Frontier Group (ULCC) Financials

$4.88 +0.19 (+4.05%)

Closing price 04:00 PM Eastern

Extended Trading

$4.85 -0.03 (-0.61%)

As of 06:29 PM Eastern

Annual Income Statements for Frontier Group

This table shows Frontier Group's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	251	-225	-102	-37	-11	85	-137
Consolidated Net Income / (Loss)	251	-225	-102	-37	-11	85	-137
Net Income / (Loss) Continuing Operations	251	-225	-102	-37	-11	85	-137
Total Pre-Tax Income	325	-372	-144	-45	32	86	-134
Total Operating Income	309	-365	-117	-45	-3.00	58	-149
Total Gross Profit	885	-357	220	749	868	896	822
Total Revenue	2,508	1,250	2,060	3,326	3,589	3,775	3,724
Operating Revenue	2,508	1,250	2,060	3,326	3,589	3,775	3,724
Total Cost of Revenue	1,623	1,607	1,840	2,577	2,721	2,879	2,902
Operating Cost of Revenue	1,623	1,607	1,840	2,577	2,721	2,879	2,902
Total Operating Expenses	576	8.00	337	794	871	838	971
Marketing Expense	130	78	109	164	164	178	159
Depreciation Expense	46	33	38	45	50	72	91
Other Operating Expenses / (Income)	336	-193	89	575	657	588	721
Total Other Income / (Expense), net	16	-7.00	-27	0.00	35	28	15
Interest Expense	0.00	12	29	10	1.00	4.00	11
Interest & Investment Income	16	5.00	2.00	10	36	32	26
Income Tax Expense	74	-147	-42	-8.00	43	1.00	3.00
Basic Earnings per Share	$1.19	($1.13)	($0.48)	($0.17)	($0.05)	$0.37	($0.60)
Weighted Average Basic Shares Outstanding	-	-	217.10M	218.06M	223.37M	227.25M	229.61M
Diluted Earnings per Share	$1.19	($1.13)	($0.48)	($0.17)	($0.05)	$0.37	($0.60)
Weighted Average Diluted Shares Outstanding	-	-	217.10M	218.06M	223.37M	227.25M	229.61M
Weighted Average Basic & Diluted Shares Outstanding	-	-	217.10M	218.06M	223.37M	227.25M	229.61M

This table shows Frontier Group's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-32	-37	-26	31	26	54	-43	-70	-77	53	-272
Consolidated Net Income / (Loss)	-32	-37	-26	31	26	54	-43	-70	-77	53	-272
Net Income / (Loss) Continuing Operations	-32	-37	-26	31	26	54	-43	-70	-77	53	-272
Total Pre-Tax Income	-45	6.00	-24	32	27	51	-40	-70	-76	52	-281
Total Operating Income	-54	-3.00	-31	25	19	45	-46	-75	-77	49	-283
Total Gross Profit	180	-330	170	247	261	264	223	212	182	344	-4.00
Total Revenue	883	891	865	973	935	1,002	912	929	886	997	992
Operating Revenue	883	891	865	973	935	1,002	912	929	886	997	992
Total Cost of Revenue	703	1,221	695	726	674	738	689	717	704	653	996
Operating Cost of Revenue	703	1,221	695	726	674	738	689	717	704	653	996
Total Operating Expenses	234	-327	201	222	242	219	269	287	259	295	279
Marketing Expense	48	19	49	42	99	34	51	47	52	-32	185
Depreciation Expense	13	14	16	18	19	19	20	21	24	26	62
Other Operating Expenses / (Income)	173	-361	136	162	124	166	198	219	183	301	32
Total Other Income / (Expense), net	9.00	9.00	7.00	7.00	8.00	6.00	6.00	5.00	1.00	3.00	4.00
Interest Expense	1.00	-1.00	0.00	1.00	2.00	1.00	1.00	2.00	5.00	3.00	4.00
Interest & Investment Income	10	8.00	7.00	8.00	10	7.00	7.00	7.00	6.00	6.00	6.00
Other Income / (Expense), net	-	-	-	-	-	-	-	-	-	-	2.00
Income Tax Expense	-13	43	2.00	1.00	1.00	-3.00	3.00	0.00	1.00	-1.00	-9.00
Basic Earnings per Share	($0.14)	($0.17)	($0.12)	$0.14	$0.11	$0.24	($0.19)	($0.31)	($0.34)	$0.24	($1.18)
Weighted Average Basic Shares Outstanding	221.06M	223.37M	223.96M	224.48M	225.37M	227.25M	227.76M	228.16M	228.95M	229.61M	229.79M
Diluted Earnings per Share	($0.14)	($0.16)	($0.12)	$0.14	$0.11	$0.24	($0.19)	($0.31)	($0.34)	$0.24	($1.18)
Weighted Average Diluted Shares Outstanding	221.06M	223.37M	223.96M	224.48M	225.37M	227.25M	227.76M	228.16M	228.95M	229.61M	229.79M
Weighted Average Basic & Diluted Shares Outstanding	221.06M	223.37M	223.96M	224.48M	225.37M	227.25M	227.76M	228.16M	228.95M	229.61M	229.79M

This table details how cash moves in and out of Frontier Group's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	70	-390	540	-157	-152	131	-69
Net Cash From Operating Activities	171	-557	216	-78	-261	-82	-525
Net Cash From Continuing Operating Activities	171	-557	216	-78	-261	-82	-525
Net Income / (Loss) Continuing Operations	251	-225	-102	-37	-11	85	-137
Consolidated Net Income / (Loss)	251	-225	-102	-37	-11	85	-137
Depreciation Expense	46	33	38	45	50	72	91
Amortization Expense	0.00	0.00	1.00	1.00	1.00	1.00	1.00
Non-Cash Adjustments To Reconcile Net Income	-117	-29	-47	-83	-149	-195	-281
Changes in Operating Assets and Liabilities, net	-9.00	-336	326	-4.00	-152	-45	-199
Net Cash From Investing Activities	-62	11	-67	-154	-90	-75	-99
Net Cash From Continuing Investing Activities	-62	11	-67	-154	-90	-75	-99
Purchase of Property, Plant & Equipment	-62	-16	-27	-41	-51	-76	-75
Sale of Property, Plant & Equipment	-	28	-36	-111	-36	3.00	-24
Other Investing Activities, net	0.00	-1.00	-4.00	-2.00	-3.00	-2.00	0.00
Net Cash From Financing Activities	-39	156	391	75	199	288	555
Net Cash From Continuing Financing Activities	-39	156	391	75	199	288	555
Repayment of Debt	-142	-126	-97	-266	-131	-447	-380
Issuance of Debt	170	236	163	273	171	476	492
Other Financing Activities, net	92	46	59	68	159	259	443

This table details how cash moves in and out of Frontier Group's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-140	-31	13	36	-82	164	-54	-123	3.00	105	101
Net Cash From Operating Activities	-173	-54	-22	9.00	-156	87	-86	-133	-215	-91	40
Net Cash From Continuing Operating Activities	-173	-54	-22	9.00	-156	87	-86	-133	-215	-91	40
Net Income / (Loss) Continuing Operations	-32	-37	-26	31	26	54	-43	-70	-77	53	-272
Consolidated Net Income / (Loss)	-32	-37	-26	31	26	54	-43	-70	-77	53	-272
Depreciation Expense	13	14	16	18	19	19	20	21	24	26	25
Non-Cash Adjustments To Reconcile Net Income	-41	-49	-71	14	-66	-72	-51	-28	-62	-140	62
Changes in Operating Assets and Liabilities, net	-113	18	59	-54	-135	85	-12	-56	-100	-31	225
Net Cash From Investing Activities	-58	1.00	-7.00	-27	-12	-29	-29	-84	-45	59	33
Net Cash From Continuing Investing Activities	-58	1.00	-7.00	-27	-12	-29	-29	-84	-45	59	33
Purchase of Property, Plant & Equipment	-14	-14	-17	-31	-14	-14	-29	-33	-2.00	-22	33
Net Cash From Financing Activities	91	22	42	54	86	106	61	94	263	137	28
Net Cash From Continuing Financing Activities	91	22	42	54	86	106	61	94	263	137	28
Repayment of Debt	-33	-47	-74	-87	-259	-27	-28	-15	-145	-192	-83
Issuance of Debt	89	30	69	73	276	58	33	68	253	138	51
Other Financing Activities, net	35	39	47	68	69	75	56	41	155	191	60

This table presents Frontier Group's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	3,554	4,235	4,499	4,993	6,153	7,220
Total Current Assets	650	1,037	1,020	871	990	958
Cash & Equivalents	378	918	761	609	740	671
Accounts Receivable	28	50	90	93	73	85
Inventories, net	18	29	55	79	79	90
Other Current Assets	226	40	114	90	98	112
Plant, Property, & Equipment, net	176	186	226	309	376	510
Total Noncurrent Assets	2,728	3,012	3,253	3,813	4,787	5,752
Intangible Assets	29	29	28	28	27	27
Other Noncurrent Operating Assets	2,699	2,983	3,225	3,785	4,760	5,725
Total Liabilities & Shareholders' Equity	3,554	4,235	4,499	4,993	6,153	7,220
Total Liabilities	3,244	3,705	3,990	4,486	5,549	6,729
Total Current Liabilities	1,003	1,326	1,555	1,658	1,852	2,103
Short-Term Debt	101	127	157	251	261	301
Accounts Payable	71	86	89	134	115	130
Current Deferred Revenue	135	273	313	253	294	352
Other Current Liabilities	696	840	996	1,020	1,182	1,320
Total Noncurrent Liabilities	2,241	2,379	2,435	2,828	3,697	4,626
Long-Term Debt	247	287	272	219	241	313
Other Noncurrent Operating Liabilities	1,994	2,092	2,163	2,609	3,456	4,313
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	310	530	509	507	604	491
Total Preferred & Common Equity	310	530	509	507	604	491
Total Common Equity	310	530	509	507	604	491
Common Stock	60	381	393	403	414	437
Retained Earnings	261	159	122	111	196	59
Accumulated Other Comprehensive Income / (Loss)	-11	-10	-6.00	-7.00	-6.00	-5.00

This table presents Frontier Group's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	4,246	4,670	4,708	4,935	5,206	5,689	5,826	6,481	6,524	6,701	7,017
Total Current Assets	892	1,042	1,009	936	903	947	910	953	832	847	1,098
Cash & Equivalents	674	790	780	640	622	658	576	686	563	566	772
Accounts Receivable	65	96	91	109	98	95	147	89	98	93	118
Inventories, net	54	57	60	75	75	78	76	81	86	90	106
Other Current Assets	99	99	78	112	108	116	111	97	85	98	102
Plant, Property, & Equipment, net	213	242	260	282	330	350	367	396	458	492	485
Total Noncurrent Assets	3,141	3,386	3,439	3,717	3,973	4,392	4,549	5,132	5,234	5,362	5,434
Intangible Assets	28	28	28	28	27	27	27	27	27	27	27
Other Noncurrent Operating Assets	3,113	3,358	3,411	3,689	3,946	4,365	4,522	5,105	5,207	5,335	5,407
Total Liabilities & Shareholders' Equity	4,246	4,670	4,708	4,935	5,206	5,689	5,826	6,481	6,524	6,701	7,017
Total Liabilities	3,778	4,182	4,142	4,394	4,722	5,169	5,277	5,911	6,018	6,267	6,795
Total Current Liabilities	1,452	1,680	1,645	1,689	1,797	1,821	1,724	1,942	2,045	2,110	2,238
Short-Term Debt	193	215	237	266	265	263	190	263	326	363	240
Accounts Payable	78	79	91	109	131	137	128	120	169	159	115
Current Deferred Revenue	296	424	353	307	328	323	292	358	324	325	459
Other Current Liabilities	885	962	964	1,007	1,073	1,098	1,114	1,201	1,226	1,263	1,424
Total Noncurrent Liabilities	2,326	2,502	2,497	2,705	2,925	3,348	3,553	3,969	3,973	4,157	4,557
Long-Term Debt	228	212	193	220	201	189	279	244	234	305	343
Other Noncurrent Operating Liabilities	2,098	2,290	2,304	2,485	2,724	3,159	3,274	3,725	3,739	3,852	4,214
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	468	488	566	541	484	520	549	570	506	434	222
Total Preferred & Common Equity	468	488	566	541	484	520	549	570	506	434	222
Total Common Equity	468	488	566	541	484	520	549	570	506	434	222
Common Stock	389	392	396	399	406	411	414	423	429	434	440
Retained Earnings	82	109	180	148	85	116	142	153	83	6.00	-213
Accumulated Other Comprehensive Income / (Loss)	-3.00	-13	-10	-6.00	-7.00	-7.00	-7.00	-6.00	-6.00	-6.00	-5.00

This table displays calculated financial ratios and metrics derived from Frontier Group's official financial filings.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-
Revenue Growth	0.00%	-50.16%	64.80%	61.46%	7.91%	5.18%	-1.35%
EBITDA Growth	0.00%	-193.52%	76.51%	101.28%	4,700.00%	172.92%	-143.51%
EBIT Growth	0.00%	-218.12%	67.95%	61.54%	93.33%	2,033.33%	-356.90%
NOPAT Growth	0.00%	-207.06%	67.95%	61.54%	103.27%	5,458.84%	-281.94%
Net Income Growth	0.00%	-189.64%	54.67%	63.73%	70.27%	872.73%	-261.18%
EPS Growth	0.00%	-194.96%	57.52%	64.58%	70.59%	840.00%	-262.16%
Operating Cash Flow Growth	0.00%	-425.73%	138.78%	-136.11%	-234.62%	68.58%	-540.24%
Free Cash Flow Firm Growth	0.00%	0.00%	132.14%	-206.04%	-4.09%	131.23%	-390.43%
Invested Capital Growth	0.00%	0.00%	-90.71%	580.77%	107.91%	-0.54%	18.58%
Revenue Q/Q Growth	0.00%	0.00%	19.91%	9.81%	-0.42%	3.03%	-0.13%
EBITDA Q/Q Growth	0.00%	0.00%	55.68%	100.78%	-47.25%	70.13%	17.39%
EBIT Q/Q Growth	0.00%	0.00%	45.58%	74.43%	-106.67%	480.00%	2.61%
NOPAT Q/Q Growth	0.00%	0.00%	45.58%	74.43%	-97.36%	4,017.25%	2.61%
Net Income Q/Q Growth	0.00%	0.00%	42.05%	71.54%	-116.67%	1,516.67%	-0.74%
EPS Q/Q Growth	0.00%	0.00%	47.25%	70.18%	-116.13%	1,333.33%	0.00%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	327.37%	-50.00%	-130.97%	63.23%	-51.30%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	8.38%	-42.92%	205.07%	14.32%
Invested Capital Q/Q Growth	0.00%	0.00%	-81.30%	-17.67%	-4.91%	-17.19%	-19.03%
Profitability Metrics	-	-	-	-	-	-	-
Gross Margin	35.29%	-28.56%	10.68%	22.52%	9.81%	23.74%	22.07%
EBITDA Margin	14.15%	-26.56%	-3.79%	0.03%	1.34%	3.47%	-1.53%
Operating Margin	12.32%	-29.20%	-5.68%	-1.35%	-0.08%	1.54%	-4.00%
EBIT Margin	12.32%	-29.20%	-5.68%	-1.35%	-0.08%	1.54%	-4.00%
Profit (Net Income) Margin	10.01%	-18.00%	-4.95%	-1.11%	-0.31%	2.25%	-3.68%
Tax Burden Percent	77.23%	60.48%	70.83%	82.22%	-34.38%	98.84%	102.24%
Interest Burden Percent	105.18%	101.92%	123.08%	100.00%	-1,066.67%	148.28%	89.93%
Effective Tax Rate	22.77%	0.00%	0.00%	0.00%	134.38%	1.16%	0.00%
Return on Invested Capital (ROIC)	0.00%	-182.50%	-53.53%	-31.03%	0.38%	15.62%	-26.08%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	-385.83%	-46.00%	-29.72%	5.49%	0.94%	-3.91%
Return on Net Nonoperating Assets (RNNOA)	0.00%	37.34%	29.24%	23.91%	-2.54%	-0.32%	1.05%
Return on Equity (ROE)	0.00%	-145.16%	-24.29%	-7.12%	-2.17%	15.30%	-25.02%
Cash Return on Invested Capital (CROIC)	0.00%	-382.50%	112.48%	-179.80%	-69.71%	16.17%	-43.08%
Operating Return on Assets (OROA)	0.00%	-10.27%	-3.00%	-1.03%	-0.06%	1.04%	-2.23%
Return on Assets (ROA)	0.00%	-6.33%	-2.62%	-0.85%	-0.23%	1.53%	-2.05%
Return on Common Equity (ROCE)	0.00%	-145.16%	-24.29%	-7.12%	-2.17%	15.30%	-25.02%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-72.58%	-19.25%	-7.27%	-2.17%	14.07%	0.00%
Net Operating Profit after Tax (NOPAT)	239	-256	-82	-32	1.03	57	-104
NOPAT Margin	9.52%	-20.44%	-3.98%	-0.95%	0.03%	1.52%	-2.80%
Net Nonoperating Expense Percent (NNEP)	0.00%	203.33%	-7.53%	-1.32%	-5.11%	14.68%	-22.17%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-3.36%	0.11%	5.18%	-9.44%
Cost of Revenue to Revenue	64.71%	128.56%	89.32%	77.48%	90.19%	76.26%	77.93%
SG&A Expenses to Revenue	2.55%	7.20%	4.90%	0.00%	0.00%	0.00%	0.00%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	22.97%	0.64%	16.36%	23.87%	9.89%	22.20%	26.07%
Earnings before Interest and Taxes (EBIT)	309	-365	-117	-45	-3.00	58	-149
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	355	-332	-78	1.00	48	131	-57
Valuation Ratios	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	1.84	5.53	4.39	2.38	2.65	2.20
Price to Tangible Book Value (P/TBV)	0.00	2.03	5.85	4.65	2.52	2.78	2.32
Price to Revenue (P/Rev)	0.23	0.46	1.42	0.67	0.34	0.42	0.29
Price to Earnings (P/E)	2.27	0.00	0.00	0.00	0.00	18.85	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	44.04%	0.00%	0.00%	0.00%	0.00%	5.30%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	1.93	93.36	10.76	2.90	3.73	2.35
Enterprise Value to Revenue (EV/Rev)	0.00	0.43	1.18	0.57	0.30	0.36	0.27
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	1,904.44	22.25	10.42	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	23.52	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	1,035.64	23.80	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	11.24	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	14.10	0.00	0.00	23.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-
Debt to Equity	0.00	1.12	0.78	0.84	0.93	0.83	1.25
Long-Term Debt to Equity	0.00	0.80	0.54	0.53	0.43	0.40	0.64
Financial Leverage	0.00	-0.10	-0.64	-0.80	-0.46	-0.34	-0.27
Leverage Ratio	0.00	11.46	9.27	8.41	9.34	10.03	12.21
Compound Leverage Factor	0.00	11.68	11.41	8.41	-99.65	14.88	10.98
Debt to Total Capital	0.00%	52.89%	43.86%	45.74%	48.11%	45.39%	55.57%
Short-Term Debt to Total Capital	0.00%	15.35%	13.45%	16.74%	25.69%	23.60%	27.24%
Long-Term Debt to Total Capital	0.00%	37.54%	30.40%	29.00%	22.42%	21.79%	28.33%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	47.11%	56.14%	54.26%	51.89%	54.61%	44.43%
Debt to EBITDA	0.00	-1.05	-5.31	429.00	9.79	3.83	-10.77
Net Debt to EBITDA	0.00	0.09	6.46	-332.00	-2.90	-1.82	1.00
Long-Term Debt to EBITDA	0.00	-0.74	-3.68	272.00	4.56	1.84	-5.49
Debt to NOPAT	0.00	-1.36	-5.05	-13.62	455.76	8.76	-5.89
Net Debt to NOPAT	0.00	0.12	6.15	10.54	-134.79	-4.15	0.55
Long-Term Debt to NOPAT	0.00	-0.97	-3.50	-8.63	212.36	4.20	-3.00
Altman Z-Score	0.00	0.10	0.84	0.94	0.72	0.69	0.37
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-
Current Ratio	0.00	0.65	0.78	0.66	0.53	0.53	0.46
Quick Ratio	0.00	0.40	0.73	0.55	0.42	0.44	0.36
Cash Flow Metrics	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-536	172	-183	-190	59	-172
Operating Cash Flow to CapEx	275.81%	0.00%	342.86%	-51.32%	-300.00%	-112.33%	-530.30%
Free Cash Flow to Firm to Interest Expense	0.00	-44.63	5.93	-18.25	-189.97	14.83	-15.66
Operating Cash Flow to Interest Expense	0.00	-46.42	7.45	-7.80	-261.00	-20.50	-47.73
Operating Cash Flow Less CapEx to Interest Expense	0.00	-45.42	5.28	-23.00	-348.00	-38.75	-56.73
Efficiency Ratios	-	-	-	-	-	-	-
Asset Turnover	0.00	0.35	0.53	0.76	0.76	0.68	0.56
Accounts Receivable Turnover	0.00	44.64	52.82	47.51	39.22	45.48	47.14
Inventory Turnover	0.00	89.28	78.30	61.36	48.31	36.44	34.34
Fixed Asset Turnover	0.00	7.10	11.38	16.15	13.42	11.02	8.41
Accounts Payable Turnover	0.00	22.63	23.44	29.45	29.03	23.12	23.69
Days Sales Outstanding (DSO)	0.00	8.18	6.91	7.68	9.31	8.03	7.74
Days Inventory Outstanding (DIO)	0.00	4.09	4.66	5.95	7.55	10.02	10.63
Days Payable Outstanding (DPO)	0.00	16.13	15.57	12.39	12.57	15.78	15.41
Cash Conversion Cycle (CCC)	0.00	-3.86	-4.00	1.24	4.29	2.26	2.96
Capital & Investment Metrics	-	-	-	-	-	-	-
Invested Capital	0.00	280	26	177	368	366	434
Invested Capital Turnover	0.00	8.93	13.46	32.77	13.17	10.29	9.31
Increase / (Decrease) in Invested Capital	0.00	280	-254	151	191	-2.00	68
Enterprise Value (EV)	0.00	540	2,427	1,904	1,068	1,364	1,021
Market Capitalization	570	570	2,931	2,236	1,207	1,602	1,078
Book Value per Share	$0.00	$10.33	$2.45	$2.34	$2.29	$2.68	$2.14
Tangible Book Value per Share	$0.00	$9.37	$2.32	$2.21	$2.17	$2.56	$2.03
Total Capital	0.00	658	944	938	977	1,106	1,105
Total Debt	0.00	348	414	429	470	502	614
Total Long-Term Debt	0.00	247	287	272	219	241	313
Net Debt	0.00	-30	-504	-332	-139	-238	-57
Capital Expenditures (CapEx)	62	-12	63	152	87	73	99
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-630	-1,080	-1,139	-1,145	-1,341	-1,515
Debt-free Net Working Capital (DFNWC)	0.00	-252	-162	-378	-536	-601	-844
Net Working Capital (NWC)	0.00	-353	-289	-535	-787	-862	-1,145
Net Nonoperating Expense (NNE)	-12	-31	20	5.50	12	-28	33
Net Nonoperating Obligations (NNO)	0.00	-30	-504	-332	-139	-238	-57
Total Depreciation and Amortization (D&A)	46	33	39	46	51	73	92
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-50.40%	-52.43%	-34.25%	-31.90%	-35.52%	-40.68%
Debt-free Net Working Capital to Revenue	0.00%	-20.16%	-7.86%	-11.37%	-14.93%	-15.92%	-22.66%
Net Working Capital to Revenue	0.00%	-28.24%	-14.03%	-16.09%	-21.93%	-22.83%	-30.75%
Earnings Adjustments	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	($0.48)	($0.17)	($0.05)	$0.37	($0.60)
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	217.10M	218.06M	223.37M	227.25M	229.61M
Adjusted Diluted Earnings per Share	$0.00	$0.00	($0.48)	($0.17)	($0.05)	$0.37	($0.60)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	217.10M	218.06M	223.37M	227.25M	229.61M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	217.10M	218.06M	223.37M	227.25M	229.61M
Normalized Net Operating Profit after Tax (NOPAT)	239	-256	-82	-25	-1.40	57	-104
Normalized NOPAT Margin	9.52%	-20.44%	-3.98%	-0.74%	-0.04%	1.52%	-2.80%
Pre Tax Income Margin	12.96%	-29.76%	-6.99%	-1.35%	0.89%	2.28%	-3.60%
Debt Service Ratios	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	-30.42	-4.03	-4.50	-3.00	14.50	-13.55
NOPAT to Interest Expense	0.00	-21.29	-2.82	-3.15	1.03	14.33	-9.48
EBIT Less CapEx to Interest Expense	0.00	-29.42	-6.21	-19.70	-90.00	-3.75	-22.55
NOPAT Less CapEx to Interest Expense	0.00	-20.29	-5.00	-18.35	-85.97	-3.92	-18.48
Payout Ratios	-	-	-	-	-	-	-
Dividend Payout Ratio	63.35%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	63.35%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Frontier Group's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	229,609,718.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	229,609,718.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-1.18
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-2.54%	-1.66%	2.00%	0.62%	5.89%	12.46%	5.43%	-4.52%	-5.24%	-0.50%	8.77%
EBITDA Growth	-164.06%	-79.63%	-7.14%	-52.75%	192.68%	490.91%	-73.33%	-225.58%	-239.47%	17.19%	-884.62%
EBIT Growth	-196.43%	-106.67%	-24.00%	-68.35%	135.19%	1,600.00%	-48.39%	-400.00%	-505.26%	8.89%	-510.87%
NOPAT Growth	-226.29%	-48.61%	-24.00%	-62.00%	148.40%	157.55%	-48.39%	-316.77%	-394.60%	4.82%	-515.22%
Net Income Growth	-203.23%	-192.50%	-100.00%	-56.34%	181.25%	245.95%	-65.38%	-325.81%	-396.15%	-1.85%	-532.56%
EPS Growth	-207.69%	-180.00%	-100.00%	-54.84%	178.57%	250.00%	-58.33%	-321.43%	-409.09%	0.00%	-521.05%
Operating Cash Flow Growth	-64.76%	-157.45%	12.00%	200.00%	9.83%	261.11%	-290.91%	-1,577.78%	-37.82%	-204.60%	146.51%
Free Cash Flow Firm Growth	-355.40%	-50.00%	-107.10%	38.13%	82.51%	128.78%	57.63%	-227.32%	-302.96%	-136.37%	267.96%
Invested Capital Growth	80.00%	107.91%	162.40%	45.37%	14.21%	-0.54%	19.21%	60.19%	21.27%	18.58%	-91.56%
Revenue Q/Q Growth	-8.69%	0.91%	-2.92%	12.49%	-3.91%	7.17%	-8.98%	1.86%	-4.63%	12.53%	-0.50%
EBITDA Q/Q Growth	-145.05%	126.83%	-236.36%	386.67%	-11.63%	71.05%	-140.00%	-107.69%	1.85%	241.51%	-441.33%
EBIT Q/Q Growth	-168.35%	94.44%	-933.33%	180.65%	-24.00%	136.84%	-202.22%	-63.04%	-2.67%	163.64%	-673.47%
NOPAT Q/Q Growth	-159.30%	148.94%	-217.30%	211.61%	-24.45%	160.42%	-167.58%	-63.04%	-2.67%	192.66%	-496.66%
Net Income Q/Q Growth	-145.07%	-15.63%	29.73%	219.23%	-16.13%	107.69%	-179.63%	-62.79%	-10.00%	168.83%	-613.21%
EPS Q/Q Growth	-145.16%	-14.29%	25.00%	216.67%	-21.43%	118.18%	-179.17%	-63.16%	-9.68%	170.59%	-591.67%
Operating Cash Flow Q/Q Growth	-1,822.22%	68.79%	59.26%	140.91%	-1,833.33%	155.77%	-198.85%	-54.65%	-61.65%	57.67%	143.96%
Free Cash Flow Firm Q/Q Growth	-75.92%	17.78%	-30.26%	67.16%	50.25%	235.26%	-291.75%	-153.68%	38.76%	87.79%	985.50%
Invested Capital Q/Q Growth	79.17%	-4.91%	-10.87%	-4.27%	40.76%	-17.19%	6.83%	28.64%	6.56%	-19.03%	-92.40%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	20.39%	-37.04%	19.65%	25.39%	22.99%	26.35%	9.21%	22.82%	20.54%	34.50%	-0.40%
EBITDA Margin	-4.64%	1.23%	-1.73%	4.42%	4.06%	6.49%	-2.85%	-5.81%	-5.98%	7.52%	-25.81%
Operating Margin	-6.12%	-0.34%	-3.58%	2.57%	2.03%	4.49%	-5.04%	-8.07%	-8.69%	4.91%	-28.53%
EBIT Margin	-6.12%	-0.34%	-3.58%	2.57%	2.03%	4.49%	-5.04%	-8.07%	-8.69%	4.91%	-28.33%
Profit (Net Income) Margin	-3.62%	-4.15%	-3.01%	3.19%	2.78%	5.39%	-4.71%	-7.54%	-8.69%	5.32%	-27.42%
Tax Burden Percent	71.11%	-616.67%	108.33%	96.88%	96.30%	105.88%	107.50%	100.00%	101.32%	101.92%	96.80%
Interest Burden Percent	83.33%	-200.00%	77.42%	128.00%	142.11%	113.33%	86.96%	93.33%	98.70%	106.12%	100.00%
Effective Tax Rate	0.00%	716.67%	0.00%	3.13%	3.70%	-5.88%	0.00%	0.00%	0.00%	-1.92%	0.00%
Return on Invested Capital (ROIC)	-51.26%	27.35%	-39.94%	33.93%	17.30%	48.91%	-37.54%	-52.27%	-46.39%	46.64%	-358.33%
ROIC Less NNEP Spread (ROIC-NNEP)	-54.11%	50.91%	-38.28%	31.49%	11.39%	45.54%	-31.09%	-35.52%	877.61%	44.56%	-318.16%
Return on Net Nonoperating Assets (RNNOA)	21.83%	-23.60%	20.44%	-16.12%	-2.73%	-15.45%	9.88%	7.24%	-4.46%	-12.01%	147.83%
Return on Equity (ROE)	-29.43%	3.74%	-19.50%	17.81%	14.57%	33.46%	-27.66%	-45.03%	-50.86%	34.63%	-210.49%
Cash Return on Invested Capital (CROIC)	-44.16%	-69.71%	-85.81%	-53.62%	-13.62%	16.17%	-5.91%	-56.03%	-41.12%	-43.08%	41.42%
Operating Return on Assets (OROA)	-4.80%	-0.25%	-2.62%	1.79%	1.38%	3.04%	-3.30%	-4.99%	-5.17%	2.74%	-15.97%
Return on Assets (ROA)	-2.85%	-3.14%	-2.20%	2.21%	1.89%	3.65%	-3.08%	-4.66%	-5.17%	2.96%	-15.45%
Return on Common Equity (ROCE)	-29.43%	3.74%	-19.50%	17.81%	14.57%	33.46%	-27.66%	-45.03%	-50.86%	34.63%	-210.49%
Return on Equity Simple (ROE_SIMPLE)	12.20%	0.00%	-4.96%	-12.31%	-1.09%	0.00%	11.93%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-38	19	-22	24	18	48	-32	-53	-54	50	-198
NOPAT Margin	-4.28%	2.08%	-2.51%	2.49%	1.96%	4.76%	-3.53%	-5.65%	-6.08%	5.01%	-19.97%
Net Nonoperating Expense Percent (NNEP)	2.85%	-23.57%	-1.66%	2.44%	5.90%	3.37%	-6.45%	-16.75%	-924.00%	2.07%	-40.16%
Return On Investment Capital (ROIC_SIMPLE)	-	1.89%	-	-	-	4.31%	-2.99%	-4.93%	-4.89%	4.52%	-24.61%
Cost of Revenue to Revenue	79.61%	137.04%	80.35%	74.61%	77.01%	73.65%	90.79%	77.18%	79.46%	65.50%	100.40%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	26.50%	-36.70%	23.24%	22.82%	20.96%	21.86%	14.25%	30.89%	29.23%	29.59%	28.13%
Earnings before Interest and Taxes (EBIT)	-54	-3.00	-31	25	19	45	-46	-75	-77	49	-281
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-41	11	-15	43	38	65	-26	-54	-53	75	-256
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.97	2.38	3.70	2.12	2.19	2.65	1.73	1.63	2.32	2.20	3.65
Price to Tangible Book Value (P/TBV)	2.08	2.52	3.92	2.24	2.30	2.78	1.82	1.73	2.48	2.32	4.16
Price to Revenue (P/Rev)	0.30	0.34	0.50	0.31	0.33	0.42	0.26	0.22	0.27	0.29	0.21
Price to Earnings (P/E)	16.18	0.00	0.00	0.00	0.00	18.85	14.50	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	6.18%	0.00%	0.00%	0.00%	0.00%	5.30%	6.89%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	2.36	2.90	4.99	2.86	2.48	3.73	2.06	1.64	2.07	2.35	18.83
Enterprise Value to Revenue (EV/Rev)	0.25	0.30	0.45	0.25	0.30	0.36	0.21	0.22	0.30	0.27	0.16
Enterprise Value to EBITDA (EV/EBITDA)	10.04	22.25	35.58	0.00	14.21	10.42	6.78	37.44	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	20.31	0.00	0.00	0.00	109.40	23.52	18.77	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	23.39	1,035.64	189.45	0.00	0.00	23.80	19.33	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	23.00	0.00	0.00	0.00	0.00	7.08
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.90	0.93	0.96	0.87	0.85	0.83	0.89	1.11	1.54	1.25	2.63
Long-Term Debt to Equity	0.41	0.43	0.42	0.36	0.51	0.40	0.43	0.46	0.70	0.64	1.55
Financial Leverage	-0.40	-0.46	-0.53	-0.51	-0.24	-0.34	-0.32	-0.20	-0.01	-0.27	-0.46
Leverage Ratio	9.10	9.34	10.16	9.57	9.87	10.03	11.09	11.90	12.74	12.21	17.04
Compound Leverage Factor	7.58	-18.69	7.87	12.25	14.03	11.37	9.64	11.11	12.58	12.96	17.04
Debt to Total Capital	47.32%	48.11%	49.05%	46.50%	46.07%	45.39%	47.08%	52.53%	60.62%	55.57%	72.42%
Short-Term Debt to Total Capital	25.90%	25.69%	27.89%	27.06%	18.66%	23.60%	24.42%	30.58%	32.94%	27.24%	29.81%
Long-Term Debt to Total Capital	21.42%	22.42%	21.16%	19.44%	27.41%	21.79%	22.66%	21.95%	27.68%	28.33%	42.61%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	52.68%	51.89%	50.95%	53.50%	53.93%	54.61%	52.92%	47.47%	39.38%	44.43%	27.58%
Debt to EBITDA	5.34	9.79	10.13	-226.00	6.09	3.83	4.26	25.45	-9.68	-10.77	-2.01
Net Debt to EBITDA	-1.69	-2.90	-3.39	103.00	-1.39	-1.82	-1.50	-0.14	-1.48	1.00	0.65
Long-Term Debt to EBITDA	2.42	4.56	4.37	-94.50	3.62	1.84	2.05	10.64	-4.42	-5.49	-1.18
Debt to NOPAT	12.44	455.76	53.94	-10.25	-320.48	8.76	12.14	-14.04	-6.24	-5.89	-2.16
Net Debt to NOPAT	-3.94	-134.79	-18.06	4.67	73.12	-4.15	-4.29	0.08	-0.95	0.55	0.70
Long-Term Debt to NOPAT	5.63	212.36	23.26	-4.29	-190.65	4.20	5.84	-5.86	-2.85	-3.00	-1.27
Altman Z-Score	0.70	0.72	0.72	0.62	0.64	0.69	0.52	0.42	0.39	0.46	0.24
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.55	0.53	0.50	0.52	0.53	0.53	0.49	0.41	0.40	0.46	0.49
Quick Ratio	0.44	0.42	0.40	0.41	0.42	0.44	0.40	0.32	0.31	0.36	0.40
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-210	-173	-225	-74	-37	50	-95	-242	-148	-18	160
Operating Cash Flow to CapEx	-303.51%	0.00%	-550.00%	31.03%	-1,300.00%	310.71%	-296.55%	-158.33%	-477.78%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	-209.80	0.00	0.00	-73.78	-18.35	49.65	-95.20	-120.75	-29.58	-6.02	39.98
Operating Cash Flow to Interest Expense	-173.00	0.00	0.00	9.00	-78.00	87.00	-86.00	-66.50	-43.00	-30.33	10.00
Operating Cash Flow Less CapEx to Interest Expense	-230.00	0.00	0.00	-20.00	-84.00	59.00	-115.00	-108.50	-52.00	-10.67	18.25
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.79	0.76	0.73	0.69	0.68	0.68	0.65	0.62	0.60	0.56	0.56
Accounts Receivable Turnover	41.43	39.22	37.18	38.84	28.63	45.48	40.88	39.15	31.08	47.14	36.75
Inventory Turnover	41.88	48.31	41.67	41.00	37.70	36.44	38.62	36.62	36.54	34.34	34.32
Fixed Asset Turnover	14.56	13.42	12.61	11.84	11.29	11.02	10.53	9.35	8.68	8.41	8.64
Accounts Payable Turnover	28.89	29.03	26.19	24.82	24.02	23.12	24.00	19.63	21.14	23.69	27.31
Days Sales Outstanding (DSO)	8.81	9.31	9.82	9.40	12.75	8.03	8.93	9.32	11.75	7.74	9.93
Days Inventory Outstanding (DIO)	8.72	7.55	8.76	8.90	9.68	10.02	9.45	9.97	9.99	10.63	10.63
Days Payable Outstanding (DPO)	12.64	12.57	13.94	14.71	15.20	15.78	15.21	18.60	17.27	15.41	13.36
Cash Conversion Cycle (CCC)	4.89	4.29	4.64	3.59	7.24	2.26	3.17	0.69	4.47	2.96	7.20
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	387	368	328	314	442	366	391	503	536	434	33
Invested Capital Turnover	11.97	13.17	15.92	13.63	8.84	10.29	10.63	9.25	7.63	9.31	17.94
Increase / (Decrease) in Invested Capital	172	191	203	98	55	-2.00	63	189	94	68	-358
Enterprise Value (EV)	914	1,068	1,637	898	1,094	1,364	807	824	1,109	1,021	622
Market Capitalization	1,068	1,207	1,793	1,104	1,201	1,602	986	827	1,007	1,078	811
Book Value per Share	$2.45	$2.29	$2.16	$2.32	$2.45	$2.68	$2.51	$2.22	$1.90	$2.14	$0.97
Tangible Book Value per Share	$2.32	$2.17	$2.04	$2.20	$2.33	$2.56	$2.39	$2.10	$1.78	$2.03	$0.85
Total Capital	1,027	977	950	972	1,018	1,106	1,077	1,066	1,102	1,105	805
Total Debt	486	470	466	452	469	502	507	560	668	614	583
Total Long-Term Debt	220	219	201	189	279	241	244	234	305	313	343
Net Debt	-154	-139	-156	-206	-107	-238	-179	-3.00	102	-57	-189
Capital Expenditures (CapEx)	57	-2.00	4.00	29	12	28	29	84	45	-59	-33
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-1,127	-1,145	-1,251	-1,269	-1,200	-1,341	-1,412	-1,450	-1,466	-1,515	-1,672
Debt-free Net Working Capital (DFNWC)	-487	-536	-629	-611	-624	-601	-726	-887	-900	-844	-900
Net Working Capital (NWC)	-753	-787	-894	-874	-814	-862	-989	-1,213	-1,263	-1,145	-1,140
Net Nonoperating Expense (NNE)	-5.80	56	4.30	-6.78	-7.70	-6.35	11	18	23	-3.06	74
Net Nonoperating Obligations (NNO)	-154	-139	-156	-206	-107	-238	-179	-3.00	102	-57	-189
Total Depreciation and Amortization (D&A)	13	14	16	18	19	20	20	21	24	26	25
Debt-free, Cash-free Net Working Capital to Revenue	-31.27%	-31.90%	-34.69%	-35.13%	-32.75%	-35.52%	-36.94%	-38.38%	-39.31%	-40.68%	-43.95%
Debt-free Net Working Capital to Revenue	-13.51%	-14.93%	-17.44%	-16.92%	-17.03%	-15.92%	-19.00%	-23.48%	-24.14%	-22.66%	-23.66%
Net Working Capital to Revenue	-20.89%	-21.93%	-24.79%	-24.20%	-22.22%	-22.83%	-25.88%	-32.11%	-33.87%	-30.75%	-29.97%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.14)	($0.17)	($0.12)	$0.14	$0.11	$0.24	($0.19)	($0.31)	($0.34)	$0.24	($1.18)
Adjusted Weighted Average Basic Shares Outstanding	221.06M	223.37M	223.96M	224.48M	225.37M	227.25M	227.76M	228.16M	228.95M	229.61M	229.79M
Adjusted Diluted Earnings per Share	($0.14)	($0.16)	($0.12)	$0.14	$0.11	$0.24	($0.19)	($0.31)	($0.34)	$0.24	($1.18)
Adjusted Weighted Average Diluted Shares Outstanding	221.06M	223.37M	223.96M	224.48M	225.37M	227.25M	227.76M	228.16M	228.95M	229.61M	229.79M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	221.06M	223.37M	223.96M	224.48M	225.37M	227.25M	227.76M	228.16M	228.95M	229.61M	229.79M
Normalized Net Operating Profit after Tax (NOPAT)	-38	-2.10	-22	24	18	32	-32	-53	-54	34	-198
Normalized NOPAT Margin	-4.28%	-0.24%	-2.51%	2.49%	1.96%	3.14%	-3.53%	-5.65%	-6.08%	3.44%	-19.97%
Pre Tax Income Margin	-5.10%	0.67%	-2.77%	3.29%	2.89%	5.09%	-4.39%	-7.54%	-8.58%	5.22%	-28.33%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-54.00	0.00	0.00	25.00	9.50	45.00	-46.00	-37.50	-15.40	16.33	-70.25
NOPAT to Interest Expense	-37.80	0.00	0.00	24.22	9.15	47.65	-32.20	-26.25	-10.78	16.65	-49.53
EBIT Less CapEx to Interest Expense	-111.00	0.00	0.00	-4.00	3.50	17.00	-75.00	-79.50	-24.40	36.00	-62.00
NOPAT Less CapEx to Interest Expense	-94.80	0.00	0.00	-4.78	3.15	19.65	-61.20	-68.25	-19.78	36.31	-41.28
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Frontier Group Holdings, Inc. (NASDAQ: ULCC) has shown a largely stable revenue base around the $0.9–$1.0 billion mark per quarter in 2025, with a rare standout quarter in Q4 2025 when net income attributable to common shareholders was $53.0 million. Gross margins were solid in that quarter (about 34.5%), and the company generated notable cash inflows from asset sales and financing activities. The balance sheet remains highly leveraged, with total assets around $6.5–6.7 billion and equity of roughly $0.43–0.57 billion, while cash balances have hovered in the mid-$0.5 to mid-$0.6 billion range in recent quarters. The company continues to invest in PPE, which coincides with a modest level of capital expenditures in cadence with fleet and asset needs.

Net income attributable to common shareholders in Q4 2025: $53.0 million, marking a profitable quarter after a string of more mixed results in 2025.
Gross margin in Q4 2025: about 34.5% (gross profit $344 million on revenue $997 million).
Cash inflow from asset sales in Q4 2025: $81.0 million from the Sale of Property, Plant & Equipment.
Net financing cash flow in Q4 2025: net inflow of $137.0 million, aided by debt issuance and other financing activities.

Revenue level in 2025: generally around the $0.9–$1.0 billion per quarter range, indicating a stable top line without clear sustained growth.
Balance sheet leverage: Total liabilities (~$6.3–$6.7 billion) exceed total assets (~$6.5–$6.7 billion) with relatively small equity (~$0.43–$0.57 billion), signaling a high-leverage balance sheet.
Operating cash flow headwinds: net cash from operating activities has been negative in several 2025 quarters, suggesting ongoing working-capital pressures despite occasional profitability.

Frequent quarterly losses aside from Q4 2025: 2025 quarters show negative net income (e.g., Q3 2025: -$77.0 million; Q2 2025: -$70.0 million; Q1 2025: -$43.0 million).
Negative free cash flow in Q4 2025: CFO -$91.0 million and capex of -$22.0 million yield approx. -$113.0 million of free cash flow for the quarter.
Liquidity pressure suggested by working-capital metrics: in many periods, current assets (~$0.8–$0.9 billion) are smaller than current liabilities (~$2.0–$2.1 billion), implying a modest current ratio in the low range.

05/21/26 06:31 PM ETAI Generated. May Contain Errors.

Frontier Group Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Frontier Group's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Frontier Group's net income appears to be on an upward trend, with a most recent value of -$137 million in 2025, falling from $251 million in 2019. The previous period was $85 million in 2024. View Frontier Group's forecast to see where analysts expect Frontier Group to go next.

Frontier Group's total operating income in 2025 was -$149 million, based on the following breakdown:

Total Gross Profit: $822 million
Total Operating Expenses: $971 million

Over the last 6 years, Frontier Group's total revenue changed from $2.51 billion in 2019 to $3.72 billion in 2025, a change of 48.5%.

Frontier Group's total liabilities were at $6.73 billion at the end of 2025, a 21.3% increase from 2024, and a 107.4% increase since 2020.

In the past 5 years, Frontier Group's cash and equivalents has ranged from $378 million in 2020 to $918 million in 2021, and is currently $671 million as of their latest financial filing in 2025.

Over the last 6 years, Frontier Group's book value per share changed from 0.00 in 2019 to 2.14 in 2025, a change of 214.5%.

Related Companies

Financial statements for NASDAQ:ULCC last updated on 5/7/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Frontier Group (ULCC) Financials

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Frontier Group (ULCC) Financials

Annual Income Statements for Frontier Group

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Quarterly Cash Flow Statements for Frontier Group

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Quarterly Metrics And Ratios for Frontier Group

Financials Breakdown Chart

Key Financial Trends

Frontier Group Financials - Frequently Asked Questions

When does Frontier Group's fiscal year end?

How has Frontier Group's net income changed over the last 6 years?

What is Frontier Group's operating income?

How has Frontier Group's revenue changed over the last 6 years?

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How has Frontier Group's book value per share changed over the last 6 years?

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