8-K

​

​

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

​

​

FORM 8-K

​

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

​

Date of Report (date of earliest event reported): **** January 29, 2026

​

SKYWEST, INC.

(Exact Name of Registrant as Specified in its Charter)

​

​	​	​	​	​
Utah	​	0-14719	​	87-0292166
(State or other jurisdiction of	​	(Commission	​	(IRS Employer
incorporation or organization)	​	File Number)	​	Identification No.)

​

​	​	​
444 South River Road	​	​
St. George , Utah	​	84790
(Address of Principal Executive Offices)	​	(Zip Code)

​

Registrant’s Telephone Number, Including Area Code:

( 435 ) 634-3000

​

Not applicable

(Former name or former address, if changed since last report.)

​

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

​

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

​

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

​

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

​

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

​

​

Securities registered pursuant to Section 12(b) of the Act:

​

​	​	​	​	​
Title of Each Class	​	Trading Symbol(s)	​	Name of Each Exchange on which Registered
Common Stock, No Par Value	​	SKYW	​	The Nasdaq Global Select Market

​

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

​

​	​
​	Emerging growth company  ☐

​

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

​

​

​

​

​

Item 2.02. Results of Operations and Financial Condition

​

On January 29, 2026, SkyWest, Inc. (the “Company”) issued a press release announcing its financial results for the three months and year ended December 31, 2025. The full text of the Company’s press release is furnished herewith as Exhibit 99.1.

​

The information in this Current Report on Form 8-K (including Exhibit 99.1) is furnished pursuant to General Instruction B.2 to Form 8-K and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing made by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

​

​

Item 9.01. Financial Statements and Exhibits

​

(d) Exhibits.

​

​

​<br><br>​<br><br>​	​	​<br><br>​<br><br>​	​
Exhibit<br><br>Number	​ ​	Title of Document	​
99.1	​	Press release dated January 29, 2026	​
104	​	Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101)	​

​

​

​

​

​

SIGNATURE

​

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

​

​
​	​ ​ ​	SKYWEST, INC.
​	​	​
​	​	​
Dated: January 29, 2026	​	By	/s/ Eric J. Woodward
​	​		Eric J. Woodward, Chief Accounting Officer

​

​

​

Exhibit 99.1

​

NEWS RELEASE

​

​

​	​	​
CONTACT:	Investor Relations	Corporate Communications
​	435.634.3200	435.634.3553
​	Investor.relations@skywest.com	corporate.communications@skywest.com

​

​

SkyWest, Inc. Announces Fourth Quarter and Annual 2025 Profit

​

●	Q4 2025 pre-tax income of $125 million, net income of $91 million, or $2.21 per diluted share
●	Full year 2025 pre-tax income of $566 million, net income of $428 million, or $10.35 per diluted share
---	---
●	SkyWest took delivery of five new E175 aircraft in Q4 2025 under a previously announced agreement with United Airlines (“United”)
---	---
●	SkyWest reached a multi-year contract extension with United for 40 E175 aircraft in January 2026
---	---
●	SkyWest reached a multi-year contract extension with Delta Air Lines for 13 E175 aircraft in January 2026
---	---

ST. GEORGE, UTAH, January 29, 2026 -- SkyWest, Inc. (NASDAQ: SKYW) (“SkyWest”) today reported financial and operating results for Q4 2025, including net income of $91 million, or $2.21 per diluted share, compared to net income of $97 million, or $2.34 per diluted share, for Q4 2024. The Federal Aviation Administration’s mandated flight cancellations in connection with the U.S. government shutdown in October and November 2025 contributed to a reduction in SkyWest’s pre-tax income in Q4 2025 by $7 million, or $0.13 per diluted share.

SkyWest also reported net income of $428 million, or $10.35 per diluted share, for the 2025 year, compared to net income of $323 million, or $7.77 per diluted share, for the 2024 year. SkyWest’s net income for the 2025 year was up 33% from 2024, which reflects year-over-year block hour growth of 15%.

Commenting on the results, Chip Childs, President and Chief Executive Officer of SkyWest, said, “We are honored to be named among the World’s Most Admired Companies by Fortune Magazine in 2026 for the third time. As we continue to strengthen our partnerships and re-invest in our product, our capital deployment strategy is focused on creating long-term value for our

1

​

customers, our people, and our shareholders. I want to thank our people for their good work through the operationally challenging fourth quarter.”

Financial Results

Revenue was $1.0 billion in Q4 2025, up $80 million, or 8%, from $944 million in Q4 2024. SkyWest’s Q4 2025 block hour production increased 5% compared to Q4 2024, which reflects higher fleet utilization year-over-year and strong demand.

Operating expenses were $890 million in Q4 2025, up $90 million, or 11%, from $800 million in Q4 2024, driven by an expected increase in incremental direct operating costs associated with higher production in Q4 2025 compared to Q4 2024 and the Company’s maintenance on its investment in its CRJ fleet.

Capital and Liquidity

SkyWest had $707 million in cash and marketable securities at December 31, 2025, compared to $802 million at December 31, 2024.

Total debt at December 31, 2025 was $2.4 billion, down from $2.7 billion at December 31, 2024, reflecting $492 million in principal debt payments during the 2025 year. Capital expenditures during Q4 2025 were $214 million for the purchase of five new E175 aircraft, spare engines, and other fixed assets.

SkyWest repurchased 268,000 shares of common stock for $27 million during Q4 2025 at an average price per share of $100.43, which was up 10% from 244,000 shares repurchased during Q3 2025. As of December 31, 2025, SkyWest had $213 million of remaining availability under its current share repurchase program.

Commercial Agreements

SkyWest is coordinating with its major airline partners regarding the timing of upcoming announced fleet deliveries. The table below summarizes anticipated future E175 aircraft deliveries during the periods indicated based on currently available information, which is subject to change. SkyWest had five E175 aircraft deliveries during Q4 2025.

​	​	​	​	​	​	​	​	​	​	​
​	​	​
​	​ ​ ​	2026	​	2027	​	2028	​	Thereafter	​	Total
United		8	​	ꟷ	​	ꟷ	​	ꟷ	​	8
Delta	​	ꟷ	​	10	​	6	​	ꟷ	​	16
Alaska Airlines		1	​	ꟷ	​	ꟷ	​	ꟷ	​	1
Unassigned	​	ꟷ	​	ꟷ	​	4	​	40	​	44
Total		9	​	10	​	10	​	40	​	69

​

2

​

By the end of 2028, SkyWest anticipates having nearly 300 E175 aircraft in its fleet. As previously announced, SkyWest entered into a purchase agreement with Embraer, which secures delivery positions for 44 additional E175s from 2028 through 2032 for potential future flying opportunities. SkyWest also secured purchase rights on 50 additional E175s from Embraer.

About SkyWest

SkyWest, Inc. is the holding company for SkyWest Airlines, SkyWest Charter (“SWC”) and SkyWest Leasing, an aircraft leasing company. SkyWest Airlines has a fleet of approximately 500 aircraft connecting passengers to over 240 destinations throughout North America. SkyWest Airlines operates through partnerships with United Airlines, Delta Air Lines, American Airlines, and Alaska Airlines carrying more than 46 million passengers in 2025.

SkyWest will host its conference call to discuss its fourth quarter 2025 results today, January 29, 2026, at 2:30 p.m. Mountain Time. The conference call number is 1-888-330-2455 for domestic callers, and 1-240-789-2717 for international callers. Please call up to ten minutes in advance to ensure you are connected prior to the start of the call. The conference call will also be available live on the Internet at https://events.q4inc.com/attendee/240687591. This press release and additional information regarding SkyWest, including access information for the digital rebroadcast of the fourth quarter 2025 results call, participation at investor conferences and investor presentations can be accessed at inc.skywest.com.

Forward-Looking Statements

In addition to historical information, this release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “forecasts,” “expects,” “intends,” “believes,” “anticipates,” “estimates,” “should,” “likely” and similar expressions identify forward-looking statements. Such statements include, but are not limited to, statements about the continued demand for our product, the effect of economic conditions on SkyWest’s business, financial condition and results of operations, the timing of scheduled aircraft deliveries, including with respect to aircraft for which SkyWest holds firm delivery positions or purchase rights, the transition of the new E175 aircraft to replace existing aircraft in SkyWest’s fleet and the timing thereof, fleet expansion and anticipated fleet size for SkyWest in upcoming periods, expected production levels in future periods, SkyWest’s coordination with major airline partners regarding the delivery of aircraft under previously announced agreements and timing of placing new aircraft deliveries into service, scheduled flight service to smaller communities, increasing the utilization and efficiency of all fleet types as well as SkyWest’s future financial and operating results, plans, objectives, expectations, estimates, intentions and outlook, including the ability to generate long-term value for SkyWest and its customers and people, and other statements that are not historical facts. All forward-looking statements included in this release are made as of the date hereof and are based on information available to SkyWest as of such date. SkyWest assumes no obligation to update any forward-looking statements unless required by law. Readers should note that many factors could affect the future operating and financial results of SkyWest and could cause actual results to vary materially from those expressed in forward-looking statements set forth in this release. These factors include, but are not limited to: the challenges of competing successfully in a highly competitive and rapidly changing industry; developments associated with fluctuations in the economy and the demand for air travel, including related to inflationary pressures, and related decreases in customer demand and spending; uncertainty regarding potential future outbreaks of infectious diseases or other health concerns, and the consequences of such outbreaks to the travel industry, including travel demand and travel behavior, and our major airline

3

​

SkyWest, Inc. and Subsidiaries

Condensed Consolidated Statements of Income

(Dollars and Shares in Thousands, Except per Share Amounts)

(Unaudited)

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​
​		Three Months Ended					​	Year Ended					​
​	​	December 31,					​	December 31,					​
​	​ ​ ​	2025		​ ​ ​	2024		​ ​ ​	2025		​ ​ ​	2024
OPERATING REVENUES:	​	​	​	​	​	​	​	​	​	​	​	​	​
Flying agreements	​	$	970,364	​	$	912,845	​	$	3,885,153	​	$	3,412,798	​
Lease, airport services and other	​		54,127	​		31,557	​		173,049	​		115,122	​
Total operating revenues	​		1,024,491	​		944,402	​		4,058,202	​		3,527,920	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​
OPERATING EXPENSES:	​	​	​	​	​	​	​	​	​	​	​	​	​
Salaries, wages and benefits	​		400,168	​		380,493	​		1,559,356	​		1,463,932	​
Aircraft maintenance, materials and repairs	​		247,816	​		202,308	​		943,779	​		712,642	​
Depreciation and amortization	​		92,427	​		94,534	​		364,497	​		383,880	​
Airport-related expenses	​		34,774	​		24,771	​		121,589	​		85,836	​
Aircraft fuel	​		34,205	​		22,193	​		120,368	​		87,409	​
Other operating expenses	​		80,903	​		76,027	​		330,767	​		299,564	​
Total operating expenses	​		890,293	​		800,326	​		3,440,356	​		3,033,263	​
OPERATING INCOME	​		134,198	​		144,076	​		617,846	​		494,657	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​
OTHER INCOME (EXPENSE):	​	​	​	​	​	​	​	​	​	​	​	​	​
Interest income	​		11,625	​		11,835	​		43,326	​		47,961	​
Interest expense	​		(25,150)	​		(27,737)	​		(104,445)	​		(114,340)	​
Other income, net	​		3,915	​		5,432	​		8,864	​		3,865	​
Total other expense, net	​		(9,610)	​		(10,470)	​		(52,255)	​		(62,514)	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​
INCOME BEFORE INCOME TAXES	​		124,588	​		133,606	​		565,591	​		432,143	​
PROVISION FOR INCOME TAXES	​		33,432	​		36,229	​		137,257	​		109,181	​
NET INCOME	​	$	91,156	​	$	97,377	​	$	428,334	​	$	322,962	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​
BASIC EARNINGS PER SHARE	​	$	2.28	​	$	2.42	​	$	10.62	​	$	8.02	​
DILUTED EARNINGS PER SHARE	​	$	2.21	​	$	2.34	​	$	10.35	​	$	7.77	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​
Weighted average common shares:	​	​	​	​	​	​	​	​	​	​	​	​	​
Basic	​		40,027	​		40,317	​		40,314	​		40,262	​
Diluted	​		41,269	​		41,702	​		41,403	​		41,547	​

​

5

​

SkyWest, Inc. and Subsidiaries

Summary of Consolidated Balance Sheets

(Dollars in Thousands)

(Unaudited)

​

​	​	​	​	​	​
​	December 31,		​ ​ ​	December 31,
​	2025		​ ​ ​	2024
Cash and marketable securities	$	706,909	​	$	801,628
Other current assets		384,285	​		315,439
Total current assets		1,091,194	​		1,117,067
​	​	​	​	​	​
Property and equipment, net	​	5,742,968	​	​	5,521,796
Deposits on aircraft		100,000	​		65,612
Other long-term assets		452,087	​		435,392
Total assets	$	7,386,249	​	$	7,139,867
​	​	​	​	​	​
Current portion, long-term debt	$	546,812	​	$	535,589
Other current liabilities	​	1,120,796	​	​	894,002
Total current liabilities	​	1,667,608	​	​	1,429,591
​	​	​	​	​	​
Long-term debt, net of current maturities	​	1,845,272	​	​	2,136,786
Other long-term liabilities	​	1,126,936	​	​	1,164,709
Stockholders' equity	​	2,746,433	​	​	2,408,781
Total liabilities and stockholders' equity	$	7,386,249	​	$	7,139,867

​

6

​

SkyWest, Inc. and Subsidiaries

Additional Operational Information (unaudited)

​

SkyWest’s fleet in scheduled service or under contract by aircraft type:

​	​	​	​	​	​	​
​	​ ​ ​	December 31, 2025	​ ​ ​	September 30, 2025	​ ​ ​	December 31, 2024
E175 aircraft		270		265		262
CRJ900 aircraft		36		38		36
CRJ700/CRJ550 aircraft		123		122		119
CRJ200 aircraft		58		73		75
Total aircraft in service or under contract		487		498		492

As of December 31, 2025, SkyWest leased 40 CRJ700/CRJ550s and five CRJ900s to third parties and had 11 CRJ200s that are configured for service under SWC operations (these aircraft are excluded from the table above).

Selected operational data:

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	For the three months ended December 31,								​	For the year ended December 31,
Block hours by aircraft type:	​ ​ ​	2025	​ ​ ​	​	2024	​ ​ ​	​	% Change		​	2025	​ ​ ​	​	2024	​ ​ ​	​	% Change
E175s		215,283	​	​	211,519	​	​	1.8	%	​	863,876	​	​	792,318	​	​	9.0	%
CRJ900s	​	24,639	​	​	23,711	​	​	3.9	%	​	94,568	​	​	84,883	​	​	11.4	%
CRJ700s/CRJ550s	​	84,086	​	​	68,506	​	​	22.7	%	​	329,347	​	​	244,909	​	​	34.5	%
CRJ200s		45,044	​	​	46,582	​	​	(3.3)	%	​	193,932	​	​	169,930	​	​	14.1	%
Total block hours	​	369,052	​	​	350,318	​	​	5.3	%	​	1,481,723	​	​	1,292,040	​	​	14.7	%
​		​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​		​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Departures		212,495	​	​	206,588	​	​	2.9	%	​	863,513	​	​	766,742	​	​	12.6	%
Passengers carried		11,092,576	​	​	11,231,510	​	​	(1.2)	%	​	46,021,999	​	​	42,335,302	​	​	8.7	%
Adjusted flight completion	​	99.9	%	​	99.9	%	​	—	pts	​	99.9	%	​	99.9	%	​	—	pts
Raw flight completion	​	97.9	%	​	99.0	%	​	(1.1)	pts	​	98.6	%	​	98.9	%	​	(0.3)	pts
Passenger load factor		79.9	%	​	82.2	%	​	(2.3)	pts	​	81.5	%	​	82.8	%	​	(1.3)	pts
Average trip length		456	​	​	443	​	​	2.9	%	​	457	​	​	464	​	​	(1.5)	%

​

Adjusted flight completion percent excludes weather cancellations. Raw flight completion includes weather cancellations.

​

7

​

Supplemental Cash Flow Information

​

SkyWest receives certain fixed monthly cash payments under its capacity purchase agreements (“CPAs”) that are attributed to SkyWest’s overhead costs and certain fixed monthly cash payments associated with SkyWest’s aircraft ownership costs. Fixed payments allocated to the non-lease portion are recognized as revenue on a completed block hour basis over the applicable contract term. Fixed payments allocated to the lease portion are accounted for as lease revenue under the CPAs and are recognized on a straight-line basis over the applicable contract term. Fixed monthly cash payments received in excess of revenue recognized during the reporting period are recorded as deferred revenue and revenue recognized in excess of fixed monthly cash payments during the reporting period are recorded as unbilled revenue on SkyWest’s consolidated balance sheet. The following supplemental cash flow schedule summarizes the total revenue recognized in excess of the fixed monthly cash received during the indicated reporting periods and the cumulative difference as of December 31, 2025 and December 31, 2024 (dollars in thousands, unaudited).

​	​	​	​	​	​	​	​	​	​	​	​
​	Three Months Ended					​	Year Ended
​	December 31,					​	December 31,
​	2025		​ ​ ​	2024		​ ​ ​	2025		​ ​ ​	2024
Revenue recognized in excess of fixed cash payments received	$	4,792	​	$	19,847	​	$	57,760	​	$	44,908

​

​	​	​	​	​	​	​
​	​	As of December 31,		​ ​ ​	As of December 31,
​	​ ​ ​	2025		​ ​ ​	2024
Cumulative fixed cash payments received in excess of revenue recognized, commonly referred to as "deferred revenue"	​	$	264,609	​	$	322,369

​

8

​