Free cash flow remains highly erratic, swinging from a peak of $85.8 million in 2024Q4 to a negative $10.8 million in 2026Q1, reflecting the impact of seasonal working capital requirements.
| Cash from Operations | 170.39M | 157.11M | 164.86M | 174.12M | 127.44M | 152M | 374K | 63.27M | 18.35M |
| Operating CF Margin % | - | 13.94% | 15.33% | 16.59% | 14.25% | 24.4% | 0.09% | 9.02% | 3.15% |
| Operating CF Growth % | 229.52% | -4.7% | -5.32% | 36.63% | -16.16% | 40541.71% | -99.41% | 244.84% | - |
| Net Income | 40.38M | 52.81M | 52.9M | 72.18M | 17.68M | 77.47M | -3.9M | 46.07M | 25.54M |
| Depreciation & Amortization | 99.23M | 99.45M | 96.7M | 89.45M | 67.64M | 55.02M | 48.09M | 34.88M | 16.93M |
| Stock-Based Compensation | 0 | 0 | 6.02M | 9.27M | 2.77M | 5.56M | 2.11M | 0 | 373K |
| Deferred Taxes | 14.78M | 17.16M | 14.43M | 21.55M | 9.89M | 1.08M | -789K | 14.02M | 147K |
| Other Non-Cash Items | 5.2M | 6.59M | 459K | 6.79M | 4.92M | 3.09M | 31.47M | 11.82M | -5.2M |
| Working Capital Changes | 10.79M | -18.92M | -5.65M | -25.13M | 24.53M | 9.78M | -76.6M | -43.52M | -18.57M |
| Change in Receivables | -7.8M | -10.75M | 11.22M | -2.67M | -3.31M | -481K | -6.28M | -11.35M | 21.51M |
| Change in Inventory | -2.69M | -2.35M | -5.04M | -1.46M | -3.01M | -484K | -614K | -869K | -137K |
| Change in Payables | 24.7M | 3.49M | -2.96M | -3.03M | 17.62M | 5.82M | -7.17M | 9.04M | 11.98M |
| Cash from Investing | -35.74M | -39.01M | 8.4M | -171.23M | -349.33M | -117M | -96.03M | -69.56M | -83.42M |
| Capital Expenditures | -98.23M | -73.13M | -47.33M | -218.16M | -187.92M | -116.3M | -96.3M | -69.82M | -81.26M |
| CapEx % of Revenue | 8.63% | 6.49% | 4.4% | 20.78% | 21.01% | 18.67% | 23.99% | 9.95% | 13.95% |
| Acquisitions | 28.87M | 19.25M | 0 | 0 | 0 | 660K | 200K | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | -5.81M | 198K | 18.01M | 4.95M | 12.55M | -700K | 0 | 0 | -2.15M |
| Cash from Financing | -29.87M | -52.5M | -136.47M | -42.14M | 7.03M | 212.4M | 101.54M | 27.33M | 91.51M |
| Debt Issued (Net) | -26.16M | -23.89M | -121.46M | 28.04M | 32.72M | -16.8M | 105.7M | 23.22M | 54.2M |
| Equity Issued (Net) | -10M | -20M | -12.13M | -68.58M | -25.05M | 235.89M | 21K | 4.67M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -10.55M |
| Share Repurchases | -10M | -20M | -12.13M | -68.58M | -25.05M | 0 | 0 | 0 | 0 |
| Other Financing | 6.3M | -8.6M | -2.87M | -1.59M | -636K | -6.69M | -4.19M | -557K | 47.87M |
| Net Change in Cash | 104.7M | 44.23M | 36.79M | -39.25M | -214.86M | 247.4M | 5.88M | 21.04M | 26.44M |
| Free Cash Flow | 72.18M | 84M | 117.53M | -44.04M | -60.48M | 35.7M | -95.92M | -6.54M | -62.92M |
| FCF Margin % | 6.34% | 7.45% | 10.93% | -4.2% | -6.76% | 5.73% | -23.89% | -0.93% | -10.8% |
| FCF Growth % | -38.59% | -28.53% | 366.87% | 27.18% | -269.42% | 137.22% | -1365.83% | 89.6% | - |
| FCF per Share | 1.28 | 1.53 | 2.13 | -0.75 | -0.99 | 0.60 | -1.68 | -0.11 | -1.10 |
| FCF Conversion (FCF/Net Income) | 1.79x | 2.97x | 3.12x | 2.41x | 7.21x | 1.87x | -0.10x | 1.37x | 0.72x |
| Interest Paid | 0 | 0 | 42.78M | 41.45M | 24.05M | 23.6M | 20.3M | 0 | 0 |
| Taxes Paid | 0 | 0 | 392K | 1.5M | 1.69M | 172K | 47K | 0 | 0 |
Labor cost inflation pressure
As reported in financial statements, SNCY frequently exhibits a significant divergence between net income and operating cash flow, with OCF/NI ratios reaching as high as 27.03 in 2025Q3, suggesting that reported earnings are heavily influenced by non-cash items and working capital timing rather than pure operational cash generation.
The wide variance between net income and operating cash flow indicates that investors should be cautious when using net income as a proxy for liquidity. This volatility appears driven by the timing of deferred revenue and maintenance-related accruals, which can obscure the underlying cash-generating capability of the core airline business.
Based on quarterly data, SNCY's free cash flow trajectory remains highly erratic, swinging from a peak of $85.8M in 2024Q4 to a negative $10.8M in 2026Q1, reflecting the inherent difficulty in maintaining consistent cash flow margins amidst the company's seasonal leisure and cargo business cycles.
The sharp contraction in FCF during the most recent quarter warrants further investigation into whether this represents a structural shift in capital intensity or merely a temporary seasonal trough. The lack of a stable FCF trend suggests that the company's cash flow profile is highly sensitive to the timing of heavy maintenance checks and seasonal passenger demand.
According to recent SEC filings, SNCY's capital expenditure as a percentage of revenue has fluctuated significantly, peaking at 15.7% in 2025Q4, which highlights the ongoing capital requirements necessary to maintain a mid-life Boeing 737-800 fleet while simultaneously expanding its cargo-dedicated aircraft capacity.
The lumpy nature of these expenditures suggests that maintenance cycles are not evenly distributed, potentially creating periods of artificial cash flow pressure. Analysts should monitor whether the current level of investment is sufficient to sustain the fleet's operational reliability without necessitating a more aggressive debt-funded capital structure.
As evidenced by the $54.2M outflow in 2025Q1 and the $48.5M inflow in 2024Q4, SNCY's working capital dynamics are highly volatile, indicating that the company's cash position is significantly influenced by the timing of ticket sales and the settlement of operational payables across its three business segments.
These dramatic swings suggest that the company's liquidity is heavily dependent on the seasonal accumulation of deferred revenue from passenger bookings. Investors should monitor these fluctuations closely, as they may mask underlying operational inefficiencies or temporary cash crunches during off-peak travel periods.
Quick answers to the most common questions about buying SNCY stock.
Sun Country Airlines Holdings, Inc. (SNCY) generated $157.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Sun Country Airlines Holdings, Inc. (SNCY) generated $84.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Sun Country Airlines Holdings, Inc. (SNCY) spent $73.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Sun Country Airlines Holdings, Inc. (SNCY) spent $20.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.