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Stock research / United States / ULCC · Air Transportation, Scheduled · Nasdaq

Frontier Group Holdings, Inc. (ULCC)

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Frontier Group Holdings, Inc. (ULCC) reported revenue of $1.4 billion for Q3 FY2026, the quarter ended 30 September 2026, up 52.9% on the same quarter a year earlier. Net income was -$104 million, and diluted earnings per share $-0.45. The figures are the company's own, from the 10-Q it filed with the SEC on 28 October 2026.

Revenue$1.4 billionup 52.9%
Net income-$104 million
Diluted EPS$-0.45
QuarterQ3 FY2026ended 30 September 2026

Frontier Group Holdings (ULCC) in brief

Frontier Group Holdings (ULCC) reported revenue of $3.7 billion for fiscal 2025, the year ended 31 December 2025, down 1.4% on the year before.
Read moreNet loss was $137 million and the diluted loss per share $0.60. Revenue was $3.8 billion in fiscal 2024, $3.6 billion in fiscal 2023, $3.3 billion in fiscal 2022 and $2.1 billion in fiscal 2021. Net income in the same years was $85 million, a loss of $11 million, a loss of $37 million and a loss of $102 million. Over the twelve months to 30 September 2026, Frontier Group Holdings reported revenue of $4.6 billion and net loss of $413 million. Revenue grew 24.4% a year, compounded, over the five years to fiscal 2025. Frontier Group Holdings had 230 million shares outstanding at the latest filed count. At 30 September 2026 it carried $486 million of debt and $976 million of cash. At the close of 29 October 2026 the market cap of Frontier Group Holdings was $1.5 billion.

Ratios

From the filings

ROE-1,116.2%
ROCE-83.9%
Operating margin-9.5%
Net margin-8.9%
FCF margin0.0%
Interest cover-9.54
Debt to equity13.14
Cash conversionn/a
Share count, last 12 months0.9%
Sales CAGR, 3 years3.8%
Profit CAGR, 3 yearsn/a
EPS, TTM-$1.79

At the close of 29 October 2026

Price$6.49
Market cap$1.5 billion
Stock P/En/a
Price to book40.40
EV / EBITDAn/a
Dividend yieldn/a
Market cap / sales0.32
52-week high$8.06
52-week low$3.10
Price, 1 year69.9%
Price CAGR, 3 years21.1%
Price CAGR, 5 years-16.1%
Worked from the filed figures; hover a name for the formula.
Read moreThe priced ones use the latest price, the last regular-hours trade on IEX. Debt to equity here stands on long-term debt as Frontier Group Holdings, Inc. files it, with lease liabilities counted separately and never inside it. Nothing here is a valuation or a view.
ULCCgreeksoup.ai
Daily prices to 29 October 2026, adjusted for splits; from 28 September 2026 each day's price is the last regular-hours trade on IEX.
Read moreData provided for free by IEX. By accessing or using IEX Historical Data, you agree to the IEX Historical Data Terms of Use. Day by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Before the quarters on file begin, P/E, price to book and market cap to sales stand on each annual report from the day it was filed. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on ULCC

Dividends$1.0 million paid in cash dividends in FY2023
Filings25 in twelve months: 16 current reports (8-K), about 7 results of operations; 5 officer or director change; 3 material agreement; 3 regulation FD disclosure; 2 exit or disposal costs
Planned insider sales26 Form 144 notices in twelve months, $98.4 million; latest 4 September 2026
Options tapeput/call 1.7 by open interest at the 29 October 2026 close; the straddle prices a 17.1% move to 20 November 2026
13F holders179 funds reported a position for the quarter to 30 June 2026; largest Indigo Partners LLC
Insider trading21 sales and 0 purchases on Form 4 in twelve months
Congress0 House trades disclosed in six months
Short interest24.8 million shares short, 8.70 days to cover at 15 October 2026
Documentsthe 10-K, the 10-Qs, the proxy and 7 earnings press releases, each linked

Quarterly results, the last 20 quarters

Q4 FY2021 *Q1 FY2022Q2 FY2022Q3 FY2022Q4 FY2022 *Q1 FY2023Q2 FY2023Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026Q3 FY2026
Revenue6096059099069068489678838918659739351,0029129298869979921,2791,355
Operating income-86.0-1537.056.045.0-25.079.0-54.0-3.0-31.025.019.045.0-46.0-75.0-77.049.0-283-97.0-108
Operating margin-14%-25%1%6%5%-3%8%-6%-0%-4%3%2%4%-5%-8%-9%5%-29%-8%-8%
Interest expensen/an/an/an/an/an/a7.08.0n/a9.08.010.09.09.010.015.012.012.010.012.0
Pre-tax income-86.0-1618.058.050.0-17.088.0-45.06.0-24.032.027.051.0-40.0-70.0-76.052.0-281-94.0-104
Tax raten/an/a-62%47%20%n/a19%n/a717%n/a3%4%-6%n/an/an/a-2%n/an/an/a
Net income-53.0-12113.031.040.0-13.071.0-32.0-37.0-26.031.026.054.0-43.0-70.0-77.053.0-272-90.0-104
Net margin-9%-20%1%3%4%-2%7%-4%-4%-3%3%3%5%-5%-8%-9%5%-27%-7%-8%
Diluted EPS-$0.20-$0.56$0.06$0.13$0.18-$0.06$0.31-$0.14-$0.17-$0.12$0.14$0.11$0.23-$0.19-$0.31-$0.34$0.23-$1.18-$0.39-$0.45
Operating cash flow120-87.020.0-10594.0-25.0-9.0-173-54.0-22.09.0-15687.0-86.0-133-215-91.040.0151-41.0
Capital expenditure7.07.07.017.010.011.012.014.014.017.031.014.014.018.033.02.022.012.013.010.0
Free cash flow113-94.013.0-12284.0-36.0-21.0-187-68.0-39.0-22.0-17073.0-104-166-217-11328.0138-51.0
Dividends paid0.0n/an/an/an/an/an/an/an/a0.00.00.00.0n/an/an/an/an/an/an/a
Shares outstanding217m217m218m218m218m219m221m221m223m224m224m225m225m228m228m228m229m230m230m230m
Filing10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Income statement (profit and loss), 7 fiscal years and the trailing twelve months

FY2019FY2020FY2021FY2022FY2023FY2024FY2025TTM
Revenue2,5081,2502,0603,3263,5893,7753,7244,623
Operating income309-365-117-45.0-3.058.0-149-439
Operating margin12.3%-29.2%-5.7%-1.4%-0.1%1.5%-4.0%-9.5%
Interest expensen/an/an/a21.029.036.046.046.0
Pre-tax income325-372-144-45.032.086.0-134-427
Income tax74.0-147-42.0-8.043.01.03.0-14.0
Effective tax rate22.8%n/an/an/a134.4%1.2%n/an/a
Net income251-225-102-37.0-11.085.0-137-413
Net margin10.0%-18.0%-5.0%-1.1%-0.3%2.3%-3.7%-8.9%
Diluted EPS$1.19-$1.13-$0.48-$0.17-$0.05$0.37-$0.60-$1.79
Filing10-K10-K10-K10-K10-K10-K10-K
From each year's 10-K, linked; TTM is the last four quarters.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Revenue by product or service FY2023 to FY2025

FY2023FY2024FY2025Share
of the parts, latest year
Passenger3,5093,6833,59896.6%
Other80921263.4%
PassengerOther
3,589FY20233,775FY20243,724FY2025

$ million; hover a block for its figure and share

From the company's 10-Ks, in its own words (latest 10-K).
Read moreEach year's figures come from the most recent 10-K that includes that year. A year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

Cash flow and capital returned

FY2019FY2020FY2021FY2022FY2023FY2024FY2025TTM
Operating cash flow171-557216-78.0-261-82.0-52559.0
Capital expenditure45.016.027.041.051.076.075.057.0
Free cash flow126-573189-119-312-158-6002.0
Free cash flow margin5.0%-45.8%9.2%-3.6%-8.7%-4.2%-16.1%0.0%
Cash from investing-62.011.0-67.0-154-90.0-75.0-99.0179
Cash from financing-39.015639175.0199288555172
Depreciation and amortisation46.033.038.045.050.072.091.0203
Share-based compensation8.08.011.015.014.016.021.020.0
Dividends paid1590.00.01.01.00.0n/an/a
Dividend per share$0.76$0.00$0.00$0.00$0.00$0.00n/an/a
Diluted shares, weighted200m199m211m218m220m226m228m230m
Shares outstanding at period endn/a199m217m218m223m225m229m230m
Filing10-K10-K10-K10-K10-K10-K10-K
Cash paid in the year, from the cash flow statement.
Read moreThe dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet at year end

FY2019FY2020FY2021FY2022FY2023FY2024FY2025TTM
Funded by
Shareholders' equity54231053050950760449137.0
Debtn/a348423431474507620486
Operating lease liabilitiesn/a1,8481,9912,0342,4403,3024,0703,844
Other liabilitiesn/a1,0481,2911,5251,5721,7402,0392,665
Total liabilities and equityn/a3,5544,2354,4994,9936,1537,2207,032
Owned
Fixed assetsn/a176186226309376510459
Intangible assetsn/a29.029.028.028.027.027.027.0
Cash and equivalents768378918761609740671976
Receivablesn/a28.050.090.093.073.085.0166
Other assetsn/a2,9433,0523,3943,9544,9375,9275,404
Total assetsn/a3,5544,2354,4994,9936,1537,2207,032
Filing10-K10-K10-K10-K10-K10-K10-K
At the fiscal year end; the TTM column is the latest quarter end.
Read moreBoth totals are the company's own. Other liabilities is the filed total less the rows above it: payables, deferred revenue, taxes, borrowings the rows above do not carry and the rest; other assets is the same on the other side. Investments add the current and non-current lines as filed. Debt is the company's own stated total where it files one, otherwise its long-term debt with the current maturities, never parts added together. A row is left blank in a year where the lines shown overlap and the remainder would fall below nil.

Compounded growth

10 years5 years3 yearsTTM
Sales growth, compoundedn/a24.4%3.8%24.0%
Profit growth, compoundedn/an/an/an/a
Return on equity, averagen/a-8.5%-5.3%-27.9%
Yearly growth, compounded; TTM is the last four quarters against the four before.
Read moreReturn on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Questions

What was Frontier Group Holdings' revenue in fiscal 2025?

Frontier Group Holdings (ULCC) reported revenue of $3.7 billion for fiscal 2025, the year ended 31 December 2025, down 1.4% on the year before.

How much did Frontier Group Holdings earn in fiscal 2025?

Net loss was $137 million for fiscal 2025, and the diluted loss per share $0.60.

What is Frontier Group Holdings' market cap?

The market cap of Frontier Group Holdings was $1.5 billion at the close of 29 October 2026.

How much debt does Frontier Group Holdings have?

At 30 September 2026 Frontier Group Holdings carried $486 million of debt and $976 million of cash.

Peers: Transportation

CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
Delta Air Lines, Inc. DAL$53.7 billion16.3014.6%7.4%14.1%0.620.8%
United Airlines Holdings, Inc. UAL$34.2 billion9.6320.1%7.5%12.3%1.49n/a
Southwest Airlines Co. LUV$21.4 billion21.0114.4%4.4%14.5%0.801.6%
American Airlines Group Inc. AAL$8.5 billionn/an/a1.6%12.3%n/an/a
Alaska Air Group, Inc. ALK$4.0 billionn/a-4.8%-1.5%9.8%1.70n/a
Skywest Inc. SKYW$3.7 billion9.5914.8%14.0%9.1%0.83n/a
Allegiant Travel Co. ALGT$2.0 billion51.621.5%4.9%12.2%1.560.0%
Genesis Energy LP GEL$1.8 billionn/an/an/an/an/an/a
Werner Enterprises Inc. WERN$1.7 billionn/a-3.4%-0.9%9.6%0.582.0%
Frontier Group Holdings, Inc. ULCC$1.5 billionn/a-1,116.2%-9.5%24.0%13.14n/a
Bristow Group Inc. VTOL$1.2 billion12.129.6%10.0%8.2%0.68n/a
JetBlue Airways Corp. JBLU$1.2 billionn/a-74.8%-6.1%9.9%6.28n/a
All 56 in Transportation
CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
Union Pacific Corp. UNP$179.4 billion23.5334.6%40.1%7.4%1.381.8%
Booking Holdings Inc. BKNG$113.0 billion16.69n/a32.9%12.9%n/a0.3%
Enbridge Inc. ENB$107.6 billion19.029.4%13.3%29.5%1.597.7%
CSX Corp. CSX$96.3 billion27.0624.9%36.4%5.8%1.311.1%
United Parcel Service Inc. UPS$91.3 billion19.9530.3%7.3%-0.4%1.626.1%
Royal Caribbean Cruises Ltd. RCL$83.0 billion18.3838.8%27.6%9.7%1.911.8%
Canadian Pacific Kansas City Ltd. CP$76.9 billion20.428.4%36.4%6.5%0.491.1%
Norfolk Southern Corp. NSC$76.9 billion28.6816.0%31.5%6.0%0.991.6%
FedEx Corp. FDX$72.1 billionn/an/an/an/a0.501.8%
Mplx LP MPLX$60.7 billion12.88n/a44.4%8.7%n/an/a
Delta Air Lines, Inc. DAL$53.7 billion16.3014.6%7.4%14.1%0.620.8%
Carnival Corp. Ltd. CCL$38.8 billion12.5922.1%16.0%5.2%1.73n/a
Old Dominion Freight Line, Inc. ODFL$35.8 billion33.2124.0%25.8%-0.6%0.000.7%
United Airlines Holdings, Inc. UAL$34.2 billion9.6320.1%7.5%12.3%1.49n/a
Expedia Group, Inc. EXPE$32.4 billion17.63168.4%16.0%12.0%4.520.6%
Expeditors International of Washington Inc. EXPD$25.8 billion28.8843.4%9.8%6.8%0.000.8%
Xpo, Inc. XPO$21.4 billion43.2425.5%9.9%9.5%1.52n/a
Southwest Airlines Co. LUV$21.4 billion21.0114.4%4.4%14.5%0.801.6%
J.B. Hunt Transport Services, Inc. JBHT$20.7 billion31.1818.6%7.2%10.6%0.310.8%
HF Sinclair Corp. DINO$19.2 billion5.6830.1%13.5%29.5%0.241.8%
Plains ALL American Pipeline LP PAA$19.0 billionn/an/a3.1%12.2%n/an/a
ZTO Express (Cayman) Inc. ZTO *$15.7 billion11.8613.7%21.3%10.9%n/a3.3%
C. H. Robinson Worldwide, Inc. CHRW$14.9 billion24.3238.9%4.9%-0.1%1.042.0%
Knight-Swift Transportation Holdings Inc. KNX$10.0 billion65.762.2%4.2%7.0%0.261.3%
Saia Inc. SAIA$9.2 billion32.5210.0%10.7%9.3%0.04n/a
American Airlines Group Inc. AAL$8.5 billionn/an/a1.6%12.3%n/an/a
Norwegian Cruise Line Holdings Ltd. NCLH$8.4 billion10.0626.5%13.8%4.9%4.43n/a
Kirby Corp. KEX$7.7 billion22.4510.3%14.0%6.6%0.30n/a
Matson, Inc. MATX$6.8 billion15.1816.7%15.2%-0.2%0.120.6%
Gatx Corp. GATX$6.4 billion17.8913.2%29.1%22.8%4.431.4%
GXO Logistics, Inc. GXO$5.7 billion44.144.4%2.4%7.6%1.07n/a
Plains GP Holdings LP PAGP$5.7 billionn/an/a3.1%12.2%n/an/a
International Seaways, Inc. INSW$5.6 billion7.2634.4%64.2%57.4%0.282.6%
Schneider National, Inc. SNDR$5.2 billion46.003.6%3.0%6.2%0.131.3%
Landstar System Inc. LSTR$4.8 billion29.9519.3%4.1%10.7%0.002.6%
Rxo, Inc. RXO$4.6 billionn/a-5.8%-0.8%10.1%0.33n/a
Tidewater Inc. TDW$4.2 billion17.2717.7%18.4%-1.0%0.47n/a
Brinks Co. BCO$4.2 billion23.6758.3%10.5%8.1%13.661.0%
Alaska Air Group, Inc. ALK$4.0 billionn/a-4.8%-1.5%9.8%1.70n/a
Skywest Inc. SKYW$3.7 billion9.5914.8%14.0%9.1%0.83n/a
Delek Logistics Partners, LP DKL$3.0 billion19.74n/a15.3%30.3%n/an/a
Arcbest Corp. ARCB$2.8 billion183.281.3%0.7%3.7%0.170.4%
Lindblad Expeditions Holdings, Inc. LIND$2.4 billionn/an/a7.0%18.3%n/an/a
Dorian LPG Ltd. LPG$2.3 billion7.2426.0%57.6%81.1%0.415.4%
Allegiant Travel Co. ALGT$2.0 billion51.621.5%4.9%12.2%1.560.0%
Genesis Energy LP GEL$1.8 billionn/an/an/an/an/an/a
Werner Enterprises Inc. WERN$1.7 billionn/a-3.4%-0.9%9.6%0.582.0%
Frontier Group Holdings, Inc. ULCC$1.5 billionn/a-1,116.2%-9.5%24.0%13.14n/a
Bristow Group Inc. VTOL$1.2 billion12.129.6%10.0%8.2%0.68n/a
Genco Shipping & Trading Ltd. GNK$1.2 billion29.294.5%12.8%25.6%0.364.3%
JetBlue Airways Corp. JBLU$1.2 billionn/a-74.8%-6.1%9.9%6.28n/a
Marten Transport Ltd. MRTN$960 million69.121.7%1.8%-6.9%0.002.0%
Heartland Express Inc. HTLD$802 millionn/a-2.9%-2.3%-21.0%0.180.8%
Forward Air Corp. FWRD$603 millionn/an/a-6.7%-0.1%n/a0.0%
Pangaea Logistics Solutions Ltd. PANL$526 million10.7110.6%9.3%22.5%0.530.6%
Verra Mobility Corp. VRRM$507 million12.8319.8%13.6%11.1%4.63n/a
8 companies share its SEC industry code (Air Transportation, Scheduled); the rest are the names nearest in size in its wider industry, Transportation, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
Read moreBy market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.

Filings

FilingPeriodFiledWhere
10-Q30 September 202628 October 2026EDGAR
10-Q30 June 202629 July 2026EDGAR
10-Q31 March 20265 May 2026EDGAR
10-K31 December 202518 February 2026EDGAR
10-Q30 September 20255 November 2025EDGAR
10-Q30 June 20255 August 2025EDGAR
10-Q31 March 20251 May 2025EDGAR
10-K31 December 202418 February 2025EDGAR
10-Q30 September 202429 October 2024EDGAR
10-Q30 June 20248 August 2024EDGAR