Spirit Aviation Hldgs Inc Financials
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).
Spirit Aviation’s operating losses are now erasing the equity cushion faster than debt reduction can repair it.
In the latest year, long-term debt fell by about$1.3B , yet equity still moved below zero after a-$1.2B net loss. With-$758M of operating cash flow, the balance-sheet erosion came chiefly from the business consuming cash faster than financing changes could offset.
Revenue slipped to
Cash ended at
Financial Health Signals
Based on FY2024 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Spirit Aviation Hldgs Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Spirit Aviation Hldgs Inc has an operating margin of -22.5%, meaning the company retains $-23 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -9.2% the prior year.
Spirit Aviation Hldgs Inc's revenue declined 8.4% year-over-year, from $5.4B to $4.9B. This contraction results in a growth score of 31/100.
Spirit Aviation Hldgs Inc has a moderate D/E ratio of -21.98. This balance of debt and equity financing earns a leverage score of 47/100.
Spirit Aviation Hldgs Inc's current ratio of 1.19 is below the typical benchmark, resulting in a score of 19/100. However, the company holds substantial cash reserves (51% of current liabilities), which buffers actual liquidity risk. Large mature operators often run tight current ratios by design.
Spirit Aviation Hldgs Inc passes 3 of 9 financial strength tests. 1 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Spirit Aviation Hldgs Inc generates $0.62 in operating cash flow (-$758.1M OCF vs -$1.2B net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
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
Earnings & Revenue
Spirit Aviation Hldgs Inc generated $4.9B in revenue in fiscal year 2024. This represents a decrease of 8.4% from the prior year.
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.
Spirit Aviation Hldgs Inc reported -$1.2B in net income in fiscal year 2024. This represents a decrease of 174.8% from the prior year.
Spirit Aviation Hldgs Inc earned $-11.23 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 173.9% from the prior year.
Cash & Balance Sheet
Spirit Aviation Hldgs Inc held $902.1M in cash against $1.8B in long-term debt as of fiscal year 2024.
Spirit Aviation Hldgs Inc had 110M shares outstanding in fiscal year 2024. This represents an increase of 0.0% from the prior year.
Margins & Returns
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.
Spirit Aviation Hldgs Inc's net profit margin was -25.0% in fiscal year 2024, showing the share of revenue converted to profit. This is down 16.7 percentage points from the prior year.
Capital Allocation
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.
FLYY Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | N/A | $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 |
| 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 | $367.4M0.0% | $367.4M+19.0% | $308.6M-25.1% | $412.1M-3.5% | $427.1M+2.1% | $418.4M-3.0% | $431.5M |
| Operating Income | N/A | -$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 |
| Interest Expense | N/A | $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 |
| Income Tax | N/A | $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 |
| Net Income | N/A | -$317.5M-29.1% | -$245.8M-440.4% | $72.2M+112.3% | -$585.7M-90.0% | -$308.2M-59.8% | -$192.9M-35.3% | -$142.6M |
| EPS (Diluted) | N/A | $-7.87-8.7% | $-7.24-1197.0% | $0.66 | N/A | $-2.81-59.7% | $-1.76-35.4% | $-1.30 |
FLYY Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $6.0B-31.9% | $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 |
| Current Assets | $1.2B+16.4% | $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 |
| Cash & Equivalents | $273.0M+9.0% | $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 |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | $201.7M | N/A | N/A | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $8.1B-6.3% | $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 |
| Current Liabilities | $1.3B+27.1% | $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 |
| Long-Term Debt | $718.9M-4.2% | $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 |
| Total Equity | -$2.1B-1371.6% | $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 |
| Retained Earnings | -$2.8B-393.3% | -$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 |
FLYY Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$50.8M+87.5% | -$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 |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Investing Cash Flow | $1.9M-99.3% | $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 |
| Financing Cash Flow | $266.6M+15.5% | $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 |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $0 | $0 | $0 | $0-100.0% | $1K-75.0% | $4K-55.6% | $9K-98.6% | $636K |
FLYY Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | -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% |
| Net Margin | N/A | -33.1%-9.0pp | -24.1%-33.7pp | 9.6%+59.6pp | -50.1%-24.3pp | -25.8%-10.7pp | -15.1%-3.8pp | -11.3% |
| Return on Equity | N/A | -193.0%-141.7pp | -51.3%-61.3pp | 10.0% | N/A | -61.2%-37.4pp | -23.8%-9.6pp | -14.2% |
| Return on Assets | N/A | -3.6%-0.7pp | -2.9%-3.7pp | 0.8%+6.9pp | -6.1%-2.8pp | -3.3%-1.2pp | -2.0%-0.5pp | -1.5% |
| Current Ratio | 0.97-0.1 | 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 |
| Debt-to-Equity | -0.34-4.9 | 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 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
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.
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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?
No, Spirit Aviation Hldgs Inc (FLYY) reported a net income of -$1.2B in fiscal year 2024, with a net profit margin of -25.0%.
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 -25.0% 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.
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 -12.8% 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 3 out of 9, indicating weak 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 to 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 0.62x, 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.
How financially healthy is Spirit Aviation Hldgs Inc?
Spirit Aviation Hldgs Inc (FLYY) scores 16 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.