Skywest (SKYW) Q1 FY2025 earnings: revenue $948 million, up 18.0% on the year

Skywest Inc. (SKYW) reported revenue of $948 million for Q1 FY2025, the quarter ended 31 March 2025, up 18.0% on the same quarter a year earlier. Net income was $101 million, up 66.8% on the year, and diluted earnings per share $2.42. The figures are the company's own, from the 10-Q it filed with the SEC on 25 April 2025.

Revenue$948 millionup 18.0%

Net income$101 millionup 66.8%

Diluted EPS$2.42

QuarterQ1 FY2025ended 31 March 2025

The quarter, against the one before and a year earlier

Line	Q1 FY2025	Q4 FY2024	Q1 FY2024	Change on the year
Revenue	948	944	804	+18.0%
Operating income	139	144	99.5	+40.1%
Operating margin	14.7%	15.3%	12.4%
Interest expense	27.1	27.7	29.8	-9.1%
Pre-tax income	121	134	80.2	+50.6%
Income tax	20.2	36.2	19.9	+1.5%
Effective tax rate	16.7%	27.1%	24.8%
Net income	101	97.4	60.3	+66.8%
Net margin	10.6%	10.3%	7.5%
Diluted EPS	$2.42	$2.34	$1.45	+66.9%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q1 FY2025	Q4 FY2024	Q1 FY2024	Change on the year
Operating cash flow	171	186	158	+8.5%
Capital expenditure	8.5	23.2	4.2	+98.9%
Free cash flow	163	163	153	+6.0%
Free cash flow margin	17.1%	17.2%	19.1%
Cash from investing	-66.1	-110	-0.6	n/a
Cash from financing	-153	-26.5	-125	n/a
Depreciation and amortisation	89.4	94.5	95.9	-6.7%
Share-based compensation	4.7	4.8	5.5	-14.5%
Buybacks	n/a	n/a	8.8	n/a
Diluted shares, weighted	42m	42m	41m	+0.3%
Shares outstanding at period end	40m	40m	40m	+0.5%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2025	Q4 FY2024	Q1 FY2024	Change on the year
Shareholders' equity	2,474	2,409	2,165	+14.3%
Debt	2,560	2,672	2,896	-11.6%
Operating lease liabilities	63.3	67.3	66.2	-4.4%
Other liabilities	2,017	1,991	1,856	+8.7%
Total liabilities and equity	7,114	7,140	6,983	+1.9%
Fixed assets	5,623	5,587	5,491	+2.4%
Investments	572	574	641	-10.8%
Cash and equivalents	179	227	180	-0.6%
Receivables	n/a	123	n/a	n/a
Other assets	741	628	671	+10.4%
Total assets	7,114	7,140	6,983	+1.9%

Questions

What was Skywest's revenue in Q1 FY2025?

Skywest (SKYW) reported revenue of $948 million for Q1 FY2025, the quarter ended 31 March 2025, up 18.0% on the same quarter a year earlier.

How much did Skywest earn in Q1 FY2025?

Net income for Q1 FY2025 was $101 million, up 66.8% on the year, and diluted earnings per share $2.42.

When did Skywest report Q1 FY2025 results?

Skywest filed its 10-Q for the quarter ended 31 March 2025 with the SEC on 25 April 2025.

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	766	752	804	867	913	944	948	1,035	1,050	1,024	1,013	1,103
Operating income	49.3	27.6	99.5	120	131	144	139	170	174	134	124	156
Operating margin	6%	4%	12%	14%	14%	15%	15%	16%	17%	13%	12%	14%
Interest expense	32.5	31.0	29.8	29.0	27.8	27.7	27.1	26.6	25.6	25.1	24.5	24.9
Pre-tax income	24.4	24.4	80.2	102	116	134	121	163	157	125	108	139
Tax rate	4%	28%	25%	26%	23%	27%	17%	26%	26%	27%	6%	27%
Net income	23.5	17.5	60.3	75.6	89.7	97.4	101	120	116	91.2	102	101
Net margin	3%	2%	8%	9%	10%	10%	11%	12%	11%	9%	10%	9%
Diluted EPS	$0.55	$0.42	$1.45	$1.82	$2.16	$2.34	$2.42	$2.91	$2.81	$2.21	$2.50	$2.54
Operating cash flow	179	224	158	165	184	186	171	257	281	232	144	292
Capital expenditure	48.3	n/a	4.2	40.9	84.3	23.2	8.5	139	55.4	7.2	14.0	8.0
Free cash flow	131	n/a	153	124	99.3	163	163	118	225	224	130	284
Buybacks	50.5	n/a	8.8	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Shares outstanding	41m	40m	40m	40m	40m	40m	40m	40m	40m	40m	40m	39m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 March 2025, filed 25 April 2025, accession 0001558370-25-005551: the filing on EDGAR. All of Skywest Inc.'s filings: EDGAR company page.

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