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WICHITA, Kan., Aug. 5, 2025 /PRNewswire/ --
Second quarter 2025
Spirit AeroSystems Holdings, Inc. (NYSE: SPR) ("Spirit," "Spirit AeroSystems" or the "Company") reported second quarter 2025 financial results.
Revenue
Spirit's revenue in the second quarter of 2025 increased from the same period of 2024, primarily due to higher production activity on most Boeing programs, particularly the Boeing 737 and 787 programs. Overall deliveries increased during the second quarter of 2025 compared to the same period of 2024. Boeing 737 deliveries were significantly higher year-over-year due to the delay in deliveries during the first half of 2024 caused by the joint product verification process initiated by Boeing.
Spirit's backlog at the end of the second quarter of 2025 was approximately $51 billion, which includes work packages on all commercial platforms in the Airbus and Boeing backlog.
Earnings
Operating loss in the second quarter of 2025 increased compared to the same period of 2024, primarily resulting from losses on dispositions of businesses recorded during the second quarter of 2025 related to the planned transfer of certain assets and sites to Airbus. The Company recorded a loss of $133 million, representing the difference between the carrying value of the held for sale group and the negative fair value of the estimated consideration due to Airbus at the closure of the sale, inclusive of certain adjustments.
Total change in estimates in the second quarter of 2025 included net forward losses of $219 million and unfavorable cumulative catch-up adjustments of $20 million. Net forward losses were mainly driven by the Airbus A220, Airbus A350 and Boeing 787 programs of $100 million, $58 million and $38 million, respectively, resulting from foreign exchange rates, production performance, and supply chain cost growth, including tariffs on the Boeing 787 program. Unfavorable cumulative catch-up adjustments were primarily driven by increased production costs on the Boeing 737 program, including tariffs. Excess capacity costs during the second quarter of 2025 were $44 million. In comparison, total changes in estimates in the second quarter of 2024 included net forward losses of $214 million and unfavorable cumulative catch-up adjustments of $52 million. Additionally, excess capacity costs were $46 million in the same period of 2024.
Second quarter 2025 EPS was $(5.36), compared to $(3.56) in the same period of 2024. Adjusted to exclude the incremental deferred tax asset valuation allowance, second quarter 2025 adjusted EPS* was $(3.34), compared to $(2.73) in the second quarter of 2024.
Cash
Cash from operations and free cash flow* during the second quarter of 2025 improved compared to the same period of 2024, largely resulting from the timing of working capital driven by higher Boeing 737 deliveries. The Company's cash balance at the end of the second quarter of 2025 was $370 million.
Developments in 2024 resulted in significant reductions in projected revenue and cash flows over the next twelve months. These developments include production and delivery process changes implemented by Boeing, lower than planned 737 production rates and the lack of price increases on Airbus programs. Although the customer advances received in 2024 and 2025 have provided essential operational liquidity, there can be no assurance that Spirit will be able to obtain additional advances from customers, repay current advances on the specified due dates, renegotiate the due dates or otherwise obtain additional liquidity as needed under acceptable terms or at all. We will need to obtain additional funding to sustain operations, as we expect to continue generating operating losses for the foreseeable future.
Management has developed a plan designed to improve liquidity. These plans are dependent upon many factors, including, among other things, the outcomes of active discussions related to customer advances including the timing or amounts of repayment for certain such advances, achieving forecasted 737 deliveries, the timing and expected proceeds received from certain divestitures and the expected timing and outcome of the transactions contemplated by the merger agreement with Boeing and the stock and asset purchase agreement with Airbus. Management is also evaluating additional strategies intended to improve liquidity to support operations, including, but not limited to, additional customer advances and restructuring of operations in an effort to increase efficiency and decrease expenses. However, there can be no assurance that these plans or strategies will sufficiently improve our liquidity needs or that we will otherwise realize the anticipated benefits. Accordingly, substantial doubt about the Company's ability to continue as a going concern exists.
Pending Boeing Acquisition of Spirit AeroSystems Update
On June 30, 2024, the Company entered into an Agreement and Plan of Merger with The Boeing Company (the "Merger Agreement"). Upon completion of the merger, subject to the terms and conditions of the Merger Agreement, the Company would become a wholly owned subsidiary of Boeing. The closing of the transaction is expected to occur in the fourth quarter of 2025, subject to the completion of the divestiture of certain portions of Spirit's business related to the performance by Spirit and its subsidiaries of their obligations under their supply contracts with Airbus SE and other closing conditions, including receipt of regulatory approvals. In connection with the proposed merger, Spirit and Boeing have each received a request for additional information ("second request") from the Federal Trade Commission as part of the regulatory review process under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the "HSR Act"). The second request extends the waiting period imposed by the HSR Act until 30 days after Spirit and Boeing have substantially complied with the requests or the waiting period is terminated sooner by the Federal Trade Commission.
Subsequent Events
On July 4, 2025, P.L. 119-21, commonly known as the One Big Beautiful Bill Act (the "OBBBA"), was signed into law in the United States. The OBBBA includes a broad range of business tax reform provisions including enhanced deductibility of bonus depreciation, domestic research costs, and interest expense, as well as various changes to U.S. taxability of non-U.S. operations. While Spirit continues to assess the impact of the legislation, the OBBBA is not expected to have a material impact on the Company's financial statements or cash taxes in 2025.
On July 11, 2025, the Company, entered into a third amended and restated memorandum of agreement (the "MoA") with Airbus S.A.S., under which Airbus S.A.S. has agreed to, among other things, provide an additional $94 million support package (for a total of $152 million), which shall be used solely and exclusively for Airbus programs. Per the terms of the MoA, any assets purchased with the financial support will be directly or indirectly assumed by Airbus S.A.S. or one of its affiliates upon close of the transactions contemplated by the April 27, 2025 Stock and Asset Purchase Agreement between Spirit and Airbus SE.
Spirit has been involved in litigation in the 10th Circuit Court of Appeals (the "Appellate Court") with its former Chief Executive Officer, Larry Lawson, over Lawson's disputed violation of a restrictive covenant in his retirement and consulting agreement. On June 15, 2023, the District Court held that the restrictive covenant was enforceable as a matter of Kansas law. The District Court entered judgment in favor of Spirit on June 27, 2023. Lawson appealed the District Court's decision, and on April 25, 2025, the Appellate Court affirmed the District Court's judgement. The time for Lawson to seek further appeals on this issue has expired. As a result of the conclusion to this litigation, the Company will reverse accrued liabilities of approximately $48 million in the third quarter of 2025.
Segment Results
Commercial
Commercial segment revenue in the second quarter of 2025 increased from the same period of the prior year, primarily due to higher production activity on most Boeing and Airbus programs. Operating margin for the second quarter of 2025 increased compared to the same period of 2024, primarily driven by lower changes in estimate charges recorded in the current period compared to the same period of 2024. In the second quarter of 2025, change in estimates for the segment included $212 million of net forward losses and $11 million of unfavorable cumulative catch-up adjustments. Additionally, during the second quarter of 2025, the Commercial segment included excess capacity costs of $35 million. In comparison, during the second quarter of 2024, the segment recognized $212 million of net forward losses, $49 million of unfavorable cumulative catch-up adjustments, and excess capacity costs of $44 million.
Defense & Space
Defense & Space segment revenue in the second quarter of 2025 increased from the same period of the prior year. This increase was primarily due to higher activity on the Boeing P-8 program, partially offset by the lack of revenue from FMI resulting from the site divestiture. Operating margin for the second quarter of 2025 decreased compared to the same period of 2024, primarily due to higher unfavorable changes in estimates recorded on the KC-46 Tanker and strategic programs as well as higher excess capacity costs. During the second quarter of 2025, the segment recorded net forward losses of $8 million, favorable cumulative catch-up adjustments of $9 million and excess capacity costs of $9 million. In comparison, during the second quarter of 2024, the segment recorded net forward losses of $1 million, unfavorable cumulative catch-up adjustments of $3 million and excess capacity costs of $2 million.
Aftermarket
Aftermarket segment revenue in the second quarter of 2025 increased slightly from the same period of the prior year. Operating margin in the second quarter of 2025 decreased compared to the second quarter of 2024, primarily due to sales mix and lower spares margins during the second quarter of 2025.
2025 Financial Outlook
In light of the Merger Agreement, and consistent with customary practice during the pendency of such transactions, Spirit will not provide guidance.
Additionally, due to the Merger Agreement, no conference call will be held in conjunction with this release. Full details of the Company's financial results are available in the Company's Quarterly Report on Form 10-Q.
* Non-GAAP financial measure, see Appendix for definition and reconciliation |
Cautionary Statement Regarding Forward-Looking Statements
You should read the discussion of our financial condition and results of operations in conjunction with the unaudited condensed consolidated financial statements and the notes to the unaudited condensed consolidated financial statements appearing in the Company's Annual Report on Form 10-K and the Company's Quarterly Reports on Form 10-Q. The press release may include "forward-looking statements" that involve many risks and uncertainties. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "aim," "anticipate," "believe," "could," "continue," "designed," "ensure," "estimate," "expect," "forecast," "goal," "intend," "may," "might," "model," "objective," "outlook," "plan," "potential," "predict," "project," "seek," "should," "target," "will," "would," and other similar words, or phrases, or the negative thereof, unless the context requires otherwise. These statements reflect management's current views with respect to future events and are subject to risks and uncertainties, both known and unknown, including, but not limited to, those described in the "Risk Factors" sections of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the U.S. Securities and Exchange Commission (the "SEC") (the "2024 Form 10-K") and subsequent Quarterly Reports on Form 10-Q. Our actual results may vary materially from those anticipated in forward-looking statements. We caution investors not to place undue reliance on any forward-looking statements.
Important factors that could cause actual results to differ materially from those reflected in such forward-looking statements and that should be considered in evaluating our outlook include, but are not limited to, the following:
These factors are not exhaustive, and it is not possible for us to predict all factors that could cause actual results to differ materially from those reflected in our forward-looking statements. These factors speak only as of the date hereof, and new factors may emerge or changes to the foregoing factors may occur that could impact our business. As with any projection or forecast, these statements are inherently susceptible to uncertainty and changes in circumstances. Except to the extent required by law, we undertake no obligation to, and expressly disclaim any obligation to, publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. You should review carefully the sections captioned "Risk Factors" in the 2024 Form 10-K and the Company's subsequent Quarterly Reports on Form 10-Q for a more complete discussion of these and other factors that may affect our business.
Table 1. Summary Financial Results (unaudited) | ||||||
2nd Quarter | Six Months | |||||
($ in millions, except per share data) | 2025 | 2024 | Change | 2025 | 2024 | Change |
Net Revenues | $1,635 | $1,492 | 10 % | $3,157 | $3,195 | (1 %) |
Operating Loss | ($481) | ($331) | (45 %) | ($968) | ($859) | (13 %) |
Operating Loss as a % of Revenues | (29.4 %) | (22.2 %) | (720) BPS | (30.7 %) | (26.9 %) | (380) BPS |
Net Loss | ($631) | ($415) | (52 %) | ($1,244) | ($1,032) | (21 %) |
Net Loss as a % of Revenues | (38.6 %) | (27.8 %) | ** | (39.4 %) | (32.3 %) | (710) BPS |
Net Loss Per Share (Fully Diluted) | ($5.36) | ($3.56) | (51 %) | ($10.57) | ($8.87) | (19 %) |
Adjusted Net Loss Per Share (Fully Diluted)* | ($3.34) | ($2.73) | (22 %) | ($7.59) | ($6.66) | (14 %) |
Fully Diluted Weighted Avg Share Count | 117.7 | 116.6 | 117.7 | 116.4 | ||
Table 2. Cash Flow, Cash and Total Debt (unaudited) | ||||||
2nd Quarter | Six Months | |||||
($ in millions) | 2025 | 2024 | Change | 2025 | 2024 | Change |
Cash used in Operations | ($144) | ($566) | 75 % | ($563) | ($981) | 43 % |
Purchases of Property, Plant & Equipment | ($46) | ($32) | (47 %) | ($101) | ($60) | (68 %) |
Free Cash Flow* | ($190) | ($597) | 68 % | ($664) | ($1,041) | 36 % |
July 3, | December 31, | |||||
Cash and Total Debt | 2025 | 2024 | ||||
Cash | $370 | $537 | ||||
Total Debt | $4,344 | $4,394 | ||||
Table 3. Segment Reporting (unaudited) | ||||||
2nd Quarter | Six Months | |||||
($ in millions) | 2025 | 2024 | Change | 2025 | 2024 | Change |
Segment Revenues | ||||||
Commercial | $1,266.3 | $1,166.4 | 8.6 % | $2,427.9 | $2,522.5 | (3.8 %) |
Defense & Space | 266.0 | 224.4 | 18.5 % | 527.0 | 475.2 | 10.9 % |
Aftermarket | 102.8 | 101.1 | 1.7 % | 202.0 | 197.0 | 2.5 % |
Total Segment Revenues | $1,635.1 | $1,491.9 | 9.6 % | $3,156.9 | $3,194.7 | (1.2 %) |
Segment (Loss) Earnings from Operations | ||||||
Commercial | ($234.3) | ($270.5) | 13.4 % | ($699.1) | ($755.4) | 7.5 % |
Defense & Space | (7.1) | 18.7 | ** | (17.9) | 50.9 | ** |
Aftermarket | 10.0 | 17.5 | (42.9 %) | 24.5 | 34.7 | (29.4 %) |
Total Segment Operating Loss | ($231.4) | ($234.3) | 1.2 % | ($692.5) | ($669.8) | (3.4 %) |
Segment Operating (Loss) Earnings as % of Revenues | ||||||
Commercial | (18.5 %) | (23.2 %) | 470 BPS | (28.8 %) | (29.9 %) | 110 BPS |
Defense & Space | (2.7 %) | 8.3 % | ** | (3.4 %) | 10.7 % | ** |
Aftermarket | 9.7 % | 17.3 % | (760) BPS | 12.1 % | 17.6 % | (550) BPS |
Total Segment Operating Loss as % of Revenues | (14.2 %) | (15.7 %) | 150 BPS | (21.9 %) | (21.0 %) | (90) BPS |
Unallocated Expense | ||||||
SG&A | ($107.3) | ($83.6) | (28.3 %) | ($199.1) | ($165.1) | (20.6 %) |
Research & Development | (12.2) | (13.4) | 9.0 % | (26.7) | (24.0) | (11.3 %) |
Loss on Dispositions of Businesses | (129.9) | - | ** | (49.5) | - | ** |
Total Loss from Operations | ($480.8) | ($331.3) | (45.1 %) | ($967.8) | ($858.9) | (12.7 %) |
Total Operating Loss as % of Revenues | (29.4 %) | (22.2 %) | (720) BPS | (30.7 %) | (26.9 %) | (380) BPS |
** Represents an amount in excess of 100% or not meaningful. |
Spirit Shipset Deliveries | |||||||
(one shipset equals one aircraft) | |||||||
2nd Quarter | Six Months | ||||||
2025 | 2024 | 2025 | 2024 | ||||
B737 | 113 | 27 | 240 | 71 | |||
B767 | 9 | 9 | 11 | 14 | |||
B777 | 8 | 8 | 15 | 16 | |||
B787 | 22 | 14 | 31 | 27 | |||
Total Boeing | 152 | 58 | 297 | 128 | |||
A220 | 28 | 22 | 50 | 37 | |||
A320 Family | 157 | 179 | 343 | 332 | |||
A330 | 12 | 9 | 22 | 16 | |||
A350 | 17 | 15 | 35 | 31 | |||
Total Airbus | 214 | 225 | 450 | 416 | |||
Business/Regional Jet | 64 | 53 | 112 | 99 | |||
Total | 430 | 336 | 859 | 643 | |||
Spirit AeroSystems Holdings, Inc. | |||||||
Condensed Consolidated Statements of Operations | |||||||
(unaudited) | |||||||
For the Three Months Ended | For the Six Months Ended | ||||||
July 3, 2025 | June 27, 2024 | July 3, 2025 | June 27, 2024 | ||||
($ in millions, except per share data) | |||||||
Net revenues | $ 1,635.1 | $ 1,491.9 | $ 3,156.9 | $ 3,194.7 | |||
Operating costs and expenses | |||||||
Cost of sales | 1,866.5 | 1,725.4 | 3,849.4 | 3,863.7 | |||
Selling, general and administrative | 107.3 | 83.6 | 199.1 | 165.1 | |||
Research and development | 12.2 | 13.4 | 26.7 | 24.0 | |||
Loss on dispositions of businesses, net | 129.9 | - | 49.5 | - | |||
Total operating costs and expenses | 2,115.9 | 1,823.2 | 4,124.7 | 4,053.6 | |||
Operating loss | (480.8) | (331.3) | (967.8) | (858.9) | |||
Interest expense and financing fee amortization | (99.4) | (82.3) | (198.9) | (162.5) | |||
Other (expense) income, net | (24.3) | 0.4 | (44.2) | 2.7 | |||
Loss before income taxes and equity in net loss of affiliates | (604.5) | (413.2) | (1,210.9) | (1,018.7) | |||
Income tax provision | (26.3) | (2.1) | (32.3) | (13.1) | |||
Loss before equity in net loss of affiliates | (630.8) | (415.3) | (1,243.2) | (1,031.8) | |||
Equity in net income (loss) of affiliates | - | 0.2 | (0.3) | 0.1 | |||
Net loss | (630.8) | (415.1) | (1,243.5) | (1,031.7) | |||
Less noncontrolling interest in earnings of subsidiary | (0.2) | (0.2) | (0.4) | (0.3) | |||
Net loss attributable to common shareholders | $ (631.0) | $ (415.3) | $ (1,243.9) | $ (1,032.0) | |||
Loss per share | |||||||
Basic | $ (5.36) | $ (3.56) | $ (10.57) | $ (8.87) | |||
Diluted | $ (5.36) | $ (3.56) | $ (10.57) | $ (8.87) | |||
Spirit AeroSystems Holdings, Inc. | |||
Condensed Consolidated Balance Sheets | |||
(unaudited) | |||
July 3, 2025 | December 31, 2024 | ||
($ in millions) | |||
Assets | |||
Cash and cash equivalents | $ 369.6 | $ 537.0 | |
Accounts receivable, net | 323.2 | 395.3 | |
Contract assets, short-term | 464.6 | 777.9 | |
Inventory, net | 1,345.1 | 1,891.7 | |
Assets of businesses held for sale | 1,214.9 | 100.6 | |
Other current assets | 51.2 | 58.0 | |
Total current assets | 3,768.6 | 3,760.5 | |
Property, plant and equipment | 1,496.8 | 1,947.9 | |
Right of use assets | 70.8 | 79.0 | |
Pension assets | 59.3 | 49.4 | |
Restricted plan assets | 13.4 | 41.2 | |
Deferred income taxes | - | 0.1 | |
Goodwill | 630.3 | 630.0 | |
Intangible assets, net | 120.1 | 149.5 | |
Other assets | 78.8 | 105.2 | |
Total assets | $ 6,238.1 | $ 6,762.8 | |
Liabilities | |||
Accounts payable | $ 852.4 | $ 1,041.1 | |
Accrued expenses | 403.8 | 453.3 | |
Profit sharing | 36.5 | 59.0 | |
Current portion of long-term debt | 690.5 | 424.5 | |
Operating lease liabilities, short-term | 10.1 | 10.0 | |
Advance payments, short-term | 87.6 | 158.1 | |
Contract liabilities, short-term | 150.4 | 270.3 | |
Forward loss provision, short-term | 301.0 | 471.5 | |
Deferred revenue and other deferred credits, short-term | 8.7 | 75.4 | |
Customer financing, short-term | 511.9 | 532.0 | |
Liabilities of businesses held for sale | 1,769.9 | 18.8 | |
Other current liabilities | 56.4 | 53.4 | |
Total current liabilities | 4,879.2 | 3,567.4 | |
Long-term debt | 3,653.4 | 3,969.7 | |
Operating lease liabilities, long-term | 64.9 | 69.8 | |
Advance payments, long-term | 152.1 | 181.0 | |
Pension/OPEB obligation | 23.2 | 24.9 | |
Contract liabilities, long-term | 164.2 | 177.4 | |
Forward loss provision, long-term | 307.5 | 799.8 | |
Deferred revenue and other deferred credits, long-term | 11.8 | 46.7 | |
Deferred grant income liability - non-current | 22.8 | 25.1 | |
Deferred income taxes | 13.8 | 7.8 | |
Customer financing, long-term | 502.3 | 372.0 | |
Other non-current liabilities | 232.6 | 137.2 | |
Stockholders' Equity (Deficit) | |||
Common stock, Class A par value $0.01, 200,000,000 shares authorized, | 1.2 | 1.2 | |
Additional paid-in capital | 1,472.0 | 1,457.6 | |
Accumulated other comprehensive loss | (44.7) | (100.1) | |
Retained earnings (deficit) | (2,767.4) | (1,523.5) | |
Treasury stock, at cost (41,587,480 shares each period, respectively) | (2,456.7) | (2,456.7) | |
Total stockholders' equity (deficit) | (3,795.6) | (2,621.5) | |
Noncontrolling interest | 5.9 | 5.5 | |
Total equity (deficit) | (3,789.7) | (2,616.0) | |
Total liabilities and equity (deficit) | $ 6,238.1 | $ 6,762.8 | |
Spirit AeroSystems Holdings, Inc. | ||||
Condensed Consolidated Statements of Cash Flows | ||||
(unaudited) | ||||
For the Six Months Ended | ||||
July 3, 2025 | June 27, 2024 | |||
Operating activities | ($ in millions) | |||
Net loss | $ (1,243.5) | $ (1,031.7) | ||
Adjustments to reconcile net loss to net cash used in operating activities | ||||
Depreciation and amortization expense | 131.2 | 155.6 | ||
Amortization of deferred financing fees | 9.4 | 3.4 | ||
Accretion of customer supply agreement | 1.2 | 1.4 | ||
Employee stock compensation expense | 15.8 | 20.7 | ||
Gain from derivative instruments | (0.9) | - | ||
Loss (gain) from foreign currency transactions | 49.7 | (5.3) | ||
Loss on disposition of assets | 1.1 | 0.8 | ||
Deferred taxes | 31.0 | 10.2 | ||
Pension and other post-retirement plans income | (1.7) | (5.6) | ||
Grant liability amortization | (0.6) | (0.6) | ||
Equity in net income (loss) of affiliates | 0.3 | (0.1) | ||
Forward loss provision | 152.5 | 439.4 | ||
Gain on settlement of financial instrument | (0.4) | (0.8) | ||
Asset impairment charges | 28.5 | - | ||
Gain on settlement of New Market Tax Credit incentive program | - | (5.7) | ||
Loss on dispositions of businesses, net | 49.5 | - | ||
Changes in assets and liabilities | ||||
Accounts receivable, net | (98.0) | 30.6 | ||
Inventory, net | (19.8) | (131.9) | ||
Contract assets | 247.5 | (498.8) | ||
Accounts payable and accrued liabilities | 84.6 | 7.6 | ||
Profit sharing/deferred compensation | (16.0) | 26.1 | ||
Advance payments | 0.6 | 20.6 | ||
Income taxes receivable/payable | 2.4 | 1.4 | ||
Contract liabilities | (97.9) | (7.3) | ||
Pension plans employer contributions | (2.0) | (1.4) | ||
Deferred revenue and other deferred credits | (23.3) | (11.2) | ||
Warranty liabilities | 113.8 | 3.8 | ||
Other | 21.8 | (2.3) | ||
Net cash used in operating activities | (563.2) | (981.1) | ||
Investing activities | ||||
Purchase of property, plant and equipment | (101.1) | (60.3) | ||
Proceeds from dispositions of businesses | 167.1 | - | ||
Other | 0.4 | - | ||
Net cash provided by (used in) investing activities | 66.4 | (60.3) | ||
Financing activities | ||||
Receipts from customer financing | 395.3 | 465.0 | ||
Payments on bonds | (20.8) | - | ||
Principal payments of debt | (26.3) | (30.9) | ||
Payments on term loans | (3.0) | (1.5) | ||
Payment on financing of New Market Tax Credit incentive program | - | (1.9) | ||
Taxes paid related to net share settlement awards | (1.4) | (5.1) | ||
Proceeds from issuance of ESPP stock | - | 3.8 | ||
Debt issuance and financing costs | (2.2) | (0.5) | ||
Net cash provided by financing activities | 341.6 | 428.9 | ||
Effect of exchange rate changes on cash and cash equivalents | (2.4) | 0.7 | ||
Net decrease in cash, cash equivalents, and restricted cash for the period | (157.6) | (611.8) | ||
Cash, cash equivalents, and restricted cash, beginning of period | 566.5 | 845.9 | ||
Cash, cash equivalents, and restricted cash, end of period | $ 408.9 | $ 234.1 | ||
Reconciliation of Cash, Cash Equivalents, and Restricted Cash: | ||||
For the Six Months Ended | ||||
July 3, 2025 | June 27, 2024 | |||
Cash and cash equivalents, beginning of the period | $ 537.0 | $ 823.5 | ||
Cash and cash equivalents, held for sale, beginning of the period | - | - | ||
Restricted cash, short-term, beginning of the period | - | 0.1 | ||
Restricted cash, long-term, beginning of the period | 29.5 | 22.3 | ||
Cash, cash equivalents, and restricted cash, beginning of the period | $ 566.5 | $ 845.9 | ||
Cash and cash equivalents, end of the period | $ 369.6 | $ 206.0 | ||
Cash and cash equivalents, held for sale, end of the period | 5.9 | - | ||
Restricted cash, short-term, end of the period | - | - | ||
Restricted cash, long-term, end of the period | 33.4 | 28.1 | ||
Cash, cash equivalents, and restricted cash, end of the period | $ 408.9 | $ 234.1 | ||
Appendix
In addition to reporting our financial information using U.S. Generally Accepted Accounting Principles (GAAP), management believes that certain non-GAAP measures (which are indicated by * in this press release) provide investors with important perspectives into the company's ongoing business performance. The non-GAAP measures we use in this press release are (i) adjusted diluted earnings (loss) per share and (ii) free cash flow, which are described further below. The Company does not intend for the information to be considered in isolation or as a substitute for the related GAAP measures. Other companies may define and calculate the measures differently than we do, limiting the usefulness of the measures for comparison with other companies.
Adjusted Diluted Earnings (Loss) Per Share. To provide additional transparency, we have disclosed non-GAAP adjusted diluted earnings (loss) per share (Adjusted EPS). This metric excludes various items that are not considered to be directly related to our operating performance. Management uses Adjusted EPS as a measure of business performance, and we believe this information is useful in providing period-to-period comparisons of our results. The most comparable GAAP measure is diluted earnings (loss) per share.
Free Cash Flow. Free Cash Flow is defined as GAAP cash provided by (used in) operating activities (also referred to herein as "cash from operations"), less capital expenditures for property, plant and equipment. Management believes Free Cash Flow provides investors with an important perspective on the cash available for stockholders, debt repayments including capital leases, and acquisitions after making the capital investments required to support ongoing business operations and long-term value creation. Free Cash Flow does not represent the residual cash flow available for discretionary expenditures as it excludes certain mandatory expenditures. The most comparable GAAP measure is cash provided by (used in) operating activities. Management uses Free Cash Flow as a measure to assess both business performance and overall liquidity.
The tables below provide reconciliations between the GAAP and non-GAAP measures.
Adjusted EPS | |||||||||
2nd Quarter | Six Months | ||||||||
2025 | 2024 | 2025 | 2024 | ||||||
GAAP Diluted (Loss) Earnings Per Share | ($5.36) | ($3.56) | ($10.57) | ($8.87) | |||||
Deferred Tax Asset Valuation Allowance (a) | 2.02 | 0.83 | 2.98 | 2.21 | |||||
Adjusted Diluted (Loss) Earnings Per Share | ($3.34) | ($2.73) | ($7.59) | ($6.66) | |||||
Diluted Shares (in millions) | 117.7 | 116.6 | 117.7 | 116.4 | |||||
(a) Represents the deferred tax asset valuation allowance (included in Income tax provision) |
Free Cash Flow | |||||||
2nd Quarter | Six Months | ||||||
($ in millions) | 2025 | 2024 | 2025 | 2024 | |||
Cash from Operations | ($144) | ($566) | ($563) | ($981) | |||
Capital Expenditures | (46) | (32) | (101) | (60) | |||
Free Cash Flow | ($190) | ($597) | ($664) | ($1,041) | |||
SOURCE Spirit Aerosystems
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Stock Market News, March 1, 2024: Nvidia Closes With a Market Cap Above $2 Trillion
SPR
The Wall Street Journal
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