Sun Country Airlines Holdings, LLC

Listed Company

SNCYCIK 0001743907NasdaqAcceleratedAir Transportation, ScheduledNevadaFY ends Dec 31

Period

FY 2025

Revenue

$1.13B

Net Income

$52.81M

Total Assets

—

Equity

—

Shares Out

54.20M

Op. Cash Flow

$157.11M

Business

Sun Country Airlines Holdings, Inc. operates as a hybrid low-cost air carrier that dynamically deploys shared resources across scheduled passenger service, charter operations, and cargo (CMI) flying. It offers low-fare scheduled flights with ancillary services, ad hoc and contract charter services for organizations and sports teams, and crew, maintenance and operations for Amazon-branded cargo aircraft. The company reports two segments—Passenger (Scheduled Service and Charter) and Cargo—and cross-utilizes crews and aircraft to maximize asset utilization. It serves markets throughout the United States and to destinations in Canada, Mexico, Central America and the Caribbean, selling mainly via direct channels (website, app, call center) and through third-party agents and OTAs.

Summary from filing dated 2025-02-12

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total Operating Revenue	1,127	1,076	1,050	894	623
Aircraft Fuel	213	237	247	268	129
Salaries, Wages, and Benefits	373	327	296	246	178
Aircraft Rent	0	0	2	9	18
Maintenance	80	69	61	47	40
Sales and Marketing	33	35	34	31	22
Depreciation and Amortization	99	95	88	68	57
Ground Handling	45	42	38	34	27
Landing Fees and Airport Rent	65	60	50	46	41
Special Items, net	2	0	0	0	−72
Other Operating, net	116	105	108	91	72
Total Operating Expenses	1,026	970	922	839	511
Operating Income	101	106	128	56	112
Interest Income	7	8	10	5	85,000
Interest Expense	−37	−44	−43	−31	—
Other, net	−474,000	55,000	−887,000	−5	15
Total Non-operating Expense, net	−30	−36	−33	−32	−12
Income before Income Tax	70	70	94	24	100
Income Tax Expense	17	17	22	6	19
Net Income	53	53	72	18	81
Basic (in dollars per share)	0.99	1	1.3	0.31	1.47
Diluted (in dollars per share)	0.96	0.96	1.23	0.29	1.37
Basic (in shares)	53	53	56	58	55
Diluted (in shares)	55	55	59	61	59

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and Cash Equivalents	145	83	46	92	309
Restricted Cash	21	17	17	11	8
Investments	90	104	141	179	6
Accounts Receivable, net of an allowance for credit losses of $408 and $617, respectively	54	35	38	35	30
Short-term Lessor Maintenance Deposits	23	521,000	1	1	6
Inventory, net of a reserve for obsolescence of $1,214 and $784, respectively	12	10	8	8	5
Prepaid Expenses	18	14	16	11	9
Other Current Assets	7	2	4	8	2
Total Current Assets	368	267	271	345	375
Finance Lease Assets	310	310	304	262	209
Total Property & Equipment	1,341	1,305	1,222	962	696
Accumulated Depreciation & Amortization	−414	−335	−253	−177	−117
Total Property & Equipment, net	927	970	969	786	579
Goodwill	222	222	222	222	222
Other Intangible Assets, net of accumulated amortization of $34,480 and $29,903, respectively	73	78	84	85	89
Operating Lease Right-of-use Assets	14	17	15	22	62
Aircraft Deposits	6	8	10	9	10
Long-term Lessor Maintenance Deposits	45	54	45	32	20
Other Assets	25	15	8	9	5
Total Other Assets	385	394	383	393	426
Total Assets	1,680	1,630	1,624	1,524	1,380
Accounts Payable	58	56	59	62	40
Accrued Salaries, Wages, and Benefits	46	38	33	27	29
Accrued Transportation Taxes	23	21	18	18	13
Air Traffic Liabilities	167	161	158	158	119
Finance Lease Obligations	62	20	45	18	12
Loyalty Program Liabilities	10	10	10	14	11
Operating Lease Obligations	4	3	2	6	17
Current Maturities of Long-term Debt, net	68	88	74	58	29
Income Tax Receivable Agreement Liability	0	10	3	2	0
Other Current Liabilities	15	15	16	15	8
Total Current Liabilities	451	422	419	377	282
Finance Lease Obligations	189	251	233	233	180
Loyalty Program Liabilities	5	4	4	1	8
Operating Lease Obligations	14	17	17	20	59
Long-term Debt, net	255	240	327	295	248
Deferred Tax Liability	41	24	9	0	—
Income Tax Receivable Agreement Liability	87	87	98	102	99
Other Long-term Liabilities	13	14	3	4	3
Total Long-term Liabilities	604	638	691	655	608
Total Liabilities	1,055	1,060	1,109	1,032	890
Commitments and Contingencies (Note 17)	—	—	—	—	—
Common Stock with $0.01 par value, 995,000,000 shares authorized, 61,040,329 and 59,500,970 issued and 53,223,302 and 53,157,964 outstanding at December 31, 2025 and 2024, respectively	610,000	595,000	589,000	582,000	579,000
Preferred Stock with $0.01 par value, 5,000,000 shares authorized, no shares issued and outstanding at December 31, 2025 and 2024, respectively	0	0	0	0	0
Treasury Stock, at cost, 7,817,027 and 6,343,006 shares held at December 31, 2025 and 2024, respectively	−126	−106	−94	−18	0
Additional Paid-In Capital	550	529	514	488	486
Retained Earnings	200	147	94	22	4
Accumulated Other Comprehensive Income (Loss)	15,000	−92,000	−62,000	−807,000	0
Total Stockholders' Equity	625	570	514	493	491
Total Liabilities and Stockholders' Equity	1,680	1,630	1,624	1,524	1,380

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Operating Lease Right-of-use Assets	3	2	4	2	16
Gain on Asset Transactions, net	−9	−6	−1	−1	−5,000
Deferred Income Taxes	17	14	22	5	19
Amazon Warrants Expense	5	4	6	6	6
Stock-based Compensation Expense	6	6	9	3	6
Other, net	2	2	−1	−1	—
Accounts Receivable	−11	11	−3	−3	−481,000
Inventory	−2	−5	−1	−3	−484,000
Prepaid Expenses	−4	2	−4	−3	−510,000
Lessor Maintenance Deposits	−14	−16	−12	−13	−8
Aircraft Deposits	0	0	−457,000	−3	445,000
Other Assets	−4	−4	−3	−8	2
Accounts Payable	3	−3	−3	18	6
Accrued Transportation Taxes	2	2	430,000	5	7
Air Traffic Liabilities	6	3	1,000	39	17
Loyalty Program Liabilities	245,000	864,000	−2	−4	−2
Operating Lease Obligations	−3	−2	−4	−2	−37
Other Liabilities	7	5	7	2	13
Net Cash Provided by Operating Activities	157	165	174	127	159
Purchases of Property & Equipment	−73	−47	−218	−188	−123
Proceeds from the Sale of Property & Equipment	19	17	5	2	56,000
Purchases of Investments	−67	−92	−96	−179	−2
Proceeds from the Maturities of Investments	81	130	137	5	0
Other, net	198,000	842,000	291,000	10	—
Net Cash (Used in) Provided by Investing Activities	−39	8	−171	−349	−124
Common Stock Repurchases	−20	−12	−69	−25	0
Proceeds from Borrowings	108	70	119	188	81
Repayment of Finance Lease Obligations	−20	−46	−22	−42	−12
Repayment of Borrowings	−112	−146	−69	−113	−85
Tax Receivable Agreement Payment	−11	−3	−2	0	0
Other, net	2	476,000	832,000	−636,000	—
Net Cash Used in Financing Activities	−53	−136	−42	7	212
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash	66	37	−39	−215	247
Cash Payments for Interest	35	43	41	24	24
Federal	4	90,000	1	—	—
State	476,000	302,000	218,000	—	—
Total	4	392,000	1	2	172,000
Aircraft and Flight Equipment Acquired under Finance Leases	0	40	18	40	91
Changes to Finance Lease Assets due to Lease Modifications	0	7	26	46	0
Aircraft and Flight Equipment Acquired from Exercise of Finance Lease Purchase Option, net of Accumulated Depreciation	0	41	2	28	0
Purchases of Property & Equipment in Accounts Payable	3	3	3	4	221,000
Property & Equipment Acquired through Maintenance Contract Incentive Liability	0	10	2	0	—
Maintenance Rights Asset Capitalized into Aircraft and Flight Equipment upon End of Lease	9	5	0	0	—
Maintenance Rights Asset Converted to Accounts Receivable upon End of Lease	7	4	0	0	—
Settlement of Accelerated Share Repurchase Program	0	0	8	0	0

Filings

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