Washington, DC, August 8 - Spirit AeroSystems, a major aerospace supplier based in Wichita, Kansas, reported a significant financial setback in its second quarter of 2025, posting a net loss of $631 million. This widened loss, compared to previous quarters, underscores the ongoing challenges the company faces as it navigates operational hurdles and a pending acquisition by Boeing. The $631 million deficit, equivalent to a $5.36 per-share loss, was driven by a combination of factors, including $219 million in forward losses tied to unprofitable programs and a $44 million charge for excess manufacturing capacity. Despite these setbacks, the company saw a 10% year-over-year revenue increase to $1.6 billion, fueled by higher production activity on Boeing’s 737 and 787 programs. Spirit delivered 430 aircraft shipsets during the quarter, including 152 for the Boeing 737, reflecting improved delivery rates compared to the prior year.
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The financial strain at Spirit AeroSystems is compounded by delays in its anticipated acquisition by Boeing, now expected to close in the fourth quarter of 2025. The $8.3 billion deal, which includes $4.7 billion in equity and Spirit’s net debt, was initially announced in June 2024 as a strategic move to reintegrate Spirit’s operations into Boeing’s fold. The acquisition aims to address quality and safety issues that have plagued both companies, particularly following incidents like the January 2024 Alaska Airlines Boeing 737 MAX 9 door plug blowout, which spotlighted Spirit’s role in manufacturing fuselages. However, the timeline for the deal has shifted due to a second request for information from the U.S. Federal Trade Commission, signaling heightened antitrust scrutiny. This regulatory hurdle requires Spirit and Boeing to provide additional details under the Hart-Scott-Rodino Antitrust Improvements Act, delaying the merger’s completion.
To mitigate its liquidity challenges, Spirit has secured financial support from its two largest customers, Boeing and Airbus. Airbus provided a $94 million support package in July 2025, bringing its total aid to $152 million, while Boeing has extended significant advances, including $425 million earlier in 2024 and up to $350 million more recently. These funds are critical as Spirit’s cash reserves dwindled to $206 million by mid-2024, raising concerns about its ability to continue operations without further support. The company has also implemented cost-saving measures, such as furloughs and restrictions on hiring, travel, and overtime, in response to disruptions like a 53-day Boeing workers’ strike in 2024, which impacted production schedules.
Spirit’s $51 billion backlog, encompassing work for both Boeing and Airbus, signals strong demand, but ongoing losses tied to programs like the Airbus A220 ($100 million in forward losses), A350 ($58 million), and Boeing 787 ($38 million) highlight persistent cost pressures. These losses stem from production inefficiencies, supply chain cost increases, and foreign exchange rate fluctuations. Additionally, Spirit faces challenges from lower-than-expected Boeing 737 production rates and the absence of price increases on Airbus programs, further straining its financial outlook. As Spirit AeroSystems awaits the completion of its acquisition by Boeing, it continues to focus on stabilizing operations and improving quality. The company’s leadership is banking on the merger to align its production systems with Boeing’s, enhancing safety and efficiency. However, with regulatory approvals pending and divestitures of Airbus-related operations still in negotiation, Spirit must navigate a complex path to restore financial stability and ensure its long-term viability in the aerospace supply chain.