SkyWest(US:SKYW)2026-01-29 21:01Financial Performance - SkyWest reported Q4 2025 net income of $91 million, or $2.21 per diluted share, down from $97 million, or $2.34 per diluted share in Q4 2024[2][4] - For the full year 2025, SkyWest's net income increased by 33% to $428 million, or $10.35 per diluted share, compared to $323 million, or $7.77 per diluted share in 2024[3][4] - Q4 2025 revenue was $1.0 billion, an increase of $80 million, or 8%, from $944 million in Q4 2024[5] - Operating expenses in Q4 2025 were $890 million, up $90 million, or 11%, from $800 million in Q4 2024, driven by higher production costs[6] Assets and Liabilities - As of December 31, 2025, SkyWest had $707 million in cash and marketable securities, down from $802 million at the end of 2024[7] - Total debt decreased to $2.4 billion at December 31, 2025, from $2.7 billion at the end of 2024, reflecting $492 million in principal debt payments during 2025[7] - SkyWest's total assets increased to $7.39 billion as of December 31, 2025, compared to $7.14 billion at the end of 2024[20] Fleet and Operations - SkyWest took delivery of five new E175 aircraft in Q4 2025 and secured multi-year contract extensions with United Airlines for 40 E175 aircraft and Delta Air Lines for 13 E175 aircraft[4] - As of December 31, 2025, SkyWest operated a total of 487 aircraft, an increase from 492 aircraft in December 2024[21] - By the end of 2028, SkyWest anticipates having nearly 300 E175 aircraft in its fleet, with additional purchase agreements for 44 E175s from 2028 through 2032[11] - Total block hours for the three months ended December 31, 2025, were 369,052, representing a 5.3% increase compared to 350,318 hours in the same period of 2024[22] - SkyWest's CRJ700/CRJ550 block hours increased by 34.5% year-over-year for the year ended December 31, 2025, totaling 329,347 hours[22] - SkyWest leased 40 CRJ700/CRJ550s and five CRJ900s to third parties as of December 31, 2025[21] Passenger Metrics - For the year ended December 31, 2025, passengers carried increased by 8.7% to 46,021,999 from 42,335,302 in 2024[22] - The average trip length increased by 2.9% to 456 miles in Q4 2025 compared to 443 miles in Q4 2024[22] - The passenger load factor for the year ended December 31, 2025, was 81.5%, a decrease of 1.3 percentage points from 82.8% in 2024[22] Revenue Recognition - Revenue recognized in excess of fixed cash payments received for the three months ended December 31, 2025, was $4,792,000, compared to $19,847,000 in the same period of 2024[26] - Cumulative deferred revenue as of December 31, 2025, was $264,609,000, down from $322,369,000 as of December 31, 2024[26] Operational Efficiency - The adjusted flight completion rate remained stable at 99.9% for both the three months and year ended December 31, 2025[22] - SkyWest repurchased 268,000 shares of common stock for $27 million during Q4 2025, with an average price per share of $100.43[8]