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Frontier Group Holdings, Inc., provides low-fare passenger airline services to leisure travelers in the United States and Latin America. The company sells its products through direct distribution channels, such as websites, mobile apps, and contact centers. As of December 31, 2025, it had a fleet of 176 Airbus single-aisle aircraft. Frontier Group Holdings, Inc. was founded in 1994 and is headquartered in Denver, Colorado.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $3.7B | $-32M | $-137M | $-624M | -27.9% | -1.4% | -261.2% |
| 2024 | $3.8B | $162M | $85M | $-158M | 14.1% | 5.2% | -872.7% |
| 2023 | $3.6B | $83M | $-11M | $-348M | -2.2% | 7.9% | -70.3% |
| 2022 | $3.3B | $10M | $-37M | $-230M | -7.3% | - | - |
| 2021 |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 3,326 | 3,589 | 3,775 | 3,724 |
| Operating Revenue | - | 3,248 | 3,509 | 3,683 | 3,598 |
| Cost Of Revenue | - | 3,044 | 3,287 | 3,588 | 3,710 |
| Gross Profit | - | 282 | 302 | 187 | 14 |
| Operating Expense | - | 317 | 305 | 129 | 163 |
| Selling General And Administration | - | 164 | 164 | 178 | 159 |
| Total Expenses | - | 3,361 | 3,592 | 3,717 | 3,873 |
| Operating Income | - | -35 | -3 | 58 | -149 |
| Total Operating Income As Reported | - | -45 | -3 | 58 | -149 |
| EBITDA | - | 10 | 83 | 162 | -32 |
| Normalized EBITDA | - | 20 | 83 | 162 | -32 |
| EBIT | - | -35 | 33 | 90 | -123 |
| Interest Income | - | 10 | 36 | 32 | 26 |
| Interest Expense | - | 10 | 1 | 4 | 11 |
| Net Interest Income | - | 0 | 35 | 28 | 15 |
| Other Income Expense | 295 | -10 | -1 | - | - |
| Interest Income Non Operating | - | 10 | 36 | 32 | 26 |
| Interest Expense Non Operating | - | 10 | 1 | 4 | 11 |
| Net Non Operating Interest Income Expense | - | 0 | 35 | 28 | 15 |
| Pretax Income | - | -45 | 32 | 86 | -134 |
| Tax Provision | - | -8 | 43 | 1 | 3 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -1.78 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | -37 | -11 | 85 | -137 |
| Net Income From Continuing And Discontinued Operation | - | -37 | -11 | 85 | -137 |
| Net Income From Continuing Operation Net Minority Interest | - | -37 | -11 | 85 | -137 |
| Net Income | - | -37 | -11 | 85 | -137 |
| Net Income Common Stockholders | - | -37 | -11 | 84 | -137 |
| Net Income Including Noncontrolling Interests | - | -37 | -11 | 85 | -137 |
| Normalized Income | - | -28.78 | -11 | 85 | -137 |
| Diluted NI Availto Com Stockholders | - | -37 | -11 | 84 | -137 |
| Basic Average Shares | - | 218 | 220.10 | 224.33 | 227.77 |
| Diluted Average Shares | - | 218 | 220.10 | 226.49 | 227.77 |
| Reconciled Depreciation | - | 45 | 50 | 72 | 91 |
| Reconciled Cost Of Revenue | - | 3,044 | 3,287 | 3,588 | 3,710 |
| Total Unusual Items | 295 | -10 | -1 | 0 | - |
| Total Unusual Items Excluding Goodwill | 295 | -10 | -1 | 0 | - |
| Special Income Charges | 295 | -10 | -1 | 0 | - |
| Other Special Charges | -295 | - | - | - | - |
| Restructuring And Mergern Acquisition | 0 | 10 | 1 | 0 | - |
| Rent Expense Supplemental | - | 556 | 554 | 675 | 748 |
| Other Operating Expenses | - | 153 | 141 | -49 | 4 |
| Selling And Marketing Expense | - | 164 | 164 | 178 | 159 |
| Otherunder Preferred Stock Dividend | - | 0 | 0 | 1 | 0 |
| Average Dilution Earnings | 0 | - | 0 | - | - |
Industrials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Frontier Group Holdings, Inc.this co. | ULCC | $1.3B | -9.81 | 2.74 | -27.9% | -191.76 |
| Arlo Technologies, Inc. | ARLO | $1.4B | 94.09 | 10.98 | 11.7% | 126.44 |
| PROG Holdings, Inc. | PRG | $1.4B | 9.32 | 1.83 | 19.7% | 0.91 |
| NANO Nuclear Energy Inc. | NNE | $1.4B | - | 646.31 | -18.0% | - |
| Cadre Holdings, Inc. | CDRE | $1.3B |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| 29.32 |
| 4.07 |
| 13.9% |
| 16.04 |
| Energizer Holdings, Inc. | ENR | $1.3B | 5.41 | 7.61 | 140.7% | 8.12 |
| Napco Security Technologies, Inc. | NSSC | $1.3B | 29.44 | 7.58 | 25.7% | 24.73 |
| Insperity, Inc. | NSP | $1.3B | -182.50 | 27.77 | -15.2% | 16.47 |
| Distribution Solutions Group, Inc. | DSGR | $1.3B | 153.06 | 1.97 | 1.3% | 13.07 |
| Peer Median | - | 29.32 | 7.59 | 12.8% | 16.04 | |