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- **Q3 2025 Results**: $116M net income, 15% YoY revenue growth, 100% controllable completion for 185 days.
- **Fleet Expansion**: 16 new E175s for Delta (2027-2028), 44 additional E175s through 2032, 300 E175s by 2028.
- **2026 Outlook**: Low-single-digit block hour growth, mid-to-high single-digit EPS growth (~$11).
- **Government Shutdown**: EAS funding through Nov 18, 2025; uncertain subsidy continuation.
- **Fleet Flexibility**: 100 CRJ200s into 2030s, 20 CRJ550s entering service, 44 unallocated E175s.

**【CEO Summary Section】**
- Reported Q3 2025 net income of $116 million ($2.81 EPS), up 15% YoY in revenue driven by strong demand and fleet utilization.
- Achieved 185 days of 100% controllable completion, reflecting operational excellence with 2,500 daily departures.
- Secured 16 new E175s for Delta (2027-2028) and 44 additional E175s through 2032, positioning for 300 E175s by 2028.
- Extended CRJ200s with United into the 2030s, maintaining 100 CRJ200s in service.
- Navigating federal government shutdown with $269M deferred revenue and $753M cash balance.

**【CFO Financial Commentary】**
- Q3 2025 revenue: $1.1B (+15% YoY), GAAP EPS: $2.81, free cash flow: $144M (Q3) and $400M YTD.
- 2025 GAAP EPS guidance: mid-$10s, implying Q4 EPS ~$2.30 and 2026 EPS growth to ~$11.
- 2025 block hours +15% YoY, 2026 block hours expected low-single-digit growth.
- 2025 CapEx: $550M (including 5 E175s), 2026 CapEx: $575-625M.
- Debt reduced to $2.4B, leverage at decade lows, with $240M remaining under share buyback.

**【CCO Fleet & Strategy Update】**
- 20 CRJ550s to enter service by end-2025, 14 E175s for United by end-2026.
- 3 E175s delivered Q4 2025, 11 in 2026, with 44 unallocated E175s through 2032.
- 20 parked dual-class CRJ aircraft to return to service 2025-2026, 40 CRJ200s for prorate.
- Prorate recovery to 70% of 2019 levels, expanding with American (4/9 CRJ900s) and Delta.
- 30 used CRJ900 airframes purchased for parts and potential future operation.

**【Q&A Highlights】**
- **EAS Funding**: Current funding extends to Nov 18, 2025; uncertain if subsidies will continue post-Nov 18.
- **Fleet Mix**: 20 CRJ550s, 11 E175s in 2026 offset by 24 Delta CRJ900s returning.
- **Prorate Growth**: 70% of 2019 levels, targeting small communities with dual-class CRJ900s.
- **Tariff Impact**: 10% Brazil tariff complicates E175 deliveries, but 44 unallocated E175s provide flexibility.
- **CRJ200 Longevity**: 100 CRJ200s expected into early 2030s with engine investments.
- **Share Buybacks**: Opportunistic, with 25%+ Q3 increase in repurchases amid market volatility.

SkyWest, Inc. (SKYW) Q3 2025 Earnings Call Transcript

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