SkyWest (NASDAQ: SKYW) lifts buyback by $250M after Q2 2026 profit
Rhea-AI Filing Summary
SkyWest, Inc. reported Q2 2026 results with revenue of $1.1 billion and net income of $101 million, or $2.54 per diluted share, compared with $1.0 billion of revenue and $120 million, or $2.91 per diluted share, in Q2 2025.
Operating income was $155.8 million as operating expenses rose 9% to $947 million, driven by higher production-related costs and a sharp increase in fuel expense in its prorate business. Total block hours grew 5.4% year over year and 9% sequentially, reflecting higher fleet utilization, while passenger load factor declined to 80.6%.
Liquidity included $601 million of cash and marketable securities at June 30, 2026 and total debt of $2.3 billion after $122 million of principal repayments in the quarter. SkyWest invested $139 million of capital expenditures and repurchased 833,000 shares for about $75 million in Q2 2026. The board approved a further $250 million increase to the stock repurchase program, bringing total remaining authorization to approximately $313 million.
Positive
- The board approved a $250 million increase to the existing stock repurchase program, raising remaining authorization to about $313 million for future common share repurchases.
- SkyWest generated Q2 2026 net income of $101 million and operating income of $155.8 million, remaining profitable while increasing block hours by 5.4% year over year.
Negative
- Q2 2026 net income declined to $101 million (diluted EPS $2.54) from $120 million (EPS $2.91) in Q2 2025, with results pressured by higher fuel expense and operating costs.
- Passenger load factor decreased to 80.6% in Q2 2026 from 82.8% a year earlier, while passengers carried fell 1.3% despite higher block hours.
Filing Explained
The American contract commits SkyWest to 11 E175 purchases; 33 delivery positions and 50 purchase rights remain future capacity.
This Form 8-K reports that SkyWest has secured an agreement to purchase and operate 11 new E175 aircraft under a multi-year flying contract with American, with deliveries anticipated in
The 11 E175s are expected to replace 11 CRJ700s currently flown under that contract, so the disclosed change is a planned fleet substitution rather than a completed increase in aircraft in service.
Separately, the purchase agreement secures delivery positions for 33 additional E175s from
The company listed 272 E175s in scheduled service or under contract at
The filing leaves the delivery timetable conditional: its table is based on currently available information and is subject to change, so the fleet transition is not complete.
8-K Event Classification
Key Figures
Key Terms
prorate business financial
block hour production financial
capacity purchase agreements financial
stock repurchase program financial
deferred revenue financial
passenger load factor financial
Earnings Snapshot
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What were SkyWest (SKYW) Q2 2026 revenue and earnings?
How did SkyWest (SKYW) profitability change versus Q2 2025?
What stock repurchase capacity does SkyWest (SKYW) now have?
How much stock did SkyWest (SKYW) repurchase in 2026 so far?
What is SkyWest (SKYW) cash and debt position as of June 30, 2026?
How are SkyWest (SKYW) fleet size and block hours trending?
What new aircraft commitments did SkyWest (SKYW) highlight in Q2 2026?
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (date of earliest event reported):
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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 complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition
On July 23, 2026, SkyWest, Inc. (the “Company”) issued a press release announcing its financial results for the three months ended June 30, 2026. The full text of the Company’s press release is furnished herewith as Exhibit 99.1.
The information in this Current Report on Form 8-K (including Exhibit 99.1) is furnished pursuant to General Instruction B.2 to Form 8-K and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing made by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 8.01. Other Events
On July 23, 2026, the Company announced that the Board of Directors (the “Board”) of the Company approved a $250 million increase to its existing stock repurchase program, effective July 23, 2026. The Company is authorized to repurchase such shares of common stock at prevailing market prices in the open market, in privately negotiated transactions or by other means in accordance with federal securities laws. Depending on market conditions and other factors, such repurchases may commence or be suspended from time to time by management without prior notice. The actual timing, number and value of shares repurchased will be determined by the Company’s management in its discretion. There is no expiration date for the repurchase plan. This authorization supplements the Board’s existing stock repurchase program approved in May 2023, which authorized the repurchase of up to $250 million of the Company’s common stock as well as the additional $250 million the Board approved in May 2025, of which approximately $63 million remained at June 30, 2026. Following such increase, SkyWest is authorized to repurchase up to approximately $313 million of SkyWest’s common stock. The Company announced the increase to the stock repurchase program in its press release furnished herewith as Exhibit 99.1.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits.
Exhibit Number | | Title of Document | |
|---|---|---|---|
99.1 | Press release dated July 23, 2026 | ||
104 | Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101) |
Forward-Looking Statements
In addition to historical information, this release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements regarding the Company’s plans with respect to share repurchases and other statements that are not historical facts. All forward-looking statements included in this release are made as of the date hereof and are based on information available to the Company as of such date. The Company assumes no obligation to update any forward-looking statements for any reason. Actual events or results may differ from the Company’s expectations. For example, the stock repurchase program may be suspended or discontinued at any time. Additional information concerning these and other risk factors affecting the Company can be found in the Company’s public periodic filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, available at www.sec.gov.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| SKYWEST, INC. | ||
Dated: July 23, 2026 | By | /s/ Eric J. Woodward | |
Eric J. Woodward, Chief Accounting Officer | |||
Exhibit 99.1
NEWS RELEASE
CONTACT: | Investor Relations | Corporate Communications |
| 435.634.3200 | 435.634.3553 |
| Investor.relations@skywest.com | corporate.communications@skywest.com |
SkyWest, Inc. Announces Second Quarter 2026 Profit
| ● | Q2 2026 pre-tax income of $139 million, a 29% increase from Q1 2026 with a 9% sequential increase in block hours |
| ● | SkyWest secured an agreement to purchase and operate 11 new E175 aircraft for American Airlines |
| ● | SkyWest’s Board of Directors approved a $250 million increase to its existing stock repurchase program |
| ● | SkyWest took delivery of one new E175 aircraft in Q2 2026 under a previously announced agreement with United Airlines |
ST. GEORGE, UTAH, July 23, 2026 -- SkyWest, Inc. (NASDAQ: SKYW) (“SkyWest”) today reported financial and operating results for Q2 2026, including net income of $101 million, or $2.54 per diluted share, compared to net income of $120 million, or $2.91 per diluted share, for Q2 2025. The Q2 2026 financial results were negatively impacted by higher fuel cost per gallon in SkyWest’s prorate business compared to Q2 2025.
Commenting on the results, Chip Childs, President and Chief Executive Officer of SkyWest, said, “Our block hour production outlook remains solid, as we prepare to invest in owning and operating 34 more E175s through the end of 2028. We believe that the fleet initiatives and investments we continue to make create long-term value and cash flow that benefits our people, our customers, and our shareholders. I want to thank our team for their steady, good work through an unusually volatile quarter.”
Financial Results
Revenue was $1.1 billion in Q2 2026, up $68 million, or 7%, from $1.0 billion in Q2 2025. SkyWest’s Q2 2026 block hour production increased 5% compared to Q2 2025 and increased 9% compared to Q1 2026, which reflects higher fleet utilization and strong demand.
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Operating expenses were $947 million in Q2 2026, up $82 million, or 9%, from $865 million in Q2 2025, driven by an expected increase in incremental direct operating costs associated with higher production and an increase in the cost per gallon for prorate fuel in Q2 2026 compared to Q2 2025.
Capital and Liquidity
SkyWest had $601 million in cash and marketable securities at June 30, 2026, compared to $707 million at December 31, 2025.
Total debt at June 30, 2026 was $2.3 billion, down from $2.4 billion at March 31, 2026 and December 31, 2025, reflecting $122 million in principal debt payments and $24 million in new debt issued during Q2 2026. Capital expenditures during Q2 2026 were $139 million for the purchase of one new E175 aircraft, spare engines, and other fixed assets.
SkyWest repurchased 833,000 shares of its common stock for approximately $75 million during Q2 2026 at an average price per share of $89.55. During the first half of 2026, SkyWest repurchased 1.6 million shares of its common stock for $150 million. As of June 30, 2026, SkyWest had approximately $63 million of remaining availability under its existing stock repurchase program. As announced today, SkyWest’s Board of Directors approved a $250 million increase to the existing stock repurchase program.
Commercial Agreements
SkyWest secured an agreement to purchase and operate 11 new E175 aircraft under a multi-year flying contract for American Airlines (“American”). The 11 new E175 aircraft are expected to replace 11 CRJ700s SkyWest is currently flying under contract with American. SkyWest is scheduled to purchase the 11 E175s from Embraer with anticipated delivery dates in 2026 and 2027.
The table below summarizes anticipated E175 aircraft deliveries during the periods indicated based on currently available information, which is subject to change. During the first half of 2026, SkyWest had two E175 aircraft deliveries, one for Alaska Airlines (“Alaska”) and one for United Airlines (“United”), which are reflected in the table below.
| | 2026 | | 2027 | | 2028 | | Thereafter | | Total |
United |
| 8 | | ꟷ | | ꟷ | | ꟷ | | 8 |
Delta Air Lines | | ꟷ | | 10 | | 6 | | ꟷ | | 16 |
American | | 4 | | 7 | | ꟷ | | ꟷ | | 11 |
Alaska | | 1 | | ꟷ | | ꟷ | | ꟷ | | 1 |
Unassigned | | ꟷ | | ꟷ | | 4 | | 29 | | 33 |
Total |
| 13 | | 17 | | 10 | | 29 | | 69 |
By the end of 2027, SkyWest anticipates having 300 E175 aircraft in its fleet. As previously announced, SkyWest entered into a purchase agreement with Embraer, which secures delivery positions for 33 additional E175s from 2028 through 2032 for potential future flying
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opportunities. SkyWest’s purchase agreement with Embraer also includes purchase rights for 50 additional E175s from Embraer, as previously announced.
About SkyWest
SkyWest, Inc. is the holding company for SkyWest Airlines, Inc., SkyWest Charter, LLC (“SWC”) and SkyWest Leasing, Inc., an aircraft equipment leasing company. SkyWest Airlines has a fleet of approximately 500 aircraft connecting passengers to over 240 destinations throughout North America. SkyWest Airlines operates through partnerships with United Airlines, Delta Air Lines, American Airlines, and Alaska Airlines carrying more than 46 million passengers in 2025.
SkyWest will host its conference call to discuss its second quarter 2026 results today, July 23, 2026, at 2:30 p.m. Mountain Time. The conference call number is 1-888-330-2455 for domestic callers, and 1-240-789-2717 for international callers. Please call up to ten minutes in advance to ensure you are connected prior to the start of the call. The conference call will also be available live on the Internet at https://events.q4inc.com/attendee/759519720. This press release and additional information regarding SkyWest, including access information for the digital rebroadcast of the second quarter 2026 results call, participation at investor conferences and investor presentations can be accessed at inc.skywest.com.
Forward-Looking Statements
In addition to historical information, this release 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,” “likely” and similar expressions identify forward-looking statements. Such statements include, but are not limited to, statements about the continued demand for our product, the effect of economic conditions on SkyWest’s business, financial condition and results of operations, SkyWest’s plans with respect to share repurchases, the timing of scheduled aircraft deliveries, including with respect to aircraft for which SkyWest holds firm delivery positions or purchase rights, the transition of the new E175 aircraft to replace existing aircraft in SkyWest’s fleet and the timing thereof, transition of SkyWest’s CRJ200 fleet to the CRJ450 configuration, fleet expansion and anticipated fleet size for SkyWest in upcoming periods, expected production levels in future periods, SkyWest’s coordination with major airline partners regarding the delivery of aircraft under previously announced agreements and timing of placing new aircraft deliveries into service, increasing the utilization and efficiency of all fleet types as well as SkyWest’s future financial and operating results, plans, objectives, expectations, estimates, intentions and outlook, including the ability to generate long-term value and cash flow that benefits SkyWest and its customers, people and shareholders, and other statements that are not historical facts. All forward-looking statements included in this release are made as of the date hereof and are based on information available to SkyWest as of such date. SkyWest assumes no obligation to update any forward-looking statements unless required by law. Readers should note that many factors could affect the future operating and financial results of SkyWest and could cause actual results to vary materially from those expressed in forward-looking statements set forth in this release. These factors include, but are not limited to: the challenges of competing successfully in a highly competitive and rapidly changing industry; developments associated with fluctuations in the economy and the demand for air travel, including related to inflationary pressures, and related decreases in customer demand and spending; uncertainty regarding potential future outbreaks of infectious diseases or other health concerns, and the consequences of such outbreaks to the travel industry, including travel demand and travel behavior, and our major airline partners in general and the financial condition and operating results of SkyWest in particular; the prospects of entering into agreements with existing or other carriers to fly new aircraft; uncertainty regarding timing and
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performance of key third-party service providers; ongoing negotiations between SkyWest and its major airline partners regarding their contractual obligations; uncertainties regarding operation of new aircraft; the ability to attract and retain qualified pilots, mechanics and other personnel in operations; the impact of regulatory issues such as pilot rest rules and qualification requirements; the ability to obtain aircraft financing; the financial stability of SkyWest’s major airline partners and any potential impact of their financial condition on the operations of SkyWest; fluctuations in flight schedules, which are determined by the major airline partners for whom SkyWest conducts flight operations; variations in market and economic conditions; significant aircraft debt commitments; estimated useful life of long-lived assets, residual aircraft values and related asset impairments; labor relations and costs; the impact of global instability; rapidly fluctuating fuel costs and potential fuel shortages; the impact of weather-related, natural disasters and other air safety incidents on air travel and airline costs; aircraft deliveries; uncertainty regarding ongoing international hostilities, including those between Russia and Ukraine, Israel and Hamas, and Israel, the United States and Iran, and the related impacts on macroeconomic conditions and on the international operations of any of our major airline partners as a result of such conflicts; the availability of parts used in connection with maintenance and repairs of the aircraft; the availability of suitable replacement aircraft for aging aircraft; the impact of enacted and proposed U.S. tariffs on global economic conditions and the financial markets, passenger demand, the cost of aircraft parts and supplies sourced internationally and the cost of service providers located outside of the United States; the impact of potential future U.S. government shutdowns on air traffic controller staffing, flight cancellations and federal Essential Air Service subsidies; the possibility that the stock repurchase program may be suspended or discontinued at any time; and other unanticipated factors. Risk factors, cautionary statements and other conditions which could cause SkyWest’s actual results to differ materially from management’s current expectations are contained in SkyWest’s filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
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SkyWest, Inc. and Subsidiaries
Condensed Consolidated Statements of Income
(Dollars and Shares in Thousands, Except per Share Amounts)
(Unaudited)
| Three Months Ended | | Six Months Ended | |||||||||
| | June 30, | | June 30, | ||||||||
| | 2026 | | 2025 | | 2026 | | 2025 | ||||
OPERATING REVENUES: | | | | | | | | | | | | |
Flying agreements | | $ | 1,064,549 | | $ | 987,511 | | $ | 2,042,434 | | $ | 1,903,505 |
Lease, airport services and other | |
| 38,202 | |
| 47,716 | |
| 73,494 | |
| 80,177 |
Total operating revenues | |
| 1,102,751 | |
| 1,035,227 | |
| 2,115,928 | |
| 1,983,682 |
| | | | | | | | | | | | |
OPERATING EXPENSES: | | | | | | | | | | | | |
Salaries, wages and benefits | |
| 426,826 | |
| 390,243 | |
| 848,930 | |
| 767,554 |
Aircraft maintenance, materials and repairs | |
| 242,928 | |
| 238,885 | |
| 455,955 | |
| 447,985 |
Depreciation and amortization | |
| 92,497 | |
| 90,150 | |
| 182,713 | |
| 179,596 |
Aircraft fuel | |
| 60,563 | |
| 27,459 | |
| 99,467 | |
| 51,947 |
Airport-related expenses | |
| 32,600 | |
| 27,116 | |
| 68,770 | |
| 54,939 |
Other operating expenses | |
| 91,507 | |
| 91,246 | |
| 180,577 | |
| 172,156 |
Total operating expenses | |
| 946,921 | |
| 865,099 | |
| 1,836,412 | |
| 1,674,177 |
OPERATING INCOME | |
| 155,830 | |
| 170,128 | |
| 279,516 | |
| 309,505 |
| | | | | | | | | | | | |
OTHER INCOME (EXPENSE): | | | | | | | | | | | | |
Interest income | |
| 8,794 | |
| 11,050 | |
| 17,391 | |
| 21,136 |
Interest expense | |
| (24,926) | |
| (26,566) | |
| (49,391) | |
| (53,684) |
Other income (expense), net | |
| (844) | |
| 8,504 | |
| (892) | |
| 6,877 |
Total other expense, net | |
| (16,976) | |
| (7,012) | |
| (32,892) | |
| (25,671) |
| | | | | | | | | | | | |
INCOME BEFORE INCOME TAXES | |
| 138,854 | |
| 163,116 | |
| 246,624 | |
| 283,834 |
PROVISION FOR INCOME TAXES | |
| 38,154 | |
| 42,847 | |
| 44,232 | |
| 63,014 |
NET INCOME | | $ | 100,700 | | $ | 120,269 | | $ | 202,392 | | $ | 220,820 |
| | | | | | | | | | | | |
BASIC EARNINGS PER SHARE | | $ | 2.55 | | $ | 2.98 | | $ | 5.10 | | $ | 5.46 |
DILUTED EARNINGS PER SHARE | | $ | 2.54 | | $ | 2.91 | | $ | 5.04 | | $ | 5.32 |
| | | | | | | | | | | | |
Weighted average common shares: | | | | | | | | | | | | |
Basic | |
| 39,424 | |
| 40,416 | |
| 39,711 | |
| 40,453 |
Diluted | |
| 39,617 | |
| 41,351 | |
| 40,142 | |
| 41,475 |
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SkyWest, Inc. and Subsidiaries
Summary of Consolidated Balance Sheets
(Dollars in Thousands)
(Unaudited)
| | June 30, | | December 31, | ||
| | 2026 | | 2025 | ||
Cash and marketable securities | | $ | 600,979 | | $ | 706,909 |
Other current assets | |
| 423,269 | |
| 384,285 |
Total current assets | |
| 1,024,248 | |
| 1,091,194 |
| | | | | | |
Property and equipment, net | | | 5,845,352 | | | 5,742,968 |
Deposits on aircraft | |
| 100,000 | |
| 100,000 |
Other long-term assets | |
| 442,630 | |
| 452,087 |
Total assets | | $ | 7,412,230 | | $ | 7,386,249 |
| | | | | | |
Current portion, long-term debt | | $ | 653,695 | | $ | 546,812 |
Other current liabilities | | | 1,146,732 | | | 1,120,796 |
Total current liabilities | | | 1,800,427 | | | 1,667,608 |
| | | | | | |
Long-term debt, net of current maturities | | | 1,642,763 | | | 1,845,272 |
Other long-term liabilities | | | 1,207,547 | | | 1,126,936 |
Stockholders' equity | | | 2,761,493 | | | 2,746,433 |
Total liabilities and stockholders' equity | | $ | 7,412,230 | | $ | 7,386,249 |
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SkyWest, Inc. and Subsidiaries
Additional Operational Information (unaudited)
SkyWest’s fleet in scheduled service or under contract by aircraft type:
| | June 30, 2026 | | December 31, 2025 | | June 30, 2025 |
E175 aircraft |
| 272 |
| 270 |
| 265 |
CRJ900 aircraft |
| 43 |
| 36 |
| 36 |
CRJ700/E170 aircraft |
| 77 |
| 82 |
| 88 |
CRJ550 aircraft |
| 52 |
| 41 |
| 33 |
CRJ200 aircraft |
| 73 |
| 58 |
| 80 |
Total aircraft in service or under contract |
| 517 |
| 487 |
| 502 |
As of June 30, 2026, SkyWest leased 41 CRJ550s and one CRJ700 to third parties and had seven CRJ200s that are configured for service under SWC operations (these aircraft are excluded from the table above).
Selected operational data:
| | For the three months ended June 30, | | For the six months ended June 30, | ||||||||||||||
Block hours by aircraft type: | | 2026 | | | 2025 | | | % Change | | 2026 | | | 2025 | | | % Change | ||
E175s |
| 229,991 | | | 219,566 | | | 4.7 | % | | 441,450 | | | 426,928 | | | 3.4 | % |
CRJ900s | | 30,763 | | | 22,671 | | | 35.7 | % | | 58,733 | | | 45,659 | | | 28.6 | % |
CRJ700s/E170s | | 59,964 | | | 68,058 | | | (11.9) | % | | 117,667 | | | 132,063 | | | (10.9) | % |
CRJ550s | | 28,102 | | | 16,268 | | | 72.7 | % | | 52,573 | | | 27,340 | | | 92.3 | % |
CRJ200s |
| 47,876 | | | 49,706 | | | (3.7) | % | | 89,206 | | | 96,434 | | | (7.5) | % |
Total block hours | | 396,696 | | | 376,269 | | | 5.4 | % | | 759,629 | | | 728,424 | | | 4.3 | % |
|
| | | | | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | | | | |
Departures |
| 227,960 | | | 222,874 | | | 2.3 | % | | 431,979 | | | 424,712 | | | 1.7 | % |
Passengers carried |
| 11,938,147 | | | 12,092,758 | | | (1.3) | % | | 22,270,657 | | | 22,483,122 | | | (0.9) | % |
Adjusted flight completion | | 99.9 | % | | 99.9 | % | | — | pts | | 99.9 | % | | 99.9 | % | | — | pts |
Raw flight completion | | 98.6 | % | | 99.1 | % | | (0.5) | pts | | 98.0 | % | | 98.7 | % | | (0.7) | pts |
Passenger load factor |
| 80.6 | % | | 82.8 | % | | (2.2) | pts | | 79.4 | % | | 80.8 | % | | (1.4) | pts |
Average trip length |
| 459 | | | 451 | | | 1.8 | % | | 465 | | | 457 | | | 1.8 | % |
Adjusted flight completion percent excludes weather cancellations. Raw flight completion includes weather cancellations.
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Supplemental Cash Flow Information
SkyWest receives certain fixed monthly cash payments under its capacity purchase agreements (“CPAs”) that are attributed to SkyWest’s overhead costs and certain fixed monthly cash payments associated with SkyWest’s aircraft ownership costs. Fixed payments allocated to the non-lease portion are recognized as revenue on a completed block hour basis over the applicable contract term. Fixed payments allocated to the lease portion are accounted for as lease revenue under the CPAs and are recognized on a straight-line basis over the applicable contract term. Fixed monthly cash payments received in excess of revenue recognized during the reporting period are recorded as deferred revenue and revenue recognized in excess of fixed monthly cash payments during the reporting period are recorded as unbilled revenue on SkyWest’s consolidated balance sheet. The following supplemental cash flow schedule summarizes the total revenue recognized in excess of the fixed monthly cash received during the indicated reporting periods and the cumulative difference as of June 30, 2026 and December 31, 2025 (dollars in thousands, unaudited).
| Three Months Ended | | Six Months Ended | ||||||||
| June 30, | | June 30, | ||||||||
| 2026 | | 2025 | | 2026 | | 2025 | ||||
Revenue recognized in excess of fixed cash payments received | $ | 26,872 | | $ | 22,976 | | $ | 50,786 | | $ | 35,886 |
| | As of June 30, | | As of December 31, | ||
| | 2026 | | 2025 | ||
Cumulative fixed cash payments received in excess of revenue recognized, commonly referred to as "deferred revenue" | | $ | 213,823 | | $ | 264,609 |
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