Company: SPR
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0001364885-25-000011
Chunk: 152

Company: Spirit AeroSystems Holdings, Inc.
Filing Date: 2025-10-31
Form: 10-Q
Item: Part I, Item 1
Chunk 152
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 on higher Boeing production. Approximately 83% and 81% of the Company’s net revenues for the nine months ended October 2, 2025 and September 26, 2024, respectively, came from our two largest customers, Boeing and Airbus. 

Total deliveries to Boeing increased to 423 shipsets during the nine months ended October 2, 2025, compared to 216 shipsets delivered in the same period in the prior year, primarily driven by higher deliveries of B737. Total deliveries to Airbus increased to 667 shipsets during the nine months ended October 2, 2025, compared to 594 deliveries in the same period in the prior year, driven by increased production across all programs. Deliveries for business/regional jet components decreased to 161 shipsets during the nine months ended October 2, 2025, compared to 165 deliveries in the same period in the prior year. In total, deliveries increased to 1,251 shipsets delivered in the nine months ended October 2, 2025, compared to 975 shipsets delivered in the same period of the prior year.

Gross (Loss) Profit.  Gross loss was ($1,312.1) million for the nine months ended October 2, 2025, compared to gross loss of ($915.0) million for the same period in the prior year. The increase in loss over the same period in the prior year was primarily driven by higher forward loss charges and lower program margins on Boeing programs, as well as higher excess capacity charges partially offset by lower cumulative catch-up adjustments. In the nine months ended October 2, 2025, we recognized $146.1 million of excess capacity costs driven by cost overruns and production schedule changes on the B737 MAX and A220 programs, compared to excess capacity production costs of $142.5 million in the same period of the prior year. In the nine months ended October 2, 2025, the Company recorded $24.6 million of unfavorable cumulative catch-up adjustments related to periods prior to the nine months ended October 2, 2025, and $1,098.0 million of net forward loss charges. The forward losses recorded in the nine months ended October 2, 2025 were primarily driven by schedule changes, increased supply chain cost and overall production cost growth on the B737 program, foreign exchange rates, current production performance and supply chain cost growth on the A350 and A220 programs, production cost and supply chain