Sky Harbour Group Corporation (SKYH) Earnings
Sky Harbour Group Corporation is expected to report next earnings on August 11, 2026 (in NaN days), with a consensus EPS estimate of $-0.12. SKYH has beaten EPS estimates in 6 of its last 6 reported quarters (average surprise +84.8% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 14, 2026 | $-0.19 | $-0.16 | +15.8% | $9M | -12.4% |
| Mar 19, 2026 | $-0.15 | $0.25 | +266.7% | $8M | -5.9% |
| Nov 12, 2025 | $-0.10 | $-0.06 | +40.0% | $7M | -16.1% |
| Aug 12, 2025 | $-0.12 | $-0.10 | +16.7% | $7M | -22.4% |
| Mar 27, 2025 | $-0.11 | $-0.10 | +9.1% | $5M | -21.3% |
| Nov 9, 2023 | $-0.06 | $-0.01 | +83.3% | $3M | +13.7% |
| Aug 14, 2023 | — | $-0.06 | — | $2M | — |
| May 14, 2023 | — | $-0.41 | — | $1M | — |
| Nov 10, 2022 | — | $-0.14 | — | $431000 | — |
| Aug 11, 2022 | — | $-0.09 | — | $409000 | — |
| May 12, 2022 | — | $-2.71 | — | $397000 | — |
| Nov 5, 2021 | — | $-0.26 | — | $402000 | — |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 14, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
### Leasing Updates - Economic occupancy is at or above 100% for all campuses except Denver (APA) Phase 1, which is currently 44% leased and progressing slower than planned, similar to Nashville's early lease-up trajectory. San Jose reached 132% economic occupancy, near the practical upper limit for space optimization. - Over the past 12 months, 119,000 square feet of expiring leases were re-leased, with an average 23% rent escalation after accounting for existing contractual annual CPI escalators (with a 4% floor), up from 22% last quarter. This trend aligns with management's long-term forecast of strong hangar rent growth driven by scarcity of available airport development capacity. - Miami Opa Locka (OPF) Phase 2 was delivered on time and on budget, achieving 68% pre-leasing at opening under the company's new pre-leasing strategy with introductory incentives. ### Development and Construction - The company's Ascend integrated construction program, which includes in-house prototyping, architecture/engineering, manufacturing, and increasingly in-house general contracting, enabled on-time, on-budget delivery of OPF Phase 2. Average cost per square foot across active guaranteed maximum price (GMP) projects has fallen to $244.37, down from the prior reported $253. - Over 1 million square feet is expected to be under development by the end of 2026, with major step-ups in revenue projected for 2027 as completed projects deliver. Multiple projects including Bradley (CT), Dallas Addison (ADS) Phase 2, Salt Lake City, and Hudson Valley Regional are currently under construction on schedule and on budget. ### Site Acquisition Strategy - Management formalized a three-tier classification system for airports: Tier 1 ($50+ per square foot forecast revenue), Tier 2 ($30-$50 per square foot), and Tier 3 (below $30 per square foot). Currently, 48% of fully funded rentable square footage in the development pipeline is located in Tier 1 markets, reflecting the company's shifted strategic focus to higher revenue per square foot locations rather than just adding new sites. - The company allowed its Boeing Field (Seattle) option lease to lapse due to unfavorable long-term lease terms and macro wealth outflow trends, and is prioritizing same-market expansion over adding new greenfield locations: the footprint at Stewart International Airport (NY, a Tier 1 market) was doubled in Q1, and management is considering developing the full expanded site at once rather than in phases due to strong demand expectations. ### Liquidity and Capital - The company holds $368 million in total available liquidity, including $187 million in cash and short-term U.S. treasuries, plus $181 million in remaining committed capacity from the JPMorgan credit facility. It is fully funded to double its size without additional capital, and follows a deliberate strategy of raising capital in advance at the lowest possible cost.
Guidance
- This is the first time the company has issued formal public guidance, enabled by clearer visibility after securing full funding for its current pipeline and locking in its execution teams. - For full-year 2026, management guides for an annualized revenue run rate of $42 million to $46 million, up from the current Q1 2026 annualized run rate of $35 million. The increase is driven by the just-opened OPF Phase 2 and rising occupancy at Denver and Phoenix. - Management guides for an end-of-2026 annualized adjusted EBITDA run rate of $4 million to $6 million, up from a Q1 2026 annualized run rate of negative $6 million. - The guidance is intentionally conservative and does not include any revenue or EBITDA contributions from Bradley and ADS Phase 2, which are scheduled to open at the end of 2026, and management expects to meet or exceed this range. Material cash flow generation from the current development pipeline is expected to show up in 2027 and 2028 results, which management notes are more meaningful for understanding the company's long-term potential than 2026 performance.
Segment performance
On a consolidated basis, total assets under construction and completed construction reached over $352 million, a $75 million increase year-over-year. Consolidated revenues grew 56% year-over-year and 8% sequentially, driven by new campus openings, higher occupancy, and increased rental rates. For the Sky Harbour Capital Obligated Group, Q1 2026 revenues increased 76% year-over-year and 15% sequentially. Adjusted for the nonrecurring $5.9 million prepaid rent influx in Q4 2025, Obligated Group operating cash flow reached $2.9 million, up from $1 million year-over-year and 14% higher sequentially. No separate revenue contribution percentages were disclosed for individual product/geographic segments.
Risks & headwinds
- Denver Phase 1 lease-up has lagged initial projections, though management views this as within expected range and comparable to Nashville's early trajectory. - Site acquisition and entry into new markets depends on securing favorable long-term ground lease terms; the company walked away from its Boeing Field entry due to unsatisfactory terms, indicating execution risk for new expansion opportunities. - Significant geopolitical conflict (e.g., the Middle East conflict) could lead to sustained higher oil prices that may negatively impact business aviation demand over time, though management currently views the impact as immaterial. - The company is early in scaling parallel construction and its leasing team, creating execution risk as it ramps activity to the planned higher volume.
Analyst Q&A
Q: How are lease-up and pricing trends progressing at newer campuses, and what demonstrates the operating leverage in the model? /
A: Management notes the presentation already covered current trends: newer campuses follow the same pattern of rising re-lease pricing and expanding occupancy seen in stabilized assets. The core evidence for operating leverage is the business model's high upfront CapEx and low ongoing OpEx nature: capital costs are fixed forever once a campus is built, while revenues grow much faster than originally forecast due to escalating rents.
Q: How many Tier 1 (>$50/sq ft) airport targets are you actively pursuing? /
A: Management does not disclose a specific number or list of targets for competitive reasons, but notes all identifiable Tier 1 airport opportunities are actively pursued. Management also added that more airports are crossing into Tier 1 territory over time, as seen with Miami OPF Phase 2 which qualifies as Tier 1 while the original OPF Phase 1 remains Tier 2 on average due to legacy lower leases.
Q: Why was the ATM facility used recently given the company's strong liquidity? Do you expect this to continue? /
A: Management explained that Yorkville Securities was added to the company's ATM program earlier in 2026, and Q1 activity was just a test of the new ATM agent's functionality, not a capital raising driven by need. No further details on future usage were provided.
Q: What is the current competitive landscape, and have new competitors entered the market? /
A: Management stated no other firms replicate Sky Harbour's business model of developing new purpose-built hangars. FBO operators like Signature and Atlantic overlap very little, and even refer tenants to Sky Harbour at times. While some acquirers have bought existing hangar assets, management notes developing greenfield sites delivers far better economics for the company, so it does not compete in acquisitions.
Q: Why will future OpEx per square foot differ from the ~$15/sq foot run rate currently seen for the Obligated Group? /
A: Management disputes the $15/sq foot figure, noting the company deliberately overstaffed and overequipped early campuses to deliver best-in-class service, and is now running an efficiency program to cut unnecessary costs without harming service. For new phase expansions like OPF Phase 2 and ADS Phase 2, existing personnel and equipment can serve the doubled campus size with only marginal OpEx increases, leading to expanding margins as these phases come online.