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Skywest (SKYW) Q1 2026 earnings results (first quarter 2026)
10-Q filed Apr 24, 2026
Skywest (SKYW) reported revenue of $1.0B for the first quarter 2026 (Q1 2026), +7% from a year earlier and -1% from the quarter before. Operating margin was 12.2%, net earnings $102M (10.0% of revenue).
Skywest, Q1 2026: revenue $1.0B (+7% year over year), operating margin 12.2%, net earnings $102M, operating cash flow $144M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.0B | -1% | +7% |
| Operating profit | $124M | -8% | -11% |
| Net earnings | $102M | +12% | +1% |
| Operating cash flow | $144M | -38% | -16% |
| Free cash flow | $14.3M | — | -72% |
What changed
Revenue was $1.0B in Q1 2026, up 7% year over year and down 1% from the previous quarter. Capacity purchase agreements flight operations revenue (non-lease component) was the largest line at 63% of revenue. Prorate agreements and SWC revenue added $0.04B year over year (up 29%), 58% of the total change. Capacity purchase agreements fixed aircraft lease revenue declined 6%.
Operating profit was $0.12B, a 12.2% margin (down 2.5 points year over year). Operating profit fell $0.02B even though revenue rose $0.06B versus Q1 2025, so costs grew faster than sales. Total costs grew 10% against revenue growth of 7%. Net earnings were $0.10B, up 1% year over year. The effective tax rate was 5.6%.
Operating cash flow was $0.14B (down 16% year over year), 142% of net earnings. Non-cash charges added back $0.09B of depreciation and amortization and $4.4M of share-based compensation. Working capital and other items used $0.05B. Capital expenditures of $0.13B left free cash flow of $0.01B.
Questions
What was Skywest's revenue in the first quarter 2026?
Skywest (SKYW) reported revenue of $1.0B for the first quarter 2026 (Q1 2026), +7% from a year earlier and -1% from the quarter before.
Was Skywest profitable in the first quarter 2026?
Operating profit was $124M (12.2% of revenue) and net earnings $102M.
Source: Skywest 10-Q on SEC EDGAR.