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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

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

SKYW

SKYW fundamentals

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