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Spirit Aviation (FLYY) investor relations material
Spirit Aviation Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary10 Nov, 2025
Executive summary
Report covers the period following emergence from 2024 Chapter 11 bankruptcy and the subsequent voluntary Chapter 11 filing on August 29, 2025, due to continued adverse market conditions and liquidity challenges.
Operating as debtor-in-possession, the company faces substantial doubt about its ability to continue as a going concern, with ongoing restructuring and post-petition financing arrangements in place.
Significant operational changes include network realignment, capacity reductions, product enhancements, and workforce furloughs to address weak demand and elevated industry capacity.
Financial highlights
For Q3 2025, operating revenues were $958.5M, down 19.9% year-over-year; net loss was $317.5M, compared to a net loss of $308.2M in Q3 2024.
Operating margin for Q3 2025 was -14.1%, improved from -24.8% in Q3 2024.
Adjusted CASM ex-fuel for Q3 2025 was 9.24¢, up from 8.20¢ in Q3 2024, driven by higher per-unit costs amid reduced capacity.
For the nine months ended September 30, 2025, operating revenues were $2.99B (down 20.1% year-over-year), with a net loss of $574.2M.
Cash and cash equivalents as of September 30, 2025, were $250.5M; $6.7B in liabilities subject to compromise recorded due to bankruptcy.
Outlook and guidance
Management expects continued challenges for the remainder of 2025 due to weak domestic leisure demand, difficult pricing, and industry overcapacity.
Ongoing restructuring efforts include further network and cost optimization, with no aircraft deliveries scheduled for the remainder of 2025.
Substantial doubt remains about the ability to continue as a going concern, with future performance dependent on successful reorganization and improved market conditions.
Post-2024 emergence, what market conditions persisted?
Quantify foregone interest due to 2025 bankruptcy.
Detail fleet/network changes post-2025 bankruptcy filing.
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Next Spirit Aviation earnings date
Q4 20255 Feb, 2026
Next Spirit Aviation earnings date
Q4 20255 Feb, 2026
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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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