Revenue growth remains stable at 3.6% year-over-year as of 2026Q1, supported by a significant gross margin expansion to 69.2% compared to sub-25% levels observed throughout 2024.
| Sales/Revenue | 1.14B | 1.13B | 1.08B | 1.05B | 894.44M | 623.01M | 401.49M | 701.38M | 582.38M |
| Revenue Growth % | 4.36% | 4.74% | 2.49% | 17.35% | 43.57% | 55.18% | -42.76% | 20.43% | - |
| Cost of Goods Sold | 383.94M | 372.6M | 326.77M | 780.45M | 716.71M | 487.79M | 383.38M | 512.6M | 527.44M |
| COGS % of Revenue | - | 33.07% | 30.38% | 74.36% | 80.13% | 78.3% | 95.49% | 73.08% | 90.57% |
| Gross Profit | 754.54M | 754.17M | 748.96M | 269.17M | 177.74M | 133.17M | 18.11M | 188.79M | 54.95M |
| Gross Margin % | 66.28% | 66.93% | 69.62% | 25.64% | 19.87% | 21.37% | 4.51% | 26.92% | 9.43% |
| Gross Profit Growth % | - | 0.7% | 178.25% | 51.44% | 33.47% | 635.33% | -90.41% | 243.58% | - |
| Operating Expenses | 673.34M | 653.6M | 642.98M | 141.67M | 122.03M | 21.22M | 725K | 110.67M | 28.03M |
| OpEx % of Revenue | - | 58.01% | 59.77% | 13.5% | 13.64% | 3.41% | 0.18% | 15.78% | 4.81% |
| Selling, General & Admin | 33M | 33.3M | 34.94M | 34.1M | 31.05M | 22.06M | 16.57M | 35.39M | 28.03M |
| SG&A % of Revenue | - | 2.96% | 3.25% | 3.25% | 3.47% | 3.54% | 4.13% | 5.05% | 4.81% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 620.3M | 608.04M | 107.56M | 90.98M | -839K | -15.85M | 75.28M | 0 |
| Operating Income | 81.2M | 100.57M | 105.99M | 127.5M | 55.71M | 111.95M | 17.39M | 78.12M | 26.91M |
| Operating Margin % | 7.13% | 8.93% | 9.85% | 12.15% | 6.23% | 17.97% | 4.33% | 11.14% | 4.62% |
| Operating Income Growth % | - | -5.11% | -16.87% | 128.87% | -50.24% | 543.93% | -77.75% | 190.28% | - |
| EBITDA | 180.44M | 199.45M | 202.69M | 216.95M | 123.35M | 185.5M | 65.47M | 113M | 43.84M |
| EBITDA Margin % | 15.85% | 17.7% | 18.84% | 20.67% | 13.79% | 29.77% | 16.31% | 16.11% | 7.53% |
| EBITDA Growth % | -11.13% | -1.6% | -6.57% | 75.88% | -33.5% | 183.33% | -42.06% | 157.73% | - |
| D&A (Non-Cash Add-back) | 99.23M | 98.88M | 96.7M | 89.45M | 67.64M | 73.55M | 48.09M | 34.88M | 16.93M |
| EBIT | 82.71M | 102.46M | 113.87M | 136.79M | 55M | 126.66M | 17.39M | 77.33M | 26.91M |
| Net Interest Income | -66.55M | -29.89M | -36.47M | -32.45M | -26.49M | -26.24M | -21.7M | -16.23M | 0 |
| Interest Income | 7.21M | 6.97M | 7.83M | 10.18M | 4.53M | 85K | 377K | 937K | 6.04M |
| Interest Expense | 73.76M | 36.86M | 44.3M | 42.63M | 31.02M | 26.33M | 22.07M | 17.17M | 0 |
| Other Income/Expense | -28.87M | -30.36M | -36.41M | -33.34M | -31.73M | -11.62M | -22.07M | -17.96M | -1.21M |
| Pretax Income | 52.34M | 70.21M | 69.57M | 94.16M | 23.98M | 100.33M | -4.68M | 60.16M | 25.7M |
| Pretax Margin % | 4.6% | 6.23% | 6.47% | 8.97% | 2.68% | 16.1% | -1.17% | 8.58% | 4.41% |
| Income Tax | 11.96M | 17.4M | 16.67M | 21.98M | 6.31M | 19.08M | -778K | 14.09M | 161K |
| Effective Tax Rate % | 22.85% | 24.79% | 23.96% | 23.34% | 26.29% | 19.02% | 16.62% | 23.42% | 0.63% |
| Net Income | 40.38M | 52.81M | 52.9M | 72.18M | 17.68M | 81.25M | -3.9M | 46.07M | 25.54M |
| Net Margin % | 3.55% | 4.69% | 4.92% | 6.88% | 1.98% | 13.04% | -0.97% | 6.57% | 4.39% |
| Net Income Growth % | -25.39% | -0.18% | -26.71% | 308.36% | -78.24% | 2181.15% | -108.47% | 80.37% | - |
| Net Income (Continuing) | 40.38M | 52.81M | 52.9M | 72.18M | 17.68M | 81.25M | -3.9M | 46.07M | 25.54M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.72 | 0.96 | 0.96 | 1.23 | 0.29 | 1.37 | -0.07 | 0.81 | 0.45 |
| EPS Growth % | -25.36% | 0% | -21.95% | 324.14% | -78.83% | 2105.86% | -108.43% | 80% | - |
| EPS (Basic) | - | 0.99 | 1.00 | 1.30 | 0.31 | 1.47 | -0.07 | 0.81 | 0.45 |
| Diluted Shares Outstanding | 56.37M | 54.86M | 55.06M | 58.52M | 61.05M | 59.32M | 57.15M | 57.15M | 57.15M |
| Basic Shares Outstanding | 53.95M | 53.12M | 52.91M | 55.51M | 57.95M | 55.18M | 57.15M | 57.15M | 57.15M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | 41.3% |
Labor cost inflation pressure
As reported in financial statements, SNCY achieved a 3.6% year-over-year revenue increase in 2026Q1, reflecting a consistent, albeit measured, growth trajectory that appears supported by the company's diversified business model across scheduled passenger services, charter operations, and its long-term cargo partnership with Amazon Air.
The revenue growth profile suggests a reliance on seasonal demand patterns, particularly in the first quarter, which historically serves as a peak period for leisure travel. Investors should monitor whether this growth can be sustained without significant capacity expansion, given the competitive dynamics within the Minneapolis-St. Paul hub.
Based on recent SEC filings, the company's gross margin expanded significantly to 69.2% in 2026Q1, a sharp recovery from the sub-25% levels observed throughout 2024, which may indicate a fundamental change in cost accounting or a more favorable mix of high-margin cargo and charter revenue.
The dramatic volatility in gross margins over the last ten quarters warrants further investigation into how the company classifies pass-through costs versus core operating expenses. This improvement appears to suggest that the cargo segment is successfully insulating the firm from the fuel-price sensitivity that typically plagues pure-play passenger carriers.
According to the provided income statement data, operating margins fluctuated between 3.9% and 17.7% over the last two years, suggesting that SNCY struggles to maintain consistent operating leverage as labor and maintenance costs periodically outpace the growth in top-line revenue during off-peak seasonal periods.
The lack of consistent operating margin expansion implies that the company's fixed-cost base, particularly regarding labor, remains a significant hurdle to scaling profitability. Management appears to face challenges in optimizing overhead efficiency, which may indicate that the current fleet size is not yet fully optimized for the existing demand environment.
Data from recent quarterly reports indicates that SG&A expenses have remained relatively contained, hovering near $10 million per quarter, yet the underlying COGS volatility suggests that the company is highly susceptible to industry-wide wage inflation and the maintenance requirements of its mid-life Boeing 737-800 fleet.
While management has demonstrated discipline in controlling administrative overhead, the primary risk to the income statement remains the rising cost of pilot and ground crew labor. If these inflationary pressures persist, the company may find it increasingly difficult to maintain its current profitability levels without aggressive pricing adjustments.
Quick answers to the most common questions about buying SNCY stock.
For fiscal year 2025, Sun Country Airlines Holdings, Inc. (SNCY) reported total revenue of $1.13B. This represents a 93.5% increase compared to $582.4M in 2018.
Sun Country Airlines Holdings, Inc. (SNCY) is profitable, generating $52.8M in net income for the fiscal year ending 2025 with a net profit margin of 4.7%.
Sun Country Airlines Holdings, Inc. (SNCY) reported an operating income of $100.6M, resulting in an operating profit margin of 8.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Sun Country Airlines Holdings, Inc. (SNCY) generated $754.2M in gross profit for the year, representing a gross profit margin of 66.9%. This demonstrates the company's core pricing power and production efficiency.