Frontier Group Holdings, Inc. ULCC

Industrials SIC 4512 - Air Transportation, Scheduled NAICS Transportation and Warehousing › Air Transportation › Scheduled Air Transportation derived Nasdaq

Frontier Group Holdings, Inc. is the parent company of Frontier Airlines, Inc. ("Frontier" or "the Company"), an ultra low-cost carrier. We are headquartered in Denver, Colorado and offer flights throughout the United States and to select near international destinations in the Americas. As of December 31, 2025, we had a fleet of 176 Airbus single-aisle aircraft, consisting of 6 A320ceos, 89 A320neos, 21 A321ceos and 60 A321neos. Our unique strategy is underpinned by our low-cost structure and superior low-fare brand.

Our business model is based on our unique ULCC strategy and customer offerings. While our strategy is similar to the business models utilized by other ULCCs, including with respect to low-cost structure, low fares and flexible optional services, we believe our strategy differentiates us from other ULCCs as a result of our focus on delivering a family-friendly customer experience with a more upscale look and feel than traditionally experienced on ULCCs globally. From the perspective of our customers, our business model provides a product offering that combines low-cost fares with dependable customer service, a customer-friendly digital platform, a modern fleet, comfortable cabin seating, a rewarding frequent flyer program, flexible optional and bundled services, and operational integrity. Additionally, our A320neo family fleet, along with our use of high-density seating configuration and weight-saving initiatives, have contributed to Frontier having the most fuel-efficient fleet of all major U.S. carriers when measured by available seat miles ("ASMs") per fuel gallon consumed during the year ended December 31, 2025, which helps us maintain our low-cost structure.

Last close 4.94 2026-10-23
Market cap $1.14B 2026-03-31 share count
52-week range 3.02 - 8.40

Valuation FY2025 figures against the last close

P/S0.3x
P/E—
P/FCF—
EV/EBITDA—
Dividend yield—
Diluted EPS-0.60

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Revenue $3.72B$3.77B$3.59B$3.33B$2.06B$1.25B$2.51B—
Total operating expenses $3.87B$3.72B$3.59B$3.37B$2.18B$1.61B$2.20B—
Operating income -$149.0M$58.0M-$3.0M-$45.0M-$117.0M-$365.0M$309.0M—
Interest expense $46.0M$36.0M$29.0M$21.0M————
Pre-tax income -$134.0M$86.0M$32.0M-$45.0M-$144.0M-$372.0M$325.0M—
Income tax $3.0M$1.0M$43.0M$8.0M$42.0M$147.0M$74.0M—
Net income -$137.0M$85.0M-$11.0M-$37.0M-$102.0M-$225.0M$251.0M—
EPS, basic -0.600.37-0.05-0.17-0.48-1.131.19—
EPS, diluted -0.600.37-0.05-0.17-0.48-1.131.19—
Shares, diluted (wtd. avg.) 227.8M226.5M220.1M217.6M211.4M199.3M199.6M—

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Cash and equivalents $671.0M$740.0M$609.0M$761.0M$918.0M$378.0M$768.0M$698.0M
Receivables $85.0M$73.0M$93.0M$90.0M$50.0M$28.0M——
Total current assets $958.0M$990.0M$871.0M$1.02B$1.04B$650.0M——
Property, plant and equipment $510.0M$376.0M$309.0M$226.0M$186.0M$176.0M——
Other intangibles $27.0M$27.0M$28.0M$28.0M$29.0M$29.0M——
Total assets $7.22B$6.15B$4.99B$4.50B$4.24B$3.55B——
Accounts payable $130.0M$115.0M$134.0M$89.0M$86.0M$71.0M——
Short-term debt $301.0M$261.0M$251.0M$157.0M$127.0M$101.0M——
Total current liabilities $2.10B$1.85B$1.66B$1.55B$1.33B$1.00B——
Long-term debt $313.0M$241.0M$219.0M$272.0M$287.0M$247.0M——
Total liabilities $6.73B$5.55B$4.49B$3.99B$3.71B$3.24B——
Retained earnings $59.0M$196.0M$111.0M$122.0M$159.0M$261.0M——
Total equity $491.0M$604.0M$507.0M$509.0M$530.0M$310.0M$542.0M$280.0M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Operating cash flow -$525.0M-$82.0M-$261.0M-$78.0M$216.0M-$557.0M$171.0M—
Stock-based compensation $21.0M$16.0M$14.0M$15.0M$11.0M$8.0M$8.0M—
Capital expenditure $75.0M$76.0M$51.0M$41.0M$27.0M$16.0M$45.0M—
Investing cash flow -$99.0M-$75.0M-$90.0M-$154.0M-$67.0M$11.0M-$62.0M—
Financing cash flow $555.0M$288.0M$199.0M$75.0M$391.0M$156.0M-$39.0M—
Dividends paid —$0$1.0M$1.0M$0$0$159.0M—

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001670076-26-000020.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -1B 0 1B 2B 3B 4B Revenue, FY2019: 2.5B Net income, FY2019: 251M Revenue, FY2020: 1.2B Net income, FY2020: -225M Revenue, FY2021: 2.1B Net income, FY2021: -102M Revenue, FY2022: 3.3B Net income, FY2022: -37M Revenue, FY2023: 3.6B Net income, FY2023: -11M Revenue, FY2024: 3.8B Net income, FY2024: 85M Revenue, FY2025: 3.7B Net income, FY2025: -137M FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue — $2.51B $1.25B $2.06B $3.33B $3.59B $3.77B $3.72B
Gross profit — — — — — — — —
Net income — $251.0M -$225.0M -$102.0M -$37.0M -$11.0M $85.0M -$137.0M

Recent filings and events

  • Restructuring or exit costs A restructuring: layoffs, a plant closure, a business being wound down. Item 2.05
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Material agreement signed Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Officer or director change Item 5.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Material agreement signed Item 1.01
  • Restructuring or exit costs Item 2.05

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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