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Frontier Group Holdings cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$51.0M in Q3 2026 · $2.0M over twelve months

Operating cash flow−$41.0M
Capital spending−$10.0M
Free cash flow−$51.0M

Analysis

In Q3 2026, Frontier Group Holdings generated −$41.0M of operating cash flow and spent $10.0M on capital projects, leaving free cash flow of −$51.0M. That is $166M more than in Q3 2025 (−$217M).

Over the twelve months to Sep 30, 2026, operating cash flow was $59.0M; the largest uses were net borrowing (+) / repaid (−) ($188M), capital spending ($57.0M), taxes on employees’ shares ($5.0M); besides operations, cash came from other financing ($365M), other investing ($236M); the cash balance rose by $410M.

Operating cash flow was −$41.0M against net income of −$104M. The largest differences: other liabilities +$112M, depreciation & amortization +$59.0M, receivables −$19.0M.

Free cash flow

Frontier Group Holdings: free cash flow by quarterFrontier Group Holdings: free cash flow by quarter$73.0MQ4 2024−$104MQ1 2025−$166MQ2 2025−$217MQ3 2025−$113MQ4 2025$28.0MQ1 2026$138MQ2 2026−$51.0MQ3 2026
Operating cash flow less capital spending.
Frontier Group Holdings: operating cash flow against capital spendingFrontier Group Holdings: operating cash flow against capital spendingOperating cash flowCapital spending$87.0M$14.0MQ4 2024−$86.0M$18.0MQ1 2025−$133M$33.0MQ2 2025−$215M$2.0MQ3 2025−$91.0M$22.0MQ4 2025$40.0M$12.0MQ1 2026$151M$13.0MQ2 2026−$41.0M$10.0MQ3 2026
Latest (Q3 2026): Operating cash flow −$41.0M, Capital spending $10.0M.

Capital allocation, year by year

Frontier Group Holdings: where the cash came from (up) and went (down), by fiscal yearFrontier Group Holdings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingDividendsFY2021: Operating cash flow $216MFY2021: Net borrowing $66.0MFY2021: Shares issued $269MFY2021: Capital spending −$27.0M$551MFY2021FY2022: Operating cash flow −$78.0MFY2022: Net borrowing $7.0MFY2022: Shares issued $1.0MFY2022: Capital spending −$41.0MFY2022: Dividends −$1.0M$8.0MFY2022FY2023: Operating cash flow −$261MFY2023: Net borrowing $40.0MFY2023: Shares issued $1.0MFY2023: Capital spending −$51.0MFY2023: Dividends −$1.0M$41.0MFY2023FY2024: Operating cash flow −$82.0MFY2024: Net borrowing $29.0MFY2024: Shares issued $1.0MFY2024: Capital spending −$76.0M$30.0MFY2024FY2025: Operating cash flow −$525MFY2025: Net borrowing $112MFY2025: Shares issued $6.0MFY2025: Capital spending −$75.0M$118MFY2025
Over these 5 years operating cash flow totalled −$730M; the largest uses were operating cash flow ($946M) and capital spending ($270M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$976M
Debt$486M
Net cash$490M
Due within a year$303M
Cash runway4.8 years

Frontier Group Holdings is burning cash: its operations consume cash, a free cash flow of −$204M a year at the current rate against $976M of cash and investments: a runway of about 4.8 years; $303M of debt also comes due within a year, which the cash covers before any new financing.

Frontier Group Holdings: debt maturities by year (FY2025)Frontier Group Holdings: debt maturities by year (FY2025)$303MYear 1$63.0MYear 2$18.0MYear 3$102MYear 4$42.0MYear 5$92.0MAfter year 5
Principal due in each year as disclosed in the annual report, against $976M of cash and investments now.

Where the cash came from and went

Frontier Group Holdings: sources (+) and uses (−) of cash, Q3 2026Frontier Group Holdings: sources (+) and uses (−) of cash, Q3 2026Other investing$50.0MOperating cash flow−$41.0MNet borrowing (+) / repaid (−)$21.0MCash drawn (+) / kept (−)−$21.0MCapital spending−$10.0MOther financing$1.0M
Frontier Group Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Frontier Group Holdings: sources (+) and uses (−) of cash, 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 profit to cash

Frontier Group Holdings: net income to operating cash flow, Q3 2026Frontier Group Holdings: net income to operating cash flow, Q3 2026Net income−$104MDepreciation & amortization$59.0MStock-based pay$6.0MReceivables−$19.0MPayables−$7.0MOther liabilities$112MOperating cash flow−$41.0M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026−$41.0M−$10.0M$21.0M—−$21.0M−$51.0M
Q2 2026$151M−$13.0M−$77.0M—−$183M$138M
Q1 2026$40.0M−$12.0M−$32.0M—−$101M$28.0M
Q4 2025−$91.0M−$22.0M$138M—−$105M−$113M
Q3 2025−$215M−$2.0M$108M—−$3.0M−$217M
Q2 2025−$133M−$33.0M$53.0M—$123M−$166M
Q1 2025−$86.0M−$18.0M$5.0M$6.0M$54.0M−$104M
Q4 2024$87.0M−$14.0M$31.0M—−$164M$73.0M

Frontier Group Holdings: income statement and cash flow

Frontier Group Holdings, Q3 2026: revenue $1.4B (+53% year over year), operating margin -8.0%. The chart follows the revenue to costs, profit and cash.

Frontier Group Holdings: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.