Frontier Group Holdings, Inc. (ULCC) Financial Statements
Industry: Air Transportation, Scheduled
In fiscal 2025, Frontier reported revenue of $3.72B, down 1.4% from $3.77B the year before. Net income was -$137.0M (a -3.7% net margin), or -$0.60 per diluted share. Gross margin was -4.0% and operating margin was -4.0%. Operating activities generated -$525.0M of cash, leaving -$600.0M of free cash flow. At fiscal year end, Frontier held $7.22B in total assets against $6.73B in total liabilities, including $671.0M of cash and equivalents.
Open the full interactive Frontier financials → Quarterly statements, key ratios, valuation history and price charts.
Frontier Key Stats
| Share Price | $5.58 |
|---|---|
| Market Cap | $1.28B |
| Revenue YoY Growth | -1.4% |
| 52-Week Range | $3.10 – $8.06 |
| Shares Outstanding | 230.0 million (basic, 2026 Q2) |
Frontier Income Statement
| FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|
| Revenue | $2.06B | $3.33B | $3.59B | $3.77B | $3.72B |
| Cost of Goods Sold | $2.18B | $3.37B | $3.59B | $3.72B | $3.87B |
| Gross Profit | -$117.0M | -$45.0M | -$3.0M | $58.0M | -$149.0M |
| Operating Income | -$117.0M | -$45.0M | -$3.0M | $58.0M | -$149.0M |
| Pre-Tax Income | -$144.0M | -$45.0M | $32.0M | $86.0M | -$134.0M |
| Income Tax | -$42.0M | -$8.0M | $43.0M | $1.0M | $3.0M |
| Net Income | -$102.0M | -$37.0M | -$11.0M | $85.0M | -$137.0M |
| Diluted EPS | -$0.48 | -$0.17 | -$0.05 | $0.37 | -$0.60 |
Frontier Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $886.0M | $997.0M | $992.0M | $1.28B |
| Net Income | -$77.0M | $53.0M | -$272.0M | -$90.0M |
| Diluted EPS | -$0.34 | $0.23 | -$1.18 | -$0.39 |
Frontier Balance Sheet
| FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|
| Cash & Equivalents | $918.0M | $761.0M | $609.0M | $740.0M | $671.0M |
| Current Assets | $1.04B | $1.02B | $871.0M | $990.0M | $958.0M |
| Total Assets | $4.24B | $4.50B | $4.99B | $6.15B | $7.22B |
| Current Liabilities | $1.33B | $1.55B | $1.66B | $1.85B | $2.10B |
| Total Long-Term Debt | $414.0M | $429.0M | $470.0M | $502.0M | $614.0M |
| Total Liabilities | $3.71B | $3.99B | $4.49B | $5.55B | $6.73B |
| Shareholders' Equity | $530.0M | $509.0M | $507.0M | $604.0M | $491.0M |
Frontier Cash Flow Statement
| FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|
| Cash From Operations | $216.0M | -$78.0M | -$261.0M | -$82.0M | -$525.0M |
| Cash From Investing | -$67.0M | -$154.0M | -$90.0M | -$75.0M | -$99.0M |
| Cash From Financing | $391.0M | $75.0M | $199.0M | $288.0M | $555.0M |
| Free Cash Flow | $189.0M | -$119.0M | -$312.0M | -$158.0M | -$600.0M |
| Dividends Paid | $0 | — | — | — | — |
Figures from Frontier's 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Frontier financials page for every line item.
Frontier Company Profile
| Ticker | ULCC |
|---|---|
| Exchange | Nasdaq |
| Industry | Air Transportation, Scheduled |
| Headquarters | Denver, Colorado |
| Incorporated in | Delaware |
| Fiscal Year End | December 31 |
| SEC Filer Category | Accelerated filer |
| SEC CIK | 0001670076 |
Frequently Asked Questions
What was Frontier's revenue in fiscal 2025?
Frontier (ULCC) reported revenue of $3.72B for fiscal 2025.
What is Frontier's annual revenue history?
Frontier's annual revenue by fiscal year: 2021: $2.06B; 2022: $3.33B; 2023: $3.59B; 2024: $3.77B; 2025: $3.72B.
What was Frontier's net income in fiscal 2025?
Frontier reported net income of -$137.0M for fiscal 2025.
What was Frontier's earnings per share (EPS) in fiscal 2025?
Frontier's diluted EPS was -$0.60 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did Frontier generate in fiscal 2025?
Frontier generated -$600.0M of free cash flow in fiscal 2025.
What was Frontier's revenue last quarter?
In its most recent reported quarter (2026 Q2), Frontier reported revenue of $1.28B.
How much debt does Frontier have?
Frontier reported $614.0M of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of Frontier are outstanding?
Frontier reported a weighted average of 230.0 million basic shares outstanding in 2026 Q2.
What is Frontier's market cap?
Based on its latest closing price, Frontier (ULCC) has a market capitalization of about $1.28B.
When does Frontier's fiscal year end?
Frontier's fiscal year end, as registered with the SEC, is December 31.
Where is Frontier headquartered?
Frontier lists its business address in Denver, Colorado in its SEC filings.