SkyWest, Inc. (SKYW) Earnings
SkyWest, Inc. is expected to report next earnings on July 23, 2026 (in NaN days), with a consensus EPS estimate of $2.53. SKYW has beaten EPS estimates in 11 of its last 12 reported quarters (average surprise +8.8% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 23, 2026 | $2.15 | $2.21 | +2.8% | $1.0B | +2.1% |
| Jan 29, 2026 | $2.25 | $2.21 | -1.8% | $1.0B | +1.0% |
| Oct 30, 2025 | $2.56 | $2.81 | +9.8% | $1.1B | +4.5% |
| Jul 24, 2025 | $2.34 | $2.91 | +24.4% | $1.0B | +0.8% |
| Apr 24, 2025 | $2.04 | $2.42 | +18.6% | $948M | +0.2% |
| Jan 30, 2025 | $1.75 | $2.34 | +33.7% | $944M | +3.1% |
| Oct 31, 2024 | $1.92 | $2.16 | +12.5% | $913M | +2.7% |
| Jul 25, 2024 | $1.73 | $1.82 | +5.2% | $867M | +4.9% |
| Apr 25, 2024 | $1.23 | $1.45 | +17.9% | $804M | -2.8% |
| Feb 1, 2024 | $0.15 | $0.42 | +180.0% | $752M | -0.9% |
| Oct 26, 2023 | $0.40 | $0.55 | +37.5% | $766M | +1.3% |
| Jul 27, 2023 | $-0.45 | $0.35 | +177.8% | $726M | +1.1% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 23, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Chip mentioned net income of $102 million, $2.50 per diluted share, better than same quarter last year due to increased production and fleet utilization. Received delivery of one E175 with eight more expected this year. Launched new CRJ450 product for United this fall. Placed third in on-time performance. Anticipates 2026 will be more profitable than 2025. Reduced debt by $1 billion since end of 2022. Free cash flow directed to fleet growth, debt reduction, and share repurchase. - Wade talked about United launching CRJ450, retrofitting CRJ-200s to CRJ-450s, securing multi-year extensions for E175s with United and Delta, taking delivery of E175 for Alaska, having 68 E-175s on firm order, converting CRJ-700s to CRJ-550s, having 29 CRJ-550s in service and expecting remaining 21 to enter service this year, initiating prorate agreement with American with up to nine aircraft expected by year end 2026, Q1 2026 block hours increased 3% compared to Q1 2025, but production slightly lower this summer than modeled last quarter, facing challenges in third-party MRO network, strong demand for prorate business.
Guidance
- Expect block hour production slightly lower this summer than modeled last quarter. Anticipate gap EPS for 2026 will be in the $11 area, slightly down from last quarter due to ongoing elevated fuel costs. Effective tax rate for full year 2026 expected to be approximately 23 to 24%, flat to slightly down from 2025. Maintenance activity in 2026 to continue approximately at 2025 levels. Expect to place nine new E175s into service for United and Alaska by the end of 2026, and 16 new E175s for Delta in 2027 and 2028. Gradual return of approximately 19 Delta-owned CRJ-900s to Delta at a slower pace than previously anticipated, and over 30 parked CRJ200s potentially transitioning to CRJ450.
Segment performance
SkyWest reported net income of $102 million, or $2.50 per diluted share for the first quarter of 2026. Total Q1 revenue was $1.01 billion, down slightly from Q4 2025 but up 7% from Q1 2025. Contract revenue was $810 million, prorate and charter revenue was $168 million, and leasing and other revenue was $35 million. The GAAP EPS included a $0.29 impact from an unusually low effective tax rate in the quarter.
Risks & headwinds
- Challenges in third-party MRO network including labor and part shortages. - Uncertainty in fuel costs. - Potential schedule cuts by major partners affecting business. - Risk in the conversion of CRJ200s to CRJ450s and placement of aircraft.
Analyst Q&A
Q: Guys, thanks so much for the follow up. Just two quick ones, if I may. When you introduced the mid 11 EPS guidance last quarter, were you incorporating the 29 cent tax benefit in one queue or not? Just trying to get a sense of the quantum of the change in your outlook driven by block hours. If that's, you know, mid 11 EPS, back in January, plus $0.29 and then less the block hour hit to get to $11 range? Just trying to understand what the block hour thing is in there.
A: Rob said the change in EPS color had nothing to do with the tax rate. Year over year, full year 2026 is expected to be very similar to 2025, maybe flat to slightly down. The unusual benefit in the first quarter was deduction timing differences from various comp models. The guide was almost entirely related to prorate fuel.
Q: If your partners were to cut your schedule this summer, could you pivot aircraft into charter operations? I know you've said there's like more demand than you can fill. Or are there just, like, some logistical challenges to moving planes and people back and forth? And if it is possible, how do the margins on charter flying compare to scheduled service?
A: Chip said they treat certificates separately. Not seeing anything today that would warrant pivoting dramatically. Charter operation does well in winter but slow in summer. Margin on charter flight is better than scheduled service but seasonality and other factors weigh against it. We're comfortable with summer schedules today and will monitor the situation carefully.