Sky Harbour Group (SKYH)
NYSE:SKYH
Earnings Data
Report Date
May 13, 2026Before Open (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
-0.13Last Year’s EPS
-0.19Same Quarter Last Year
Strong Buy
Based on 4 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed clear operational and financial progress—record revenues (+87% YoY), obligated-group growth (+49% YoY), positive operating cash flow for the first time, adjusted EBITDA run-rate breakeven in December, substantive site acquisitions and a large development pipeline, and strengthened liquidity via $150M subordinate bonds and a $200M JP Morgan facility. Offsetting these positives are still-negative GAAP profitability, operating expenses near $28M, dependence of the first positive cash flow on a one-time $5.9M upfront payment, timing uncertainty on several phase-two projects, earlier vintage cost overruns that required additional equity, and leasing and refinancing execution risks. On balance, the momentum in leasing, funding, and development scale combined with clear plans to improve OpEx and construction efficiency outweigh the execution and timing risks described on the call.Company Guidance
Record Revenue Growth
Consolidated revenues rose 87% year-over-year to a record $27.5 million for fiscal 2025, driven by the December 2024 Camarillo acquisition and higher revenues from new and existing campuses; sequential revenue increases tied to rising occupancy at newly opened campuses.
Positive Operating Cash Flow and Adjusted EBITDA Improvement
Company achieved positive cash flow from operations on a consolidated basis for the first time and reached adjusted EBITDA run-rate breakeven in December; adjusted EBITDA improved for the third consecutive quarter to approximately negative $1 million in Q4, signaling improving operating performance.
Strong Obligated Group Performance
Wholly-owned obligated group revenues increased 49% year-over-year (with Q4 up 18% sequentially); management expects moderate growth in 2026 and step-ups in 2027 driven by Miami phase two and the Addison project.
Site Acquisition and Development Scale
Met 2025 guidance of 23 airports under ground lease; total hangar-buildable land under lease totals ~4,160,000 rentable square feet; 1,096,000 sf in operation and ~1,149,000 sf fully funded; ~750,000 rentable square feet under construction with a clear pipeline of deliveries (Miami phase two, Bradley, Addison two) ramping through 2026–2027.
Material Liquidity and Financing Wins
Closed $150 million in tax-exempt subordinate bonds (five-year, fixed 6%, call option in year 4) and secured a $200 million five-year tax-exempt JP Morgan drawdown facility (undrawn at year-end); company ended year with $48 million in cash/Treasuries plus $150 million of recent bond proceeds, described as a 'fortress of liquidity' to support near-term growth.
Unit Economics Targeting and Leverage Strategy
Management illustrated target unit economics of ~$40 rent/ft2 + $5 fuel margin - $9 OpEx = ~$36 NOI/ft2 and explained that substituting subordinated debt for equity can materially increase returns on equity (illustrative ROE >60% vs ~30% under prior assumptions), while remaining deliberate on leverage.
Leasing Dynamics and Re-leasing Upside
Re-lease activity for mature leases produced an average 22% markup from the last year of the prior lease to the first year of the new lease; new leases include CPI escalators with a current floor of 4% for new agreements, supporting long-term revenue growth.
Construction Efficiency and Vertical Integration
Investments in vertical integration (steel manufacturing, Ascend in-house construction management/general contracting) and prototype refinements have driven reported build-cost improvements (sell-side referenced ~$250/ft2) and are expected to further lower cost per square foot and expand addressable markets.
SKYH Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
SKYH Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Mar 19, 2026 | $9.47 | $9.45 | -0.21% |
Nov 12, 2025 | $9.85 | $9.72 | -1.32% |
Aug 12, 2025 | $10.95 | $10.55 | -3.65% |
May 13, 2025 | $11.94 | $12.32 | +3.18% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Sky Harbour Group (SKYH) report earnings?
Sky Harbour Group (SKYH) is schdueled to report earning on May 13, 2026, Before Open (Confirmed).
What is Sky Harbour Group (SKYH) earnings time?
Sky Harbour Group (SKYH) earnings time is at May 13, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
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What companies are reporting earnings today?
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What is SKYH EPS forecast?
SKYH EPS forecast for the fiscal quarter 2026 (Q1) is -0.13.