SKYWEST INC 10-K

ITEM 9A. CONTROLS AND PROCEDURES Disclosure Controls and Procedures Our management, including our Chief Executive Officer and Chief Financial Officer, performed an evaluation of our disclosure controls and procedures, which have been designed to ensure that information we are required to disclose in the reports we file or submit under the Exchange Act is recorded, processed, summarized, and reported accurately and within the time periods specified in the SEC rules and forms. Our management, including our Chief Executive Officer and Chief Financial Officer, concluded that, as of December 31, 2025, those controls and procedures were effective to ensure that information we are required to disclose in the reports we file or submit under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure. Changes in Internal Control During the most recently completed fiscal quarter, we did not make any changes in our internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. Management’s Annual Report on Internal Control Over Financial Reporting Management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act. Our internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies may deteriorate. Management conducted an evaluation of the effectiveness of our internal control over financial reporting as of December 31, 2025, using the criteria issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control—Integrated Framework (2013). Based on that evaluation, management believes that our internal control over financial reporting was effective as of December 31, 2025. The effectiveness of our internal control over financial reporting as of December 31, 2025, has been audited by Ernst & Young LLP (“Ernst & Young”), the independent registered public accounting firm who also has audited our Consolidated Financial Statements included in this Report. Ernst & Young’s report on our internal control over financial reporting appears on the following page. ​ 78 Table of Contents Report of Independent Registered Public Accounting Firm ​ To the Stockholders and the Board of Directors of SkyWest, Inc. Opinion on Internal Control Over Financial Reporting We have audited SkyWest, Inc. and subsidiaries’ internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our opinion, SkyWest, Inc. and subsidiaries (the Company) maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on the COSO criteria. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2025 and 2024, the related consolidated statements of comprehensive income, stockholders’ equity and cash flows for each of the three years in the period ended December 31, 2025, and the related notes and financial statement schedule listed in the Index at Item 15(a)2 and our report dated February 17, 2026 expressed an unqualified opinion thereon. Basis for Opinion The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Annual Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. Definition and Limitations of Internal Control Over Financial Reporting A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. ​ /s/ Ernst & Young LLP Salt Lake City, Utah February 17, 2026 79 Table of Contents ITEM 9B. OTHER INFORMATION During the three months and year ended December 31, 2025, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K. ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS Not applicable. PART III ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE We have insider trading policies and procedures applicable to our directors, officers and employees, and have implemented processes that we believe are reasonably designed to promote compliance with insider trading laws, rules and regulations and applicable listing standards. It is our policy to comply with U.S. insider trading laws and regulations, including with respect to transactions in our own securities. A copy of our insider trading policy is filed with this Annual Report on Form 10-K as Exhibit 19. Additional information required by this Item 10 and Items 11, 12, 13 and 14 in Part III of this Report are incorporated herein by reference to our definitive proxy statement for our 2026 Annual Meeting of Shareholders scheduled for May 5, 2026. We intend to file our definitive proxy statement with the SEC not later than 120 days after December 31, 2025, pursuant to Regulation 14A of the Exchange Act. With respect to this Item 10, such information will appear in our definitive proxy statement under the headings “Election of Directors,” “Executive Officers,” “Corporate Governance,” “Meetings and Committees of the Board” and “Delinquent Section 16(a) Reports”. With respect to Items 11, 12, 13 and 14, such information will appear in our definitive proxy statement under the headings set forth below: ​ ​ ​ ​ Headings in Proxy Statement ITEM 11 . EXECUTIVE COMPENSATION “Corporate Governance,” “Meetings and Committees of the Board,” “Compensation Discussion and Analysis,” “Compensation Committee Report,” “Executive Compensation,” “Director Compensation” and “Director Summary Compensation Table” ITEM 12 . SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS “Security Ownership of Certain Beneficial Owners” and “Securities Authorized for Issuance Under Equity Compensation Plans” ITEM 13 . CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS “Certain Relationships and Related Transactions” ITEM 14 . PRINCIPAL ACCOUNTANT FEES AND SERVICES “Fees Paid to Independent Registered Public Accounting Firm” ​ ​ ​ 80 Table of Contents PART IV ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES (a) Documents Filed: 1. Financial Statements: Report of Independent Registered Public Accounting Firm; Ernst & Young LLP , Salt Lake City, Utah , (PCAOB ID: 42 ), Consolidated Balance Sheets as of December 31, 2025 and 2024, Consolidated Statements of Comprehensive Income for the years ended December 31, 2025, 2024 and 2023, Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024, and 2023, Consolidated Statements of Stockholders’ Equity for the years ended December 31, 2025, 2024, 2023, and 2022 and Notes to Consolidated Financial Statements. 2. Financial Statement Schedule. The following consolidated financial statement schedule of our company is included in this Item 15. • Schedule II—Valuation and qualifying accounts All other schedules for which provision is made in the applicable accounting regulations of the Securities and Exchange Commission are not required under the related instructions or are not applicable, and therefore have been omitted. (b) Exhibits ​ ​ ​ ​ ​ ​ ​ ​ ​ Number Exhibit Description Form Date of First Filing Exhibit Number File Number 3.1 Restated Articles of Incorporation S-3 November 18, 2005 3.1 333-129831 3.2 Amended and Restated Bylaws of SkyWest, Inc., effective August 6, 2024 8-K August 8, 2024 3.1 ​ 4.1 Specimen of Common Stock Certificate S-3 July 28, 2000 4.1 333-42508 4.2 Description of Registered Securities 10-K February 18, 2020 4.2 ​ *†10.1 Amended and Restated Delta Connection Agreement, dated September 8, 2005, between SkyWest Airlines, Inc. and Delta Air Lines, Inc., as amended ​ ​ Filed herewith ​ *†10.2 Capacity Purchase Agreement, dated May 16, 2013, between United Airlines, Inc. and SkyWest Airlines, Inc., as amended ​ ​ Filed herewith ​ *†10.3 Amended and Restated Capacity Purchase Agreement, dated November 3, 2025, between American Airlines, Inc. and SkyWest Airlines, Inc., as amended ​ ​ Filed herewith ​ *†10.4 Capacity Purchase Agreement, dated April 13, 2011, between Alaska Airlines, Inc. and SkyWest Airlines, Inc., as amended ​ ​ Filed herewith ​ *†10.5 Purchase Agreement COM0028-13, dated February 15, 2013, between Embraer S.A. and SkyWest Inc., as amended ​ ​ Filed herewith ​ *†10.6 Purchase Agreement COM0247-25, dated June 17, 2025, between Embraer S.A. and SkyWest Inc., as amended ​ ​ Filed herewith ​ 81 Table of Contents ​ ​ ​ ​ ​ ​ ​ ​ ​ Number Exhibit Description Form Date of First Filing Exhibit Number File Number +10.7 SkyWest, Inc. 2002 Deferred Compensation Plan, as amended and restated, effective January 1, 2008 10-K February 23, 2009 10.12 ​ +10.8 First Amendment to the Amended and Restated SkyWest, Inc. 2002 Deferred Compensation Plan 10-K February 23, 2009 10.12(A) ​ +10.9 SkyWest, Inc. 2009 Employee Stock Purchase Plan 10-K February 23, 2009 10.14 ​ 10.10 Promissory Note, dated as of April 23, 2020, issued by SkyWest Airlines, Inc. to the United States Department of the Treasury and guaranteed by SkyWest, Inc. 10-Q August 7, 2020 10.2 ​ 10.11 Promissory Note, dated as of January 15, 2021, issued by SkyWest Airlines, Inc. to the United States Department of the Treasury and guaranteed by SkyWest, Inc. 10-K February 22, 2021 10.25 ​ 10.12 Promissory Note, dated as of April 23, 2021, issued by SkyWest Airlines, Inc. to the United States Department of the Treasury and guaranteed by SkyWest, Inc. 10-Q May 6, 2021 10.5 ​ 10.13 SkyWest, Inc. Deferred Compensation Plan For Non-Employee Directors 10-Q April 26, 2024 10.1 ​ 10.14 SkyWest, Inc. 2019 Long-Term Incentive Plan (Amended and Restated Effective May 7, 2024) 10-Q July 26, 2024 10.1 ​ 10.15 2019 Long-Term Incentive Plan Form of Restricted Stock Unit Award Agreement 10-Q April 26, 2024 10.2 ​ 10.16 2019 Long-Term Incentive Plan Form of Performance Share Award Agreement 10-Q April 26, 2024 10.3 ​ 10.17 Form of Indemnification Agreement 10-K February 15, 2024 10.24 ​ 19 Insider Trading Compliance Policy 10-K February 13, 2025 19 ​ 21.1 Subsidiaries of the Registrant ​ ​ Filed herewith ​ 23.1 Consent of Independent Registered Public Accounting Firm ​ ​ Filed herewith ​ 31.1 Certification of Chief Executive Officer ​ ​ Filed herewith ​ 31.2 Certification of Chief Financial Officer ​ ​ Filed herewith ​ 32.1 Certification of Chief Executive Officer ​ ​ Filed herewith ​ 32.2 Certification of Chief Financial Officer ​ ​ Filed herewith ​ 97 Policy for Recovery of Erroneously Awarded Compensation 10-K February 15, 2024 97 ​ 82 Table of Contents ​ ​ ​ ​ ​ ​ ​ ​ ​ Number Exhibit Description Form Date of First Filing Exhibit Number File Number 101 The following financial statements from the SkyWest Inc. Annual Report on Form 10-K for the year ended December 31, 2025, formatted in Inline Extensible Business Reporting Language (iXBRL): (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Comprehensive Income, (iii) Consolidated Statements of Stockholders’ Equity, (iv) Consolidated Statements of Cash Flows, and (v) Notes to Consolidated Financial Statements, tagged as blocks of text and including detailed tags ​ ​ Filed herewith ​ 104 Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) ​ ​ Filed herewith ​ * Pursuant to Item 601(a)(5) of Regulation S-K promulgated by the Securities and Exchange Commission, certain exhibits and schedules to this agreement have been omitted. Such exhibits and schedules are described in the referenced agreement. The Company hereby agrees to furnish to the Securities and Exchange Commission, upon its request, any or all of such omitted exhibits or schedules. † Certain portions of this exhibit (indicated by asterisks) have been omitted pursuant to Item 601(b)(10) of Regulation S-K promulgated by the Securities and Exchange Commission. + Management compensatory plan or arrangement. (1) Exhibit is not available on the SEC’s website as it was filed in paper and predates EDGAR. Item 16. Form 10-K Summary None. ​ ​ 83 Table of Contents SKYWEST, INC. AND SUBSIDIARIES SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS For the Years Ended December 31, 2025, 2024 and 2023 (Dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Additions ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at ​ Charged to ​ ​ ​ ​ ​ ​ ​ ​ Beginning ​ Costs and ​ ​ ​ ​ Balance at Description ​ of Year ​ Expenses ​ Deductions ​ End of Year Year Ended December 31, 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance for inventory obsolescence ​ $ 28,750 $ 3,525 ​ $ — $ 32,275 ​ Allowance for credit losses ​ ​ 15,071 ​ 7,438 ​ ​ — ​ 22,509 ​ ​ ​ $ 43,821 $ 10,963 ​ $ — $ 54,784 ​ Year Ended December 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance for inventory obsolescence ​ $ 26,089 $ 2,661 ​ $ — $ 28,750 ​ Allowance for credit losses ​ ​ 18,699 ​ — ​ ​ ( 3,628 ) ​ 15,071 ​ ​ ​ $ 44,788 $ 2,661 ​ $ ( 3,628 ) $ 43,821 ​ Year Ended December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance for inventory obsolescence ​ $ 24,206 $ 1,883 ​ $ — $ 26,089 ​ Allowance for credit losses ​ ​ 37,385 ​ — ​ ​ ( 18,686 ) ​ 18,699 ​ ​ ​ $ 61,591 $ 1,883 ​ $ ( 18,686 ) ​ $ 44,788 ​ ​ ​ ​ ​ ​ ​ 84 Table of Contents SIGNATURES Pursuant to the requirements of Section 13 or 15 (d) of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this Annual Report on Form 10-K for the year ended December 31, 2025, to be signed on its behalf by the undersigned, thereunto duly authorized, on February 17, 2026. ​ ​ ​ ​ SkyWest, Inc. ​ ​ ​ ​ By: /s/ ROBERT J. SIMMONS Robert J. Simmons Chief Financial Officer ​ ​ 85 Table of Contents ADDITIONAL SIGNATURES Pursuant to the requirement of the Securities Exchange Act of 1934, as amended, this Annual Report on Form 10-K has been signed below by the following persons in the capacities and on the dates indicated. ​ ​ ​ ​ ​ ​ ​ ​ ​ Name ​ ​ ​ Capacities ​ ​ ​ Date ​ ​ ​ ​ /s/ James L. Welch James L. Welch Chairman of the Board February 17, 2026 ​ ​ ​ /s/ Russell A. Childs Russell A. Childs Chief Executive Officer and President (Principal Executive Officer) and Director February 17, 2026 ​ ​ ​ /s/ Robert J. Simmons Robert J. Simmons Chief Financial Officer (Principal Financial Officer) February 17, 2026 ​ ​ ​ /s/ Eric J. Woodward Eric J. Woodward Chief Accounting Officer (Principal Accounting Officer) February 17, 2026 ​ ​ ​ /s/ Smita Conjeevaram Smita Conjeevaram Lead Director February 17, 2026 ​ ​ ​ /s/ Derek J. Leathers Derek J. Leathers Director February 17, 2026 ​ ​ ​ /s/ Meredith S. Madden Meredith S. Madden Director February 17, 2026 ​ ​ ​ /s/ Ronald J. Mittelstaedt Ronald J. Mittelstaedt Director February 17, 2026 ​ ​ ​ /s/ Keith E. Smith Keith E. Smith Director February 17, 2026 ​ ​ ​ 86