Liquidity remains under severe pressure, evidenced by a -26.2% free cash flow margin in 2025Q2 and a total cash reserve decline to $407.5 million from $1.3 billion in 2022Q4.
| Metric | TTM | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|
| Cash from Operations | -870.77M | -758.09M | -246.66M | -89.02M | 208.89M | -225.27M | 551.32M | 506.46M | 425.24M | 471.76M | 472.99M | 261.83M | 195.38M | 113.63M | 171.2M | 27.03M | 69.07M | -51.91M |
| Operating CF Margin % | - | -15.43% | -4.6% | -1.76% | 6.47% | -12.45% | 14.39% | 15.24% | 16.09% | 20.33% | 22.09% | 13.56% | 11.81% | 8.62% | 15.98% | 3.46% | 9.87% | -6.59% |
| Operating CF Growth % | -1364.21% | -207.34% | -177.08% | -142.62% | 192.73% | -140.86% | 8.86% | 19.1% | -9.86% | -0.26% | 80.65% | 34.01% | 71.94% | -33.63% | 533.29% | -60.86% | 233.04% | - |
| Net Income | -1.33B | -1.23B | -447.46M | -554.15M | -472.57M | -428.7M | 335.25M | 155.75M | 415.52M | 263.48M | 317.22M | 225.46M | 176.92M | 108.46M | 76.45M | 72.48M | 83.69M | 33.26M |
| Depreciation & Amortization | 318.41M | 325.27M | 320.87M | 313.09M | 297.21M | 278.59M | 225.26M | 176.73M | 140.15M | 101.14M | 73.91M | 46.97M | 31.95M | 15.26M | 7.76M | 5.62M | 4.92M | 4.24M |
| Stock-Based Compensation | 5.97M | 7.21M | 11.96M | 11.48M | 12.54M | 11.57M | 8.15M | 11.02M | 8.52M | 7.11M | 9.22M | 8.8M | 5.69M | 4.33M | 530K | 569K | 113K | 6K |
| Deferred Taxes | -47.86M | -58.22M | -119.24M | -148.61M | -49.5M | -46.09M | 115.69M | 46.3M | -492K | 85.34M | 155.61M | 34.12M | 12.05M | 29.25M | 44.18M | -52.81M | 0 | 0 |
| Other Non-Cash Items | 390.75M | 384.35M | 61.49M | 409.32M | 350M | 23.27M | 25.5M | 108.69M | 25.4M | 47.75M | 5.12M | 2.78M | 161K | -10.16M | 21.27M | 38.83M | 16.51M | 11.03M |
| Working Capital Changes | -194.42M | -187.21M | -74.28M | -120.16M | 71.21M | -63.93M | -158.54M | 7.98M | -163.87M | -33.05M | -88.09M | -56.3M | -31.39M | -33.51M | 21.01M | -37.65M | -36.18M | -100.45M |
| Change in Receivables | 16.8M | 26.7M | 27.91M | -66.71M | 23.77M | -95.96M | -47.16M | 71.52M | -77.98M | -12.95M | -5.59M | 606K | -461K | -7.39M | -5.73M | -1.01M | -2.45M | 6.44M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 22.16M | -40.12M | -34.05M | 9.03M | 13.06M | -17.05M | 569K | 15.32M | 6.03M | -6.82M | 2.71M | -10.03M | -1.67M | 8.45M | 2.46M | -2.01M | -6.57M | -5.71M |
| Cash from Investing | 485.23M | 463.6M | -36.51M | -265.44M | -352.44M | -554M | -456.93M | -783.71M | -792M | -824.36M | -701.28M | -303.69M | -90.1M | -27.32M | -67.22M | -30.47M | 2.33M | 9.73M |
| Capital Expenditures | -69.99M | -117.43M | -341.81M | -426.49M | -333.12M | -536.6M | -436.64M | -784.39M | -628.88M | -713.16M | -691.12M | -302.37M | -90.1M | -36.4M | -67.37M | -30.8M | -14.78M | -13.95M |
| CapEx % of Revenue | 1.5% | 2.39% | 6.37% | 8.41% | 10.31% | 29.65% | 11.4% | 23.6% | 23.79% | 30.74% | 32.27% | 15.65% | 5.45% | 2.76% | 6.29% | 3.94% | 2.11% | 1.77% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 436.1M | 582.42M | 307.36M | 162.24M | -18.46M | -16.18M | -18.71M | 2.17M | -161.78M | -10.78M | -10.16M | -1.32M | 0 | 9.07M | 150K | 333K | 17.11M | 23.68M |
| Cash from Financing | 551.99M | 380.32M | -197.96M | 391.3M | -288.66M | 1.66B | -120.17M | 481.13M | 466.71M | 249.86M | 399.14M | 144.01M | 8.54M | -12.82M | 156.63M | 0 | -1.48M | 3.81M |
| Debt Issued (Net) | 714.99M | 537.74M | 119.98M | 397.13M | -343.12M | 1.33B | -117.44M | 489.1M | 526.99M | 352.85M | 517.72M | 153.97M | 6.9M | 12.54M | -13.74M | 0 | -239K | 4.11M |
| Equity Issued (Net) | -14K | -650K | -1000K | -1000K | 1000K | 1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | 1000K | 0 | -43K | -1K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -14K | -650K | -2.64M | -2.36M | -1.51M | -1.67M | -5.44M | -1.16M | -46.58M | -102.51M | -112.26M | -1.63M | -1.14M | -1.02M | -886K | 0 | -43K | -1K |
| Other Financing | -162.98M | -156.77M | -315.3M | -3.47M | -319.68M | -36.36M | 2.71M | -6.81M | -13.7M | -485K | -6.31M | -8.32M | 2.78M | -24.34M | 431K | 0 | -1.2M | -300K |
| Net Change in Cash | 166.45M | 85.84M | -481.13M | 36.84M | -432.22M | 882.17M | -25.78M | 203.88M | 99.95M | -102.73M | 170.85M | 102.15M | 113.81M | 73.49M | 260.61M | -3.43M | 69.92M | -38.37M |
| Free Cash Flow | -949.77M | -889.99M | -610.33M | -533.68M | -141.49M | -774.1M | 103.91M | -286.66M | -215.95M | -252.22M | -228.3M | -41.86M | 105.28M | 77.23M | 103.83M | -3.77M | 54.29M | -65.87M |
| FCF Margin % | -20.35% | -18.11% | -11.38% | -10.53% | -4.38% | -42.77% | 2.71% | -8.63% | -8.17% | -10.87% | -10.66% | -2.17% | 6.36% | 5.86% | 9.69% | -0.48% | 7.76% | -8.37% |
| FCF Growth % | -9.51% | -45.82% | -14.36% | -277.19% | 81.72% | -844.99% | 136.25% | -32.75% | 14.38% | -10.48% | -445.4% | -139.76% | 36.31% | -25.62% | 2857.06% | -106.94% | 182.42% | - |
| FCF per Share | -27.96 | -8.13 | -5.57 | -4.87 | -1.29 | -7.07 | - | - | - | - | - | - | - | - | - | - | - | - |
| FCF Conversion (FCF/Net Income) | 0.71x | 0.62x | 0.55x | 0.16x | -0.44x | 0.53x | 1.64x | 3.25x | 1.02x | 1.79x | 1.49x | 1.16x | 1.10x | 1.05x | 2.24x | 0.37x | 0.83x | -1.56x |
| Interest Paid | 158.14M | 176.19M | 138.38M | 107.44M | 135.5M | 80.84M | 80.25M | 65.12M | 37.9M | 39.96M | 7.06M | 0 | 0 | 0 | 10.56M | 4.3M | 12.18M | 0 |
| Taxes Paid | 4.95M | 3.55M | 0 | 82K | 112.46M | 17.79M | 5.84M | 0 | 5.83M | 0 | 95.93M | 89.1M | 85.7M | 40.2M | 1.48M | 562K | 1.97M | 0 |
Liquidity and operational insolvency
As reported in recent financial filings, FLYY's operating cash flow consistently tracks net losses, with the 2025Q2 OCF/NI ratio of 1.02 indicating that the company is unable to generate positive cash flow from operations to offset its significant bottom-line deficits, signaling a severe quality of earnings challenge.
The tight correlation between net losses and operating cash outflows suggests that the company's core business model is currently incapable of self-funding. Investors should monitor this lack of divergence, as it implies that the operational burn is not merely an accounting artifact but a reflection of fundamental cash leakage.
Based on the company's quarterly data, FCF margins have remained deeply negative, reaching -26.2% in 2025Q2, which underscores a persistent inability to achieve positive cash generation even after accounting for reduced capital expenditure levels compared to the prior year's peak investment cycles.
The consistent negative FCF trajectory suggests that the company is consuming liquidity at an unsustainable rate to maintain its current flight operations. This trend warrants further investigation into how long the current cash reserves can support such a high rate of cash burn without external financing.
According to the provided cash flow statements, working capital changes have been a consistent drag on liquidity, with a $76.6 million outflow in 2025Q2, highlighting the difficulty in managing payables and receivables effectively during periods of significant operational contraction and fleet-related disruptions.
The recurring negative working capital adjustments suggest that the company is struggling to optimize its cash conversion cycle, likely exacerbated by the need to manage vendor relationships amidst financial distress. This volatility adds an additional layer of risk to the company's already fragile liquidity position.
As indicated by the financial data, FLYY has significantly curtailed its capital intensity, with CapEx/Revenue falling to 1.7% in 2025Q2 from a high of 8.1% in 2023Q2, suggesting a defensive posture aimed at preserving cash rather than funding necessary fleet growth or maintenance.
While the reduction in capital spending may appear to be a prudent liquidity measure, it may also indicate an inability to invest in the fleet, potentially leading to long-term operational degradation. Analysts should monitor whether this low level of investment is sufficient to maintain the fleet's reliability.
Based on the analysis of cash flow components, the reliance on non-cash adjustments and potential supplier credits appears to mask the true severity of the operational burn, as evidenced by the persistent gap between reported net income and the actual cash consumed by the business.
The presence of engine-related compensation and other one-time items may be temporarily smoothing the cash flow statement, potentially hiding the underlying deterioration of the core business. Investors should be cautious of relying on headline figures that may not reflect the true cash-generating capacity of the airline.
Quick answers to the most common questions about buying FLYY stock.
Spirit Aviation Holdings, Inc. (FLYY) generated $-758.1M in net cash from operating activities in 2024. This reflects the cash generated directly from core business operations.
Spirit Aviation Holdings, Inc. (FLYY) reported negative free cash flow of $890.0M in 2024, indicating capital requirements exceeded cash from operations.
Spirit Aviation Holdings, Inc. (FLYY) spent $117.4M on capital expenditures in 2024. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2024, Spirit Aviation Holdings, Inc. (FLYY) spent $0.7M on share repurchases. This shows the company's commitment to returning capital to its equity investors.