from the SKYWEST INC (SKYW) FY2025 10-K on SEC EDGAR. USD.
SKYWEST INC FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: regional airline operations under long-term fixed-fee code-share agreements with United, Delta, American, Alaska
- New segment: SkyWest Charter (SWC) launched in 2023 with 11 CRJ200s for on-demand charter, DOT authorized as commuter air carrier in Sep 2025
- Strategic shift: converting owned CRJ700s to CRJ550s, with 23 used CRJ550s to enter service by end 2026
- Fleet: total 637 aircraft including 487 in service/contracts, adding 25 new E175s through 2028; full return to partner schedule operations by end 2025 after pilot attrition easing
- Workforce: 15,775 employees with 89.6% union representation, no work stoppages; ongoing labor relations under Railway Labor Act with potential union organization risks
Management Discussion & Analysis
- Revenue $4.06B, up 15.0% YoY from $3.53B; capacity purchase revenue increased $319.3M (10.8%), prorate and SWC revenue up $153.0M (33.5%)
- Net income $428.3M, vs $323.0M; operating expenses $3.44B, up 13.4% with increased flights and block hours; aircraft maintenance +32.4%, fuel +37.7%
- Best performing segment SkyWest Airlines & SWC: operating revenue $3.42B (+17.5%), segment profit $263M (+89.3%); worst segment not separately quantified
- Capital allocation: Outstanding debt down from $2.7B to $2.4B; interest expense decreased 8.7% to $104.5M (total interest not fully explicit); no buybacks or dividends detailed
- Forward outlook: Fleet expansion planned with 8 new E175 aircraft for United in 2026, 16 for Delta 2027-28, plus used CRJ550s; risks include labor availability and timing of aircraft service entry
Risk Factors
- US tariffs on aircraft parts increased costs, especially non-US components for E175 jets imported from Brazil, impacting financial condition
- Ongoing Russia-Ukraine, Israel-Hamas, and Israel-Iran conflicts contributing to macroeconomic uncertainty and potential travel demand reductions
- Delays and labor shortages among key third-party maintenance providers risk disrupting fleet readiness and reactivation of stored CRJ aircraft
- Code-share reliance on United and Delta with 353 of 487 aircraft under agreements; termination could materially harm revenue and operations
- Pilot attrition and FAA regulatory limits constrain flight schedules, risking revenue loss and penalties under capacity purchase agreements
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