Spirit Aviation Holdings, Inc. (FLYY) - Dilution Analysis

Visualizing historical and potential share dilution over time

Dilution Analysis

Medium Risk
Moderate dilution risk
Last updated: March 16, 2026

Risk Assessment Details

Potential Dilution: 8.96% of current shares
Recent Dilution: 14.54% (2 years)
Historical Dilution Factor: moderate recent dilution
Outstanding Shares
28M
Potential Supply
2.5M
Additional shares possible
Splits
None
Past 2 years

Summary

FLYY currently has 28.3M outstanding shares. with limited dilution risk as only 2.54M additional shares (9.0%) are authorized for issuance. The company has diluted shareholders by 14.54% over the past 2 years through share issuances.

Share Structure Timeline

Outstanding Shares
Total Supply

Historical Data Points

Date Event Outstanding Supply
Mar 16, 2026

10-K filing | 28.3M shares outstanding

28M 2.5M
Nov 10, 2025

10-Q filing | 27.0M shares outstanding

27M 3.8M
Aug 11, 2025

10-Q filing | 25.9M shares outstanding

26M 5M
Jul 16, 2025

S-1 filing: This prospectus relates to the offer and sale, from time to time, by the selling stockholders of up to 6,283,197 shares of our common stock.

26M 5M
May 30, 2025

10-Q filing | 24.6M shares outstanding

25M 0
Mar 03, 2025

10-K filing | 109.5M shares outstanding

110M 0
Nov 25, 2024

10-Q filing | 109.5M shares outstanding

110M 0
Aug 01, 2024

10-Q filing | 109.5M shares outstanding

110M 0
May 06, 2024

10-Q filing | 109.4M shares outstanding

110M 0
Feb 22, 2024

8-K filing: Spirit Airlines adjusted the exercise prices and warrant shares of its PSP1, PSP2, and PSP3 Warrants due to JetBlue's prepayment of merger consideration, and also adjusted the conversion rates of its 4.75% Convertible Senior Notes due 2025 and 1.00% Convertible Senior Notes due 2026.

110M 0
Feb 09, 2024

10-K filing | 109.2M shares outstanding

110M 0
Jan 24, 2024

8-K filing: Spirit Airlines adjusted the exercise prices and warrant shares of its PSP1, PSP2, and PSP3 warrants due to JetBlue's upcoming cash payment to Spirit's stockholders, and also adjusted the conversion rates of its 4.75% Convertible Senior Notes due 2025 and 1.00% Convertible Senior Notes due 2026.

110M 0
Dec 21, 2023

8-K filing: Spirit Airlines adjusted the exercise prices and warrant shares of its warrants due to JetBlue's upcoming cash payment to Spirit's stockholders as a prepayment of merger consideration; the conversion rates of its 4.75% Convertible Senior Notes due 2025 and 1.00% Convertible Senior Notes due 2026 were also adjusted.

110M 0
Nov 22, 2023

8-K filing: Spirit Airlines adjusts the exercise prices and warrant shares of its PSP1, PSP2, and PSP3 warrants due to a prepayment of merger consideration by JetBlue. Adjustments were also made to the conversion rates of its 4.75% Convertible Senior Notes due 2025 and 1.00% Convertible Senior Notes due 2026.

110M 0
Oct 26, 2023

10-Q filing | 109.2M shares outstanding

110M 0
Oct 24, 2023

8-K filing: Spirit Airlines announced adjustments to the exercise prices and warrant shares of its warrants with the United States Department of the Treasury due to JetBlue's prepayment of merger consideration, and adjustments to the conversion rates of its 4.75% Convertible Senior Notes due 2025 and 1.00% Convertible Senior Notes due 2026.

110M 0
Sep 22, 2023

8-K filing: Spirit Airlines announced adjustments to the exercise prices and warrant shares of its warrants with the United States Department of the Treasury and adjustments to the conversion rates of its 4.75% Convertible Senior Notes due 2025 and 1.00% Convertible Senior Notes due 2026 due to an upcoming cash payment to Spirit's stockholders as a prepayment of merger consideration from JetBlue Airways Corporation.

110M 0
Aug 24, 2023

8-K filing: Spirit Airlines announced adjustments to the exercise prices and warrant shares of its warrants with the United States Department of the Treasury and adjustments to the conversion rates of its 4.75% Convertible Senior Notes due 2025 and 1.00% Convertible Senior Notes due 2026 due to JetBlue's prepayment of merger consideration.

110M 0
Aug 03, 2023

10-Q filing | 109.2M shares outstanding

110M 0
Jul 24, 2023

8-K filing: Spirit Airlines announced adjustments to the exercise prices and warrant shares of its warrants, and adjustments to the conversion rates of its 4.75% Convertible Senior Notes due 2025 and 1.00% Convertible Senior Notes due 2026 due to JetBlue's prepayment of merger consideration.

110M 0
Jun 23, 2023

8-K filing: Spirit Airlines adjusts warrant exercise prices and warrant shares for PSP1, PSP2, and PSP3 warrants, and conversion rates for 2025 and 2026 convertible notes, due to JetBlue's upcoming cash payment to Spirit stockholders.

110M 0
May 23, 2023

8-K filing: Spirit Airlines adjusted the exercise prices and warrant shares of its PSP1, PSP2, and PSP3 warrants due to a cash payment by JetBlue to Spirit's stockholders. Additionally, the conversion rates of the 2025 and 2026 Convertible Senior Notes were adjusted.

110M 0
Apr 26, 2023

10-Q filing | 109.1M shares outstanding

110M 0
Apr 21, 2023

8-K filing: Spirit Airlines announced adjustments to the exercise prices and warrant shares of its warrants with the United States Department of the Treasury due to JetBlue's upcoming cash payment to Spirit's stockholders. Additionally, Spirit announced an adjustment to the conversion rates of its 4.75% Convertible Senior Notes due 2025 and 1.00% Convertible Senior Notes due 2026.

110M 0
Mar 27, 2023

8-K filing: Spirit Airlines adjusted the exercise prices and warrant shares of its warrants and the conversion rates of its convertible senior notes due to a cash payment to stockholders as a prepayment of merger consideration from JetBlue.

110M 0
Feb 21, 2023

8-K filing: Spirit Airlines, Inc. announced adjustments to the exercise prices and warrant shares of its warrants and the conversion rates of its convertible senior notes due to prepayment of merger consideration by JetBlue Airways Corporation.

110M 0
Feb 06, 2023

10-K filing | 108.8M shares outstanding

110M 0
Nov 10, 2022

8-K filing: Spirit Airlines, Inc. announced the pricing of a private offering of $600 million in principal amount of 8.00% senior secured notes due 2025 by its subsidiaries, Spirit IP Cayman Ltd. and Spirit Loyalty Cayman Ltd., with the offering expected to close on November 17, 2022. ($591.0M proceeds)

110M 0
Oct 26, 2022

10-Q filing | 108.9M shares outstanding

110M 0
Aug 09, 2022

10-Q filing | 108.7M shares outstanding

110M 0
May 04, 2022

10-Q filing | 108.6M shares outstanding

110M 0
Feb 08, 2022

10-K filing | 105.0M shares outstanding

110M 0
Oct 27, 2021

10-Q filing | 108.4M shares outstanding

110M 0
Jul 28, 2021

10-Q filing | 105.3M shares outstanding

110M 0
Apr 21, 2021

10-Q filing | 97.8M shares outstanding

98M 0
Feb 10, 2021

10-K filing | 97.8M shares outstanding

98M 0
Oct 28, 2020

10-Q filing | 92.7M shares outstanding

93M 0
Sep 17, 2020

8-K filing: Spirit Airlines, Inc. completed an at-the-market distribution (ATM program) of shares of its common stock, issuing an aggregate of 9,000,000 shares. Following completion of the ATM program, approximately 97.7 million Shares are issued and outstanding.

98M 0
Jul 22, 2020

10-Q filing | 88.7M shares outstanding

89M 0
May 06, 2020

10-Q filing | 68.5M shares outstanding

69M 0
Apr 23, 2020

8-K filing: Spirit Airlines issued warrants to purchase 143,541 shares of common stock to the United States Department of the Treasury as part of the Payroll Support Program in exchange for $167.4 million, with the warrants having a strike price of $14.08 per share. ($167.4M proceeds)

68M 0
Feb 05, 2020

10-K filing | 68.4M shares outstanding

68M 0
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