Frontier Group Holdings, Inc. (ULCC) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	-$0.47	-$0.1	+78.7%	—	$1.3B	—
Q1 26	-$0.36	-$0.3	+16.7%	—	$992M	—
Q4 25	$0.13	$0.23	+76.9%	—	$997M	—
Q3 25	-$0.37	-$0.34	+8.1%	—	$886M	—
Q2 25	-$0.28	-$0.31	-10.7%	—	$929M	—
Q1 25	-$0.21	-$0.19	+9.5%	—	$912M	—
Q4 24	$0.13	$0.23	+76.9%	—	$1B	—
Q3 24	-$0.02	-$0.05	-150.0%	—	$935M	—
Q2 24	$0.13	$0.14	+7.7%	—	$973M	—
Q1 24	-$0.18	-$0.09	+50.0%	—	$865M	—
Q3 23	-$0.17	-$0.14	+17.6%	—	$883M	—
Q2 23	$0.28	$0.31	+10.7%	—	$967M	—
Q1 23	-$0.08	-$0.06	+25.0%	—	$848M	—
Q4 22	$0.17	$0.18	+5.9%	—	$906M	—
Q3 22	$0.1	$0.15	+50.0%	—	$906M	—
Q2 22	$0.07	$0.09	+28.6%	—	$909M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	-$0.6	—	—	$3.7B	—
FY24	—	$0.37	—	—	$3.8B	—
FY23	—	-$0.05	—	—	$3.6B	—
FY22	—	-$0.17	—	—	$3.3B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY15	FY16	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$1.6B	$1.7B	$2.2B	$2.5B	$1.3B	$2.1B	$3.3B	$3.6B	$3.8B	$3.7B
YoY change	+0.69%	+6.86%	—	+16.3%	-50.2%	+64.8%	+61.5%	+7.91%	+5.18%	-1.35%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY15	FY16	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	1.6B	1.7B	2.2B	2.5B	1.3B	2.1B	3.3B	3.6B	3.8B	3.7B
Cost of revenue	1.1B	1.2B	1.8B	2B	1.6B	2.3B	3B	3.3B	3.6B	3.7B
Gross profit	473M	524M	373M	503M	-390M	-202M	282M	302M	187M	14M
Gross margin	29.5%	30.6%	17.3%	20.1%	-31.2%	-9.81%	8.48%	8.41%	4.95%	0.38%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	79M	72M	110M	130M	78M	109M	164M	164M	178M	159M
Operating expenses	197M	207M	281M	194M	-25M	-85M	317M	304M	129M	163M
Operating income	276M	317M	92M	309M	-365M	-117M	-35M	-2M	58M	-149M
Operating margin	17.2%	18.5%	4.27%	12.3%	-29.2%	-5.68%	-1.05%	-0.06%	1.54%	-4%
Non-operating income, net	-43M	—	—	—	—	—	-10M	-1M	—	—
Pretax income	228M	316M	105M	325M	-372M	-144M	-45M	32M	86M	-134M
Income tax	82M	116M	25M	74M	-147M	-42M	-8M	43M	1M	3M
Net income	146M	200M	80M	251M	-225M	-102M	-37M	-11M	85M	-137M
Net margin	9.1%	11.7%	3.71%	10%	-18%	-4.95%	-1.11%	-0.31%	2.25%	-3.68%
EBITDA	330M	394M	187M	371M	-327M	-77M	20M	84M	162M	-32M
EPS	0.68	0.93	0.37	1.17	-1.05	-0.48	-0.17	-0.05	0.37	-0.6
Diluted EPS	0.68	0.93	0.37	1.17	-1.05	-0.48	-0.17	-0.05	0.37	-0.6

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	883M	891M	865M	973M	935M	1B	912M	929M	886M	997M	992M	1.3B
Cost of revenue	856M	834M	857M	902M	910M	919M	899M	924M	915M	972M	1.2B	1.3B
Gross profit	27M	57M	8M	71M	25M	83M	13M	5M	-29M	25M	-208M	-6M
Gross margin	3.06%	6.4%	0.92%	7.3%	2.67%	8.28%	1.43%	0.54%	-3.27%	2.51%	-21%	-0.47%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	41M	39M	40M	47M	46M	45M	41M	39M	38M	41M	43M	48M
Operating expenses	81M	60M	39M	46M	6M	38M	59M	80M	48M	-24M	75M	91M
Operating income	-54M	-3M	-31M	25M	19M	45M	-46M	-75M	-77M	49M	-283M	-97M
Operating margin	-6.12%	-0.34%	-3.58%	2.57%	2.03%	4.49%	-5.04%	-8.07%	-8.69%	4.91%	-28.5%	-7.58%
Non-operating income, net	—	0	—	—	—	—	—	—	—	—	—	—
Pretax income	-45M	6M	-24M	32M	27M	51M	-40M	-70M	-76M	52M	-281M	-94M
Income tax	-13M	43M	2M	1M	1M	-3M	3M	0	1M	-1M	-9M	-4M
Net income	-32M	-37M	-26M	31M	26M	54M	-43M	-70M	-77M	53M	-272M	-90M
Net margin	-3.62%	-4.15%	-3.01%	3.19%	2.78%	5.39%	-4.71%	-7.53%	-8.69%	5.32%	-27.4%	-7.04%
EBITDA	-31M	19M	-8M	51M	48M	71M	-19M	-47M	-47M	81M	-252M	-60M
EPS	-0.14	-0.17	-0.12	0.14	0.11	0.24	-0.19	-0.31	-0.34	0.23	-1.18	-0.39
Diluted EPS	-0.14	-0.17	-0.12	0.14	0.11	0.23	-0.19	-0.31	-0.34	0.23	-1.18	-0.39

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY15	FY16	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	—	—	—	2.9B	2.2B	1.2B	1.6B	1.1B	1.4B
Enterprise value	—	—	—	—	—	4.8B	4.4B	4.1B	5.3B	5.9B	5.7B
Shares outstanding	214.3M	214.3M	214.1M	214.3M	215.1M	211M	218M	220.1M	224.3M	227.8M	227.8M

Valuation

Metric	FY15	FY16	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	—	—	—	—	—	18.8	—	11.5
P/S	—	—	—	—	—	1.39	0.67	0.33	0.42	0.29	0.34
P/B	—	—	—	—	—	5.4	4.4	2.37	2.64	2.18	10.3
EV/EBITDA	—	—	—	—	—	-62.3	220.3	48.2	32.9	-183.3	-12
EV/Sales	—	—	—	—	—	2.33	1.32	1.13	1.41	1.57	1.37
Earnings yield	—	—	—	—	—	—	—	—	5.33%	—	8.71%
FCF yield	—	—	—	—	—	5.34%	-10.3%	-29%	-9.91%	-58.2%	-5.59%
PEG	—	—	—	—	—	—	—	—	—	—	0.44

Profitability

Metric	FY15	FY16	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	29.5%	30.6%	17.3%	20.1%	-31.2%	-9.81%	8.48%	8.41%	4.95%	0.38%	-0.47%
Operating margin	17.2%	18.5%	4.27%	12.3%	-29.2%	-5.68%	-1.05%	-0.06%	1.54%	-4%	-9.23%
Net margin	9.1%	11.7%	3.71%	10%	-18%	-4.95%	-1.11%	-0.31%	2.25%	-3.68%	-9.29%
ROE	42.7%	44.8%	—	46.3%	-72.6%	-19.2%	-7.27%	-2.17%	14.1%	-27.9%	-120.2%
ROA	12.9%	14.9%	—	6.5%	-6.33%	-2.41%	-0.82%	-0.22%	1.38%	-1.9%	-5.25%
ROIC	113.3%	250.8%	—	10.5%	-14.3%	-4.75%	-1.31%	0%	1.32%	-2.82%	-9.22%
Return on tangible assets	13.9%	15.7%	—	6.6%	-6.44%	-2.44%	-0.83%	-0.22%	1.39%	-1.91%	-5.35%

Financial health

Metric	FY15	FY16	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.09	1.31	—	0.75	0.65	0.78	0.66	0.53	0.53	0.46	0.58
Quick ratio	1.07	1.27	—	0.74	0.63	0.76	0.62	0.48	0.49	0.41	0.54
Debt / equity	0.68	0.55	—	4.62	8.43	5.38	5.75	6.82	7.4	11.1	38.5
Debt / assets	0.21	0.18	—	0.65	0.73	0.67	0.65	0.69	0.73	0.76	0.72
Net debt / EBITDA	-0.56	-0.93	—	4.68	-6.83	-25.1	108.3	33.9	23	-149.8	-15.4
Interest coverage	46.6	106.3	27.3	—	-30	-3.97	-3.5	33	22.5	-11.2	-23.9
Effective tax rate	36%	36.7%	23.8%	22.8%	0%	0%	0%	100%	1.16%	0%	0%

Per share

Metric	FY15	FY16	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	7.49	8	10.1	11.7	5.81	9.76	15.3	16.3	16.8	16.3	18.1
EPS (basic)	0.68	0.93	0.37	1.17	-1.05	-0.48	-0.17	-0.05	0.37	-0.6	-0.6
EPS (diluted)	0.68	0.93	0.37	1.17	-1.05	-0.48	-0.17	-0.05	0.37	-0.6	-1.68
Book value per share	1.6	2.08	—	2.53	1.44	2.51	2.33	2.3	2.69	2.16	0.59
FCF per share	0.29	0.97	0.61	0.51	-2.66	0.73	-1.06	-1.58	-0.7	-2.74	-0.55
Cash per share	1.96	2.86	—	3.58	1.76	4.35	3.49	2.77	3.3	2.95	4.15
Capex per share	0.46	0.02	0.16	0.08	0.13	0.17	0.51	0.16	0.01	0.33	0.21

Capital allocation

Metric	FY15	FY16	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	6.17%	0.23%	1.62%	0.68%	2.24%	1.75%	3.34%	1%	0.08%	2.01%	1.18%
Capex / operating cash flow	42.9%	1.68%	21.3%	6.12%	-5.41%	13.1%	555%	-36.7%	2.33%	-14.3%	-42.6%
Payout ratio	0%	50.5%	263.8%	63.3%	0%	0%	—	—	—	—	0%
Dividend yield	—	—	—	—	—	0%	—	—	—	—	—

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$883M	$891M	$865M	$973M	$935M	$1B	$912M	$929M	$886M	$997M	$992M	$1.3B
YoY change	-2.54%	-1.66%	+2%	+0.62%	+5.89%	+12.5%	+5.43%	-4.52%	-5.24%	-0.5%	+8.77%	+37.7%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY15	FY16	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	419M	612M	768M	378M	918M	761M	609M	740M	671M
Receivables	50M	47M	83M	28M	50M	90M	93M	73M	85M
Inventory	10M	19M	20M	18M	29M	55M	79M	79M	90M
Total current assets	535M	722M	944M	650M	1B	1B	871M	990M	958M
Property, plant & equipment	224M	197M	2.6B	2.5B	2.8B	2.9B	3.4B	4.2B	5.1B
Goodwill & intangibles	74M	70M	60M	58M	58M	56M	56M	54M	54M
Total assets	1.1B	1.3B	3.9B	3.6B	4.2B	4.5B	5B	6.2B	7.2B
Accounts payable	25M	46M	71M	71M	86M	89M	134M	115M	130M
Short-term debt	115M	150M	537M	517M	571M	622M	800M	925M	1.1B
Total current liabilities	492M	553M	1.3B	1B	1.3B	1.6B	1.7B	1.9B	2.1B
Long-term debt	118M	96M	2B	2.1B	2.3B	2.3B	2.7B	3.5B	4.4B
Total liabilities	786M	895M	3.3B	3.2B	3.7B	4B	4.5B	5.5B	6.7B
Shareholders' equity	342M	446M	542M	310M	530M	509M	507M	604M	491M
Total debt	233M	246M	2.5B	2.6B	2.8B	2.9B	3.5B	4.5B	5.5B
Net debt	-186M	-366M	1.7B	2.2B	1.9B	2.2B	2.9B	3.7B	4.8B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	640M	609M	622M	658M	576M	740M	686M	563M	566M	671M	772M	955M
Receivables	109M	93M	98M	95M	147M	73M	89M	98M	93M	85M	118M	147M
Inventory	75M	79M	75M	78M	76M	79M	81M	86M	90M	90M	106M	91M
Total current assets	936M	871M	903M	947M	910M	990M	953M	832M	847M	958M	1.1B	1.3B
Property, plant & equipment	3.6B	3.4B	3.9B	4.3B	4.5B	4.2B	5.1B	5.2B	5.3B	5.1B	5.5B	5.5B
Goodwill & intangibles	28M	56M	27M	27M	27M	54M	27M	27M	27M	54M	27M	27M
Total assets	4.9B	5B	5.2B	5.7B	5.8B	6.2B	6.5B	6.5B	6.7B	7.2B	7B	7.2B
Accounts payable	109M	134M	131M	137M	128M	115M	120M	169M	159M	130M	115M	95M
Short-term debt	794M	800M	850M	886M	822M	925M	949M	1B	1.1B	1.1B	1B	958M
Total current liabilities	1.7B	1.7B	1.8B	1.8B	1.7B	1.9B	1.9B	2B	2.1B	2.1B	2.2B	2.2B
Long-term debt	2.5B	2.7B	2.8B	3.2B	3.4B	3.5B	3.8B	3.8B	4B	4.4B	4.2B	4.3B
Total liabilities	4.4B	4.5B	4.7B	5.2B	5.3B	5.5B	5.9B	6B	6.3B	6.7B	6.8B	7.1B
Shareholders' equity	541M	507M	484M	520M	549M	604M	570M	506M	434M	491M	222M	136M
Total debt	3.3B	3.5B	3.6B	4.1B	4.2B	4.5B	4.8B	4.9B	5B	5.5B	5.2B	5.2B
Net debt	2.7B	2.9B	3B	3.4B	3.7B	3.7B	4.1B	4.3B	4.5B	4.8B	4.5B	4.3B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY15	FY16	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	146M	200M	80M	251M	-225M	-102M	-37M	-11M	85M	-137M
Depreciation & amortization	54M	75M	78M	46M	33M	38M	45M	50M	72M	91M
Stock-based compensation	44M	42M	26M	8M	8M	11M	15M	14M	16M	21M
Change in working capital	-86M	-43M	70M	-78M	-333M	358M	4M	-195M	-45M	-202M
Operating cash flow	231M	238M	164M	278M	-518M	274M	20M	-98M	129M	-525M
Capital expenditure	-99M	-4M	-35M	-17M	28M	-36M	-111M	-36M	3M	-75M
Investing cash flow	-104M	-13M	-35M	-17M	27M	-40M	-113M	-39M	1M	-75M
Dividends paid	0	-101M	-211M	-159M	0	0	—	—	—	—
Share repurchases	—	—	—	—	—	—	—	—	—	—
Financing cash flow	119M	-6M	-47M	-39M	156M	388M	74M	198M	287M	549M
Net change in cash	246M	219M	82M	222M	-335M	622M	-19M	61M	417M	-51M
Free cash flow	62M	208M	130M	109M	-573M	153M	-230M	-348M	-158M	-624M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	—	—	—	—	—	—	—	—	-77M	53M	-272M	-90M
Depreciation & amortization	—	—	—	—	—	—	—	—	24M	26M	25M	30M
Stock-based compensation	—	—	—	—	—	—	—	—	5M	5M	5M	4M
Change in working capital	—	—	—	—	—	—	—	—	-101M	-30M	234M	231M
Operating cash flow	—	—	—	—	—	—	—	—	-215M	-91M	40M	151M
Capital expenditure	—	—	—	—	—	—	—	—	-2M	-22M	-12M	-13M
Investing cash flow	—	—	—	—	—	—	—	—	-2M	-22M	-12M	-13M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	—	—	—	—	—	—	—	—	263M	137M	28M	-15M
Net change in cash	—	—	—	—	—	—	—	—	46M	24M	56M	123M
Free cash flow	-230M	-52M	-39M	-22M	-170M	73M	-115M	-217M	-260M	-32M	28M	138M

Frontier Group Holdings, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement