FRONTIER GROUP HOLDINGS, INC., 10-K filed on 2/18/2026
Annual Report
v3.25.4
Cover - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Feb. 13, 2026
Jun. 30, 2025
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2025    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 001-40304    
Entity Registrant Name Frontier Group Holdings, Inc.    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 46-3681866    
Entity Address, Address Line One 4545 Airport Way    
Entity Address, City or Town Denver    
Entity Address, State or Province CO    
Entity Address, Postal Zip Code 80239    
City Area Code 720    
Local Phone Number 374-4550    
Title of 12(b) Security Common Stock, $0.001 par value per share    
Trading Symbol ULCC    
Security Exchange Name NASDAQ    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction false    
Entity Shell Company false    
Entity Public Float     $ 204
Entity Common Stock, Shares Outstanding   229,609,718  
Documents Incorporated by Reference
Portions of the registrant's definitive Proxy Statement relating to its 2026 Annual Meeting of Stockholders are incorporated by reference in Part III of this Annual Report on Form 10-K to the extent stated herein. Such Proxy Statement will be filed with the Securities and Exchange Commission within 120 days of the registrant's fiscal year ended December 31, 2025.
    
Amendment Flag false    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
Entity Central Index Key 0001670076    
v3.25.4
Audit Information
 12 Months Ended
Dec. 31, 2025
Audit Information [Abstract]  
Auditor Firm ID 42
Auditor Name Ernst & Young LLP
Auditor Location Denver, Colorado
v3.25.4
Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Assets    
Cash and cash equivalents $ 671 $ 740
Accounts receivable, net 85 73
Supplies, net 90 79
Other current assets 112 98
Total current assets 958 990
Property and equipment, net 510 376
Operating lease right-of-use assets 4,806 3,930
Pre-delivery deposits for flight equipment 428 404
Intangible assets, net 27 27
Other assets 491 426
Total assets 7,220 6,153
Liabilities and stockholders’ equity    
Accounts payable 130 115
Air traffic liability 352 294
Frequent flyer liability 16 18
Current maturities of long-term debt, net 301 261
Current maturities of operating leases 779 664
Other current liabilities 525 500
Total current liabilities 2,103 1,852
Long-term debt, net 313 241
Long-term operating leases 4,070 3,302
Long-term frequent flyer liability 44 31
Other long-term liabilities 199 123
Total liabilities 6,729 5,549
Commitments and contingencies
Stockholders’ equity:    
Common stock, $0.001 par value per share, with 229,010,827 and 225,440,496 shares issued and outstanding as of December 31, 2025 and 2024, respectively 0 0
Additional paid-in capital 437 414
Retained earnings 59 196
Accumulated other comprehensive income (loss) (5) (6)
Total stockholders’ equity 491 604
Total liabilities and stockholders’ equity $ 7,220 $ 6,153
v3.25.4
Consolidated Balance Sheets (Parenthetical) - $ / shares
Dec. 31, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Common stock, stated par (in dollars per share) $ 0.001 $ 0.001
Common stock, shares issued (in shares) 229,010,827 225,440,496
Common stock outstanding (in shares) 229,010,827 225,440,496
v3.25.4
Consolidated Statements of Operations - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating revenues:      
Total operating revenues $ 3,724,000 $ 3,775,000 $ 3,589,000
Operating expenses:      
Aircraft fuel 929,000 1,041,000 1,130,000
Salaries, wages and benefits 1,016,000 954,000 858,000
Aircraft rent 748,000 675,000 554,000
Station operations 717,000 637,000 516,000
Maintenance, materials and repairs 209,000 209,000 179,000
Sales and marketing 159,000 178,000 164,000
Depreciation and amortization 91,000 72,000 50,000
Other operating 4,000 (49,000) 141,000
Total operating expenses 3,873,000 3,717,000 3,592,000
Operating income (loss) (149,000) 58,000 (3,000)
Other income (expense):      
Interest expense (46,000) (36,000) (29,000)
Capitalized interest 35,000 32,000 28,000
Interest income and other 26,000 32,000 36,000
Total other income (expense) 15,000 28,000 35,000
Income (loss) before income taxes (134,000) 86,000 32,000
Income tax expense (benefit) 3,000 1,000 43,000
Net income (loss) $ (137,000) $ 85,000 $ (11,000)
Earnings (loss) per share:      
Basic (in dollars per share) $ (0.60) $ 0.37 $ (0.05)
Diluted (in dollars per share) $ (0.60) $ 0.37 $ (0.05)
Passenger      
Operating revenues:      
Total operating revenues $ 3,598,000 $ 3,683,000 $ 3,509,000
Other      
Operating revenues:      
Total operating revenues $ 126,000 $ 92,000 $ 80,000
v3.25.4
Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Comprehensive Income [Abstract]      
Net income (loss) $ (137) $ 85 $ (11)
Other comprehensive loss      
Amortization from cash flow hedges, net of adjustment for deferred tax benefit (expense) of less than $1 for the each of the years ended 2025, 2024, and 2023 1 1 (1)
Other comprehensive income (loss) 1 1 (1)
Comprehensive income (loss) $ (136) $ 86 $ (12)
v3.25.4
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Comprehensive Income [Abstract]      
Unrealized gains (losses) from cash flow hedges net of adjustment for de-designation of fuel hedges, tax benefit/(expense) (less than) $ 1 $ 1 $ 1
v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net income (loss) $ (137) $ 85 $ (11)
Adjustments to reconcile net income (loss) to cash used in operating activities:      
Deferred income taxes 3 0 43
Depreciation and amortization 91 72 50
Gains recognized on sale-leaseback transactions (302) (294) (147)
Loss on extinguishment of debt 0 1 0
Stock-based compensation 21 16 14
Amortization of cash flow hedges, net of tax 1 1 1
Changes in operating assets and liabilities:      
Accounts receivable, net (12) 22 33
Supplies and other current assets 11 20 (7)
Aircraft maintenance deposits 0 82 (16)
Other long-term assets (257) (190) (163)
Accounts payable (1) (15) 47
Air traffic liability 58 41 (60)
Other liabilities (1) 77 (45)
Cash used in operating activities (525) (82) (261)
Cash flows from investing activities:      
Capital expenditures (75) (76) (51)
Pre-delivery deposits for flight equipment, net of refunds (24) 3 (36)
Other 0 (2) (3)
Cash used in investing activities (99) (75) (90)
Cash flows from financing activities:      
Proceeds from issuance of debt, net of issuance costs 492 476 171
Principal repayments on debt (380) (447) (131)
Proceeds from sale-leaseback transactions, net 441 264 163
Proceeds from the exercise of stock options 6 1 1
Tax withholdings on share-based awards (4) (6) (5)
Cash provided by financing activities 555 288 199
Net increase (decrease) in cash, cash equivalents and restricted cash (69) 131 (152)
Cash, cash equivalents and restricted cash, beginning of period 740 609 761
Cash, cash equivalents and restricted cash, end of period $ 671 $ 740 $ 609
v3.25.4
Consolidated Statements of Stockholders’ Equity - USD ($)
$ in Millions
Total
Common Stock
Additional paid-in capital
Retained earnings
Accumulated other comprehensive income (loss)
Beginning balance (in shares) at Dec. 31, 2022   217,875,890      
Beginning balance at Dec. 31, 2022 $ 509 $ 0 $ 393 $ 122 $ (6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income (loss) (11)     (11)  
Shares issued in connection with vesting of restricted stock units (in shares)   1,243,909      
Shares withheld to cover employee taxes on vested restricted stock units (in shares)   (443,720)      
Shares withheld to cover employee taxes on vested restricted stock units (5)   (5)    
Amortization of cash flow hedges, net of tax 1       1
Unrealized loss from cash flow hedges, net of tax $ (2)       (2)
Stock option exercised (in shares) 4,322,711 4,322,711      
Stock option exercises $ 1   1    
Stock-based compensation 14   14    
Ending balance (in shares) at Dec. 31, 2023   222,998,790      
Ending balance at Dec. 31, 2023 507 $ 0 403 111 (7)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income (loss) 85     85  
Shares issued in connection with vesting of restricted stock units (in shares)   2,506,562      
Shares withheld to cover employee taxes on vested restricted stock units (in shares)   (828,073)      
Shares withheld to cover employee taxes on vested restricted stock units (6)   (6)    
Amortization of cash flow hedges, net of tax $ 1       1
Stock option exercised (in shares) 763,217 763,217      
Stock option exercises $ 1   1    
Stock-based compensation $ 16   16    
Ending balance (in shares) at Dec. 31, 2024 225,440,496 225,440,496      
Ending balance at Dec. 31, 2024 $ 604 $ 0 414 196 (6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income (loss) (137)     (137)  
Shares issued in connection with vesting of restricted stock units (in shares)   2,505,302      
Shares withheld to cover employee taxes on vested restricted stock units (in shares)   (766,347)      
Shares withheld to cover employee taxes on vested restricted stock units (4)   (4)    
Amortization of cash flow hedges, net of tax $ 1       1
Shares issued in connection with warrant exercises, net   248,893      
Stock option exercised (in shares) 1,582,483 1,582,483      
Stock option exercises $ 6   6    
Stock-based compensation $ 21   21    
Ending balance (in shares) at Dec. 31, 2025 229,010,827 229,010,827      
Ending balance at Dec. 31, 2025 $ 491 $ 0 $ 437 $ 59 $ (5)
v3.25.4
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Basis of Presentation
The consolidated financial statements have been prepared in accordance with the generally accepted accounting principles in the United States (“GAAP”) and include the accounts of Frontier Group Holdings, Inc. (“FGHI” or the “Company”) and its wholly-owned direct and indirect subsidiaries, including Frontier Airlines Holdings, Inc. (“FAH”) and Frontier Airlines, Inc. (“Frontier”). All wholly-owned subsidiaries are consolidated, with all intercompany transactions and balances being eliminated.
The Company is an ultra low-cost, low-fare airline headquartered in Denver, Colorado that offers flights throughout the United States and to select international destinations in the Americas, serving approximately 100 airports.
The Company is managed as a single business unit that provides air transportation for passengers and management has concluded there is only one reportable segment. See Passenger Revenues and Other Revenues within this note for additional information on the services from which the Company derives its revenues.
The Company has identified its Chief Executive Officer and President as its chief operating decision maker (“CODM”). The CODM primarily uses net income (loss) to evaluate the strategic direction and assess performance of the Company. This metric is used to evaluate budget versus actual results on a regular basis and make resource allocation decisions to optimize and assess performance of the Company’s consolidated financial results. Please see the Company’s “Consolidated Statements of Operations” for net income (loss), as well as other significant revenue and expense components of profit or loss, for the years ended December 31, 2025, 2024 and 2023. The Company has identified total assets as the primary measurement of the segment’s assets. Please see the Company’s “Consolidated Balance Sheets” for total assets as of December 31, 2025 and 2024.
Reclassifications
A reclassification of previously reported amounts has been made to conform to the current year’s presentation in the Company’s consolidated statements of operations. The reclassification relates to the removal of transaction and merger-related costs and the reclassification of these costs into other operating expenses. This reclassification did not impact previously reported amounts on the Company’s consolidated balance sheets, consolidated statements of comprehensive income (loss), consolidated statements of cash flows or consolidated statements of stockholders’ equity.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Actual results could differ from those estimates.
Cash and Cash Equivalents
The Company considers all highly liquid investments with original maturities of three months or less at the date of acquisition to be cash and cash equivalents. Additionally, any items with maturities greater than three months that are readily convertible to known amounts of cash are considered cash and cash equivalents. Investments included in this category primarily consist of money market funds and time deposits.
Restricted Cash
Restricted cash includes cash balances that are used to secure standby letters of credit to be issued to particular airport authorities and vendors as needed and cash to secure medical claims paid. The Company also has covenant requirements with certain of its lenders which require cash to remain on deposit in a lockbox for the length of the agreement. As of December 31, 2025 and 2024, the Company had $17 million and $10 million of restricted cash, respectively, within cash and cash equivalents on the Company’s consolidated balance sheets.
Accounts Receivable, net
Receivables primarily consist of amounts due from credit card receivables, amounts due from select airport locations under revenue share agreements and amounts due from Barclays Bank Delaware (“Barclays”) as part of the Company’s credit card affinity agreement. The Company records an allowance for credit losses for amounts not expected to be collected. The Company estimates the allowance based on expected credit losses. The allowance for doubtful accounts was $7 million and $5 million as of December 31, 2025 and 2024, respectively.
Supplies, net
Supplies consist of expendable aircraft spare parts, aircraft fuel and other supplies and are stated at the lower of cost or net realizable value. Supplies are accounted for on a first-in, first-out basis and are charged to expense as they are used. An allowance for obsolescence on expendable aircraft spare parts is provided over the remaining lease term or the estimated useful life of the related aircraft fleet to reduce the carrying cost of spare parts currently identified as excess to the lower of amortized cost or net realizable value. The allowance for obsolescence was $17 million and $12 million as of December 31, 2025 and 2024, respectively.
Property and Equipment, net
Property and equipment are stated at cost and depreciated on a straight-line basis over their estimated useful lives to their estimated residual values. The Company capitalizes additions, modifications enhancing the operating performance of its assets, including capitalized maintenance costs, and the interest related to payments used to acquire new aircraft and the construction of its facilities. The Company capitalizes interest attributable to pre-delivery deposit payments (“PDPs”) as an additional cost of the related asset beginning when activities necessary to get the asset ready for its intended use commence.
Estimated useful lives and residual values for the Company’s property and equipment are as follows:
Estimated Useful LifeResidual Value
Aircraft and spare engines
25 years
10%
Flight equipment leasehold improvementsLesser of lease term or economic life0%
Aircraft rotable partsFleet life10%
Ground property and equipment
3 – 10 years
0%
Ground equipment leasehold improvements
Lesser of lease term or 10 years
0%
Internal-use software
3 – 10 years
0%
Capitalized maintenanceLesser of lease term or economic life0%
Buildings
Lesser of 40 years or economic life
10%
The components of depreciation and amortization expense are as follows (in millions):
Year Ended December 31,
202520242023
Depreciation$91 $71 $50 
Intangible amortization— 1 — 
Total depreciation and amortization$91 $72 $50 
The Company capitalizes certain internal and external costs associated with the acquisition and development of internal-use software for new products and enhancements to existing products that have reached the application development stage and are deemed feasible. The Company depreciates these costs using the straight-line method over the estimated useful life of the software. Capitalized costs include external direct costs of materials and services utilized in developing or obtaining internal-use software, and labor cost for employees who are directly associated with, and devote time to, internal-use software projects. Capitalized computer software, net is included within ground and other equipment, which is a component of property and equipment, net on the Company’s consolidated balance sheets and totaled $23 million and $18 million as of December 31, 2025 and 2024, respectively.
Leases
The Company leases property and equipment under operating leases. For leases with initial terms greater than 12 months, the related operating lease right-of-use asset and corresponding operating lease liability are recorded at the present value of lease payments over the term on the Company’s consolidated balance sheets. Some leases include rental escalation clauses, renewal options, termination options and/or other items that cause variability that are factored into the determination of lease payments when appropriate. The Company does not separate lease and non-lease components of contracts, except for certain flight training equipment, for which consideration is allocated between lease and non-lease components.
When available, the rate implicit in the lease is used to discount lease payments to present value; however, most leases do not provide a readily determinable implicit rate. Therefore, the Company estimates its incremental borrowing rate (“IBR”) to discount the lease payments based on information available at lease commencement. The IBR utilized by the Company is first determined using an unsecured recourse borrowing rate over a tenor that matches the period of lease payments for each individual lease and then is adjusted to arrive at a rate that is representative of a collateralized rate (secured rate). Given the Company does not have an established unsecured public credit rating, the Company utilizes current period and projected financial information to simulate an unsecured credit rating. The Company then determines its secured IBR using a combination of several valuation methods that take into account the lower amount of risk of collateralized borrowings along with observable implied credit ratings from its current outstanding secured debt obligations.
Forgivable Loans
Since 2022, the Company has launched several programs geared at attracting and retaining highly skilled pilots and mechanics. As an incentive of these programs, the Company issues forgivable loans to cadets and mechanics who join the programs, which can include pre-employment incentives such as a sign-on bonus, a monthly stipend, or reimbursement of training costs incurred. The loans and related interest are forgiven after a predetermined stay period, typically two to three years. Principal and interest incurred is to be repaid to the Company if a cadet or a mechanic terminates prior to the stay period being completed.
As of December 31, 2025 and 2024, the Company had $11 million and $16 million, respectively, in current forgivable loans, included within other current assets on the Company’s consolidated balance sheets, and $2 million and $10 million, respectively, in long-term forgivable loans, included within other assets on the Company’s consolidated balance sheets. During the year ended December 31, 2025, the Company issued $7 million in new forgivable loans and received $3 million in repayments due to participant terminations. The expense associated with the forgiveness of the principal amount of the loans is amortized over the agreed upon stay period, within salaries, wages and benefits in the Company’s consolidated statements of operations. During the years ended December 31, 2025, 2024 and 2023 the Company recorded $17 million, $16 million, and $7 million, respectively, in forgivable loan amortization expense. As of December 31, 2025 and 2024, the Company recorded $1 million due under these loans within accounts receivable, net on the Company’s consolidated balance sheet, respectively.
Asset Impairment
The Company applies a fair value-based impairment test to the carrying amount of indefinite-lived intangible assets annually, or more frequently if certain events or circumstances indicate impairment. The Company assesses the value of indefinite-lived assets under a qualitative and quantitative approach, as required. Under a qualitative approach, the Company considers various market factors. These factors are analyzed to determine if events and circumstances indicate that it is more likely than not that an indefinite-lived intangible asset's fair value is less than its carrying value. The quantitative approach is used to assess the asset’s fair value and the amount of the impairment. If the asset’s carrying amount exceeds its fair value calculated using the quantitative approach, an impairment charge is recorded for the difference in fair value and carrying amount. Indefinite-lived intangible assets are comprised of certain landing slot rights and the trademark of the Company.
Factors that could result in future impairment of landing slot rights, holding other assumptions constant, include, but are not limited to: (i) significant reduction in demand for air travel, (ii) competitive activity in the slotted airport, (iii) anticipated changes to the regulatory environment such as diminished slot access and (iv) increased competition at a nearby airport. As part of this evaluation, the Company assesses whether changes in (i) macroeconomic conditions, (ii) industry and market conditions, (iii) cost factors, (iv) overall financial performance and (v) certain events specific to the Company, have occurred which would impact the use and/or fair value of these assets.
Based on the Company’s qualitative analysis performed during the fourth quarter of 2025, the Company concluded it is more likely than not that the fair values of its indefinite-lived intangible assets are greater than the carrying amount. Therefore, a quantitative assessment was not necessary. No impairments have been recorded in any periods presented. Finite-lived intangible assets are comprised of the Company’s affinity credit card program relationship recognized in connection with acquisition accounting and are amortized over their estimated economic useful life.
The Company records impairment charges on long-lived assets used in operations and finite-lived intangible assets when events and circumstances indicate that the assets may be impaired and the undiscounted cash flows estimated to be generated by those assets are less than the carrying amount of those assets, and the net book value of the assets exceeds their estimated fair value. In making these determinations, the Company uses certain assumptions, including, but not limited to: (i) estimated fair value of the assets; and (ii) estimated undiscounted future cash flows
expected to be generated by these assets, which are based on additional assumptions such as asset utilization including macroeconomic factors impacting future demand, length of service the asset will be used in the Company’s operations and estimated salvage values.
Aircraft Maintenance
The Company accounts for heavy maintenance and major overhauls under the deferral method, whereby the cost of heavy maintenance and major overhauls is deferred and recorded as flight equipment and depreciated over the lesser of the remaining lease term or the period until the next scheduled heavy maintenance event. The Company has separate maintenance cost-per-hour contracts for the repair of certain rotable parts to support airframe and engine maintenance and repair. These agreements require monthly payments based upon utilization, such as flight hours, cycles and age of the aircraft. For the contracts in which risk has been determined to transfer to the service provider, expense is recognized based on the contractual terms of the cost-per-hour arrangement. For those contracts in which risk has not been determined to transfer to the service provider, the Company initially records monthly payments as a deposit included in other assets on the Company’s consolidated balance sheets and then accounts for the underlying maintenance event when it occurs, in accordance with the Company’s maintenance accounting policy.
Previously, certain of the Company’s aircraft lease agreements required, and may again require in the future, the Company to pay maintenance reserves to aircraft lessors to be held as collateral in advance of the Company’s required performance of major maintenance activities. At lease inception and at each balance sheet date, the Company assesses whether the maintenance reserve payments required by its leases are substantively and contractually related to the maintenance of the leased asset. Maintenance reserve payments that are determined to be related to the maintenance of the leased asset are accounted for as maintenance deposits, to the extent they are expected to be recoverable, and are reflected as aircraft maintenance deposits on the Company’s consolidated balance sheets. As the eligible maintenance is performed, the maintenance deposits are recorded in accounts receivable, net on the Company’s consolidated balance sheets. When it is not probable that the Company will recover amounts on deposit with a lessor, such amounts are expensed as supplemental rent within aircraft rent in the Company’s consolidated statements of operations. Maintenance reserve payments that are based on a utilization measure and are not probable of being recovered are considered variable lease payments and are not included within the right-of-use asset and respective lease liability. During the year ended December 31, 2024, an agreement was reached with one of the Company’s aircraft lessors which eliminated requirement to pay maintenance reserves held as collateral in advance of the Company’s required performance of major maintenance activities on its aircraft leases. As a result, none of the Company’s current aircraft lessors require these payments to be held as collateral.
Certain of the Company’s historical lease agreements have provided, and future lease agreements may provide, that maintenance reserves held by the lessor at the expiration of the lease are nonrefundable to the Company and will be retained by the lessor. Consequently, any usage-based maintenance reserve payments after the last major maintenance event would not substantively be related to the maintenance of the leased asset and, therefore, would be accounted for as supplemental rent.
Leased Aircraft Return Costs
The Company’s aircraft lease agreements generally contain provisions that require the Company to return aircraft airframes and engines to the lessor in a specified condition or pay an amount to the lessor based on the airframe and engine’s actual return condition. Lease return costs include all costs that would be incurred at the return of the aircraft, including costs incurred to repair the airframe and engines to the condition required by the lease.
Lease return costs could include, but are not limited to, redelivery cost, redelivery crew cost, fuel, final inspections, reconfiguration of the cabin, repairs to the airframe, painting, overhaul of engines, replacement of components and checks. These return provisions are evaluated at inception of the lease and throughout the lease terms and are accounted for as either fixed or variable lease payments (depending on the nature of the lease return
condition) when it is probable that such amounts will be incurred. When determining probability and estimated cost, there are various other factors which need to be considered such as current condition of the aircraft, the age of the aircraft at lease expiration, number of hours run on the engines, number of cycles run on the airframe, projected number of hours run on the engine at the time of return, the projected number of cycles run on the airframe at the time of return, the extent of repairs needed, if any, upon return, return locations, current configuration of the aircraft, current paint of the aircraft and estimated escalation of cost of repairs and materials at the time of return. In addition, typically near the lease return date, the lessors may allow maintenance reserves to be applied as return condition consideration or pass on certain return provisions if they do not align with their current plans to remarket the aircraft. As a result of the different factors listed above, management assesses the need to accrue lease return costs throughout the lease as facts and circumstances warrant an assessment. When costs become both probable and estimable, lease return costs are expensed as a component of aircraft rent in the Company’s consolidated statements of operations through the remaining lease term.
Aircraft and Spare Engine Purchase Hedging Activities
The Company is party to certain interest rate swaption agreements that are accounted for as cash flow hedges, as defined under ASC 815, Derivatives and Hedging. Some of the Company’s aircraft and spare engine sale-leaseback agreements can expose it to interest rate risk as, depending on the agreement, rental payments are adjusted and become fixed based on the swap rate at the time of delivery. The primary objective for interest rate derivatives is to hedge the portion of the estimated future monthly rental payments related to the associated agreement’s variable interest rate, primarily the Secured Overnight Financing Rate (“SOFR”). These swaption agreements provide for a single payment at maturity based upon the change in the applicable swap rate between the execution date and the termination date. For interest rate derivatives, the Company recognizes the associated gains or losses deferred in accumulated other comprehensive income/(loss) (“AOCI/L”), as well as amounts that are paid or received in connection with the purchase or sale of interest rate derivative instruments (i.e., premium costs of swaption contracts), as a component of aircraft rent expense within the Company’s consolidated statements of operations over the period of the related aircraft lease. Cash flows related to interest rate swaption agreements are classified as operating activities in the Company’s consolidated statements of cash flows. The Company presents its interest rate swaption derivative instruments gross on the consolidated balance sheets. The Company does not enter into derivative instruments for speculative purposes.
Passenger Revenues
Fare revenues. Tickets sold in advance of the flight date are initially recorded as an air traffic liability on the Company’s consolidated balance sheets. Fare revenues are generally recognized in passenger revenues within the Company’s consolidated statements of operations at the time of departure when transportation is provided.
Non-fare passenger revenues. Certain ancillary items such as service fees, baggage and seat selection deemed part of providing passenger transportation are recognized to non-fare passenger revenues in passenger revenues within the Company’s consolidated statements of operations at the time of departure. Service fees include, among other things, convenience fees, charges for non-refundable ticket expiration, cancellation charges and service charges assessed for itinerary changes made prior to the date of departure. Such change fees are recognized at the time of departure of the newly scheduled travel. The Company offers product bundles for fare and ancillary items at the time of ticket sale. The transaction price is allocated to each performance obligation identified in the bundle on a relative standalone basis.
Passenger Taxes and Fees. The Company is required to collect certain taxes and fees from customers on behalf of government agencies and airports and remit these back to the applicable governmental entity or airport on a periodic basis. These taxes and fees include U.S. federal transportation taxes, federal security charges, airport passenger facility charges, and foreign arrival and departure taxes. These taxes and fees are collected from customers at the time they purchase their tickets but are not included in passenger revenues. The Company records a
liability within other current liabilities on the consolidated balance sheets upon collection from the customer, and reduces the liability when payments are remitted to the applicable governmental agency or airport.
Other Revenues
Other revenues primarily consist of services not directly related to providing transportation, such as the advertising, marketing and brand elements of the FRONTIER Miles affinity credit card program and commissions revenue from the third-party sale of items such as rental cars and hotels.
Frequent Flyer Program
The Company’s FRONTIER Miles program provides frequent flyer travel awards to program members based on accumulated miles. Miles are generally accumulated as a result of travel, purchases using the co-branded credit card, and purchases from other participating partners. The Company defers revenue for miles earned by passengers under its FRONTIER Miles program based on the equivalent ticket value a passenger receives by redeeming miles for a ticket rather than paying cash.
The Company has a credit card affinity agreement, as amended from time to time, with its credit card partner, Barclays, through 2029, which provides for joint marketing, grants certain benefits to co-branded credit cardholders (“Cardholders”) and allows Barclays to market using the Company’s customer database. Cardholders earn miles under the FRONTIER Miles program and the Company sells miles at agreed-upon rates to Barclays and earns fees from Barclays for the acquisition, retention and use of the co-branded credit card by consumers.
Miles are also sold to participating companies, including credit card companies and other third parties. Sales to credit card companies include multiple promised goods and services, which the Company evaluates to determine whether they represent performance obligations. The Company determined these arrangements have four separate performance obligations: (i) miles to be awarded, (ii) licensing of brand and access to member lists, (iii) advertising and marketing efforts and (iv) airline benefits. Total arrangement consideration is allocated to each performance obligation on the basis of the deliverables relative standalone selling price. For miles, the Company considers a number of entity-specific factors when developing the best estimate of the standalone selling price, including the number of miles needed to redeem an award, average fare of comparable segments, breakage and restrictions. For licensing of brand and access to member lists, the Company considers both market-specific factors and entity-specific factors, including general profit margins realized in the marketplace and industry, brand power, market royalty rates and size of customer base. For the advertising and marketing performance obligation, the Company considers market-specific factors and entity-specific factors, including the Company’s internal costs of providing services, volume of marketing efforts and overall advertising plan. For airline benefits, the Company considers the estimated opportunity cost of the award travel obligation, including elite status and other ancillary fee benefits.
Consideration allocated based on the relative standalone selling price to each of the brand licensing and access to member lists, advertising and marketing elements, and airline benefits is recognized as other revenue in the Company’s consolidated statements of operations over time as services are performed. The consideration allocated to the future transportation obligations in the Company’s arrangement with Barclays is deferred and recognized as a component of passenger revenue in the Company’s consolidated statements of operations at the time of travel for miles redeemed. Miles that the Company estimates are not likely to be redeemed are subject to breakage and are recognized as a portion of passenger revenues in the Company’s consolidated statements of operations in proportion to the pattern of rights exercised by customers. Management uses statistical modeling to estimate breakage based on historical redemption patterns. A change in assumptions as to the period over which miles are expected to be redeemed, the actual redemption activity for miles or the estimated fair value of miles expected to be redeemed could have an impact on revenues in the year in which the change occurs and in future years. Redemptions are allocated between sold and flown miles based on historical patterns.
Aircraft Fuel
Aircraft fuel expense includes jet fuel and associated into-plane costs and federal and state taxes.
Sales and Marketing
Sales and marketing expense includes credit card processing fees, system booking fees and distribution costs such as the costs of the Company’s contact centers and advertising costs. Advertising and the related production costs are expensed as incurred, and for the years ended December 31, 2025, 2024 and 2023, represented $7 million, $7 million and $5 million, respectively, of sales and marketing expense reported within the Company’s consolidated statements of operations.
Income Taxes
The Company accounts for income taxes using the asset and liability method. Deferred income taxes are recognized for the tax consequences of temporary differences between the tax and financial statement reporting bases of assets and liabilities. The Company periodically assesses whether it is more likely than not that sufficient taxable income will be generated to realize deferred income tax assets, and a valuation allowance is established if it is not likely that deferred income tax assets will be realized. The Company considers sources of taxable income from prior period carryback periods, future reversals of existing taxable temporary differences, tax planning strategies and future projected taxable income when assessing the future realization of deferred tax assets. In assessing the sources of income and the need for a valuation allowance, the Company considers all available positive and negative evidence, which includes a recent history of cumulative losses. Refer to Note 13 for additional information regarding the Company’s valuation allowance.
Common Stock
As of December 31, 2025, the Company had authorized common stock (voting), common stock (non-voting) and preferred stock of 750,000,000, 150,000,000 and 10,000,000 shares, respectively, of which only shares of common stock (voting) were issued and outstanding. All classes of equity have a par value of $0.001 per share.
The Company had 229,010,827 and 225,440,496 shares of common stock outstanding as of December 31, 2025 and 2024, respectively. All of the Company’s issued and outstanding shares of common stock are duly authorized, validly issued, fully paid and nonassessable. Each holder of the Company’s common stock is entitled to one vote for each share on all matters submitted to a vote of the stockholders, including the election of directors. Holders of the Company’s common stock have no preemptive, subscription or other rights, and there are no redemption or sinking fund provisions applicable to the Company’s common stock.
Stock-Based Compensation            
The Company recognizes cost of employee services received in exchange for awards of equity instruments based on the fair value of each instrument at the date of grant. Compensation expense is recognized over the period during which an employee is required to provide service in exchange for an award, with forfeitures accounted for as they occur. The fair value of stock option awards is estimated on the date of grant using the Black-Scholes valuation model. Restricted stock units are valued at the fair value of the shares on the date of grant. Performance stock units were valued dependent upon the type of award: non-market and market. The fair value of the awards subject to non-market metrics were valued using the grant date share price of the Company’s stock determined and market awards were valued using the Monte Carlo simulation model. A Monte Carlo simulation model uses stock price volatility and other variables to estimate the probability of satisfying the performance conditions and the resulting fair value of the award. The exercise price of all stock awards is determined by the Company’s board of directors based, in part, on the ending stock price on the grant date. Refer to Note 9 for additional disclosures regarding details of the Company’s stock-based compensation plans.
Gains on Sale-Leaseback Transactions
The Company enters into sale-leaseback transactions for its aircraft and spare engine assets, whereby the Company sells one or more aircraft or aircraft engine assets to a third-party and simultaneously enters into an operating lease for a right to use such assets for a fixed period of time. Gains on sale-leaseback transactions are recognized in the period in which title to the asset transfers to the buyer-lessor and the lease commences, as a component of other operating expenses within the Company’s consolidated statements of operations. Gains on sale-leaseback transactions are calculated as the excess of the sale price of the asset over its carrying value. The carrying value of the assets sold will generally include the price paid for the asset, net of the amount of cash or the fair value of non-cash credits and incentives received from equipment and component manufacturers and any liquidated damages received from the manufacturer, the costs associated with delivery of the asset including any taxes or tariffs, financing costs capitalized in connection with the construction of the asset, capitalized maintenance and other improvements, and accumulated depreciation. Gains on sale-leaseback transactions may also be adjusted if it is determined that the terms of the sale transaction or the lease agreement are at a price other than fair value.
Concentrations of Risk
The Company’s business has been, and may continue to be, adversely affected by increases in the price of aircraft fuel. Aircraft fuel represented approximately 24%, 28% and 31% of total operating expenses for the years ended December 31, 2025, 2024 and 2023, respectively. Gulf Coast Jet and U.S. Gulf Coast indexed fuel are the Company’s basis for the majority of aircraft fuel purchases. Any disruption to the oil production or refinery capacity in the Gulf Coast or any other index, as a result of weather or any other disaster, or disruptions in the supply chain of jet fuel, dramatic escalations in the cost of jet fuel and/or the failure of fuel providers to perform under fuel arrangements for other reasons could have a material adverse effect on the Company’s financial condition and results of operations.
As of December 31, 2025, the Company had seven union-represented employee groups that together represented approximately 86% of all employees. Additional disclosure relating to the Company’s union-represented employee groups is included in Note 11.
As of December 31, 2025, the Company had all pre-delivery deposits for flight equipment with one vendor.
Recently Adopted Accounting Pronouncements
In December 2023, the FASB issued ASU 2023-09, Income Taxes: Improvements to Income Tax Disclosures, which requires that an entity, on an annual basis, disclose additional income tax information, primarily related to the reconciliation from the statutory rate to the Company’s effective tax rate and income taxes paid. The standard is effective for annual reporting periods beginning after December 15, 2024, with early adoption permitted. The Company adopted the standard during the year ended December 31, 2025, and applied the new disclosure requirements retrospectively to the previous reported periods. As such, certain reclassifications were made to the reconciliation of the Company’s effective tax rate to the statutory rate for previously reported periods to conform to the new presentation standard. Refer to Note 13 Income Tax for further information.
Recently Issued Accounting Pronouncements
In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures: Disaggregation of Income Statement Expenses, which requires additional disaggregation of certain expense categories. The standard is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption
permitted. The Company is still assessing the impact of this guidance, but does not expect its adoption to have a material impact on the Company’s results of operations or financial position.
In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments - Credit Losses: Measurement of Credit Losses for Accounts Receivable and Contract Assets which provides a practical expedient when developing a reasonable and supportable forecast as part of estimating expected credit losses on current trade receivables and contract assets arising from revenue transactions accounted for under Topic 606. The amendments in this update are effective for interim and annual reporting periods beginning after December 15, 2025. The Company is still assessing the impact of this guidance, but does not expect its adoption to have a material impact on the Company’s results of operations or financial position.
In September 2025, the FASB issued ASU No. 2025-06, Intangibles - Goodwill and Other Internal-Use Software: Targeted Improvements to the Accounting for Internal-Use Software, which removes all references to software development stages within capitalization criteria and requires software capitalization to begin when management has authorized and committed to funding the software project and when it is probable that the project will be completed and the software will be used to perform the function intended. The amendments in this update are effective for interim and annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is still assessing the impact of this guidance, but does not expect its adoption to have a material impact on the Company’s results of operations or financial position.
In November 2025, the FASB issues ASU 2025-09, Derivatives and Hedging: Hedge Accounting Improvements which provides clarification on certain areas of the guidance to better align with the objectives articulated in Update 2017-12. The amendments in this update are effective for interim and annual reporting periods beginning after December 15, 2026, with early adoption permitted. The Company is still assessing the impact of this guidance, but does not expect its adoption to have a material impact on the Company’s results of operations or financial position.
In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements which provides clarification on interim period reporting guidance and reorganizes existing disclosures. The amendments in this update are effective for interim reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is still assessing the impact of this guidance, but does not expect its adoption to have a material impact on the Company’s results of operations or financial position.
v3.25.4
Revenue Recognition
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
As of December 31, 2025 and 2024, the Company’s air traffic liability balance was $361 million and $303 million, respectively, which includes amounts classified as other long-term liabilities on the Company’s consolidated balance sheets. During the year ended December 31, 2025, substantially all of the air traffic liability as of December 31, 2024 was recognized as passenger revenue within the Company’s consolidated statements of operations. Of the air traffic liability balances as of December 31, 2025 and 2024, $75 million and $56 million, respectively, was related to unearned membership fees.
During the years ended December 31, 2025, 2024 and 2023, the Company recognized $79 million, $37 million and $44 million of revenue related to expected and actual expiration of customer rights to book future travel, respectively, in passenger revenues within the Company’s consolidated statements of operations.
Operating revenues are comprised of passenger revenues, which includes fare and non-fare passenger revenues, and other revenues. Disaggregated operating revenues are as follows (in millions):
Year Ended December 31,
202520242023
Passenger revenues:
Fare$1,481 $1,435 $1,277 
Non-fare passenger revenues:
Service fees947 1,005 943 
Baggage746 862 880 
Seat selection297 264 281 
Other127 117 128 
Total non-fare passenger revenue2,117 2,248 2,232 
Total passenger revenues3,598 3,683 3,509 
Other revenues126 92 80 
Total operating revenues$3,724 $3,775 $3,589 
The Company is managed as a single business unit that provides air transportation for passengers. Operating revenues by principal geographic region, as defined by the U.S. Department of Transportation (the “DOT”), are as follows (in millions):
Year Ended December 31,
202520242023
Domestic$3,547 $3,565 $3,315 
Latin America177 210 274 
Total operating revenues$3,724 $3,775 $3,589 
The Company attributes operating revenues by geographic region based upon the origin and destination of each passenger flight segment. The Company’s tangible assets consist primarily of flight equipment, which are mobile across geographic markets. Accordingly, assets are not allocated to specific geographic regions.
v3.25.4
Other Current Assets
 12 Months Ended
Dec. 31, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Other Current Assets Other Current Assets
Other current assets consist of the following (in millions):
December 31,
20252024
Supplier incentives$69 $56 
Prepaid expenses26 18 
Forgivable loans11 16 
Income tax and other taxes receivable4 4 
Other2 4 
Total other current assets$112 $98 
v3.25.4
Property and Equipment, Net
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Property and Equipment, Net Property and Equipment, Net
The components of property and equipment, net are as follows (in millions):
December 31,
20252024
Flight equipment$652 $461 
Ground and other equipment191 167 
Less: accumulated depreciation(333)(252)
Total property and equipment, net$510 $376 
During the years ended December 31, 2025, 2024 and 2023 the Company deferred $152 million, $66 million and $77 million of costs for heavy maintenance, respectively.
The Company’s deferred heavy maintenance balance, net was $225 million and $126 million as of December 31, 2025 and 2024, respectively, and is included as a part of flight equipment within property and equipment, net on the Company’s consolidated balance sheets.
v3.25.4
Intangible Assets, Net
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets, Net Intangible Assets, Net
The following table summarizes the Company’s intangible assets, net (in millions):
December 31,
20252024
Amortization
Period		Gross
Carrying
Amount		Accumulated
Amortization		Net Carrying AmountGross
Carrying
Amount		Accumulated
Amortization		Net Carrying Amount
Indefinite-lived:
Airport slotsIndefinite$20 $— $20 $20 $— $20 
TrademarksIndefinite6 — 6 6 — 6 
26 — 26 26 — 26 
Finite-lived:
Affinity credit card program16 years16 (15)1 16 (15)1 
Total intangible assets, net$42 $(15)$27 $42 $(15)$27 
Expected future amortization expense of the Company’s finite-lived intangible asset is less than $1 million per year from 2026 through 2029.
v3.25.4
Other Current Liabilities
 12 Months Ended
Dec. 31, 2025
Other Liabilities Disclosure [Abstract]  
Other Current Liabilities Other Current Liabilities
Other current liabilities consist of the following (in millions):
December 31,
20252024
Passenger and other taxes and fees payable$148 $141 
Salaries, wages and benefits143 120 
Station obligations78 80 
Aircraft maintenance65 51 
Fuel liabilities36 39 
Leased aircraft return costs7 20 
Other current liabilities48 49 
Total other current liabilities$525 $500 
v3.25.4
Debt
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Debt Debt
The Company’s debt obligations are as follows (in millions):
December 31,
20252024
Secured debt:
Pre-delivery Credit Facilities(a)
$348 $329 
Building notes(b)
— 12 
Revolving loan facility(c)
— — 
2025-1 EETCs(d)
105 — 
Unsecured debt:
Affinity card advance purchase of miles(e)
101 100 
PSP Promissory Notes(f)
66 66 
Total debt620 507 
Less: current maturities of long-term debt, net(301)(261)
Less: total debt acquisition costs and other discounts, net(6)(5)
Long-term debt, net$313 $241 
_________________
(a)The Company has multiple pre-delivery credit facilities which consists of the PDP Financing Facility, the Second PDP Financing Facility and the Third PDP Financing Facility, all as defined below (together, the “Pre-delivery Credit Facilities”). The Pre-delivery Credit Facilities are for the financing of PDPs for the Company’s A320neo family aircraft purchase agreement. Each facility is collateralized by the Company’s purchase agreement for the associated A320neo family aircraft deliveries through the term of the respective facilities. Total commitments (drawn or undrawn) under the Pre-delivery Credit Facilities are $391 million. See Note 11 for the Company’s commitment schedule regarding its A320neo family orderbook.
The Company, through an affiliate, entered into a PDP facility in December 2014 (as amended from time to time, the “PDP Financing Facility”) for the financing of certain aircraft PDPs. The facility consists of separate loans for each PDP aircraft. Interest is paid every 90 days based on the Secured Overnight Financing Rate (“SOFR”) plus a margin for each separate loan. Each separate loan matures upon the earlier of (i) delivery of that aircraft to the Company by Airbus, (ii) the date one month following the last day of the scheduled delivery month of such aircraft and (iii) if there is a delay in delivery of aircraft, depending on the cause of the delivery delay, up to six months following the last day of the scheduled delivery month of such aircraft. The PDP Financing Facility will be repaid periodically according to the preceding sentence, as amended in 2025, with the facility maturing in December 2027.
In September 2024, the Company, through an affiliate, entered into a PDP facility (the “Second PDP Financing Facility”) with a lender not otherwise party to the PDP Financing Facility or Third PDP Financing Facility in connection with the financing of PDPs for certain aircraft deliveries not associated with either the PDP Financing Facility or the Third PDP Financing Facility. Interest is paid quarterly based on SOFR plus an applicable margin. Additionally, the Second PDP Financing Facility requires a commitment fee based on the level of the outstanding loan amounts compared to the committed amount. The Second PDP Financing Facility is expected to be repaid at maturity in
September 2027, which may be extended by two additional years. If any such extension request is rejected by the lender, the Company may extend the original maturity date of the Second PDP Financing Facility by six months.
In September 2024, the Company entered into another PDP facility (the “Third PDP Financing Facility”) with a lender not otherwise party to the PDP Financing Facility or Second PDP Financing Facility in connection with the financing of PDPs for certain aircraft deliveries not associated with either the PDP Financing Facility or the Second PDP Financing Facility. The Third PDP Financing Facility requires commitment fees to be paid, on a quarterly basis, on each individual aircraft delivery once PDP funding begins, based on the reference amount for that aircraft at a fixed annual rate of the two-year U.S. Treasury Rate plus an applicable margin. The facility consists of separate loans for each PDP aircraft. Each separate loan matures upon the delivery of that aircraft to the Company. The Third PDP Financing Facility will be repaid periodically according to the preceding sentence, with the facility maturing in August 2026.
(b)Represents notes with a commercial bank related to the Company’s headquarters. In June 2024, the Company entered into a $6 million note maturing in June 2031 and then entered into a second agreement in September 2024 with the same lender to fund an additional $6 million note maturing in September 2031, bringing the total indebtedness to $12 million. The Company was required to make regular monthly payments on principal and unpaid interest. In December 2025, the Company extinguished the building notes by paying all unpaid principal and accrued unpaid interest.
(c)In September 2024, the Company entered into a revolving line of credit available for general corporate purposes (the “Revolving Loan Facility”). As amended in December 2025 to increase the maximum borrowing capacity, the Revolving Loan Facility provides for $220 million of commitments secured by the Company’s loyalty programs and brand-related assets. The Revolving Loan Facility will bear interest at an annual rate of term SOFR for the applicable interest period (or, at the Company’s option, an alternate base rate) plus an applicable margin, payable in quarterly installments, on any outstanding balance. A quarterly commitment fee is also payable in arrears at an applicable rate multiplied by the undrawn amount of the Revolving Loan Facility. The Revolving Loan Facility matures in September 2027.
(d)In November 2025, the Company issued approximately $105 million of class A-1 enhanced equipment trust certificates (the “2025-1 EETCs”) through a passthrough trust in a private placement. The pass-through trust holds series A-1 equipment notes with a coupon rate of 6.75% and final payment due in October 2032, that are issued by the Company and guaranteed by Frontier Airlines Holdings, Inc. and Frontier Group Holdings, Inc. The equipment notes are secured by liens on substantially all of the Company’s spare parts and tooling. Principal and interest on the issued and outstanding certificates is payable semiannually in April and October of each year, commencing in April 2026.
(e)The Company entered into an agreement with Barclays in 2003, amended from time to time, which provides for joint marketing, grants certain benefits to Cardholders and allows Barclays to market using the Company’s customer database, through 2029. Cardholders earn miles under the FRONTIER Miles program and the Company sells miles at agreed-upon rates to Barclays and earns fees from Barclays for the acquisition, retention and use of the co-branded credit card by Cardholders. In addition, Barclays will pre-purchase miles if the Company so requests and meets certain conditions precedent. The pre-purchased miles facility amount available to the Company is to be reset on January 15 of each calendar year through 2028, based on the aggregate amount of fees payable by Barclays to the Company on a calendar year basis and subject to certain other conditions, up to an aggregate maximum facility amount of $200 million. The Company pays interest on a monthly basis, which is based on a one-month Effective Federal Funds Rate (“EFFR”) plus a margin. Beginning December 2028, the facility is scheduled to be repaid in 12 equal monthly installments.
(f)As a result of the Company’s participation in the payroll support programs offered by the U.S. Department of the Treasury (the “Treasury”), the Company obtained a series of 10-year loans from the Treasury (collectively, the “PSP Promissory Notes”) that are due between 2030 and 2031. The PSP Promissory Notes include an annual interest rate of 1.00% for the first five years and the SOFR plus 2.00% in the final five years, with bi-annual interest payments. The loans can be prepaid at par at any time without incurring a penalty.
In connection with the term loan facility entered into with the Treasury on September 28, 2020, which was repaid in full in February 2022, and the PSP Promissory Notes, the Company issued warrants to purchase 3,117,940 shares of FGHI common stock at a weighted-average price of $6.95 per share. During the year ended December 31, 2025, 1,244,608 warrants were exercised. The Company settled the exercises through a net share settlement of 248,893 shares of FGHI common stock and cash of less than $1 million. During the year ended December 31, 2025, 1,636,058 warrants expired. As of December 31, 2025, warrants to purchase 237,274 shares of FGHI common stock were outstanding. The remainder of the warrants will expire between March 2026 and June 2026.
Cash payments for interest related to debt were $43 million, $33 million and $28 million for the years ended December 31, 2025, 2024 and 2023, respectively.
The Company has caused standby letters of credit and surety bonds to be issued to various airport authorities and vendors that are collateralized by a portion of the Company’s restricted cash and, as of December 31, 2025 and 2024, the Company did not have any outstanding letters of credit that were drawn upon.
As of December 31, 2025, future maturities of debt are payable as follows (in millions):
Total
Year Ending
2026$303 
202763 
202818 
2029102 
203042 
Thereafter92 
Total debt principal payments$620 
The Company continues to monitor covenant compliance with various parties, including, but not limited to, its lenders and credit card processors. As of December 31, 2025, the Company was in compliance with all of its covenants.
v3.25.4
Operating Leases
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Operating Leases . Operating Leases
Aircraft
As of December 31, 2025, the Company leased 176 aircraft with remaining terms ranging from 2 years to 12 years, all of which are under operating leases and are included within operating lease right-of-use assets and operating lease liabilities on the Company’s consolidated balance sheets. In addition, as of December 31, 2025, the Company leased 61 spare engines which are all under operating leases, with the remaining term ranging from 1 month to 12 years. As of December 31, 2025, the lease rates for 17 of the engines depend on usage-based metrics which are variable and, as such, these leases are not recorded on the Company’s consolidated balance sheets as operating lease right-of-use assets or as operating lease liabilities.
During the years ended December 31, 2025, 2024 and 2023, the Company executed sale-leaseback transactions with third-party lessors for 19, 23, and 11 new Airbus A320neo family aircraft, respectively. The Company did not enter into any direct leases during the years ended December 31, 2025 and 2024, respectively. During the year ended December 31, 2023, the Company entered into direct leases for 10 new Airbus A320neo family aircraft. Additionally, the Company completed sale-leaseback transactions for 18, 5, and 4 engines during the years ended December 31, 2025, 2024 and 2023, respectively. The Company recognized net sale-leaseback gains from those sale-leaseback transactions of $302 million, $294 million and $147 million during the years ended December 31, 2025, 2024 and 2023, respectively, which are included as a component of other operating expenses within the Company’s consolidated statements of operations.
Aircraft Rent Expense and Maintenance Obligations
During the years ended December 31, 2025, 2024 and 2023, aircraft rent expense was $748 million, $675 million and $554 million, respectively. Aircraft rent expense includes supplemental rent, which is made up of probable lease return condition obligations. The portion of supplemental rent expense related to probable lease return condition obligations was $20 million, $52 million and $20 million for the years ended December 31, 2025,
2024 and 2023, respectively. As of December 31, 2025 and 2024, the Company’s total leased aircraft and spare engine return cost liability was $19 million and $49 million, respectively, and are reflected in other current liabilities and other long-term liabilities on the Company’s consolidated balance sheets.
During the year ended December 31, 2025, the Company extended the term for certain aircraft operating leases that were slated to expire between 2026 and 2027 and recorded a benefit of $27 million to aircraft rent in the Company’s consolidated statements of operations related to previously accrued lease return costs. During the year ended December 31, 2024, the Company extended the term for certain aircraft operating leases that were slated to expire between 2025 and 2027 and recorded a benefit of $14 million to aircraft rent in the Company’s consolidated statements of operations related to previously accrued lease return costs. During the year ended December 31, 2023, the Company extended the term for certain aircraft operating leases that were slated to expire between 2023 and 2024 and recorded a benefit of $53 million to aircraft rent in the Company’s consolidated statements of operations related to previously accrued lease return costs. These costs were variable in nature and associated with the anticipated utilization and condition of the airframes and engines at the original return date. Given the extension of these aircraft operating leases, such variable return costs are no longer probable of occurring.
During the year ended December 31, 2024, the Company reached an agreement with one of its aircraft lessors which eliminated requirements to pay maintenance reserves held as collateral in advance of the Company’s required performance of major maintenance activities on its aircraft leases. As a result of the agreement, the lessor disbursed back to the Company previously paid aircraft maintenance deposits of approximately $104 million. As a result, the Company no longer has any aircraft maintenance deposits with any of its lessors.
Airport Facilities
The Company’s facility leases are primarily for space at approximately 100 airports that are primarily located in the United States. These leases are classified as operating leases and reflect the use of airport terminals, ticket counters, office space, and maintenance facilities. Generally, this space is leased from government agencies that control the use of the airport. The majority of these leases are short-term in nature and renew on an evergreen basis. For these leases, the contractual term is used as the lease term. As of December 31, 2025, the remaining lease terms vary from one month to 13 years. At the majority of the U.S. airports, the lease rates depend on airport operating costs or use of the facilities and are reset at least annually, and because of the variable nature of the rates, these leases are not recorded on the Company’s consolidated balance sheets as a right-of-use assets and lease liabilities.
Other Property and Equipment
The Company leases certain other assets such as flight training equipment, building space, and various other equipment. Certain of the Company’s leases for other assets are deemed to contain fixed rental payments and, as such, are classified as operating leases and are recorded on the Company’s consolidated balance sheets as a right-of-use asset and liability. The remaining lease terms ranged from one month to ten years as of December 31, 2025.
Lease Position
The table below presents the lease-related assets and liabilities recorded on the Company’s consolidated balance sheets as of December 31, 2025 and 2024 (in millions):
December 31,
Balance Sheet Classification20252024
Assets
Operating lease assetsOperating lease right-of-use assets$4,806 $3,930 
Liabilities
Current operating leasesCurrent maturities of operating leases$779 $664 
Long-term operating leasesLong-term operating leases4,070 3,302 
Total lease liabilities$4,849 $3,966 
Weighted-average remaining lease term
Operating leases8 years8 years
Weighted-average discount rate
Operating leases6.46%6.28%
Lease Costs
The table below presents certain information related to lease costs for operating leases during the years ended December 31, 2025, 2024 and 2023 (in millions):
Year Ended December 31,
202520242023
Operating lease cost(a)
$744 $643 $539 
Variable lease cost(a)
462 383 304 
Total lease costs$1,206 $1,026 $843 
_________________
(a)    Expenses are included within aircraft rent, station operations, maintenance, materials and repairs and other operating within the Company’s consolidated statements of operations.
Undiscounted Cash Flows
The table below reconciles the undiscounted cash flows as of December 31, 2025 (in millions) for each of the next five years and total of the remaining years to the operating lease liability recorded on the Company’s consolidated balance sheet:
Total
Operating Leases
2026$806 
2027799 
2028754 
2029681 
2030648 
Thereafter2,784 
Total undiscounted minimum lease rentals6,472 
Less: amount of lease payments representing interest(1,623)
Present value of future minimum lease rentals4,849 
Less: current obligations under operating leases(779)
Long-term operating lease obligations$4,070 
During the years ended December 31, 2025 and 2024, the Company acquired, through new operating leases, operating lease assets totaling $1,328 million and $1,373 million, respectively, which are included in operating lease right-of-use assets on the Company’s consolidated balance sheets. During the years ended December 31, 2025, 2024 and 2023, the Company paid cash of $736 million, $627 million and $535 million net of lessor incentives received, respectively, for amounts included in the measurement of lease liabilities.
v3.25.4
Stock-Based Compensation
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
During the years ended December 31, 2025, 2024 and 2023, the Company recognized $21 million, $16 million and $14 million, respectively, in stock-based compensation expense, which is included as a component of salaries, wages and benefits within the Company’s consolidated statements of operations. The stock-based compensation expense is related to stock options, restricted stock units, and performance stock units. The total income tax benefit recognized in the income statement for stock-based compensation expenses was $5 million for each of the years ended December 31, 2025 and 2024, and $3 million for the year ended 2023. The Company also recognized additional income tax benefits of less than $1 million, $1 million and $5 million for each of the years ended December 31, 2025, 2024, and 2023, respectively, for which options were exercised or restricted shares vested.
Stock Options, Restricted Stock Units, and Performance Stock Units
In April 2014, FGHI approved the 2014 Equity Incentive Plan (the “2014 Plan”). Under the terms of the 2014 Plan, 38 million shares of FGHI common stock were reserved for issuance. Concurrently with the Company’s initial public offering (“IPO”), on April 1, 2021 the Company approved the 2021 Incentive Award Plan (the “2021 Plan”), which reserved 7 million shares of FGHI common stock, as well as the 11 million issued awards from the 2014 Plan that were still outstanding plus any subsequently forfeited awards or awards that lapse unexercised after April 1, 2021, to be available for future issuances of stock-based compensation awards to be granted to members of the Board of Directors and certain employees and consultants. Additionally, shares available for issuance under the 2021 Plan will be subject to an annual increase on the first day of each fiscal year beginning in 2022 and ending in 2031, equal to the lesser of (i) one percent (1%) of the shares of stock outstanding on the last day of the immediately preceding fiscal year and (ii) such smaller number of shares of stock as determined by the Company’s Board of Directors; provided, however, that no more than 30 million shares of stock may be issued upon the exercise of incentive stock options. On January 1, 2025, 2,254,405 shares were added to the 2021 Plan as a result of the annual increase. As of December 31, 2025, there were 6 million shares available for issuance.
Stock Options
Stock option awards are granted with an exercise price equal to the fair market value of FGHI’s common stock on the date of grant, and generally vest evenly over four years of continuous service. Compensation expense related to stock options is recognized on a straight-line basis over the requisite service period, net of forfeitures, which are recognized on a specific-identification basis.
A summary of stock option activity during the year ended December 31, 2025 is presented below:
Number of SharesWeighted-Average Exercise PriceAggregate Grant Date Fair Value (in millions)
Outstanding at January 1, 2025
2,239,300 $5.27 $6 
Issued— $— — 
Exercised(1,582,483)$3.57 (3)
Forfeited(18,987)$11.10 — 
Outstanding at December 31, 2025
637,830 $9.32 $3 
Exercisable at December 31, 2025
637,830 $9.32 $3 
There were no stock options granted during the years ended December 31, 2025, 2024, and 2023. During the years ended December 31, 2025, 2024, and 2023, 1,582,483, 763,217 and 4,322,711 vested stock options were exercised, respectively, with an intrinsic value of $8 million, $4 million and $26 million, respectively. As of December 31, 2025, the aggregate intrinsic value of outstanding options was less than $1 million.
As of December 31, 2025, there were no unvested options remaining and therefore, there was no unrecognized compensation costs related to options. Additionally, as of December 31, 2025, exercisable options and outstanding options both have a remaining weighted-average contractual term of 2.8 years.
Restricted Stock Units
Restricted stock units (“RSUs”) in FGHI are valued at the fair value of FGHI’s common stock on the date of grant. Each RSU represents the right to receive one share of common stock upon vesting of such RSU. Vesting of RSUs is based on time-based service conditions, approximately one year of continuous service for the Company’s Board of Directors and three to four years of continuous service for all other employees. In order to vest, the participant must still be employed by the Company, with certain contractual exclusions, at each vesting event. Generally, within 30 days after the vesting date, the shares underlying the RSU will be issued to the participant. Compensation expense, net of forfeitures as incurred on a specific identification basis, is recognized on a straight-line basis over the requisite service period.
A summary of RSU activity during the years ended December 31, 2025, 2024 and 2023 is presented below:
202520242023
Number of SharesWeighted-Average Grant Date Fair ValueNumber of SharesWeighted-Average Grant Date Fair ValueNumber of SharesWeighted-Average Grant Date Fair Value
Outstanding at January 15,499,486 $5.98 6,778,588 $6.53 2,395,509 $12.24 
Issued 3,183,136 $6.12 1,927,340 $5.40 6,176,938 $5.88 
Vested (1,738,955)$6.38 (1,678,489)$7.28 (800,189)$11.55 
Forfeited (430,026)$6.87 (699,880)$5.44 (549,950)$12.17 
Repurchased (a)
(766,347)$6.09 (828,073)$6.96 (443,720)$12.21 
Outstanding at December 315,747,294 $5.86 5,499,486 $5.98 6,778,588 $6.53 
________________
(a) Represents withholdings to cover tax obligations on vested shares.
The total fair value of RSUs vested was $14 million, $16 million and $13 million, during the years ended December 31, 2025, 2024 and 2023, respectively. As of December 31, 2025, there was $23 million of unrecognized compensation cost related to unvested RSUs which is expected to be recognized over a weighted-average period of 2.0 years.
Performance Stock Units
Performance stock units (“PSUs”) in FGHI are valued at the fair value of FGHI’s common stock on the date of grant for non-market-based performance condition awards and for market-based performance condition awards a Monte Carlo valuation model determines the fair value at the time of grant. Each PSU award is granted at a target number, which represents the right to receive one share of common stock that may be issued to the participant provided performance and service conditions are met. The number of shares of common stock awarded will be determined based on the achievement factor of the performance metric, ranging from 0% to 200% of the target shares. Vesting of PSUs also include time-based service conditions; approximately one to three years of continuous service for employees. In order to vest, the participant must still be employed by the Company, with certain contractual exclusions, at each annual vesting event. Compensation expense related to PSUs is recognized on a straight-line basis over the requisite service period, net of forfeitures, which are recognized on a specific-identification basis. Compensation expense for non-market-based performance condition PSUs is adjusted in the period when it becomes probable that performance conditions will be achieved. Compensation expense for market-
based performance condition PSUs will not be adjusted based on probable or actual achievement of performance metrics.
There were 1,199,038 PSUs granted during the year ended December 31, 2025, of which 710,136 were issued with a non-market-based performance condition and the remaining 488,902 were issued with a market-based performance condition. The non-market-based and market-based awards were granted at a weighted-average fair value per share of $8.09 and $11.75, respectively. There were no PSUs granted during the years ended December 31, 2024 and 2023. During the years ended December 31, 2025, 2024, and 2023, no PSUs were vested or forfeited. As of December 31, 2025, there was $6 million of unrecognized compensation cost related to unvested PSUs which is expected to be recognized over a weighted-average period of 1.7 years.
v3.25.4
Employee Retirement Plans
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Employee Retirement Plans Employee Retirement Plans
The Company recorded $71 million, $69 million and $65 million in expense related to matching contributions to employee retirement plans for the years ended December 31, 2025, 2024 and 2023, respectively. This is recorded as a component of salaries, wages and benefits in the Company’s consolidated statements of operations.
Frontier 401(k) Plan
The Company sponsors a Frontier Airlines, Inc. 401(k) Retirement Plan (the “Frontier 401(k) Plan”) under Section 401(k) of the Internal Revenue Code, in which all employees in all U.S. states are able to participate. This plan excludes pilots, who are covered under a separate plan discussed below. Under the Frontier 401(k) Plan, the Company matches 50% of each eligible participant’s contribution, up to 2% of their compensation for maintenance employees and up to 6% of their contribution for all other employees, excluding flight attendants and dispatchers, whose contributions are matched at 100% of up to 6% of their compensation. Contributions for employees begin after 60 days of employment and vest 25% per year over four years. Additionally, the Company sponsors a Frontier Airlines, Inc. Puerto Rico 401(k) Retirement Plan (the “Puerto Rico 401(k) Plan”), in which all Puerto Rico-based employees are able to participate. The Company matches 50% of each eligible participant’s contribution up to 6% for bi-weekly employees and 100% of contributions up to 6% for flight attendants in the Puerto Rico 401(k) Plan.
FAPA Plan
The Company also established the Frontier Airlines, Inc. Pilots Retirement Plan (the “FAPA Plan”), a defined contribution retirement plan for pilots covered under the collective bargaining agreement with the Frontier Airlines Pilots Association (“FAPA”). Effective September 1, 2016, pilots are no longer represented by FAPA and are represented by the Air Line Pilots Association (“ALPA”), however the FAPA Plan remained in effect under the collective bargaining agreement with ALPA. Under the latest collective bargaining agreement with the pilots, effective as of January 2019 until a new bargaining agreement is reached, the Company match no longer occurs under this plan, and instead, the Company makes nonelective contributions on behalf of each eligible pilot equal to a percentage of the pilot’s compensation, ranging from 12% to 15% over the term of the collective bargaining agreement and as negotiations continue (see Note 11). The nonelective contributions are subject to vesting based on years of service.
v3.25.4
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Flight Equipment Commitments
As of December 31, 2025, the Company’s firm aircraft and engine purchase orders consisted of the following:
A320neoA321neo
Total
Aircraft(a)
Engines
Year Ending
20268 16 24 2 
20278 26 34 3 
20284 30 34 2 
2029— 36 36 5 
2030— 28 28 — 
Thereafter— 12 12 9 
Total20 148 168 21 
___________________
(a)    While the schedule presented above reflects the contractual delivery dates as of December 31, 2025, the Company continues to experience delays in the deliveries of Airbus aircraft which may persist in future periods.
The Company is party to certain aircraft and engine purchase agreements that provide for, among other things, varying purchase incentives. These purchase incentives are allocated proportionally by aircraft or engine type over the remaining aircraft or engines to be delivered so that each aircraft’s or engine’s capitalized cost upon induction would be equal. Therefore, as cash paid for deliveries is greater than the capitalized cost due to the allocation of these purchase incentives, a deferred purchase incentive is recognized, which will ultimately be offset by future deliveries of aircraft or engines with lower cash payments than their associated capitalized cost. As of December 31, 2025 and 2024, the Company had $81 million and $95 million, respectively, of deferred purchase incentives recognized within other assets on the Company’s consolidated balance sheets. As of December 31, 2025 and 2024, the Company had $52 million and less than $1 million, respectively, of deferred purchase incentives recognized within other long-term liabilities on the Company’s consolidated balance sheets.
In July 2025, the Company executed an agreement with Pratt & Whitney to have their PW1100 Geared Turbo Fan (“GTF”) engines power 91 Airbus A321neo aircraft, with the first of these aircraft scheduled for delivery in the fourth quarter of 2026. This agreement also includes a long-term service contract for engine maintenance.
As of December 31, 2025, purchase commitments for these aircraft and engines, including estimated amounts for contractual price escalations and PDPs, consisted of the following (in millions):
Total
Year Ending
2026$1,426 
20272,093 
20282,133 
20292,374 
20301,821 
Thereafter943 
Total$10,790 
Litigation and Other Contingencies
The Company is subject to commercial litigation claims and to administrative and regulatory proceedings and reviews that may be asserted or maintained from time to time. During 2023, the DOT sent the Company a request for information to assist in its investigation into whether the Company cared for its customers as required by law during Winter Storm Elliott, which caused significant operational disruptions and spanned from December 21, 2022 to January 2, 2023, including providing adequate customer service assistance, prompt flight status notifications, and proper and timely refunds. The DOT has closed the investigation related to 2023 with no financial impact to the Company. The Company will continue to fully cooperate with any requests from the DOT.
Following a federal excise tax audit by the Internal Revenue Service covering the first quarter of 2021 to the second quarter of 2023, in June 2025, the Company received a revised preliminary assessment in the amount of $133 million related to the applicability of federal excise tax to certain optional ancillary products and services. The Company established an estimated liability for certain fees subject to the assessment where it believes a loss for this matter is probable and reasonably estimable. The Company is contesting the updated assessment. The Company could be subject to further excise tax assessments.
The Company regularly evaluates the status of such matters to assess whether a loss is probable and reasonably estimable in determining whether an accrual is appropriate. Further, in determining whether disclosure is appropriate, the Company evaluates each matter to assess if there is at least a reasonable possibility that a loss or additional losses may have been incurred and whether an estimate of possible loss or range of loss can be made.
The ultimate outcome of legal actions is unpredictable and can be subject to significant uncertainties, and it is difficult to determine whether any loss is probable or even possible. Additionally, it is also difficult to estimate the amount of loss and there may be matters for which a loss is probable or reasonably possible but not currently estimable. Thus, actual losses may be in excess of any recorded liability or the range of reasonably possible loss. The Company believes the ultimate outcome of any potential lawsuits, proceedings and reviews will likely not, individually or in the aggregate, have a material adverse effect on its consolidated financial position, liquidity or results of operations and that the Company’s current accruals cover matters where loss is deemed probable and can be reasonably estimated.
In situations where the Company may be a plaintiff and receives, or expects to receive, a favorable ruling related to litigation, the Company follows the accounting standards codification guidance for gain contingencies. The Company does not recognize a gain contingency within its consolidated financial statements prior to the settlement of the underlying events or contingencies associated with the gain contingency. As a result, the consideration related to a gain contingency is recorded in the Company’s consolidated financial statements during the period in which all underlying events or contingencies are resolved and the gain is realized. During the year ended December 31, 2024, the Company agreed to settlement with a former aircraft lessor regarding a breach of contract claim in exchange for the Company’s receipt of $40 million in damages. The settlement amount is final and may not be appealed further by either party. For the year ended December 31, 2024, the $40 million was recognized within other operating expenses on the Company’s consolidated statements of operations.
Employees
The Company has seven union-represented employee groups that together represented approximately 86% of all employees as of December 31, 2025. The table below sets forth the Company’s employee groups and status of the collective bargaining agreements as of December 31, 2025:
Percentage of Workforce
Employee GroupRepresentative
Amendable Date (a)
December 31, 2025
PilotsAir Line Pilots Association (“ALPA”)
January 2024(b)
29%
Flight AttendantsAssociation of Flight Attendants (“AFA-CWA”)
May 2024(c)
48%
Aircraft TechniciansInternational Brotherhood of Teamsters (“IBT”)
May 2025(d)
6%
Aircraft Appearance AgentsIBT
July 2030
1%
DispatchersTransport Workers Union (“TWU”)
August 2028
1%
Material SpecialistsIBT
November 2030(e)
1%
Maintenance ControllersIBT
December 2030(f)
<1%
__________________
(a)Subject to standard early opener provisions.
(b)ALPA filed for mediation through the National Mediation Board (the “NMB”) in January 2024, and the parties are meeting regularly as part of the mediation process. Pursuant to the U.S. Railway Labor Act (the “RLA”), the parties continue to be bound by the existing agreements as negotiations continue.
(c)AFA-CWA filed for mediation through the NMB in October 2024, and the parties are meeting monthly as part of the mediation process, with the first meeting held in February 2025. Pursuant to the RLA, the parties continue to be bound by the existing agreements as negotiations continue.
(d)The Company’s collective bargaining agreements with its aircraft technicians, represented by IBT, were still amendable as of December 31, 2025. Pursuant to the United States Railway Labor Act (the “RLA”), the parties continue to be bound by the existing agreements as negotiations continue.
(e)Effective as of November 7, 2025, a new five-year agreement with the Company’s material specialists was executed.
(f)Effective as of December 10, 2025, a new five-year agreement with the Company’s maintenance controllers was executed.
The Company is self-insured for health care claims, subject to a stop-loss policy, for eligible participating employees and qualified dependent medical and dental claims, subject to deductibles and limitations. The Company’s liabilities for claims incurred but not reported are determined based on an estimate of the ultimate aggregate liability for claims incurred. The estimate is calculated from actual claim rates and adjusted periodically as necessary. The Company had accrued $7 million and $6 million for health care claims estimated to be incurred but not yet paid as of December 31, 2025 and 2024, respectively, which are included as a component of other current liabilities on the Company’s consolidated balance sheets.
General Indemnifications
The Company has various leases with respect to real property as well as various agreements among airlines relating to fuel consortia or fuel farms at airports. Under some of these contracts, the Company is party to joint and several liability regarding environmental damages. Under others, where the Company is a member of an LLC or other entity that contracts directly with the airport operator, liabilities are borne through the fuel consortia structure.
The Company’s aircraft, services, equipment lease and sale and financing agreements typically contain provisions requiring the Company, as the lessee, obligor or recipient of services, to indemnify the other parties to those agreements, including certain of those parties’ related persons, against virtually any liabilities that might arise from the use or operation of the aircraft or such other equipment. The Company believes that its insurance would cover most of its exposure to liabilities and related indemnities associated with the commercial real estate leases and aircraft, services, equipment lease and sale and financing agreements described above.
Certain of the Company’s aircraft and other financing transactions include provisions that require payments to preserve an expected economic return to the lenders if that economic return is diminished due to certain changes in law or regulations. In certain of these financing transactions and other agreements, the Company also bears the risk of certain changes in tax laws that would subject payments to non-U.S. entities to withholding taxes.
Certain of these indemnities survive the length of the related financing or lease. The Company cannot reasonably estimate the potential future payments under the indemnities and related provisions described above because it cannot predict (i) when and under what circumstances these provisions may be triggered, and (ii) the amount that would be payable if the provisions were triggered because the amounts would be based on facts and circumstances existing at such time.
v3.25.4
Earnings (Loss) per Share
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Earnings (Loss) per Share Earnings (Loss) per Share
Basic and diluted earnings (loss) per share are computed pursuant to the two-class method. Under the two-class method, the Company attributes net income to common stock and other participating rights (including those with vested share-based awards). Basic earnings per share is calculated by taking net income, less earnings allocated to participating rights, divided by the basic weighted-average common stock outstanding. Loss per share is calculated by taking net loss divided by basic weighted-average common stock outstanding as participating rights do not share in losses. In accordance with the two-class method, diluted earnings per share is calculated using the more dilutive impact of the treasury-stock method or from reducing net income for the earnings allocated to participating rights.
The following table sets forth the computation of earnings (loss) per share on a basic and diluted basis pursuant to the two-class method for the periods indicated (in millions, except for share and per share data):
Year Ended December 31,
202520242023
Basic:
Net income (loss)$(137)$85 $(11)
Less: net income attributable to participating rights— (1)— 
Net income (loss) attributable to common stockholders$(137)$84 $(11)
Weighted-average common shares outstanding, basic227,773,074 224,333,034 220,097,989 
Earnings (loss) per share, basic$(0.60)$0.37 $(0.05)
Diluted:
Net income (loss)$(137)$85 $(11)
Less: net income attributable to participating rights— (1)— 
Net income (loss) attributable to common stockholders$(137)$84 $(11)
Weighted-average common shares outstanding, basic227,773,074 224,333,034 220,097,989 
Effect of dilutive potential common shares— 2,159,100 — 
Weighted-average common shares outstanding, diluted227,773,074 226,492,134 220,097,989 
Earnings (loss) per share, diluted$(0.60)$0.37 $(0.05)
Due to the net loss for the years ended December 31, 2025 and 2023, diluted weighted-average shares outstanding are equal to basic weighted-average shares outstanding because the effect of all equity awards is anti-dilutive. Approximately 5,062,050 shares were excluded from the computation of diluted weighted-average shares for the year ended December 31, 2024, due to anti-dilutive effects.
v3.25.4
Income Taxes
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The components of income tax expense are as follows (in millions):
Year Ended December 31,
202520242023
Current:
Federal$— $— $(1)
State and local— — 1 
Foreign— 1 — 
Current income tax expense (benefit)— 1 — 
Deferred:
Federal2 (4)41 
State and local1 4 2 
Deferred income tax expense (benefit)3 — 43 
Total income tax expense (benefit)$3 $1 $43 
The income tax provision differs from that computed at the federal and state statutory corporate tax rate as follows (in millions):
Year Ended December 31,
202520242023
U.S. Federal Statutory Income Tax Rate$(28)21.0 %$18 21.0 %$7 21.0 %
State Taxes, Net of Federal Benefit(a)
1(0.7)55.8 39.8 
Foreign Tax Effects:
Other1(0.7)11.2 13.1 
Tax Credits:
Research and Development and Other Tax Credits(2)1.5 (1)(1.2)(1)(3.1)
Changes in Valuation allowance28(21.1)(23)(26.8)35109.4 
Nontaxable or Nondeductible Items:
Share-Based Compensation—— —— (5)(15.1)
Executive Compensation2(1.5)(1)(1.2)13.1 
Meals and Entertainment1(0.7)11.2 13.1 
Other—— 11.2 13.1 
Effective income tax rate and impact$3 (2.2)%$1 1.2 %$43 134.4 %
__________________
(a)During the year ended December 31, 2025, state taxes in California, Florida, Colorado and Oregon comprised greater than 50% of the tax effect in this category. During the year ended December 31, 2024, state taxes in Colorado comprised greater than 50% of the tax effect in this category. During the year ended December 31, 2023, state taxes in California, Florida, Georgia, Iowa and Maryland comprised greater than 50% of the tax effect in this category.
The effective tax rate for the year ended December 31, 2025 was lower than the statutory rate, primarily due to an increase in the Company’s valuation allowance relating to U.S. federal and state net operating losses (“NOLs”), compared to a lower effective tax rate for the year ended December 31, 2024 due to a decrease in the Company’s valuation allowance relating to U.S. federal and state NOLs. The effective tax rate for the year ended December 31, 2023 was higher than the statutory rate, primarily due to the establishment of valuation allowances against the Company’s U.S. federal and state NOL carryforwards and limitations on the compensation provided to certain
executives pursuant to Internal Revenue Code section 162(m), partially offset by windfall benefits recognized with respect to stock based compensation.
The Company had net tax payments/(refunds) of $1 million for the year ended December 31, 2025 and less than $1 million for each of the years ended December 31, 2024 and 2023, respectively.
Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial statement and income tax purposes. The following table shows the components of the Company’s deferred tax assets and liabilities (in millions):
December 31,
20252024
Deferred tax assets:
Operating lease liability$1,106 $895 
Leasehold interest13 — 
Net operating losses124 67 
Nondeductible accruals31 33 
Deferred revenue— 9 
Income tax credits3 1 
Valuation allowance(65)(30)
Other13 13 
Deferred tax assets$1,225 $988 
Deferred tax liabilities:
Right-of-use asset$(1,096)$(887)
Property and equipment(38)(42)
Intangibles(6)(6)
Prepaid maintenance expense(93)(59)
Other(4)(2)
Deferred tax liabilities(1,237)(996)
Net deferred tax assets (liabilities)$(12)$(8)
As of December 31, 2025, the Company’s net deferred tax liability balance was $12 million, and was classified within other long-term liabilities on the Company’s consolidated balance sheet. This balance included $124 million of deferred tax assets related to NOL carry forwards which are made up of $93 million of federal NOLs, which do not expire, $16 million of state NOLs, which expire from one year to having no expiration, and $15 million of foreign NOLs, which start to expire in 19 years. The Company recognizes a valuation allowance when it is more likely than not that some portion, or all, of the Company’s deferred tax assets, will not be realized. The Company considers sources of taxable income from prior period carryback periods, future reversals of existing taxable temporary differences, tax planning strategies and future taxable income when assessing the future utilization of deferred tax assets.
The Company considers all available positive and negative evidence in determining the need for a valuation allowance. A significant piece of objective negative evidence evaluated was the cumulative loss incurred over recent periods. Such objective evidence limits the ability to consider other subjective evidence, such as projections for future profitability to utilize deferred tax assets.
The Company concluded that as of December 31, 2025, it is more likely than not that the benefit from a portion of its federal, state and foreign deferred tax assets will not be realized. Accordingly, the Company maintained a valuation allowance of $65 million against its deferred tax assets for U.S. federal, state and foreign NOL
carryforwards, which reflects the impact of expected income generated as a result of future reversals of existing taxable temporary differences. As a result of the change in the overall net deferred tax position, the Company recorded a $35 million income tax expense for the year ended December 31, 2025 due to an increase of the valuation allowance.
The following table shows the components of the Company’s unrecognized tax benefits related to uncertain tax positions (in millions):
202520242023
Unrecognized tax benefits at January 1$— $— $1 
Decrease for tax positions taken during prior period— — (1)
Increase for tax positions taken during current period1 — — 
Unrecognized tax benefits at December 31$1 $— $— 

During 2025, the Company recognized an increase in its liability for unrecognized tax benefits related to both prior year and current year positions. The Company accrues interest and penalty, as needed, related to unrecognized tax benefits in its provision for income taxes. The amounts recorded in the Company’s consolidated financial statements related to interest and penalties were less than $1 million for each of the years ended December 31, 2025, 2024 and 2023, respectively.
The Company files its tax returns as prescribed by the tax laws of the jurisdictions in which it operates. The Company's federal income tax returns for tax years 2022 and forward remain open. Additionally, various tax years remain open to examination by state and local taxing jurisdictions.
On July 4, 2025, H.R. 1, the One Big Beautiful Bill Act (the “OBBBA”) was signed into law in the United States. Among other changes, the OBBBA modifies key business tax provisions, including, but not limited to, 100% bonus depreciation, reverting to the higher, EBITDA-based, business interest expense limitation and modifying certain international tax provisions. The Company does not expect these provisions will have a material impact on its consolidated financial statements.
v3.25.4
Fair Value Measurements
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Under ASC 820, Fair Value Measurements and Disclosures, disclosures relating to how fair value is determined for assets and liabilities are required, and a hierarchy for which these assets and liabilities must be grouped is established, based on significant levels of inputs, as follows:
Level 1—Quoted prices in active markets for identical assets or liabilities.
Level 2—Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company utilizes several valuation techniques in order to assess the fair value of its financial assets and liabilities.
Cash, Cash Equivalents and Restricted Cash
Cash, cash equivalents and restricted cash are comprised of liquid money market funds, time deposits and cash, and are categorized as Level 1 instruments. The Company maintains cash with various high-quality financial institutions. See Note 1 for additional information on the Company’s restricted cash balances. Cash, cash equivalents and restricted cash are carried at cost, which management believes approximates fair value.
Debt
The estimated fair value of the Company’s debt agreements has been determined to be Level 3 measurement, as certain inputs used to determine the fair value of these agreements are unobservable. The Company utilizes a discounted cash flow method to estimate the fair value of the Level 3 debt.
The carrying amounts and estimated fair values of the Company’s debt are as follows (in millions):
December 31, 2025December 31, 2024
Carrying
Value
Estimated
Fair Value
Carrying
Value
Estimated
Fair Value
Secured debt:
Pre-delivery Credit Facilities$348 $352 $329 $333 
Building notes— — 12 12 
2025-1 EETCs105 109 — — 
Unsecured debt:
Affinity card advance purchase of miles101 100 100 98 
PSP Promissory Notes66 65 66 62 
Total debt$620 $626 $507 $505 
The tables below present disclosures about the fair value of assets and liabilities measured at fair value on a recurring basis in the Company’s consolidated financial statements (in millions):
Fair Value Measurements as of December 31, 2025
DescriptionBalance Sheet ClassificationTotalLevel 1Level 2Level 3
Cash, cash equivalents and restricted cashCash and cash equivalents$671 $671 $— $— 
Fair Value Measurements as of December 31, 2024
DescriptionBalance Sheet ClassificationTotalLevel 1Level 2Level 3
Cash, cash equivalents and restricted cashCash and cash equivalents$740 $740 $— $— 
The Company had no transfers of assets or liabilities between fair value hierarchy levels during the years ended December 31, 2025 and 2024.
v3.25.4
Related Parties
 12 Months Ended
Dec. 31, 2025
Related Party Transactions [Abstract]  
Related Parties Related Parties
Management Services
Certain substantial stockholders of the Company are affiliates of Indigo Partners, LLC (“Indigo Partners”), which provides management services to the Company, for which the Company is assessed a quarterly fee. The Company recorded $2 million for each of the years ended December 31, 2025, 2024 and 2023, respectively, which are included as other operating expenses within the Company’s consolidated statements of operations.
Codeshare Arrangement
The Company entered into a codeshare agreement with Controladora Vuela Compañía de Aviación, S.A.B. de C.V. (an airline based in Mexico doing business as “Volaris”) during 2018. Two of the Company’s directors are members of the board of directors of Volaris and one is an honorary director.
In August 2018, the Company and Volaris began operating scheduled codeshare flights. Each party bears its own costs and expenses of performance under the codeshare agreement. The codeshare agreement is subject to automatic renewals and may be terminated by either party at any time upon the satisfaction of certain conditions.
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
In order to respond to the threat of security breaches and cyberattacks, we have developed and maintained a cybersecurity risk management program that is designed to protect and preserve the confidentiality, integrity and continued availability of our systems and information. The maturity of our cybersecurity program is assessed annually. We have developed an internal cybersecurity risk management framework which utilizes industry frameworks and standards, such as the National Institute of Standards and Technology Cybersecurity Framework (“NIST CSF”). This does not imply that we meet any particular technical standards, specifications or requirements, only that we use the NIST CSF and other security standards, guidelines and best practices within our own framework to help us identify, assess and manage cybersecurity risks relevant to our business.
Our cybersecurity risk management program shares common methodologies, reporting channels and governance processes that apply across our overall enterprise risk assessment to other legal, compliance, strategic, operational and financial risk areas.
Our cybersecurity risk management program includes:
•risk assessments and rating platforms that are leveraged to help identify cybersecurity risks to our critical systems, information, services and our broader enterprise information technology environment;
•a cybersecurity team principally responsible for managing our cybersecurity risk assessment processes and our response to cybersecurity incidents through monitoring and identification activities;
•the use of external service providers, where appropriate, to assess, test or otherwise assist with aspects of our security processes;
•annual cybersecurity awareness training for employees and web and mobile developers, including responsible information security, data security and cybersecurity practices;
•a computer incident response team (“CIRT”) that leverage our cybersecurity incident response plan which includes procedures for responding to cybersecurity incidents, escalating notifications and reporting requirements to regulatory bodies; and
•a third-party risk management process for service providers, suppliers and vendors.
We did not identify any material security breaches during the year ended December 31, 2025, nor have we identified risks from any known cybersecurity threats, including as a result of any prior cybersecurity incidents, that have materially affected or are reasonably likely to materially affect us, including our operations, business strategy, results of operations or financial condition. We face certain ongoing risks from cybersecurity threats that, if realized, may result in a material impact to our operations, business strategy, results or financial condition. See “Risk Factors — Risk Related to Our Business — Unauthorized use, unauthorized incursions or user exploitation of our IT Systems could compromise the personally identifiable information of our passengers, prospective passengers or personnel, and other sensitive information and expose us to liability, damage our reputation and have a material adverse effect on our business, results of operations and financial condition.”
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]
In order to respond to the threat of security breaches and cyberattacks, we have developed and maintained a cybersecurity risk management program that is designed to protect and preserve the confidentiality, integrity and continued availability of our systems and information. The maturity of our cybersecurity program is assessed annually. We have developed an internal cybersecurity risk management framework which utilizes industry frameworks and standards, such as the National Institute of Standards and Technology Cybersecurity Framework (“NIST CSF”). This does not imply that we meet any particular technical standards, specifications or requirements, only that we use the NIST CSF and other security standards, guidelines and best practices within our own framework to help us identify, assess and manage cybersecurity risks relevant to our business.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block] Our board of directors is responsible for risk oversight, including cybersecurity risks, which occurs at the board of directors’ level and through the Audit Committee’s oversight of cybersecurity and other information technology risks.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] Our cybersecurity management team is led by our Senior Vice President & Chief Information Officer (“CIO”) and Senior Director of Cybersecurity, who are primarily responsible for assessing and managing our material risks from cybersecurity threats.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] Our cybersecurity management team is led by our Senior Vice President & Chief Information Officer (“CIO”) and Senior Director of Cybersecurity, who are primarily responsible for assessing and managing our material risks from cybersecurity threats. They lead an operations team that implements and monitors our overall cybersecurity risk management program through various processes and technologies deployed in our environment, and also supervises both our internal cybersecurity personnel and our retained external cybersecurity consultants and professional services providers.
Cybersecurity Risk Role of Management [Text Block]
Our cybersecurity management team is led by our Senior Vice President & Chief Information Officer (“CIO”) and Senior Director of Cybersecurity, who are primarily responsible for assessing and managing our material risks from cybersecurity threats. They lead an operations team that implements and monitors our overall cybersecurity risk management program through various processes and technologies deployed in our environment, and also supervises both our internal cybersecurity personnel and our retained external cybersecurity consultants and professional services providers. Our CIO and Senior Director of Cybersecurity have extensive cybersecurity experience as noted below:
•Our Senior Vice President & CIO leads our information technology department and oversees our cybersecurity division. Our CIO holds a Bachelor’s degree from the University of Texas and has served in various IT and cybersecurity roles for over 20 years across numerous organizations, including Chief Operating Officer, Chief Technology Officer, Senior Vice President of Operations and IT director roles.
•Our Senior Director of Cybersecurity heads the division and is responsible for aspects of cybersecurity across our infrastructure, which includes cybersecurity architecture and engineering, cybersecurity operations and IT governance risk and compliance. Our Senior Director of Cybersecurity has served in various cybersecurity roles for over 20 years at numerous organizations, across many industries. Our Senior Director of Cybersecurity earned a Bachelor of Science in Computer Information Systems from Excelsior University and a Master of Business Administration (MBA) from Colorado State University.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] Our cybersecurity management team is led by our Senior Vice President & Chief Information Officer (“CIO”) and Senior Director of Cybersecurity, who are primarily responsible for assessing and managing our material risks from cybersecurity threats.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Our cybersecurity management team is led by our Senior Vice President & Chief Information Officer (“CIO”) and Senior Director of Cybersecurity, who are primarily responsible for assessing and managing our material risks from cybersecurity threats.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] our Senior Vice President & Chief Information Officer (“CIO”) and Senior Director of Cybersecurity, who are primarily responsible for assessing and managing our material risks from cybersecurity threats. They lead an operations team that implements and monitors our overall cybersecurity risk management program through various processes and technologies deployed in our environment, and also supervises both our internal cybersecurity personnel and our retained external cybersecurity consultants and professional services providers.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Basis of Presentation The consolidated financial statements have been prepared in accordance with the generally accepted accounting principles in the United States (“GAAP”)
Consolidation
The consolidated financial statements have been prepared in accordance with the generally accepted accounting principles in the United States (“GAAP”) and include the accounts of Frontier Group Holdings, Inc. (“FGHI” or the “Company”) and its wholly-owned direct and indirect subsidiaries, including Frontier Airlines Holdings, Inc. (“FAH”) and Frontier Airlines, Inc. (“Frontier”). All wholly-owned subsidiaries are consolidated, with all intercompany transactions and balances being eliminated.
The Company is an ultra low-cost, low-fare airline headquartered in Denver, Colorado that offers flights throughout the United States and to select international destinations in the Americas, serving approximately 100 airports.
The Company is managed as a single business unit that provides air transportation for passengers and management has concluded there is only one reportable segment. See Passenger Revenues and Other Revenues within this note for additional information on the services from which the Company derives its revenues.
The Company has identified its Chief Executive Officer and President as its chief operating decision maker (“CODM”). The CODM primarily uses net income (loss) to evaluate the strategic direction and assess performance of the Company. This metric is used to evaluate budget versus actual results on a regular basis and make resource allocation decisions to optimize and assess performance of the Company’s consolidated financial results. Please see the Company’s “Consolidated Statements of Operations” for net income (loss), as well as other significant revenue and expense components of profit or loss, for the years ended December 31, 2025, 2024 and 2023. The Company has identified total assets as the primary measurement of the segment’s assets. Please see the Company’s “Consolidated Balance Sheets” for total assets as of December 31, 2025 and 2024.
Reclassifications
Reclassifications
A reclassification of previously reported amounts has been made to conform to the current year’s presentation in the Company’s consolidated statements of operations. The reclassification relates to the removal of transaction and merger-related costs and the reclassification of these costs into other operating expenses. This reclassification did not impact previously reported amounts on the Company’s consolidated balance sheets, consolidated statements of comprehensive income (loss), consolidated statements of cash flows or consolidated statements of stockholders’ equity.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Actual results could differ from those estimates.
Cash and Cash Equivalents and Restricted Cash
Cash and Cash Equivalents
The Company considers all highly liquid investments with original maturities of three months or less at the date of acquisition to be cash and cash equivalents. Additionally, any items with maturities greater than three months that are readily convertible to known amounts of cash are considered cash and cash equivalents. Investments included in this category primarily consist of money market funds and time deposits.
Restricted Cash
Restricted cash includes cash balances that are used to secure standby letters of credit to be issued to particular airport authorities and vendors as needed and cash to secure medical claims paid. The Company also has covenant requirements with certain of its lenders which require cash to remain on deposit in a lockbox for the length of the agreement.
Accounts Receivable, net Receivables primarily consist of amounts due from credit card receivables, amounts due from select airport locations under revenue share agreements and amounts due from Barclays Bank Delaware (“Barclays”) as part of the Company’s credit card affinity agreement. The Company records an allowance for credit losses for amounts not expected to be collected. The Company estimates the allowance based on expected credit losses.
Supplies, net Supplies consist of expendable aircraft spare parts, aircraft fuel and other supplies and are stated at the lower of cost or net realizable value. Supplies are accounted for on a first-in, first-out basis and are charged to expense as they are used. An allowance for obsolescence on expendable aircraft spare parts is provided over the remaining lease term or the estimated useful life of the related aircraft fleet to reduce the carrying cost of spare parts currently identified as excess to the lower of amortized cost or net realizable value.
Property and Equipment, net
Property and equipment are stated at cost and depreciated on a straight-line basis over their estimated useful lives to their estimated residual values. The Company capitalizes additions, modifications enhancing the operating performance of its assets, including capitalized maintenance costs, and the interest related to payments used to acquire new aircraft and the construction of its facilities. The Company capitalizes interest attributable to pre-delivery deposit payments (“PDPs”) as an additional cost of the related asset beginning when activities necessary to get the asset ready for its intended use commence.
The Company capitalizes certain internal and external costs associated with the acquisition and development of internal-use software for new products and enhancements to existing products that have reached the application development stage and are deemed feasible. The Company depreciates these costs using the straight-line method over the estimated useful life of the software. Capitalized costs include external direct costs of materials and services utilized in developing or obtaining internal-use software, and labor cost for employees who are directly associated with, and devote time to, internal-use software projects.
Leases
The Company leases property and equipment under operating leases. For leases with initial terms greater than 12 months, the related operating lease right-of-use asset and corresponding operating lease liability are recorded at the present value of lease payments over the term on the Company’s consolidated balance sheets. Some leases include rental escalation clauses, renewal options, termination options and/or other items that cause variability that are factored into the determination of lease payments when appropriate. The Company does not separate lease and non-lease components of contracts, except for certain flight training equipment, for which consideration is allocated between lease and non-lease components.
When available, the rate implicit in the lease is used to discount lease payments to present value; however, most leases do not provide a readily determinable implicit rate. Therefore, the Company estimates its incremental borrowing rate (“IBR”) to discount the lease payments based on information available at lease commencement. The IBR utilized by the Company is first determined using an unsecured recourse borrowing rate over a tenor that matches the period of lease payments for each individual lease and then is adjusted to arrive at a rate that is representative of a collateralized rate (secured rate). Given the Company does not have an established unsecured public credit rating, the Company utilizes current period and projected financial information to simulate an unsecured credit rating. The Company then determines its secured IBR using a combination of several valuation methods that take into account the lower amount of risk of collateralized borrowings along with observable implied credit ratings from its current outstanding secured debt obligations.
Forgivable Loans
Since 2022, the Company has launched several programs geared at attracting and retaining highly skilled pilots and mechanics. As an incentive of these programs, the Company issues forgivable loans to cadets and mechanics who join the programs, which can include pre-employment incentives such as a sign-on bonus, a monthly stipend, or reimbursement of training costs incurred. The loans and related interest are forgiven after a predetermined stay period, typically two to three years. Principal and interest incurred is to be repaid to the Company if a cadet or a mechanic terminates prior to the stay period being completed.
Asset Impairment
The Company applies a fair value-based impairment test to the carrying amount of indefinite-lived intangible assets annually, or more frequently if certain events or circumstances indicate impairment. The Company assesses the value of indefinite-lived assets under a qualitative and quantitative approach, as required. Under a qualitative approach, the Company considers various market factors. These factors are analyzed to determine if events and circumstances indicate that it is more likely than not that an indefinite-lived intangible asset's fair value is less than its carrying value. The quantitative approach is used to assess the asset’s fair value and the amount of the impairment. If the asset’s carrying amount exceeds its fair value calculated using the quantitative approach, an impairment charge is recorded for the difference in fair value and carrying amount. Indefinite-lived intangible assets are comprised of certain landing slot rights and the trademark of the Company.
Factors that could result in future impairment of landing slot rights, holding other assumptions constant, include, but are not limited to: (i) significant reduction in demand for air travel, (ii) competitive activity in the slotted airport, (iii) anticipated changes to the regulatory environment such as diminished slot access and (iv) increased competition at a nearby airport. As part of this evaluation, the Company assesses whether changes in (i) macroeconomic conditions, (ii) industry and market conditions, (iii) cost factors, (iv) overall financial performance and (v) certain events specific to the Company, have occurred which would impact the use and/or fair value of these assets.
Based on the Company’s qualitative analysis performed during the fourth quarter of 2025, the Company concluded it is more likely than not that the fair values of its indefinite-lived intangible assets are greater than the carrying amount. Therefore, a quantitative assessment was not necessary. No impairments have been recorded in any periods presented. Finite-lived intangible assets are comprised of the Company’s affinity credit card program relationship recognized in connection with acquisition accounting and are amortized over their estimated economic useful life.
The Company records impairment charges on long-lived assets used in operations and finite-lived intangible assets when events and circumstances indicate that the assets may be impaired and the undiscounted cash flows estimated to be generated by those assets are less than the carrying amount of those assets, and the net book value of the assets exceeds their estimated fair value. In making these determinations, the Company uses certain assumptions, including, but not limited to: (i) estimated fair value of the assets; and (ii) estimated undiscounted future cash flows
expected to be generated by these assets, which are based on additional assumptions such as asset utilization including macroeconomic factors impacting future demand, length of service the asset will be used in the Company’s operations and estimated salvage values.
Aircraft Maintenance
The Company accounts for heavy maintenance and major overhauls under the deferral method, whereby the cost of heavy maintenance and major overhauls is deferred and recorded as flight equipment and depreciated over the lesser of the remaining lease term or the period until the next scheduled heavy maintenance event. The Company has separate maintenance cost-per-hour contracts for the repair of certain rotable parts to support airframe and engine maintenance and repair. These agreements require monthly payments based upon utilization, such as flight hours, cycles and age of the aircraft. For the contracts in which risk has been determined to transfer to the service provider, expense is recognized based on the contractual terms of the cost-per-hour arrangement. For those contracts in which risk has not been determined to transfer to the service provider, the Company initially records monthly payments as a deposit included in other assets on the Company’s consolidated balance sheets and then accounts for the underlying maintenance event when it occurs, in accordance with the Company’s maintenance accounting policy.
Previously, certain of the Company’s aircraft lease agreements required, and may again require in the future, the Company to pay maintenance reserves to aircraft lessors to be held as collateral in advance of the Company’s required performance of major maintenance activities. At lease inception and at each balance sheet date, the Company assesses whether the maintenance reserve payments required by its leases are substantively and contractually related to the maintenance of the leased asset. Maintenance reserve payments that are determined to be related to the maintenance of the leased asset are accounted for as maintenance deposits, to the extent they are expected to be recoverable, and are reflected as aircraft maintenance deposits on the Company’s consolidated balance sheets. As the eligible maintenance is performed, the maintenance deposits are recorded in accounts receivable, net on the Company’s consolidated balance sheets. When it is not probable that the Company will recover amounts on deposit with a lessor, such amounts are expensed as supplemental rent within aircraft rent in the Company’s consolidated statements of operations. Maintenance reserve payments that are based on a utilization measure and are not probable of being recovered are considered variable lease payments and are not included within the right-of-use asset and respective lease liability. During the year ended December 31, 2024, an agreement was reached with one of the Company’s aircraft lessors which eliminated requirement to pay maintenance reserves held as collateral in advance of the Company’s required performance of major maintenance activities on its aircraft leases. As a result, none of the Company’s current aircraft lessors require these payments to be held as collateral.
Certain of the Company’s historical lease agreements have provided, and future lease agreements may provide, that maintenance reserves held by the lessor at the expiration of the lease are nonrefundable to the Company and will be retained by the lessor. Consequently, any usage-based maintenance reserve payments after the last major maintenance event would not substantively be related to the maintenance of the leased asset and, therefore, would be accounted for as supplemental rent.
Leased Aircraft Return Costs
The Company’s aircraft lease agreements generally contain provisions that require the Company to return aircraft airframes and engines to the lessor in a specified condition or pay an amount to the lessor based on the airframe and engine’s actual return condition. Lease return costs include all costs that would be incurred at the return of the aircraft, including costs incurred to repair the airframe and engines to the condition required by the lease.
Lease return costs could include, but are not limited to, redelivery cost, redelivery crew cost, fuel, final inspections, reconfiguration of the cabin, repairs to the airframe, painting, overhaul of engines, replacement of components and checks. These return provisions are evaluated at inception of the lease and throughout the lease terms and are accounted for as either fixed or variable lease payments (depending on the nature of the lease return
condition) when it is probable that such amounts will be incurred. When determining probability and estimated cost, there are various other factors which need to be considered such as current condition of the aircraft, the age of the aircraft at lease expiration, number of hours run on the engines, number of cycles run on the airframe, projected number of hours run on the engine at the time of return, the projected number of cycles run on the airframe at the time of return, the extent of repairs needed, if any, upon return, return locations, current configuration of the aircraft, current paint of the aircraft and estimated escalation of cost of repairs and materials at the time of return. In addition, typically near the lease return date, the lessors may allow maintenance reserves to be applied as return condition consideration or pass on certain return provisions if they do not align with their current plans to remarket the aircraft. As a result of the different factors listed above, management assesses the need to accrue lease return costs throughout the lease as facts and circumstances warrant an assessment. When costs become both probable and estimable, lease return costs are expensed as a component of aircraft rent in the Company’s consolidated statements of operations through the remaining lease term.
Aircraft and Spare Engine Purchase Hedging Activities
The Company is party to certain interest rate swaption agreements that are accounted for as cash flow hedges, as defined under ASC 815, Derivatives and Hedging. Some of the Company’s aircraft and spare engine sale-leaseback agreements can expose it to interest rate risk as, depending on the agreement, rental payments are adjusted and become fixed based on the swap rate at the time of delivery. The primary objective for interest rate derivatives is to hedge the portion of the estimated future monthly rental payments related to the associated agreement’s variable interest rate, primarily the Secured Overnight Financing Rate (“SOFR”). These swaption agreements provide for a single payment at maturity based upon the change in the applicable swap rate between the execution date and the termination date. For interest rate derivatives, the Company recognizes the associated gains or losses deferred in accumulated other comprehensive income/(loss) (“AOCI/L”), as well as amounts that are paid or received in connection with the purchase or sale of interest rate derivative instruments (i.e., premium costs of swaption contracts), as a component of aircraft rent expense within the Company’s consolidated statements of operations over the period of the related aircraft lease. Cash flows related to interest rate swaption agreements are classified as operating activities in the Company’s consolidated statements of cash flows. The Company presents its interest rate swaption derivative instruments gross on the consolidated balance sheets. The Company does not enter into derivative instruments for speculative purposes.
Passenger Revenues
Fare revenues. Tickets sold in advance of the flight date are initially recorded as an air traffic liability on the Company’s consolidated balance sheets. Fare revenues are generally recognized in passenger revenues within the Company’s consolidated statements of operations at the time of departure when transportation is provided.
Non-fare passenger revenues. Certain ancillary items such as service fees, baggage and seat selection deemed part of providing passenger transportation are recognized to non-fare passenger revenues in passenger revenues within the Company’s consolidated statements of operations at the time of departure. Service fees include, among other things, convenience fees, charges for non-refundable ticket expiration, cancellation charges and service charges assessed for itinerary changes made prior to the date of departure. Such change fees are recognized at the time of departure of the newly scheduled travel. The Company offers product bundles for fare and ancillary items at the time of ticket sale. The transaction price is allocated to each performance obligation identified in the bundle on a relative standalone basis.
Passenger Taxes and Fees. The Company is required to collect certain taxes and fees from customers on behalf of government agencies and airports and remit these back to the applicable governmental entity or airport on a periodic basis. These taxes and fees include U.S. federal transportation taxes, federal security charges, airport passenger facility charges, and foreign arrival and departure taxes. These taxes and fees are collected from customers at the time they purchase their tickets but are not included in passenger revenues. The Company records a
liability within other current liabilities on the consolidated balance sheets upon collection from the customer, and reduces the liability when payments are remitted to the applicable governmental agency or airport.
Other Revenues
Other revenues primarily consist of services not directly related to providing transportation, such as the advertising, marketing and brand elements of the FRONTIER Miles affinity credit card program and commissions revenue from the third-party sale of items such as rental cars and hotels.
Frequent Flyer Program
The Company’s FRONTIER Miles program provides frequent flyer travel awards to program members based on accumulated miles. Miles are generally accumulated as a result of travel, purchases using the co-branded credit card, and purchases from other participating partners. The Company defers revenue for miles earned by passengers under its FRONTIER Miles program based on the equivalent ticket value a passenger receives by redeeming miles for a ticket rather than paying cash.
The Company has a credit card affinity agreement, as amended from time to time, with its credit card partner, Barclays, through 2029, which provides for joint marketing, grants certain benefits to co-branded credit cardholders (“Cardholders”) and allows Barclays to market using the Company’s customer database. Cardholders earn miles under the FRONTIER Miles program and the Company sells miles at agreed-upon rates to Barclays and earns fees from Barclays for the acquisition, retention and use of the co-branded credit card by consumers.
Miles are also sold to participating companies, including credit card companies and other third parties. Sales to credit card companies include multiple promised goods and services, which the Company evaluates to determine whether they represent performance obligations. The Company determined these arrangements have four separate performance obligations: (i) miles to be awarded, (ii) licensing of brand and access to member lists, (iii) advertising and marketing efforts and (iv) airline benefits. Total arrangement consideration is allocated to each performance obligation on the basis of the deliverables relative standalone selling price. For miles, the Company considers a number of entity-specific factors when developing the best estimate of the standalone selling price, including the number of miles needed to redeem an award, average fare of comparable segments, breakage and restrictions. For licensing of brand and access to member lists, the Company considers both market-specific factors and entity-specific factors, including general profit margins realized in the marketplace and industry, brand power, market royalty rates and size of customer base. For the advertising and marketing performance obligation, the Company considers market-specific factors and entity-specific factors, including the Company’s internal costs of providing services, volume of marketing efforts and overall advertising plan. For airline benefits, the Company considers the estimated opportunity cost of the award travel obligation, including elite status and other ancillary fee benefits.
Consideration allocated based on the relative standalone selling price to each of the brand licensing and access to member lists, advertising and marketing elements, and airline benefits is recognized as other revenue in the Company’s consolidated statements of operations over time as services are performed. The consideration allocated to the future transportation obligations in the Company’s arrangement with Barclays is deferred and recognized as a component of passenger revenue in the Company’s consolidated statements of operations at the time of travel for miles redeemed. Miles that the Company estimates are not likely to be redeemed are subject to breakage and are recognized as a portion of passenger revenues in the Company’s consolidated statements of operations in proportion to the pattern of rights exercised by customers. Management uses statistical modeling to estimate breakage based on historical redemption patterns. A change in assumptions as to the period over which miles are expected to be redeemed, the actual redemption activity for miles or the estimated fair value of miles expected to be redeemed could have an impact on revenues in the year in which the change occurs and in future years. Redemptions are allocated between sold and flown miles based on historical patterns.
Aircraft Fuel
Aircraft fuel expense includes jet fuel and associated into-plane costs and federal and state taxes.
Sales and Marketing Sales and marketing expense includes credit card processing fees, system booking fees and distribution costs such as the costs of the Company’s contact centers and advertising costs. Advertising and the related production costs are expensed as incurred
Income Taxes The Company accounts for income taxes using the asset and liability method. Deferred income taxes are recognized for the tax consequences of temporary differences between the tax and financial statement reporting bases of assets and liabilities. The Company periodically assesses whether it is more likely than not that sufficient taxable income will be generated to realize deferred income tax assets, and a valuation allowance is established if it is not likely that deferred income tax assets will be realized. The Company considers sources of taxable income from prior period carryback periods, future reversals of existing taxable temporary differences, tax planning strategies and future projected taxable income when assessing the future realization of deferred tax assets. In assessing the sources of income and the need for a valuation allowance, the Company considers all available positive and negative evidence, which includes a recent history of cumulative losses.
Stock-Based Compensation The Company recognizes cost of employee services received in exchange for awards of equity instruments based on the fair value of each instrument at the date of grant. Compensation expense is recognized over the period during which an employee is required to provide service in exchange for an award, with forfeitures accounted for as they occur. The fair value of stock option awards is estimated on the date of grant using the Black-Scholes valuation model. Restricted stock units are valued at the fair value of the shares on the date of grant. Performance stock units were valued dependent upon the type of award: non-market and market. The fair value of the awards subject to non-market metrics were valued using the grant date share price of the Company’s stock determined and market awards were valued using the Monte Carlo simulation model. A Monte Carlo simulation model uses stock price volatility and other variables to estimate the probability of satisfying the performance conditions and the resulting fair value of the award. The exercise price of all stock awards is determined by the Company’s board of directors based, in part, on the ending stock price on the grant date.
Gains on Sale-Leaseback Transactions
The Company enters into sale-leaseback transactions for its aircraft and spare engine assets, whereby the Company sells one or more aircraft or aircraft engine assets to a third-party and simultaneously enters into an operating lease for a right to use such assets for a fixed period of time. Gains on sale-leaseback transactions are recognized in the period in which title to the asset transfers to the buyer-lessor and the lease commences, as a component of other operating expenses within the Company’s consolidated statements of operations. Gains on sale-leaseback transactions are calculated as the excess of the sale price of the asset over its carrying value. The carrying value of the assets sold will generally include the price paid for the asset, net of the amount of cash or the fair value of non-cash credits and incentives received from equipment and component manufacturers and any liquidated damages received from the manufacturer, the costs associated with delivery of the asset including any taxes or tariffs, financing costs capitalized in connection with the construction of the asset, capitalized maintenance and other improvements, and accumulated depreciation. Gains on sale-leaseback transactions may also be adjusted if it is determined that the terms of the sale transaction or the lease agreement are at a price other than fair value.
Concentrations of Risk Gulf Coast Jet and U.S. Gulf Coast indexed fuel are the Company’s basis for the majority of aircraft fuel purchases. Any disruption to the oil production or refinery capacity in the Gulf Coast or any other index, as a result of weather or any other disaster, or disruptions in the supply chain of jet fuel, dramatic escalations in the cost of jet fuel and/or the failure of fuel providers to perform under fuel arrangements for other reasons could have a material adverse effect on the Company’s financial condition and results of operations.
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements
Recently Adopted Accounting Pronouncements
In December 2023, the FASB issued ASU 2023-09, Income Taxes: Improvements to Income Tax Disclosures, which requires that an entity, on an annual basis, disclose additional income tax information, primarily related to the reconciliation from the statutory rate to the Company’s effective tax rate and income taxes paid. The standard is effective for annual reporting periods beginning after December 15, 2024, with early adoption permitted. The Company adopted the standard during the year ended December 31, 2025, and applied the new disclosure requirements retrospectively to the previous reported periods. As such, certain reclassifications were made to the reconciliation of the Company’s effective tax rate to the statutory rate for previously reported periods to conform to the new presentation standard. Refer to Note 13 Income Tax for further information.
Recently Issued Accounting Pronouncements
In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures: Disaggregation of Income Statement Expenses, which requires additional disaggregation of certain expense categories. The standard is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption
permitted. The Company is still assessing the impact of this guidance, but does not expect its adoption to have a material impact on the Company’s results of operations or financial position.
In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments - Credit Losses: Measurement of Credit Losses for Accounts Receivable and Contract Assets which provides a practical expedient when developing a reasonable and supportable forecast as part of estimating expected credit losses on current trade receivables and contract assets arising from revenue transactions accounted for under Topic 606. The amendments in this update are effective for interim and annual reporting periods beginning after December 15, 2025. The Company is still assessing the impact of this guidance, but does not expect its adoption to have a material impact on the Company’s results of operations or financial position.
In September 2025, the FASB issued ASU No. 2025-06, Intangibles - Goodwill and Other Internal-Use Software: Targeted Improvements to the Accounting for Internal-Use Software, which removes all references to software development stages within capitalization criteria and requires software capitalization to begin when management has authorized and committed to funding the software project and when it is probable that the project will be completed and the software will be used to perform the function intended. The amendments in this update are effective for interim and annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is still assessing the impact of this guidance, but does not expect its adoption to have a material impact on the Company’s results of operations or financial position.
In November 2025, the FASB issues ASU 2025-09, Derivatives and Hedging: Hedge Accounting Improvements which provides clarification on certain areas of the guidance to better align with the objectives articulated in Update 2017-12. The amendments in this update are effective for interim and annual reporting periods beginning after December 15, 2026, with early adoption permitted. The Company is still assessing the impact of this guidance, but does not expect its adoption to have a material impact on the Company’s results of operations or financial position.
In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements which provides clarification on interim period reporting guidance and reorganizes existing disclosures. The amendments in this update are effective for interim reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is still assessing the impact of this guidance, but does not expect its adoption to have a material impact on the Company’s results of operations or financial position.
Fair Value Measurement
Under ASC 820, Fair Value Measurements and Disclosures, disclosures relating to how fair value is determined for assets and liabilities are required, and a hierarchy for which these assets and liabilities must be grouped is established, based on significant levels of inputs, as follows:
Level 1—Quoted prices in active markets for identical assets or liabilities.
Level 2—Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company utilizes several valuation techniques in order to assess the fair value of its financial assets and liabilities.
Cash, Cash Equivalents and Restricted Cash
Cash, cash equivalents and restricted cash are comprised of liquid money market funds, time deposits and cash, and are categorized as Level 1 instruments. The Company maintains cash with various high-quality financial institutions. See Note 1 for additional information on the Company’s restricted cash balances. Cash, cash equivalents and restricted cash are carried at cost, which management believes approximates fair value.
Debt
The estimated fair value of the Company’s debt agreements has been determined to be Level 3 measurement, as certain inputs used to determine the fair value of these agreements are unobservable. The Company utilizes a discounted cash flow method to estimate the fair value of the Level 3 debt.
v3.25.4
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Summary of Estimated Useful Lives and Depreciation Expense For the Company’s Property and Equipment
Estimated useful lives and residual values for the Company’s property and equipment are as follows:
Estimated Useful LifeResidual Value
Aircraft and spare engines
25 years
10%
Flight equipment leasehold improvementsLesser of lease term or economic life0%
Aircraft rotable partsFleet life10%
Ground property and equipment
3 – 10 years
0%
Ground equipment leasehold improvements
Lesser of lease term or 10 years
0%
Internal-use software
3 – 10 years
0%
Capitalized maintenanceLesser of lease term or economic life0%
Buildings
Lesser of 40 years or economic life
10%
The components of depreciation and amortization expense are as follows (in millions):
Year Ended December 31,
202520242023
Depreciation$91 $71 $50 
Intangible amortization— 1 — 
Total depreciation and amortization$91 $72 $50 
The components of property and equipment, net are as follows (in millions):
December 31,
20252024
Flight equipment$652 $461 
Ground and other equipment191 167 
Less: accumulated depreciation(333)(252)
Total property and equipment, net$510 $376 
v3.25.4
Revenue Recognition (Tables)
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue Disaggregated operating revenues are as follows (in millions):
Year Ended December 31,
202520242023
Passenger revenues:
Fare$1,481 $1,435 $1,277 
Non-fare passenger revenues:
Service fees947 1,005 943 
Baggage746 862 880 
Seat selection297 264 281 
Other127 117 128 
Total non-fare passenger revenue2,117 2,248 2,232 
Total passenger revenues3,598 3,683 3,509 
Other revenues126 92 80 
Total operating revenues$3,724 $3,775 $3,589 
Schedule of Revenue by Geographic Region Operating revenues by principal geographic region, as defined by the U.S. Department of Transportation (the “DOT”), are as follows (in millions):
Year Ended December 31,
202520242023
Domestic$3,547 $3,565 $3,315 
Latin America177 210 274 
Total operating revenues$3,724 $3,775 $3,589 
v3.25.4
Other Current Assets (Tables)
 12 Months Ended
Dec. 31, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Schedule of Other Current Assets
Other current assets consist of the following (in millions):
December 31,
20252024
Supplier incentives$69 $56 
Prepaid expenses26 18 
Forgivable loans11 16 
Income tax and other taxes receivable4 4 
Other2 4 
Total other current assets$112 $98 
v3.25.4
Property and Equipment, Net (Tables)
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Schedule of Components of Property and Equipment, Net
Estimated useful lives and residual values for the Company’s property and equipment are as follows:
Estimated Useful LifeResidual Value
Aircraft and spare engines
25 years
10%
Flight equipment leasehold improvementsLesser of lease term or economic life0%
Aircraft rotable partsFleet life10%
Ground property and equipment
3 – 10 years
0%
Ground equipment leasehold improvements
Lesser of lease term or 10 years
0%
Internal-use software
3 – 10 years
0%
Capitalized maintenanceLesser of lease term or economic life0%
Buildings
Lesser of 40 years or economic life
10%
The components of depreciation and amortization expense are as follows (in millions):
Year Ended December 31,
202520242023
Depreciation$91 $71 $50 
Intangible amortization— 1 — 
Total depreciation and amortization$91 $72 $50 
The components of property and equipment, net are as follows (in millions):
December 31,
20252024
Flight equipment$652 $461 
Ground and other equipment191 167 
Less: accumulated depreciation(333)(252)
Total property and equipment, net$510 $376 
v3.25.4
Intangible Assets, Net (Tables)
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Summary of Intangible Assets
The following table summarizes the Company’s intangible assets, net (in millions):
December 31,
20252024
Amortization
Period		Gross
Carrying
Amount		Accumulated
Amortization		Net Carrying AmountGross
Carrying
Amount		Accumulated
Amortization		Net Carrying Amount
Indefinite-lived:
Airport slotsIndefinite$20 $— $20 $20 $— $20 
TrademarksIndefinite6 — 6 6 — 6 
26 — 26 26 — 26 
Finite-lived:
Affinity credit card program16 years16 (15)1 16 (15)1 
Total intangible assets, net$42 $(15)$27 $42 $(15)$27 
Summary of Intangible Assets
The following table summarizes the Company’s intangible assets, net (in millions):
December 31,
20252024
Amortization
Period		Gross
Carrying
Amount		Accumulated
Amortization		Net Carrying AmountGross
Carrying
Amount		Accumulated
Amortization		Net Carrying Amount
Indefinite-lived:
Airport slotsIndefinite$20 $— $20 $20 $— $20 
TrademarksIndefinite6 — 6 6 — 6 
26 — 26 26 — 26 
Finite-lived:
Affinity credit card program16 years16 (15)1 16 (15)1 
Total intangible assets, net$42 $(15)$27 $42 $(15)$27 
v3.25.4
Other Current Liabilities (Tables)
 12 Months Ended
Dec. 31, 2025
Other Liabilities Disclosure [Abstract]  
Schedule of Other Current Liabilities
Other current liabilities consist of the following (in millions):
December 31,
20252024
Passenger and other taxes and fees payable$148 $141 
Salaries, wages and benefits143 120 
Station obligations78 80 
Aircraft maintenance65 51 
Fuel liabilities36 39 
Leased aircraft return costs7 20 
Other current liabilities48 49 
Total other current liabilities$525 $500 
v3.25.4
Debt (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Debt Obligations
The Company’s debt obligations are as follows (in millions):
December 31,
20252024
Secured debt:
Pre-delivery Credit Facilities(a)
$348 $329 
Building notes(b)
— 12 
Revolving loan facility(c)
— — 
2025-1 EETCs(d)
105 — 
Unsecured debt:
Affinity card advance purchase of miles(e)
101 100 
PSP Promissory Notes(f)
66 66 
Total debt620 507 
Less: current maturities of long-term debt, net(301)(261)
Less: total debt acquisition costs and other discounts, net(6)(5)
Long-term debt, net$313 $241 
_________________
(a)The Company has multiple pre-delivery credit facilities which consists of the PDP Financing Facility, the Second PDP Financing Facility and the Third PDP Financing Facility, all as defined below (together, the “Pre-delivery Credit Facilities”). The Pre-delivery Credit Facilities are for the financing of PDPs for the Company’s A320neo family aircraft purchase agreement. Each facility is collateralized by the Company’s purchase agreement for the associated A320neo family aircraft deliveries through the term of the respective facilities. Total commitments (drawn or undrawn) under the Pre-delivery Credit Facilities are $391 million. See Note 11 for the Company’s commitment schedule regarding its A320neo family orderbook.
The Company, through an affiliate, entered into a PDP facility in December 2014 (as amended from time to time, the “PDP Financing Facility”) for the financing of certain aircraft PDPs. The facility consists of separate loans for each PDP aircraft. Interest is paid every 90 days based on the Secured Overnight Financing Rate (“SOFR”) plus a margin for each separate loan. Each separate loan matures upon the earlier of (i) delivery of that aircraft to the Company by Airbus, (ii) the date one month following the last day of the scheduled delivery month of such aircraft and (iii) if there is a delay in delivery of aircraft, depending on the cause of the delivery delay, up to six months following the last day of the scheduled delivery month of such aircraft. The PDP Financing Facility will be repaid periodically according to the preceding sentence, as amended in 2025, with the facility maturing in December 2027.
In September 2024, the Company, through an affiliate, entered into a PDP facility (the “Second PDP Financing Facility”) with a lender not otherwise party to the PDP Financing Facility or Third PDP Financing Facility in connection with the financing of PDPs for certain aircraft deliveries not associated with either the PDP Financing Facility or the Third PDP Financing Facility. Interest is paid quarterly based on SOFR plus an applicable margin. Additionally, the Second PDP Financing Facility requires a commitment fee based on the level of the outstanding loan amounts compared to the committed amount. The Second PDP Financing Facility is expected to be repaid at maturity in
September 2027, which may be extended by two additional years. If any such extension request is rejected by the lender, the Company may extend the original maturity date of the Second PDP Financing Facility by six months.
In September 2024, the Company entered into another PDP facility (the “Third PDP Financing Facility”) with a lender not otherwise party to the PDP Financing Facility or Second PDP Financing Facility in connection with the financing of PDPs for certain aircraft deliveries not associated with either the PDP Financing Facility or the Second PDP Financing Facility. The Third PDP Financing Facility requires commitment fees to be paid, on a quarterly basis, on each individual aircraft delivery once PDP funding begins, based on the reference amount for that aircraft at a fixed annual rate of the two-year U.S. Treasury Rate plus an applicable margin. The facility consists of separate loans for each PDP aircraft. Each separate loan matures upon the delivery of that aircraft to the Company. The Third PDP Financing Facility will be repaid periodically according to the preceding sentence, with the facility maturing in August 2026.
(b)Represents notes with a commercial bank related to the Company’s headquarters. In June 2024, the Company entered into a $6 million note maturing in June 2031 and then entered into a second agreement in September 2024 with the same lender to fund an additional $6 million note maturing in September 2031, bringing the total indebtedness to $12 million. The Company was required to make regular monthly payments on principal and unpaid interest. In December 2025, the Company extinguished the building notes by paying all unpaid principal and accrued unpaid interest.
(c)In September 2024, the Company entered into a revolving line of credit available for general corporate purposes (the “Revolving Loan Facility”). As amended in December 2025 to increase the maximum borrowing capacity, the Revolving Loan Facility provides for $220 million of commitments secured by the Company’s loyalty programs and brand-related assets. The Revolving Loan Facility will bear interest at an annual rate of term SOFR for the applicable interest period (or, at the Company’s option, an alternate base rate) plus an applicable margin, payable in quarterly installments, on any outstanding balance. A quarterly commitment fee is also payable in arrears at an applicable rate multiplied by the undrawn amount of the Revolving Loan Facility. The Revolving Loan Facility matures in September 2027.
(d)In November 2025, the Company issued approximately $105 million of class A-1 enhanced equipment trust certificates (the “2025-1 EETCs”) through a passthrough trust in a private placement. The pass-through trust holds series A-1 equipment notes with a coupon rate of 6.75% and final payment due in October 2032, that are issued by the Company and guaranteed by Frontier Airlines Holdings, Inc. and Frontier Group Holdings, Inc. The equipment notes are secured by liens on substantially all of the Company’s spare parts and tooling. Principal and interest on the issued and outstanding certificates is payable semiannually in April and October of each year, commencing in April 2026.
(e)The Company entered into an agreement with Barclays in 2003, amended from time to time, which provides for joint marketing, grants certain benefits to Cardholders and allows Barclays to market using the Company’s customer database, through 2029. Cardholders earn miles under the FRONTIER Miles program and the Company sells miles at agreed-upon rates to Barclays and earns fees from Barclays for the acquisition, retention and use of the co-branded credit card by Cardholders. In addition, Barclays will pre-purchase miles if the Company so requests and meets certain conditions precedent. The pre-purchased miles facility amount available to the Company is to be reset on January 15 of each calendar year through 2028, based on the aggregate amount of fees payable by Barclays to the Company on a calendar year basis and subject to certain other conditions, up to an aggregate maximum facility amount of $200 million. The Company pays interest on a monthly basis, which is based on a one-month Effective Federal Funds Rate (“EFFR”) plus a margin. Beginning December 2028, the facility is scheduled to be repaid in 12 equal monthly installments.
(f)As a result of the Company’s participation in the payroll support programs offered by the U.S. Department of the Treasury (the “Treasury”), the Company obtained a series of 10-year loans from the Treasury (collectively, the “PSP Promissory Notes”) that are due between 2030 and 2031. The PSP Promissory Notes include an annual interest rate of 1.00% for the first five years and the SOFR plus 2.00% in the final five years, with bi-annual interest payments. The loans can be prepaid at par at any time without incurring a penalty.
In connection with the term loan facility entered into with the Treasury on September 28, 2020, which was repaid in full in February 2022, and the PSP Promissory Notes, the Company issued warrants to purchase 3,117,940 shares of FGHI common stock at a weighted-average price of $6.95 per share. During the year ended December 31, 2025, 1,244,608 warrants were exercised. The Company settled the exercises through a net share settlement of 248,893 shares of FGHI common stock and cash of less than $1 million. During the year ended December 31, 2025, 1,636,058 warrants expired. As of December 31, 2025, warrants to purchase 237,274 shares of FGHI common stock were outstanding. The remainder of the warrants will expire between March 2026 and June 2026.
Schedule of Maturities of Long-term Debt
As of December 31, 2025, future maturities of debt are payable as follows (in millions):
Total
Year Ending
2026$303 
202763 
202818 
2029102 
203042 
Thereafter92 
Total debt principal payments$620 
v3.25.4
Operating Leases (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Supplemental Balance Sheet Information
The table below presents the lease-related assets and liabilities recorded on the Company’s consolidated balance sheets as of December 31, 2025 and 2024 (in millions):
December 31,
Balance Sheet Classification20252024
Assets
Operating lease assetsOperating lease right-of-use assets$4,806 $3,930 
Liabilities
Current operating leasesCurrent maturities of operating leases$779 $664 
Long-term operating leasesLong-term operating leases4,070 3,302 
Total lease liabilities$4,849 $3,966 
Weighted-average remaining lease term
Operating leases8 years8 years
Weighted-average discount rate
Operating leases6.46%6.28%
Schedule of Lease Costs
The table below presents certain information related to lease costs for operating leases during the years ended December 31, 2025, 2024 and 2023 (in millions):
Year Ended December 31,
202520242023
Operating lease cost(a)
$744 $643 $539 
Variable lease cost(a)
462 383 304 
Total lease costs$1,206 $1,026 $843 
_________________
(a)    Expenses are included within aircraft rent, station operations, maintenance, materials and repairs and other operating within the Company’s consolidated statements of operations.
Reconciliation of Undiscounted Cash Flows
The table below reconciles the undiscounted cash flows as of December 31, 2025 (in millions) for each of the next five years and total of the remaining years to the operating lease liability recorded on the Company’s consolidated balance sheet:
Total
Operating Leases
2026$806 
2027799 
2028754 
2029681 
2030648 
Thereafter2,784 
Total undiscounted minimum lease rentals6,472 
Less: amount of lease payments representing interest(1,623)
Present value of future minimum lease rentals4,849 
Less: current obligations under operating leases(779)
Long-term operating lease obligations$4,070 
v3.25.4
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Summary of Stock Option Activity
A summary of stock option activity during the year ended December 31, 2025 is presented below:
Number of SharesWeighted-Average Exercise PriceAggregate Grant Date Fair Value (in millions)
Outstanding at January 1, 2025
2,239,300 $5.27 $6 
Issued— $— — 
Exercised(1,582,483)$3.57 (3)
Forfeited(18,987)$11.10 — 
Outstanding at December 31, 2025
637,830 $9.32 $3 
Exercisable at December 31, 2025
637,830 $9.32 $3 
Summary of Restricted Stock Activity
A summary of RSU activity during the years ended December 31, 2025, 2024 and 2023 is presented below:
202520242023
Number of SharesWeighted-Average Grant Date Fair ValueNumber of SharesWeighted-Average Grant Date Fair ValueNumber of SharesWeighted-Average Grant Date Fair Value
Outstanding at January 15,499,486 $5.98 6,778,588 $6.53 2,395,509 $12.24 
Issued 3,183,136 $6.12 1,927,340 $5.40 6,176,938 $5.88 
Vested (1,738,955)$6.38 (1,678,489)$7.28 (800,189)$11.55 
Forfeited (430,026)$6.87 (699,880)$5.44 (549,950)$12.17 
Repurchased (a)
(766,347)$6.09 (828,073)$6.96 (443,720)$12.21 
Outstanding at December 315,747,294 $5.86 5,499,486 $5.98 6,778,588 $6.53 
________________
(a) Represents withholdings to cover tax obligations on vested shares.
v3.25.4
Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Long-term Purchase Commitment
As of December 31, 2025, the Company’s firm aircraft and engine purchase orders consisted of the following:
A320neoA321neo
Total
Aircraft(a)
Engines
Year Ending
20268 16 24 2 
20278 26 34 3 
20284 30 34 2 
2029— 36 36 5 
2030— 28 28 — 
Thereafter— 12 12 9 
Total20 148 168 21 
___________________
(a)    While the schedule presented above reflects the contractual delivery dates as of December 31, 2025, the Company continues to experience delays in the deliveries of Airbus aircraft which may persist in future periods.
Schedule of Contractual Price Escalations and PDPs
As of December 31, 2025, purchase commitments for these aircraft and engines, including estimated amounts for contractual price escalations and PDPs, consisted of the following (in millions):
Total
Year Ending
2026$1,426 
20272,093 
20282,133 
20292,374 
20301,821 
Thereafter943 
Total$10,790 
Schedule of Collective Bargaining Agreements The table below sets forth the Company’s employee groups and status of the collective bargaining agreements as of December 31, 2025:
Percentage of Workforce
Employee GroupRepresentative
Amendable Date (a)
December 31, 2025
PilotsAir Line Pilots Association (“ALPA”)
January 2024(b)
29%
Flight AttendantsAssociation of Flight Attendants (“AFA-CWA”)
May 2024(c)
48%
Aircraft TechniciansInternational Brotherhood of Teamsters (“IBT”)
May 2025(d)
6%
Aircraft Appearance AgentsIBT
July 2030
1%
DispatchersTransport Workers Union (“TWU”)
August 2028
1%
Material SpecialistsIBT
November 2030(e)
1%
Maintenance ControllersIBT
December 2030(f)
<1%
__________________
(a)Subject to standard early opener provisions.
(b)ALPA filed for mediation through the National Mediation Board (the “NMB”) in January 2024, and the parties are meeting regularly as part of the mediation process. Pursuant to the U.S. Railway Labor Act (the “RLA”), the parties continue to be bound by the existing agreements as negotiations continue.
(c)AFA-CWA filed for mediation through the NMB in October 2024, and the parties are meeting monthly as part of the mediation process, with the first meeting held in February 2025. Pursuant to the RLA, the parties continue to be bound by the existing agreements as negotiations continue.
(d)The Company’s collective bargaining agreements with its aircraft technicians, represented by IBT, were still amendable as of December 31, 2025. Pursuant to the United States Railway Labor Act (the “RLA”), the parties continue to be bound by the existing agreements as negotiations continue.
(e)Effective as of November 7, 2025, a new five-year agreement with the Company’s material specialists was executed.
(f)Effective as of December 10, 2025, a new five-year agreement with the Company’s maintenance controllers was executed.
v3.25.4
Earnings (Loss) per Share (Tables)
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Schedule Of Earnings (Loss) Per Share Basic And Diluted
The following table sets forth the computation of earnings (loss) per share on a basic and diluted basis pursuant to the two-class method for the periods indicated (in millions, except for share and per share data):
Year Ended December 31,
202520242023
Basic:
Net income (loss)$(137)$85 $(11)
Less: net income attributable to participating rights— (1)— 
Net income (loss) attributable to common stockholders$(137)$84 $(11)
Weighted-average common shares outstanding, basic227,773,074 224,333,034 220,097,989 
Earnings (loss) per share, basic$(0.60)$0.37 $(0.05)
Diluted:
Net income (loss)$(137)$85 $(11)
Less: net income attributable to participating rights— (1)— 
Net income (loss) attributable to common stockholders$(137)$84 $(11)
Weighted-average common shares outstanding, basic227,773,074 224,333,034 220,097,989 
Effect of dilutive potential common shares— 2,159,100 — 
Weighted-average common shares outstanding, diluted227,773,074 226,492,134 220,097,989 
Earnings (loss) per share, diluted$(0.60)$0.37 $(0.05)
v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense
The components of income tax expense are as follows (in millions):
Year Ended December 31,
202520242023
Current:
Federal$— $— $(1)
State and local— — 1 
Foreign— 1 — 
Current income tax expense (benefit)— 1 — 
Deferred:
Federal2 (4)41 
State and local1 4 2 
Deferred income tax expense (benefit)3 — 43 
Total income tax expense (benefit)$3 $1 $43 
Schedule of Effective Income Tax Rate Reconciliation
The income tax provision differs from that computed at the federal and state statutory corporate tax rate as follows (in millions):
Year Ended December 31,
202520242023
U.S. Federal Statutory Income Tax Rate$(28)21.0 %$18 21.0 %$7 21.0 %
State Taxes, Net of Federal Benefit(a)
1(0.7)55.8 39.8 
Foreign Tax Effects:
Other1(0.7)11.2 13.1 
Tax Credits:
Research and Development and Other Tax Credits(2)1.5 (1)(1.2)(1)(3.1)
Changes in Valuation allowance28(21.1)(23)(26.8)35109.4 
Nontaxable or Nondeductible Items:
Share-Based Compensation—— —— (5)(15.1)
Executive Compensation2(1.5)(1)(1.2)13.1 
Meals and Entertainment1(0.7)11.2 13.1 
Other—— 11.2 13.1 
Effective income tax rate and impact$3 (2.2)%$1 1.2 %$43 134.4 %
__________________
(a)During the year ended December 31, 2025, state taxes in California, Florida, Colorado and Oregon comprised greater than 50% of the tax effect in this category. During the year ended December 31, 2024, state taxes in Colorado comprised greater than 50% of the tax effect in this category. During the year ended December 31, 2023, state taxes in California, Florida, Georgia, Iowa and Maryland comprised greater than 50% of the tax effect in this category.
Schedule of Deferred Tax Assets and Liabilities The following table shows the components of the Company’s deferred tax assets and liabilities (in millions):
December 31,
20252024
Deferred tax assets:
Operating lease liability$1,106 $895 
Leasehold interest13 — 
Net operating losses124 67 
Nondeductible accruals31 33 
Deferred revenue— 9 
Income tax credits3 1 
Valuation allowance(65)(30)
Other13 13 
Deferred tax assets$1,225 $988 
Deferred tax liabilities:
Right-of-use asset$(1,096)$(887)
Property and equipment(38)(42)
Intangibles(6)(6)
Prepaid maintenance expense(93)(59)
Other(4)(2)
Deferred tax liabilities(1,237)(996)
Net deferred tax assets (liabilities)$(12)$(8)
Schedule of Unrecognized Tax Benefits Roll Forward
The following table shows the components of the Company’s unrecognized tax benefits related to uncertain tax positions (in millions):
202520242023
Unrecognized tax benefits at January 1$— $— $1 
Decrease for tax positions taken during prior period— — (1)
Increase for tax positions taken during current period1 — — 
Unrecognized tax benefits at December 31$1 $— $— 
v3.25.4
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments
The carrying amounts and estimated fair values of the Company’s debt are as follows (in millions):
December 31, 2025December 31, 2024
Carrying
Value
Estimated
Fair Value
Carrying
Value
Estimated
Fair Value
Secured debt:
Pre-delivery Credit Facilities$348 $352 $329 $333 
Building notes— — 12 12 
2025-1 EETCs105 109 — — 
Unsecured debt:
Affinity card advance purchase of miles101 100 100 98 
PSP Promissory Notes66 65 66 62 
Total debt$620 $626 $507 $505 
Schedule of Fair Value of Assets and Liabilities Measured at Fair Value on a Recurring Basis
The tables below present disclosures about the fair value of assets and liabilities measured at fair value on a recurring basis in the Company’s consolidated financial statements (in millions):
Fair Value Measurements as of December 31, 2025
DescriptionBalance Sheet ClassificationTotalLevel 1Level 2Level 3
Cash, cash equivalents and restricted cashCash and cash equivalents$671 $671 $— $— 
Fair Value Measurements as of December 31, 2024
DescriptionBalance Sheet ClassificationTotalLevel 1Level 2Level 3
Cash, cash equivalents and restricted cashCash and cash equivalents$740 $740 $— $— 
v3.25.4
Summary of Significant Accounting Policies - Basis of Presentation (Details)
 12 Months Ended
Dec. 31, 2025
airport
reportableSegment
shares
Dec. 31, 2024
shares
Accounting Policies [Abstract]    
Number of airports served | airport 100  
Number of reportable segments | reportableSegment 1  
Common stock outstanding (in shares) | shares 229,010,827 225,440,496
v3.25.4
Summary of Significant Accounting Policies - Restricted Cash (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Accounting Policies [Abstract]    
Restricted cash (less than) $ 17 $ 10
v3.25.4
Summary of Significant Accounting Policies - Accounts Receivable (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Accounting Policies [Abstract]    
Allowance for doubtful accounts $ 7 $ 5
v3.25.4
Summary of Significant Accounting Policies - Supplies, net (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Accounting Policies [Abstract]    
Allowance for obsolescence $ (17) $ (12)
v3.25.4
Summary of Significant Accounting Policies - Summary of Property, Plant and Equipment (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Line Items]      
Depreciation $ 91 $ 71 $ 50
Intangible amortization 0 1 0
Total depreciation and amortization 91 72 $ 50
Property and equipment, net $ 510 376  
Aircraft and spare engines      
Property, Plant and Equipment [Line Items]      
Useful life 25 years    
Residual Value 10.00%    
Flight equipment leasehold improvements      
Property, Plant and Equipment [Line Items]      
Residual Value 0.00%    
Aircraft rotable parts      
Property, Plant and Equipment [Line Items]      
Residual Value 10.00%    
Ground property and equipment      
Property, Plant and Equipment [Line Items]      
Residual Value 0.00%    
Ground property and equipment | Minimum      
Property, Plant and Equipment [Line Items]      
Useful life 3 years    
Ground property and equipment | Maximum      
Property, Plant and Equipment [Line Items]      
Useful life 10 years    
Ground equipment leasehold improvements      
Property, Plant and Equipment [Line Items]      
Residual Value 0.00%    
Ground equipment leasehold improvements | Maximum      
Property, Plant and Equipment [Line Items]      
Useful life 10 years    
Internal-use software      
Property, Plant and Equipment [Line Items]      
Residual Value 0.00%    
Property and equipment, net $ 23 18  
Internal-use software | Minimum      
Property, Plant and Equipment [Line Items]      
Useful life 3 years    
Internal-use software | Maximum      
Property, Plant and Equipment [Line Items]      
Useful life 10 years    
Capitalized maintenance      
Property, Plant and Equipment [Line Items]      
Residual Value 0.00%    
Property and equipment, net $ 225 $ 126  
Buildings      
Property, Plant and Equipment [Line Items]      
Residual Value 10.00%    
Buildings | Maximum      
Property, Plant and Equipment [Line Items]      
Useful life 40 years    
v3.25.4
Summary of Significant Accounting Policies - Forgivable Loans (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Accounting Policies [Abstract]      
Forgivable loans $ 11 $ 16  
Financing receivable, after allowance for credit loss, noncurrent 2 10  
Payments to acquire receivables 7    
Proceeds from sale and collection of receivables (3)    
Forgivable loan amortization expense 17 16 $ 7
Financing receivable $ 1 $ 1  
v3.25.4
Summary of Significant Accounting Policies - Asset Impairment (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Accounting Policies [Abstract]      
Asset impairment charges $ 0 $ 0 $ 0
v3.25.4
Summary of Significant Accounting Policies - Advertising (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Accounting Policies [Abstract]      
Advertising expenses $ 7 $ 7 $ 5
v3.25.4
Summary of Significant Accounting Policies - Common Stock (Details) - $ / shares
Dec. 31, 2025
Dec. 31, 2024
Class of Stock [Line Items]    
Common stock authorized for issuance (in shares) 750,000,000  
Preferred stock authorized for issuance (in shares) 10,000,000  
Common stock, stated par (in dollars per share) $ 0.001 $ 0.001
Preferred stock, par value (in dollars per share) $ 0.001  
Common stock outstanding (in shares) 229,010,827 225,440,496
Nonvoting Common Stock    
Class of Stock [Line Items]    
Common stock authorized for issuance (in shares) 150,000,000  
Common stock, stated par (in dollars per share) $ 0.001  
v3.25.4
Summary of Significant Accounting Policies - Concentrations of Risk (Details)
 12 Months Ended
Dec. 31, 2025
vendor
employeeGroup
Dec. 31, 2024
Dec. 31, 2023
Concentration Risk [Line Items]      
Number of union-represented employee groups | employeeGroup 7    
Amount of employees represented by unions 86.00%    
Number of vendors with pre-delivery deposits for flight equipment | vendor 1    
Cost Risk | Operating Expense | Aircraft Fuel Cost      
Concentration Risk [Line Items]      
Concentration risk 24.00% 28.00% 31.00%
v3.25.4
Revenue Recognition - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]      
Air traffic liability $ 361 $ 303  
Unearned travel club revenue (75) (56)  
Passenger revenue recognized $ 79 $ 37 $ 44
v3.25.4
Revenue Recognition - Schedule of Disaggregated Operating Revenues (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue [Line Items]      
Total operating revenues $ 3,724 $ 3,775 $ 3,589
Total passenger revenues      
Disaggregation of Revenue [Line Items]      
Total operating revenues 3,598 3,683 3,509
Fare      
Disaggregation of Revenue [Line Items]      
Total operating revenues 1,481 1,435 1,277
Total non-fare passenger revenue      
Disaggregation of Revenue [Line Items]      
Total operating revenues 2,117 2,248 2,232
Service fees      
Disaggregation of Revenue [Line Items]      
Total operating revenues 947 1,005 943
Baggage      
Disaggregation of Revenue [Line Items]      
Total operating revenues 746 862 880
Seat selection      
Disaggregation of Revenue [Line Items]      
Total operating revenues 297 264 281
Other      
Disaggregation of Revenue [Line Items]      
Total operating revenues 127 117 128
Other revenues      
Disaggregation of Revenue [Line Items]      
Total operating revenues $ 126 $ 92 $ 80
v3.25.4
Revenue Recognition - Schedule of Operating Revenues by Principal Geographic Region (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue [Line Items]      
Total operating revenues $ 3,724 $ 3,775 $ 3,589
Domestic      
Disaggregation of Revenue [Line Items]      
Total operating revenues 3,547 3,565 3,315
Latin America      
Disaggregation of Revenue [Line Items]      
Total operating revenues $ 177 $ 210 $ 274
v3.25.4
Other Current Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]    
Supplier incentives $ 69 $ 56
Prepaid expenses 26 18
Forgivable loans 11 16
Income tax and other taxes receivable 4 4
Other 2 4
Total other current assets $ 112 $ 98
v3.25.4
Property and Equipment, Net - Schedule of Components of Property and Equipment, Net (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
Less: accumulated depreciation $ (333) $ (252)
Total property and equipment, net 510 376
Flight equipment    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 652 461
Ground and other equipment    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 191 $ 167
v3.25.4
Property and Equipment, Net - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Line Items]      
Deferred costs for heavy maintenance, net $ 510 $ 376  
Capitalized maintenance      
Property, Plant and Equipment [Line Items]      
Deferred costs for heavy maintenance 152 66 $ 77
Deferred costs for heavy maintenance, net $ 225 $ 126  
v3.25.4
Intangible Assets, Net - Summary of Intangible Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Indefinite-lived Intangible Assets [Line Items]    
Indefinite-lived intangible assets $ 26 $ 26
Amortization Period 16 years  
Finite-lived intangible assets $ 16 16
Gross Carrying Amount 42 42
Accumulated Amortization (15) (15)
Finite-lived intangible assets, net, total 1 1
Total intangible assets, net 27 27
Airport slots    
Indefinite-lived Intangible Assets [Line Items]    
Indefinite-lived intangible assets 20 20
Trademarks    
Indefinite-lived Intangible Assets [Line Items]    
Indefinite-lived intangible assets $ 6 $ 6
v3.25.4
Intangible Assets, Net - Summary of Expected Future Amortization Expense (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
Expected future amortization expense (less than), 2026 $ 1
Expected future amortization expense (less than), 2027 1
Expected future amortization expense (less than), 2028 1
Expected future amortization expense (less than), 2029 $ 1
v3.25.4
Other Current Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Other Liabilities Disclosure [Abstract]    
Passenger and other taxes and fees payable $ 148 $ 141
Salaries, wages and benefits 143 120
Station obligations 78 80
Aircraft maintenance 65 51
Fuel liabilities 36 39
Leased aircraft return costs 7 20
Other current liabilities 48 49
Total other current liabilities $ 525 $ 500
v3.25.4
Debt - Schedule of Debt Obligations (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2025
Nov. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Debt Instrument [Line Items]          
Long-term debt, gross $ 620   $ 507    
Less: current maturities of long-term debt, net (301)   (261)    
Less: total debt acquisition costs and other discounts, net (6)   (5)    
Long-term debt, net $ 313   $ 241    
Periodic payment, interest, period (in days) 90 days        
CARES Act Credit Agreement, Warrants          
Debt Instrument [Line Items]          
Warrants to acquire common stock (in shares) 237,274   3,117,940    
Exercise price of warrants (in dollars per share)     $ 6.95    
Warrants exercised (in shares) 1,244,608        
Number of securities called by warrants (in shares) 248,893        
Warrant settled, cash potion (less than) $ 1        
Warrants expired (in shares) 1,636,058        
Secured Debt | Revolving Credit Facility          
Debt Instrument [Line Items]          
Long-term debt, gross $ 0   $ 0    
Amount of unsecured borrowings available 220        
Secured Debt | Pre-delivery Credit Facilities          
Debt Instrument [Line Items]          
Long-term debt, gross 348   329    
Amount of unsecured borrowings available 391        
Secured Debt | Building notes          
Debt Instrument [Line Items]          
Long-term debt, gross 0   12    
Unsecured low interest loan amount       $ 12  
Secured Debt | Building Note Tranche One          
Debt Instrument [Line Items]          
Unsecured low interest loan amount         $ 6
Secured Debt | Building Note Tranche Two          
Debt Instrument [Line Items]          
Unsecured low interest loan amount       $ 6  
Secured Debt | 2025-1 EETCs          
Debt Instrument [Line Items]          
Long-term debt, gross 105   0    
Secured Debt | Pass Through Certificates 2025-1 Class A          
Debt Instrument [Line Items]          
Unsecured low interest loan amount   $ 105      
Interest rate (as a percent)   6.75%      
Unsecured Debt | Affinity card advance purchase of miles          
Debt Instrument [Line Items]          
Long-term debt, gross 101   100    
Amount of unsecured borrowings available $ 200        
Term of principal repayments 12 months        
Unsecured Debt | PSP Promissory Notes          
Debt Instrument [Line Items]          
Long-term debt, gross $ 66   $ 66    
Interest rate (as a percent) 1.00%        
Interest rate period (in years) 5 years        
Variable rate (as a percent) 2.00%        
Unsecured Debt | PSP1 Promissory Note          
Debt Instrument [Line Items]          
Loan term (in years) 10 years        
v3.25.4
Debt - Additional Information (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]      
Interest paid $ 43,000,000 $ 33,000,000 $ 28,000,000
Line of Credit      
Debt Instrument [Line Items]      
Letters of credit outstanding, amount $ 0 $ 0  
v3.25.4
Debt - Schedule of Maturity (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Debt Disclosure [Abstract]  
2026 $ 303
2027 63
2028 18
2029 102
2030 42
Thereafter 92
Total debt principal payments $ 620
v3.25.4
Operating Leases - Aircraft (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
engine
aircraft
Dec. 31, 2024
USD ($)
aircraft
engine
Dec. 31, 2023
USD ($)
engine
aircraft
Lessee, Lease, Description [Line Items]      
Gains recognized on sale-leaseback transactions | $ $ 302 $ 294 $ 147
Aircraft and spare engines      
Lessee, Lease, Description [Line Items]      
Number of leases | aircraft 176    
Aircraft and spare engines | Minimum      
Lessee, Lease, Description [Line Items]      
Remaining lease terms (in months and years) 2 years    
Aircraft and spare engines | Maximum      
Lessee, Lease, Description [Line Items]      
Remaining lease terms (in months and years) 12 years    
Aircraft and spare engines | A320neo      
Lessee, Lease, Description [Line Items]      
Third party lessors, number of aircraft | aircraft 0 0 10
Aircraft and spare engines | A320neo | Aircraft Sale Leaseback      
Lessee, Lease, Description [Line Items]      
Third party lessors, number of aircraft | aircraft 19 23 11
Aircraft Engine      
Lessee, Lease, Description [Line Items]      
Number of leases | engine 61    
Number of engines dependent on usage-based metrics | engine 17    
Aircraft Engine | Aircraft Sale Leaseback      
Lessee, Lease, Description [Line Items]      
Leaseback transactions, number of engines | engine 18 5 4
Aircraft Engine | Minimum      
Lessee, Lease, Description [Line Items]      
Remaining lease terms (in months and years) 1 month    
Aircraft Engine | Maximum      
Lessee, Lease, Description [Line Items]      
Remaining lease terms (in months and years) 12 years    
Aircraft and Aircraft Engines      
Lessee, Lease, Description [Line Items]      
Gains recognized on sale-leaseback transactions | $ $ 302 $ 294 $ 147
v3.25.4
Operating Leases - Aircraft Rent Expense and Maintenance Obligations (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Lessee, Lease, Description [Line Items]      
Aircraft rent expense $ 748 $ 675 $ 554
Supplemental rent expense related to probable lease return condition obligations 20 52 20
Leased aircraft return cost liability 19 49  
Proceeds from previously paid maintenance deposits   104  
Aircraft and spare engines      
Lessee, Lease, Description [Line Items]      
Gain lease extension $ 27 $ 14 $ 53
v3.25.4
Operating Leases - Airport Facilities (Details)
 12 Months Ended
Dec. 31, 2025
airport
Lessee, Lease, Description [Line Items]  
Number of airports served 100
Minimum | Airport Facility  
Lessee, Lease, Description [Line Items]  
Remaining lease terms (in months and years) 1 month
Maximum | Airport Facility  
Lessee, Lease, Description [Line Items]  
Remaining lease terms (in months and years) 13 years
v3.25.4
Operating Leases - Other Property and Equipment (Details) - Other Ground Property And Equipment
Dec. 31, 2025
Minimum  
Lessee, Lease, Description [Line Items]  
Remaining lease terms (in months and years) 1 month
Maximum  
Lessee, Lease, Description [Line Items]  
Remaining lease terms (in months and years) 10 years
v3.25.4
Operating Leases - Summary of Supplemental Balance Sheet Information (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
Operating lease right-of-use assets $ 4,806 $ 3,930
Current maturities of operating leases 779 664
Long-term operating leases 4,070 3,302
Total lease liabilities $ 4,849 $ 3,966
Weighted-average remaining lease term    
Operating leases 8 years 8 years
Weighted-average discount rate    
Operating leases 6.46% 6.28%
v3.25.4
Operating Leases - Schedule of Lease Cost (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]      
Operating lease cost $ 744 $ 643 $ 539
Variable lease cost 462 383 304
Total lease costs $ 1,206 $ 1,026 $ 843
v3.25.4
Operating Leases - Schedule of Undiscounted Cash Flows (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Operating Leases    
2026 $ 806  
2027 799  
2028 754  
2029 681  
2030 648  
Thereafter 2,784  
Total undiscounted minimum lease rentals 6,472  
Less: amount of lease payments representing interest (1,623)  
Total lease liabilities 4,849 $ 3,966
Less: current obligations under operating leases (779) (664)
Long-term operating lease obligations $ 4,070 $ 3,302
v3.25.4
Operating Leases - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Lessee, Lease, Description [Line Items]      
Cash paid for amounts included in measurement of lease liabilities $ 736 $ 627 $ 535
Aircraft and Aircraft Engines      
Lessee, Lease, Description [Line Items]      
Acquired aircraft and engines through operating leases $ 1,328 $ 1,373  
v3.25.4
Stock-Based Compensation - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock-based compensation expense $ 21 $ 16 $ 14
Income tax benefit for stock-based compensation expense 5 5 3
Restricted Shares      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Additional income tax benefits (less than) $ 1 $ 1 $ 5
v3.25.4
Stock-Based Compensation - Stock Options, Restricted Awards and Performance Awards Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Jan. 01, 2025
Apr. 01, 2021
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Apr. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Number of additional shares authorized (in shares) 2,254,405          
Shares available for issuance (in shares)     6,000,000      
Options granted (in shares)     0 0 0  
Stock option exercised (in shares)     1,582,483 763,217 4,322,711  
Exercised, aggregate grant date fair value     $ 8 $ 4 $ 26  
Aggregate grant date fair value (less than)     1      
Unrecognized compensation cost related to unvested stock options     $ 0      
Contractual term (in years)     2 years 9 months 18 days      
Stock option            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Service period (in years)     4 years      
Restricted Stock Units (RSUs)            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Aggregate fair value     $ 14 $ 16 $ 13  
Unrecognized compensation cost     $ 23      
Unrecognized compensation cost, period for recognition (in years)     2 years      
Restricted stock units issued (in shares)     3,183,136 1,927,340 6,176,938  
Weighted average grant date fair value (in dollars per share)     $ 6.12 $ 5.40 $ 5.88  
Vested (in shares)     1,738,955 1,678,489 800,189  
Forfeited (in shares)     430,026 699,880 549,950  
Restricted Stock Units (RSUs) | Director            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Service period (in years)     1 year      
Restricted Stock Units (RSUs) | Minimum            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Service period (in years)     3 years      
Restricted Stock Units (RSUs) | Maximum            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Service period (in years)     4 years      
Performance Shares            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Unrecognized compensation cost     $ 6      
Unrecognized compensation cost, period for recognition (in years)     1 year 8 months 12 days      
Vested (in shares)     0   0  
Forfeited (in shares)       0    
Performance Shares | Adjusted Pre-Tax Margin            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Weighted average grant date fair value (in dollars per share)     $ 8.09      
Performance Shares | Total Shareholder Return            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Weighted average grant date fair value (in dollars per share)     $ 11.75      
Performance Shares | Minimum            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Service period (in years)     1 year      
Award vesting percentage (as a percent)     0.00%      
Performance Shares | Maximum            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Service period (in years)     3 years      
Award vesting percentage (as a percent)     200.00%      
2014 Equity Incentive Plan            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Common stock reserved for issuance (in shares)           38,000,000
2021 Equity Incentive Plan            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Common stock reserved for issuance (in shares)   7,000,000        
Common stock issued (in shares)   11,000,000        
Maximum number of shares of stock that may be issued upon the exercise of incentive stock options (as a percent)   1.00%        
Maximum number of shares of stock that may be issued upon the exercise of incentive stock options (in shares)   30,000,000        
2021 LTI Plan | Performance Shares            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Restricted stock units issued (in shares)     1,199,038 0 0  
2021 LTI Plan | Performance Shares | Adjusted Pre-Tax Margin            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Options granted (in shares)     710,136      
2021 LTI Plan | Performance Shares | Total Shareholder Return            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Options granted (in shares)     488,902      
v3.25.4
Stock-Based Compensation - Summary of Stock Option Activity (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Number of Shares      
Beginning balance (in shares) 2,239,300    
Issued (in shares) 0 0 0
Exercised (in shares) (1,582,483) (763,217) (4,322,711)
Forfeited (in shares) (18,987)    
Ending balance (in shares) 637,830 2,239,300  
Exercisable (in shares) 637,830    
Weighted-Average Exercise Price      
Beginning balance (in dollars per share) $ 5.27    
Issued (in dollars per share) 0    
Exercised (in dollars per share) 3.57    
Forfeited (in dollars per share) 11.10    
Ending balance (in dollars per share) 9.32 $ 5.27  
Exercisable (in dollars per share) $ 9.32    
Aggregate grant date fair value, outstanding beginning of period $ 6    
Issued, aggregate grant date fair value 0    
Exercised, aggregate grant date fair value (3)    
Forfeited, aggregate grant date fair value 0    
Aggregate grant date fair value, outstanding end of period 3 $ 6  
Aggregate grant date fair value, exercisable $ 3    
v3.25.4
Stock-Based Compensation - Summary of Restricted Stock Activity (Details) - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Restricted Stock Units (RSUs)      
Number of Shares      
Beginning balance (in shares) 5,499,486 6,778,588 2,395,509
Issued (in shares) 3,183,136 1,927,340 6,176,938
Vested (in shares) (1,738,955) (1,678,489) (800,189)
Forfeited (in shares) (430,026) (699,880) (549,950)
Repurchased (in shares) (766,347) (828,073) (443,720)
Ending balance (in shares) 5,747,294 5,499,486 6,778,588
Weighted-Average Grant Date Fair Value      
Beginning balance (in dollars per share) $ 5.98 $ 6.53 $ 12.24
Issued (in dollars per share) 6.12 5.40 5.88
Vested (in dollars per share) 6.38 7.28 11.55
Forfeited (in dollars per share) 6.87 5.44 12.17
Repurchased (in dollars per share) 6.09 6.96 12.21
Ending balance (in dollars per share) $ 5.86 $ 5.98 $ 6.53
Performance Shares      
Number of Shares      
Vested (in shares) 0   0
Forfeited (in shares)   0  
Performance Shares | Adjusted Pre-Tax Margin      
Weighted-Average Grant Date Fair Value      
Issued (in dollars per share) $ 8.09    
Performance Shares | Total Shareholder Return      
Weighted-Average Grant Date Fair Value      
Issued (in dollars per share) $ 11.75    
v3.25.4
Employee Retirement Plans (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Defined Contribution Plan Disclosure [Line Items]      
Expense related to matching contributions $ 71 $ 69 $ 65
Eligibility period 60 days    
Frontier 401(k) Plan      
Defined Contribution Plan Disclosure [Line Items]      
Percent of match 50.00%    
Annual vesting percentage 25.00%    
Vesting period 4 years    
Frontier 401(k) Plan | Maintenance Employee      
Defined Contribution Plan Disclosure [Line Items]      
Employer contribution, percent of employees' gross pay, initial percentage 2.00%    
Frontier 401(k) Plan | All Employees Excluding Maintenance Employees      
Defined Contribution Plan Disclosure [Line Items]      
Employer contribution, percent of employees' gross pay, initial percentage 6.00%    
Frontier 401(k) Plan | Flight Attendant      
Defined Contribution Plan Disclosure [Line Items]      
Percent of match 100.00%    
Employer contribution, percent of employees' gross pay, initial percentage 6.00%    
Frontier 401(k) Plan | Puerto Rico 401(k) Plan      
Defined Contribution Plan Disclosure [Line Items]      
Employer contribution, percent of employees' gross pay, initial percentage 6.00%    
Frontier Airlines, Inc. Pilots Retirement Plan | Minimum      
Defined Contribution Plan Disclosure [Line Items]      
Non-elective contribution amount 12.00%    
Frontier Airlines, Inc. Pilots Retirement Plan | Maximum      
Defined Contribution Plan Disclosure [Line Items]      
Non-elective contribution amount 15.00%    
v3.25.4
Commitments and Contingencies - Schedule of Aircraft and Engine Orders (Details)
 12 Months Ended
Dec. 31, 2025
engine
aircraft
Total Aircraft  
Long-term Purchase Commitment [Line Items]  
2026 24
2027 34
2028 34
2029 36
2030 28
Thereafter 12
Total 168
Engines  
Long-term Purchase Commitment [Line Items]  
2026 | engine 2
2027 | engine 3
2028 | engine 2
2029 | engine 5
2030 | engine 0
Thereafter | engine 9
Total | engine 21
A320neo | Total Aircraft  
Long-term Purchase Commitment [Line Items]  
2026 8
2027 8
2028 4
2029 0
2030 0
Thereafter 0
Total 20
A321neo | Total Aircraft  
Long-term Purchase Commitment [Line Items]  
2026 16
2027 26
2028 30
2029 36
2030 28
Thereafter 12
Total 148
v3.25.4
Commitments and Contingencies - Additional Information (Details)
$ in Millions
 1 Months Ended 12 Months Ended
Jul. 31, 2025
aircraft
Jun. 30, 2025
USD ($)
Dec. 31, 2025
USD ($)
aircraft
employeeGroup
Dec. 31, 2024
USD ($)
Long-term Purchase Commitment [Line Items]        
Number of aircraft to be outfitted with engines | aircraft 91      
Amount awarded from other party       $ 40
Number of union-represented employee groups | employeeGroup     7  
Amount of employees represented by unions     86.00%  
Accrued liabilities for health care claims     $ 7 6
Internal Revenue Service (IRS)        
Long-term Purchase Commitment [Line Items]        
Preliminary assessment of estimated tax liability   $ 133    
Other Assets        
Long-term Purchase Commitment [Line Items]        
Preproduction costs related to long-term supply arrangements, costs capitalized     81 95
Other Noncurrent Liabilities        
Long-term Purchase Commitment [Line Items]        
Preproduction costs related to long-term supply arrangements, costs capitalized     $ 52 $ 1
Total Aircraft        
Long-term Purchase Commitment [Line Items]        
Number of aircraft agreed to purchase | aircraft     168  
Total Aircraft | A320neo        
Long-term Purchase Commitment [Line Items]        
Number of aircraft agreed to purchase | aircraft     20  
Total Aircraft | A321neo        
Long-term Purchase Commitment [Line Items]        
Number of aircraft agreed to purchase | aircraft     148  
v3.25.4
Commitments and Contingencies - Schedule of Contractual Obligation, Fiscal Year Maturity (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
2026 $ 1,426
2027 2,093
2028 2,133
2029 2,374
2030 1,821
Thereafter 943
Total $ 10,790
v3.25.4
Commitments and Contingencies - Schedule of Collective Bargaining Agreements (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 10, 2025
Nov. 07, 2025
Dec. 31, 2025
Dec. 31, 2024
Multiemployer Plan [Line Items]        
Amount of employees represented by unions     86.00%  
Accrued liabilities for health care claims     $ 7 $ 6
Pilots        
Multiemployer Plan [Line Items]        
Amount of employees represented by unions     29.00%  
Flight Attendants        
Multiemployer Plan [Line Items]        
Amount of employees represented by unions     48.00%  
Aircraft Technicians        
Multiemployer Plan [Line Items]        
Amount of employees represented by unions     6.00%  
Aircraft Appearance Agents        
Multiemployer Plan [Line Items]        
Amount of employees represented by unions     1.00%  
Dispatchers        
Multiemployer Plan [Line Items]        
Amount of employees represented by unions     1.00%  
Material Specialists        
Multiemployer Plan [Line Items]        
Contract term (in years)   5 years    
Maintenance Controllers        
Multiemployer Plan [Line Items]        
Amount of employees represented by unions     1.00%  
Contract term (in years) 5 years      
v3.25.4
Earnings (Loss) per Share (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Basic:      
Net income (loss) $ (137) $ 85 $ (11)
Less: net income attributable to participating rights 0 (1) 0
Net income (loss) attributable to common stockholders $ (137) $ 84 $ (11)
Weighted average common shares outstanding, basic (in shares) 227,773,074 224,333,034 220,097,989
Earnings (loss) per share, basic (in dollars per share) $ (0.60) $ 0.37 $ (0.05)
Diluted:      
Less: net income attributable to participating rights $ 0 $ (1) $ 0
Net income (loss) attributable to common stockholders $ (137) $ 84 $ (11)
Effect of dilutive potential common shares (in shares) 0 2,159,100 0
Weighted average common shares outstanding, diluted (in shares) 227,773,074 226,492,134 220,097,989
Earnings (loss) per share, diluted (in dollars per share) $ (0.60) $ 0.37 $ (0.05)
Shares excluded from the computation of diluted shares (in shares)   5,062,050  
v3.25.4
Income Taxes - Schedule of Components of Income Tax Expense from Continuing Operations (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Current:      
Federal $ 0 $ 0 $ (1,000)
State and local 0 0 1,000
Foreign 0 1,000 0
Current income tax expense (benefit) 0 1,000 0
Deferred:      
Federal 2,000 (4,000) 41,000
State and local 1,000 4,000 2,000
Deferred income tax expense (benefit) 3,000 0 43,000
Total income tax expense (benefit) $ 3,000 $ 1,000 $ 43,000
v3.25.4
Income Taxes - Schedule of Components of Effective Income Tax Rate (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
Tax Jurisdiction of Domicile [Extensible Enumeration] UNITED STATES    
Effective Income Tax Rate Reconciliation, Amount [Abstract]      
U.S. Federal Statutory Income Tax Rate $ (28,000) $ 18,000 $ 7,000
State Taxes, Net of Federal Benefit 1,000 5,000 3,000
Foreign Tax Effects: Other 1,000 1,000 1,000
Tax Credits:      
Research and Development and Other Tax Credits (2,000) (1,000) (1,000)
Changes in Valuation allowance 28,000 (23,000) 35,000
Nontaxable or Nondeductible Items:      
Share-Based Compensation 0 0 (5,000)
Executive Compensation 2,000 (1,000) 1,000
Meals and Entertainment 1,000 1,000 1,000
Other 0 1,000 1,000
Total income tax expense (benefit) $ 3,000 $ 1,000 $ 43,000
Effective Income Tax Rate Reconciliation, Percent [Abstract]      
U.S. Federal Statutory Income Tax Rate 21.00% 21.00% 21.00%
State Taxes, Net of Federal Benefit (0.70%) 5.80% 9.80%
Foreign Tax Effects: Other (0.70%) 1.20% 3.10%
Tax Credits:      
Research and Development and Other Tax Credits 1.50% (1.20%) (3.10%)
Changes in Valuation allowance (21.10%) (26.80%) 109.40%
Nontaxable or Nondeductible Items:      
Share-Based Compensation 0.00% 0.00% (15.10%)
Executive Compensation (1.50%) (1.20%) 3.10%
Meals and Entertainment (0.70%) 1.20% 3.10%
Other 0.00% 1.20% 3.10%
Effective income tax rate and impact (2.20%) 1.20% 134.40%
v3.25.4
Income Taxes - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]        
Cash payments for income taxes, net of refunds (less than for 2024 and 2023) $ 1 $ 1 $ 1  
Net deferred tax liabilities (12) (8)    
Net operating losses 124 67    
Deferred tax assets related to federal net operating losses 93      
Deferred tax assets related to state net operating losses $ 16      
Operating loss carryforwards, state and local, expiration period 1 year      
Deferred tax assets related to foreign net operating losses $ 15      
Valuation allowance 65 30    
Increase in deferred tax asset 35      
Unrecognized tax benefits 1 0 0 $ 1
Less than amount related to interest and penalties (less than) $ 1 $ 1 $ 1  
v3.25.4
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Deferred tax assets:    
Operating lease liability $ 1,106 $ 895
Leasehold interest 13 0
Net operating losses 124 67
Nondeductible accruals 31 33
Deferred revenue 0 9
Income tax credits 3 1
Valuation allowance (65) (30)
Other 13 13
Deferred tax assets 1,225 988
Deferred tax liabilities:    
Right-of-use asset (1,096) (887)
Property and equipment (38) (42)
Intangibles (6) (6)
Prepaid maintenance expense (93) (59)
Other (4) (2)
Deferred tax liabilities (1,237) (996)
Net deferred tax assets (liabilities) $ (12) $ (8)
v3.25.4
Income Taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]      
Beginning balance $ 0 $ 0 $ 1
Decrease for tax positions taken during prior period 0 0 (1)
Increase for tax positions taken during current period 1 0 0
Ending balance $ 1 $ 0 $ 0
v3.25.4
Fair Value Measurements - Summary of Carrying Amounts and Estimated Fair Values of the Company’s Debt (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Carrying
Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total debt $ 620 $ 507
Estimated Fair Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total debt 626 505
Pre-delivery Credit Facilities | Carrying
Value | Secured Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total debt 348 329
Pre-delivery Credit Facilities | Estimated Fair Value | Secured Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total debt 352 333
Building notes | Carrying
Value | Secured Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total debt 0 12
Building notes | Estimated Fair Value | Secured Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total debt 0 12
2025-1 EETCs | Carrying
Value | Secured Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total debt 105 0
2025-1 EETCs | Estimated Fair Value | Secured Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total debt 109 0
Affinity card advance purchase of miles | Carrying
Value | Unsecured Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total debt 101 100
Affinity card advance purchase of miles | Estimated Fair Value | Unsecured Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total debt 100 98
PSP Promissory Notes | Carrying
Value | Unsecured Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total debt 66 66
PSP Promissory Notes | Estimated Fair Value | Unsecured Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total debt $ 65 $ 62
v3.25.4
Fair Value Measurements - Summary of Fair Value of Assets and Liabilities Measured at Fair Value (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash, cash equivalents and restricted cash $ 671 $ 740
Level 1    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash, cash equivalents and restricted cash 671 740
Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash, cash equivalents and restricted cash 0 0
Level 3    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash, cash equivalents and restricted cash $ 0 $ 0
v3.25.4
Related Parties (Details) - Related Party
$ in Millions
 12 Months Ended
Dec. 31, 2023
USD ($)
Dec. 31, 2025
director
Related Party Transaction [Line Items]    
Management fees, expense reimbursements, and director compensation | $ $ 2  
Director    
Related Party Transaction [Line Items]    
Number of company directors   2
Number of chairman of related party board   1