Air Transportation, ScheduledIFRS · EUR

Sun Country Airlines Holdings, LLC

Sun Country Airlines Holdings, LLC is a U.S.-based hybrid low-cost air carrier centered in Minnesota. It operates scheduled passenger service, charter flights, and cargo flying, with routes across the United States and to Canada, Mexico, Central America, and the Caribbean.

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Revenue1,127m EUR
+4.7 %y/y
Operating profit (EBIT)101m EUR
−5.1 %y/y
EBIT margin8.9%
−0.9 ppy/y
Net income52.8m EUR
−0.2 %y/y
Free cash flow84.0m EUR
−28.5 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

02505007501,0001,250m EUR2020: 401 m EUR2020: EBIT 17 m EUR20202021: 623 m EUR2021: EBIT 107 m EUR20212022: 894 m EUR2022: EBIT 56 m EUR20222023: 1,050 m EUR2023: EBIT 128 m EUR20232024: 1,076 m EUR2024: EBIT 106 m EUR20242025: 1,127 m EUR2025: EBIT 101 m EUR20251,127101
RevenueOperating profit (EBIT)
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Business

Share of revenue
Scheduled Service55 %

Regular passenger flights sold through direct and indirect channels.

Charter20 %

Dedicated passenger flying for organizations, brokers, and sports teams.

Cargo / CMI20 %

Crew, maintenance, and insurance flying for Amazon under contract.

Ancillary and Other5 %

Baggage, seat selection, upgrades, and other passenger-related fees.

Products

Reported · share of revenue
35.9%26.2%19.9%13.8%FY2025100 %
  • Scheduled Service35.9 %
  • Ancillary26.2 %
  • Charter Service19.9 %
  • Cargo and Freight13.8 %
  • Services and other4.3 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

Sun Country serves leisure travelers and visiting-friends-and-relatives passengers who are price sensitive and value direct, low-fare air service. It also sells charter capacity to organizations, brokers, and sports teams, and provides cargo flying services under a dedicated contract arrangement.

Leisure passengers

Buy scheduled flights for vacation travel and are attracted by low fares and convenience.

VFR passengers

Buy scheduled flights to visit family and friends, especially on seasonal routes tied to MSP and the Upper Midwest.

Charter customers

Organizations, brokers, and sports teams buy dedicated lift for group and event travel.

Amazon cargo customer

Uses CMI flying for cargo operations under an aircraft, crew, maintenance, and insurance service model.

Distribution partners

OTAs, GDS platforms, and travel agents sell inventory when Sun Country needs broader reach.

Strategy

Sun Country’s strategy is to use a shared fleet and crew base across scheduled, charter, and cargo flying so aircraft can be shifted to the highest-value opportunities. It emphasizes low-cost operations, peak-demand scheduling, and direct distribution to improve unit economics and reduce reliance on any single line of business.

Flexible capacity deploymentShort term

Lets the company move flying to the most profitable routes and seasons.

Cross-segment resource sharingMedium term

Improves utilization of crews and aircraft across passenger and cargo operations.

Direct customer acquisitionShort term

Reduces distribution costs and supports ancillary sales and loyalty.

Cargo contract executionMedium term

Provides a contracted flying stream that leverages airline operating expertise.

Geography

The company is based in Minnesota and uses Minneapolis-St. Paul as its home market, while also serving non-MSP markets across the United States. Its network extends to Canada, Mexico, Central America, and the Caribbean, which makes demand and capacity planning highly seasonal and route-specific.

Risks

Demand for air travel is cyclical and sensitive to U.S. economic conditions, which can quickly affect leisure and charter bookings. The business also depends on safe operations, labor availability, airport access, and IT security, while its seasonal network and concentrated cargo relationship create execution and concentration risk.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Operational and labor constraints1Economic downturn reduces passenger demand2Cybersecurity and data privacy incidents3Seasonal network imbalance5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Operational and labor constraintsImpact: HighLikelihood: High

    Growth requires pilots, aircraft, facilities, and regulatory approvals.

    Exposure: Fleet expansion and new markets

  2. Economic downturn reduces passenger demandImpact: HighLikelihood: Medium

    Leisure and VFR travel are discretionary and sensitive to consumer confidence.

    Exposure: Scheduled Service and Charter

  3. Cybersecurity and data privacy incidentsImpact: HighLikelihood: Medium

    Booking and customer systems hold sensitive passenger and employee data.

    Exposure: Reservation systems and third-party providers

  4. Customer concentration in cargoImpact: High

    CMI flying is dedicated to Amazon, so contract changes would affect revenue.

    Exposure: Cargo segment

  5. Seasonal network imbalanceImpact: MediumLikelihood: Medium

    The route network depends on peak travel periods and north-south seasonal flows.

    Exposure: Passenger operations

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Accounting

Judgemental items
Revenue recognition

Passenger tickets, charter services, cargo flying, and ancillary fees may be recognized at different points in time.

Impact: Affects reported revenue timing and quarterly comparability

Asset impairment analysis

Aircraft and engines require judgment on recoverability and economic repair decisions.

Impact: Can create non-cash charges and change asset carrying values

Lease accounting

Fleet and aircraft-related leases affect right-of-use assets, liabilities, and operating expense presentation.

Impact: Influences leverage and operating cost structure

Seasonality

Demand and flying patterns vary materially by season and route mix.

Impact: Makes interim results less comparable across quarters

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Last updated: 24/09/2026