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Side-by-side financial comparison of Cloudflare, Inc. (NET) and SKYWEST INC (SKYW). Click either name above to swap in a different company.
SKYWEST INC is the larger business by last-quarter revenue ($1.0B vs $614.5M, roughly 1.6× Cloudflare, Inc.). SKYWEST INC runs the higher net margin — 10.0% vs -2.0%, a 12.0% gap on every dollar of revenue. On growth, Cloudflare, Inc. posted the faster year-over-year revenue change (33.6% vs 6.8%). Over the past eight quarters, Cloudflare, Inc.'s revenue compounded faster (27.4% CAGR vs 8.1%).
Cloudflare, Inc. is an American technology company headquartered in San Francisco, California, that provides a range of internet services, including content delivery network (CDN) services, cloud cybersecurity, DDoS mitigation, and ICANN-accredited domain registration. The company's services act primarily as a reverse proxy between website visitors and a customer's hosting provider, improving performance and protecting against malicious traffic.
SkyWest, Inc. is the holding company for SkyWest Airlines, a North American regional airline, as well as an aircraft leasing company. It is headquartered in St. George, Utah, United States.
NET vs SKYW — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $614.5M | $1.0B |
| Net Profit | $-12.1M | $101.7M |
| Gross Margin | 73.6% | — |
| Operating Margin | -8.0% | 12.2% |
| Net Margin | -2.0% | 10.0% |
| Revenue YoY | 33.6% | 6.8% |
| Net Profit YoY | 6.0% | 1.1% |
| EPS (diluted) | $-0.03 | $2.50 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $1.0B | ||
| Q4 25 | $614.5M | $1.0B | ||
| Q3 25 | $562.0M | $1.1B | ||
| Q2 25 | $512.3M | $1.0B | ||
| Q1 25 | $479.1M | $948.5M | ||
| Q4 24 | $459.9M | $944.4M | ||
| Q3 24 | $430.1M | $912.8M | ||
| Q2 24 | $401.0M | $867.1M |
| Q1 26 | — | $101.7M | ||
| Q4 25 | $-12.1M | $91.2M | ||
| Q3 25 | $-1.3M | $116.4M | ||
| Q2 25 | $-50.4M | $120.3M | ||
| Q1 25 | $-38.5M | $100.6M | ||
| Q4 24 | $-12.8M | $97.4M | ||
| Q3 24 | $-15.3M | $89.7M | ||
| Q2 24 | $-15.1M | $75.6M |
| Q1 26 | — | — | ||
| Q4 25 | 73.6% | — | ||
| Q3 25 | 74.0% | — | ||
| Q2 25 | 74.9% | — | ||
| Q1 25 | 75.9% | — | ||
| Q4 24 | 76.4% | — | ||
| Q3 24 | 77.7% | — | ||
| Q2 24 | 77.8% | — |
| Q1 26 | — | 12.2% | ||
| Q4 25 | -8.0% | 13.1% | ||
| Q3 25 | -6.7% | 16.6% | ||
| Q2 25 | -13.1% | 16.4% | ||
| Q1 25 | -11.1% | 14.7% | ||
| Q4 24 | -7.5% | 15.3% | ||
| Q3 24 | -7.2% | 14.4% | ||
| Q2 24 | -8.7% | 13.8% |
| Q1 26 | — | 10.0% | ||
| Q4 25 | -2.0% | 8.9% | ||
| Q3 25 | -0.2% | 11.1% | ||
| Q2 25 | -9.8% | 11.6% | ||
| Q1 25 | -8.0% | 10.6% | ||
| Q4 24 | -2.8% | 10.3% | ||
| Q3 24 | -3.6% | 9.8% | ||
| Q2 24 | -3.8% | 8.7% |
| Q1 26 | — | $2.50 | ||
| Q4 25 | $-0.03 | $2.21 | ||
| Q3 25 | $0.00 | $2.81 | ||
| Q2 25 | $-0.15 | $2.91 | ||
| Q1 25 | $-0.11 | $2.42 | ||
| Q4 24 | $-0.05 | $2.34 | ||
| Q3 24 | $-0.04 | $2.16 | ||
| Q2 24 | $-0.04 | $1.82 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $943.5M | — |
| Total DebtLower is stronger | — | $1.8B |
| Stockholders' EquityBook value | $1.5B | $2.7B |
| Total Assets | $6.0B | $7.3B |
| Debt / EquityLower = less leverage | — | 0.66× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $943.5M | $122.7M | ||
| Q3 25 | $1.1B | $44.5M | ||
| Q2 25 | $1.5B | $48.3M | ||
| Q1 25 | $204.5M | $179.0M | ||
| Q4 24 | $147.7M | $227.4M | ||
| Q3 24 | $182.9M | $177.6M | ||
| Q2 24 | $157.0M | $141.8M |
| Q1 26 | — | $1.8B | ||
| Q4 25 | — | — | ||
| Q3 25 | — | $2.4B | ||
| Q2 25 | — | $2.5B | ||
| Q1 25 | — | $2.6B | ||
| Q4 24 | — | $2.7B | ||
| Q3 24 | — | $2.7B | ||
| Q2 24 | — | $2.8B |
| Q1 26 | — | $2.7B | ||
| Q4 25 | $1.5B | $2.7B | ||
| Q3 25 | $1.3B | $2.7B | ||
| Q2 25 | $1.2B | $2.6B | ||
| Q1 25 | $1.4B | $2.5B | ||
| Q4 24 | $1.0B | $2.4B | ||
| Q3 24 | $973.1M | $2.3B | ||
| Q2 24 | $881.5M | $2.2B |
| Q1 26 | — | $7.3B | ||
| Q4 25 | $6.0B | $7.4B | ||
| Q3 25 | $5.8B | $7.2B | ||
| Q2 25 | $5.6B | $7.2B | ||
| Q1 25 | $3.7B | $7.1B | ||
| Q4 24 | $3.3B | $7.1B | ||
| Q3 24 | $3.1B | $7.0B | ||
| Q2 24 | $2.9B | $7.0B |
| Q1 26 | — | 0.66× | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 0.89× | ||
| Q2 25 | — | 0.97× | ||
| Q1 25 | — | 1.03× | ||
| Q4 24 | — | 1.11× | ||
| Q3 24 | — | 1.17× | ||
| Q2 24 | — | 1.25× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $190.4M | — |
| Free Cash FlowOCF − Capex | $105.2M | — |
| FCF MarginFCF / Revenue | 17.1% | — |
| Capex IntensityCapex / Revenue | 13.9% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $287.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $190.4M | $231.5M | ||
| Q3 25 | $167.1M | $280.8M | ||
| Q2 25 | $99.8M | $257.1M | ||
| Q1 25 | $145.8M | $171.0M | ||
| Q4 24 | $127.3M | $185.9M | ||
| Q3 24 | $104.7M | $183.6M | ||
| Q2 24 | $74.8M | $165.3M |
| Q1 26 | — | — | ||
| Q4 25 | $105.2M | $224.3M | ||
| Q3 25 | $82.5M | $269.9M | ||
| Q2 25 | $39.9M | $251.5M | ||
| Q1 25 | $59.9M | $162.6M | ||
| Q4 24 | $54.2M | $162.7M | ||
| Q3 24 | $54.5M | $172.1M | ||
| Q2 24 | $45.2M | $159.4M |
| Q1 26 | — | — | ||
| Q4 25 | 17.1% | 21.9% | ||
| Q3 25 | 14.7% | 25.7% | ||
| Q2 25 | 7.8% | 24.3% | ||
| Q1 25 | 12.5% | 17.1% | ||
| Q4 24 | 11.8% | 17.2% | ||
| Q3 24 | 12.7% | 18.9% | ||
| Q2 24 | 11.3% | 18.4% |
| Q1 26 | — | — | ||
| Q4 25 | 13.9% | 0.7% | ||
| Q3 25 | 15.1% | 1.0% | ||
| Q2 25 | 11.7% | 0.5% | ||
| Q1 25 | 17.9% | 0.9% | ||
| Q4 24 | 15.9% | 2.5% | ||
| Q3 24 | 11.7% | 1.3% | ||
| Q2 24 | 7.4% | 0.7% |
| Q1 26 | — | — | ||
| Q4 25 | — | 2.54× | ||
| Q3 25 | — | 2.41× | ||
| Q2 25 | — | 2.14× | ||
| Q1 25 | — | 1.70× | ||
| Q4 24 | — | 1.91× | ||
| Q3 24 | — | 2.05× | ||
| Q2 24 | — | 2.19× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
SKYW
| Flying agreements | $977.9M | 97% |
| Lease, airport services and other | $35.3M | 3% |
