Frontier Group Holdings, Inc. (ULCC)
Operating as an ultra-low-cost carrier, Frontier Group Holdings, Inc. facilitates air travel for passengers. Its flight network spans approximately 120 airports, reaching destinations throughout the United States and internationally across the Americas. The company provides its services directly to consumers via its website, mobile app, and call center. By the close of 2021, specifically December 31st, its operational fleet comprised 110 single-aisle Airbus aircraft, including 16 A320ceos, 73 A320neos, and 21 A321ceos. Frontier Group Holdings, Inc. was founded in 2013 and maintains its headquarters in Denver, Colorado.
Sector: Air Transportation, Scheduled
Industry: Airlines, Airports & Air Services
Frontier Group Holdings, Inc.
NASDAQ:ULCCIndustrials · Airlines, Airports & Air Services
+4.35%$7.43
CLOSED · Nov 6Prev close$7.12+4.35%Close$7.43-1.08%AH close$7.35
AH$7.35-1.08%vs close
Mkt Cap$1.71B
Float57.62M
O/S230.42M
VOL2.76M sh
$ Vol$20.4M
RVOL0.68×
Inst Own59.6%
Dilution
Financials Summary
Revenue$3.72B
Net Income-$137M
Total Assets$7.22B
Free Cash Flow-$624M
Debt & Equity
Debt 92%
Equity 8%
Total Debt$5.46B
Total Equity$491M
Shares Outstanding
Short Interest
Split History
No splits on record
Nothing in ULCC's public trading history: no forward or reverse split has affected the share count.
Balance Sheet Details
Assets$7.22B
Liabilities$6.73B
Accounts Receivable$100M
Accounts Payable$130M
Inventory$90M
PP&E (Net)$5.74B
Goodwill$0
Intangible Assets$27M
Income Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 |
| Revenue | $3.72B | $3.77B | $3.59B | $3.33B | $2.06B | $1.25B | $2.51B | $2.16B | $1.92B | $1.71B | $1.6B | $1.59B |
| YoY Growth | -1.4% | 5.2% | 7.9% | 61.5% | 64.8% | -50.2% | 16.3% | 12.4% | 11.9% | 6.9% | 0.7% | - |
| Cost of Revenue | $3.71B | $3.59B | $3.29B | $3.04B | $2.26B | $1.64B | $2B | $1.78B | $1.58B | $1.19B | $1.13B | $1.17B |
| Gross Profit | $14M | $187M | $302M | $282M | -$202M | -$390M | $503M | $373M | $339M | $524M | $473M | $420M |
| Gross Margin | 0.4% | 5.0% | 8.4% | 8.5% | -9.8% | -31.2% | 20.1% | 17.3% | 17.7% | 30.6% | 29.5% | 26.4% |
| Research and Development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, General, and Administrative | $159M | $178M | $164M | $164M | $109M | $78M | $130M | $110M | $94M | $72M | $79M | $87M |
| Other | $4M | -$49M | $141M | $153M | -$194M | -$103M | $64M | $171M | $0 | $135M | $118M | $105M |
| Total Operating Expenses | $163M | $129M | $305M | $317M | -$85M | -$25M | $194M | $281M | $94M | $207M | $197M | $192M |
| Operating Income (EBIT) | -$149M | $58M | -$3M | -$35M | -$117M | -$365M | $309M | $92M | $245M | $317M | $233M | $228M |
| Operating Margin | -4.0% | 1.5% | -0.1% | -1.1% | -5.7% | -29.2% | 12.3% | 4.3% | 12.8% | 18.5% | 14.5% | 14.3% |
| Interest Expense | $11M | $4M | $1M | $3M | $29M | $12M | $0 | $4M | $10M | $3M | $5M | $4M |
| Interest Income | $26M | $32M | $36M | $10M | $2M | $5M | $16M | $17M | $7M | $2M | $0 | $0 |
| Other Income (Expense) | $15M | $28M | $35M | -$10M | -$27M | -$7M | $16M | $13M | $3M | -$1M | -$5M | -$4M |
| Income Before Tax (EBT) | -$134M | $86M | $32M | -$45M | -$144M | -$372M | $325M | $105M | $248M | $316M | $228M | $224M |
| Income Tax Expense | $3M | $1M | $43M | -$8M | -$42M | -$147M | $74M | $25M | $86M | $116M | $82M | $84M |
| Net Income | -$137M | $85M | -$11M | -$37M | -$102M | -$225M | $251M | $80M | $162M | $200M | $146M | $140M |
| Net Income Margin | -3.7% | 2.3% | -0.3% | -1.1% | -5.0% | -18.0% | 10.0% | 3.7% | 8.4% | 11.7% | 9.1% | 8.8% |
| Supplementary Data | ||||||||||||
| EPS | -0.60 | 0.38 | -0.05 | -0.17 | -0.47 | -1.05 | 1.10 | 0.37 | 0.75 | 0.93 | 0.68 | 0.65 |
| Diluted EPS | -0.60 | 0.38 | -0.05 | -0.17 | -0.47 | -1.05 | 1.10 | 0.37 | 0.75 | 0.93 | 0.68 | 0.65 |
| Weighted Average OS | 228.79M | 224.33M | 220.10M | 218.00M | 217.06M | 215.08M | 215.08M | 214.07M | 215.08M | 214.26M | 214.26M | 214.26M |
| EBITDA | -$32M | $162M | $83M | $10M | -$77M | -$327M | $371M | $187M | $310M | $394M | $287M | $257M |
| EBITDA Margin | -0.9% | 4.3% | 2.3% | 0.3% | -3.7% | -26.2% | 14.8% | 8.7% | 16.2% | 23.0% | 17.9% | 16.1% |
Balance Sheet
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2016-12-31 | 2015-12-31 |
| Assets | ||||||||||
| Current Assets | ||||||||||
| Cash and Cash Equivalents | $671M | $740M | $609M | $761M | $918M | $378M | $768M | $698M | $612M | $419M |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Cash and Short-Term Investments | $671M | $740M | $609M | $761M | $918M | $378M | $768M | $698M | $612M | $419M |
| Accounts Receivable | $100M | $93M | $109M | $98M | $62M | $215M | $101M | $70M | $47M | $76M |
| Inventory | $90M | $79M | $79M | $55M | $29M | $18M | $20M | $18M | $19M | $10M |
| Other Current Assets | $71M | $60M | $53M | $86M | $14M | $15M | $42M | $49M | $21M | $6M |
| Total Current Assets | $958M | $990M | $871M | $1.02B | $1.04B | $650M | $944M | $859M | $722M | $535M |
| Long-Term Assets | ||||||||||
| Property, Plant & Equipment Net | $5.74B | $4.71B | $3.27B | $2.71B | $2.97B | $2.43B | $2.44B | $174M | $276M | $265M |
| Goodwill | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Intangible Assets | $27M | $27M | $28M | $28M | $29M | $29M | $30M | $31M | $35M | $37M |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $9M | $0 | -$77M | -$80M |
| Deferred Tax Assets | $0 | $0 | $0 | $0 | $0 | $0 | -$9M | $0 | $77M | $80M |
| Other Long-Term Assets | $491M | $426M | $821M | $741M | $199M | $449M | $448M | $450M | $308M | $291M |
| Total Long-Term Assets | $6.26B | $5.16B | $4.12B | $3.48B | $3.2B | $2.9B | $2.92B | $655M | $619M | $593M |
| Other Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Assets | $7.22B | $6.15B | $4.99B | $4.5B | $4.24B | $3.55B | $3.86B | $1.51B | $1.34B | $1.13B |
| Liabilities | ||||||||||
| Current Liabilities | ||||||||||
| Accounts Payable | $130M | $115M | $134M | $89M | $86M | $71M | $71M | $47M | $46M | $25M |
| Short-Term Debt | $301M | $261M | $251M | $157M | $127M | $101M | $150M | $126M | $141M | $103M |
| Current Income Tax Payable | $0 | $141M | $125M | $113M | $84M | $41M | $66M | $0 | $45M | $40M |
| Current Unearned Revenue | $368M | $312M | $263M | $326M | $286M | $0 | $0 | $0 | $7M | $3M |
| Other Current Liabilities | $234M | $239M | $229M | $301M | $210M | $318M | $570M | $469M | $316M | $313M |
| Total Current Liabilities | $2.1B | $1.85B | $1.66B | $1.55B | $1.33B | $1B | $1.25B | $776M | $553M | $492M |
| Long-Term Liabilities | ||||||||||
| Long-Term Debt | $313M | $241M | $219M | $272M | $287M | $247M | $95M | $88M | $96M | $118M |
| Long-Term Unearned Revenue | $44M | $31M | $35M | $32M | $62M | $23M | $0 | $169M | $68M | $24M |
| Long-Term Deferred Tax Liabilities | $0 | $0 | $0 | $0 | $0 | $9M | $27M | $0 | $14M | $28M |
| Other Long-Term Liabilities | $199M | $123M | $134M | $97M | $39M | $114M | $72M | $201M | $164M | $124M |
| Total Long-Term Liabilities | $4.63B | $3.7B | $2.83B | $2.44B | $2.38B | $2.24B | $2.07B | $458M | $342M | $294M |
| Other Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $6.73B | $5.55B | $4.49B | $3.99B | $3.71B | $3.24B | $3.32B | $1.23B | $895M | $786M |
| Stockholders' Equity | ||||||||||
| Preferred Stock | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Common Stock | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Retained Earnings | $59M | $196M | $111M | $122M | $159M | $261M | $486M | $245M | $395M | $299M |
| Comprehensive Income & Other | -$5M | -$6M | -$7M | -$6M | -$10M | -$11M | $4M | -$17M | $1M | -$10M |
| Other Stockholders' Equity | $432M | $408M | $396M | $387M | $371M | $49M | $56M | $35M | $51M | $43M |
| Total Equity | $491M | $604M | $507M | $509M | $530M | $310M | $542M | $280M | $446M | $342M |
| Minority Interest | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities and Equity | $7.22B | $6.15B | $4.99B | $4.5B | $4.24B | $3.55B | $3.86B | $1.51B | $1.34B | $1.13B |
| Supplementary Data | ||||||||||
| Total Debt | $5.46B | $4.47B | $3.46B | $2.93B | $2.85B | $2.61B | $2.51B | $214M | $246M | $233M |
| Net Debt | $4.79B | $3.73B | $2.85B | $2.17B | $1.93B | $2.23B | $1.74B | -$484M | -$366M | -$186M |
Cash Flow Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2016 | FY 2015 | FY 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 |
| Operating Activities | |||||||||||
| Net Income | -$137M | $85M | -$11M | -$37M | -$102M | -$225M | $251M | $80M | $200M | $146M | $140M |
| Depreciation & Amortization | $91M | $72M | $50M | $45M | $38M | $33M | $46M | $78M | $75M | $54M | $29M |
| Deferred Income Tax | $3M | $0 | $43M | -$8M | -$32M | -$14M | $52M | -$72M | -$23M | $14M | $22M |
| Stock-Based Compensation | $21M | $16M | $14M | $15M | $11M | $8M | $8M | $26M | $42M | $44M | $6M |
| Changes in Working Capital: | |||||||||||
| Accounts Receivable | -$12M | $22M | $33M | -$28M | -$14M | $61M | -$6M | $28M | $28M | $15M | $29M |
| Inventory | $11M | $20M | -$7M | -$40M | $174M | -$166M | -$18M | $29M | $20M | -$5M | -$1M |
| Accounts Payable | -$1M | -$15M | $47M | -$4M | $13M | -$213M | $24M | -$7M | $20M | $6M | $2M |
| Other Working Capital | -$200M | $10M | -$284M | $58M | $165M | -$15M | -$78M | $20M | -$111M | -$125M | -$108M |
| Total Working Capital Change | -$202M | $37M | -$211M | -$14M | $338M | -$333M | -$78M | $70M | -$43M | -$109M | -$78M |
| Other Non-Cash Items | -$301M | -$292M | -$146M | -$79M | -$37M | -$26M | -$108M | $7M | -$13M | $59M | $65M |
| Net Cash from Operating | -$525M | -$82M | -$261M | -$78M | $216M | -$557M | $171M | $189M | $238M | $208M | $184M |
| Investing Activities | |||||||||||
| Capital Expenditures | -$24M | -$76M | -$36M | -$111M | -$36M | -$16M | -$17M | -$35M | -$30M | -$107M | -$69M |
| Acquisitions | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Purchases of Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Sales of Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Investing Activities | -$75M | $1M | -$54M | -$43M | -$31M | $27M | -$45M | -$24M | -$9M | -$36M | $12M |
| Net Cash from Investing | -$99M | -$75M | -$90M | -$154M | -$67M | $11M | -$62M | -$59M | -$39M | -$143M | -$57M |
| Financing Activities | |||||||||||
| Debt Repaid | -$553M | -$293M | -$203M | -$78M | -$125M | -$157M | -$123M | -$112M | -$100M | -$91M | -$28M |
| Common Stock Issuance | $6M | $1M | $1M | $1M | $269M | $0 | $0 | $0 | $0 | $0 | $0 |
| Common Stock Repurchases | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Dividends Paid | $0 | $0 | $0 | $0 | $0 | $0 | -$159M | -$211M | -$101M | $0 | $0 |
| Other Financing Activities | -$4M | -$6M | -$5M | -$4M | -$3M | -$1M | $89M | $152M | -$5M | $0 | -$1M |
| Net Cash from Financing | $555M | $288M | $199M | $75M | $391M | $156M | -$39M | -$149M | -$6M | $91M | $9M |
| Forex Effect | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Change in Cash | -$69M | $131M | -$152M | -$157M | $540M | -$390M | $70M | -$19M | $193M | $156M | $136M |
| Supplementary Data | |||||||||||
| Operating Cash Flow | -$525M | -$82M | -$261M | -$78M | $216M | -$557M | $171M | $189M | $238M | $208M | $184M |
| Capital Expenditure | -$99M | -$76M | -$87M | -$152M | -$63M | -$16M | -$62M | -$59M | -$30M | -$146M | -$69M |
| Free Cash Flow | -$624M | -$158M | -$348M | -$230M | $153M | -$573M | $109M | $130M | $208M | $62M | $115M |
| Cash at Beginning | $740M | $609M | $761M | $918M | $378M | $768M | $698M | $717M | $419M | $263M | $127M |
| Cash at End | $671M | $740M | $609M | $761M | $918M | $378M | $768M | $698M | $612M | $419M | $263M |