Key Highlights

  • Frontier Group Holdings (NASDAQ:ULCC) reported third-quarter 2026 Revenue of USD 1.355 billion, up 53% year over year, in an Earnings release dated October 28, 2026, with nine-month revenue of USD 3.626 billion, up 33%.
  • Adjusted Net Income was USD 40 million, or USD 0.18 per diluted share, while the GAAP net loss was USD 104 million, or USD 0.45 per diluted share.
  • Fuel cost per gallon averaged USD 3.96, up 56% from USD 2.54, and the company assumes about USD 4.75 per gallon for the fourth quarter.
  • Published market data showed ULCC at USD 6.87, up 6.18%, with a 1 year EPS change of 193.81%; the snapshot date is unknown and both figures are unverified.

Record Revenue Meets a Wide GAAP Loss

Frontier Group Holdings (NASDAQ:ULCC), the parent of Frontier Airlines, an ultra-low-cost carrier, reported record third-quarter revenue of USD 1.355 billion. Capacity measured in available seat miles rose 18% to 11,419 million, and total revenue per available seat mile rose 30% to 11.87 cents. The load Factor slipped to 78.8% from 80.7%. Adjusted EBITDA was USD 62 million, and the GAAP net loss of USD 104 million compares with a loss of USD 77 million, or USD 0.34 per share, a year earlier. The gap between the adjusted profit and the GAAP loss reflects items the company excludes from its adjusted figures.

Fuel Costs and the Fourth-Quarter Outlook

Fuel was the main cost pressure. Fuel expense rose to USD 425 million from USD 234 million, and adjusted cost per available seat mile, excluding fuel, was 7.84 cents. For the fourth quarter, the company guides to adjusted EPS of negative USD 0.15 to positive USD 0.05, capacity growth of 5% to 6%, and total revenue per available seat mile up more than 20%. Liquidity was USD 1.18 billion at September 30, 2026, including cash and revolver availability, and the fleet stood at 164 Airbus single-aisle aircraft. The release does not break out debt, so Leverage cannot be stated.

Why a 193.81% EPS Change Needs a Base Check

Frontier is a small cap whose published 1 year EPS change of 193.81% did not match any filing. Moving from the year-ago adjusted loss of USD 0.34 per share to the current adjusted profit of USD 0.18 equals about a 153% improvement (simple arithmetic on two reported figures), so the screener number uses another basis or period. On a GAAP basis the loss per share widened from USD 0.34 to USD 0.45. A growth rate from a negative base can look extreme, and one profitable quarter is not a trend. Fuel prices, the load factor and the fourth-quarter guidance range, which spans a loss, are the main risks.

Where Things Stand

Frontier produced 53% revenue growth and an adjusted profit but a GAAP net loss of USD 104 million, so the answer depends on the basis. The adjusted result of USD 0.18 per share improved from last year's loss, while the GAAP loss per share widened to USD 0.45. Fuel at USD 3.96 per gallon is the key swing factor, and management guided to a fourth-quarter adjusted result between a loss of USD 0.15 and a profit of USD 0.05. The 193.81% EPS figure and the USD 6.87 quote are unverified published data. Next to watch are fuel costs, the load factor and the fourth-quarter report.