Frontier Group Holdings, Inc. (ULCC) Balance Sheet

NASDAQ: ULCCAssets, liabilities, debt and equity over 10 years.

ULCC balance sheet, 2025

December 31, 2025 · U.S. dollars

$7.22B assets = $6.73B liabilities + $491.0M equity

Both columns are drawn to the same scale: what ULCC owns equals what it owes plus shareholders’ equity. Hover a block for its value.

ULCC financial health

Current ratio0.46

Tight · current assets cover current liabilities 0.46×

Debt / equity11.13

High leverage · $11.13 of debt for each $1 of equity

Equity / assets6.8%

Thin equity · of assets funded by shareholders

Cash / debt12.3%

Low cash cover · cash & short-term investments vs total debt

Goodwill & intangibles0.4%

Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

ULCC balance sheet trends, 2015–2025

Frontier Group Holdings, Inc. balance sheet trends
Metric	Then	Latest	Change
Total assets	$1.13B2015	$7.22B2025	+22.9%/yr
Total liabilities	$786.0M2015	$6.73B2025	+26.9%/yr
Shareholders’ equity	$342.0M2015	$491.0M2025	+4.1%/yr
Cash & short-term investments	$419.0M2015	$671.0M2025	+5.4%/yr
Total debt	$233.0M2015	$5.46B2025	+42.0%/yr
Net cash (debt)	$186.0M2015	−$4.79B2025	−$5.0B
Working capital	$43.0M2015	−$1.15B2025	−$1.2B
Book value per share	$1.602015	$2.142025	+3.3%/yr
Current ratio	1.092015	0.462025	−0.63
Debt / equity	0.682015	11.132025	+10.44
Shares outstanding	214.3M2015	230.0M2025	+0.8%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

ULCC assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

ULCC liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

ULCC debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

ULCC balance sheet

Frontier Group Holdings, Inc. annual balance sheet
	2025	2024	2023	2022	2021	2020	2019	2018	2016	2015
Assets
Cash & short-term investments	$671.0M	$740.0M	$609.0M	$761.0M	$918.0M	$378.0M	$768.0M	$698.0M	$612.0M	$419.0M
Cash & equivalents	$671.0M	$740.0M	$609.0M	$761.0M	$918.0M	$378.0M	$768.0M	$698.0M	$612.0M	$419.0M
Receivables	$100.0M	$93.0M	$109.0M	$98.0M	$62.0M	$215.0M	$101.0M	$70.0M	$47.0M	$76.0M
Inventory	$90.0M	$79.0M	$79.0M	$55.0M	$29.0M	$18.0M	$20.0M	$18.0M	$19.0M	$10.0M
Other current assets	$97.0M	$78.0M	$74.0M	$106.0M	$28.0M	$39.0M	$55.0M	$73.0M	$44.0M	$30.0M
Total current assets	$958.0M	$990.0M	$871.0M	$1.02B	$1.04B	$650.0M	$944.0M	$859.0M	$722.0M	$535.0M
Property, plant & equipment (net)	$5.74B	$4.71B	$3.27B	$2.71B	$2.97B	$2.43B	$2.44B	$174.0M	$276.0M	$265.0M
Goodwill & intangible assets	$27.0M	$27.0M	$28.0M	$28.0M	$29.0M	$29.0M	$30.0M	$31.0M	$35.0M	$37.0M
Long-term investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Other non-current assets	$491.0M	$426.0M	$821.0M	$741.0M	$199.0M	$449.0M	$448.0M	$450.0M	$308.0M	$291.0M
Total assets	$7.22B	$6.15B	$4.99B	$4.50B	$4.24B	$3.55B	$3.86B	$1.51B	$1.34B	$1.13B
Liabilities
Accounts payable	$130.0M	$115.0M	$134.0M	$89.0M	$86.0M	$71.0M	$71.0M	$47.0M	$46.0M	$25.0M
Short-term debt	$1.08B	$925.0M	$800.0M	$622.0M	$571.0M	$517.0M	$537.0M	$126.0M	$150.0M	$115.0M
Deferred revenue	$368.0M	$312.0M	$263.0M	$326.0M	$286.0M	$138.0M	$142.0M	—	$7.0M	$3.0M
Total current liabilities	$2.10B	$1.85B	$1.66B	$1.55B	$1.33B	$1.00B	$1.25B	$776.0M	$553.0M	$492.0M
Long-term debt	$313.0M	$241.0M	$219.0M	$272.0M	$287.0M	$247.0M	$95.0M	$0	$0	$0
Lease obligations	$4.85B	$3.97B	$2.99B	$2.50B	$2.44B	$2.26B	$2.26B	—	—	—
Other long-term liabilities	$4.31B	$3.46B	$2.61B	$2.16B	$2.09B	$1.99B	$1.97B	$458.0M	$342.0M	$294.0M
Total liabilities	$6.73B	$5.55B	$4.49B	$3.99B	$3.71B	$3.24B	$3.32B	$1.23B	$895.0M	$786.0M
Shareholders' equity
Retained earnings (deficit)	$59.0M	$196.0M	$111.0M	$122.0M	$159.0M	$261.0M	$486.0M	$245.0M	$395.0M	$299.0M
Accumulated other comprehensive income	−$5.0M	−$6.0M	−$7.0M	−$6.0M	−$10.0M	−$11.0M	$4.0M	−$17.0M	$1.0M	−$10.0M
Total shareholders' equity	$491.0M	$604.0M	$507.0M	$509.0M	$530.0M	$310.0M	$542.0M	$280.0M	$446.0M	$342.0M
Key figures
Total debt	$5.46B	$4.47B	$3.46B	$2.93B	$2.85B	$2.61B	$2.51B	$214.0M	$246.0M	$233.0M
Net cash (debt)	−$4.79B	−$3.73B	−$2.85B	−$2.17B	−$1.93B	−$2.23B	−$1.74B	$484.0M	$366.0M	$186.0M
Working capital	−$1.15B	−$862.0M	−$787.0M	−$535.0M	−$289.0M	−$353.0M	−$310.0M	$83.0M	$169.0M	$43.0M
Tangible book value	$464.0M	$577.0M	$479.0M	$481.0M	$501.0M	$281.0M	$512.0M	$249.0M	$411.0M	$305.0M
Book value per share	$2.14	$2.68	$2.30	$2.33	$2.44	$1.44	$2.52	$1.30	$2.08	$1.60
Shares outstanding	230.0M	225.7M	220.1M	218.0M	217.1M	215.1M	215.1M	215.9M	214.3M	214.3M
Current ratio	0.46	0.53	0.53	0.66	0.78	0.65	0.75	1.11	1.31	1.09
Quick ratio	0.37	0.45	0.43	0.55	0.74	0.59	0.69	0.99	1.19	1.01
Debt / equity	11.13	7.40	6.82	5.75	5.38	8.43	4.62	0.76	0.55	0.68
Equity / assets	6.8%	9.8%	10.2%	11.3%	12.5%	8.7%	14.0%	18.5%	33.3%	30.3%

Frontier Group Holdings, Inc. quarterly balance sheet
	Jun '26	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23
Assets
Cash & short-term investments	$955.0M	$772.0M	$671.0M	$566.0M	$563.0M	$686.0M	$740.0M	$576.0M	$658.0M	$622.0M	$609.0M	$640.0M
Cash & equivalents	$955.0M	$772.0M	$671.0M	$566.0M	$563.0M	$686.0M	$740.0M	$576.0M	$658.0M	$622.0M	$609.0M	$640.0M
Receivables	$159.0M	$129.0M	$100.0M	$110.0M	$117.0M	$108.0M	$93.0M	$167.0M	$116.0M	$117.0M	$109.0M	$116.0M
Inventory	$91.0M	$106.0M	$90.0M	$90.0M	$86.0M	$81.0M	$79.0M	$76.0M	$78.0M	$75.0M	$79.0M	$75.0M
Other current assets	$101.0M	$91.0M	$97.0M	$81.0M	$66.0M	$78.0M	$78.0M	$91.0M	$95.0M	$89.0M	$74.0M	$105.0M
Total current assets	$1.31B	$1.10B	$958.0M	$847.0M	$832.0M	$953.0M	$990.0M	$910.0M	$947.0M	$903.0M	$871.0M	$936.0M
Property, plant & equipment (net)	$5.49B	$5.47B	$5.74B	$4.81B	$5.19B	$4.64B	$4.71B	$4.72B	$4.33B	$3.84B	$3.27B	$3.62B
Goodwill & intangible assets	$27.0M	$27.0M	$27.0M	$27.0M	$27.0M	$27.0M	$27.0M	$27.0M	$27.0M	$27.0M	$28.0M	$28.0M
Long-term investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Other non-current assets	$420.0M	$425.0M	$491.0M	$1.01B	$471.0M	$863.0M	$426.0M	$167.0M	$384.0M	$435.0M	$821.0M	$349.0M
Total assets	$7.24B	$7.02B	$7.22B	$6.70B	$6.52B	$6.48B	$6.15B	$5.83B	$5.69B	$5.21B	$4.99B	$4.93B
Liabilities
Accounts payable	$95.0M	$115.0M	$130.0M	$159.0M	$169.0M	$120.0M	$115.0M	$128.0M	$137.0M	$131.0M	$134.0M	$109.0M
Short-term debt	$958.0M	$1.03B	$1.08B	$1.08B	$1.03B	$949.0M	$925.0M	$822.0M	$864.0M	$850.0M	$800.0M	$794.0M
Deferred revenue	$541.0M	$480.0M	$368.0M	$343.0M	$342.0M	$376.0M	$312.0M	$304.0M	$335.0M	$328.0M	$232.0M	$223.0M
Total current liabilities	$2.24B	$2.24B	$2.10B	$2.11B	$2.04B	$1.94B	$1.85B	$1.72B	$1.82B	$1.80B	$1.66B	$1.69B
Long-term debt	$300.0M	$343.0M	$313.0M	$305.0M	$234.0M	$244.0M	$241.0M	$279.0M	$189.0M	$201.0M	$219.0M	$220.0M
Lease obligations	$4.74B	$4.67B	$4.85B	$4.36B	$4.31B	$4.28B	$3.97B	$3.76B	$3.64B	$3.15B	$2.99B	$2.85B
Other long-term liabilities	$4.57B	$4.21B	$4.31B	$3.85B	$3.74B	$3.73B	$3.46B	$3.27B	$3.16B	$2.72B	$2.61B	$2.48B
Total liabilities	$7.11B	$6.79B	$6.73B	$6.27B	$6.02B	$5.91B	$5.55B	$5.28B	$5.17B	$4.72B	$4.49B	$4.39B
Shareholders' equity
Retained earnings (deficit)	−$303.0M	−$213.0M	$59.0M	$6.0M	$83.0M	$153.0M	$196.0M	$142.0M	$116.0M	$85.0M	$111.0M	$148.0M
Accumulated other comprehensive income	−$5.0M	−$5.0M	−$5.0M	−$6.0M	−$6.0M	−$6.0M	−$6.0M	−$7.0M	−$7.0M	−$7.0M	−$7.0M	−$6.0M
Total shareholders' equity	$136.0M	$222.0M	$491.0M	$434.0M	$506.0M	$570.0M	$604.0M	$549.0M	$520.0M	$484.0M	$507.0M	$541.0M
Key figures
Total debt	$5.24B	$5.25B	$5.46B	$5.03B	$4.87B	$4.79B	$4.47B	$4.23B	$4.07B	$3.62B	$3.46B	$3.34B
Net cash (debt)	−$4.29B	−$4.48B	−$4.79B	−$4.47B	−$4.31B	−$4.11B	−$3.73B	−$3.65B	−$3.41B	−$2.99B	−$2.85B	−$2.70B
Working capital	−$933.0M	−$1.14B	−$1.15B	−$1.26B	−$1.21B	−$989.0M	−$862.0M	−$814.0M	−$874.0M	−$894.0M	−$787.0M	−$753.0M
Tangible book value	$109.0M	$195.0M	$464.0M	$407.0M	$479.0M	$543.0M	$577.0M	$522.0M	$493.0M	$457.0M	$479.0M	$513.0M
Book value per share	$0.59	$0.97	$2.14	$1.90	$2.22	$2.51	$2.68	$2.43	$2.29	$2.17	$2.28	$2.45
Shares outstanding	230.0M	230.0M	230.0M	227.9M	227.9M	227.0M	225.7M	225.7M	226.6M	223.4M	221.9M	220.8M
Current ratio	0.58	0.49	0.46	0.40	0.41	0.49	0.53	0.53	0.52	0.50	0.53	0.55
Quick ratio	0.50	0.40	0.37	0.32	0.33	0.41	0.45	0.43	0.43	0.41	0.43	0.45
Debt / equity	38.54	23.64	11.13	11.59	9.62	8.41	7.40	7.70	7.83	7.47	6.82	6.17
Equity / assets	1.9%	3.2%	6.8%	6.5%	7.8%	8.8%	9.8%	9.4%	9.1%	9.3%	10.2%	11.0%

Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 18, 2026); data from EODHD.

ULCC financial position

At the end of fiscal 2025 (December 31, 2025), Frontier had total assets of $7.2 billion (up 17.3% from a year earlier), total liabilities of $6.7 billion and shareholders' equity of $491.0 million. It held $671.0 million in cash and short-term investments against $5.5 billion of debt, net debt of $4.8 billion. Its current ratio was 0.46. In the latest quarter (ended June 30, 2026) total assets were $7.2 billion and equity $136.0 million.

Related: ULCC income statement, ULCC cash flow statement, ULCC key metrics. See the ULCC stock overview for the latest quote and news.

ULCC balance sheet FAQ

What are Frontier's total assets?

Frontier reported total assets of $7.2 billion at the end of fiscal 2025 (December 31, 2025), compared with $6.2 billion a year earlier.

How much debt does Frontier have?

Frontier had $5.5 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 11.13.

How much cash does Frontier have?

Frontier held $671.0 million in cash and short-term investments at the end of fiscal 2025; with $5.5 billion of debt that is net debt of $4.8 billion.

What is Frontier's book value?

Frontier's shareholders' equity (book value) was $491.0 million at the end of fiscal 2025, or $2.14 per share.

What is Frontier's current ratio?

Frontier had current assets of $958.0 million and current liabilities of $2.1 billion, a current ratio of 0.46 (current liabilities exceed current assets).

How much goodwill does Frontier have?

Frontier carried $27.0 million of goodwill and intangible assets, 0.4% of total assets, at the end of fiscal 2025.