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Skywest (SKYW) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Oct 30, 2026 · Skywest (SKYW) Q3 2026 earnings results →
Q3 2026 Revenue up 6% year over year to $1.1B · 11¢ of every $1 of revenue kept as net profit · operating margin 15.8%
Skywest made $1.1B in Q3 2026 (+6% Y/Y): Flying agreements $1.1B, Lease, airport services and other $33.2M. Operating margin 15.8%, net earnings $120M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 30, 2026.
Drawing the Sankey…
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What changed this quarter
Revenue was $1.1B in Q3 2026, up 6% year over year and up 1% from the previous quarter. Capacity purchase agreements flight operations revenue (non-lease component) was the largest line at 60% of revenue. Prorate agreements and charter revenue added $0.05B year over year (up 30%), 75% of the total change. Lease, airport services and other declined 14%.
Operating profit was $0.18B, a 15.8% margin (down 0.8 points year over year). Of the extra revenue versus Q3 2025, 3% reached operating profit, below the 17% margin then. Total costs grew 7% against revenue growth of 6%. Net earnings were $0.12B, up 3% year over year. The effective tax rate was 25.1%.
Operating cash flow was $0.13B (down 53% year over year), 110% of net earnings. Non-cash charges added back $0.08B of depreciation and amortization and $3.8M of share-based compensation. Working capital and other items used $0.07B. Capital expenditures of $0.01B left free cash flow of $0.12B.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Oct 30, 2026 | $1.1B | +6% | 15.8% | $120M | $131M |
| Q2 2026 | 10-Q | Jul 24, 2026 | $1.1B | +6% | 14.1% | $101M | $292M |
| Q1 2026 | 10-Q | Apr 24, 2026 | $1.0B | +7% | 12.2% | $102M | $144M |
| Q4 2025 | 10-K | Feb 17, 2026 | $1.0B | +8% | 13.1% | $91.2M | $232M |
| Q3 2025 | 10-Q | Oct 31, 2025 | $1.1B | +15% | 16.6% | $116M | $281M |
| Q2 2025 | 10-Q | Jul 25, 2025 | $1.0B | +19% | 16.4% | $120M | $257M |
| Q1 2025 | 10-Q | Apr 25, 2025 | $948M | +18% | 14.7% | $101M | $171M |
Charts
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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Customers and suppliers named in filings
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About Skywest
Through SkyWest Airlines, our primary operating entity, we offer scheduled passenger service to destinations in the United States, Canada and Mexico. Substantially all of our flights are operated as United Express, Delta Connection, American Eagle or Alaska Airlines flights under code-share agreements with United, Delta, American or Alaska, respectively. Code-share agreements are commercial agreements between airlines that, among other things, allow one airline to use another airline’s flight designator codes on its flights. As of December 31, 2025, we offered approximately 2,260 daily departures, of which approximately 940 were United Express flights, 680 were Delta Connection flights, 420 were American Eagle flights and 210 were Alaska Airlines flights.
In its own words, from its 10-K, filed Feb 17, 2026.
Skywest against its Air Transportation, Scheduled peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +6% against the peers' median +19%. Operating margin: 15.8% against the peers' median 1.9%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| SKYW Skywest | Q3 2026 | $1.1B | +6% | 15.8% |
| DAL Delta Air Lines | Q3 2026 | $20.2B | +21% | 7.2% |
| United Airlines | Q3 2026 | $17.9B | +17% | 8.1% |
| AAL American Airlines Group | Q3 2026 | $16.3B | +19% | 0.7% |
| American Airlines | Q1 2025 | $12.6B | -0.2% | -2.2% |
| LUV Southwest Airlines | Q3 2026 | $8.4B | +21% | 4.5% |
| ALK Alaska Air Group | Q3 2026 | $4.3B | +14% | 1.9% |
| JBLU Jetblue Airways | Q3 2026 | $2.8B | +21% | -5.1% |
| ULCC Frontier Group Holdings | Q3 2026 | $1.4B | +53% | -8.0% |
Source: Skywest 10-Q on SEC EDGAR · CIK 793733 · Air Transportation, Scheduled
Guidance and outlook
13F: who owns SKYW and who is buying
More on SKYW
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results