Spirit AeroSystems (SPR) Q2 2025 earnings summary

Executive summary

• Q2 2025 net revenues increased 9.6–10% year-over-year to $1,635.1 million, driven by higher Boeing and Defense & Space production, with total deliveries rising to 430 shipsets from 336.

• Operating loss widened to $480.8–$481 million from $331.3 million year-over-year, mainly due to a $132.5 million loss on Airbus Business held for sale and a $23.2 million impairment on Airbus-related intangibles.

• Net loss attributable to common shareholders was $631.0 million for Q2 2025, with diluted EPS of $(5.36), both deteriorating from the prior year.

• Substantial doubt exists about the ability to continue as a going concern due to ongoing operating losses, negative cash flows, and high debt levels.

• Entered into a merger agreement with Boeing and a divestiture agreement with Airbus, both expected to close in late 2025, subject to regulatory and other conditions.

Financial highlights

• Q2 2025 net revenues: $1,635.1 million (up 9.6–10% year-over-year); six months: $3,156.9 million (down 1.2% year-over-year).

• Q2 2025 operating loss: $480.8–$481 million (vs. $331.3 million prior year); six months: $967.8 million (vs. $858.9 million prior year).

• Net loss for Q2 2025: $631.0 million (vs. $415.3 million prior year); diluted EPS: $(5.36) (vs. $(3.56) prior year); adjusted EPS: $(3.34) (vs. $(2.73) prior year).

• Free cash flow usage improved to $(190) million in Q2 2025 from $(597) million prior year.

• Cash balance at quarter-end was $369.6–$370 million; total debt: $4.34 billion.

Outlook and guidance

• Management expects continued operating losses and negative cash flows, with additional funding required to sustain operations.

• The merger with Boeing and divestiture to Airbus are expected to close in Q4 2025, pending regulatory and other approvals.

• Management is evaluating further liquidity improvement strategies, including customer advances, divestitures, and operational restructuring.

• No financial guidance provided due to the pending merger.