Frontier Group Holdings (ULCC) just posted its FY 2025 Q3 numbers, with total revenue of US$886 million and a basic EPS loss of US$0.34. The trailing 12 month figures show revenue of US$3.7b and a net income loss of US$137 million. Over recent quarters, total revenue has moved from US$973 million in Q2 2024 to US$929 million in Q2 2025, while basic EPS has shifted from a profit of US$0.14 in Q2 2024 to a loss of US$0.31 in Q2 2025. This highlights a story focused on how efficiently Frontier is filling seats and managing unit economics as margins stay under pressure.

See our full analysis for Frontier Group Holdings.

With the headline numbers on the table, the next step is to see how this earnings print lines up with the widely held narratives around Frontier's growth potential, route efficiency and path back toward stronger margins.

Seat Capacity Steady, Load Factor Over 80%

• Frontier flew 15,592.5 million Available Seat Kilometers in Q3 FY 2025 with a passenger load factor of 80.7%, compared with 16,596.7 million ASK and a 79.3% load factor in Q2 FY 2025, showing a small pullback in capacity but slightly fuller planes.
• Consensus narrative leans on higher load factors as a key driver, and these figures partly support that idea while also showing some friction:
  • Capacity has stayed in a relatively tight band around 16,000 million ASK over the last three quarters, so the 80.7% load factor suggests Frontier is getting more of those seats filled compared with the 74.9% it reported in Q1 FY 2025.
  • At the same time, the trailing 12 month net loss of US$137 million shows that fuller planes on their own have not yet translated into consistent profitability, which is something the consensus view expects over time.

Revenue Per Seat Holding Around Mid 5s

• Revenue yield per ASK has stayed in a tight range, at US$5.68 in Q3 FY 2025 versus US$5.60 in Q2 FY 2025 and US$5.70 in Q1 FY 2025, compared with US$5.77 in Q3 FY 2024, suggesting relatively stable unit revenue across the recent periods provided.
• Bulls often point to pricing and ancillary fees as a key upside driver, and these yield figures give a mixed read on that argument:
  • The yield staying close to US$5.7 despite a higher Q3 FY 2025 load factor than Q1 FY 2025 lines up with the bullish idea that Frontier can keep monetising each seat even as it fills more of them.
  • However, the trailing 12 month net income loss of US$137 million indicates that the current revenue per seat is not yet enough to offset costs, which is where the bullish expectation of future margin expansion is really being tested.

Have bulls got the unit revenue story right, or are costs still the real headline here for Frontier investors? 🐂 Frontier Group Holdings Bull Case

Low P/S Multiple Versus Ongoing Losses

• On a trailing 12 month basis, Frontier generated US$3.7b of revenue with a net income loss of US$137 million, and its P/S ratio of 0.3x sits below both its peer average of 0.6x and the North American Airlines industry average of 0.6x.
• Bears focus on those losses and recent share price swings, and the current data gives them some support while also highlighting why some investors still look at the stock:
  • The unprofitable trailing 12 month result and basic EPS loss of US$0.60 over the same period back up the cautious view that Frontier has not yet reached a steady earnings base.
  • At the same time, the 0.3x P/S ratio suggests the market is valuing each dollar of Frontier revenue at a discount to peers, which some investors might see as compensation for the higher share price volatility flagged over the last three months.

If you are weighing that low 0.3x P/S against the ongoing losses and price swings, it is worth seeing how skeptics frame the risk side of the story. 🐻 Frontier Group Holdings Bear Case

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Frontier Group Holdings on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

See the numbers differently? If this data tells you a different story, shape that view into your own narrative in just a few minutes, Do it your way

A great starting point for your Frontier Group Holdings research is our analysis highlighting 1 important warning sign that could impact your investment decision.

See What Else Is Out There

Frontier is still posting net losses and a basic EPS loss despite relatively full planes and stable revenue per seat, which highlights ongoing profitability pressure.

If you want ideas that might balance this kind of earnings strain, check out our 52 high quality undervalued stocks that combine solid fundamentals with more appealing pricing today.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.