Spirit AeroSystems (SPR) investor relations material

Executive summary

• Q3 2025 net revenues increased 7.8%–8% year-over-year to $1.59B–$1.6B, driven by higher deliveries to Boeing, Airbus, and Defense & Space, but the company reported a net loss of $724.3M for the quarter and $1.97B for the nine months ended October 2, 2025.

• Operating loss widened to $646.5M–$647M in Q3 2025, reflecting significant forward loss charges, lower program margins, and higher excess capacity costs.

• Free cash flow usage improved to $(230)M from $(323)M in Q3 2024, with a period-end cash balance of $299M.

• The company faces substantial doubt about its ability to continue as a going concern due to ongoing operating losses, negative cash flows, and high debt levels.

• Backlog at quarter-end was approximately $52B, covering all major commercial platforms.

Financial highlights

• Q3 2025 net revenues: $1,585.4M–$1.6B (up from $1,470.6M in Q3 2024); nine months: $4,742.3M (up from $4,665.3M year-over-year).

• Net loss attributable to shareholders: $724.3M for Q3 2025 ($6.16 per share), $1,968.2M for nine months ($16.75 per share).

• Adjusted EPS for Q3 2025 was $(4.87), down from $(3.03) in Q3 2024.

• Cash and cash equivalents at period end: $299.0M; total debt: $4.3B–$4,338.6M, with $690.9M classified as short-term.

• Operating cash outflow for nine months: $750.4M (improved from $1,257.5M prior year).

Outlook and guidance

• Management expects continued operating losses and negative cash flows, with additional funding required to sustain operations over the next 12 months.

• Substantial doubt remains about the company's ability to continue as a going concern, despite liquidity improvement plans and ongoing divestitures.