Spirit AeroSystems Holdings has reported its financial results for the third quarter of 2025. Revenue rose from the same period in 2024, driven by higher production across Boeing, Airbus, and Defence & Space programmes.
Deliveries also increased. Boeing 737 output was much higher, recovering from the 2024 delays caused by Boeing’s joint product verification process. Spirit’s total backlog at the end of the quarter reached about US$52 billion, covering work across all Airbus and Boeing platforms.
However, operating losses deepened. The decline came mainly from higher estimate changes and lower programme margins on Boeing work. These were partly offset by reduced excess capacity charges and a reversal of US$48 million in accrued liabilities after resolving litigation with a former CEO.
Total changes in estimates for the quarter included forward losses of US$585 million and unfavourable cumulative adjustments of US$14 million. These were driven by rising production and supply chain costs on the Boeing 737, 787, Airbus A220, and A350 programmes. Excess capacity costs stood at US$55 million, down from US$70 million a year earlier.
Earnings per share (EPS) for the third quarter of 2025 were US$(6.16), compared with US$(4.07) in 2024. Adjusted EPS, excluding the deferred tax asset valuation allowance, was US$(4.87) versus US$(3.03) a year ago.
Despite the wider loss, cash flow improved. Both operating cash and free cash flow usage were better than in 2024, helped by stronger Boeing 737 deliveries and favourable working capital timing. The company ended the quarter with a cash balance of US$299 million, reflecting steady liquidity and progress in recovering from past production challenges.
