ULCC (ULCC) financial statements
ULCC reported revenue of $3.7B in fiscal 2025, up 6.8% a year over 6 years.
Net income was -$137M and the operating margin -4.0%, against 12.3% in 2019.
Free cash flow was -$600M.
The diluted share count rose 14% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from ULCC's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | $2.5B | $1.2B | $2.1B | $3.3B | $3.6B | $3.8B | $3.7B |
| Operating income | $309M | -$365M | -$117M | -$45M | -$3M | $58M | -$149M |
| Interest expense | — | — | — | $21M | $29M | $36M | $46M |
| Pre-tax income | $325M | -$372M | -$144M | -$45M | $32M | $86M | -$134M |
| Income tax | $74M | -$147M | -$42M | -$8M | $43M | $1M | $3M |
| Net income | $251M | -$225M | -$102M | -$37M | -$11M | $85M | -$137M |
| EPS (diluted) | $1.19 | -$1.13 | -$0.48 | -$0.17 | -$0.05 | $0.37 | -$0.60 |
| Diluted shares | 200M | 199M | 211M | 218M | 220M | 226M | 228M |
| Operating margin | 12.3% | -29.2% | -5.7% | -1.4% | -0.1% | 1.5% | -4.0% |
| Net margin | 10.0% | -18.0% | -5.0% | -1.1% | -0.3% | 2.3% | -3.7% |
Balance sheet
Fiscal years, from ULCC's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $768M | $378M | $918M | $761M | $609M | $740M | $671M |
| Receivables | — | $28M | $50M | $90M | $93M | $73M | $85M |
| Total current assets | — | $650M | $1.0B | $1.0B | $871M | $990M | $958M |
| Property, plant and equipment | — | $176M | $186M | $226M | $309M | $376M | $510M |
| Total assets | — | $3.6B | $4.2B | $4.5B | $5.0B | $6.2B | $7.2B |
| Total current liabilities | — | $1.0B | $1.3B | $1.6B | $1.7B | $1.9B | $2.1B |
| Long-term debt | — | $247M | $287M | $272M | $219M | $241M | $313M |
| Total liabilities | — | $3.2B | $3.7B | $4.0B | $4.5B | $5.5B | $6.7B |
| Shareholders' equity | $542M | $310M | $530M | $509M | $507M | $604M | $491M |
| Net debt | -$768M | -$30M | -$504M | -$332M | -$139M | -$238M | -$57M |
Cash flow
Fiscal years, from ULCC's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | $171M | -$557M | $216M | -$78M | -$261M | -$82M | -$525M |
| Capital spending | $45M | $16M | $27M | $41M | $51M | $76M | $75M |
| Free cash flow | $126M | -$573M | $189M | -$119M | -$312M | -$158M | -$600M |
| Stock-based compensation | $8M | $8M | $11M | $15M | $14M | $16M | $21M |
| Dividends paid | $159M | $0 | $0 | $1M | $1M | $0 | — |
| Net borrowing | $31M | $110M | $66M | $7M | -$131M | -$447M | -$380M |
| Free cash flow margin | 5.0% | -45.8% | 9.2% | -3.6% | -8.7% | -4.2% | -16.1% |
| Dividends per share | $0.80 | — | — | $0.00 | $0.00 | — | — |
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Open ULCC in InvestinglyQuestions
What was ULCC's revenue in 2025?
$3.7B in fiscal 2025, from its 10-K filing.
How much free cash flow does ULCC generate?
-$600M in fiscal 2025 (operating cash flow minus capital spending).
From ULCC's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.