Spirit AeroSystems Holdings, Inc. designs, engineers, manufactures, and markets commercial aerostructures worldwide. It operates through three segments: Commercial, Defense & Space, and Aftermarket. The Commercial segment offers forward, mid, and rear fuselage sections and systems, struts/pylons, nacelles, and related engine structural components; and wings and wing components, including flight control surfaces, as well as other structural parts. This segment primarily serves the aircraft original equipment manufacturers (OEMs) or engine OEMs of large commercial aircraft and/or business/regional jet programs. The Defense & Space segment provides fuselage, strut, nacelle, and wing aerostructures primarily for U.S. Government defense programs, including Boeing P-8, C40, and KC-46 Tanker. This segment also engages in the fabrication, bonding, assembly, testing, tooling, processing, engineering analysis, and training on fixed wing aircraft aerostructures, missiles, and hypersonics works, such as solid rocket motor throats, nozzles, re-entry vehicle thermal protections systems, forward cockpit and cabin, and fuselage work on rotorcraft aerostructures. The Aftermarket segment offers spare parts and MRO services, repairs for flight control surfaces and nacelles, radome repairs, rotable assets, engineering services, advanced composite repairs, and other repair and overhaul services. Spirit AeroSystems Holdings, Inc. has a strategic partnership with Sierra Space to enhance access to commercial space economy of the future. The company was formerly known as Mid-Western Aircraft Systems Holdings, Inc. Spirit AeroSystems Holdings, Inc. was founded in 1927 and is headquartered in Wichita, Kansas.
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Here are 1-3 brief analogies for Spirit AeroSystems (SPR):
- Spirit AeroSystems is like Magna International for airplanes.
- Spirit AeroSystems is like Cummins for aircraft structural components.
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- Fuselage Sections: Design and manufacturing of major structural components that form the body of an aircraft, including front, mid, and rear sections.
- Wings and Wing Components: Production of complete wing assemblies and critical components such as leading edges, trailing edges, and wing spars.
- Nacelles and Pylons: Development and manufacturing of integrated engine housing (nacelles) and the structures that attach engines to the airframe (pylons).
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Spirit AeroSystems (SPR) sells primarily to other companies.
Its major customers are:
- Boeing (NYSE: BA)
- Airbus (OTC: EADSY)
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- Triumph Group (TGI)
- Howmet Aerospace (HWM)
- Hexcel Corporation (HXL)
- Korean Air (003490.KS)
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Patrick M. Shanahan, President & Chief Executive Officer
Patrick M. Shanahan was appointed President and Chief Executive Officer of Spirit AeroSystems on September 30, 2023. His career spans both commercial and military programs, including 31 years with The Boeing Company where he held positions such as Senior Vice President of Supply Chain and Operations, Senior Vice President of Commercial Airplane Programs, and Vice President and General Manager of the 787 Dreamliner. Shanahan also served as the 33rd Deputy Secretary of Defense and Acting Secretary of Defense, leading the development of key Department of Defense policies and strategies. He is also the founder of the Joint Artificial Intelligence Center in 2018. Shanahan currently serves on the boards of Leidos Holdings, Inc. and CAE Inc.
Irene Esteves, Executive Vice President, Chief Financial Officer
Irene Esteves was appointed Executive Vice President and Chief Financial Officer for Spirit AeroSystems, effective June 5, 2024, succeeding Mark Suchinski. She has extensive experience in finance and corporate strategy across multiple industries. Esteves previously served as Executive Vice President and Chief Financial Officer of Time Warner Cable Inc., XL Group plc, and Regions Financial Corporation. She has been a member of the Spirit AeroSystems Board of Directors since May 2015 and also serves on the boards of Roper Technologies, Inc. and KKR Real Estate Finance Investment Trust.
Dr. Sean Black, Senior Vice President Engineering and R&T, Chief Technology Officer
Dr. Sean Black holds the position of Senior Vice President, Engineering and Research & Technology, and Chief Technology Officer at Spirit AeroSystems. Prior to this role, he served as the Vice President and Chief Engineer for Research & Technology.
Scott McLarty, Senior Vice President, Airbus & Regional/Business Jets Programs
Scott McLarty is the Senior Vice President of Airbus and Regional/Business Jets Programs at Spirit AeroSystems. He joined Spirit in April 2006 as part of the acquisition of the UK BAE Systems' Aerostructures business unit. Throughout his 26-plus year career in the aerospace industry, McLarty has held various leadership roles in Operations, Project Management, Business Improvement, Supply Chain, and Human Resources, working on programs for Boeing, Airbus, Hawker, Business Jets, and Jetstream aircraft. He previously held positions as Director of Business Planning & Support and Business Improvement Director at BAE Systems.
Justin Welner, Senior Vice President, Chief Administration & Compliance Officer
Justin Welner serves as the Senior Vice President, Chief Administration & Compliance Officer at Spirit AeroSystems.
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Spirit AeroSystems (SPR) operates primarily in three business segments: Commercial, Defense & Space, and Aftermarket. The addressable market sizes for their main products and services are as follows:
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Commercial Aircraft Aerostructures: The global commercial aircraft aerostructures market size is estimated at USD 60.84 billion in 2025. This market is projected to grow to USD 81.56 billion by 2030, at a compound annual growth rate (CAGR) of 6.04% from 2025 to 2030.
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Defense & Space Aerostructures: null
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Business & Regional Jet Aerostructures: null
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Aftermarket Services (Aircraft Maintenance, Repair, and Overhaul - MRO): The global market size for aircraft maintenance, repair, and overhauling services is projected to expand from USD 85.13 billion in 2024 to USD 91.03 billion in 2025, with a CAGR of 6.9%. The market is predicted to reach USD 120.23 billion by 2029.
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Spirit AeroSystems (SPR) is expected to experience future revenue growth over the next 2-3 years driven by several key factors:
- Increased Production Rates for Commercial Aircraft Programs: A primary driver of revenue growth for Spirit AeroSystems is the anticipated increase in production activity across its major commercial aircraft programs with both Boeing and Airbus. The company reported higher production in Q3 2025 and Q2 2025, citing a significant rebound in Boeing 737 deliveries, which were delayed in 2024 due to a joint product verification process. This positive trend is further supported by Spirit's substantial backlog, which stood at approximately $52 billion at the end of the third quarter of 2025, encompassing work packages on all commercial platforms in the Airbus and Boeing backlog. The company's revenue is forecast to climb 14.2% per year, exceeding the US market's expected 10.4% pace.
- Growth in Defense & Space Programs: The Defense & Space segment is another significant contributor to Spirit AeroSystems' future revenue growth. This segment has consistently shown increased revenue due to higher activity on development and classified programs, as well as specific platforms such as the Sikorsky CH-53K, Boeing P-8, and FLARA programs.
- Expansion of Aftermarket Services: Spirit AeroSystems is seeing growth in its aftermarket segment, with increased revenue primarily driven by higher spare part sales and an uptick in maintenance, repair, and overhaul (MRO) activity. This indicates a growing demand for Spirit's support services post-delivery.
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Share Repurchases
- Spirit AeroSystems' share repurchases have been minimal, with quarterly amounts generally in the hundreds of thousands or low millions of dollars from 2020 to 2025.
- As of October 2, 2025, share repurchases are on hold due to restrictions from a credit agreement.
- Approximately $925.0 million remains authorized under the current share repurchase program as of October 2025.
Share Issuance
- In the fourth quarter of 2024, Spirit AeroSystems reported $220.7 million in proceeds from the issuance of common stock, net.
Inbound Investments
- Boeing entered into a definitive agreement in July 2024 to acquire Spirit AeroSystems in an all-stock transaction valued at approximately $4.7 billion in equity value and $8.3 billion in enterprise value (including debt), with the closing anticipated in mid-2025.
- Boeing provided Spirit AeroSystems with $425 million in advance payments in April 2024 to address inventory, contract asset levels, and operational cash flow.
Outbound Investments
- In October 2020, Spirit acquired Bombardier Aviation's aerostructures activities and aftermarket services operations in Belfast and Casablanca.
- In April 2025, Spirit announced a definitive agreement with Airbus to transfer ownership of certain assets and sites involved in Airbus aerostructure production directly to Airbus, including cash payments totaling $580.9 million to Spirit.
- Spirit announced a purchase agreement in August 2025 to sell its facility and businesses in Subang, Malaysia, to Composites Technology Research Malaysia Sdn Bhd (CTRM) for $95.2 million.
Capital Expenditures
- Spirit AeroSystems reported capital expenditures of -$193.3 million as of July 3, 2025.
- The company announced a $100 million investment in its Oklahoma City plant in August 2025 to enhance digital infrastructure and automation capabilities.
- Spirit expects significant capital investments and hiring in facilities like Belfast, particularly in the latter half of 2024 and into 2025, due to anticipated rate increases on A350 and A220 programs.
