Revenue performance has contracted by 20.4% year-over-year as of 2025Q2, while gross margins have collapsed to a precarious 3.7% from 20.8% in 2023Q2.
| 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 |
|---|
| Sales/Revenue | 4.67B | 4.91B | 5.36B | 5.07B | 3.23B | 1.81B | 3.83B | 3.32B | 2.64B | 2.32B | 2.14B | 1.93B | 1.65B | 1.32B | 1.07B | 781.26M | 700.04M | 787.26M |
| Revenue Growth % | -11.57% | -8.38% | 5.8% | 56.88% | 78.49% | -52.75% | 15.27% | 25.7% | 13.95% | 8.34% | 10.87% | 16.76% | 25.49% | 23.08% | 37.11% | 11.6% | -11.08% | - |
| Cost of Goods Sold | 4.49B | 4.7B | 4.77B | 4.31B | 3B | 2.18B | 2.67B | 2.36B | 1.78B | 1.47B | 1.34B | 1.35B | 1.16B | 967.34M | 780.84M | 586.77M | 340.68M | 472.27M |
| COGS % of Revenue | - | 95.74% | 88.98% | 85.07% | 92.82% | 120.33% | 69.6% | 70.93% | 67.36% | 63.5% | 62.38% | 69.8% | 70.08% | 73.37% | 72.9% | 75.1% | 48.67% | 59.99% |
| Gross Profit | 177.89M | 209.21M | 590.87M | 756.65M | 232.06M | -368.01M | 1.16B | 965.95M | 862.91M | 846.92M | 805.54M | 583.39M | 495.06M | 351.05M | 290.34M | 194.5M | 359.36M | 314.99M |
| Gross Margin % | 3.81% | 4.26% | 11.02% | 14.93% | 7.18% | -20.33% | 30.4% | 29.07% | 32.64% | 36.5% | 37.62% | 30.2% | 29.92% | 26.63% | 27.1% | 24.9% | 51.33% | 40.01% |
| Gross Profit Growth % | - | -64.59% | -21.91% | 226.06% | 163.06% | -131.61% | 20.54% | 11.94% | 1.89% | 5.14% | 38.08% | 17.84% | 41.02% | 20.91% | 49.28% | -45.88% | 14.09% | - |
| Operating Expenses | 1.26B | 1.31B | 1.09B | 1.36B | 288.93M | 139.75M | 663.27M | 615.04M | 478.09M | 405.46M | 296.42M | 228.13M | 212.77M | 177.06M | 145.96M | 125.63M | 247.95M | 296.7M |
| OpEx % of Revenue | - | 26.76% | 20.26% | 26.75% | 8.94% | 7.72% | 17.32% | 18.51% | 18.09% | 17.48% | 13.84% | 11.81% | 12.86% | 13.43% | 13.63% | 16.08% | 35.42% | 37.69% |
| Selling, General & Admin | 199.16M | 197.2M | 190.89M | 177.56M | 132.5M | 85.06M | 153.77M | 137M | 113.47M | 96.89M | 86.58M | 74.82M | 67.48M | 56.67M | 51.35M | 41.18M | 169.49M | 184.83M |
| SG&A % of Revenue | - | 4.01% | 3.56% | 3.5% | 4.1% | 4.7% | 4.01% | 4.12% | 4.29% | 4.18% | 4.04% | 3.87% | 4.08% | 4.3% | 4.79% | 5.27% | 24.21% | 23.48% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 1.12B | 895.74M | 1.18B | 156.43M | 54.69M | 509.5M | 478.04M | 364.62M | 308.57M | 209.85M | 153.31M | 145.28M | 120.39M | 94.61M | 84.45M | 78.46M | 111.87M |
| Operating Income | -1.08B | -1.11B | -495.76M | -598.92M | -56.87M | -507.76M | 501.05M | 350.91M | 384.82M | 441.46M | 509.12M | 355.26M | 282.29M | 173.99M | 144.38M | 68.87M | 111.41M | 18.29M |
| Operating Margin % | -23.18% | -22.5% | -9.24% | -11.82% | -1.76% | -28.05% | 13.08% | 10.56% | 14.56% | 19.03% | 23.77% | 18.39% | 17.06% | 13.2% | 13.48% | 8.82% | 15.91% | 2.32% |
| Operating Income Growth % | - | -122.97% | 17.22% | -953.06% | 88.8% | -201.34% | 42.78% | -8.81% | -12.83% | -13.29% | 43.31% | 25.85% | 62.25% | 20.51% | 109.64% | -38.18% | 509.09% | - |
| EBITDA | -763.75M | -780.11M | -174.88M | -285.83M | 240.34M | -229.17M | 726.31M | 527.64M | 524.98M | 542.59M | 583.03M | 402.23M | 314.24M | 189.25M | 152.14M | 74.49M | 116.33M | 22.53M |
| EBITDA Margin % | -16.36% | -15.88% | -3.26% | -5.64% | 7.44% | -12.66% | 18.96% | 15.88% | 19.86% | 23.39% | 27.23% | 20.82% | 18.99% | 14.35% | 14.2% | 9.53% | 16.62% | 2.86% |
| EBITDA Growth % | -186.62% | -346.07% | 38.81% | -218.93% | 204.87% | -131.55% | 37.65% | 0.51% | -3.25% | -6.94% | 44.95% | 28% | 66.05% | 24.39% | 104.24% | -35.97% | 416.42% | - |
| D&A (Non-Cash Add-back) | 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 |
| EBIT | -1.19B | -1.1B | -436.09M | -599.95M | -399.23M | -501.66M | 525.3M | 278.91M | 393.19M | 446.21M | 511.23M | 352.99M | 282.41M | 174.58M | 144.72M | 69.01M | 131.17M | 73.73M |
| Net Interest Income | -175.87M | -152.68M | -74.18M | -97M | -131.24M | -112.21M | -63.75M | -54.83M | -34.77M | -23.67M | -6.7M | 336K | 401K | 925K | -21.32M | -48.49M | -45.6M | -38.1M |
| Interest Income | 41.88M | 48.32M | 65.42M | 20.15M | 5.37M | 6.31M | 25.13M | 19.11M | 8.74M | 5.28M | 2.13M | 336K | 401K | 925K | 575K | 328K | 345K | 1.98M |
| Interest Expense | 194.18M | 186.57M | 122.5M | 100.79M | 121.09M | 118.53M | 88.88M | 73.94M | 43.51M | 28.95M | 8.83M | 0 | 0 | 0 | 21.89M | 48.82M | 45.94M | 40.08M |
| Other Income/Expense | -300.3M | -184.32M | -62.84M | -101.82M | -463.45M | -112.42M | -64.62M | -145.94M | -35.14M | -24.2M | -6.72M | -2.27M | 118K | 594K | -21.55M | -48.69M | -26.18M | 15.36M |
| Pretax Income | -1.38B | -1.29B | -558.6M | -700.74M | -520.32M | -620.18M | 436.43M | 204.98M | 349.69M | 417.26M | 502.4M | 352.99M | 282.41M | 174.58M | 122.83M | 20.18M | 85.23M | 33.65M |
| Pretax Margin % | -29.62% | -26.25% | -10.42% | -13.83% | -16.11% | -34.26% | 11.39% | 6.17% | 13.23% | 17.99% | 23.46% | 18.27% | 17.07% | 13.24% | 11.47% | 2.58% | 12.17% | 4.27% |
| Income Tax | -49.77M | -60.21M | -111.13M | -146.59M | -47.75M | -191.48M | 101.17M | 49.23M | -65.84M | 153.77M | 185.18M | 127.53M | 105.49M | 66.12M | 46.38M | -52.3M | 1.53M | 388K |
| Effective Tax Rate % | 3.6% | 4.67% | 19.89% | 20.92% | 9.18% | 30.88% | 23.18% | 24.02% | -18.83% | 36.85% | 36.86% | 36.13% | 37.35% | 37.88% | 37.76% | -259.08% | 1.8% | 1.15% |
| 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 |
| Net Margin % | -28.55% | -25.02% | -8.34% | -10.93% | -14.63% | -23.68% | 8.75% | 4.69% | 15.72% | 11.36% | 14.81% | 11.67% | 10.69% | 8.23% | 7.14% | 9.28% | 11.96% | 4.22% |
| Net Income Growth % | -174.11% | -174.77% | 19.25% | -17.26% | -10.23% | -227.87% | 115.25% | -62.52% | 57.7% | -16.94% | 40.7% | 27.44% | 63.12% | 41.87% | 5.47% | -13.4% | 151.64% | - |
| Net Income (Continuing) | -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 |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -39.23 | -11.23 | -4.09 | -5.06 | -4.32 | -3.92 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| EPS Growth % | - | -174.57% | 19.17% | -17.13% | -10.2% | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EPS (Basic) | - | -11.23 | -4.09 | -5.06 | -4.32 | -3.92 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Diluted Shares Outstanding | 33.97M | 109.5M | 109.5M | 109.5M | 109.5M | 109.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Basic Shares Outstanding | 33.97M | 109.5M | 109.5M | 109.5M | 109.5M | 109.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Liquidity and operational insolvency
As indicated by the most recent quarterly data, FLYY's top-line performance has deteriorated significantly, with revenue declining by 20.4% year-over-year in 2025Q2, reflecting a sustained inability to maintain capacity utilization or pricing power in an increasingly competitive domestic market environment for ultra-low-cost carriers.
The consistent downward trajectory in revenue suggests that the company's core value proposition is failing to attract sufficient volume to offset capacity constraints. Investors should monitor whether this decline is a result of strategic capacity reduction or a broader loss of market share to legacy carriers offering basic economy alternatives.
According to the provided financial statements, gross margins have collapsed from a peak of 20.8% in 2023Q2 to a mere 3.7% in 2025Q2, highlighting the extreme sensitivity of the company's cost structure to fuel price volatility and ongoing engine-related maintenance inefficiencies.
This margin compression implies that the company's unbundled pricing model is no longer sufficient to cover the rising floor of operational costs. The inability to maintain a healthy gross margin suggests that the carrier lacks the pricing power necessary to pass through inflationary pressures to its leisure-focused customer base.
Based on reported figures, the company's operating margin has plummeted to -18.1% in 2025Q2, demonstrating that the fixed-cost burden of the fleet and labor force is currently unmanageable relative to the diminished revenue base generated by the airline's current operational footprint.
The divergence between gross profit and operating income indicates a lack of overhead efficiency, as SG&A expenses remain sticky despite significant top-line contraction. This negative operating leverage suggests that the company is currently unable to scale its operations profitably, necessitating a potential fundamental restructuring of its cost base.
While management may point to fleet efficiency, the data reveals a concerning trend where net margins have reached -24.1% in 2025Q2, suggesting that the current standalone turnaround strategy may be insufficient to address the structural mismatch between high fixed costs and declining unit revenues.
Short-sellers would likely focus on the persistent cash burn and the lack of a clear path to profitability without a significant capital injection or asset divestiture. The reliance on one-time supplier credits to offset operational losses warrants further investigation into the true, normalized earnings power of the business.
Quick answers to the most common questions about buying FLYY stock.
For fiscal year 2024, Spirit Aviation Holdings, Inc. (FLYY) reported total revenue of $4.91B. This represents a 524.1% increase compared to $787.3M in 2008.
Spirit Aviation Holdings, Inc. (FLYY) reported a net loss of $1.23B for the fiscal year ending 2024.
Spirit Aviation Holdings, Inc. (FLYY) reported an operating income of $-1105.4M, resulting in an operating profit margin of -22.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Spirit Aviation Holdings, Inc. (FLYY) generated $209.2M in gross profit for the year, representing a gross profit margin of 4.3%. This demonstrates the company's core pricing power and production efficiency.