Spirit Aviation Holdings, Inc.
ir.spirit.comWhat Do They Do?
Carries leisure travelers on low-fare flights, selling air travel and optional services such as bags and seat selections.
10-K for FY2025, filed Mar 16, 2026Spirit Aviation Holdings, Inc. ("Spirit") and its consolidated subsidiaries (together with Spirit, the "Company"), headquartered in Dania…View ↗
The majority of our tickets are sold through direct channels, including online via www.spirit.com, our call center and our airport ticket…View ↗
We believe our Guests are primarily leisure travelers who make their purchase decision based largely on value. By maintaining a low-cost…View ↗
Operating revenues are comprised of passenger revenues and other revenues. Passenger revenues are primarily comprised of fares and related…View ↗
How Do They Make Money?
Passengers pay fares and fees for bags, seats and other travel-related extras; the company receives this money when the flight departs. It also earns money from selling loyalty points and commissions on hotels and rental cars.
10-K for FY2025, filed Mar 16, 2026
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10-K for FY2025, filed Mar 16, 2026
FY2024 revenue by product or service ↗
$4.9B
-
10-K for FY2025, filed Mar 16, 2026
$4.9B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Passenger
Sold outright
10-K for FY2025, filed Mar 16, 2026 |
98%
FY2021: 98%
|
Passenger, FY2024
$4.8B Sources
|
Sold outright |
|
Other
|
2.1%
FY2021: 1.7%
|
Other, FY2024
$101.7M Sources
|
Who Are Their Customers?
Leisure travelers who focus on value buy tickets mostly through Spirit’s website, call center and airport counters; travel agents and booking systems also sell tickets.
10-K for FY2025, filed Mar 16, 2026
How Are They Changing?
-
May 4, 2026
Spirit began an orderly wind-down and cancelled all flights.
The company said it lacked additional funding and would stop operating flights.
Sources
8-K, filed May 4, 2026
All Flights Have Been CancelledView ↗
Growing. Revenue grew 2.7x in 4 years, from $1.8B in FY2020 to $4.9B in FY2024, about 28% a year.
Broader travel options
The earlier report describes unbundled base fares with optional extras. The latest report describes branded travel options, extra-legroom seating, and bundled benefits such as bags, food and drink discounts, and priority boarding.
10-K for FY2022, filed Feb 6, 2023 10-K for FY2025, filed Mar 16, 2026Our ultra low-cost carrier, or ULCC, business model allows us to compete principally by offering customers unbundled base fares that remove…View ↗
During the second quarter of 2025, we announced updates to our Free Spirit® Loyalty Program and onboard experience. These updates are part…View ↗
Updates to our Premium Economy (formerly Go Comfy) product included the following:View ↗
introduction of more than 40 extra-legroom seats with 32-inch pitch across 7 rows (blocked middle seats will be phased out as aircraft are…View ↗
Broader customer focus
The earlier report focuses on value-conscious travelers and price-sensitive customers. The latest report says the brand is being repositioned from budget travelers toward value-seeking customers.
10-K for FY2022, filed Feb 6, 2023 10-K for FY2025, filed Mar 16, 2026We are focused on value-conscious travelers who pay for their own travel, and our business model is designed to deliver what our guests…View ↗
redesigned our network, exiting over 200 underperforming markets and reallocated capacity into areas of strength reduced our operating…View ↗
Who Do They Compete With?
Competes with Southwest Airlines, Frontier Airlines, American Airlines, and Delta Air Lines
10-K for FY2025, filed Mar 16, 2026The airline industry is highly competitive. As of December 31, 2025, our top four largest network overlaps, as measured by overlapping…View ↗
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