Every 10-Q that Frontier Group Holdings, Inc. (ULCC) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow ULCC and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full ULCC filings page.
Frontier Group Holdings, an ultra low-cost airline, reported Q2 2026 operating revenue of $1,279 million, up 38% year over year, driven by higher fares and ancillary revenue per passenger and an 8% capacity increase. RASM rose to 11.52¢ as load factor improved and average stage length shortened.
Despite stronger revenue, Frontier posted a Q2 2026 net loss of $90 million and a first-half net loss of $362 million, reflecting sharply higher fuel costs and large non-recurring items. Aircraft fuel expense jumped 90% in the quarter to $436 million as fuel cost per gallon increased 77%. CASM climbed to 12.39¢, with CASM excluding fuel up 13%.
Results were heavily affected by a March 2026 Early Return Agreement to terminate leases on 24 A320neo aircraft, which generated $209 million of charges in the first half, and a $73 million TSA reserve related to fee audits for prior periods. Stockholders’ equity fell to $136 million as of June 30, 2026. Liquidity remained comparatively strong, with $955 million of cash and cash equivalents and additional availability under a $220 million secured revolving credit facility, while total debt declined to $511 million.
Frontier Group Holdings, Inc. reported Q1 2026 operating revenue of $992 million, up 9% year over year, but swung to a much larger net loss of $272 million versus $43 million a year earlier.
Results were heavily impacted by a $73 million TSA-related reserve and $139 million of non-recurring fleet costs tied to an Early Return Agreement for 24 A320neo aircraft. These items drove CASM up 35% to 13.00¢ and CASM ex-fuel up 42% to 10.27¢, although adjusted CASM ex-fuel was 8.85¢.
Traffic trends were stronger, with load factor rising 3.5 points to 78.4% and RASM up 10%. Adjusted RASM reached 10.86¢. Liquidity remained sizeable, with $754 million in cash and $220 million available on an undrawn revolver, for total available liquidity of $974 million, against $588 million of debt and high future aircraft and lease commitments.
Frontier Group Holdings (ULCC) reported a net loss and lower revenue for Q3 2025. Total operating revenue was $886 million, down 5% year over year, and net loss was $77 million versus net income of $26 million a year ago. For the first nine months, revenue was $2,727 million with a net loss of $190 million.
Capacity moderated and pricing mixed: ASMs fell 4%, RASM declined 2%, and load factor improved 2.7 points. CASM rose to 9.95¢, with CASM (excluding fuel) up 16% to 7.53¢, reflecting higher labor and station costs and lapping a prior-year legal settlement benefit. Fuel expense fell 10% on lower gallons and prices. The quarter included $67 million of sale‑leaseback gains.
Cash and cash equivalents were $566 million, and total available liquidity was $691 million. Debt totaled $673 million, including $75 million drawn on the revolving facility. The company leases 166 aircraft and has firm orders for 178 A320neo family aircraft. Subsequent to quarter end, it issued approximately $105 million of Class A-1 EETCs at 6.75% due 2032. The IRS issued a revised preliminary excise tax assessment of $133 million; the company recorded an estimated liability for certain fees and is contesting the assessment.
Frontier Group Holdings (ULCC) posted a 10-Q showing soft Q2 25 results. Operating revenue slipped 5% YoY to $929 m as management deliberately cut capacity (ASMs -2%) to stabilize fares; total revenue per passenger was flat at $109. CASM rose 8% to 9.73¢, driven by higher aircraft rent and station costs, outweighing a 20% drop in fuel expense. The carrier swung to a $70 m net loss (-$0.31/sh) versus $31 m profit a year earlier; 1H 25 loss reached $113 m.
Liquidity remains solid with $766 m of cash & undrawn revolver, but equity fell to $506 m after consecutive quarterly losses. Debt climbed to $565 m; lease liabilities total $4.3 bn. Frontier still plans aggressive growth: 179 aircraft on order (152 A321neos) plus 37 spare engines, implying $11.1 bn in future commitments through 2031. A fresh Pratt & Whitney deal secures engines and long-term maintenance for 91 A321neos.
Key risks: non-fuel CASM up 20%, union contracts for 87% of staff now open or in mediation, and an $133 m IRS excise-tax assessment under dispute. Management cites potential operational headwinds from mandatory GTF engine inspections and broader macro uncertainty.