Frontier Group Holdings, Inc. financial statements
Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Frontier Group Holdings, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2019
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
2,508
1,250
2,060
3,326
3,589
3,775
3,724
Selling and marketing
130
78
109
164
164
178
159
Operating income
309
-365
-117
-45
-3
58
-149
Interest expense
21
29
36
46
Interest income
16
5
2
10
36
32
26
Other non-operating income
16
-7
-27
0
35
28
15
Pre-tax income
325
-372
-144
-45
32
86
-134
Income tax
74
-147
-42
-8
43
1
3
Net income
251
-225
-102
-37
-11
85
-137
EBITDA
355
-332
-79
0
47
130
-58
EPS, basic
1.19
-1.13
-0.48
-0.17
-0.05
0.37
-0.60
EPS, diluted
1.19
-1.13
-0.48
-0.17
-0.05
0.37
-0.60
Shares, basic (weighted)
199
199
211
218
220
224
228
Shares, diluted (weighted)
200
199
211
218
220
226
228
Dividend per share
0.76
0.00
0.00
0.00
0.00
0.00
Balance sheet
FY2019
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
768
378
918
761
609
740
671
Receivables
28
50
90
93
73
85
Other current assets
226
40
114
90
98
112
Total current assets
650
1,037
1,020
871
990
958
Property, plant and equipment
176
186
226
309
376
510
Lease right-of-use assets
2,250
2,426
2,484
2,964
3,930
4,806
Intangible assets
29
29
28
28
27
27
Other non-current assets
143
199
265
330
426
491
Total assets
3,554
4,235
4,499
4,993
6,153
7,220
Accounts payable
71
86
89
134
115
130
Accrued liabilities
97
89
104
107
120
143
Short-term debt
101
127
157
251
261
301
Total current liabilities
1,003
1,326
1,555
1,658
1,852
2,103
Long-term debt
247
287
272
219
241
313
Lease liabilities
1,848
1,991
2,034
2,440
3,302
4,070
Other non-current liabilities
96
60
97
134
123
199
Total liabilities
3,244
3,705
3,990
4,486
5,549
6,729
Total debt
348
423
431
474
507
620
Paid-in capital
60
381
393
403
414
437
Retained earnings
261
159
122
111
196
59
Other comprehensive income
-11
-10
-6
-7
-6
-5
Shareholders' equity
542
310
530
509
507
604
491
Total equity
542
310
530
509
507
604
491
Total liabilities and equity
3,554
4,235
4,499
4,993
6,153
7,220
Shares outstanding
199
217
218
223
225
229
Cash flow statement
FY2019
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
251
-225
-102
-37
-11
85
-137
Depreciation and amortization
46
33
38
45
50
72
91
Stock-based compensation
8
8
11
15
14
16
21
Deferred income tax
52
-14
-32
-8
43
0
3
Change in receivables
-6
61
-14
-28
33
22
-12
Change in payables
24
0
13
-4
47
-15
-1
Cash from operations
171
-557
216
-78
-261
-82
-525
Capital expenditures
-45
-16
-27
-41
-51
-76
-75
Cash from investing
-62
11
-67
-154
-90
-75
-99
Debt issued
170
236
163
273
Debt repaid
-139
-126
-97
-266
-131
-447
-380
Stock issued
0
0
3
1
1
1
6
Dividends paid
-159
0
0
-1
-1
0
Cash from financing
-39
156
391
75
199
288
555
Net change in cash
70
-390
540
-157
-152
131
-69
Free cash flow
126
-573
189
-119
-312
-158
-600
Interest paid
10
7
9
14
28
33
43
Income taxes paid
56
9
-158
1
1
1
1
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to September 30, 2026; growth uses fiscal years. Valuation uses the share price of $8.09 on November 10, 2026.
Profitability
Metric
Value
How it is calculated
Operating margin
-9.5%
Operating income / revenue.
EBITDA margin
-5.1%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-9.2%
Pre-tax income / revenue.
Net margin
-8.9%
Net income / revenue.
FCF margin
0.0%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
1.3%
Cash from operations / revenue.
Return on equity (ROE)
-1,116.0%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-5.9%
Net income / average total assets.
Stock-based pay / revenue
0.4%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
1.2%
Capital expenditures / revenue.
D&A / revenue
4.4%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
-1.4%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
3.8%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
24.4%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y
-356.9%
Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y
-144.6%
EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y
-261.2%
Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y
-262.2%
EPS vs the same period a year earlier. Only from a positive base.
Book value growth, 1y
-18.7%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-1.2%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y
9.6%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
17.3%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
17.1%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
15.2%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
0.6%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
1.5%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
2.7%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
0.62x
Current assets / current liabilities.
Quick ratio
0.53x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.45x
(Cash + short-term investments) / current liabilities.
Debt / equity
13.1x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
6.9%
Total debt / total assets.
Liabilities / assets
99.5%
Total liabilities / total assets.
Net debt
-$490.0M
Total debt - cash - short-term investments. Negative means more cash than debt.
Capital expenditures / cash from operations, when that is positive.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$1.79
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$20.08
Revenue / diluted weighted shares.
FCF per share
$0.01
Free cash flow / diluted weighted shares.
Operating cash flow per share
$0.26
Cash from operations / diluted weighted shares.
Book value per share
$0.16
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
0.40x
Market cap / revenue.
P/B
50.3x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
186x
Market cap / tangible book value, when positive.
P/FCF
931x
Market cap / free cash flow. Only when free cash flow is positive.
P/OCF
31.6x
Market cap / cash from operations, when positive.
EV/Sales
0.30x
Enterprise value / revenue.
EV/FCF
686x
Enterprise value / free cash flow, when both are positive.
FCF yield
0.1%
Free cash flow / market cap.
Earnings yield
-22.2%
Net income / market cap (the inverse of P/E).
What was Frontier Group Holdings, Inc.'s revenue in fiscal 2025?
Frontier Group Holdings, Inc. reported revenue of $3.72B for fiscal 2025, 1.4% lower than the year before.
Was Frontier Group Holdings, Inc. profitable in fiscal 2025?
No. It reported a net loss of $137.0M.
How much free cash flow did Frontier Group Holdings, Inc. generate in fiscal 2025?
Cash from operations of $525.0M minus capital expenditures of $75.0M left free cash flow of -$600.0M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.