Spirit Aerosystems Holdings, Inc. (SPR): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde complexe de l'ingénierie aérospatiale, Spirit Aerosystems Holdings, Inc. (SPR) est une force pivot, transformant des défis de fabrication complexes en solutions innovantes qui alimentent l'aviation mondiale. Cette entreprise dynamique a méticuleusement conçu un modèle commercial qui intègre de manière transparente les capacités technologiques de pointe avec des partenariats stratégiques, se positionnant comme un acteur critique dans les secteurs aérospatial commercial et militaire. En tirant parti des technologies de fabrication avancées, une expertise en ingénierie profonde et une robuste chaîne d'approvisionnement mondiale, Spirit Aerosystems a développé une proposition de valeur unique qui anime l'avenir de la conception et de la production de composants aérospatiales.

Spirit Aerosystems Holdings, Inc. (SPR) - Modèle commercial: partenariats clés

Boeing Commercial Airplanes

Le plus grand partenariat stratégique de Spirit Aerosystems, générant 80% de ses revenus à partir de 2023. Produit Boeing 737 Max, 787 Dreamliner et 777X Fuselage.

Métrique de partenariat	Valeur
Valeur du contrat annuel	3,9 milliards de dollars
Durée du contrat à long terme	15 ans
Volume de fabrication	52 fuselages par mois

Airbus

Partenariat stratégique secondaire axé sur les composants des avions familiaux A320.

Détails du partenariat	Spécification
Contribution annuelle des revenus	750 millions de dollars
Production de composants	Sections de fuselage avant et arrière

Lockheed Martin

Partnership de fabrication de composants de défense et d'aéronefs militaires.

• Composants des avions Hercules C-130
• Valeur du contrat annuel: 250 millions de dollars
• Production d'assemblages d'ailes et de sections de fuselage

Aviation électrique générale

Collaboration de fabrication de systèmes de nacelle et de pylônes de moteur.

Métriques de partenariat	Données
Valeur du contrat annuel	500 millions de dollars
Programmes clés	Nacelles de moteur à saut, Boeing 737 Max

Rolls-Royce Holdings

Partenariat de fabrication de composants aérospatiaux pour les moteurs commerciaux et militaires.

• Production de systèmes d'inverser Nacelle et Thrust
• Revenus de partenariat annuel: 400 millions de dollars
• Programmes de moteurs clés: Trent 700, Trent XWB

Spirit Aerosystems Holdings, Inc. (SPR) - Modèle d'entreprise: Activités clés

Fabrication des composants d'avion

Spirit Aerosystems fabrique des composants aérospatiaux critiques pour les principaux fabricants d'avions. En 2023, la société a produit:

Type de composant	Volume de production annuel
Sections de fuselage	550 unités
Assemblages d'ailes	475 unités
Nacelles de moteur	425 unités

Conception structurelle aérospatiale et ingénierie

Les capacités d'ingénierie de l'entreprise comprennent:

• Technologies de conception et de simulation numériques 3D
• Modélisation informatique avancée
• Analyse structurelle et optimisation

L'investissement en R&D en 2023 était de 285 millions de dollars.

Fabrication de composite avancé et de métal

Type de fabrication	Capacité annuelle	Types de matériaux
Fabrication composite	1 200 tonnes métriques	Fibre de carbone, fibre de verre
Fabrication de métaux	2 500 tonnes métriques	Alliages en aluminium, titane

Usinage et assemblage de précision

Capacités de fabrication de précision:

• Tolérances d'usinage CNC: ± 0,0005 pouces
• Lignes de montage automatisées
• Taux d'inspection du contrôle de la qualité: 99,7%

Recherche et développement des technologies aérospatiales

2023 Métriques de développement technologique:

Zone de focus R&D	Demandes de brevet	Investissement technologique
Matériaux avancés	37 Applications	125 millions de dollars
Processus de fabrication	22 applications	95 millions de dollars

Spirit Aerosystems Holdings, Inc. (SPR) - Modèle commercial: Ressources clés

Installations de fabrication avancées

Spirit Aerosystems exploite des installations de fabrication dans plusieurs emplacements stratégiques:

Emplacement	Type d'installation	Taille (sq. Ft.)
Wichita, Kansas	Siège social principal	2,5 millions
Tulsa, Oklahoma	Fabrication de composants	1,8 million
McAllen, Texas	Fabrication de précision	500,000
Kinston, Caroline du Nord	Fabrication composite	350,000

Expertise spécialisée en génie aérospatial

Spirit Aerosystems maintient une main-d'œuvre d'ingénierie robuste avec les caractéristiques suivantes:

• Total du travail d'ingénierie: 4 800 ingénieurs
• Diplômes avancés: 35% du personnel d'ingénierie
• Expérience d'ingénierie moyenne: 15 ans
• Investissement annuel de R&D: 287 millions de dollars

Technologies de fabrication propriétaires

Les capacités technologiques clés comprennent:

• Fabrication composite avancée processus
• Technologies d'usinage de précision
• Systèmes d'inspection automatisés
• Plateformes d'ingénierie numérique

Travail en génie aérospatial qualifié

Composition de la main-d'œuvre en 2024:

Catégorie des employés	Nombre d'employés	Pourcentage
Total des employés	14,200	100%
Personnel d'ingénierie	4,800	33.8%
Techniciens de fabrication	7,600	53.5%
Personnel administratif	1,800	12.7%

Équipement et infrastructure

Détails de l'investissement en capital:

Catégorie d'équipement	Valeur totale	Maintenance annuelle
Machinerie de fabrication	1,2 milliard de dollars	75 millions de dollars
Systèmes de conception assistés par ordinateur	180 millions de dollars	22 millions de dollars
Équipement de contrôle de la qualité	95 millions de dollars	12 millions de dollars

Spirit Aerosystems Holdings, Inc. (SPR) - Modèle d'entreprise: propositions de valeur

Fabrication de composants aérospatiaux de haute précision

Spirit Aerosystems produit des composants aérospatiaux critiques avec des capacités de fabrication de précision. En 2023, la société a fabriqué environ 48 fuselages pour les avions Boeing 737 Max par mois, avec une capacité de production annuelle totale de 576 fuselages.

Type de composant	Volume de production annuel	Tolérance à la précision
Fuselages	576 unités	± 0,005 pouces
Structures d'ailes	432 unités	± 0,003 pouces

Capacités de conception structurelle complexes

Spirit Aerosystems investit considérablement dans les technologies de conception avancées. En 2023, la société a dépensé 287 millions de dollars pour la recherche et le développement, en se concentrant sur des innovations complexes de conception structurelle.

• Capacités avancées de modélisation 3D
• Simulation de dynamique de fluide informatique
• Technologies d'analyse par éléments finis

Solutions aérospatiales rentables

La société maintient des prix compétitifs grâce à des processus de fabrication efficaces. En 2023, Spirit Aerosystems a réalisé une réduction des coûts de fabrication de 7,2% par rapport à l'année précédente.

Métrique coût	Valeur 2022	Valeur 2023	Pourcentage de variation
Coût de fabrication par unité	1,2 million de dollars	1,11 million de dollars	-7.2%

Technologies de fabrication de composites et de métaux avancés

Spirit Aerosystems utilise des technologies de fabrication de pointe. En 2023, la société a traité 12 500 tonnes métriques de matériaux composites et 18 750 tonnes métriques de métaux de qualité aérospatiale.

• Fabrication composite en fibre de carbone
• Fabrication d'alliage en titane
• Traitement des matériaux avancés en aluminium-lithium

Intégration mondiale de la chaîne d'approvisionnement aérospatiale

La société opère dans plusieurs emplacements mondiaux, desservant de grands fabricants aérospatiaux. En 2023, Spirit Aerosystems avait des installations de fabrication dans quatre pays et a servi des clients dans plus de 25 pays.

Emplacement	Type d'installation	Capacité de production annuelle
Wichita, Kansas, États-Unis	Fabrication primaire	70% de la production totale
Tulsa, Oklahoma, États-Unis	Fabrication secondaire	15% de la production totale
Lieux internationaux	Installations satellites	15% de la production totale

Spirit Aerosystems Holdings, Inc. (SPR) - Modèle d'entreprise: relations clients

Contrats stratégiques à long terme

Spirit Aerosystems maintient des contrats stratégiques à long terme avec les principaux fabricants aérospatiaux, notamment:

Client	Type de contrat	Valeur du contrat estimé
Boeing	Fabrication de cellules	4,5 milliards de dollars (2023)
Airbus	Production de fuselage	3,2 milliards de dollars (2023)

Partenariats d'ingénierie collaborative

Spirit Aerosystems s'engage dans des partenariats en génie collaboratif avec les principaux clients aérospatiaux:

• Boeing 737 Développement des composants structurels max
• Techniques de fabrication avancées Airbus A320
• Gulfstream G500 / G600 Fuselage Design Collaboration de conception

Assistance technique dédiée

Métriques de support technique pour 2023:

Catégorie de support	Temps de réponse	Taux de résolution
Assistance technique sur place	4 heures	98.5%
Support d'ingénierie à distance	2 heures	99.2%

Solutions de fabrication personnalisées

Capacités de personnalisation de la fabrication:

• Fabrication de précision: Niveaux de tolérance à 0,001 pouces
• Intégration de matériaux composites avancés
• Services de prototypage rapide

Innovation continue et soutien au développement

Investissement de recherche et développement:

Année	Dépenses de R&D	Demandes de brevet
2023	287 millions de dollars	42 nouveaux brevets
2022	265 millions de dollars	38 nouveaux brevets

Spirit Aerosystems Holdings, Inc. (SPR) - Modèle d'entreprise: canaux

Équipes de vente directes

Spirit Aerosystems maintient une force de vente directe dédiée à environ 62 professionnels du développement commercial à partir de 2023. L'équipe de vente se concentre sur les principaux fabricants aérospatiaux, notamment Boeing, Airbus et Bombardier.

Segment de clientèle	Nombre de représentants des ventes dédiés	Couverture des ventes annuelle
Fabricants d'avions commerciaux	38	4,8 milliards de dollars
Défense & Aérospatial militaire	24	1,2 milliard de dollars

Salons commerciaux de l'industrie aérospatiale

Spirit Aerosystems participe à 7 à 9 grands salons de commerce aérospatial internationaux chaque année, notamment:

• Spectacle aérien de Paris
• Farnborough International Airshow
• Convention de l'aviation des affaires de la NBAA
• Dubaï Air Airchow

Conférences techniques

La société engage 12 à 15 conférences techniques par an, avec un investissement moyen de 475 000 $ dans la participation et le réseautage de la conférence.

Type de conférence	Participation annuelle	Budget de réseautage estimé
Conférences d'ingénierie aérospatiale	8	$275,000
Conférences de technologie de fabrication	4	$200,000

Plateformes de propositions techniques en ligne

Spirit Aerosystems utilise 3 plateformes en ligne primaires pour les soumissions techniques de propositions, avec un investissement annuel sur l'infrastructure numérique de 1,2 million de dollars.

Gestion de compte stratégique

La société entretient des relations de compte stratégique avec 6 principaux fabricants aérospatiaux, représentant 92% de sa source de revenus totale.

Compte stratégique	Valeur du contrat annuel	Durée du contrat
Boeing	3,9 milliards de dollars	10 ans
Airbus	2,1 milliards de dollars	8 ans

Spirit Aerosystems Holdings, Inc. (SPR) - Modèle d'entreprise: segments de clientèle

Fabricants d'avions commerciaux

Spirit Aerosystems sert de grands fabricants d'avions commerciaux avec des détails précis du segment de la clientèle:

Client	Pourcentage de revenus	Segment de produit primaire
Boeing	54.7%	Fuselage, nacelles, pylônes
Airbus	22.3%	Composants d'aile, sections de fuselage

Entrepreneurs aérospatiaux militaires

L'engagement des clients militaires comprend:

• Lockheed Martin
• Northrop Grumman
• Systèmes BAE

Client militaire	Valeur du contrat	Produit de défense primaire
Département américain de la défense	687 millions de dollars	Structures d'avions militaires

Entreprises aérospatiales mondiales

Distribution internationale des clients aérospatiales:

Région	Contribution des revenus	Clients clés
Amérique du Nord	72.5%	Boeing, Golfstream
Europe	19.3%	Airbus, Dassault
Asie-Pacifique	8.2%	Comac, Mitsubishi

Producteurs d'avions régionaux

L'engagement des clients régionaux se concentre sur:

• Embrasé
• Bombardier
• Ath

Fournisseurs de composants aérospatiaux

Les interactions de la chaîne d'approvisionnement des composants comprennent:

Catégorie des fournisseurs	Volume de transaction annuel	Composants primaires
Fournisseurs de niveau 1	1,2 milliard de dollars	Composants structurels
Fournisseurs de niveau 2	456 millions de dollars	Sous-ensemble

Spirit Aerosystems Holdings, Inc. (SPR) - Modèle d'entreprise: Structure des coûts

Investissement élevé d'équipement d'équipement

En 2023, Spirit Aerosystems a déclaré des dépenses en capital de 235 millions de dollars. La valeur comptable de la propriété, de l'usine et de l'équipement de la société (PP&E) était de 2,97 milliards de dollars au 31 décembre 2023.

Catégorie d'équipement	Montant d'investissement (2023)
Machines de fabrication avancées	127,5 millions de dollars
Outils de précision	62,3 millions de dollars
Équipement de test aérospatial	45,2 millions de dollars

Dépenses de recherche et développement approfondies

Les dépenses de R&D pour les aérosystèmes Spirit en 2023 ont totalisé 189 millions de dollars, ce qui représente 2,8% des revenus totaux.

• Recherche composite des matériaux: 62,4 millions de dollars
• Technologies de fabrication avancées: 47,6 millions de dollars
• Innovation de conception aérospatiale: 79 millions de dollars

Coûts de main-d'œuvre pour la main-d'œuvre d'ingénierie spécialisée

La rémunération totale des employés en 2023 était de 1,87 milliard de dollars. L'entreprise a employé environ 14 500 travailleurs, avec un salaire annuel moyen de 129 000 $ pour les professionnels de l'ingénierie.

Catégorie des employés	Compensation annuelle moyenne
Professionnels de l'ingénierie	$129,000
Techniciens de fabrication	$85,500
Personnel administratif	$72,300

Achat de matières premières

Les coûts des matières premières en 2023 étaient de 2,4 milliards de dollars, ce qui représente 35,6% des revenus totaux.

• Aluminium de qualité aérospatiale: 782 millions de dollars
• Matériaux composites: 543 millions de dollars
• Alliages de titane: 415 millions de dollars
• Métaux spécialisés: 660 millions de dollars

Gestion complexe de la chaîne d'approvisionnement

Les coûts de gestion de la chaîne d'approvisionnement en 2023 étaient de 312 millions de dollars, avec 78 fournisseurs principaux dans plusieurs pays.

Catégorie de dépenses de la chaîne d'approvisionnement	Coût (2023)
Logistique et transport	124 millions de dollars
Gestion des fournisseurs	87 millions de dollars
Gestion des stocks	101 millions de dollars

Spirit Aerosystems Holdings, Inc. (SPR) - Modèle commercial: Strots de revenus

Ventes de composants d'aéronefs commerciaux

En 2023, Spirit Aerosystems a rapporté un chiffre d'affaires commercial des composants d'avions de 4,7 milliards de dollars. La société fournit des composants clés pour les Boeing 737, 787 et Airbus A320.

Programme d'avions	Contribution des revenus	Composants clés
Boeing 737	2,1 milliards de dollars	Fuselage, pylônes
Boeing 787	1,3 milliard de dollars	Fuselage, sections
Airbus A320	1,3 milliard de dollars	Pylônes, nacelles

Contrats aérospatiaux militaires

Les revenus des contrats aérospatiaux militaires pour 2023 ont totalisé 1,2 milliard de dollars, avec des contributions importantes des programmes de défense.

• US Navy P-8 Poseidon Aircraft Composants: 350 millions de dollars
• Structures d'avions de transport militaire: 450 millions de dollars
• Programmes d'hélicoptère de défense: 400 millions de dollars

Services de conception d'ingénierie

Les services de conception d'ingénierie ont généré 280 millions de dollars de revenus en 2023, en se concentrant sur des solutions avancées d'ingénierie aérospatiale.

Prise en charge des composants du marché secondaire

Les revenus de soutien des composants du marché secondaire ont atteint 650 millions de dollars en 2023, fournissant des services de maintenance, de réparation et de refonte.

Catégorie de service	Revenu	Marchés clés
Aircraft commercial MRO	450 millions de dollars	Compagnies aériennes mondiales
Réparation de composants militaires	200 millions de dollars	Entrepreneurs de la défense

Accords de licence et de développement technologiques

Les accords de licence et de développement technologiques ont contribué 180 millions de dollars aux revenus des Aerosystems Spirit en 2023.

• Licence de technologie des matériaux composites: 80 millions de dollars
• Accords de processus de fabrication avancés: 100 millions de dollars

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.