SkyWest（股票代號 SKYW）公佈截至 2026 年 6 月 30 日第二季及上半年業績（10-Q 申報）

SKYWEST INC_June 30, 2026
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Table of Contents

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SECURITIES AND EXCHANGE COMMISSION 
Washington, D.C. 20549
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Form 10-Q
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QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

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For the quarterly period ended June 30, 2026
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OR
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

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For the transition period from                              to                             
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Commission file number 0-14719
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SKYWEST, INC.
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Incorporated under the laws of Utah
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87-0292166

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(I.R.S. Employer ID No.)

444 South River Road
St. George, Utah 84790
(435) 634-3000
(Address of principal executive offices and telephone number)
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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

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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ⌧ No ◻
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Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ⌧ No ◻
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Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:
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Large accelerated filer ⌧
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Accelerated filer ◻

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Non-accelerated filer ◻
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Smaller reporting company ☐

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Emerging growth company ☐
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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. ◻
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Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ⌧
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Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date.
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Class
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Outstanding at July 17, 2026

Common stock, no par value
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38,828,325

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Table of Contents

SKYWEST, INC.
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QUARTERLY REPORT ON FORM 10-Q
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TABLE OF CONTENTS
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PART I
FINANCIAL INFORMATION:
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Item 1.
Financial Statements
3

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Consolidated Balance Sheets 
3

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Consolidated Statements of Comprehensive Income
5

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Consolidated Statements of Stockholders’ Equity 
6

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Condensed Consolidated Statements of Cash Flows 
8

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Notes to Condensed Consolidated Financial Statements
9

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Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
24

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Item 3.
Quantitative and Qualitative Disclosures About Market Risk
40

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Item 4.
Controls and Procedures
40

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PART II
OTHER INFORMATION:
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Item 1.
Legal Proceedings
40

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Item 1A.
Risk Factors
41

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Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
41

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Item 5.
Other Information 
41

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Item 6.
Exhibits
42

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Signature
43

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Exhibit 31.1
Certification of Chief Executive Officer
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Exhibit 31.2
Certification of Chief Financial Officer
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Exhibit 32.1
Certification of Chief Executive Officer
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Exhibit 32.2
Certification of Chief Financial Officer
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2

Table of Contents

PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
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SKYWEST, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
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ASSETS
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June 30, 
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December 31, 

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2026
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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

​
See accompanying notes to condensed consolidated financial statements.
​

3

Table of Contents

SKYWEST, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (Continued)
(Dollars in thousands)
​
LIABILITIES AND STOCKHOLDERS’ EQUITY
​
​

​

​

​

​

​

​

​
​
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

​
See accompanying notes to condensed consolidated financial statements.
​

4

Table of Contents

SKYWEST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
(In thousands, except per share amounts)
​
​

​

​

​

​

​

​

​

​

​

​

​

​

​
​
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

​
See accompanying notes to condensed consolidated financial statements.
​

5

Table of Contents

SKYWEST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(UNAUDITED)
(In thousands)
​
​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​
​
​
​
​
​
​
​
​
​
​
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

​
See accompanying notes to condensed consolidated financial statements.
​
​

6

Table of Contents

SKYWEST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(UNAUDITED)
(In thousands)
​
​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
Accumulated
​
​
​

​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
Other
​
​
​

​
​
Common Stock
​
Retained
​
Treasury Stock
​
Comprehensive
​
​
​

​
​
Shares
​
Amount
​
Earnings
​
Shares
​
Amount
​
Income
​
Total

Balance at December 31, 2024
 
 83,639
​
$
 777,090
​
$
 2,594,173
 
 (43,310)
​
$
 (962,650)
​
$
 168
​
$
 2,408,781

Net income
 
 —
​
 
 —
​
 
 100,551
 
 —
​
 
 —
​
 
 —
​
​
 100,551

Stock issued under the long-term incentive plan
 
 598
​
​
 —
​
 
 —
 
 —
​
 
 —
​
 
 —
​
 
 —

Employee income tax paid on vested equity awards
​
 —
​
​
 —
​
​
 —
​
 (240)
​
​
 (27,242)
​
​
 —
​
​
 (27,242)

Sale of common stock under employee stock purchase plan
 
 14
​
​
 1,293
​
 
 —
 
 —
​
 
 —
​
 
 —
​
 
 1,293

Stock-based compensation expense
 
 —
​
 
 4,665
​
 
 —
 
 —
​
 
 —
​
 
 —
​
​
 4,665

Treasury stock purchases
​
 —
​
 
 —
​
 
 —
 
 (141)
​
 
 (13,682)
​
 
 —
​
​
 (13,682)

Net unrealized depreciation on marketable securities, net of tax of $23
​
 —
​
​
 —
​
​
 —
​
 —
​
​
 —
​
​
 (75)
​
​
 (75)

Balance at March 31, 2025
​
 84,251
​
$
 783,048
​
$
 2,694,724
​
 (43,691)
​
$
 (1,003,574)
​
$
 93
​
$
 2,474,291

Net income
 
 —
​
 
 —
​
 
 120,269
 
 —
​
 
 —
​
 
 —
​
​
 120,269

Stock issued under the long-term incentive plan
​
 6
​
​
 —
​
​
 —
 
 —
​
 
 —
​
 
 —
​
​
 —

Stock-based compensation expense
​
 —
​
 
 5,232
​
 
 —
 
 —
​
 
 —
​
 
 —
​
​
 5,232

Treasury stock purchases
​
 —
​
 
 —
​
 
 —
 
 (195)
​
 
 (17,296)
​
 
 —
​
​
 (17,296)

Net unrealized depreciation on marketable securities, net of tax of $26
​
 —
​
​
 —
​
​
 —
​
 —
​
​
 —
​
​
 (76)
​
​
 (76)

Balance at June 30, 2025
 
 84,257
​
$
 788,280
​
$
 2,814,993
 
 (43,886)
​
$
 (1,020,870)
​
$
 17
​
$
 2,582,420

​
See accompanying notes to condensed consolidated financial statements.
​

7

Table of Contents

​
SKYWEST, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(In Thousands)
​

​

​

​

​

​

​

​
​
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

​
See accompanying notes to condensed consolidated financial statements.
​

8

Table of Contents

SKYWEST, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
​
(1) Condensed Consolidated Financial Statements
Basis of Presentation
The condensed consolidated financial statements of SkyWest, Inc. (“SkyWest” or the “Company”), its operating subsidiary SkyWest Airlines, Inc. (“SkyWest Airlines”), its leasing subsidiary SkyWest Leasing, Inc. (“SkyWest Leasing”) and its charter service subsidiary SkyWest Charter, LLC (“SWC”) included herein have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the following disclosures are adequate to make the information presented not misleading. These condensed consolidated financial statements reflect all adjustments that, in the opinion of management, are necessary to present fairly the results of operations for the interim periods presented. All adjustments are of a normal recurring nature, unless otherwise disclosed. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. The results of operations for the three and six months ended June 30, 2026, are not necessarily indicative of the results that may be expected for the year ending December 31, 2026.
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates and assumptions. 
Recent Accounting Pronouncements
In March 2024, the Financial Accounting Standards Board issued Accounting Standards Update No. 2024-03, “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Accounting Standards Codification (“ASC”) Subtopic 220-40) – Disaggregation of Income Statement Expenses”, which enhances the transparency and comparability of financial statements by requiring companies to disclose more granular information about expense components. The guidance is effective for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the potential impact of adopting this new guidance on its consolidated financial statements and related disclosures.
(2) Operating Revenues
The Company recognizes revenue under its flying agreements and under its lease, airport services and other service agreements when the service is provided under the applicable agreement. Under the Company’s fixed-fee agreements (referred to as “capacity purchase” agreements) with United Airlines, Inc. (“United”), Delta Air Lines, Inc. (“Delta”), American Airlines, Inc. (“American”) and Alaska Airlines, Inc. (“Alaska”) (each, a “major airline partner”), the major airline partner generally pays the Company a fixed-fee for each departure, flight hour (measured from takeoff to landing, excluding taxi time) or block hour (measured from takeoff to landing, including taxi time) incurred, and an amount per aircraft in service each month, with additional incentives based on flight completion, on-time performance or other performance metrics. The major airline partner also directly pays for or reimburses the Company for certain direct expenses incurred under the capacity purchase agreement, such as fuel, airport landing fees and airport rents. Under the capacity purchase agreements, the Company’s performance obligation is met when each flight is completed, measured in completed block hours, and is reflected in flying agreements revenue. The transaction price for the capacity purchase agreements is determined from the fixed-fee consideration, incentive consideration and directly reimbursed expenses earned as flights are completed over the agreement term. For the six months ended June 30, 2026 and 2025, capacity 

9

Table of Contents

purchase agreements represented approximately 81.9% and 85.5% of the Company’s flying agreements revenue, respectively. 
Under the Company’s “prorate” agreements, the major airline partner and the Company negotiate a passenger fare proration formula, pursuant to which the Company receives a percentage of the ticket revenues for those passengers traveling for one portion of their trip on a Company aircraft and the other portion of their trip on the major airline partner. Under the Company’s prorate agreements, the performance obligation is met and revenue is recognized when each flight is completed based upon the portion of the prorate passenger fare the Company determines that it will receive for each completed flight. The transaction price for the prorate agreements is determined from the proration formula derived from each passenger ticket amount on each completed flight over the agreement term. Certain routes under the Company’s prorate agreements are subsidized by the U.S. Department of Transportation under the Essential Air Service (“EAS”) program, a program created to ensure small communities in the United States maintain a minimum level of scheduled air service. The EAS contracts are generally between two and three years in duration and the Company recognizes EAS revenue on a per-completed-flight basis pursuant to the terms of each contract. In the event the Company receives upfront consideration for an EAS contract, the Company recognizes the revenue on a per-completed flight basis over the EAS contract term. Under the Company’s charter operations, the Company negotiates a fare for the charter flight with the customer. The performance obligation is met and revenue is recognized upon completion of the flight. For the six months ended June 30, 2026 and 2025, prorate agreements and charter revenue represented approximately 18.1% and 14.5% of the Company’s flying agreements revenue, respectively.
The following table disaggregates the Company’s flying agreements revenue by type for the three and six months ended June 30, 2026 and 2025 (in thousands):
​

​

​

​

​

​

​

​

​

​

​

​

​

​
​
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

​
The Company allocates the total consideration received under its capacity purchase agreements between lease and non-lease components based on stand-alone selling prices. A portion of the Company’s compensation under its capacity purchase agreements relates to operating the aircraft, identified as the non-lease component of the capacity purchase agreement. The Company recognizes revenue attributed to the non-lease component received as fixed-fees for each departure, flight hour or block hour on an as-completed basis for each reporting period. The Company recognizes revenue attributed to the non-lease component received as fixed monthly payments per aircraft proportionate to the number of block hours completed during each reporting period, relative to the estimated number of block hours the Company anticipates completing over the remaining contract term. Accordingly, the Company’s revenue recognition will likely vary from the timing of cash receipts under the Company’s capacity purchase agreements. The Company refers to cash received under its capacity purchase agreements prior to recognizing revenue as “deferred revenue,” and the Company refers to revenue recognized prior to billing its major airline partners under its capacity purchase agreements as “unbilled revenue” for each reporting period.
A portion of the Company’s compensation under its capacity purchase agreements is designed to reimburse the Company for certain aircraft ownership costs. The consideration for aircraft ownership costs varies by agreement but is intended to compensate the Company for providing its aircraft under the contract. The consideration received for the use of the aircraft under the Company’s capacity purchase agreements is accounted for as lease revenue, inasmuch as the agreements identify the “right of use” of a specific type and number of aircraft over a stated period of time. The lease revenue associated with the Company’s capacity purchase agreements is accounted for as an operating lease and is reflected as flying agreements revenue on the Company’s consolidated statements of comprehensive income. The Company recognizes fixed monthly lease payments as lease revenue using the straight-line basis over the capacity 

10

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purchase agreement term and variable lease payments in the period when the block hours are completed. The Company has not separately stated aircraft rental income and aircraft rental expense in the consolidated statement of comprehensive income because the use of the aircraft is not a separate activity of the total service provided under the capacity purchase agreements.
The following table summarizes the amount of deferred revenue, recognition of previously deferred revenue and change in unbilled revenue for revenue recognized that is in excess of (or less than) the fixed monthly non-lease and lease payments received under the Company’s capacity purchase agreements for the three and six months ended June 30, 2026 and 2025 (in thousands):
​

​

​

​

​

​

​

​

​

​

​

​

​

​
​
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

The Company's unbilled revenue and deferred revenue balances were reflected in the following balance sheet line items at June 30, 2026 and December 31, 2025 (in thousands):
​

​

​

​

​

​

​

​
​
June 30, 
  ​ ​ ​
December 31, 

​
​
2026
  ​ ​ ​
2025

Unbilled revenue - other current assets
​
$
 2,461
​
$
 1,133

Unbilled revenue - other long-term assets
​
​
 28,434
​
​
 26,661

Total unbilled revenue
​
$
 30,895
​
$
 27,794

​
​
​
​
​
​
​

Deferred revenue - other current liabilities
​
​
 78,840
​
​
 163,894

Deferred revenue - other long-term liabilities
​
​
 165,878
​
​
 128,509

Total deferred revenue
​
$
 244,718
​
$
 292,403

Net deferred revenue balance
​
$
 213,823
​
$
 264,609

​
The Company’s capacity purchase and prorate agreements include weekly provisional cash payments from the respective major airline partner based on a projected level of flying each month. The Company and each major airline partner subsequently reconcile these payments to the actual completed flight activity on a monthly or quarterly basis. 

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In several of the Company’s agreements, the Company is eligible to receive incentive compensation upon the achievement of certain performance criteria. The incentives are defined in the agreements and are measured and determined on a monthly or annual basis. At the end of each period during the term of an agreement, the Company calculates the incentives achieved during that period and recognizes revenue attributable to that agreement accordingly, subject to the variable constraint guidance under ASC Topic 606.
As of June 30, 2026, the Company had 517 aircraft in scheduled service or under contract pursuant to code-share agreements. The Company’s fleet includes Embraer E175 regional jet aircraft (“E175”), Canadair CRJ900 regional jet aircraft (“CRJ900”), Embraer E170 regional jet aircraft (“E170”), Canadair CRJ700 regional jet aircraft (“CRJ700”), a 50-seat configuration of the CRJ700 aircraft, commonly referred to as a “CRJ550,” and Canadair CRJ200 regional jet aircraft (“CRJ200”). The following table summarizes the significant provisions of each code-share agreement the Company has with each major airline partner through SkyWest Airlines:
​
​

​

​

​

​

​

​

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

*The Company’s prorate agreements are based on specific routes, not a specific aircraft count. The number of aircraft listed above for each prorate agreement approximates the number of aircraft the Company uses to serve the prorate routes.

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In addition to the contractual agreements described above, as of June 30, 2026, SkyWest Airlines reached agreements with certain major airline partners to place additional aircraft under capacity purchase agreements as summarized below. The delivery timing referenced below is subject to change. 
●Capacity purchase agreement with United for seven new E175 aircraft, which are scheduled for delivery in 2026. The Company anticipates financing the aircraft through debt.
●Capacity purchase agreement with American for 11 new E175 aircraft. Four new E175 aircraft are currently scheduled for delivery in 2026 and seven new E175 aircraft are scheduled for delivery in 2027. The Company anticipates financing the aircraft through debt. The Company expects to remove 11 CRJ700 aircraft from the American capacity purchase agreement on a one-for-one basis as these 11 new E175 aircraft are placed into service.
●Capacity purchase agreement with Delta