Frontier Group Holdings Inc. reported financial results for the fourth quarter (Q4) and full year (FY) 2025. For Q4 2025, total revenue was USD 997 million on capacity that remained flat compared to the corresponding quarter in 2024. Revenue per available seat mile (RASM) stood at 10.17 cents, with stage-adjusted RASM to 1,000 miles at 9.61 cents, which was slightly higher than the comparable period in 2024. Cost per available seat mile (CASM) was 9.67 cents, including fuel expenses at an average cost of USD 2.44 per gallon. Excluding fuel, CASM was 7.36 cents. Net income for Q4 2025 was USD 53 million, or USD 0.23 per diluted share, based on approximately 230 million weighted-average shares outstanding during the quarter. Frontier's total liquidity as of December 31, 2025, was USD 874 million, consisting of USD 654 million in unrestricted cash and cash equivalents, and USD 220 million available from its revolving credit facility, which was expanded by USD 15 million in December 2025. This total liquidity represents approximately 23 percent of trailing twelve-month revenue. As of year-end 2025, Frontier operated a fleet of 176 Airbus single-aisle aircraft, all under operating leases expiring between 2027 and 2037. Management highlighted a strategy focused on rightsizing the fleet, strengthening cost discipline, reducing cancellations, improving on-time performance, and maturing customer loyalty to drive profitability and enhance stakeholder value. The company also noted that the tax expense generated from pre-tax income for the quarter was offset by a release of a cumulative valuation allowance from the utilization of a portion of net operating losses.
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