Sky Harbour Beats Q4 with $0.25 EPS, Logs $48M Liquidity and Positive Cash Flow
Sky Harbour reported Q4 2025 adjusted EPS of $0.25 versus a loss of $0.10 year-over-year, topping estimates of a $0.15 loss. The company generated operating cash flow for first time, holds $48M in cash and treasuries plus $350M in financing, though adjusted EBITDA dipped and operating expenses rose to $28M.
1. Q4 Earnings and Financial Metrics
Sky Harbour reported record fourth-quarter revenue alongside adjusted earnings of $0.25 per share, compared with a loss of $0.10 per share in the prior year. Adjusted EBITDA declined slightly year-over-year, while operating expenses rose to $28 million driven by higher capital expenditures and noncash ground lease costs.
2. Strengthened Liquidity and Capital Structure
The company ended the quarter with $48 million in cash and US Treasuries, backed by $150 million in subordinate bond proceeds and a $200 million revolving facility. This capital base underpins increasing construction activity and supports strategic pre-leasing at new airport campuses.
3. Operational Outlook and Cash Flow Generation
Sky Harbour generated operating cash flow for the first time, driven by a $5.9 million rent payment from an extended tenant lease. Management expects new ground leases in 2026, ramping construction expenditures, and stabilization of delivered campuses within 6–9 months to further boost cash flows and net operating income capture.