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Skywest cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$125M in Q3 2026 · $763M over twelve months

Operating cash flow$131M
Capital spending−$6.5M
Free cash flow+$125M
Cash / net income1.1×

Analysis

In Q3 2026, Skywest generated $131M of operating cash flow and spent $6.5M on capital projects, leaving free cash flow of $125M. That is $101M less than in Q3 2025 ($225M).

Over the twelve months to Sep 30, 2026, operating cash flow was $799M; the largest uses were other investing ($427M), other financing ($255M), taxes on employees’ shares ($45.6M); besides operations, cash came from asset & business sales ($10.6M), shares issued ($2.8M); the cash balance rose by $27.2M.

Operating cash flow was $131M against net income of $120M — 1.1× profit, roughly in line with earnings. The largest differences: depreciation & amortization +$76.3M, stock-based pay +$3.8M.

Free cash flow

Skywest: free cash flow by quarterSkywest: free cash flow by quarter−$83.8MQ4 2024$52.1MQ1 2025$118MQ2 2025$225MQ3 2025−$3.7MQ4 2025$14.3MQ1 2026$284MQ2 2026$125MQ3 2026
Operating cash flow less capital spending.
Skywest: operating cash flow against capital spendingSkywest: operating cash flow against capital spendingOperating cash flowCapital spending$186M$270MQ4 2024$171M$119MQ1 2025$257M$139MQ2 2025$281M$55.4MQ3 2025$232M$235MQ4 2025$144M$130MQ1 2026$292M$8.0MQ2 2026$131M$6.5MQ3 2026
Latest (Q3 2026): Operating cash flow $131M, Capital spending $6.5M.

Capital allocation, year by year

Skywest: where the cash came from (up) and went (down), by fiscal yearSkywest: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingFY2021: Operating cash flow $832MFY2021: Net borrowing −$90.5MFY2021: Shares issued $3.1MFY2021: Asset sales $7.1MFY2021: Capital spending −$567M$842MFY2021FY2022: Operating cash flow $480MFY2022: Net borrowing $269MFY2022: Shares issued $3.0MFY2022: Asset sales $17.0MFY2022: Capital spending −$662M$770MFY2022FY2023: Operating cash flow $736MFY2023: Net borrowing −$378MFY2023: Shares issued $2.8MFY2023: Asset sales $15.9MFY2023: Capital spending −$264M$755MFY2023FY2024: Operating cash flow $692MFY2024: Net borrowing −$337MFY2024: Shares issued $2.9MFY2024: Asset sales $5.2MFY2024: Capital spending −$439M$700MFY2024FY2025: Operating cash flow $940MFY2025: Net borrowing −$283MFY2025: Shares issued $2.7MFY2025: Asset sales $15.6MFY2025: Capital spending −$549M$959MFY2025
Over these 5 years operating cash flow totalled $3.7B; the largest uses were capital spending ($2.5B) and net borrowing ($1.1B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$569M
Debt$2.4B
Net debt$1.8B
Due within a year$550M

Skywest funds itself: free cash flow was $763M over the last twelve months, and $569M of cash and investments stands against $2.4B of debt ($550M due within a year, 1.0× covered by cash).

Skywest: debt maturities by year (FY2025)Skywest: debt maturities by year (FY2025)$550MYear 1$506MYear 2$337MYear 3$234MYear 4$280MYear 5$501MAfter year 5
Principal due in each year as disclosed in the annual report, against $569M of cash and investments now.

Where the cash came from and went

Skywest: sources (+) and uses (−) of cash, Q3 2026Skywest: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$131MOther investing−$128MOther financing−$76.1MNet borrowing (+) / repaid (−)$68.1MCash drawn (+) / kept (−)$9.7MCapital spending−$6.5MShares issued$1.5MAsset & business sales$221K
Skywest: sources (+) and uses (−) of cash, TTM to Q3 2026Skywest: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$799MOther investing−$427MOther financing−$255MTaxes on employees’ shares−$45.6MCapital spending−$35.7MCash drawn (+) / kept (−)−$27.2MNet borrowing (+) / repaid (−)−$21.9MAsset & business sales$10.6MShares issued$2.8M

From profit to cash

Skywest: net income to operating cash flow, Q3 2026Skywest: net income to operating cash flow, Q3 2026Net income$120MDepreciation & amortization$76.3MStock-based pay$3.8MOperating cash flow$131M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$131M−$6.5M$68.1M$1.5M$9.7M$125M
Q2 2026$292M−$8.0M−$98.2M—−$15.6M$284M
Q1 2026$144M−$130M$1.4M$1.3M$56.8M$14.3M
Q4 2025$232M−$235M$6.9M—−$78.1M−$3.7M
Q3 2025$281M−$55.4M−$113M$1.4M$3.8M$225M
Q2 2025$257M−$139M−$111M—$131M$118M
Q1 2025$171M−$119M−$114M$1.3M$48.4M$52.1M
Q4 2024$186M−$270M−$21.5M—−$49.8M−$83.8M

Skywest: income statement and cash flow

Skywest, Q3 2026: revenue $1.1B (+6% year over year), operating margin 15.8%. The chart follows the revenue to costs, profit and cash.

Skywest: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.