Spirit Aviation Hldgs Inc Financials

FLYYQ

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Spirit Aviation Hldgs Inc (FLYYQ) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 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).

Rhea AI FLYYQ FY2024 2026-04-22

Near-term liquidity was preserved even as core operations burned cash, pushing the balance sheet into negative equity.

In the latest year, the current ratio moved back above 1.0x after dipping below that threshold earlier, even though operating cash flow fell to -$758M. Because equity also turned negative, that combination suggests the company improved its ability to meet near-term bills through financing and investing inflows, while the underlying business was still pulling cash out of the system.

The latest year shows negative operating leverage: revenue was $4.9B while operating margin sank to -22.5%. Selling and administrative costs stayed heavy enough that a sales decline did not just trim profit; it magnified the operating loss, which is what a rigid cost base looks like in practice.

The balance-sheet strain is now about equity erosion more than headline borrowing: long-term debt fell to $1.76B, yet net worth still ended around -$80M. In other words, debt reduction helped, but recurring losses consumed the capital cushion faster than liabilities were brought down during the period.

Financial Health Signals

Financial Profile 12/100

Based on FY2025 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.

Leverage

Spirit Aviation Hldgs Inc has a moderate D/E ratio of -0.34. This balance of debt and equity financing earns a leverage score of 47/100.

Liquidity

Spirit Aviation Hldgs Inc's current ratio of 0.97 is below the typical benchmark, resulting in a score of 14/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Piotroski F-Score Weak

2/9

Spirit Aviation Hldgs Inc passes 2 of 9 financial strength tests. No profitability signals pass, 2 of 3 leverage/liquidity signals pass.

Key Financial Metrics

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Earnings & Revenue

Revenue

N/A

EBITDA

N/A

Net Income

-$2.8M

YoY-124.5%

Spirit Aviation Hldgs Inc reported -$2.8M in net income in fiscal year 2025. This represents a decrease of 124.5% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$273.0M

YoY-69.7%

5Y CAGR-31.3%

10Y CAGR-10.2%

Spirit Aviation Hldgs Inc held $273.0M in cash against $718.9M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

28M

Spirit Aviation Hldgs Inc had 28M shares outstanding in fiscal year 2025. This represents a decrease of 74.1% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

N/A

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

FLYYQ Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	N/A	$4.9B-8.4%	$5.4B+5.8%	$5.1B+56.9%	$3.2B+78.5%	$1.8B
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	$1.7B+4.5%	$1.6B+29.2%	$1.3B+17.4%	$1.1B+17.1%	$909.8M
Operating Income	N/A	-$1.1B-123.0%	-$495.8M+17.2%	-$598.9M-953.1%	-$56.9M+88.8%	-$507.8M
Interest Expense	N/A	$219.1M+29.5%	$169.2M+20.9%	$139.9M-10.1%	$155.6M+15.7%	$134.5M
Income Tax	N/A	-$60.2M+45.8%	-$111.1M+24.2%	-$146.6M-207.0%	-$47.8M+75.1%	-$191.5M
Net Income	-$2.8M-124.5%	-$1.2M-174.8%	-$447K+17.8%	-$544K-15.1%	-$473K-210.2%	$429K
EPS (Diluted)	N/A	$-0.01+99.7%	$-4.10+19.6%	$-5.10-13.3%	$-4.50+11.1%	$-5.06

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-88.8%	$642.6M+308.5%	-$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

FLYYQ Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$6.0B-37.5%	$9.6B+1.9%	$9.4B+2.5%	$9.2B+7.5%	$8.5B+1.7%	$8.4B
Current Assets	$1.2B-40.9%	$2.1B+39.5%	$1.5B-24.2%	$2.0B+8.2%	$1.8B-21.8%	$2.4B
Cash & Equivalents	$273.0M-69.7%	$902.1M+4.3%	$865.2M-35.7%	$1.3B+1.0%	$1.3B-25.5%	$1.8B
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	$8.1B-16.4%	$9.7B+16.8%	$8.3B+8.8%	$7.6B+18.5%	$6.4B+4.5%	$6.1B
Current Liabilities	$1.3B-27.4%	$1.8B+5.8%	$1.7B+4.7%	$1.6B+25.2%	$1.3B-4.9%	$1.3B
Long-Term Debt	$718.9M-59.2%	$1.8B-42.4%	$3.1B-4.5%	$3.2B+7.6%	$3.0B-3.0%	$3.1B
Total Equity	-$2.1B-2510.2%	-$80.1M-107.1%	$1.1B-27.8%	$1.6B-25.7%	$2.1B-6.0%	$2.2B
Retained Earnings	-$2.8B-141.5%	-$1.2B-2166.3%	$56.8M-88.7%	$504.2M-52.4%	$1.1B-30.6%	$1.5B

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

FLYYQ Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	N/A	-$758.1M-207.3%	-$246.7M-177.1%	-$89.0M-142.6%	$208.9M+192.7%	-$225.3M
Capital Expenditures	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
Investing Cash Flow	N/A	$463.6M+1369.9%	-$36.5M+86.2%	-$265.4M+24.7%	-$352.4M+36.4%	-$554.0M
Financing Cash Flow	N/A	$380.3M+292.1%	-$198.0M-150.6%	$391.3M+235.6%	-$288.7M-117.4%	$1.7B
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	$650K-75.4%	$2.6M+11.8%	$2.4M+55.7%	$1.5M-9.2%	$1.7M

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

FLYYQ Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	-22.5%-13.3pp	-9.2%+2.6pp	-11.8%-10.1pp	-1.8%+26.3pp	-28.1%
Net Margin	N/A	-0.0%-0.0pp	-0.0%0.0pp	-0.0%0.0pp	-0.0%-0.0pp	0.0%
Return on Equity	N/A	N/A	-0.0%-0.0pp	-0.0%0.0pp	-0.0%-0.0pp	0.0%
Return on Assets	-0.1%-0.0pp	-0.0%-0.0pp	0.0%+0.0pp	-0.0%0.0pp	-0.0%-0.0pp	0.0%
Current Ratio	0.97-0.2	1.19+0.3	0.90-0.3	1.25-0.2	1.44-0.3	1.76
Debt-to-Equity	-0.34+21.6	-21.98-24.7	2.69+0.7	2.04+0.6	1.41+0.0	1.36
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

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%-45.4pp	54.9%+80.7pp	-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%-5.9pp	6.7%+10.0pp	-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 (-$2.1B), 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.

Note: The current ratio is below 1.0 (0.97), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

Frequently Asked Questions

Is Spirit Aviation Hldgs Inc profitable?

No, Spirit Aviation Hldgs Inc (FLYYQ) reported a net income of -$2.8M in fiscal year 2025.

How much debt does Spirit Aviation Hldgs Inc have?

As of fiscal year 2025, Spirit Aviation Hldgs Inc (FLYYQ) had $273.0M in cash and equivalents against $718.9M in long-term debt.

What are Spirit Aviation Hldgs Inc's total assets?

Spirit Aviation Hldgs Inc (FLYYQ) had $6.0B in total assets as of fiscal year 2025, including both current and long-term assets.

How many shares does Spirit Aviation Hldgs Inc have outstanding?

Spirit Aviation Hldgs Inc (FLYYQ) had 28M shares outstanding as of fiscal year 2025.

What is Spirit Aviation Hldgs Inc's current ratio?

Spirit Aviation Hldgs Inc (FLYYQ) had a current ratio of 0.97 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

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

Spirit Aviation Hldgs Inc (FLYYQ) had a debt-to-equity ratio of -0.34 as of fiscal year 2025, 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 (FLYYQ) had a return on assets of -0.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

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

Spirit Aviation Hldgs Inc (FLYYQ) has negative shareholder equity of -$2.1B as of fiscal year 2025, 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 (FLYYQ) has a Piotroski F-Score of 2 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.

How financially healthy is Spirit Aviation Hldgs Inc?

Spirit Aviation Hldgs Inc (FLYYQ) scores 12 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.