SkyWest (SKYW) Investor presentation summary

Financial performance and cash position

• Ended Q1-26 with $627 million in cash after $116 million in debt payments, $118 million in new debt, and $75 million in stock repurchases.

• Q1-26 pre-tax income was $108 million, net income $102 million, and EPS $2.50, including a $12 million discrete tax benefit.

• Total revenue reached $1.0 billion, up $65 million from Q1-25, with block hours increasing 3%.

• Free cash flow for Q1-26 was $88 million, with a net decrease in cash of $80 million from Q4-25.

• Total debt stood at $2.4 billion, with over $1.5 billion in unpledged assets and scheduled annual debt paydown of over $400 million.

Fleet developments and growth opportunities

• Converting 50-seat CRJ200s to 41-seat dual-class CRJ450s for United, with 100 conversions planned over the next few years.

• Expecting first CRJ450 in service by Fall 2026 and 50 CRJ550s in service with United by end of 2026.

• Took delivery of one E175 for Alaska in Q1-26; eight more E175s scheduled for delivery in 2026.

• CRJ900 and CRJ700 fleets being optimized, with expirations aligning with new E175 deliveries and spare aircraft available for future opportunities.

• 36 CRJ200s in storage available for conversion or incremental growth.

Fleet composition and financing

• Operates 639 aircraft as of March 31, 2026, with 500 under flying agreements and 57% of the fleet unencumbered by debt.

• E175s are primarily debt-financed, with contract terms aligned to debt amortization; CRJ fleet operates with no debt.

• E175 fleet cash flow expected to improve as contracts are extended and debt is paid off, with first 20 E175s debt-free in 2026.