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Spirit Aviation (FLYY) investor relations material
Spirit Aviation Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary15 Aug, 2025
Executive summary
Emerged from Chapter 11 bankruptcy on March 12, 2025, with a confirmed reorganization plan and fresh start accounting applied, resulting in non-comparable financials to prior periods.
Issued new equity and warrants, restructured debt, and listed new common stock on NYSE American under symbol FLYY as of April 29, 2025.
Announced product and loyalty program enhancements, including Premium Economy and updated Free Spirit loyalty benefits.
Announced pilot furloughs and network realignment to address ongoing weak demand and elevated industry capacity.
Financial highlights
Q2 2025 operating revenues were $1,019.8M, down 20.4% year-over-year; net loss was $245.8M, compared to a net loss of $192.9M in Q2 2024.
Operating margin was -18.1% in Q2 2025, compared to -11.9% in Q2 2024.
Adjusted CASM ex-fuel for Q2 2025 was 8.77¢, up from 7.36¢ in Q2 2024, driven by higher semi-fixed costs amid lower capacity.
Aircraft fuel expense fell 36% year-over-year due to a 25% drop in gallons consumed and a 14.7% decrease in fuel cost per gallon.
For the six months ended June 30, 2025, operating revenues were $2,032.2M (down 20.2% year-over-year), with a net loss of $256.8M.
Outlook and guidance
Management expects continued challenges from weak domestic leisure demand and elevated industry capacity for the remainder of 2025.
Additional liquidity measures are planned, including asset sales and cost reductions, but there is substantial doubt about the ability to continue as a going concern if these are unsuccessful.
No aircraft deliveries are scheduled for the remainder of 2025; 88 A320 family aircraft are scheduled for delivery through 2031.
What was the estimated enterprise value?
What measures enhance Spirit's liquidity?
How many aircraft are financed via leases?
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Next Spirit Aviation earnings date
Q3 202524 Nov, 2025
Next Spirit Aviation earnings date
Q3 202524 Nov, 2025
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Frequently asked questions
The Florida-based low-cost airline
Spirit Airlines is a low-cost airline based in Miramar, Florida, with a focus on providing affordable air travel to customers in the United States, the Caribbean, and Latin America. The company was founded in 1980 and has since become one of the largest ultra-low-cost carriers in the world.
The business model
Spirit Airlines' business model is based on providing low fares to its customers by offering a no-frills service that focuses on the essentials of air travel. The company operates a young and fuel-efficient fleet of aircraft, which helps to keep its costs low and its fares affordable.
How Spirit Airlines makes money
Spirit Airlines generates revenue primarily through the sale of airline tickets, as well as through various ancillary services, such as baggage fees, seat selection fees, and onboard purchases. The company's revenue is also generated through its frequent flyer program and partnerships with other travel companies.
The recognizable bright yellow planes
Spirit Airlines has a unique and recognizable branding strategy, which includes bright yellow planes and uniforms for its staff. The company's branding has become synonymous with its low-cost, no-frills approach to air travel, and has helped to differentiate it from other airlines. Some of Spirit Airlines’ competitors include American Airlines, Delta Air Lines, and United Airlines.
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