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David Zalubowski

Low-cost airline Frontier today filed for an initial public offering, which means it likely plans to go public sometime in May. The Denver-based company last year flew 14.9 million passengers through 59 airports in the U.S., Mexico and the Caribbean.

Top line: The Denver-based carrier's income statement reflects its budget sensibilities, with $200 million in net income on $1.7 billion in revenue. This is up from $146 million of earnings on $1.37 billion in revenue in 2015.

Why the improvement? Three factors jump out. First, the average cost of fuel fell from $1.90 per gallon to $1.59 per gallon. Second, the average number of passengers per departure climbed from 154 to 173. then there is "non-ticket revenue" (i.e., booking fees, baggage fees, on-flight purchases), which jumped from $401 million to $726 million.

Market: Airline stocks have been major beneficiaries of the "Trump Bump," judging by the most popular airline ETFs. Budget airline rival Southwest recently hit an all-time high, while Spirit Air remains well below its 2004 highs (but still is up for the past year).

Go deeper

Bryan Walsh, author of Future
4 mins ago - Politics & Policy

President Biden faces a deeply broken America

Illustration: Aïda Amer/Axios

As President Biden begins his term in office today, he'll be tasked with leading a country beset with deep, long-term problems.

Why it matters: Though the pandemic has made them worse, existential challenges around inequality, social alienation and political division in the U.S. were in place well before SARS-CoV-2 arrived on American shores. The country's future will depend in large part on whether the choices made over the next four years can flatten the curve of American decline.

Facebook, Instagram transfer accounts, followers to Biden administration

Screenshot of official White House Facebook account.

Facebook on Wednesday confirmed that it is transferring the millions of followers of the official Facebook and Instagram White House accounts to the Biden administration.

Details: The accounts for "@POTUS," "@VicePresident" ("@VP" on Instagram) and "@FLOTUS" are having the followers from their personal Pages and accounts be transferred over. It's unclear when that transition process will be complete.

Updated 33 mins ago - Politics & Policy

Inauguration Day dashboard

Biden delivers his inaugural address on the West Front of the Capitol. Photo by Tasos Katopodis/Getty Images

President Biden has delivered his inaugural address at the Capitol, calling for an end to the politics as total war but warning that "we have far to go" to heal the country.

What's next: Biden signs executive orders and swears in day one presidential appointees in a virtual ceremony.