Frontier Group Holdings, Inc. Financials
This page shows Frontier Group Holdings, Inc. (ULCC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Frontier Group Holdings, Inc. has an operating margin of -4.0%, meaning the company retains $-4 of operating profit per $100 of revenue. This below-average margin results in a low score of 13/100, suggesting thin profitability after operating expenses. This is down from 1.5% the prior year.
Frontier Group Holdings, Inc.'s revenue declined 1.4% year-over-year, from $3.8B to $3.7B. This contraction results in a growth score of 31/100.
Frontier Group Holdings, Inc. carries a low D/E ratio of 0.64, meaning only $0.64 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 89/100, indicating a strong balance sheet with room for future borrowing.
Frontier Group Holdings, Inc.'s current ratio of 0.46 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 3/100, which could limit financial flexibility.
While Frontier Group Holdings, Inc. generated -$525.0M in operating cash flow, capex of $75.0M consumed most of it, leaving -$600.0M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Frontier Group Holdings, Inc. generates a -27.9% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from 14.1% the prior year.
Frontier Group Holdings, Inc. passes 0 of 9 financial strength tests. No profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.
For every $1 of reported earnings, Frontier Group Holdings, Inc. generates $3.83 in operating cash flow (-$525.0M OCF vs -$137.0M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Frontier Group Holdings, Inc. earns $-3.2 in operating income for every $1 of interest expense (-$149.0M vs $46.0M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Frontier Group Holdings, Inc. generated $3.7B in revenue in fiscal year 2025. This represents a decrease of 1.4% from the prior year.
Frontier Group Holdings, Inc.'s EBITDA was -$58.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 144.6% from the prior year.
Frontier Group Holdings, Inc. reported -$137.0M in net income in fiscal year 2025. This represents a decrease of 261.2% from the prior year.
Frontier Group Holdings, Inc. earned $-0.60 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 262.2% from the prior year.
Cash & Balance Sheet
Frontier Group Holdings, Inc. generated -$600.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 279.7% from the prior year.
Frontier Group Holdings, Inc. held $671.0M in cash against $313.0M in long-term debt as of fiscal year 2025.
Frontier Group Holdings, Inc. had 230M shares outstanding in fiscal year 2025. This represents an increase of 1.0% from the prior year.
Margins & Returns
Frontier Group Holdings, Inc.'s operating margin was -4.0% in fiscal year 2025, reflecting core business profitability. This is down 5.5 percentage points from the prior year.
Frontier Group Holdings, Inc.'s net profit margin was -3.7% in fiscal year 2025, showing the share of revenue converted to profit. This is down 5.9 percentage points from the prior year.
Frontier Group Holdings, Inc.'s ROE was -27.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 42.0 percentage points from the prior year.
Capital Allocation
Frontier Group Holdings, Inc. invested $75.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 1.3% from the prior year.
ULCC Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $997.0M+12.5% | $886.0M-4.6% | $929.0M+1.9% | $912.0M-9.0% | $1.0B+7.2% | $935.0M-3.9% | $973.0M+12.5% | $865.0M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Income | $49.0M+163.6% | -$77.0M-2.7% | -$75.0M-63.0% | -$46.0M-202.2% | $45.0M+136.8% | $19.0M-24.0% | $25.0M+180.6% | -$31.0M |
| Interest Expense | $12.0M-20.0% | $15.0M+50.0% | $10.0M+11.1% | $9.0M0.0% | $9.0M-10.0% | $10.0M+25.0% | $8.0M-11.1% | $9.0M |
| Income Tax | -$1.0M-200.0% | $1.0M | $0-100.0% | $3.0M+200.0% | -$3.0M-400.0% | $1.0M0.0% | $1.0M-50.0% | $2.0M |
| Net Income | $53.0M+168.8% | -$77.0M-10.0% | -$70.0M-62.8% | -$43.0M-179.6% | $54.0M+107.7% | $26.0M-16.1% | $31.0M+219.2% | -$26.0M |
| EPS (Diluted) | N/A | $-0.34-9.7% | $-0.31-63.2% | $-0.19 | N/A | $0.11-21.4% | $0.14+216.7% | $-0.12 |
ULCC Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $7.2B+7.7% | $6.7B+2.7% | $6.5B+0.7% | $6.5B+5.3% | $6.2B+5.6% | $5.8B+2.4% | $5.7B+9.3% | $5.2B |
| Current Assets | $958.0M+13.1% | $847.0M+1.8% | $832.0M-12.7% | $953.0M-3.7% | $990.0M+8.8% | $910.0M-3.9% | $947.0M+4.9% | $903.0M |
| Cash & Equivalents | $671.0M+18.6% | $566.0M+0.5% | $563.0M-17.9% | $686.0M-7.3% | $740.0M+28.5% | $576.0M-12.5% | $658.0M+5.8% | $622.0M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $85.0M-8.6% | $93.0M-5.1% | $98.0M+10.1% | $89.0M+21.9% | $73.0M-50.3% | $147.0M+54.7% | $95.0M-3.1% | $98.0M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $6.7B+7.4% | $6.3B+4.1% | $6.0B+1.8% | $5.9B+6.5% | $5.5B+5.2% | $5.3B+2.1% | $5.2B+9.5% | $4.7B |
| Current Liabilities | $2.1B-0.3% | $2.1B+3.2% | $2.0B+5.3% | $1.9B+4.9% | $1.9B+7.4% | $1.7B-5.3% | $1.8B+1.3% | $1.8B |
| Long-Term Debt | $313.0M+2.6% | $305.0M+30.3% | $234.0M-4.1% | $244.0M+1.2% | $241.0M-13.6% | $279.0M+47.6% | $189.0M-6.0% | $201.0M |
| Total Equity | $491.0M+13.1% | $434.0M-14.2% | $506.0M-11.2% | $570.0M-5.6% | $604.0M+10.0% | $549.0M+5.6% | $520.0M+7.4% | $484.0M |
| Retained Earnings | $59.0M+883.3% | $6.0M-92.8% | $83.0M-45.8% | $153.0M-21.9% | $196.0M+38.0% | $142.0M+22.4% | $116.0M+36.5% | $85.0M |
ULCC Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$91.0M+57.7% | -$215.0M-61.7% | -$133.0M-54.7% | -$86.0M-198.9% | $87.0M+155.8% | -$156.0M-1833.3% | $9.0M+140.9% | -$22.0M |
| Capital Expenditures | $22.0M+1000.0% | $2.0M-93.9% | $33.0M+83.3% | $18.0M+28.6% | $14.0M0.0% | $14.0M-54.8% | $31.0M+82.4% | $17.0M |
| Free Cash Flow | -$113.0M+47.9% | -$217.0M-30.7% | -$166.0M-59.6% | -$104.0M-242.5% | $73.0M+142.9% | -$170.0M-672.7% | -$22.0M+43.6% | -$39.0M |
| Investing Cash Flow | $59.0M+231.1% | -$45.0M+46.4% | -$84.0M-189.7% | -$29.0M0.0% | -$29.0M-141.7% | -$12.0M+55.6% | -$27.0M-285.7% | -$7.0M |
| Financing Cash Flow | $137.0M-47.9% | $263.0M+179.8% | $94.0M+54.1% | $61.0M-42.5% | $106.0M+23.3% | $86.0M+59.3% | $54.0M+28.6% | $42.0M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
ULCC Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | 4.9%+13.6pp | -8.7%-0.6pp | -8.1%-3.0pp | -5.0%-9.5pp | 4.5%+2.5pp | 2.0%-0.5pp | 2.6%+6.2pp | -3.6% |
| Net Margin | 5.3%+14.0pp | -8.7%-1.2pp | -7.5%-2.8pp | -4.7%-10.1pp | 5.4%+2.6pp | 2.8%-0.4pp | 3.2%+6.2pp | -3.0% |
| Return on Equity | 10.8%+28.5pp | -17.7%-3.9pp | -13.8%-6.3pp | -7.5%-16.5pp | 8.9%+4.2pp | 4.7%-1.2pp | 6.0%+11.3pp | -5.4% |
| Return on Assets | 0.7%+1.9pp | -1.1%-0.1pp | -1.1%-0.4pp | -0.7%-1.5pp | 0.9%+0.4pp | 0.4%-0.1pp | 0.5%+1.0pp | -0.5% |
| Current Ratio | 0.46+0.1 | 0.400.0 | 0.41-0.1 | 0.49-0.0 | 0.530.0 | 0.530.0 | 0.52+0.0 | 0.50 |
| Debt-to-Equity | 0.64-0.1 | 0.70+0.2 | 0.46+0.0 | 0.43+0.0 | 0.40-0.1 | 0.51+0.1 | 0.36-0.1 | 0.42 |
| FCF Margin | -11.3%+13.2pp | -24.5%-6.6pp | -17.9%-6.5pp | -11.4%-18.7pp | 7.3%+25.5pp | -18.2%-15.9pp | -2.3%+2.3pp | -4.5% |
Note: The current ratio is below 1.0 (0.46), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is Frontier Group Holdings, Inc.'s annual revenue?
Frontier Group Holdings, Inc. (ULCC) reported $3.7B in total revenue for fiscal year 2025. This represents a -1.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Frontier Group Holdings, Inc.'s revenue growing?
Frontier Group Holdings, Inc. (ULCC) revenue declined by 1.4% year-over-year, from $3.8B to $3.7B in fiscal year 2025.
Is Frontier Group Holdings, Inc. profitable?
No, Frontier Group Holdings, Inc. (ULCC) reported a net income of -$137.0M in fiscal year 2025, with a net profit margin of -3.7%.
What is Frontier Group Holdings, Inc.'s EBITDA?
Frontier Group Holdings, Inc. (ULCC) had EBITDA of -$58.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Frontier Group Holdings, Inc. have?
As of fiscal year 2025, Frontier Group Holdings, Inc. (ULCC) had $671.0M in cash and equivalents against $313.0M in long-term debt.
What is Frontier Group Holdings, Inc.'s operating margin?
Frontier Group Holdings, Inc. (ULCC) had an operating margin of -4.0% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Frontier Group Holdings, Inc.'s net profit margin?
Frontier Group Holdings, Inc. (ULCC) had a net profit margin of -3.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Frontier Group Holdings, Inc.'s return on equity (ROE)?
Frontier Group Holdings, Inc. (ULCC) has a return on equity of -27.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Frontier Group Holdings, Inc.'s free cash flow?
Frontier Group Holdings, Inc. (ULCC) generated -$600.0M in free cash flow during fiscal year 2025. This represents a -279.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Frontier Group Holdings, Inc.'s operating cash flow?
Frontier Group Holdings, Inc. (ULCC) generated -$525.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Frontier Group Holdings, Inc.'s total assets?
Frontier Group Holdings, Inc. (ULCC) had $7.2B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Frontier Group Holdings, Inc.'s capital expenditures?
Frontier Group Holdings, Inc. (ULCC) invested $75.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Frontier Group Holdings, Inc.'s current ratio?
Frontier Group Holdings, Inc. (ULCC) had a current ratio of 0.46 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Frontier Group Holdings, Inc.'s debt-to-equity ratio?
Frontier Group Holdings, Inc. (ULCC) had a debt-to-equity ratio of 0.64 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Frontier Group Holdings, Inc.'s return on assets (ROA)?
Frontier Group Holdings, Inc. (ULCC) had a return on assets of -1.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Frontier Group Holdings, Inc.'s cash runway?
Based on fiscal year 2025 data, Frontier Group Holdings, Inc. (ULCC) had $671.0M in cash against an annual operating cash burn of $525.0M. This gives an estimated cash runway of approximately 15 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Frontier Group Holdings, Inc.'s Piotroski F-Score?
Frontier Group Holdings, Inc. (ULCC) has a Piotroski F-Score of 0 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Frontier Group Holdings, Inc.'s earnings high quality?
Frontier Group Holdings, Inc. (ULCC) has an earnings quality ratio of 3.83x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Frontier Group Holdings, Inc. cover its interest payments?
Frontier Group Holdings, Inc. (ULCC) has an interest coverage ratio of -3.2x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Frontier Group Holdings, Inc.?
Frontier Group Holdings, Inc. (ULCC) scores 23 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.