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Financials · ULCC

Frontier Group Holdings Inc. (ULCC) financials

For the twelve months ended Sep 30, 2026, Frontier Group Holdings Inc. reported $4.62B of revenue and -$413.00M of net income.

Revenue, TTM
$4.62B
Revenue growth, YoY
+24.0%
Net income, TTM
-$413.00M
Net margin
-8.9%
Free cash flow, TTM
$2.00M
EPS, diluted, TTM
-$1.78
Cash
$976.00M
Total debt
$482.00M
P/S
0.37
Market cap
$1.71B
Annual revenue$3.72B
FY2019FY2025
Annual net income-$137.00M
FY2019FY2025
Annual free cash flow-$600.00M
FY2019FY2025

ULCC revenue and earnings growth

ULCC revenueQ3 2026$1.35B

Quarter YoY
+52.9%
QoQ
+5.9%
FY YoY
-1.4%
5Y CAGR
+24.4%

ULCC revenue was $1.35B in fiscal Q3 2026 (ended Sep 30, 2026), up 52.9% from a year earlier and up 5.9% from the prior quarter. For the full fiscal 2025 it was $3.72B, down 1.4% from fiscal 2024. Compound annual growth was +24.4% over 5 years. It rose in 4 of the last 6 fiscal years.

ULCC net incomeQ3 2026-$104.00M

ULCC net income was -$104.00M in fiscal Q3 2026 (ended Sep 30, 2026), compared with -$77.00M a year earlier. For the full fiscal 2025 it was -$137.00M, compared with $85.00M in fiscal 2024.

ULCC EPSQ3 2026-$0.45

ULCC diluted EPS was -$0.45 in fiscal Q3 2026 (ended Sep 30, 2026), compared with -$0.34 a year earlier. For the full fiscal 2025 it was -$0.60, compared with $0.37 in fiscal 2024.

ULCC free cash flowQ3 2026-$51.00M

ULCC free cash flow was -$51.00M in fiscal Q3 2026 (ended Sep 30, 2026), compared with -$217.00M a year earlier. For the full fiscal 2025 it was -$600.00M, compared with -$158.00M in fiscal 2024.

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Income statement

Income statement
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
Revenue$3.72B$3.77B$3.59B$3.33B$2.06B$1.25B$2.51B
Operating income-$149.00M$58.00M-$3.00M-$45.00M-$117.00M-$365.00M$309.00M
Interest expense$46.00M$36.00M$29.00M$21.00M---
Pre-tax income-$134.00M$86.00M$32.00M-$45.00M-$144.00M-$372.00M$325.00M
Income tax$3.00M$1.00M$43.00M-$8.00M-$42.00M-$147.00M$74.00M
Net income-$137.00M$85.00M-$11.00M-$37.00M-$102.00M-$225.00M$251.00M
EPS, basic-$0.60$0.37-$0.05-$0.17-$0.48-$1.13$1.19
EPS, diluted-$0.60$0.37-$0.05-$0.17-$0.48-$1.13$1.19
Diluted shares227.8M226.5M220.1M217.6M211.4M199.3M199.6M

Balance sheet

Balance sheet
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
Cash and equivalents$671.00M$740.00M$609.00M$761.00M$918.00M$378.00M$768.00M
Receivables$85.00M$73.00M$93.00M$90.00M$50.00M$28.00M-
Current assets$958.00M$990.00M$871.00M$1.02B$1.04B$650.00M-
Total assets$7.22B$6.15B$4.99B$4.50B$4.24B$3.55B-
Current liabilities$2.10B$1.85B$1.66B$1.55B$1.33B$1.00B-
Short-term debt$301.00M$261.00M$251.00M$157.00M$127.00M$101.00M-
Long-term debt$313.00M$241.00M$219.00M$272.00M$287.00M$247.00M-
Total debt$614.00M$502.00M$470.00M$429.00M$414.00M$348.00M-
Total liabilities$6.73B$5.55B$4.49B$3.99B$3.71B$3.24B-
Shareholders' equity$491.00M$604.00M$507.00M$509.00M$530.00M$310.00M$542.00M

Cash flow

Cash flow
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
Operating cash flow-$525.00M-$82.00M-$261.00M-$78.00M$216.00M-$557.00M$171.00M
Capital expenditures$75.00M$76.00M$51.00M$41.00M$27.00M$16.00M$45.00M
Free cash flow-$600.00M-$158.00M-$312.00M-$119.00M$189.00M-$573.00M$126.00M
Investing cash flow-$99.00M-$75.00M-$90.00M-$154.00M-$67.00M$11.00M-$62.00M
Financing cash flow$555.00M$288.00M$199.00M$75.00M$391.00M$156.00M-$39.00M
Dividends paid-$0$1.00M$1.00M$0$0$159.00M
Stock-based compensation$21.00M$16.00M$14.00M$15.00M$11.00M$8.00M$8.00M
Depreciation and amortization$91.00M$72.00M$50.00M$45.00M$38.00M$33.00M$46.00M

Key ratios

Key ratios
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
Revenue growth, YoY-1.4%5.2%7.9%61.5%64.8%-50.2%-
Operating margin-4.0%1.5%-0.1%-1.4%-5.7%-29.2%12.3%
Net margin-3.7%2.3%-0.3%-1.1%-5.0%-18.0%10.0%
Free cash flow margin-16.1%-4.2%-8.7%-3.6%9.2%-45.8%5.0%
Return on equity-27.9%14.1%-2.2%-7.3%-19.2%-72.6%46.3%
Return on assets-1.9%1.4%-0.2%-0.8%-2.4%-6.3%-
Current ratio0.460.530.530.660.780.65-
Debt to equity1.250.830.930.840.781.12-

Source: XBRL data Frontier Group Holdings Inc. files with the SEC, latest filing dated Oct 28, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.

Per-share figures are as filed. The filings show no stock split in these periods.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

ULCC peers

CompanyRevenueGrowthNet incomeNet marginMarket cap
ULCC$4.62B+24.0%-$413.00M-8.9%$1.71B
UAL$65.55B+12.3%$3.58B5.5%$36.63B
LUV$31.55B+14.5%$1.05B3.3%$21.76B
ALGT$3.29B+27.8%$54.38M1.7%$2.51B
JBLU$9.99B+9.9%-$1.00B-10.0%$1.38B

ULCC FAQ

8 questions
  • What is ULCC revenue?
    Frontier Group Holdings Inc. (ULCC) reported $4.62B of revenue for the twelve months ended Sep 30, 2026. That is up 24.0% from the year before. Revenue for fiscal 2025 was $3.72B.
  • Is ULCC profitable?
    No. Frontier Group Holdings Inc. reported a net loss of $413.00M for the twelve months ended Sep 30, 2026.
  • How much cash and debt does ULCC have?
    Frontier Group Holdings Inc. reported $976.00M in cash and cash equivalents and $482.00M of debt on its most recent balance sheet in SEC filings.
  • How fast is ULCC revenue growing?
    Frontier Group Holdings Inc.'s revenue changed -1.4% in fiscal 2025, to $3.72B. Its compound annual growth rate was +24.4% over 5 years.
  • What is ULCC free cash flow?
    Frontier Group Holdings Inc. generated $2.00M of free cash flow for the twelve months ended Sep 30, 2026, which is operating cash flow of $59.00M less capital expenditures.
  • What is ULCC earnings per share?
    Diluted earnings per share were -$1.78 for the twelve months ended Sep 30, 2026, from SEC filings, restated for any stock split those filings show.
  • When did ULCC last report financial results?
    The latest statements here come from Frontier Group Holdings Inc.'s 10-Q filed on Oct 28, 2026, covering the period ended Sep 30, 2026.
  • Where does this ULCC financial data come from?
    Quantisnow builds these statements from the structured XBRL data Frontier Group Holdings Inc. files with the SEC. It is provided for information only and is not investment advice.