• Think of SkyWest as the 'Uber for regional airlines.' They own the planes and employ the pilots, but operate flights primarily under the branding and scheduling of major airlines like Delta, United, and American.
• They're like the 'FedEx Ground' for the skies. Instead of packages, SkyWest moves passengers for major airlines on regional routes, often operating under the major airline's brand (e.g., 'United Express').

• Regional Airline Services: Operates scheduled passenger and air freight services to various destinations.
• Aircraft and Engine Leasing: Leases regional jet aircraft and spare engines to other third-party airlines.
• Airport Customer and Ground Handling Services: Provides customer and ground handling support for other airlines at airports.

• American Airlines Group (AAL)
• Delta Air Lines (DAL)
• United Airlines (UAL)
• Alaska Air Group (ALK)

The major suppliers for SkyWest (SKYW) are:

• Embraer S.A. (NYSE: ERJ)
• General Electric Company (NYSE: GE)

Russell "Chip" Childs, Chief Executive Officer, President & Director

Mr. Russell A. "Chip" Childs joined SkyWest in 2001 as Vice President – Controller and served as President and COO of SkyWest Airlines from 2007 to 2014. He was named CEO and nominated to the SkyWest, Inc. Board of Directors in January 2016, and has served as President of the entity since 2014. Prior to his employment with SkyWest, he worked in public accounting for five and a half years as an audit manager. He holds a bachelor's degree in Economics and a master's degree in Accounting from Brigham Young University. He also serves as Chairman of the Regional Airline Association and a Director on the Salt Lake City Branch of the Federal Reserve Bank of San Francisco.

Robert J. Simmons, Chief Financial Officer

Mr. Robert J. Simmons was appointed Chief Financial Officer of SkyWest, Inc. in March 2015, overseeing IT, HR, risk/benefits, finance, accounting, treasury, and investor relations. He founded RJS Healthcare, Inc. in 1990, where he serves as President. Previously, he was a Partner at Bendigo Partners LLC from 2009 to 2015, a firm that invests in technology-enabled financial services. He also held the position of CFO & Head of Investor Relations at E*TRADE Financial Corp. from 2003 to 2008 and CFO at ExpressJet Airlines LLC. He has served as Chairman and a board member of the Association for Financial Professionals. Mr. Simmons holds an MBA in finance from Northwestern University's Kellogg School of Management and a bachelor's degree in international business from Brigham Young University.

Wade Steel, Chief Commercial Officer

Mr. Wade Steel assumed the role of Chief Commercial Officer in March 2015. In this position, he is responsible for overseeing contract development and management, identifying business opportunities with network airlines, and managing fleet and purchasing activities. He previously served as Executive Vice President.

Greg Wooley, Executive Vice President of Operations

Mr. Greg Wooley serves as the Executive Vice President of Operations for SkyWest Airlines, a subsidiary of SkyWest, Inc.

Eric Woodward, Chief Accounting Officer

Mr. Eric Woodward holds the position of Chief Accounting Officer at SkyWest, Inc.

Here are the key risks to SkyWest (SKYW) in order of significance:

1. Reliance on Major Airline Partners: SkyWest Inc. is heavily dependent on a concentrated group of major airline partners, including Delta, United, American, and Alaska Airlines, for nearly all of its revenue through long-term Capacity Purchase Agreements (CPAs). Any loss or unfavorable renegotiation of these critical contracts could significantly impact SkyWest's revenue and profit margins.

2. Labor Availability and Costs: The availability and cost of qualified labor, particularly regional airline pilots, pose a significant risk to SkyWest's operations. While pilot attrition has shown some signs of easing, competition for experienced pilots and the ongoing need to maintain competitive labor costs can constrain flight schedules and impact financial results.

3. High Debt Load and Financial Obligations: SkyWest carries a substantial amount of long-term debt, totaling approximately $2.7 billion as of December 31, 2024, which primarily finances aircraft and spare engines. This significant level of fixed obligations necessitates steady cash flow and could potentially limit the company's ability to secure additional financing for future expansion or divert cash flows from operations. Additionally, the company's Altman Z-Score, a measure of financial distress, has been identified as a concern.

Addressable Markets for SkyWest, Inc.

SkyWest, Inc. operates primarily in the North American aviation market, focusing on regional airline services, aircraft leasing, and airport customer and ground handling services.

Regional Airline Services (Scheduled Passenger and Air Freight)

The addressable market for SkyWest's regional airline services is primarily within North America, encompassing the United States, Canada, Mexico, and the Caribbean. The broader North America aviation market, which includes commercial aviation (passenger and freight), was estimated at approximately USD 84.14 billion in 2025 and is projected to reach USD 97.07 billion by 2030. The U.S. aviation market alone is expected to be around USD 85.50 billion in 2025, growing to USD 107.78 billion by 2031. SkyWest plays a significant role as the largest regional airline in North America. Regional aircraft constitute about 9% of the commercial fleet in the U.S. Globally, regional routes account for 56% of flight frequency.

Aircraft Leasing (Regional Jets and Spare Engines)

SkyWest's aircraft leasing activities target the regional jet and spare engine leasing market. The global regional jet market was valued at USD 5.7 billion in 2022 and is projected to grow to USD 10.6 billion by 2032. North America was the dominant region in this market in 2022. More specifically, the regional jet market in North America had a size of USD 5 billion in 2025, with the U.S. market projected to reach USD 3.74 billion by 2026. The global aircraft leasing market, encompassing all aircraft types, was valued at USD 194.40 billion in 2025 and is projected to increase to USD 377.90 billion by 2034. Regional aircraft contribute approximately 9% to the total leasing activity in the U.S. Another estimate puts the global regional aircraft market at USD 26.3 billion in 2024, with a projected growth to USD 35 billion by 2035.

Airport Customer and Ground Handling Services

The market for airport customer and ground handling services is a significant addressable market for SkyWest. The global Ground Handling Services Market was valued at USD 34,693.8 million in 2024 and is projected to reach USD 37,850.94 million by 2025, with an expected growth to over USD 83,192.67 million by 2034. North America held the largest share of the airport ground and cargo handling services market in 2025, valued at USD 17.87 billion. The U.S. airport ground and cargo handling services market is projected to reach USD 16.68 billion by 2026. North America also dominated the global Airport Ground Handling industry in 2023.

SkyWest, Inc. (SKYW) is expected to drive future revenue growth over the next two to three years through several key strategies:

1. Fleet Modernization and Expansion with Embraer E175 Aircraft and Associated Long-Term Contracts: SkyWest plans to expand its Embraer E175 fleet to nearly 300 jets by the end of 2028, with deliveries scheduled through 2026, 2027, and 2028. This expansion is supported by multi-year contract extensions with major airline partners, including United Airlines and Delta Air Lines, which provide stable, fee-based revenue streams and clear visibility on fleet use and capacity through at least late 2028.
2. Expansion into Small and Mid-Sized Communities: The company is focused on expanding service to small and mid-sized communities to meet regional travel demand. This initiative includes the redeployment of approximately 20 parked dual-class CRJ aircraft to these underserved markets.
3. Increased Aircraft Utilization and Block Hours: Management anticipates mid-single-digit percentage growth in block hours for 2026 over 2025. This increase in production and utilization, driven by strong demand and operational efficiency, directly contributes to higher contract revenue.
4. Sustained Strong Demand for Pro-rate Product: SkyWest continues to experience solid demand for its pro-rate product, which contributes to its overall revenue growth.

Share Repurchases

• In May 2023, SkyWest's Board of Directors authorized a share repurchase program of up to $250 million.
• During the nine months ended September 30, 2023, SkyWest repurchased 9.6 million shares of common stock for $244 million.
• For the full year 2025, SkyWest used $85 million for share repurchases, acquiring nearly 850,000 shares. As of December 31, 2025, $213 million remained available under the current share repurchase authorization.

Share Issuance

• In Q1 2021, SkyWest issued warrants to the U.S. Treasury to purchase 98,815 shares of common stock at a strike price of $40.41 in exchange for payroll support program funding.

Inbound Investments

• During Q1 2021, SkyWest received $233 million in payroll support program grants from the U.S. Treasury, of which approximately $40 million was a ten-year, low-interest unsecured term loan.
• In April 2021, the company received an additional $35 million under PSP2, including about $10.5 million as a ten-year, low-interest unsecured term loan.

Outbound Investments

• In September 2025, SkyWest made a strategic investment in Maeve Aerospace, which included securing exclusive launch customer rights for the hybrid-electric MAEVE Jet.

Capital Expenditures

• SkyWest's capital expenditures were $549 million in 2021, $629 million in 2022, and $235 million in 2023.
• For the full year 2024, capital expenditures were approximately $306 million.
• Total capital expenditures for 2025 were approximately $580 million, primarily funding growth initiatives such as the purchase of seven new E175s, CRJ900 airframes, and aircraft and engines for the CRJ550 opportunity. SkyWest anticipates capital expenditures of approximately $600 million to $625 million in 2026, including the acquisition of nine new E175s.