ULCCHIGH SIGNALFINANCIAL10-K

ULCC experienced a dramatic financial deterioration with operating income swinging from $58M profit to $149M loss while operating cash flow collapsed from -$82M to -$525M.

This represents a fundamental breakdown in ULCC's operational performance, with the company unable to generate profits or positive cash flow despite expanding its fleet from 159 to 176 aircraft. The magnitude of these negative swings, particularly the 540% deterioration in operating cash flow, suggests serious underlying business challenges that could threaten the company's financial stability and growth plans.

Comparing 2026-02-18 vs 2025-02-18View on EDGAR →
FINANCIAL ANALYSIS

ULCC's financials show severe operational distress with profitability collapsing across all key metrics - operating income fell $207M into the red, net income dropped $222M to a $137M loss, and operating cash flow hemorrhaged an additional $443M. While the company expanded assets by 17% and added aircraft to its fleet, this growth was funded through increased debt (up 22%) and occurred alongside rising liabilities ($1.2B increase) and declining equity (down 19%). The overall picture signals a company in financial distress, burning cash rapidly while taking on more debt to fund expansion that isn't generating returns.

FINANCIAL STATEMENT CHANGES
Operating Cash Flow
Cash Flow
-540.2%
-$82.0M→-$525.0M

Operating cash flow fell 540.2% — earnings quality concerns; investigate working capital changes and non-cash items.

Operating Income
P&L
-356.9%
$58.0M→-$149.0M

Operating income deteriorated sharply — investigate whether driven by one-time charges or structural cost issues.

Net Income
P&L
-261.2%
$85.0M→-$137.0M

Net income declined 261.2% — review whether driven by operations, interest costs, or non-recurring items.

Total Debt
Balance Sheet
+22.3%
$507.0M→$620.0M

Debt rose 22.3% — additional borrowing for investment or operations; monitor coverage ratios.

Total Liabilities
Balance Sheet
+21.3%
$5.5B→$6.7B

Liabilities increased 21.3% — monitor debt-to-equity ratio and interest coverage.

Stockholders Equity
Balance Sheet
-18.7%
$604.0M→$491.0M

Equity decreased 18.7% — buybacks or losses reducing book value, monitor solvency ratios.

Total Assets
Balance Sheet
+17.3%
$6.2B→$7.2B

Asset base grew 17.3% — expansion through organic growth, acquisitions, or capital deployment.

Accounts Receivable
Balance Sheet
+16.4%
$73.0M→$85.0M

Receivables grew 16.4% — monitor days sales outstanding for collection efficiency.

Current Liabilities
Balance Sheet
+13.6%
$1.9B→$2.1B

Current liabilities rose 13.6% — increased short-term obligations, watch current ratio.

LANGUAGE CHANGES
NEW — 2026-02-18
PRIOR — 2025-02-18
ADDED
The registrant had 229,609,718 shares of common stock, $0.001 par value per share, outstanding as of February 13, 2026.
The risks identified below are more fully described in Part I, Item 1A, Risk Factors.
tax legislation; our ability to use our net operating loss carryforwards; any tariffs imposed on commercial aircraft and related parts; the loss of key personnel; our reliance on our private equity sponsor; fluctuations in our quarterly results of operations; and our lack of membership in a marketing alliance or codeshare arrangement.
citizens; and our reliance on dividends, distributions and other payments from our subsidiaries.
General Risk Factors potential involvement in litigation that could have a material adverse effect on our business.
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REMOVED
The registrant had 227,248,474 shares of common stock, $0.001 par value per share, outstanding as of February 14, 2025.
The risks identified below are more fully described in Part I, Item 1A, Risk Factors .
( Frontier ), an ultra low-cost carrier whose business strategy is focused on Low Fares Done Right .
As of December 31, 2024, we had a fleet of 159 Airbus single-aisle aircraft, consisting of 8 A320ceos, 82 A320neos, 21 A321ceos and 48 A321neos.
Our Business Model Our business model is based on our unique Low Fares Done Right strategy.
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