Spirit AeroSystems Holdings, Inc. (SPR): Business Model Canvas

In der komplexen Welt der Luft- und Raumfahrttechnik ist Spirit AeroSystems Holdings, Inc. (SPR) eine zentrale Kraft, die komplexe Fertigungsherausforderungen in innovative Lösungen umwandelt, die die globale Luftfahrt vorantreiben. Dieses dynamische Unternehmen hat sorgfältig ein Geschäftsmodell entwickelt, das modernste technologische Fähigkeiten nahtlos mit strategischen Partnerschaften verbindet und sich als wichtiger Akteur sowohl im kommerziellen als auch im militärischen Luft- und Raumfahrtsektor positioniert. Durch die Nutzung fortschrittlicher Fertigungstechnologien, umfassender technischer Expertise und einer robusten globalen Lieferkette hat Spirit AeroSystems ein einzigartiges Wertversprechen entwickelt, das die Zukunft des Designs und der Produktion von Luft- und Raumfahrtkomponenten vorantreibt.

Spirit AeroSystems Holdings, Inc. (SPR) – Geschäftsmodell: Wichtige Partnerschaften

Boeing-Verkehrsflugzeuge

Spirit AeroSystems ist die größte strategische Partnerschaft, die ab 2023 80 % des Umsatzes generiert. Produziert wichtige Rumpfkomponenten der Boeing 737 MAX, 787 Dreamliner und 777X.

Partnerschaftsmetrik	Wert
Jährlicher Vertragswert	3,9 Milliarden US-Dollar
Langfristige Vertragslaufzeit	15 Jahre
Produktionsvolumen	52 Rümpfe pro Monat

Airbus

Sekundäre strategische Partnerschaft mit Schwerpunkt auf Flugzeugkomponenten der A320-Familie.

Einzelheiten zur Partnerschaft	Spezifikation
Jährlicher Umsatzbeitrag	750 Millionen Dollar
Komponentenfertigung	Vordere und hintere Rumpfabschnitte

Lockheed Martin

Partnerschaft zur Herstellung von Komponenten für Verteidigungs- und Militärflugzeuge.

• C-130 Hercules-Flugzeugkomponenten
• Jährlicher Vertragswert: 250 Millionen US-Dollar
• Produktion von Flügelbaugruppen und Rumpfsektionen

Allgemeine elektrische Luftfahrt

Zusammenarbeit bei der Herstellung von Triebwerksgondeln und Pylonsystemen.

Partnerschaftskennzahlen	Daten
Jährlicher Vertragswert	500 Millionen Dollar
Schlüsselprogramme	LEAP-Triebwerksgondeln, Boeing 737 MAX

Rolls-Royce Holdings

Partnerschaft zur Herstellung von Luft- und Raumfahrtkomponenten für zivile und militärische Triebwerke.

• Produktion von Gondel- und Schubumkehrsystemen
• Jährlicher Partnerschaftsumsatz: 400 Millionen US-Dollar
• Wichtige Triebwerksprogramme: Trent 700, Trent XWB

Spirit AeroSystems Holdings, Inc. (SPR) – Geschäftsmodell: Hauptaktivitäten

Herstellung von Flugzeugkomponenten

Spirit AeroSystems fertigt wichtige Luft- und Raumfahrtkomponenten für große Flugzeughersteller. Im Jahr 2023 produzierte das Unternehmen:

Komponententyp	Jährliches Produktionsvolumen
Rumpfabschnitte	550 Einheiten
Flügelbaugruppen	475 Einheiten
Triebwerksgondeln	425 Einheiten

Strukturelles Design und Engineering für die Luft- und Raumfahrt

Zu den technischen Fähigkeiten des Unternehmens gehören:

• Digitale 3D-Design- und Simulationstechnologien
• Erweiterte Computermodellierung
• Strukturanalyse und -optimierung

Die F&E-Investitionen beliefen sich im Jahr 2023 auf 285 Millionen US-Dollar.

Fortschrittliche Verbund- und Metallfertigung

Herstellungstyp	Jährliche Kapazität	Materialtypen
Verbundwerkstoffherstellung	1.200 Tonnen	Kohlefaser, Glasfaser
Metallverarbeitung	2.500 Tonnen	Aluminiumlegierungen, Titan

Präzisionsbearbeitung und Montage

Präzisionsfertigungsmöglichkeiten:

• CNC-Bearbeitungstoleranzen: ±0,0005 Zoll
• Automatisierte Montagelinien
• Inspektionsrate der Qualitätskontrolle: 99,7 %

Forschung und Entwicklung von Luft- und Raumfahrttechnologien

Kennzahlen zur Technologieentwicklung 2023:

F&E-Schwerpunktbereich	Patentanmeldungen	Technologieinvestitionen
Fortschrittliche Materialien	37 Bewerbungen	125 Millionen Dollar
Herstellungsprozesse	22 Bewerbungen	95 Millionen Dollar

Spirit AeroSystems Holdings, Inc. (SPR) – Geschäftsmodell: Schlüsselressourcen

Fortschrittliche Produktionsanlagen

Spirit AeroSystems betreibt Produktionsstätten an mehreren strategischen Standorten:

Standort	Einrichtungstyp	Größe (Quadratfuß)
Wichita, Kansas	Hauptquartier	2,5 Millionen
Tulsa, Oklahoma	Komponentenfertigung	1,8 Millionen
McAllen, Texas	Präzisionsfertigung	500,000
Kinston, North Carolina	Verbundwerkstoffherstellung	350,000

Spezialisiertes Fachwissen in der Luft- und Raumfahrttechnik

Spirit AeroSystems verfügt über ein robustes Ingenieurteam mit den folgenden Merkmalen:

• Gesamtbelegschaft im Ingenieurwesen: 4.800 Ingenieure
• Höhere Abschlüsse: 35 % des Ingenieurpersonals
• Durchschnittliche Ingenieurerfahrung: 15 Jahre
• Jährliche F&E-Investitionen: 287 Millionen US-Dollar

Proprietäre Fertigungstechnologien

Zu den wichtigsten technologischen Fähigkeiten gehören:

• Fortschrittliche Verbundwerkstofffertigung Prozesse
• Präzisionsbearbeitungstechnologien
• Automatisierte Inspektionssysteme
• Digitale Engineering-Plattformen

Fachkräfte für Luft- und Raumfahrttechnik

Zusammensetzung der Belegschaft ab 2024:

Mitarbeiterkategorie	Anzahl der Mitarbeiter	Prozentsatz
Gesamtzahl der Mitarbeiter	14,200	100%
Technisches Personal	4,800	33.8%
Fertigungstechniker	7,600	53.5%
Verwaltungspersonal	1,800	12.7%

Investitionsgüter und Infrastruktur

Details zur Kapitalanlage:

Ausrüstungskategorie	Gesamtwert	Jährliche Wartung
Fertigungsmaschinen	1,2 Milliarden US-Dollar	75 Millionen Dollar
Computergestützte Designsysteme	180 Millionen Dollar	22 Millionen Dollar
Qualitätskontrollausrüstung	95 Millionen Dollar	12 Millionen Dollar

Spirit AeroSystems Holdings, Inc. (SPR) – Geschäftsmodell: Wertversprechen

Hochpräzise Fertigung von Luft- und Raumfahrtkomponenten

Spirit AeroSystems produziert wichtige Luft- und Raumfahrtkomponenten mit Präzisionsfertigungskapazitäten. Im Jahr 2023 fertigte das Unternehmen etwa 48 Rümpfe für Boeing 737 MAX-Flugzeuge pro Monat, mit einer jährlichen Gesamtproduktionskapazität von 576 Rümpfen.

Komponententyp	Jährliches Produktionsvolumen	Präzisionstoleranz
Rümpfe	576 Einheiten	±0,005 Zoll
Flügelstrukturen	432 Einheiten	±0,003 Zoll

Komplexe Strukturdesignfunktionen

Spirit AeroSystems investiert erheblich in fortschrittliche Designtechnologien. Im Jahr 2023 gab das Unternehmen 287 Millionen US-Dollar für Forschung und Entwicklung aus und konzentrierte sich dabei auf komplexe strukturelle Designinnovationen.

• Erweiterte 3D-Modellierungsfunktionen
• Computergestützte Strömungssimulation
• Finite-Elemente-Analysetechnologien

Kostengünstige Luft- und Raumfahrtlösungen

Das Unternehmen sorgt durch effiziente Herstellungsprozesse für wettbewerbsfähige Preise. Im Jahr 2023 erreichte Spirit AeroSystems eine Reduzierung der Herstellungskosten um 7,2 % im Vergleich zum Vorjahr.

Kostenmetrik	Wert 2022	Wert 2023	Prozentuale Änderung
Herstellungskosten pro Einheit	1,2 Millionen US-Dollar	1,11 Millionen US-Dollar	-7.2%

Fortschrittliche Technologien zur Herstellung von Verbundwerkstoffen und Metallen

Spirit AeroSystems nutzt modernste Fertigungstechnologien. Im Jahr 2023 verarbeitete das Unternehmen 12.500 Tonnen Verbundwerkstoffe und 18.750 Tonnen luft- und raumfahrttaugliche Metalle.

• Herstellung von Kohlefaserverbundwerkstoffen
• Herstellung von Titanlegierungen
• Fortschrittliche Aluminium-Lithium-Materialverarbeitung

Globale Integration der Luft- und Raumfahrt-Lieferkette

Das Unternehmen ist an mehreren globalen Standorten tätig und beliefert große Luft- und Raumfahrthersteller. Im Jahr 2023 verfügte Spirit AeroSystems über Produktionsstätten in vier Ländern und belieferte Kunden in über 25 Ländern.

Standort	Einrichtungstyp	Jährliche Produktionskapazität
Wichita, Kansas, USA	Primärfertigung	70 % der Gesamtproduktion
Tulsa, Oklahoma, USA	Sekundärfertigung	15 % der Gesamtproduktion
Internationale Standorte	Satellitenanlagen	15 % der Gesamtproduktion

Spirit AeroSystems Holdings, Inc. (SPR) – Geschäftsmodell: Kundenbeziehungen

Langfristige strategische Verträge

Spirit AeroSystems unterhält langfristige strategische Verträge mit großen Luft- und Raumfahrtherstellern, darunter:

Kunde	Vertragstyp	Geschätzter Vertragswert
Boeing	Flugzeugbau	4,5 Milliarden US-Dollar (2023)
Airbus	Rumpfproduktion	3,2 Milliarden US-Dollar (2023)

Kollaborative technische Partnerschaften

Spirit AeroSystems geht technische Kooperationen mit wichtigen Kunden aus der Luft- und Raumfahrtindustrie ein:

• Entwicklung von Strukturkomponenten für die Boeing 737 MAX
• Fortschrittliche Fertigungstechniken für den Airbus A320
• Zusammenarbeit beim Rumpfdesign der Gulfstream G500/G600

Dedizierter technischer Support

Technische Support-Kennzahlen für 2023:

Support-Kategorie	Reaktionszeit	Auflösungsrate
Technische Unterstützung vor Ort	4 Stunden	98.5%
Remote-Engineering-Unterstützung	2 Stunden	99.2%

Maßgeschneiderte Fertigungslösungen

Anpassungsmöglichkeiten für die Fertigung:

• Präzisionsfertigung: Toleranzstufen innerhalb von 0,001 Zoll
• Erweiterte Verbundwerkstoffintegration
• Rapid-Prototyping-Dienste

Kontinuierliche Innovations- und Entwicklungsunterstützung

Investitionen in Forschung und Entwicklung:

Jahr	F&E-Ausgaben	Patentanmeldungen
2023	287 Millionen Dollar	42 neue Patente
2022	265 Millionen Dollar	38 neue Patente

Spirit AeroSystems Holdings, Inc. (SPR) – Geschäftsmodell: Kanäle

Direktvertriebsteams

Spirit AeroSystems unterhält ab 2023 ein engagiertes Direktvertriebsteam von etwa 62 Geschäftsentwicklungsexperten. Das Vertriebsteam konzentriert sich auf wichtige Luft- und Raumfahrthersteller, darunter Boeing, Airbus und Bombardier.

Kundensegment	Anzahl der dedizierten Vertriebsmitarbeiter	Jährliche Verkaufsabdeckung
Hersteller von Verkehrsflugzeugen	38	4,8 Milliarden US-Dollar
Verteidigung & Militärische Luft- und Raumfahrt	24	1,2 Milliarden US-Dollar

Messen für die Luft- und Raumfahrtindustrie

Spirit AeroSystems nimmt jährlich an 7–9 großen internationalen Luft- und Raumfahrtmessen teil, darunter:

• Pariser Flugschau
• Internationale Flugschau in Farnborough
• NBAA Business Aviation Convention
• Dubai Airshow

Technische Konferenzen

Das Unternehmen beteiligt sich an 12 bis 15 technischen Konferenzen pro Jahr und investiert durchschnittlich 475.000 US-Dollar in Konferenzteilnahme und Networking.

Konferenztyp	Jährliche Teilnahme	Geschätztes Netzwerkbudget
Konferenzen zur Luft- und Raumfahrttechnik	8	$275,000
Konferenzen zur Fertigungstechnologie	4	$200,000

Online-Plattformen für technische Vorschläge

Spirit AeroSystems nutzt drei primäre Online-Plattformen für die Einreichung technischer Vorschläge und investiert jährlich 1,2 Millionen US-Dollar in die digitale Infrastruktur.

Strategisches Account Management

Das Unternehmen unterhält strategische Kundenbeziehungen zu sechs führenden Luft- und Raumfahrtherstellern, die 92 % seiner gesamten Einnahmequellen ausmachen.

Strategisches Konto	Jährlicher Vertragswert	Vertragsdauer
Boeing	3,9 Milliarden US-Dollar	10 Jahre
Airbus	2,1 Milliarden US-Dollar	8 Jahre

Spirit AeroSystems Holdings, Inc. (SPR) – Geschäftsmodell: Kundensegmente

Hersteller von Verkehrsflugzeugen

Spirit AeroSystems beliefert große Hersteller von Verkehrsflugzeugen mit präzisen Kundensegmentdetails:

Kunde	Prozentsatz des Umsatzes	Primäres Produktsegment
Boeing	54.7%	Rumpf, Gondeln, Pylone
Airbus	22.3%	Flügelkomponenten, Rumpfabschnitte

Auftragnehmer für militärische Luft- und Raumfahrt

Das Engagement militärischer Kunden umfasst:

• Lockheed Martin
• Northrop Grumman
• BAE-Systeme

Militärkunde	Vertragswert	Primäres Verteidigungsprodukt
US-Verteidigungsministerium	687 Millionen US-Dollar	Militärische Flugzeugstrukturen

Globale Luft- und Raumfahrtunternehmen

Vertrieb internationaler Luft- und Raumfahrtkunden:

Region	Umsatzbeitrag	Schlüsselkunden
Nordamerika	72.5%	Boeing, Gulfstream
Europa	19.3%	Airbus, Dassault
Asien-Pazifik	8.2%	COMAC, Mitsubishi

Regionale Flugzeughersteller

Die Einbindung regionaler Flugzeugkunden konzentriert sich auf:

• Embraer
• Bombardier
• ATR

Lieferanten von Luft- und Raumfahrtkomponenten

Zu den Interaktionen in der Lieferkette gehören:

Lieferantenkategorie	Jährliches Transaktionsvolumen	Hauptkomponenten
Tier-1-Lieferanten	1,2 Milliarden US-Dollar	Strukturkomponenten
Tier-2-Lieferanten	456 Millionen US-Dollar	Unterbaugruppen

Spirit AeroSystems Holdings, Inc. (SPR) – Geschäftsmodell: Kostenstruktur

Hohe Kapitalinvestitionen in die Ausrüstung

Im Jahr 2023 meldete Spirit AeroSystems Investitionsausgaben in Höhe von 235 Millionen US-Dollar. Der Nettobuchwert der Sachanlagen (PP&E) des Unternehmens belief sich zum 31. Dezember 2023 auf 2,97 Milliarden US-Dollar.

Ausrüstungskategorie	Investitionsbetrag (2023)
Fortschrittliche Fertigungsmaschinen	127,5 Millionen US-Dollar
Präzisionswerkzeuge	62,3 Millionen US-Dollar
Prüfgeräte für die Luft- und Raumfahrt	45,2 Millionen US-Dollar

Umfangreiche Forschungs- und Entwicklungskosten

Die Forschungs- und Entwicklungskosten für Spirit AeroSystems beliefen sich im Jahr 2023 auf insgesamt 189 Millionen US-Dollar, was 2,8 % des Gesamtumsatzes entspricht.

• Verbundwerkstoffforschung: 62,4 Millionen US-Dollar
• Fortschrittliche Fertigungstechnologien: 47,6 Millionen US-Dollar
• Innovation im Luft- und Raumfahrtdesign: 79 Millionen US-Dollar

Arbeitskosten für Fachkräfte im Ingenieurwesen

Die Gesamtvergütung der Mitarbeiter belief sich im Jahr 2023 auf 1,87 Milliarden US-Dollar. Das Unternehmen beschäftigte rund 14.500 Mitarbeiter mit einem durchschnittlichen Jahresgehalt von 129.000 US-Dollar für Ingenieure.

Mitarbeiterkategorie	Durchschnittliche jährliche Vergütung
Ingenieursprofis	$129,000
Fertigungstechniker	$85,500
Verwaltungspersonal	$72,300

Rohstoffbeschaffung

Die Rohstoffkosten beliefen sich im Jahr 2023 auf 2,4 Milliarden US-Dollar, was 35,6 % des Gesamtumsatzes entspricht.

• Aluminium in Luft- und Raumfahrtqualität: 782 Millionen US-Dollar
• Verbundwerkstoffe: 543 Millionen US-Dollar
• Titanlegierungen: 415 Millionen US-Dollar
• Specialized Metals: 660 Millionen US-Dollar

Komplexes Supply Chain Management

Die Kosten für das Supply-Chain-Management beliefen sich im Jahr 2023 auf 312 Millionen US-Dollar bei 78 Hauptlieferanten in mehreren Ländern.

Kategorie „Supply-Chain-Ausgaben“.	Kosten (2023)
Logistik und Transport	124 Millionen Dollar
Lieferantenmanagement	87 Millionen Dollar
Bestandsverwaltung	101 Millionen Dollar

Spirit AeroSystems Holdings, Inc. (SPR) – Geschäftsmodell: Einnahmequellen

Verkauf von Komponenten für Verkehrsflugzeuge

Im Jahr 2023 meldete Spirit AeroSystems einen Umsatz mit Komponenten für Verkehrsflugzeuge in Höhe von 4,7 Milliarden US-Dollar. Das Unternehmen liefert Schlüsselkomponenten für die Flugzeuge Boeing 737, 787 und Airbus A320.

Flugzeugprogramm	Umsatzbeitrag	Schlüsselkomponenten
Boeing 737	2,1 Milliarden US-Dollar	Rumpf, Pylone
Boeing 787	1,3 Milliarden US-Dollar	Rumpf, Abschnitte
Airbus A320	1,3 Milliarden US-Dollar	Pylone, Gondeln

Militärische Luft- und Raumfahrtverträge

Die Einnahmen aus militärischen Luft- und Raumfahrtverträgen beliefen sich im Jahr 2023 auf insgesamt 1,2 Milliarden US-Dollar, mit erheblichen Beiträgen aus Verteidigungsprogrammen.

• Komponenten des P-8 Poseidon-Flugzeugs der US-Marine: 350 Millionen US-Dollar
• Militärische Transportflugzeugstrukturen: 450 Millionen US-Dollar
• Verteidigungshubschrauberprogramme: 400 Millionen US-Dollar

Technische Designdienstleistungen

Engineering-Design-Dienstleistungen erwirtschafteten im Jahr 2023 einen Umsatz von 280 Millionen US-Dollar und konzentrierten sich auf fortschrittliche Lösungen für die Luft- und Raumfahrttechnik.

Support für Aftermarket-Komponenten

Der Umsatz mit Aftermarket-Komponentensupport erreichte im Jahr 2023 650 Millionen US-Dollar und umfasste Wartungs-, Reparatur- und Überholungsdienste.

Servicekategorie	Einnahmen	Schlüsselmärkte
MRO für Verkehrsflugzeuge	450 Millionen Dollar	Globale Fluggesellschaften
Reparatur militärischer Komponenten	200 Millionen Dollar	Verteidigungsunternehmen

Technologielizenzierungs- und Entwicklungsvereinbarungen

Technologielizenz- und Entwicklungsvereinbarungen trugen im Jahr 2023 180 Millionen US-Dollar zum Umsatz von Spirit AeroSystems bei.

• Lizenzierung der Verbundwerkstofftechnologie: 80 Millionen US-Dollar
• Vereinbarungen über fortgeschrittene Herstellungsverfahren: 100 Millionen US-Dollar

Spirit AeroSystems Holdings, Inc. (SPR) - Canvas Business Model: Value Propositions

Spirit AeroSystems Holdings, Inc.'s value proposition centers on its deep, integrated capability in designing and building large, complex aerostructures for major original equipment manufacturers (OEMs).

Integrated design and manufacturing of critical primary structures.

Spirit AeroSystems provides the core structural elements for some of the world's most important aircraft. This capability is evidenced by their ongoing work on major platforms, which translates directly into a massive order book. Spirit AeroSystems Holdings, Inc.'s total backlog at the end of the third quarter of 2025 was approximately US$52 billion, covering work across all Airbus and Boeing platforms. This backlog underpins the value of their manufacturing expertise.

Risk-sharing partner in developing new aircraft programs.

The company positions itself as a trusted partner that helps prime contractors reduce risk on new development programs. This is demonstrated by their involvement in next-generation military platforms. Spirit AeroSystems Holdings, Inc. is a proud member of the industry team for the Northrop Grumman B-21 Raider program. Furthermore, they are involved in the development of the Bell Helicopter V-280 Valor tiltrotor. On the commercial side, Spirit AeroSystems Holdings, Inc. secured a contract in January 2025 to build composite fuselage structures for a leading eVTOL developer, showing expansion into advanced air mobility.

The nature of these partnerships often involves shared financial exposure, as seen in the financial reporting, where total changes in estimates for Q3 2025 included $585 million in net forward losses, driven in part by programs like the Boeing 787 and Airbus A350. This financial exposure is the cost of being a risk-sharing development partner.

High-volume production capability for narrow-body aircraft (737 fuselage).

The ability to produce the Boeing 737 fuselage, the best-selling commercial jet, at scale is a core value. Following production rate constraints in 2024, Spirit AeroSystems Holdings, Inc. was reportedly lifting its 737 fuselage production from 21 to 31 fuselages a month as of early 2025, working toward Boeing's target of 38 per month. Boeing has since gained approval to raise the rate to 42 aircraft per month by year-end 2025. Higher production activity, particularly on the Boeing 737, was the primary driver for the Q3 2025 revenue increase to $1.6 billion. The company delivered 282 737/MAX shipsets in the full year 2022.

The high-volume capability is quantified by the scale of their work:

Program	Component Supplied	Related Financial Metric (Q3 2025)
Boeing 737/MAX	Fuselage Barrels	Net Forward Losses of $585 million (partially driven by 737 costs)
Boeing KC-46 Tanker	Forward Fuselage (Section 41), Strut, Nacelle Components	Defense & Space segment revenue increased due to higher activity on the KC-46
Boeing P-8A Poseidon	Fuselage (737 Derivative)	Defense & Space segment revenue increased due to higher activity on the P-8

Lighter, more efficient composite aerostructures for fuel savings.

Spirit AeroSystems Holdings, Inc. contributes to customer goals for fuel efficiency and lower emissions through the use of advanced materials. It is estimated that over 50% of new commercial aircraft will be made from composites by 2025. For next-generation aircraft like the Boeing 787 and Airbus A350, composites account for up to 50% of the structural weight. The value proposition here is direct: every 1% reduction in aircraft weight results in approximately 0.75% fuel savings. Spirit AeroSystems Holdings, Inc. is actively building composite fuselage structures, as evidenced by their January 2025 contract win for an eVTOL developer.

Single-source supplier for major components, simplifying customer supply chain.

By acting as the single-source provider for major assemblies, Spirit AeroSystems Holdings, Inc. simplifies the complex aerospace supply chain for its customers. This is a key part of their relationship with Boeing, which is in the final stages of reacquiring the company, expected to close by the end of 2025. This integration is intended to streamline quality and production, with Boeing noting a 75% improvement in quality coming out of Spirit following direct intervention. Even with the Boeing merger pending, Spirit maintains critical relationships with competitors, as the FTC approval required Spirit to continue as a supplier to Boeing's competitors for military aircraft programs. Furthermore, Spirit AeroSystems Holdings, Inc. has a support agreement with Airbus, which includes a $200 million non-interest-bearing line of credit to support Airbus programs, with repayment obligations assumed by Airbus upon closing of asset divestitures.

• Deliveries of the Boeing 737 were significantly higher year-over-year in Q2 2025, recovering from 2024 delays.
• Q2 2025 Revenue was $1.6 billion, an increase from the same period in 2024.
• Adjusted EPS for Q3 2025 was $(4.87).
• Cash balance at the end of Q3 2025 was $299 million.

Finance: draft 13-week cash view by Friday.

Spirit AeroSystems Holdings, Inc. (SPR) - Canvas Business Model: Customer Relationships

You're looking at the core of Spirit AeroSystems Holdings, Inc.'s value proposition-the deep, often complex, relationships with the world's largest airframe manufacturers. This isn't just transactional; it's about being an integrated part of their production line.

Deeply embedded, long-term strategic partnership model

Spirit AeroSystems operates as an integrated partner with its largest customers, Boeing and Airbus. This partnership focus is critical, especially given the market's scrutiny over execution and quality. The sheer volume of committed work underscores this reliance; Spirit AeroSystems' total backlog at the end of the third quarter of 2025 was approximately $52 billion. This backlog covers work packages on all major Airbus and Boeing platforms. The relationship with Boeing is reaching a new level of integration, evidenced by the proposed acquisition, which was expected to close in the fourth quarter of 2025 for $8.3 billion. This move by Boeing is explicitly aimed at gaining strategic supply chain control and improving quality.

The structure reflects this deep embedding, organizing operations around key customer programs:

• Commercial Division oversees global operations with Airbus and Boeing.
• The company provides products for customers including Airbus, Boeing, Bombardier, and Mitsubishi.
• Spirit AeroSystems builds fuselage systems, propulsion systems, and wing systems.

Dedicated program teams for each major platform (e.g., 737, A350)

The operational reality involves managing distinct, dedicated efforts for major platforms, which is reflected in the financial reporting of estimate changes. The net forward losses for the entire company in the third quarter of 2025 totaled $585 million, driven by costs on specific programs.

Here's a breakdown of how those estimate changes hit the segments in Q3 2025:

Program Area	Net Forward Losses (Q3 2025)	Unfavorable Cumulative Adjustments (Q3 2025)
Commercial Segment Total	$578 million	$11 million
Defense & Space Segment Total	$8 million	$4 million

The forward losses in the Commercial segment were primarily driven by the Boeing 737, Boeing 787, Airbus A220, and Airbus A350 programs. For instance, production rates for the Airbus A350 composite structures in Kinston, North Carolina, have doubled in the last several years.

Collaborative quality and product verification processes with customers

Maintaining quality is a non-negotiable operational necessity, and collaboration is key to meeting delivery targets. The recovery in production volume is a direct result of this joint effort. Boeing 737 deliveries were significantly higher year-over-year in Q3 2025, which was directly attributed to the delay in 2024 caused by the joint product verification process initiated by Boeing. This recovery helped improve cash flow usage in Q3 2025. The company's structure includes leadership overseeing specific customer programs, such as Senior Vice President Boeing Programs and Senior Vice President Airbus and Business/Regional Jet Programs.

Contractual agreements with significant forward loss provisions

The nature of the long-term contracts means Spirit AeroSystems often absorbs upfront cost risks, which materialize as estimate changes. Total changes in estimates for Q3 2025 included net forward losses of $585 million and unfavorable cumulative adjustments of $14 million. These provisions reflect rising production and supply chain costs. To be fair, the company's overall revenue for Q3 2025 was $1.6 billion, making the $585 million in forward losses a significant operational headwind for that single quarter.

Direct sales and support for Aftermarket MRO services

Spirit AeroSystems supports its products post-delivery through its Aftermarket segment. This segment saw revenue increase slightly in the first quarter of 2025 compared to the prior year. In the second quarter of 2025, Aftermarket segment revenue also increased slightly year-over-year. Historically, the goal was for the aftermarket business to reach 20% of total revenue, up from being only 2-3% of total revenue as of 2022. The company has been developing a bigger sales team and stronger customer service organization to support this direct service offering.

Spirit AeroSystems Holdings, Inc. (SPR) - Canvas Business Model: Channels

Direct delivery from Spirit AeroSystems facilities to OEM final assembly lines is the primary channel for commercial program volume. For instance, in the second quarter of fiscal year 2025, the Commercial segment generated $1.27 billion in revenue, representing the lion's share of the total $1.64 billion consolidated revenue for that period. Spirit AeroSystems Holdings, Inc. shipped components for 429 shipsets in the first quarter of 2025, reflecting a catch-up on delayed Boeing 737 shipments. The company's total backlog, which provides a multi-year revenue runway, stood at approximately $52 billion at the end of the third quarter of 2025.

The global manufacturing footprint is structured to feed multiple customer assembly sites worldwide. This network supports both Boeing and Airbus programs, though certain assets are subject to divestiture as part of the pending acquisition agreement.

Facility Location	Primary Program Component Supplied	Customer OEM
Wichita, Kansas	Boeing 737 Fuselages, A220 Pylons	Boeing, Airbus
Kinston, North Carolina	A350 Fuselage Sections	Airbus
St. Nazaire, France	A350 Fuselage Sections	Airbus
Belfast, Northern Ireland	A220 Wings and Mid-Fuselage Sections	Airbus
Casablanca, Morocco	A321 and A220 Components	Airbus

Aftermarket spare parts sales flow through dedicated internal channels, which showed positive momentum in the third quarter of 2025. The Aftermarket segment revenue increased from the same period in the prior year, driven by higher spare part sales and increased maintenance, repair, and overhaul (MRO) activity. In the first quarter of 2025, the Aftermarket segment saw revenue growth of +3.4%, though the operating margin slipped to 14.6% due to mix shifts. For context, in the second quarter of 2025, the Aftermarket segment generated $102.80 million in revenue.

Direct engagement with defense ministries is managed through the Defense & Space segment, which saw its revenue increase in the third quarter of 2025 compared to the prior year. In the second quarter of 2025, this segment contributed $266 million to the total revenue. Spirit AeroSystems Holdings, Inc. maintains significant direct government contracts, including a cost-plus-fixed-fee contract from DARPA for the Caliente Program valued at $12,950,335, with an estimated completion date of December 2025. Furthermore, the company holds a significant Indefinite Delivery Vehicle (IDV) contract, the Eglin Wide Agile Acquisition Contract (EWAAC), with a ceiling value of $46 billion running through September 2031.

• Defense & Space Q1 2025 revenue growth was 4.1%.
• Defense & Space recorded an operating loss of $11 million in Q1 2025.
• Spirit AeroSystems Inc. supplies parts for the Northrop Grumman B-21 stealth bomber and the Bell V-280 Valor.

Spirit AeroSystems Holdings, Inc. (SPR) - Canvas Business Model: Customer Segments

You're looking at the core of Spirit AeroSystems Holdings, Inc.'s business, which is heavily concentrated on a few massive aerospace original equipment manufacturers (OEMs). The customer base is defined by large, long-term supply agreements for major aircraft structures.

The relationship with major commercial aircraft OEMs is the dominant factor in Spirit AeroSystems Holdings, Inc.'s financial profile. As of the end of the third quarter of 2025, the total company backlog stood at approximately $52 billion, which covers work packages across all commercial platforms for both Airbus and Boeing. Revenue growth in the third quarter of 2025 was directly tied to increased production rates on these commercial programs.

Here's a look at the key customer groups and the latest available metrics:

Customer Segment	Key Program Involvement/Metric	Latest Financial/Statistical Data (as of Q3 2025)
Major Commercial Aircraft OEMs	Total Company Backlog (Includes all Airbus/Boeing work)	$52 billion
Major Commercial Aircraft OEMs	Third Quarter 2025 Revenue	$1.6 billion (Total Company Revenue)
Major Commercial Aircraft OEMs	Last Twelve Months Revenue (Ending Q3 2025)	$6.39 billion
Major Commercial Aircraft OEMs	Net Forward Losses Recognized (Q3 2025 Commercial Segment)	$578 million
Major Commercial Aircraft OEMs	Excess Capacity Costs (Q3 2025 Commercial Segment)	$43 million
Defense and Space Primes	Revenue Driver	Higher production activity contributed to Q3 2025 revenue increase
Business Jet Manufacturers	Training Services Metric (Bombardier Global 6500)	VAST platform delivered over 6,250 hours of instruction
Commercial Airlines and MRO providers	Aftermarket Activity	Revenue increased in Q3 2025 due to higher spare part sales and MRO activity

The reliance on the top two customers is substantial, as seen in historical data, where revenues for the twelve months ended December 31, 2023, were split between Boeing at $3,847.1 million and Airbus at $1,144.6 million.

Spirit AeroSystems Holdings, Inc. serves Defense and Space Primes for military derivative programs. Revenue in the third quarter of 2025 saw a lift from higher production on these Defense & Space programs.

For business jet manufacturers, the company provides specific support, such as the VAST platform for Bombardier Global 6500 aircraft operations, which sustained an operational tempo of approximately 450 flight hours per month in the third quarter of 2025.

The Aftermarket services, targeting Commercial Airlines and MRO providers, showed positive momentum in the third quarter of 2025. This segment's revenue grew from the prior year's third quarter, driven by two specific areas:

• Higher spare part sales.
• Increased maintenance, repair and overhaul (MRO) activity.

The near-term financial health is also tied to customer financing, as customer advances received in 2024 and 2025 provided essential operational liquidity. Finance: draft 13-week cash view by Friday.

Spirit AeroSystems Holdings, Inc. (SPR) - Canvas Business Model: Cost Structure

You're looking at the cost side of Spirit AeroSystems Holdings, Inc.'s operations as of late 2025, and honestly, it's dominated by large, unavoidable expenses tied to complex, long-term aerospace programs. We need to see where the money is actually going.

The structure is heavily weighted toward high fixed costs from global manufacturing plant operations. While I don't have the total fixed cost number for Q3 2025, these costs cover the overhead necessary to maintain the physical footprint required to build major aerostructures, regardless of immediate production volume. This fixed base is a major factor in profitability when volume dips or changes unexpectedly.

Next up, you've got significant material and supply chain costs, including tariffs. The financial reports from Q3 2025 clearly show this pressure point. The primary driver for the massive estimate changes was 'supply chain and production cost growth.' This tells you that the cost and availability of raw materials and purchased components, plus logistics, are eating into margins significantly.

Then there's the labor costs for a large, union-represented, defintely skilled workforce. The company noted the ongoing challenge in attracting and retaining the skilled workforce necessary for production and development in a competitive market. While I can't pull the total labor expense from the Q3 2025 release, this skilled base represents a substantial, necessary, and often contractually locked-in cost component.

The financial impact of these pressures is immediately visible in the charges taken against earnings. For the third quarter of 2025, the company recorded total changes in estimates that included net forward losses of $585 million. This figure captures the expected future costs, largely driven by those supply chain and production escalations on programs like the Boeing 737, Boeing 787, Airbus A220, and Airbus A350.

Also hitting the cost structure directly were the costs associated with idle resources. Spirit AeroSystems Holdings, Inc. reported excess capacity costs, totaling $55 million in Q3 2025. This is the expense of keeping facilities and personnel ready when production rates don't immediately meet the planned schedule. For context, this was an improvement from the $70 million seen in the same period last year, but still a major quarterly cash outlay.

Here's a quick look at the major cost-related charges impacting the third quarter of 2025 results:

Cost/Charge Category	Q3 2025 Amount	Primary Driver Mentioned
Net Forward Losses (Estimate Change)	$585 million	Supply chain and production cost growth
Unfavorable Cumulative Catch-up Adjustments (Estimate Change)	$14 million	Increased production costs on Boeing 737 and 777 programs
Excess Capacity Costs	$55 million	Abnormal production costs
Total Changes in Estimates (Sum of above)	$599 million	Program cost growth and production inefficiencies

The cost structure is further complicated by program-specific issues, which manifest in these estimate changes. You can see the breakdown of the major charges that hit the operating loss:

• Net forward losses of $585 million across key commercial programs.
• Unfavorable cumulative catch-up adjustments of $14 million.
• Defense & Space segment specifically recorded net forward losses of $8 million and excess capacity costs of $12 million.
• Commercial segment change in estimates included $578 million of net forward losses.

The company's backlog at the end of Q3 2025 was approximately $52 billion, which means these cost pressures are baked into a massive volume of future work, making cost control critical.

Spirit AeroSystems Holdings, Inc. (SPR) - Canvas Business Model: Revenue Streams

You're looking at the core of how Spirit AeroSystems Holdings, Inc. brings in cash, which is heavily tied to the production rhythm of major commercial aircraft manufacturers. Honestly, the numbers tell a clear story about where the money is coming from right now, as of late 2025.

The top-line performance for the third quarter of 2025 showed total revenue hitting $1.6 billion. That's the starting point for everything else. Looking back over the last year, the trailing twelve-month sales reached $6.39 billion. That figure gives you a better sense of the run rate, even with the quarterly volatility we see in this industry.

The revenue streams are clearly segmented, reflecting the company's main business lines. You can see the dominance of the commercial side, but the other segments are still vital pieces of the puzzle.

Here's how the Q3 2025 revenue broke down across the main segments, which is helpful for understanding the current mix:

Revenue Stream Segment	Q3 2025 Revenue (Approximate)	Percentage of Total Revenue (Q3 2025)
Commercial Aerostructures	$1.17 billion	73.80%
Defense & Space	$304.1 million	N/A (Calculated $\approx 19.0\%$)
Aftermarket Services	$111.2 million	N/A (Calculated $\approx 7.0\%$)

Commercial Aerostructures sales remain the engine, driven by higher production activity on key platforms. This stream is the majority of the revenue, as you noted. The recent increase in Boeing 737 deliveries, recovering after the 2024 verification delays, definitely helped boost this segment's top line in Q3 2025.

The Defense and Space program sales provide a necessary counter-balance, though it's a smaller piece of the pie. This revenue comes from significant government contracts. You're seeing activity here primarily on programs like the Boeing P-8 maritime patrol aircraft and the KC-46 Tanker program.

The Aftermarket services revenue, which covers Maintenance, Repair, and Overhaul (MRO) work and spare parts, is the third pillar. While it's the smallest revenue contributor in the quarter, it often carries a different margin profile than the new production work. For instance, Aftermarket segment revenue rose by 12% year-over-year in Q3 2025, reaching $111.2 million.

To be fair, the backlog gives you a forward-looking view of committed revenue, and Spirit AeroSystems Holdings, Inc.'s backlog at the end of Q3 2025 was substantial, sitting at approximately $52 billion. This backlog includes work packages across all the major commercial platforms from both Airbus and Boeing.

The key drivers for the Commercial Aerostructures revenue stream include:

• Work packages for the Boeing 737 program.
• Fuselage sections for the Airbus A320 family.
• Production on the Airbus A220 and A350 programs.
• Fuselage sections for the Boeing 787 program.

The Defense & Space revenue stream is anchored by specific, high-profile defense contracts:

• Higher activity on the Boeing P-8 program.
• Work related to the KC-46 Tanker program.

The Aftermarket stream is focused on supporting the existing fleet:

• MRO services for in-service aircraft.
• Sales of spare parts for repairs and maintenance.

Finance: draft the Q4 2025 revenue forecast based on current production rate assumptions by next Tuesday.