Spirit AeroSystems Holdings, Inc. (SPR): Business Model Canvas [Dec-2025 Updated]

You're looking at Spirit AeroSystems Holdings, Inc. (SPR) right in the middle of a huge strategic pivot, especially with the shadow of a potential Boeing re-acquisition hanging over everything. Honestly, dissecting their business model now is like looking at a blueprint mid-renovation, but it's crucial for understanding the underlying value, particularly as they navigate significant program losses, totaling $585 million in Q3 2025, against a massive $52 billion contract backlog. We see a company heavily reliant on its primary partner, with 60% of revenue coming from one source, yet they are still driving $1.6 billion in revenue for that quarter alone. Dive into the full canvas below to see exactly how their key activities and cost structure map against these massive value propositions before the next chapter officially starts.

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

You're looking at the core relationships that keep Spirit AeroSystems Holdings, Inc. running, especially given the massive transaction activity wrapping up in late 2025. These partnerships aren't just handshake agreements; they are multi-billion dollar dependencies that define the company's near-term financial stability and strategic direction.

The customer concentration risk remains a defining feature of the Key Partnerships block. Spirit AeroSystems Holdings, Inc. is fundamentally tethered to the two largest commercial aerospace manufacturers globally.

• Boeing: Primary customer, representing approximately 60% of revenue.
• Airbus SE: Second largest customer, accounting for about 20% of revenue.

This concentration is underscored by the sheer scale of the work. At the end of the third quarter of 2025, the total backlog across all commercial platforms for both Boeing and Airbus SE stood at approximately $52 billion.

The relationship with Airbus SE also involved a crucial, short-term financial lifeline. Concurrent with the planned asset transfer and the Boeing acquisition, Airbus agreed to provide Spirit AeroSystems Holdings, Inc. with a non-interest-bearing line of credit totaling $200 million to support ongoing programs until the transaction closed.

The strategic importance of the Boeing relationship is highlighted by the pending acquisition, which the FTC proposed order valued at $8.3 billion. This deal, expected to close in the fourth quarter of 2025, is designed to bring Spirit AeroSystems Holdings, Inc. under Boeing's direct control to address quality and production issues.

Beyond the primary customers, the global supply chain for raw materials and complex components is a critical partnership element, especially given the reported forward losses in Q3 2025 driven by supply chain cost growth. The company also maintains vital partnerships with defense contractors, a segment Spirit AeroSystems Holdings, Inc. has actively sought to grow.

Spirit AeroSystems Holdings, Inc. supports several high-priority military programs, acting as a key supplier to defense contractors that compete against Boeing.

The company previously set a goal to achieve $1 billion in defense revenue by 2025. In Q1 2025, the Defense & Space segment revenue saw a 4.1% increase year-over-year, though the operating loss widened to $11 million, reflecting forward losses on programs like the KC-46. The FTC's final order requires Spirit AeroSystems Holdings, Inc. to continue serving competing U.S. defense contractors on fair terms, ensuring no discrimination in favor of Boeing post-acquisition.

The financial strain in late 2025 is evident; the company reported net forward losses of $585 million in Q3 2025, driven by cost growth across both commercial and defense platforms. Still, the overall backlog provides a multi-year revenue runway. Finance: draft 13-week cash view by Friday.

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

You're looking at the core engine of Spirit AeroSystems Holdings, Inc. right now, which is all about building the biggest metal and composite pieces of commercial jets. This activity is heavily weighted toward high-volume production, but the financial results from late 2025 show the strain that comes with that pace.

Design and engineering of large, complex aerostructures

Spirit AeroSystems Holdings, Inc. operates as a major independent designer and manufacturer, not an Original Equipment Manufacturer (OEM). This means their engineering capability is central to their value proposition across multiple platforms. The company's engineering expertise covers design, analysis, testing, certification, and tooling for these large structures.

Key structural components designed and built include:

• The pylon for the Airbus A220 commercial jet, a work package that also includes systems, strut-to-wing hardware, and the aft fairing package.
• Advanced composite wings for the Airbus A220 family, including wing assembly, integration, and control surfaces.
• Central section panels (Section 15) for the Airbus A350 XWB, which are incorporated into the fuselage in Saint-Nazaire, France.
• The A350 wing front spar and fixed leading edge.
• Wing leading and trailing edge elements for all Airbus A320 family aircraft, shipped to assembly lines in Toulouse, Mobile, and Tianjin.
• The composite forward fuselage (Section 41) and engine pylons for the Boeing 787, delivered since 2007 (the 500th unit delivered in 2016).
• Forward fuselage, nacelles, and struts for the Boeing 777 and 777X.

High-rate manufacturing of fuselages, wings, and nacelles

The manufacturing activity is characterized by high-volume output for major customers, though production rates have been volatile. Spirit AeroSystems Holdings, Inc. held a backlog of approximately $52 billion at the end of the third quarter of 2025, representing work packages across all commercial platforms in the Airbus and Boeing backlogs.

The third quarter of 2025 saw revenue increase from the prior year, primarily due to higher production activity, with Boeing 737 deliveries being significantly higher year-over-year, recovering from 2024 delays. While Boeing had planned for a 737/MAX rate of 52 per month in 2025, the focus in 2025 was on stabilizing production following quality checks.

Here's a look at the primary aerostructures manufactured:

Managing a complex, global aerospace supply chain

The operational strain from managing the global supply chain is evident in the financial performance for the third quarter of 2025. The company reported total changes in estimates of $585 million in net forward losses and $14 million in unfavorable cumulative catch-up adjustments during Q3 2025. These forward losses were largely attributed to supply chain and production cost growth on programs including the Boeing 737, Boeing 787, Airbus A220, and Airbus A350. Excess capacity costs for the third quarter of 2025 were $55 million. The company's Trailing Twelve Months (TTM) revenue as of late 2025 was $6.39 Billion USD.

Aftermarket Maintenance, Repair and Overhaul (MRO) services

The Aftermarket segment is a distinct activity stream. Revenue for this segment increased in the third quarter of 2025 compared to the prior year period. This growth was driven by two factors:

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

Executing the planned divestiture of Airbus-related assets

A significant key activity as of late 2025 involves executing the planned divestiture of specific assets related to Airbus production, which is concurrent with the acquisition by The Boeing Company (enterprise value of $8.3 billion including debt assumption). The US Federal Trade Commission (FTC) approved the Boeing acquisition with conditions requiring these divestitures, which were expected to close in the third quarter of 2025.

The required divestitures include:

• Spirit's A220 pylon production line to Airbus.
• The Airbus portion of Spirit's Belfast (Northern Ireland) business to Airbus.
• Spirit operations in Kinston (North Carolina) and St Nazaire (France) to Airbus.
• Spirit operations in Morocco and Prestwick (Scotland) to Airbus.
• Spirit's Subang, Malaysia aerostructures business to Composites Technology Research Malaysia (CTRM).

Boeing is obligated to provide transitional manufacturing services to Airbus and CTRM during the transfer period to avoid supply disruption.

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

You're looking at the hard assets and capabilities that power Spirit AeroSystems Holdings, Inc. as of late 2025. These aren't just line items; they are the physical and intellectual foundation for their entire operation.

The contractual backlog, representing committed future work across all commercial platforms for both Boeing and Airbus, stood at approximately $52 billion at the close of the third quarter of 2025. This figure shows the volume of work secured for the coming years.

The company's proprietary aerostructure technology is a key differentiator, built on years of focused research and development. Here are the core innovations:

• Inflexion® technology, which allows for the construction of large, complex composite aerostructures in one continuous piece by using tooling that transforms between rigid and flexible states.
• Spirit Exact®, a suite of technologies that lets parts function as tools, which improves quality and drastically reduces the need for, and cost of, traditional tooling.
• IRIS™ (Intelligent Resin Infusion System), a proprietary process for complex integrated composite aerostructures that has the potential to reduce manufacturing costs by as much as 20 percent.

The physical footprint is massive, centered around specialized, large-scale manufacturing facilities. These sites are critical for producing major components like fuselages and wings. The primary hub remains in Wichita, Kansas, which includes Building 39K, a major space used for producing fuselages for the Boeing 737 and 767 aircraft. The company builds 70 percent of the 737.

The global manufacturing presence, as of late 2025 and considering the pending acquisition/divestitures, includes key operational sites:

The human capital is another essential resource. While the total employee count was 20,370 as of December 31, 2024, employment numbers hit 12,308 people in October 2025. To meet production goals, Spirit officials stated plans to hire 600 new employees by the end of 2025, mainly in machinist and touch labor positions. That planned hiring alone represents an estimated $52 million in annual salaries and benefits.

Finally, the intellectual property and tooling portfolio directly supports the production of major commercial aircraft. This includes design and build capabilities for fuselages, integrated wings, pylons, and nacelles for both commercial and defense customers.

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:

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:

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.

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:

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:

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:

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.