Frontier (ULCC) Q1 2026 earnings summary

Executive summary

• Achieved record adjusted revenue of nearly $1.1 billion in Q1 2026, up 17% year-over-year, driven by strong demand and commercial execution, despite a 1% lower capacity.

• Adjusted net loss was $68 million ($0.30 per share), outperforming guidance, while GAAP net loss was $272 million due to $212 million in non-recurring charges.

• Liquidity at quarter-end was $974 million, including $754 million in cash and equivalents, $100 million higher than year-end 2025.

• Responded rapidly to Spirit's shutdown by expanding service on 18 former Spirit routes and offering discounted fares to affected customers.

• Loyalty programs grew over 30% in Q1, marking the fourth consecutive quarter of double-digit growth.

Financial highlights

• Total operating revenue was $992 million (GAAP), up 9% year-over-year; adjusted revenue per passenger rose 10% to $128.

• Flown load factor improved to 78.4%, up 3.5 points year-over-year.

• Adjusted operating expenses were $1.1 billion, including $268 million in fuel at $2.88 per gallon.

• Adjusted pre-tax loss was $69 million; adjusted EBITDA was $(46) million.

• Adjusted CASM (excluding fuel) was 8.85¢, up 22% year-over-year.

Outlook and guidance

• Q2 RASM expected to increase over 20% year-over-year, with stage-adjusted RASM up high teens and capacity growth of about 6–8%.

• Q2 2026 adjusted diluted loss per share expected between $(0.45) and $(0.60).

• Full-year EPS guidance will be provided once there is improved macro visibility due to fuel volatility.

• Full-year 2026 pre-delivery deposit balance expected to decrease by $170–$210 million.

• Total liquidity at end of Q2 2026 expected between $900 million and $950 million.