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Nasdaq · Industrials

Frontier Group Holdings, Inc. (ULCC)

As-reported financials and SEC filings for Frontier Group Holdings, Inc. The latest annual period is FY2025. The latest reported quarter is Q1 FY2026. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.

About Frontier Group Holdings, Inc.

Frontier Group Holdings, Inc. operates Frontier Airlines, an ultra low-cost carrier based in Denver, Colorado. The airline offers flights across the United States and to select destinations in the Americas using a fleet of Airbus single-aisle aircraft. Frontier serves primarily leisure travelers by providing low-fare air travel combined with optional services such as baggage, seat selection, and premium seating, supported by loyalty programs and digital platforms.

Snapshot

Revenue
$3.72B
Revenue growth (YoY)
-1.4%
Net income
$-137.0M
Diluted EPS
$-0.60
Gross margin
—
Operating margin
-4.0%
Net margin
-3.7%
FCF margin
-16.1%
ROE
-27.9%
net income / fiscal-year-end equity
P/E
n/m
not meaningful: a reported loss in the fiscal year or the trailing twelve months
Market cap
$1.35B
Long-term debt / equity
0.64×
non-current term debt only

Fundamentals are from SEC filings for FY2025, the latest annual period (ended December 31, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.

What changed at Frontier Group Holdings

  • Revenue fell 1.4% to $3.7B in FY2025, slower than the 5.2% the year before.
  • Operating margin is -4.0% in FY2025, +1.7 pp against -5.7% in FY2021.
  • Most recent quarter Q1 FY2026: revenue $992M, up 8.8% from Q1 FY2025.
  • Free cash flow was negative $600M in FY2025.
  • Net income turned to a $137M loss in FY2025, from a $85M profit in FY2024.

Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.

Peer comparison

Where Frontier Group Holdings’s fundamentals sit among the 668 Industrials companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).

Operating margin-4.0%
21st percentile of 598
Net margin-3.7%
22nd percentile of 630
FCF margin-16.1%
8th percentile of 546
Revenue growth (YoY)-1.4%
31st percentile of 652
ROE-27.9%
14th percentile of 590
Long-term debt / equity0.64×
60th percentile of 403
Short interest9.39d
95th percentile of 661

Frontier Group Holdings’s FCF margin of -16.1% ranks in the 8th percentile of the 546 Industrials companies reporting it. Frontier Group Holdings’s return on equity of -27.9% ranks in the 14th percentile of the 590 Industrials companies reporting it.

No reported insider purchases (code P) in the last 90 days; 9 insider sales totaling $2.8M. For context, about 15% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →

Percentiles describe where a figure sits among sector peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.

Institutional ownership

Held by 1 of the superinvestors we track (plus 7 quant / multi-strat books), based on each investor’s most recent 13F; periods vary by investor (newest: Q2 2026).

Conviction investors
1
+7 quant / multi-strat
Initiated / added
8
2 new, 6 added
Reduced / exited
0
0 trimmed, 0 exited
Combined position
$109.4M
reported long value
InvestorAs ofPosition valueSharesChange
Two Sigma InvestmentsquantQ2 2026$37.0M4.7MAdded
Millennium ManagementquantQ2 2026$22.8M2.9MAdded
Citadel AdvisorsquantQ2 2026$13.9M1.8MAdded
Point72 Asset ManagementquantQ2 2026$11.4M1.4MAdded
Renaissance TechnologiesquantQ2 2026$11.0M1.4MNew
D. E. ShawquantQ2 2026$9.6M1.2MAdded
AQR Capital ManagementquantQ2 2026$3.6M460.2KAdded
Gotham Asset ManagementQ2 2026$92,53111.7KNew

From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.

Recent insider activity

Non-derivative buys and sells (codes P/S) reported by officers, directors and 10% owners on SEC Form 4.

Buys (90d)
0
code P
Bought (90d)
—
code P value
Sells (90d)
9
$2.8M
Reported activity
Net selling
by $ value, 90d
Trade dateInsiderTypeSharesPriceValue
2026-09-04
filed 2026-09-09
Steve SchullerSVP, Human ResourcesSell7.5K$6.00$45K
2026-09-04
filed 2026-09-09
Alexandre ClercSVP, CustomersSell3.5K$5.71$20K
2026-08-05
filed 2026-08-06
Mark Christopher MitchellSVP & CFOSell125.0K$8.09$1.0M
2026-08-04
filed 2026-08-06
Trevor J. StedkeSr. Vice President, OperationsSell167.3K$8.03$1.3M
2026-08-04
filed 2026-08-06
Howard DiamondEVP, Legal & Corporate AffairsSell24.2K$8.25$200K
2026-08-04
Alexandre ClercSVP, CustomersSell3.1K$8.17$25K
2026-08-04
filed 2026-08-06
Josh A. WetzelVP & CAOSell2.0K$8.00$16K
2026-08-03
filed 2026-08-04
Steve SchullerSVP, Human ResourcesSell10.0K$7.55$76K
2026-07-31
filed 2026-08-04
Alexandre ClercSVP, CustomersSell7.1K$7.13$51K
2026-07-09
filed 2026-07-13
Group Holdings - Frontier LLC10% ownerSell11.7M$7.20$84.2M
2026-06-05
filed 2026-06-09
Steve SchullerSVP, Human ResourcesSell10.0K$6.00$60K
2026-06-02
filed 2026-06-04
Alexandre ClercSVP, CustomersSell5.1K$5.93$30K

Reported non-derivative purchases and sales (codes P/S), which may be open-market or private. Excludes option exercises, grants, and shares withheld for taxes. Dates shown are the trade date; a Form 4 can be filed days to years later. A sale can be routine (e.g. a pre-set 10b5-1 plan), so read individual transactions in context. From SEC Form 4. Not investment advice.

Short interest

Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.

Shares short
23.5M
settled 2026-09-30
Change vs prior
-3.0%
vs previous settlement
Days to cover
9.39
at avg daily volume
Avg daily volume
2.5M
FINRA reported
SettlementShares shortChangeDays to cover
2026-09-3023.5M-3.0%9.39
2026-09-1524.3M-1.9%9.93
2026-08-3124.7M+6.6%10.36
2026-08-1423.2M-1.2%7.33
2026-07-3123.5M-1.1%5.58
2026-07-1523.7M+0.4%5.97
2026-06-3023.7M-0.9%5.65
2026-06-1523.9M+2.4%5.29

Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.

Income statement (as reported)

 FY2025FY2024FY2023FY2022FY2021
Revenue$3.72B$3.77B$3.59B$3.33B$2.06B
Gross profit—————
Operating income$-149.0M$58.0M$-3.0M$-45.0M$-117.0M
Net income$-137.0M$85.0M$-11.0M$-37.0M$-102.0M
Diluted EPS$-0.60$0.37$-0.05$-0.17$-0.48

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.

Balance sheet (as reported)

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.

Cash flow (as reported)

 FY2025FY2024FY2023FY2022FY2021
Operating cash flow$-525.0M$-82.0M$-261.0M$-78.0M$216.0M
Capital expenditure$75.0M$76.0M$51.0M$41.0M$27.0M
Free cash flow

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.

Quarterly trend

QuarterRevenueRevenue YoYNet incomeDiluted EPS
Q1 FY2026$992.0M8.8%$-272.0M$-1.18
Q4 FY2025-0.5%
Q3 FY2025$886.0M-5.2%$-77.0M$-0.34
Q2 FY2025$929.0M-4.5%$-70.0M$-0.31
Q1 FY2025$912.0M5.4%$-43.0M$-0.19
Q4 FY202412.5%
Q3 FY2024$935.0M5.9%$26.0M$0.11
Q2 FY2024$973.0M0.6%$31.0M$0.14

Latest 8 quarters, from company XBRL filings on SEC EDGAR. A dotted underline marks a fourth-quarter figure we calculated from the full year and the first nine months. Revenue YoY is our calculation too: each quarter against the same quarter a year earlier.

Company facts

ExchangeNasdaq
SectorIndustrials
SIC industryAir Transportation, Scheduled
Latest annual periodFY2025 (ended December 31, 2025)
Latest reported quarterQ1 FY2026 (ended March 31, 2026)
Oldest indexed filing2017
SEC CIK1670076

Selected SEC filings

10-K2026-02-18
View on EDGAR →
10-Q2026-07-29
View on EDGAR →
10-Q2026-05-05
View on EDGAR →
8-K2026-08-31
View on EDGAR →
8-K2026-07-29
View on EDGAR →
8-K2026-07-17
View on EDGAR →
8-K2026-07-07
View on EDGAR →

Largest Industrials peers

All Industrials companies →

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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.