西空航空 2025年度报告

2025 ANNUAL REPORT Notice of 2026 Annual Meeting and Proxy Statement To our Shareholders, Throughout 2025 we continued execution on our business objectives to take care of our people, todeliver on our partner commitments, and to minimize our risk as we optimize our capital deployment. Weare honored that SkyWest was named one of Fortune’s World’s Most Admired Companies for a third time in2026. SkyWest was named in the top 10 and the only regional airline on Fortune’s list. This distinction isnot possible without the teamwork of our nearly 16,000 professionals. Together in 2025, SkyWest teams delivered more than 250 days of 100% adjusted completion, carryingmore than 46 million passengers safely to their destinations. Safely and reliably connecting people throughoutNorth America via our four major partners is the basis of our product, and we’re proud to do it betterthan anyone in our space. SkyWest’s unmatched model of collaborating with our people enables us to rapidly respond to bothchallenge and opportunity. We believe this unique, collaborative approach has been a fundamental part ofour collective success for 54 years and will continue to help the SkyWest team lead the industry forward in2026 and beyond. After years of review, the Department of Transportation finalized commuter authorization forSkyWest Charter, or SWC in 2025. SWC continues strong, on-demand charter operations and we areexcited about the opportunities the authorization will provide, though it will remain a small portion of ouroverall business. As always, we remain disciplined to ensure our capital is deployed effectively and profitably. We remain optimistic about our growth possibilities, including the following three focus areas:1) growth in underserved communities and the deployment of additional CRJ550 aircraft; 2) improvedaircraft utilization and availability on our ERJ and CRJ fleets; and 3) placing new E175s into servicethroughout this year and next. SkyWest continues to lead our segment of the industry — both in our service and in the value of ourdiverse assets. In 2025 we were able to execute strong flying contract extensions across our fleet. We remaindisciplined and steady as we execute our growth opportunities by delivering on significant prorate demand,investing in and fully utilizing our existing fleet, and preparing to receive new aircraft deliveries in thecoming years. We continue to play the long game. Our investments in our people and fleet continue to set us up wellto ensure we are in the best possible situation to respond to market demands. James L. WelchChairmanSkyWest, Inc. UNITED STATESSECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549FORM 10-K☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THESECURITIES EXCHANGE ACT OF 1934For the fiscal year ended December 31, 2025OR☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THESECURITIES EXCHANGE ACT OF 1934For the transition period fromtoCommission File No. 0-14719SKYWEST, INC.Incorporated under the Laws of Utah87-0292166(IRS Employer ID No.)444 South River RoadSt. George, Utah 84790(435) 634-3000Securities Registered Pursuant to Section 12(b) of the Act:Title of Each ClassTrading Symbol(s)Name of Each Exchange on which RegisteredCommon Stock, No Par ValueSKYWThe Nasdaq Global Select MarketSecurities Registered Pursuant to Section 12(g) of the Act:None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. YesNo☐ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities ExchangeAct of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subjectto such filing requirements for the past 90 days. YesNo☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant toRule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required tosubmit such files). YesNo☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reportingcompany, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and“emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filerAccelerated filer☐Non-accelerated filer☐Smaller reporting company☐Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complyingwith any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessmen