Spirit Aviation Hldgs Inc Financials

FLYY

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows Spirit Aviation Hldgs Inc (FLYY) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Piotroski F-Score Neutral

4/9

Spirit Aviation Hldgs Inc passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Low Quality

-616.58x

For every $1 of reported earnings, Spirit Aviation Hldgs Inc generates $-616.58 in operating cash flow (-$758.1M OCF vs $1.2M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-5.0x

Spirit Aviation Hldgs Inc earns $-5.0 in operating income for every $1 of interest expense (-$1.1B vs $219.1M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

Export CSV

Revenue

$4.9B

YoY-8.4%

5Y CAGR+5.1%

10Y CAGR+9.8%

Spirit Aviation Hldgs Inc generated $4.9B in revenue in fiscal year 2024. This represents a decrease of 8.4% from the prior year.

EBITDA

-$780.1M

YoY-346.1%

Spirit Aviation Hldgs Inc's EBITDA was -$780.1M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 346.1% from the prior year.

Free Cash Flow

N/A

Net Income

$1.2M

YoY+174.8%

5Y CAGR-67.4%

10Y CAGR-40.6%

Spirit Aviation Hldgs Inc reported $1.2M in net income in fiscal year 2024. This represents an increase of 174.8% from the prior year.

EPS (Diluted)

$-0.01

YoY+99.7%

Spirit Aviation Hldgs Inc earned $-0.01 per diluted share (EPS) in fiscal year 2024. This represents an increase of 99.7% from the prior year.

Cash & Debt

$902.1M

YoY+4.3%

5Y CAGR-1.6%

10Y CAGR+3.6%

Spirit Aviation Hldgs Inc held $902.1M in cash against $1.8B in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

110M

YoY+0.0%

5Y CAGR+9.9%

10Y CAGR+4.2%

Spirit Aviation Hldgs Inc had 110M shares outstanding in fiscal year 2024. This represents an increase of 0.0% from the prior year.

Gross Margin

N/A

Operating Margin

-22.5%

YoY-13.3pp

5Y CAGR-35.6pp

10Y CAGR-40.9pp

Spirit Aviation Hldgs Inc's operating margin was -22.5% in fiscal year 2024, reflecting core business profitability. This is down 13.3 percentage points from the prior year.

Net Margin

0.0%

YoY+0.0pp

5Y CAGR-8.7pp

10Y CAGR-11.6pp

Spirit Aviation Hldgs Inc's net profit margin was 0.0% in fiscal year 2024, showing the share of revenue converted to profit. This is up 0.0 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

N/A

Share Buybacks

$650K

YoY-75.4%

5Y CAGR-34.6%

10Y CAGR-8.8%

Spirit Aviation Hldgs Inc spent $650K on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 75.4% from the prior year.

Capital Expenditures

N/A

FLYY Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$4.9B-8.4%	$5.4B+5.8%	$5.1B+56.9%	$3.2B+78.5%	$1.8B-52.7%	$3.8B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	-$1.1B-123.0%	-$495.8M+17.2%	-$598.9M-953.1%	-$56.9M+88.8%	-$507.8M-201.3%	$501.0M
Interest Expense	$219.1M+29.5%	$169.2M+20.9%	$139.9M-10.1%	$155.6M+15.7%	$134.5M+32.7%	$101.3M
Income Tax	-$60.2M+45.8%	-$111.1M+24.2%	-$146.6M-207.0%	-$47.8M+75.1%	-$191.5M-289.3%	$101.2M
Net Income	$1.2M+174.8%	$447K-17.8%	$544K+15.1%	$473K+10.2%	$429K-99.9%	$335.3M
EPS (Diluted)	$-0.01+99.7%	$-4.10+19.6%	$-5.10-13.3%	$-4.50+11.1%	$-5.06-203.5%	$4.89

Metric	Q3'25	Q2'25	Q3'25	Q3'24	Q3'24	Q2'24	Q1'24	Q4'23
Revenue	$958.5M-6.0%	$1.0B+35.0%	$755.4M-35.4%	$1.2B-2.3%	$1.2B-6.5%	$1.3B+1.2%	$1.3B-4.3%	$1.3B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	-$134.9M+26.7%	-$184.1M+35.9%	-$287.2M+36.0%	-$449.1M-51.5%	-$296.4M-94.4%	-$152.5M+26.4%	-$207.3M+3.5%	-$214.8M
Interest Expense	$46.3M-25.5%	$62.1M+30.2%	$47.7M-14.6%	$55.8M+3.2%	$54.1M-0.3%	$54.3M-0.9%	$54.8M+16.0%	$47.3M
Income Tax	$1.6M+140.5%	-$4.0M-122.4%	$17.9M+192.7%	-$19.3M+35.3%	-$29.8M-1002.6%	$3.3M+122.9%	-$14.4M+67.7%	-$44.6M
Net Income	-$317.5M-29.1%	-$245.8M-440.4%	$72.2M-88.8%	$645.0M+309.3%	-$308.2M-59.8%	-$192.9M-35.3%	-$142.6M-154.0%	$264.3M
EPS (Diluted)	$-7.87-8.7%	$-7.24-1197.0%	$0.66	$1.18+142.0%	$-2.81-59.7%	$-1.76-35.4%	$-1.30-136.3%	$3.58

FLYY Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$9.6B+1.9%	$9.4B+2.5%	$9.2B+7.5%	$8.5B+1.7%	$8.4B+19.2%	$7.0B
Current Assets	$2.1B+39.5%	$1.5B-24.2%	$2.0B+8.2%	$1.8B-21.8%	$2.4B+70.1%	$1.4B
Cash & Equivalents	$902.1M+4.3%	$865.2M-35.7%	$1.3B+1.0%	$1.3B-25.5%	$1.8B+82.8%	$979.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$9.7B+16.8%	$8.3B+8.8%	$7.6B+18.5%	$6.4B+4.5%	$6.1B+28.6%	$4.8B
Current Liabilities	$1.8B+5.8%	$1.7B+4.7%	$1.6B+25.2%	$1.3B-4.9%	$1.3B+20.7%	$1.1B
Long-Term Debt	$1.8B-42.4%	$3.1B-4.5%	$3.2B+7.6%	$3.0B-3.0%	$3.1B+56.5%	$2.0B
Total Equity	-$80.1M-107.1%	$1.1B-27.8%	$1.6B-25.7%	$2.1B-6.0%	$2.2B-0.5%	$2.3B
Retained Earnings	-$1.2B-2166.3%	$56.8M-88.7%	$504.2M-52.4%	$1.1B-30.6%	$1.5B-22.0%	$2.0B

Metric	Q3'25	Q2'25	Q3'25	Q3'24	Q3'24	Q2'24	Q1'24	Q4'23
Total Assets	$8.8B+2.6%	$8.6B-3.7%	$8.9B-7.1%	$9.6B+1.1%	$9.5B-0.7%	$9.6B+0.3%	$9.5B+1.2%	$9.4B
Current Assets	$1.1B-27.7%	$1.5B-16.8%	$1.8B-15.6%	$2.1B+73.3%	$1.2B-14.6%	$1.4B-4.2%	$1.5B-1.6%	$1.5B
Cash & Equivalents	$250.5M-38.5%	$407.5M-16.4%	$487.5M-46.0%	$902.1M+113.0%	$423.5M-41.6%	$724.8M-5.2%	$764.8M-11.6%	$865.2M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	$201.7M+767.6%	$23.2M-16.5%	$27.8M-15.1%	$32.8M+33.3%	$24.6M	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$8.6B+6.6%	$8.1B-1.1%	$8.2B-15.4%	$9.7B+7.6%	$9.0B+2.7%	$8.7B+2.6%	$8.5B+2.9%	$8.3B
Current Liabilities	$1.0B-30.5%	$1.5B-7.8%	$1.6B-10.9%	$1.8B-30.3%	$2.5B+68.1%	$1.5B-1.2%	$1.5B-8.5%	$1.7B
Long-Term Debt	$750.2M-66.5%	$2.2B+0.5%	$2.2B+26.7%	$1.8B-11.3%	$2.0B-36.4%	$3.1B-1.6%	$3.2B+3.9%	$3.1B
Total Equity	$164.5M-65.7%	$479.4M-33.7%	$723.4M+1002.8%	-$80.1M-115.9%	$503.7M-37.8%	$809.7M-19.2%	$1.0B-11.6%	$1.1B
Retained Earnings	-$574.2M-123.6%	-$256.8M-2247.9%	-$10.9M+99.1%	-$1.2B-99.8%	-$587.0M-110.6%	-$278.8M-224.6%	-$85.9M-251.3%	$56.8M

FLYY Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	-$758.1M-207.3%	-$246.7M-177.1%	-$89.0M-142.6%	$208.9M+192.7%	-$225.3M-140.9%	$551.3M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	$334.5M
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	$216.8M
Investing Cash Flow	$463.6M+1369.9%	-$36.5M+86.2%	-$265.4M+24.7%	-$352.4M+36.4%	-$554.0M-21.2%	-$456.9M
Financing Cash Flow	$380.3M+292.1%	-$198.0M-150.6%	$391.3M+235.6%	-$288.7M-117.4%	$1.7B+1482.6%	-$120.2M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$650K-75.4%	$2.6M+11.8%	$2.4M+55.7%	$1.5M-9.2%	$1.7M-69.3%	$5.4M

Metric	Q3'25	Q2'25	Q3'25	Q3'24	Q3'24	Q2'24	Q1'24	Q4'23
Operating Cash Flow	-$406.1M-62.7%	-$249.7M-11.6%	-$223.7M-80.7%	-$123.8M+66.0%	-$364.3M-173.9%	-$133.0M+2.9%	-$137.0M+25.1%	-$182.8M
Capital Expenditures	$18.8M+463.1%	$3.3M	N/A	$220.1M+646.2%	-$40.3M-144.0%	$91.6M+45.1%	$63.1M-68.4%	$200.0M
Free Cash Flow	$43.3M-13.6%	$50.2M	N/A	-$27.2M-18.7%	-$22.9M-151.8%	$44.3M-68.8%	$142.0M+187.7%	-$162.1M
Investing Cash Flow	$262.3M+117.8%	$120.4M+532.6%	$19.0M-66.9%	$57.6M-62.6%	$153.9M+0.4%	$153.3M+55.1%	$98.8M-33.7%	$149.0M
Financing Cash Flow	$230.8M+86.7%	$123.6M+141.1%	-$300.6M-155.4%	$543.0M+1413.7%	-$41.3M+43.6%	-$73.3M-52.4%	-$48.1M-159.6%	$80.6M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$0	$0	$0-100.0%	$1K-75.0%	$4K-55.6%	$9K-98.6%	$636K-31.5%	$929K

FLYY Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	-22.5%-13.3pp	-9.2%+2.6pp	-11.8%-10.1pp	-1.8%+26.3pp	-28.1%-41.1pp	13.1%
Net Margin	0.0%+0.0pp	0.0%0.0pp	0.0%0.0pp	0.0%-0.0pp	0.0%-8.7pp	8.8%
Return on Equity	N/A	0.0%+0.0pp	0.0%0.0pp	0.0%0.0pp	0.0%-14.8pp	14.8%
Return on Assets	0.0%+0.0pp	0.0%-0.0pp	0.0%0.0pp	0.0%0.0pp	0.0%-4.8pp	4.8%
Current Ratio	1.19+0.3	0.90-0.3	1.25-0.2	1.44-0.3	1.76+0.5	1.25
Debt-to-Equity	-21.98-24.7	2.69+0.7	2.04+0.6	1.41+0.0	1.36+0.5	0.87
FCF Margin	N/A	N/A	N/A	N/A	N/A	5.7%

Metric	Q3'25	Q2'25	Q3'25	Q3'24	Q3'24	Q2'24	Q1'24	Q4'23
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	-14.1%+4.0pp	-18.1%+20.0pp	-38.0%+0.4pp	-38.4%-13.6pp	-24.8%-12.8pp	-11.9%+4.5pp	-16.4%-0.1pp	-16.3%
Net Margin	-33.1%-9.0pp	-24.1%-33.7pp	9.6%-45.6pp	55.1%+80.9pp	-25.8%-10.7pp	-15.1%-3.8pp	-11.3%-31.3pp	20.0%
Return on Equity	7.1%-0.3pp	7.4%-2.6pp	10.0%+6.4pp	3.6%-0.2pp	3.8%-1.6pp	5.5%+2.6pp	2.8%-20.5pp	23.3%
Return on Assets	-3.6%-0.7pp	-2.9%-3.7pp	0.8%-5.9pp	6.7%+10.0pp	-3.3%-1.2pp	-2.0%-0.5pp	-1.5%-4.3pp	2.8%
Current Ratio	1.06+0.0	1.02-0.1	1.13-0.1	1.19+0.7	0.48-0.5	0.94-0.0	0.97+0.1	0.90
Debt-to-Equity	4.56-0.1	4.68+1.6	3.08+25.1	-21.98-25.9	3.94+0.1	3.86+0.7	3.17+0.5	2.69
FCF Margin	8.3%-1.7pp	10.0%	N/A	-2.8%-0.5pp	-2.3%-6.7pp	4.4%-12.2pp	16.6%+40.9pp	-24.3%

Note: Shareholder equity is negative (-$80.1M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.

Similar Companies

Mesa Air Group MESA

$58.6M

Surf Air Mobility Inc. SRFM

$123.3M

SASDY

$363.3M

Jetblue Awys Corp JBLU

$1.9B

Frequently Asked Questions

What is Spirit Aviation Hldgs Inc's annual revenue?

Spirit Aviation Hldgs Inc (FLYY) reported $4.9B in total revenue for fiscal year 2024. This represents a -8.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Spirit Aviation Hldgs Inc's revenue growing?

Spirit Aviation Hldgs Inc (FLYY) revenue declined by 8.4% year-over-year, from $5.4B to $4.9B in fiscal year 2024.

Is Spirit Aviation Hldgs Inc profitable?

Yes, Spirit Aviation Hldgs Inc (FLYY) reported a net income of $1.2M in fiscal year 2024, with a net profit margin of 0.0%.

What is Spirit Aviation Hldgs Inc's earnings per share (EPS)?

Spirit Aviation Hldgs Inc (FLYY) reported diluted earnings per share of $-0.01 for fiscal year 2024. This represents a 99.7% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Spirit Aviation Hldgs Inc's EBITDA?

Spirit Aviation Hldgs Inc (FLYY) had EBITDA of -$780.1M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Spirit Aviation Hldgs Inc have?

As of fiscal year 2024, Spirit Aviation Hldgs Inc (FLYY) had $902.1M in cash and equivalents against $1.8B in long-term debt.

What is Spirit Aviation Hldgs Inc's operating margin?

Spirit Aviation Hldgs Inc (FLYY) had an operating margin of -22.5% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Spirit Aviation Hldgs Inc's net profit margin?

Spirit Aviation Hldgs Inc (FLYY) had a net profit margin of 0.0% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Spirit Aviation Hldgs Inc's operating cash flow?

Spirit Aviation Hldgs Inc (FLYY) generated -$758.1M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Spirit Aviation Hldgs Inc's total assets?

Spirit Aviation Hldgs Inc (FLYY) had $9.6B in total assets as of fiscal year 2024, including both current and long-term assets.

Does Spirit Aviation Hldgs Inc buy back shares?

Yes, Spirit Aviation Hldgs Inc (FLYY) spent $650K on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.

How many shares does Spirit Aviation Hldgs Inc have outstanding?

Spirit Aviation Hldgs Inc (FLYY) had 110M shares outstanding as of fiscal year 2024.

What is Spirit Aviation Hldgs Inc's current ratio?

Spirit Aviation Hldgs Inc (FLYY) had a current ratio of 1.19 as of fiscal year 2024, which is considered adequate.

What is Spirit Aviation Hldgs Inc's debt-to-equity ratio?

Spirit Aviation Hldgs Inc (FLYY) had a debt-to-equity ratio of -21.98 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Spirit Aviation Hldgs Inc's return on assets (ROA)?

Spirit Aviation Hldgs Inc (FLYY) had a return on assets of 0.0% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Spirit Aviation Hldgs Inc's cash runway?

Based on fiscal year 2024 data, Spirit Aviation Hldgs Inc (FLYY) had $902.1M in cash against an annual operating cash burn of $758.1M. This gives an estimated cash runway of approximately 14 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

Why is Spirit Aviation Hldgs Inc's debt-to-equity ratio negative or unusual?

Spirit Aviation Hldgs Inc (FLYY) has negative shareholder equity of -$80.1M as of fiscal year 2024, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.

What is Spirit Aviation Hldgs Inc's Piotroski F-Score?

Spirit Aviation Hldgs Inc (FLYY) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Spirit Aviation Hldgs Inc's earnings high quality?

Spirit Aviation Hldgs Inc (FLYY) has an earnings quality ratio of -616.58x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Spirit Aviation Hldgs Inc cover its interest payments?

Spirit Aviation Hldgs Inc (FLYY) has an interest coverage ratio of -5.0x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.