Frontier Group Holdings, Inc. (ULCC) Income Statement
ULCC 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsULCC revenue and net income
Where ULCC's revenue goes
2025Each bar shows an amount and its share of revenue. ULCC kept −3.7% of revenue as net income.
ULCC profit margins
ULCC growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −1.4% | +3.8% | +24.4% | +8.8% |
| Gross profit | −92.5% | −63.2% | — | −29.7% |
| Operating income | −356.9% | — | — | — |
| Net income | −261.2% | — | — | — |
| EPS (diluted) | −365.2% | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
ULCC quarterly EPS vs estimates
Frontier beat the analyst EPS estimate in 6 of the last 8 quarters. Next report: November 4, 2026 (estimate $-0.02).
ULCC income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.72B | $3.77B | $3.59B | $3.33B | $2.06B | $1.25B | $2.51B | $2.16B | $1.92B | $1.71B |
| Cost of revenue | $3.71B | $3.59B | $3.29B | $3.04B | $2.26B | $1.64B | $2.00B | $1.78B | $1.58B | $1.19B |
| Gross profit | $14.0M | $187.0M | $302.0M | $282.0M | −$202.0M | −$390.0M | $503.0M | $373.0M | $339.0M | $524.0M |
| Research & development | — | — | — | $7.0M | — | — | — | — | — | — |
| Sales, general & admin | $159.0M | $178.0M | $164.0M | $1.03B | $109.0M | $78.0M | $130.0M | $220.0M | — | $72.0M |
| Total operating expenses | $163.0M | $129.0M | $305.0M | $317.0M | −$85.0M | −$25.0M | $194.0M | $281.0M | $94.0M | $207.0M |
| Operating income | −$149.0M | $58.0M | −$3.0M | −$35.0M | −$117.0M | −$365.0M | $309.0M | $92.0M | $245.0M | $317.0M |
| Interest income | $26.0M | $32.0M | $36.0M | $10.0M | $2.0M | $5.0M | $16.0M | $17.0M | — | — |
| Interest expense | $11.0M | $4.0M | $1.0M | $3.0M | $29.0M | $12.0M | $11.0M | $4.0M | $10.0M | $3.0M |
| Income before taxes | −$134.0M | $86.0M | $32.0M | −$45.0M | −$144.0M | −$372.0M | $325.0M | $105.0M | $248.0M | $316.0M |
| Income taxes | $3.0M | $1.0M | $43.0M | −$8.0M | −$42.0M | −$147.0M | $74.0M | $25.0M | $86.0M | $116.0M |
| Net income | −$137.0M | $85.0M | −$11.0M | −$37.0M | −$102.0M | −$225.0M | $251.0M | $80.0M | $162.0M | $200.0M |
| EBITDA | −$32.0M | $162.0M | $83.0M | $10.0M | −$77.0M | −$327.0M | $371.0M | $187.0M | $310.0M | $394.0M |
| EPS (diluted) | −$0.61 | $0.23 | $0.11 | −$0.08 | −$1.45 | −$0.97 | $1.26 | $0.40 | $0.76 | −$0.02 |
| Gross margin | 0.4% | 5.0% | 8.4% | 8.5% | −9.8% | −31.2% | 20.1% | 17.3% | 17.7% | 30.6% |
| Operating margin | −4.0% | 1.5% | −0.1% | −1.1% | −5.7% | −29.2% | 12.3% | 4.3% | 12.8% | 18.5% |
| Net margin | −3.7% | 2.3% | −0.3% | −1.1% | −5.0% | −18.0% | 10.0% | 3.7% | 8.4% | 11.7% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.28B | $992.0M | $997.0M | $886.0M | $929.0M | $912.0M | $1.00B | $935.0M | $973.0M | $865.0M | $891.0M | $883.0M |
| Cost of revenue | $1.28B | $1.20B | $972.0M | $915.0M | $924.0M | $899.0M | $919.0M | $910.0M | $902.0M | $857.0M | $834.0M | $856.0M |
| Gross profit | −$6.0M | −$208.0M | $25.0M | −$29.0M | $5.0M | $13.0M | $83.0M | $25.0M | $71.0M | $8.0M | $57.0M | $27.0M |
| Sales, general & admin | $48.0M | $43.0M | $41.0M | $38.0M | $78.0M | $41.0M | $45.0M | $46.0M | $47.0M | $40.0M | $39.0M | $82.0M |
| Total operating expenses | $91.0M | $75.0M | −$24.0M | $48.0M | $80.0M | $59.0M | $38.0M | $6.0M | $46.0M | $39.0M | $60.0M | $81.0M |
| Operating income | −$97.0M | −$283.0M | $49.0M | −$77.0M | −$75.0M | −$46.0M | $45.0M | $19.0M | $25.0M | −$31.0M | −$3.0M | −$54.0M |
| Interest income | $7.0M | $6.0M | $6.0M | $6.0M | $7.0M | $7.0M | $7.0M | $10.0M | $8.0M | $7.0M | $8.0M | $10.0M |
| Interest expense | $4.0M | $4.0M | $3.0M | $5.0M | $2.0M | $1.0M | $1.0M | $2.0M | $1.0M | $9.0M | $8.0M | $1.0M |
| Income before taxes | −$94.0M | −$281.0M | $52.0M | −$76.0M | −$70.0M | −$40.0M | $51.0M | $27.0M | $32.0M | −$24.0M | $6.0M | −$45.0M |
| Income taxes | −$4.0M | −$9.0M | −$1.0M | $1.0M | — | $3.0M | −$3.0M | $1.0M | $1.0M | $2.0M | $43.0M | −$13.0M |
| Net income | −$90.0M | −$272.0M | $53.0M | −$77.0M | −$70.0M | −$43.0M | $54.0M | $26.0M | $31.0M | −$26.0M | −$37.0M | −$32.0M |
| EBITDA | −$60.0M | −$252.0M | $81.0M | −$47.0M | −$47.0M | −$19.0M | $71.0M | $48.0M | $51.0M | −$8.0M | $19.0M | −$31.0M |
| EPS (diluted) | −$0.10 | −$0.30 | $0.23 | −$0.34 | −$0.31 | −$0.19 | $0.23 | −$0.05 | $0.14 | −$0.09 | $0.00 | −$0.14 |
| Gross margin | −0.5% | −21.0% | 2.5% | −3.3% | 0.5% | 1.4% | 8.3% | 2.7% | 7.3% | 0.9% | 6.4% | 3.1% |
| Operating margin | −7.6% | −28.5% | 4.9% | −8.7% | −8.1% | −5.0% | 4.5% | 2.0% | 2.6% | −3.6% | −0.3% | −6.1% |
| Net margin | −7.0% | −27.4% | 5.3% | −8.7% | −7.5% | −4.7% | 5.4% | 2.8% | 3.2% | −3.0% | −4.2% | −3.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in ULCC's financial statements (latest annual report filed February 18, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
ULCC financial results
In fiscal year 2025 (ended December 31, 2025), Frontier reported revenue of $3.7 billion, down 1.4% from the year before. It had a net loss of $137.0 million, a net profit margin of −3.7%. Diluted earnings per share came to −$0.61. Over five years revenue grew at an average rate of 24.4% a year.
See the ULCC stock overview for the latest quote and news, or the ULCC chart for price history and technical indicators.
ULCC income statement FAQ
What is Frontier's annual revenue?
Frontier reported total revenue of $3.7 billion for fiscal year 2025, which ended on December 31, 2025. That was down 1.4% from $3.8 billion the previous year.
Is Frontier profitable?
No. Frontier reported a net loss of $137.0 million in fiscal 2025, a net profit margin of −3.7%; its operating margin was −4.0%.
What is Frontier's gross margin?
Frontier's gross margin was 0.4% in fiscal 2025: for every $100 of revenue, Frontier kept $0 after the direct cost of its products and services.
How fast is Frontier growing?
Revenue grew 24.4% a year on average over the last five fiscal years, from $1.2 billion to $3.7 billion.
What are Frontier's earnings per share?
Frontier earned $-0.61 per diluted share in fiscal 2025, compared with $0.23 a year earlier.
When will Frontier report its next earnings?
Frontier is expected to report results for the quarter ending September 30, 2026 on November 4, 2026.
When does Frontier's fiscal year end?
Frontier's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 18, 2026.