Frontier Group Holdings, Inc.
ULCC Nasdaq Air Transportation, Scheduled Financials FY2019–FY2025
Revenue
Total sales reported in the income statement.
$3.7B
1.4%
vs prior year
Operating margin
Operating income as a share of revenue.
−4.0%
5.5 pts
Net income
Profit after all expenses, interest and tax.
−$137M
261.2%
Free cash flow
Cash from operations minus capital spending.
−$600M
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
−26.8%
42.2 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On −$1.59 EPS (TTM)
What Frontier Group Holdings, Inc. does
No business description yet.
- Legal name
- Frontier Group Holdings, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 18, 2026
- Accession · CIK
- 0001670076-26-000020
0001670076
Revenue and margins
Frontier Group Holdings, Inc. had $3.7B of revenue in fiscal 2025, down 1.4% on the year before.
FY19
Revenue $2.5B
FY20
Revenue $1.3B
FY21
Revenue $2.1B
FY22
Revenue $3.3B
FY23
Revenue $3.6B
FY24
Revenue $3.8B
FY25
Revenue $3.7B
Q2 '23
Revenue $967M
Q3 '23
Revenue $883M
Q4 '23
Revenue $891M
Q1 '24
Revenue $865M
Q2 '24
Revenue $973M
Q3 '24
Revenue $935M
Q4 '24
Revenue $1.0B
Q1 '25
Revenue $912M
Q2 '25
Revenue $929M
Q3 '25
Revenue $886M
Q4 '25
Revenue $997M
Q1 '26
Revenue $992M
FY19
Gross —
Operating 12.3%
Net 10.0%
FCF 5.0%
FY20
Gross —
Operating −29.2%
Net −18.0%
FCF −45.8%
FY21
Gross —
Operating −5.7%
Net −5.0%
FCF 9.2%
FY22
Gross —
Operating −1.4%
Net −1.1%
FCF −3.6%
FY23
Gross —
Operating −0.1%
Net −0.3%
FCF −8.7%
FY24
Gross —
Operating 1.5%
Net 2.3%
FCF −4.2%
FY25
Gross —
Operating −4.0%
Net −3.7%
FCF −16.1%
Gross
Operating
Net
FCF
Q2 '23
Gross —
Operating 8.2%
Net 7.3%
FCF −2.2%
Q3 '23
Gross —
Operating −6.1%
Net −3.6%
FCF −21.2%
Q4 '23
Gross —
Operating −0.3%
Net −4.2%
FCF −7.6%
Q1 '24
Gross —
Operating −3.6%
Net −3.0%
FCF −4.5%
Q2 '24
Gross —
Operating 2.6%
Net 3.2%
FCF −2.3%
Q3 '24
Gross —
Operating 2.0%
Net 2.8%
FCF −18.2%
Q4 '24
Gross —
Operating 4.5%
Net 5.4%
FCF 7.3%
Q1 '25
Gross —
Operating −5.0%
Net −4.7%
FCF −11.4%
Q2 '25
Gross —
Operating −8.1%
Net −7.5%
FCF −17.9%
Q3 '25
Gross —
Operating −8.7%
Net −8.7%
FCF −24.5%
Q4 '25
Gross —
Operating 4.9%
Net 5.3%
FCF −11.3%
Q1 '26
Gross —
Operating −28.5%
Net −27.4%
FCF 2.8%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY19
Net income $251M
FY20
Net income −$225M
FY21
Net income −$102M
FY22
Net income −$37.0M
FY23
Net income −$11.0M
FY24
Net income $85.0M
FY25
Net income −$137M
Q2 '23
Net income $71.0M
Q3 '23
Net income −$32.0M
Q4 '23
Net income −$37.0M
Q1 '24
Net income −$26.0M
Q2 '24
Net income $31.0M
Q3 '24
Net income $26.0M
Q4 '24
Net income $54.0M
Q1 '25
Net income −$43.0M
Q2 '25
Net income −$70.0M
Q3 '25
Net income −$77.0M
Q4 '25
Net income $53.0M
Q1 '26
Net income −$272M
FY19
Diluted EPS $1.19
FY20
Diluted EPS −$1.13
FY21
Diluted EPS −$0.48
FY22
Diluted EPS −$0.17
FY23
Diluted EPS −$0.05
FY24
Diluted EPS $0.37
FY25
Diluted EPS −$0.60
Q2 '23
Diluted EPS $0.31
Q3 '23
Diluted EPS −$0.14
Q4 '23
Diluted EPS −$0.16
Q1 '24
Diluted EPS −$0.12
Q2 '24
Diluted EPS $0.14
Q3 '24
Diluted EPS $0.11
Q4 '24
Diluted EPS $0.24
Q1 '25
Diluted EPS −$0.19
Q2 '25
Diluted EPS −$0.31
Q3 '25
Diluted EPS −$0.34
Q4 '25
Diluted EPS $0.24
Q1 '26
Diluted EPS −$1.18
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY19
Return on capital —
Return on equity 46.3%
Return on assets —
FY20
Return on capital −103.0%
Return on equity −52.8%
Return on assets −6.3%
FY21
Return on capital −264.1%
Return on equity −24.3%
Return on assets −2.6%
FY22
Return on capital −19.9%
Return on equity −7.1%
Return on assets −0.8%
FY23
Return on capital −0.5%
Return on equity −2.2%
Return on assets −0.2%
FY24
Return on capital 15.5%
Return on equity 15.3%
Return on assets 1.5%
FY25
Return on capital −26.8%
Return on equity −25.0%
Return on assets −2.0%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was −$600M in fiscal 2025, −16.1% of revenue. Cash from operations minus capital spending.
FY19
Free cash flow $126M
FY20
Free cash flow −$573M
FY21
Free cash flow $189M
FY22
Free cash flow −$119M
FY23
Free cash flow −$312M
FY24
Free cash flow −$158M
FY25
Free cash flow −$600M
Q2 '23
Free cash flow −$21.0M
Q3 '23
Free cash flow −$187M
Q4 '23
Free cash flow −$68.0M
Q1 '24
Free cash flow −$39.0M
Q2 '24
Free cash flow −$22.0M
Q3 '24
Free cash flow −$170M
Q4 '24
Free cash flow $73.0M
Q1 '25
Free cash flow −$104M
Q2 '25
Free cash flow −$166M
Q3 '25
Free cash flow −$217M
Q4 '25
Free cash flow −$113M
Q1 '26
Free cash flow $28.0M
FY19
Cash from operations $171M
Capital spending $45.0M
FY20
Cash from operations −$557M
Capital spending $16.0M
FY21
Cash from operations $216M
Capital spending $27.0M
FY22
Cash from operations −$78.0M
Capital spending $41.0M
FY23
Cash from operations −$261M
Capital spending $51.0M
FY24
Cash from operations −$82.0M
Capital spending $76.0M
FY25
Cash from operations −$525M
Capital spending $75.0M
Cash from operations
Capital spending
Q2 '23
Cash from operations −$9.0M
Capital spending $12.0M
Q3 '23
Cash from operations −$173M
Capital spending $14.0M
Q4 '23
Cash from operations −$54.0M
Capital spending $14.0M
Q1 '24
Cash from operations −$22.0M
Capital spending $17.0M
Q2 '24
Cash from operations $9.0M
Capital spending $31.0M
Q3 '24
Cash from operations −$156M
Capital spending $14.0M
Q4 '24
Cash from operations $87.0M
Capital spending $14.0M
Q1 '25
Cash from operations −$86.0M
Capital spending $18.0M
Q2 '25
Cash from operations −$133M
Capital spending $33.0M
Q3 '25
Cash from operations −$215M
Capital spending $2.0M
Q4 '25
Cash from operations −$91.0M
Capital spending $22.0M
Q1 '26
Cash from operations $40.0M
Capital spending $12.0M
Cash from operations
Capital spending
Dividends, buybacks and share count
Frontier Group Holdings, Inc. returned — to shareholders in fiscal 2025. The diluted share count rose 0.6%.
FY19
Dividends $159M
Buybacks —
FY20
Dividends $0.0M
Buybacks —
FY21
Dividends $0.0M
Buybacks —
FY22
Dividends $1.0M
Buybacks —
FY23
Dividends $1.0M
Buybacks —
FY24
Dividends $0.0M
Buybacks —
FY25
Dividends —
Buybacks —
Dividends
Buybacks
FY19
Diluted shares 0.20B
FY20
Diluted shares 0.20B
FY21
Diluted shares 0.21B
FY22
Diluted shares 0.22B
FY23
Diluted shares 0.22B
FY24
Diluted shares 0.23B
FY25
Diluted shares 0.23B
Balance sheet
Cash, debt and the ratios that show how comfortably Frontier Group Holdings, Inc. can carry it.
FY19
Cash $768M
Debt —
FY20
Cash $378M
Debt $348M
FY21
Cash $918M
Debt $423M
FY22
Cash $761M
Debt $431M
FY23
Cash $609M
Debt $474M
FY24
Cash $740M
Debt $507M
FY25
Cash $671M
Debt $620M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $918M | $761M | $609M | $740M | $671M |
| Debt incl. finance leases | $423M | $431M | $474M | $507M | $620M |
| Net debt / EBITDA | — | — | −2.9x | −1.8x | — |
| Debt / equity | 0.8x | 0.8x | 0.9x | 0.8x | 1.3x |
| Interest coverage | — | −2.1x | −0.1x | 1.6x | −3.2x |
| Current ratio | 0.8x | 0.7x | 0.5x | 0.5x | 0.5x |
| Quick ratio | 0.8x | 0.7x | 0.5x | 0.5x | 0.5x |
| Total assets | $4.2B | $4.5B | $5.0B | $6.2B | $7.2B |
| Total liabilities | $3.7B | $4.0B | $4.5B | $5.5B | $6.7B |
| Shareholders' equity | $530M | $509M | $507M | $604M | $491M |
| Net debt (− = net cash) | −$495M | −$330M | −$135M | −$233M | −$51.0M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Net income is positive | ✓ | ✕ | ✕ | ✕ | ✕ | ✓ | ✕ |
| Cash from operations is positive | ✓ | ✕ | ✓ | ✕ | ✕ | ✕ | ✕ |
| Return on assets rose | — | — | ✓ | ✓ | ✓ | ✓ | ✕ |
| Cash from operations exceeds net income | ✕ | ✕ | ✓ | ✕ | ✕ | ✕ | ✕ |
| Debt fell relative to assets | — | — | ✕ | ✓ | ✓ | ✓ | ✕ |
| Current ratio rose | — | — | ✓ | ✕ | ✕ | ✓ | ✕ |
| Share count didn't rise | — | ✓ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Gross margin rose | — | — | — | — | — | — | — |
| Revenue rose relative to assets | — | — | ✓ | ✓ | ✕ | ✕ | ✕ |
| F-score | — / 3 | — / 4 | 5 / 8 | 3 / 8 | 2 / 8 | 4 / 8 | 0 / 8 |
| Accruals ratio | — | 9.3% | −8.2% | 0.9% | 5.3% | 3.0% | 5.8% |
| Altman Z'' | — | −1.00 | −0.36 | −0.63 | −0.85 | −0.64 | −1.08 |
7 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | $2.5B | $1.3B | $2.1B | $3.3B | $3.6B | $3.8B | $3.7B |
| Operating income | $309M | −$365M | −$117M | −$45.0M | −$3.0M | $58.0M | −$149M |
| Interest expense | — | — | — | $21.0M | $29.0M | $36.0M | $46.0M |
| Pretax income | $325M | −$372M | −$144M | −$45.0M | $32.0M | $86.0M | −$134M |
| Income tax | $74.0M | −$147M | −$42.0M | −$8.0M | $43.0M | $1.0M | $3.0M |
| Net income | $251M | −$225M | −$102M | −$37.0M | −$11.0M | $85.0M | −$137M |
| Net income to common | $237M | −$225M | −$102M | −$37.0M | −$11.0M | $84.0M | −$137M |
| Diluted EPS | $1.19 | −$1.13 | −$0.48 | −$0.17 | −$0.05 | $0.37 | −$0.60 |
| Diluted shares | 0.20B | 0.20B | 0.21B | 0.22B | 0.22B | 0.23B | 0.23B |
| Cash flow | |||||||
| Cash from operations | $171M | −$557M | $216M | −$78.0M | −$261M | −$82.0M | −$525M |
| Capital expenditure | $45.0M | $16.0M | $27.0M | $41.0M | $51.0M | $76.0M | $75.0M |
| Free cash flow | $126M | −$573M | $189M | −$119M | −$312M | −$158M | −$600M |
| Depreciation and amortization | $46.0M | $33.0M | $38.0M | $45.0M | $50.0M | $72.0M | $91.0M |
| Stock-based compensation | $8.0M | $8.0M | $11.0M | $15.0M | $14.0M | $16.0M | $21.0M |
| Dividends paid | $159M | $0.0M | $0.0M | $1.0M | $1.0M | $0.0M | — |
| Dividends and buybacks | $159M | $0.0M | $0.0M | $1.0M | $1.0M | $0.0M | — |
| Balance sheet | |||||||
| Cash and short-term investments | $768M | $378M | $918M | $761M | $609M | $740M | $671M |
| Total debt | — | $348M | $423M | $431M | $474M | $507M | $620M |
| Current assets | — | $650M | $1.0B | $1.0B | $871M | $990M | $958M |
| Current liabilities | — | $1.0B | $1.3B | $1.6B | $1.7B | $1.9B | $2.1B |
| Property and equipment, net | — | $176M | $186M | $226M | $309M | $376M | $510M |
| Intangible assets | — | $29.0M | $29.0M | $28.0M | $28.0M | $27.0M | $27.0M |
| Total assets | — | $3.6B | $4.2B | $4.5B | $5.0B | $6.2B | $7.2B |
| Total liabilities | — | $3.2B | $3.7B | $4.0B | $4.5B | $5.5B | $6.7B |
| Shareholders' equity | $542M | $310M | $530M | $509M | $507M | $604M | $491M |
| Margins | |||||||
| Operating margin | 12.3% | −29.2% | −5.7% | −1.4% | −0.1% | 1.5% | −4.0% |
| EBITDA margin | 14.2% | −26.6% | −3.8% | 0.0% | 1.3% | 3.4% | −1.6% |
| Net margin | 10.0% | −18.0% | −5.0% | −1.1% | −0.3% | 2.3% | −3.7% |
| FCF margin | 5.0% | −45.8% | 9.2% | −3.6% | −8.7% | −4.2% | −16.1% |
| Returns | |||||||
| Return on capital | — | −103.0% | −264.1% | −19.9% | −0.5% | 15.5% | −26.8% |
| Return on capital employed | — | −14.3% | −4.0% | −1.5% | −0.1% | 1.3% | −2.9% |
| Return on equity | 46.3% | −52.8% | −24.3% | −7.1% | −2.2% | 15.3% | −25.0% |
| Return on assets | — | −6.3% | −2.6% | −0.8% | −0.2% | 1.5% | −2.0% |
| Return on tangible equity | 43.7% | −80.1% | −20.4% | −7.7% | −2.3% | 14.6% | −29.5% |
| Growth | |||||||
| Revenue growth | — | −50.2% | 64.8% | 61.5% | 7.9% | 5.2% | −1.4% |
| Net income growth | — | −189.6% | — | — | — | — | −261.2% |
| EPS growth | — | −195.0% | — | — | — | — | −262.2% |
| FCF growth | — | −554.8% | — | −163.0% | — | — | — |
| Share count change | — | −0.2% | 6.1% | 2.9% | 1.1% | 2.9% | 0.6% |
| Financial health | |||||||
| Net debt / EBITDA | — | — | — | — | −2.9x | −1.8x | — |
| Debt / equity | — | 1.1x | 0.8x | 0.8x | 0.9x | 0.8x | 1.3x |
| Interest coverage | — | — | — | −2.1x | −0.1x | 1.6x | −3.2x |
| Current ratio | — | 0.6x | 0.8x | 0.7x | 0.5x | 0.5x | 0.5x |
| Quick ratio | — | 0.6x | 0.8x | 0.7x | 0.5x | 0.5x | 0.5x |
| Capital allocation | |||||||
| Capex / revenue | 1.8% | 1.3% | 1.3% | 1.2% | 1.4% | 2.0% | 2.0% |
| Stock comp / revenue | 0.3% | 0.6% | 0.5% | 0.5% | 0.4% | 0.4% | 0.6% |
| Payouts / FCF | 126.2% | — | 0.0% | — | — | — | — |
| Quality scores | |||||||
| Piotroski F-score | — | — | 5.0 | 3.0 | 2.0 | 4.0 | 0.0 |
| Altman Z'' | — | −1.0 | −0.4 | −0.6 | −0.8 | −0.6 | −1.1 |
| Accruals ratio | — | 9.3% | −8.2% | 0.9% | 5.3% | 3.0% | 5.8% |
Source: SEC EDGAR XBRL filings (CIK 0001670076). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.