Skywest, Inc. · NASDAQ:SKYW
Skywest — Q4 2025 Earnings Presentation
20 slides from Skywest's earnings presentation, Feb 13, 2026
Slide 1: Investor Update Q1 2026
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Slide 3: Forward Looking Statements
Forward Looking Statements In addition to historical information, this presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “forecasts,” “expects,” “intends,” “believes,” “anticipates,” “estimates,” “should,” “like
Slide 4: 2025 and Q4-25 Snapshot
2025 and Q4-25 Snapshot Financial Highlights Business Updates FULL 2025 YEAR Multi-year contract extension on 40 E175s 2025 EPS: $10.35, up 33% from 2024 Multi-year contract extension on 13 E175s 2025: Block hours up 15% from 2024 2025 EBITDA: $982m, up $100m from 2024 Contract terms on all our E175
Slide 5: Re-Fleeting Timeline
Re-Fleeting Timeline = Qty. of 1 2026 2027-2028 2028-2032 Total New E175 deliveries 9 16 44 69 From Storage 10 UA CRJ700s currently flying for UA will CRJ550 additions for UA be converted to CRJ550s 13 CRJ700/900 DL removals Optimistic we can redeploy these large for new E175 scope slots CRJs followi
Slide 6: Deploying CRJ200 Fleet
Harvesting Deploying the CRJ CRJ200 Opportunity Fleet CONTRACT FLYING 30 AIRCRAFT PRORATE 28 AIRCRAFT 11 AIRCRAFT Unencumbered Low Cost Low Risk CRJ200 FLEET AND ASSETS Fully Depreciated ASSET PROVISIONING +40 Unassigned CRJ200s LEASING/SALES available for these opportunities P R O P R I E TA RY – M
Slide 7: Prorate Markets
Prorate Markets As of December 31, 2025 Minneapolis Detroit Chicago Salt Lake City Denver Washington, DC Los Angeles Phoenix Dallas Houston MAP KEY Prorate represented 10% of our total departures in Q4 2025 • Launched 4 CRJ900s with American in 2025, we expect to grow to 9 CRJ900s by mid-2026 P R O
Slide 8: Fleet Transition
Fleet Transition = Qty. = Qty.ofof1010 End of Year 2019 2020 2021 2022 2023 2024 2025 E175 Our fleet mix and DUAL-CLASS AIRCRAFT flexibility provides an unmatched competitive value to our partners 156 193 211 236 237 262 270 Optimizing our CRJ700*/900 fleet since 2019 E175s 73% CRJ700*/900s 16% CRJ200s
Slide 9: Aircraft Under Agreement
Aircraft Under Agreement December 31, 2025 CONTRACT PRORATE CONTRACT PRORATE CONTRACT PRORATE CONTRACT PRORATE E175 • Own (2), debt (217) and partner financed (51) 270 121 - 87 - 20 - 42 - • Average age 7 years CRJ900 • Own (16) and partner financed (20) 36 - - 32 - - 4 - - • Average age 16 years CRJ7
Slide 10: Income Waterfall Q4-24 to Q4-25
Income Waterfall Q4-24 to Q4-25 $ in Millions + Favorable - Unfavorable Q4-24 TO Q4-25 80 40 $22 $(15) $(20) 00 $41 $(46) 60 $16 $16 $(24) $1 20 80 $134 $125 40 $- Q4-25 Q4-24 E175s E175s CRJs CRJs Prorate Prorate Leasing Leasing Deferred Deferred Labor Costs Labor Maintenance Maintenance OtherOpera
Slide 11: Cash Waterfall Q4-25
Cash Waterfall Q4-25 $ in Millions + Inflow - Outflow Q3-25 TO Q4-25 $(5) $227 $(214) $162 $(155) $(25) $12 $(27) $(21) $753 $707 Q3-25 EBITDA Deferred Cap-Ex1 New Debt Debt Interest Interest Stock Other2 Q4-25 Cash Revenue Paydown Expense Income Repurchase Cash Free Cash Flow Increase in Debt Net Int
Slide 12: Annual Cash Waterfall 2025
Annual Cash Waterfall 2025 $ in Millions + Inflow - Outflow Q4-24 TO Q4-25 $2,000 $(58) $1,800 $1,600 $(578) $1,400 $982 $209 $1,200 $(492) $1,000 $43 $(85) $800 $(104) $(12) $600 $400 $802 $707 $200 $- Q4-24 Q4-24 Cash EBITDA EBITDA Deferred Deferred Cap-Ex Cap-Ex 1 New Debt New Debt Debt Debt Intere
Slide 13: Q4 2025 Debt Summary
Q4 2025 Debt Summary $2.1b in $0.2b debt from PSP $0.1b spare aircraft financing engine financing TOTAL DEBT: $2.4b Scheduled to pay down over Have over $1.5b in $400m per year in debt unpledged assets P R O P R I E TA RY – M AY N OT B E S H A R E D W IT H O U T P E R M I S S I O N I N V E S T O R U P
Slide 14: Q4-25 Aircraft Summary by Financing
Q4-25 Aircraft Summary by Financing CRJ % of FLEET E175s TOTAL 900/700/550/200 45% 217 - 217 Debt financed 41% 2 197 199 Over Owned, No Debt 55% of the fleet we operate has no financing 15% 51 20 71 obligations Partner Provided Q4 2025 Aircraft in 270 217 487 Scheduled Service E175 debt terms We have n
Slide 15: E175 Cash Flow Characteristics
E175 Cash Flow Characteristics E175 initial contract term with Our first 20 E175s delivered partner largely aligns with debt in 2014 are scheduled amortization period of 12 years for debt payoff in 2026 Each aircraft is expected to Over 100 debt-financed have 13+ years of remaining life E175s delivere
Slide 16: Accolades
Accolades P R O P R I E TA RY – M AY N OT B E S H A R E D W IT H O U T P E R M I S S I O N I N V E S T O R U P D AT E Q1 2026 16
Slide 17: Notes
Notes P R O P R I E TA RY – M AY N OT B E S H A R E D W IT H O U T P E R M I S S I O N I N V E S T O R U P D AT E Q1 2026 17
Slide 18: Notes
Notes P R O P R I E TA RY – M AY N OT B E S H A R E D W IT H O U T P E R M I S S I O N I N V E S T O R U P D AT E Q1 2026 18
Slide 19: Notes
Notes P R O P R I E TA RY – M AY N OT B E S H A R E D W IT H O U T P E R M I S S I O N I N V E S T O R U P D AT E Q1 2026 19
Slide 20: Investor Update
INVESTOR UPDATE Q1 2026 I N C . S K Y W E S T. C O M