SKYW · SkyWest, Inc.

SkyWest's first quarter 2026 results showed net income of $102 million, or $2.50 per diluted share, compared to $101 million, or $2.42 per diluted share, in the prior year quarter. The current quarter included a $12 million discrete income tax benefit ($0.29 per diluted share). Revenue increased 7% to $1.0 billion, driven by a 3% increase in block hour production reflecting higher fleet utilization and strong demand. Operating expenses rose 10% to $889 million, primarily due to higher direct operating costs associated with increased production and higher pilot training costs. Operating income decreased to $124 million from $139 million in the prior year, as expense growth outpaced revenue growth. Management highlighted solid demand and fleet reinvestment, including the planned conversion of CRJ200 aircraft to a new 41-seat dual-class CRJ450 configuration with Wi-Fi, expected to enter service in Fall 2026. The company took delivery of one new E175 aircraft for Alaska Airlines during the quarter. Cash and marketable securities totaled $627 million at quarter end, down from $707 million at year-end 2025, reflecting $102 million in capital expenditures and $75 million in share repurchases. Total debt remained flat at $2.4 billion. SkyWest repurchased 783,000 shares at an average price of $96.18, with $138 million remaining under its buyback program. The company's fleet totaled 500 aircraft in service or under contract as of March 31, 2026.