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Frontier Group Holdings (ULCC) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Oct 28, 2026 · Frontier Group Holdings (ULCC) Q3 2026 earnings results →

Q3 2026 Revenue up 53% year over year to $1.4B · 8¢ of every $1 of revenue lost · operating margin -8.0%

Frontier Group Holdings made $1.4B in Q3 2026 (+53% Y/Y): Passenger $1.3B, Other $28.0M. Operating margin -8.0%, net loss $104M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 28, 2026.

Revenue$1.4B
Year over year+53%
Operating margin-8.0%
Net earnings−$104M
Operating cash flow−$41.0M

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Frontier Group Holdings Q3 2026 revenue breakdown: Sankey diagram of revenue (Passenger, Other), costs, profit and cash flow
Frontier Group Holdings Q3 2026 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $1.4B in Q3 2026, up 53% year over year and up 6% from the previous quarter. Fare was the largest line at 49% of revenue. Fare added $0.34B year over year (up 102%), 71% of the total change. Other declined 12%.

Operating costs exceeded revenue by $0.11B, an operating margin of -8.0%. Total costs grew 52% against revenue growth of 53%. The fastest-growing cost line was Sales & marketing (+71%). The quarter ended with a net loss of $0.10B, wider than the previous quarter's $0.09B loss.

Operating cash flow was −$0.04B. Non-cash charges added back $0.06B of depreciation and amortization and $0.01B of share-based compensation. Capital expenditures of $0.01B exceeded it, leaving free cash flow of −$0.05B.

Quarterly history

Frontier Group Holdings revenue by quarterFrontier Group Holdings revenue by quarter$912MQ1 2025$929MQ2 2025$886MQ3 2025$997MQ4 2025$992MQ1 2026$1.3BQ2 2026$1.4BQ3 2026
Frontier Group Holdings net earnings by quarterFrontier Group Holdings net earnings by quarter−$43.0MQ1 2025−$70.0MQ2 2025−$77.0MQ3 2025$53.0MQ4 2025−$272MQ1 2026−$90.0MQ2 2026−$104MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QOct 28, 2026$1.4B+53%-8.0%−$104M−$41.0M
Q2 202610-QJul 29, 2026$1.3B+38%-7.6%−$90.0M$151M
Q1 202610-QMay 5, 2026$992M+9%-28.5%−$272M$40.0M
Q4 202510-KFeb 18, 2026$997M-0.5%4.9%$53.0M−$91.0M
Q3 202510-QNov 5, 2025$886M-5%-8.7%−$77.0M−$215M
Q2 202510-QAug 5, 2025$929M-4%-8.1%−$70.0M−$133M
Q1 202510-QMay 1, 2025$912M+5%-5.0%−$43.0M−$86.0M

Charts

Frontier Group Holdings: revenue growth, year over year and quarter over quarterFrontier Group Holdings: revenue growth, year over year and quarter over quarterY/YQ/Q+5%Q1 2025-4%+2%Q2 2025-5%-5%Q3 20250%+13%Q4 2025+9%-1%Q1 2026+38%+29%Q2 2026+53%+6%Q3 2026
Latest (Q3 2026): Y/Y +53%, Q/Q +6%.
Frontier Group Holdings: where the cash came from (+) and went (−), TTM to Q3 2026Frontier Group Holdings: where the cash came from (+) and went (−), TTM to Q3 2026Cash drawn (+) / kept (−)−$410MOther financing$365MOther investing$236MNet borrowing (+) / repaid (−)−$188MOperating cash flow$59.0MCapital spending−$57.0MTaxes on employees’ shares−$5.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Frontier Group Holdings: profit against cash, quarter by quarterFrontier Group Holdings: profit against cash, quarter by quarterNet incomeOperating cash flow$54.0M$87.0MQ4 2024−$43.0M−$86.0MQ1 2025−$70.0M−$133MQ2 2025−$77.0M−$215MQ3 2025$53.0M−$91.0MQ4 2025−$272M$40.0MQ1 2026−$90.0M$151MQ2 2026−$104M−$41.0MQ3 2026
Latest (Q3 2026): Net income −$104M, Operating cash flow −$41.0M.
Frontier Group Holdings: diluted shares by fiscal yearFrontier Group Holdings: diluted shares by fiscal year199MFY2020211MFY2021218MFY2022220MFY2023226MFY2024228MFY2025
+14.3% since FY2020: more shares outstanding (issuance, stock pay).
Frontier Group Holdings: long-term debt falling due (FY2025)Frontier Group Holdings: long-term debt falling due (FY2025)$303M2026$63.0M2027$18.0M2028$102M2029$42.0M2030$92.0MLater
Cash $671M, short-term investments —, long-term debt $620M at 2025-12-31.
Frontier Group Holdings in its industry: growth against margin (13 companies, SIC 4512)Frontier Group Holdings in its industry: growth against margin (13 companies, SIC 4512)revenue growth, year over year →↑ operating marginmedian +21%median 2%DALUnited Airlines, Inc.AALAmerican Airlines, Inc.LUVALKJBLUSKYWALGTRJETJETMFHarbor Diversified, Inc.ULCC (+53%, -8%)
Air Transportation, Scheduled; dot size is quarterly revenue; dashed lines are the industry's medians.

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About Frontier Group Holdings

Frontier Group Holdings, Inc. is the parent company of Frontier Airlines, Inc. (“Frontier” or “the Company”), an ultra low-cost carrier. We are headquartered in Denver, Colorado and offer flights throughout the United States and to select near international destinations in the Americas. As of December 31, 2025, we had a fleet of 176 Airbus single-aisle aircraft, consisting of 6 A320ceos, 89 A320neos, 21 A321ceos and 60 A321neos. Our unique strategy is underpinned by our low-cost structure and superior low-fare brand. Our business model is based on our unique ULCC strategy and customer offerings.

In its own words, from its 10-K, filed Feb 18, 2026.

Frontier Group Holdings against its Air Transportation, Scheduled peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +53% against the peers' median +19%. Operating margin: -8.0% against the peers' median 1.9%.

CompanyQuarterRevenueY/YOp. margin
ULCC Frontier Group HoldingsQ3 2026$1.4B+53%-8.0%
DAL Delta Air LinesQ3 2026$20.2B+21%7.2%
United AirlinesQ3 2026$17.9B+17%8.1%
AAL American Airlines GroupQ3 2026$16.3B+19%0.7%
American AirlinesQ1 2025$12.6B-0.2%-2.2%
LUV Southwest AirlinesQ3 2026$8.4B+21%4.5%
ALK Alaska Air GroupQ3 2026$4.3B+14%1.9%
JBLU Jetblue AirwaysQ3 2026$2.8B+21%-5.1%
SKYW SkywestQ3 2026$1.1B+6%15.8%

Source: Frontier Group Holdings 10-Q on SEC EDGAR · CIK 1670076 · Air Transportation, Scheduled

Guidance and outlook

Frontier Group Holdings: what its forward-looking statements are about (10-Q filed 2026-07-29)Frontier Group Holdings: what its forward-looking statements are about (10-Q filed 2026-07-29)Other3Costs1Products1Demand1Financing1
7 statements; tone -0.14 (−1 all cautious, +1 all confident); 1 hedged.
Frontier Group Holdings: outlook statements against the filing beforeFrontier Group Holdings: outlook statements against the filing beforeCautious1

13F: who owns ULCC and who is buying

Largest holders of ULCC (13F)Largest holders of ULCC (13F)Indigo Partners LLC$254MWildcat Capital Management, LLC$168MBlackRock$47.2MTwo Sigma Investments, LP$37.0MVanguard Group$35.8MMarshall Wace, LLP$33.3MU S Global Investors$31.1MVanguard Capital Management LLC$28.9MJane Street Group, LLC$28.2MVanguard Portfolio Management LLC$26.7M
Funds' net buying of ULCC by quarter (13F)Funds' net buying of ULCC by quarter (13F)$7.8M2024-09−$15.2M2024-12$10.8M2025-03$17.8M2025-06$47.7M2025-09−$47.1M2025-12$332K2026-03$72.9M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on ULCC

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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