Sky Harbour Raises 2026 Revenue Outlook, Cuts Ebitda Range

The Tip Desk · November 11, 2026 · 4 min read

The aviation infrastructure company lifted year-end 2026 revenue guidance to $44 million–$48 million after third-quarter sales rose about 45% from a year earlier.

Sky Harbour Group Corporation (SKYH), an aviation infrastructure company building Home Base Operator campuses for business aircraft, raised its year-end 2026 revenue outlook to a range of $44 million–$48 million from $42 million–$46 million, citing increased occupancy and fueling at existing operating campuses.

The company cut year-end Adjusted EBITDA guidance to $0 million–$4 million from $4 million–$6 million, attributing the change to operating and one-time costs associated with the expected opening of Bradley International Airport (BDL) in early December with limited offsetting revenues and the delay of Addison Airport (ADS) Phase 2 to the first quarter of 2027.

Consolidated revenues in the third quarter of 2026 increased approximately 45% from the year-earlier period and 7% from the second quarter. Sequential growth slowed from 13% in the second quarter. Obligated Group revenues rose 87% from the year-earlier period and 13% sequentially.

Constructed assets and construction in progress reached $439 million at quarter-end, a year-to-date increase of over $111 million. Consolidated cash and U.S. Treasuries totaled $199.4 million, with $129.2 million of remaining capacity under the committed JPMorgan drawdown construction facility.

Net cash used by operating activities was approximately $0.7 million, compared with $0.5 million provided in the second quarter. The company said the reversal was largely driven by a payment of six months of accrued interest aggregating approximately $1.0 million on the Yorkville Loans in July 2026. Obligated Group operating cash flow was approximately $3.2 million.

ADS Phase 2 is now expected to open in February 2027, after the company had previously targeted completion by year-end 2026. Remaining capital expenditures were estimated at $13 million as of the end of the third quarter, with financing expected from Series 2026 Bonds proceeds. The company has contributed $15.8 million to date as equity to the Obligated Group from those proceeds for Phase 2 construction. ADS Phase 2 is expected to be the final project of the first vintage of campuses under the Obligated Group.

BDL in Hartford, Connecticut, is on schedule for completion by December 4, 2026, with a ribbon-cutting ceremony scheduled for that date. The company said the campus is on track to go from finished construction to a resident-ready operating campus in less than 30 days. Salt Lake City International Airport is expected around March 2027; Hudson Valley Regional Airport and Orlando Executive Airport are expected in the third quarter of 2027. Washington Dulles, Trenton-Mercer, and Chicago Executive are scheduled to begin construction in late fourth-quarter 2026.

Combined occupancy at Miami–Opa Locka Executive Airport was 92%, with all 2026 leases signed at Tier-1 rates. Economic occupancy at ADS Phase 1 was 101%, Phoenix Deer Valley Phase 1 77%, and Denver Centennial Phase 1 57%. San Jose Mineta Phase 1 reached 132% economic occupancy, and San Jose Phase 2, not yet constructed, has been 100% pre-leased. Average revenue escalation upon re-lease at stabilized campuses was 20% for the trailing 12 months as of November 1, 2026, excluding typical annual CPI escalations with a 4% floor.

The company is operating 1.04 million square feet of hangar and associated office and support space, with approximately 2 million square feet of aviation ramp and vehicle parking. Wholly owned subsidiaries Stratus Building Systems and Ascend Aviation Services entered development and construction contracts with a major FBO for two hangar campuses comprising 128,640 square feet, expected to total in excess of $38 million including manufacturing and construction.

The Los Angeles City Council approved two new ground leases at Van Nuys Airport totaling over 25 acres, with construction expected of approximately 300,000 rentable square feet. The Metropolitan Washington Airport Authority approved an option for a third Sky Harbour ground lease at Dulles, adding 15 acres and 171,520 rentable square feet.

The company said it expects that as new campuses lease up and stabilize, their operating margins will reach expected target levels over time. Chief Executive Officer Tal Keinan said Sky Harbour’s growing footprint at tier-1 airports represents the early results of a multi-year effort at dozens of sites, and that each win launches a standardized process of development, leasing and operations, with the result an increasingly predictable schedule of step-ups in revenue and NOI.