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Oct 02
Spirit AeroSystems Q3 2025 Earnings Report
Spirit AeroSystems reported a wider loss in the third quarter of 2025, driven by higher forward losses and production cost increases across Boeing and Airbus programs.
Key Takeaways
Spirit AeroSystems posted third quarter 2025 revenue of $1.59 billion, up 8% year-over-year, primarily due to increased production on Boeing and Airbus programs. However, the company recorded a net loss of $724 million, or $(6.16) per share, due to $585 million in forward losses and higher program costs. Adjusted EPS was $(4.87). Cash used in operations improved to $187 million, while free cash flow usage was $230 million. The company ended the quarter with $299 million in cash and a $52 billion backlog. Management reiterated ongoing liquidity concerns and continued efforts to finalize its merger with Boeing.
Revenue rose 8% year-over-year to $1.59 billion, driven by higher Boeing and Airbus production volumes.
Net loss widened to $724 million, or $(6.16) per share, from $(477) million in Q3 2024.
Operating loss was $647 million, impacted by $585 million in forward losses and higher costs on key programs.
Free cash flow usage improved to $230 million as Boeing 737 deliveries accelerated.
Spirit AeroSystems
Spirit AeroSystems
Spirit AeroSystems Revenue by Segment
Spirit AeroSystems Revenue by Geographic Location
Revenue by Segment
Commercial Revenue
CapyFin.comDefense & Space Revenue
CapyFin.comAftermarket Revenue
CapyFin.comRevenue by Geographic Location
United States Revenue
CapyFin.comInternational Revenue
CapyFin.com Forward Guidance
Due to the pending Boeing acquisition, Spirit AeroSystems did not issue financial guidance for 2025. The company continues to prioritize liquidity management, cost control, and production efficiency while navigating regulatory approvals for the Boeing merger.
Positive Outlook
- Revenue growth supported by higher Boeing and Airbus build rates.
- Backlog of $52 billion provides long-term production visibility.
- Free cash flow usage improved year-over-year.
- Resolution of litigation with former CEO reversed $48 million in accrued liabilities.
- Ongoing Boeing merger expected to enhance liquidity and stability.
Challenges Ahead
- Substantial doubt remains over the company’s ability to continue as a going concern.
- Higher forward losses on major Boeing and Airbus programs.
- Significant cost growth and production inefficiencies.
- Increased leverage with total debt at $4.34 billion.
- No financial guidance due to pending merger and liquidity challenges.
Revenue & Expenses
Visualization of income flow from segment revenue to net income