ULCC

MKT CAP:$899M

Frontier Group Holdings, Inc.

Market Cap

$899M

Industrials·Airlines, Airports & Air Services·🇺🇸 United States·NASDAQ

Industrials·Airlines,·🇺🇸·NASDAQ

Stock Price

$4.74+$0.17 (+3.72%)

Apr 20, 2026

Company Details

Frontier Group Holdings, Inc., a low-fare airline company, provides air transportation for passengers. The company operates an airline that serves approximately 120 airports throughout the United States and international destinations in the...

CEO

James G. Dempsey

IPO Date

Apr 1, 2021

Website

www.flyfrontier.com

Key Metrics TTM

Revenue

$3.7B

-1.4% YoY

Net Income

-$137M

EPS (Diluted)

-$0.61

Free Cash Flow

-$405M

Revenue / Share

$16.19

Gross Margin

35.5%

Operating Margin

-4.0%

Net Margin

-3.7%

FCF Margin

-10.9%

P/S

0.2x

P/E

—

Earnings Reports

Q1 2026

May 7, 2026

PENDING

FY 2025

Feb 18, 2026

$3.7B-1.4%EPS -$0.60

Q4 2025

Feb 18, 2026

$997M-0.5%EPS $0.23

Q3 2025

Nov 5, 2025

$886M-5.2%EPS -$0.34

Q2 2025

Aug 5, 2025

$929M-4.5%EPS -$0.31

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$605M	-$62M	-$153M
Q2 22	$909M	$101M	$7M
Q3 22	$906M	$127M	$56M
Q4 22	$906M	$116M	$45M
Q1 23	$848M	$42M	-$25M
Q2 23	$967M	$176M	$79M
Q3 23	$883M	$133M	-$54M
Q4 23	$891M	$36M	-$3M
Q1 24	$865M	-$62M	-$31M
Q2 24	$973M	$72M	$25M
Q3 24	$935M	$248M	$19M
Q4 24	$1.0B	$83M	$45M
Q1 25	$912M	$451M	-$46M
Q2 25	$929M	$5M	-$75M
Q3 25	$886M	$402M	-$77M
Q4 25	$997M	$464M	$49M

Valuation

Quarter	P/S	P/E
Q1 22	1.0x	—
Q2 22	0.7x	—
Q3 22	0.7x	—
Q4 22	0.7x	—
Q1 23	0.6x	29.6x
Q2 23	0.6x	16.8x
Q3 23	0.3x	15.4x
Q4 23	0.3x	—
Q1 24	0.4x	—
Q2 24	0.3x	—
Q3 24	0.3x	—
Q4 24	0.4x	18.8x
Q1 25	0.3x	14.3x
Q2 25	0.2x	—
Q3 25	0.3x	—
Q4 25	0.3x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$87M	-$119M
Q2 22	$20M	-$3M
Q3 22	-$105M	-$167M
Q4 22	$94M	$59M
Q1 23	-$25M	-$36M
Q2 23	-$9M	-$30M
Q3 23	-$173M	-$230M
Q4 23	-$54M	-$52M
Q1 24	-$22M	-$39M
Q2 24	$9M	-$22M
Q3 24	-$156M	-$170M
Q4 24	$87M	$73M
Q1 25	-$86M	-$115M
Q2 25	$86M	$2M
Q3 25	-$215M	-$260M
Q4 25	-$91M	-$32M

Capital Expenditures

Quarter	CapEx
Q1 22	$32M
Q2 22	$23M
Q3 22	$62M
Q4 22	$35M
Q1 23	$11M
Q2 23	$21M
Q3 23	$57M
Q4 23	$2M
Q1 24	$17M
Q2 24	$31M
Q3 24	$14M
Q4 24	$14M
Q1 25	$29M
Q2 25	$84M
Q3 25	$45M
Q4 25	$59M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+123.2%	+108.8%
Q2 22	+65.3%	+69.5%
Q3 22	+43.8%	+44.8%
Q4 22	+48.8%	+23.9%
Q1 23	+40.2%	+15.2%
Q2 23	+6.4%	-1.6%
Q3 23	-2.5%	+10.2%
Q4 23	-1.7%	+3.8%
Q1 24	+2.0%	+2.6%
Q2 24	+0.6%	+6.8%
Q3 24	+5.9%	-2.2%
Q4 24	+12.5%	+7.0%
Q1 25	+5.4%	+6.9%
Q2 25	-4.5%	+5.9%
Q3 25	-5.2%	+5.1%
Q4 25	-0.5%	-0.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$3M	0.5%
Q2 22	$4M	0.4%
Q3 22	$4M	0.4%
Q4 22	$4M	0.4%
Q1 23	$4M	0.5%
Q2 23	$3M	0.3%
Q3 23	$3M	0.3%
Q4 23	$4M	0.4%
Q1 24	$4M	0.5%
Q2 24	$5M	0.5%
Q3 24	$0	0.0%
Q4 24	$4M	0.4%
Q1 25	$5M	0.5%
Q2 25	$6M	0.6%
Q3 25	$5M	0.6%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	S&M
Q1 22	$32M
Q2 22	$46M
Q3 22	$42M
Q4 22	$44M
Q1 23	$40M
Q2 23	$44M
Q3 23	$41M
Q4 23	$39M
Q1 24	$40M
Q2 24	$47M
Q3 24	$46M
Q4 24	$45M
Q1 25	$41M
Q2 25	$39M
Q3 25	$38M
Q4 25	$41M

Revenue Segments

Quarter	Passenger	Product and Service, Other
Q1 25	$884M	$28M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$727M	$0	$727M
Q2 22	$766M	$0	$766M
Q3 22	$674M	$0	$674M
Q4 22	$761M	$0	$761M
Q1 23	$790M	$0	$790M
Q2 23	$780M	$0	$780M
Q3 23	$640M	$0	$640M
Q4 23	$609M	$0	$609M
Q1 24	$622M	$0	$622M
Q2 24	$658M	$0	$658M
Q3 24	$576M	$0	$576M
Q4 24	$740M	$0	$740M
Q1 25	$686M	$0	$686M
Q2 25	$563M	$0	$563M
Q3 25	$566M	$0	$566M
Q4 25	$671M	$0	$671M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	217M	+0.6%	+1.0%
Q2 22	219M	+0.8%	+1.4%
Q3 22	220M	+0.4%	+0.7%
Q4 22	220M	+0.1%	+1.9%
Q1 23	218M	-0.8%	+0.4%
Q2 23	220M	+1.0%	+0.7%
Q3 23	221M	+0.2%	+0.4%
Q4 23	222M	+0.5%	+0.9%
Q1 24	223M	+0.7%	+2.4%
Q2 24	227M	+1.4%	+2.8%
Q3 24	226M	-0.4%	+2.2%
Q4 24	226M	0.0%	+1.7%
Q1 25	227M	+0.6%	+1.6%
Q2 25	228M	+0.4%	+0.6%
Q3 25	228M	0.0%	+1.0%
Q4 25	230M	+0.9%	+1.9%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$110.0K	6K
Q2 22	$165.2K	6K
Q3 22	$164.7K	6K
Q4 22	$140.0K	6K
Q1 23	$131.1K	6K
Q2 23	$149.5K	6K
Q3 23	$136.5K	6K
Q4 23	$123.2K	7K
Q1 24	$119.6K	7K
Q2 24	$134.5K	7K
Q3 24	$129.2K	7K
Q4 24	$126.2K	8K
Q1 25	$114.9K	8K
Q2 25	$117.0K	8K
Q3 25	$111.6K	8K
Q4 25	$128.6K	8K

Revenue / Employee