# SkyWest, Inc. (SKYW)

> Source: Nexqual · https://nexqual.com/SKYW · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, SkyWest, Inc. (SKYW), nexqual.com/SKYW" · informational, not investment advice.

**Price:** USD 95.73 (+1.57% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 94.25 · day 92.65–96.43 · 52w 77.89–117.72 · market cap $3.72B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $4.19B, net income $410M (9.8% margin), free cash flow $864M (SEC filings).
- Valuation: P/E 9.1x (avg 30.1x at the last 3 fiscal year-ends), EV/EBITDA 5.7x, net debt $1.70B.
- Insider open-market sales, last ~7 months: 4 Form 4 filings, $12.9M; 4 not under a Rule 10b5-1 plan ($12.9M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.33 on a 1–5 scale) (6 analysts), mean target USD 125.33 (range 105–160).
- Total return with dividends: 1Y -3.4% vs S&P 500 +14.9%; 5Y +105.3% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD 3.07, revenue estimate $1.14B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $2.71B | $3.00B | $2.94B | $3.53B | $4.06B | $4.19B |
| Operating income | $276M | $181M | $104M | $495M | $618M | $588M |
| Net income | $112M | $73.0M | $34.3M | $323M | $428M | $410M |
| EPS (diluted) | $2.20 | $1.44 | $0.77 | $7.77 | $10.35 | — |
| Free cash flow | $814M | $467M | $723M | $648M | $908M | $864M |
| Operating margin | 10.2% | 6.0% | 3.5% | 14.0% | 15.2% | 14.0% |
| Net margin | 4.1% | 2.4% | 1.2% | 9.2% | 10.6% | 9.8% |
| Revenue growth | +27.6% | +10.7% | -2.3% | +20.2% | +15.0% | — |
| Cash + short-term investments | $860M | $1.05B | $835M | $802M | $707M | — |
| Total debt | $3.11B | $3.38B | $3.01B | $2.67B | $2.39B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 9.1x · P/S 0.9x · EV/EBITDA 5.7x · EV/Sales 1.3x · P/FCF 4.3x · P/B 1.4x · FCF yield 23.24% · Earnings yield 11.03% · Net debt $1.70B · EV $5.41B
P/E at fiscal year-ends: Dec 2025 9.7x, Dec 2024 12.9x, Dec 2023 67.8x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 4 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-03 | Steel Wade J | CHIEF COMMERCIAL OFFICER | 22,000 | $2.5M | 25% | No | Too little history (no open-market trades in 2023) |
| 2026-07-30 | Wooley Greg | EXEC VP OPERATIONS | 17,726 | $1.9M | 24.9% | No | Too little history (no open-market trades in 2023) |
| 2026-07-29 | Simmons Robert J | CHIEF FINANCIAL OFFICER | 25,000 | $2.8M | 21% | No | Too little history (no open-market trades in 2023) |
| 2026-07-28 | Childs Russell A | PRESIDENT & CEO | 50,500 | $5.7M | 12.3% | No | Too little history (no open-market trades in 2023) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.33 on a 1–5 scale), 6 analysts; mean target USD 125.33 (low 105, high 160).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-02 | TD Cowen | Target lowered | Buy | $123 → $116 |
| 2026-08-24 | TD Cowen | Target raised | Buy | $115 → $123 |
| 2026-07-02 | TD Cowen | Target raised | Buy | $98 → $115 |
| 2026-07-02 | Goldman Sachs | Downgrade | Buy → Neutral | $126 → $108 |
| 2026-06-26 | Citigroup | Target raised | Neutral | $95 → $105 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -3.4% | +105.3% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -3.4% | +15.4% |
| Volatility (annualized) | 37.2% | 40.1% |
| Max drawdown | -27.9% (Feb 2026→May 2026) | -68.4% (Nov 2021→Dec 2022) |

## Peers (Airlines)
ALK (Alaska Air Group, Inc.) USD 35.38 +5.49% · CPA (Copa Holdings, S.A.) USD 134.86 -0.94% · AERO (Grupo Aeromexico, S.A.B. de C.V) USD 15.21 -0.33% · ALGT (Allegiant Travel Company) USD 70.36 +0.44% · AAL (American Airlines Group, Inc.) USD 12.6 +2.94% · ULCC (Frontier Group Holdings, Inc.) USD 5.3 +5.16%

## More
Full page: https://nexqual.com/SKYW · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in SKYW's own 10-K filed 2026-02-17 (https://www.sec.gov/Archives/edgar/data/793733/000110465926016358/skyw-20251231x10k.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | EMBRAER S.A. (EMBJ) | "As of December 31, 2025, our fleet consisted of aircraft manufactured by Embraer S.A. ("Embraer"), including the E175 regional jet aircraft ("E175"), and aircraft manufactured by MHI RJ Aviation ULC, formerly known as Bo…" |
| Supplier | SkyWest Charter | "We purchase and incur expense for all fuel on flights operated under our prorate agreements and SWC." |
| Customer | SkyWest Leasing | "SkyWest Leasing profit increased $9.4 million, or 3.2%, for the year ended December 31, 2025, compared to the year ended December 31, 2024, primarily due to an increase in revenue from maintenance services provided to th…" |
| Partner | United Airlines Holdings, Inc. (UAL) | "Our capacity purchase agreements with United, Delta, American and Alaska require the respective major airline partner to pay for fuel costs, either directly to the fuel vendor or to reimburse us for the fuel costs we inc…" |
| Partner | DELTA AIR LINES, INC. (DAL) | "Our capacity purchase agreements with United, Delta, American and Alaska require the respective major airline partner to pay for fuel costs, either directly to the fuel vendor or to reimburse us for the fuel costs we inc…" |
| Partner | American Airlines Group Inc. (AAL) | "Our capacity purchase agreements with United, Delta, American and Alaska require the respective major airline partner to pay for fuel costs, either directly to the fuel vendor or to reimburse us for the fuel costs we inc…" |
| Partner | Alaska Airlines | "Our capacity purchase agreements with United, Delta, American and Alaska require the respective major airline partner to pay for fuel costs, either directly to the fuel vendor or to reimburse us for the fuel costs we inc…" |
| Partner | SkyWest Airlines | "Operating SkyWest Airlines as an airline independent from our major airline partners would be a significant departure from our business plan and would likely require significant time and resources and may not be a viable…" |

Other companies that name SKYW in their own reports (relationship from SKYW's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| supplier | EMBRAER S.A. (EMBJ) | 20-F 2026-03-30 | "As of December 31, 2025, our largest E-Jet customers by number of aircraft in service were SkyWest, Republic, American Airlines, KLM, Mesa, Azul, Horizon Air, Porter, Tianjn, and LOT Polish." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Sky West Airlines | $940.7M | 85.3% | +8.2% |
| Skywest Leasing | $162.1M | 14.7% | -2.3% |
| Total revenue | $1.10B | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Flying Agreements | $1.06B | 96.5% | +7.8% |
| — Aircraft Operations (part of Flying Agreements) | $677.2M | 61.4% | -0.8% |
| — Prorate Agreements & Charter Revenue (part of Flying Agreements) | $200.8M | 18.2% | +38.1% |
| — Capacity Purchase Agreements Fixed Aircraft Lease Revenue (part of Flying Agreements) | $107.6M | 9.8% | +3.2% |
| — Capacity Purchase Agreements Variable Aircraft Lease Revenue (part of Flying Agreements) | $78.9M | 7.2% | +43.7% |
| Lease Airport Services & Other | $38.2M | 3.5% | -19.9% |
| Lease Airport Service & Other | $38.2M | 3.5% | -19.9% |
| Airport Customer Service & Other Revenue | $13.4M | 1.2% | -40.3% |
| Total revenue | $1.10B | 100% | — |
The lines above cover 104.7% of total revenue.

## Customer concentration

Period ended 2025-12-31: 70.3% of revenue from unnamed direct customers (10-K, filed 2026-02-17).

## Company outlook (8-K filed 2026-07-23)

- "Commenting on the results, Chip Childs, President and Chief Executive Officer of SkyWest, said, "Our block hour production outlook remains solid, as we prepare to invest in owning and operating 34 more E175s through the end of 2028."
- "The 11 new E175 aircraft are expected to replace 11 CRJ700s SkyWest is currently flying under contract with American."
- "SkyWest is scheduled to purchase the 11 E175s from Embraer with anticipated delivery dates in 2026 and 2027."
- "The table below summarizes anticipated E175 aircraft deliveries during the periods indicated based on currently available information, which is subject to change."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $3.07 | $3.14 | -2.2% | $1.14B | 5 |
| Next quarter (ends 2026-12-31) | $2.50 | $2.71 | -7.8% | $1.12B | 5 |
| Current fiscal year (ends 2026-12-31) | $10.57 | $10.85 | -2.6% | $4.37B | 6 |
| Next fiscal year (ends 2027-12-31) | $12.12 | $11.99 | +1.1% | $4.62B | 6 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-29): ±10.0%; last 8 reports averaged ±3.9%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 44.6% | ±10.0% |
| 2026-12-18 | 56 | 40.7% | ±12.8% |
| 2027-01-15 | 84 | 38.5% | ±14.8% |
| 2027-04-16 | 175 | 37.3% | ±20.6% |
| 2027-05-21 | 210 | 38.8% | ±23.4% |