Skywest Inc 10-Q for FY2026 Q2

Skywest Inc (SKYW)

10-Q 2026-07-24 For: 2026-06-30

Added on July 25, 2026

About this 10-Q

Skywest Inc filed this 10-Q on July 24, 2026, covering the quarter ended June 30, 2026 (FY2026 Q2).

Headline figures

Quarter ended June 30, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $1.1B; up 6.5% from $1.04B a year earlier
Net income: $100.7M; down 16.3% from net income of $120.27M a year earlier
Diluted EPS: $2.54; down 12.7% from $2.91 a year earlier

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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


Large accelerated filer ⌧		Accelerated filer ◻

Non-accelerated filer ◻		Smaller reporting company ☐

Emerging growth company ☐





Class		Outstanding at July 17, 2026
Common stock, no par value		38,828,325


PART I	FINANCIAL INFORMATION:
	Item 1.	Financial Statements	3
		Consolidated Balance Sheets	3
		Consolidated Statements of Comprehensive Income	5
		Consolidated Statements of Stockholders’ Equity	6
		Condensed Consolidated Statements of Cash Flows	8
		Notes to Condensed Consolidated Financial Statements	9
	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	24
	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	40
	Item 4.	Controls and Procedures	40

PART II	OTHER INFORMATION:
	Item 1.	Legal Proceedings	40
	Item 1A.	Risk Factors	41
	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	41
	Item 5.	Other Information	41
	Item 6.	Exhibits	42
		Signature	43

Exhibit 31.1	Certification of Chief Executive Officer
Exhibit 31.2	Certification of Chief Financial Officer
Exhibit 32.1	Certification of Chief Executive Officer
Exhibit 32.2	Certification of Chief Financial Officer


		June 30,			December 31,
		2026			2025
		(unaudited)
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


☒	QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


Incorporated under the laws of Utah		87-0292166
		(I.R.S. Employer ID No.)


	Three months ended					Six months ended
	June 30,					June 30,
	2026			2025		2026			2025
OPERATING REVENUES:
Flying agreements	$	1,064,549		$	987,511	$	2,042,434		$	1,903,505
Lease, airport services and other		38,202			47,716		73,494			80,177
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	$	2.55		$	2.98	$	5.10		$	5.46
DILUTED EARNINGS PER SHARE	$	2.54		$	2.91	$	5.04		$	5.32
Weighted average common shares:
Basic		39,424			40,416		39,711			40,453
Diluted		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


									Accumulated
									Other
	Common Stock			Retained		Treasury Stock			Comprehensive
	Shares	Amount		Earnings		Shares	Amount		Income (Loss)		Total
Balance at December 31, 2025	84,271	$	798,470	$	3,022,507	(44,399)	$	(1,074,822)	$	278	$	2,746,433
Net income	—		—		101,692	—		—		—		101,692
Stock issued under the long-term incentive plan	1,089		—		—	—		—		—		—
Employee income tax paid on vested equity awards	—		—		—	(431)		(45,637)		—		(45,637)
Sale of common stock under employee stock purchase plan	14		1,313		—	—		—		—		1,313
Stock-based compensation expense	—		4,449		—	—		—		—		4,449
Treasury stock purchases and related excise tax	—		—		—	(783)		(75,351)		—		(75,351)
Net unrealized depreciation on marketable securities, net of tax of $208	—		—		—	—		—		(644)		(644)
Balance at March 31, 2026	85,374	$	804,232	$	3,124,199	(45,613)	$	(1,195,810)	$	(366)	$	2,732,255
Net income	—		—		100,700	—		—		—		100,700
Stock issued under the long-term incentive plan	6		—		—	—		—		—		—
Stock-based compensation expense	—		3,849		—	—		—		—		3,849
Treasury stock purchases and related excise tax	—		—		—	(833)		(75,307)		—		(75,307)
Net unrealized depreciation on marketable securities, net of tax of $1	—		—		—	—		—		(4)		(4)
Balance at June 30, 2026	85,380	$	808,081	$	3,224,899	(46,446)	$	(1,271,117)	$	(370)	$	2,761,493


	For the three months ended June 30,				For the six months ended June 30,
	2026		2025		2026		2025
Capacity purchase agreements flight operations revenue (non-lease component)	$	677,213	$	682,948	$	1,311,082	$	1,322,101
Capacity purchase agreements fixed aircraft lease revenue		107,579		104,220		212,034		215,208
Capacity purchase agreements variable aircraft lease revenue		78,913		54,898		150,286		89,937
Prorate agreements and charter revenue		200,844		145,445		369,032		276,259
Flying agreements revenue	$	1,064,549	$	987,511	$	2,042,434	$	1,903,505


United Express Agreements
Agreement	Aircraft type	Number of Aircraft	Term / Termination Dates
United Express Agreements	• E175	122	Individual aircraft have scheduled
(capacity purchase agreements)	• CRJ700/E170	8	removal dates under the agreements
	• CRJ550	36	between 2026 and 2035
	• CRJ200	36

United Express Prorate Agreement	• CRJ200	37*	Terminable with 120-day notice
Total under United Express Agreements		239

Delta Connection Agreements
Agreement	Aircraft type	Number of Aircraft	Term / Termination Dates
Delta Connection Agreement	• E175	87	Individual aircraft have scheduled
(capacity purchase agreement)	• CRJ900	34	removal dates under the agreement
	• CRJ700	2	between 2026 and 2035

Delta Connection Prorate Agreement	• CRJ550	16*	Terminable with 30-day notice
Total under Delta Connection Agreements		139

American Agreements
Agreement	Aircraft type	Number of Aircraft	Term / Termination Dates
American Agreement	• E175	20	Individual aircraft have scheduled
(capacity purchase agreement)	• CRJ900	5	removal dates under the agreement
	• CRJ700	63	between 2027 and 2032

American Prorate Agreement	• CRJ900	4*	Terminable with 180-day notice
	• CRJ700	4*
Total under American Agreements		96

Alaska Agreement
Agreement	Aircraft type	Number of Aircraft	Term / Termination Dates
Alaska Agreement	• E175	43	Individual aircraft have scheduled
(capacity purchase agreement)			removal dates under the agreement
			between 2030 and 2038


July 2026 - December 2026	$	24,506
2027		45,657
2028		44,277
2029		42,748
2030		26,459
Thereafter		2,723
Total future minimum rental income under operating leases	$	186,370


		Allowance for Credit Losses
Balance at December 31, 2025		$	22,509
Adjustments to credit loss reserves			(1,150)
Write-offs charged against allowance			(94)
Balance at June 30, 2026		$	21,265


	Three months ended June 30, 2026
	SkyWest Airlines			SkyWest
	and SWC			Leasing			Consolidated
Operating revenues	$	940,655		$	162,096		$	1,102,751

Salaries, wages and benefits		426,161			665			426,826
Aircraft maintenance, materials and repairs		231,121			11,807			242,928
Depreciation and amortization		40,434			52,063			92,497
Interest expense		3,758			21,168			24,926
Other segment expense (income) items⁽¹⁾		180,988			(4,268)			176,720
Segment profit⁽²⁾	$	58,193		$	80,661		$	138,854

Total assets (as of June 30, 2026)	$	3,345,993		$	4,066,237		$	7,412,230
Capital expenditures (including non-cash)	$	117,868		$	23,119		$	140,987
Deposits paid on aircraft	$	—		$	5,845		$	5,845


		June 30,			December 31,
		2026			2025
		(unaudited)
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


	Six months ended
	June 30,
	2026		2025
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

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
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


	For the three months ended June 30,				For the six months ended June 30,
	2026		2025		2026		2025
Non-lease fixed monthly payments:
Revenue deferred on fixed monthly payments received	$	—	$	—	$	—	$	—
Revenue recognized that was deferred in a prior period		16,803		11,760		34,294		21,220
Increase in unbilled revenue		2,935		5,619		993		5,707
Total non-lease revenue recognized in excess of fixed monthly payments received during the period	$	19,738	$	17,379	$	35,287	$	26,927
Lease fixed monthly payments:
Revenue deferred on fixed monthly payments received	$	—	$	—	$	—	$	—
Revenue recognized that was deferred in a prior period		6,134		3,799		13,391		6,034
Increase in unbilled revenue		1,000		1,798		2,108		2,925
Total lease revenue recognized in excess of fixed monthly payments received during the period	$	7,134	$	5,597	$	15,499	$	8,959
Total revenue recognized in excess of fixed monthly payments received during the period	$	26,872	$	22,976	$	50,786	$	35,886


Weighted-average remaining lease term for operating leases	9.8 years
Weighted-average discount rate for operating leases	6.3%


	Three months ended June 30, 2025
	SkyWest Airlines			SkyWest
	and SWC			Leasing			Consolidated
Operating revenues	$	869,336		$	165,891		$	1,035,227

Salaries, wages and benefits		389,578			665			390,243
Aircraft maintenance, materials and repairs		216,609			22,276			238,885
Depreciation and amortization		39,005			51,145			90,150
Interest expense		3,187			23,379			26,566
Other segment expense (income) items⁽¹⁾		130,696			(4,429)			126,267
Segment profit⁽²⁾	$	90,261		$	72,855		$	163,116

Total assets (as of June 30, 2025)	$	3,086,209		$	4,087,874		$	7,174,083
Capital expenditures (including non-cash)	$	74,315		$	65,158		$	139,473
Deposits paid on aircraft	$	—		$	25,938		$	25,938


	Six months ended June 30, 2026
	SkyWest Airlines			SkyWest
	and SWC			Leasing			Consolidated
Operating revenues	$	1,795,837		$	320,091		$	2,115,928

Salaries, wages and benefits		847,600			1,330			848,930
Aircraft maintenance, materials and repairs		437,613			18,342			455,955
Depreciation and amortization		77,780			104,933			182,713
Interest expense		6,493			42,898			49,391
Other segment expense (income) items⁽¹⁾		342,648			(10,333)			332,315
Segment profit⁽²⁾	$	83,703		$	162,921		$	246,624

Total assets (as of June 30, 2026)	$	3,345,993		$	4,066,237		$	7,412,230
Capital expenditures (including non-cash)	$	228,548		$	42,568		$	271,116
Deposits paid on aircraft	$	—		$	12,302		$	12,302


	Six months ended June 30, 2025
	SkyWest Airlines			SkyWest
	and SWC			Leasing			Consolidated
Operating revenues	$	1,670,987		$	312,695		$	1,983,682

Salaries, wages and benefits		766,224			1,330			767,554
Aircraft maintenance, materials and repairs		418,085			29,900			447,985
Depreciation and amortization		76,753			102,843			179,596
Interest expense		6,168			47,516			53,684
Other segment expense (income) items⁽¹⁾		259,226			(8,197)			251,029
Segment profit⁽²⁾	$	144,531		$	139,303		$	283,834

Total assets (as of June 30, 2025)	$	3,086,209		$	4,087,874		$	7,174,083
Capital expenditures (including non-cash)	$	193,231		$	65,158		$	258,389
Deposits paid on aircraft	$	—		$	31,078		$	31,078


Level 1	—	Quoted prices in active markets for identical assets or liabilities.
Level 2	—	Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Some of the Company’s marketable securities primarily utilize broker quotes in a non-active market for valuation of these securities.
Level 3	—	Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities, therefore requiring an entity to develop its own assumptions.


	Fair Value Measurements as of June 30, 2026
	Total		Level 1		Level 2		Level 3
Marketable Securities
Bonds and bond funds	$	492,393	$	—	$	492,393	$	—
Commercial paper		27,179		—		27,179		—
		519,572		—		519,572		—
Investments in Other Companies		2,675		2,675		—		—
Cash and Cash Equivalents		81,407		81,407		—		—
Total Assets Measured at Fair Value	$	603,654	$	84,082	$	519,572	$	—


	Fair Value Measurements as of December 31, 2025
	Total		Level 1		Level 2		Level 3
Marketable Securities
Bonds and bond funds	$	487,699	$	—	$	487,699	$	—
Commercial paper		96,537		—		96,537		—
		584,236		—		584,236		—
Investments in Other Companies		4,253		4,253		—		—
Cash and Cash Equivalents		122,673		122,673		—		—
Total Assets Measured at Fair Value	$	711,162	$	126,926	$	584,236	$	—


		June 30, 2026		December 31, 2025
Current portion of long-term debt	$	656,712	$	550,028
Current portion of unamortized debt issue cost, net		(3,017)		(3,216)
Current portion of long-term debt, net of debt issue costs	$	653,695	$	546,812

Long-term debt, net of current maturities	$	1,654,245	$	1,858,341
Long-term portion of unamortized debt issue cost, net		(11,482)		(13,069)
Long-term debt, net of current maturities and debt issue costs	$	1,642,763	$	1,845,272

Total long-term debt (including current portion)	$	2,310,957	$	2,408,369
Total unamortized debt issue cost, net		(14,499)		(16,285)
Total long-term debt, net of debt issue costs	$	2,296,458	$	2,392,084


	June 30, 2026		December 31, 2025
Carrying value	$	2,310,957	$	2,408,369
Fair value	$	2,293,140	$	2,376,943


		E175	CRJ900		CRJ700/E170	CRJ550		CRJ200		Total
United		122	—		8	36		73		239
Delta		87	34		2	16		—		139
American		20	9		67	—		—		96
Alaska		43	—		—	—		—		43
Aircraft in scheduled service or under contract		272	43		77	52		73		517
SWC		—	—		—	—		7		7
Leased to third parties		—	—		1	41		—		42
Operational spares ⁽¹⁾		—	6		12	—		22		40
In storage⁽²⁾		—	—		—	—		36		36
Total Fleet		272	49		90	93		138		642


Aircraft in Service or Under Contract		June 30, 2026		December 31, 2025		June 30, 2025
E175s		272		270		265
CRJ900s		43		36		36
CRJ700s/E170s		77		82		88
CRJ550s		52		41		33
CRJ200s		73		58		80
Total		517		487		502


	For the three months ended June 30,
Block hours by aircraft type:	2026		2025		% Change
E175s	229,991		219,566		4.7	%
CRJ900s	30,763		22,671		35.7	%
CRJ700s/E170s	59,964		68,058		(11.9)	%
CRJ550s	28,102		16,268		72.7	%
CRJ200s	47,876		49,706		(3.7)	%
Total block hours	396,696		376,269		5.4	%


Departures	227,960		222,874		2.3	%
Passengers carried	11,938,147		12,092,758		(1.3)	%
Passenger load factor	80.6	%	82.8	%	(2.2)	pts
Average passenger trip length (miles)	459		451		1.8	%


	For the three months ended June 30,
(in thousands)	2026		2025		% Change
Fuel gallons purchased		13,624		9,527	43.0	%
Fuel expense	$	60,563	$	27,459	120.6	%


		For the three months ended June 30,
		(dollar amounts in thousands)
		2026			2025			$ Change			% Change
Operating revenues		$	940,655		$	869,336		$	71,319		8.2	%

Salaries, wages and benefits			426,161			389,578			36,583		9.4	%
Aircraft maintenance, materials and repairs			231,121			216,609			14,512		6.7	%
Depreciation and amortization			40,434			39,005			1,429		3.7	%
Interest expense			3,758			3,187			571		17.9	%
Other segment items⁽¹⁾			180,988			130,696			50,292		38.5	%
SkyWest Airlines and SWC Segment profit⁽²⁾		$	58,193		$	90,261		$	(32,068)		(35.5)	%


	Total Number of Shares Purchased	Average Price Paid Per Share			Total Number of Shares Purchased as Part of a Publicly Announced Program⁽¹⁾	Maximum Dollar Value of Shares that May Yet Be Purchased Under the Program (in Thousands)
April 1, 2026 - April 30, 2026	197,711	$	90.91		197,711	$	119,809
May 1, 2026 - May 31, 2026	194,910	$	84.51		194,910	$	103,337
June 1, 2026 - June 30, 2026	440,235	$	91.17		440,235	$	63,201
Total	832,856	$	89.55		832,856	$	63,201


3.1		Restated Articles of Incorporation (incorporated by reference to Exhibit 3.1 of the Company’s Registration Statement on Form S-3 filed on November 18, 2005).
3.2		Amended and Restated Bylaws of SkyWest Inc., effective August 6, 2024 (incorporated by reference to Exhibit 3.1 of the Company’s Current Report on Form 8-K filed on August 8, 2024).
*†10.1		Amendment No. 21, dated April 1, 2026, to Capacity Purchase Agreement, dated May 16, 2013, between United Airlines, Inc. and SkyWest Airlines, Inc.
*†10.2		Amendment No. 1, dated May 21, 2026, to Amended and Restated Capacity Purchase Agreement, dated November 3, 2025, between American Airlines, Inc. and SkyWest Airlines, Inc.
*†10.3		Amendment No. 2, dated June 25, 2026, to Amended and Restated Capacity Purchase Agreement, dated November 3, 2025, between American Airlines, Inc. and SkyWest Airlines, Inc.
*†10.4		Amendment No. 2, dated May 22, 2026, to Purchase Agreement COM0247-25, dated June 17, 2025, between Embraer S.A. and SkyWest Inc.
*†10.5		Amendment No. 1, dated May 22, 2026, to Letter Agreement COM0250-25, dated June 17, 2025, between Embraer S.A. and SkyWest Inc. related to that certain Purchase Agreement COM0247-25, dated June 17, 2025, between Embraer S.A. and SkyWest Inc.
*†10.6		Amendment No. 2, dated June 22, 2026, to Letter Agreement COM0250-25, dated June 17, 2025, between Embraer S.A. and SkyWest Inc. related to that certain Purchase Agreement COM0247-25, dated June 17, 2025, between Embraer S.A. and SkyWest Inc.
31.1		Certification of Chief Executive Officer
31.2		Certification of Chief Financial Officer
32.1		Certification of Chief Executive Officer
32.2		Certification of Chief Financial Officer
101.INS		Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH		Inline XBRL Taxonomy Extension Schema Document
101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document
104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)


	SKYWEST, INC.

	By	/s/ Robert J. Simmons
		Robert J. Simmons
		Chief Financial Officer

UNITED AIRLINES, INC.			SKYWEST AIRLINES, INC.

By:	/s/ Patrick Quayle		By:	/s/ Wade Steel
	Patrick Quayle			Wade Steel
	SVP Global Network Planning and Alliances			Chief Commercial Officer

AMERICAN AIRLINES, INC.

By:	/s/ Brandon Kahle
	Name:	Brandon Kahle
	Title:	Senior Vice President of American Eagle, Regional
		Operations and Business Transformation

Amendment No. 2 to Purchase Agreement COM0247-25
COM0168 -26	Page 2 of 4

Amendment No. 2 to Purchase Agreement COM0247-25
COM0168 -26	Page 3 of 4