Company: SPR
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0001364885-25-000011
Chunk: 145

Company: Spirit AeroSystems Holdings, Inc.
Filing Date: 2025-10-31
Form: 10-Q
Item: Part I, Item 1
Chunk 145
---
 

Three Months Ended October 2, 2025 as Compared to Three Months Ended September 26, 2024

Revenue.  Net revenue for the three months ended October 2, 2025 was $1,585.4 million, an increase of $114.8 million, or 7.8%, compared to net revenue of $1,470.6 million for the same period in the prior year. The increase in revenue was primarily driven by increased Boeing, Airbus and Defense & Space revenues. Approximately 83% and 78% of Spirit’s net revenues for the third quarter of 2025 and 2024, respectively, came from our two largest customers, Boeing and Airbus.

Total deliveries to Boeing increased to 126 shipsets during the third quarter of 2025, compared to 88 shipsets delivered in the same period of the prior year, primarily driven by higher deliveries of the B737. Total deliveries to Airbus increased to 217 shipsets during the third quarter of 2025, compared to 178 shipsets delivered in the same period of the prior year, primarily driven by higher deliveries of the A320. Deliveries for business/regional jet components decreased to 49 shipsets delivered during the third quarter of 2025, compared to 66 shipsets delivered in the same period of the prior year. In total, deliveries increased to 392 shipsets during the third quarter of 2025, compared to 332 shipsets delivered in the same period of the prior year. 

Gross (Loss) Profit.  Gross loss was ($619.6) million for the three months ended October 2, 2025, compared to gross loss of ($246.0) million for the same period in the prior year. The increase in loss from the prior year period was primarily driven by higher forward loss charges and lower program margins on Boeing programs, partially offset by lower cumulative catch-up adjustments and lower excess capacity charges. In the third quarter of 2025, we recognized $55.2 million of excess capacity production costs driven by cost overruns and production schedule changes on B737 MAX and A220 programs, compared to excess capacity cost of $70.1 million in the same period of the prior year. In the third quarter of 2025, we recognized $14.4 million of unfavorable cumulative catch-up adjustments related to periods prior to the third quarter of 2025, and $585.2 million of net forward loss charges. As mentioned