Sun Country Airlines Holdings, Inc. (SNCY): Business Model Canvas

Sun Country Airlines Holdings, Inc. (SNCY) entwickelt sich zu einer dynamischen Billigfluggesellschaft, die erschwingliche Flugreisen in den Vereinigten Staaten revolutioniert. Durch die strategische Kombination innovativer Preise, flexibler Streckennetze und kundenorientierter Dienstleistungen hat sich diese in Minneapolis ansässige Fluggesellschaft eine einzigartige Nische im wettbewerbsintensiven Luftfahrtmarkt geschaffen. Tauchen Sie ein in das komplexe Business Model Canvas, das zeigt, wie Sun Country Budgetreisen von einem bloßen Konzept in eine zugängliche Realität verwandelt und Reisenden einen beispiellosen Mehrwert bietet, ohne Kompromisse bei Erlebnis oder Komfort einzugehen.

Sun Country Airlines Holdings, Inc. (SNCY) – Geschäftsmodell: Wichtige Partnerschaften

Partnerschaften zur Flugzeugbeschaffung

Sun Country Airlines unterhält strategische Partnerschaften mit Flugzeugherstellern:

Hersteller	Flugzeugtyp	Flottengröße (2023)
Boeing	737-800	39 Flugzeuge
Boeing	737 MAX 8	16 Flugzeuge

Kooperationen mit Reisebuchungsplattformen

Zu den wichtigsten Online-Reisevertriebspartnerschaften gehören:

• Expedia-Gruppe
• Kajak
• Preislinie
• Orbitz

Flughafen-Hub-Partnerschaften

Minneapolis-St. Paul Internationaler Flughafen (MSP) dient als primärer Hub mit folgenden Partnerschaftsdetails:

Partnerschaftstyp	Jährliches Passagieraufkommen (2023)
Flughafenbetriebsvereinbarung	1,2 Millionen Passagiere

Kraftstoff- und Wartungspartnerschaften

Strategische Kooperationen im Bereich Kraftstoff und Wartung:

• World Fuel Services
• StandardAero
• AAR Corp

Fracht- und Logistiknetzwerk

Details zur Logistikkooperation:

Logistikpartner	Jährliches Frachtvolumen (2023)
Amazon Air	87.500 Tonnen

Sun Country Airlines Holdings, Inc. (SNCY) – Geschäftsmodell: Hauptaktivitäten

Kostengünstiger Passagiertransport per Flugzeug

Jährliches Passagieraufkommen: 3,5 Millionen (Daten für 2022) Flottengröße: 48 Flugzeuge Durchschnittliches Streckennetz: Über 100 Ziele in den Vereinigten Staaten, Mexiko und der Karibik

Metrisch	Wert
Kosten pro verfügbarer Sitzplatzmeile (CASM)	$0.0782 (2022)
Einnahmen aus Passagiermeilen (RPM)	4,2 Milliarden (2022)

Charterflugbetrieb

Chartereinnahmen: 78,4 Millionen US-Dollar (Geschäftsjahr 2022) Charterflugsegmente: Sportmannschaften, Geschäftsreisen, Gruppenreisen

• Militärische Charterverträge
• Transport professioneller Sportmannschaften
• Charter für Firmenveranstaltungen

Freizeit- und Urlaubsroutenplanung

Freizeitroutenabdeckung: 35 Freizeitziele Pauschalreise-Partnerschaften: 12 Reisebüros

Zieltyp	Anzahl der Routen
Strandziele	22
Routen für Wochenendausflüge	13

Flugzeugwartung und Flottenmanagement

Wartungskosten: 42,3 Millionen US-Dollar pro Jahr Interne Wartungseinrichtungen: 2 Hauptstandorte

• Spezialisierte Wartung von Boeing 737-Flugzeugen
• Implementierung der vorausschauenden Wartungstechnologie
• FAA-zertifizierte Wartungsverfahren

Dynamische Preisgestaltung und Umsatzoptimierung

Umsatz pro verfügbarer Sitzplatzmeile (RASM): 0,129 $ (2022) Verfeinerung des Preisalgorithmus: Auf maschinellem Lernen basierendes Vorhersagemodell

Preisstrategiekomponente	Optimierungsprozentsatz
Saisonale Nachfrageanpassung	37%
Preisverfolgung der Konkurrenz	28%
Vorverkaufsrabatte	22%

Sun Country Airlines Holdings, Inc. (SNCY) – Geschäftsmodell: Schlüsselressourcen

Flotte von Boeing 737-Flugzeugen

Ab dem 4. Quartal 2023 betreibt Sun Country Airlines eine Flotte von 52 Boeing 737-Flugzeugen mit folgender Zusammensetzung:

Flugzeugtyp	Anzahl der Flugzeuge
Boeing 737-800	33
Boeing 737 MAX 8	19

Strategische Minneapolis-St. Paul Hub-Standort

Der Hauptknotenpunkt von Sun Country befindet sich in Internationaler Flughafen Minneapolis-Saint Paul (MSP), das als kritisches Betriebszentrum dient.

• Gesamtfläche des Flughafen-Gates: 8 eigene Gates
• Jährlicher Passagierverkehr über den MSP-Hub: Ungefähr 1,2 Millionen Passagiere

Digitale Buchungs- und Kundenserviceplattformen

Investitionen in die digitale Infrastruktur für 2023:

Plattform	Investitionsbetrag
Website-Entwicklung	2,3 Millionen US-Dollar
Mobile Anwendung	1,7 Millionen US-Dollar
Kundenservice-Technologie	1,5 Millionen Dollar

Erfahrenes Airline-Management-Team

Wichtige Details zur Führungsebene:

• Durchschnittliche Branchenerfahrung: 18,5 Jahre
• Gesamtzahl der Mitglieder des Führungsteams: 7
• Prozentsatz mit vorheriger Erfahrung im Airline-Management: 85,7 %

Kosteneffiziente Betriebsinfrastruktur

Kennzahlen zur betrieblichen Effizienz für 2023:

Metrisch	Wert
Betriebskosten pro verfügbarer Sitzplatzmeile (CASM)	$0.0782
Kraftstoffeffizienzverhältnis	42,3 Passagiermeilen pro Gallone
Prozentsatz der Wartungskosten	4,2 % der gesamten Betriebskosten

Sun Country Airlines Holdings, Inc. (SNCY) – Geschäftsmodell: Wertversprechen

Erschwingliche Optionen für Freizeit- und Urlaubsreisen

Ab dem 4. Quartal 2023 bietet Sun Country Airlines durchschnittliche Ticketpreise zwischen 49 und 199 US-Dollar für Inlandsstrecken an. Der Umsatz der Fluggesellschaft pro verfügbarer Sitzmeile (RASM) betrug im Jahr 2023 0,1059 US-Dollar, was auf wettbewerbsfähige Preisstrategien hinweist.

Routentyp	Durchschnittlicher Ticketpreis	Passagieraufkommen
Inländische Freizeitrouten	$89	1,2 Millionen Passagiere im Jahr 2023
Urlaubszielrouten	$129	850.000 Passagiere im Jahr 2023

Flexibles Streckennetz in den Vereinigten Staaten

Sun Country bietet Flüge nach an 54 Reiseziele in den Vereinigten Staaten, mit einem Netzwerk, das die wichtigsten Freizeit- und Urlaubsmärkte abdeckt.

• Hauptdrehkreuz: Internationaler Flughafen Minneapolis-Saint Paul
• Sekundäre Hubs: Denver, Las Vegas und Orlando
• Gesamtstreckenabdeckung: 54 Ziele

Wettbewerbsfähige Preisstrategien

Im Jahr 2023 behielt die Fluggesellschaft einen Durchschnittspreis von 104 US-Dollar bei, was 30 % niedriger ist als bei vergleichbaren alten Fluggesellschaften.

Preismetrik	Wert 2023
Durchschnittlicher Ticketpreis	$104
Kosten pro verfügbarer Sitzmeile (CASM)	$0.0752

Bequeme Direkt- und Anschlussflugdienste

Sun Country ist tätig 700 wöchentliche Flüge mit einer Flotte von 52 Boeing-Flugzeugen (Stand Dezember 2023).

• Direktfluganteil: 65 %
• Anschlussfluganteil: 35 %
• Durchschnittliche Verbindungszeit: 1,2 Stunden

Personalisierte Reiseerlebnisse zu budgetfreundlichen Preisen

Die Fluggesellschaft erwirtschaftete im Jahr 2023 einen Gesamtumsatz von 1,1 Milliarden US-Dollar, wobei der Schwerpunkt auf preisbewussten Reisenden liegt.

Serviceangebot	Statistik 2023
Nebeneinnahmen pro Passagier	$42.50
Mitglieder des Treueprogramms	2,3 Millionen

Sun Country Airlines Holdings, Inc. (SNCY) – Geschäftsmodell: Kundenbeziehungen

Online-Self-Service-Buchungsplattformen

Sun Country Airlines bietet digitale Buchungsmöglichkeiten über seine Website suncountry.com und wickelt im Jahr 2023 etwa 85 % der Buchungen über Online-Kanäle ab. Die Plattform unterstützt:

• Kauf von Flugtickets
• Sitzplatzauswahl
• Gepäckzusätze
• Reservierungsänderungen

Online-Buchungsmetrik	Leistung 2023
Gesamtzahl der Online-Buchungen	4,2 Millionen
Conversion-Rate für Online-Buchungen	62.3%
Durchschnittlicher Online-Transaktionswert	$238

Kundensupport für mobile Anwendungen

Die mobile App von Sun Country bietet Kundendienstfunktionen rund um die Uhr, mit 1,1 Millionen aktiven App-Nutzern im Jahr 2023.

Funktionen zur Unterstützung mobiler Apps	Nutzungsprozentsatz
Einchecken	73%
Aktualisierungen des Flugstatus	68%
Zugang zur Bordkarte	81%

Engagement im Treueprogramm

Das Treueprogramm von Sun Country, FREIER GEIST, meldete im Jahr 2023 2,9 Millionen aktive Mitglieder.

Metrik des Treueprogramms	Daten für 2023
Gesamtzahl der aktiven Mitglieder	2,9 Millionen
Punkte eingelöst	42,3 Millionen US-Dollar
Durchschnittliche Mitgliederausgaben	512 $ jährlich

Direkte digitale Kommunikationskanäle

Sun Country unterhält mehrere digitale Kommunikationsplattformen:

• E-Mail-Marketing: 4,5 Millionen Abonnenten
• Social-Media-Follower: 1,2 Millionen
• Reaktionszeit im Kundenservice-Chat: 8,2 Minuten

Personalisierte Marketing- und Werbeangebote

Gezielte Marketingkampagnen generierten im Jahr 2023 zusätzliche Einnahmen in Höhe von 18,6 Millionen US-Dollar.

Art der Marketingkampagne	Conversion-Rate	Generierter Umsatz
Personalisierte E-Mail-Werbung	4.7%	8,2 Millionen US-Dollar
Gezielte Social-Media-Anzeigen	3.9%	6,4 Millionen US-Dollar
Angebote des Treueprogramms	5.3%	4 Millionen Dollar

Sun Country Airlines Holdings, Inc. (SNCY) – Geschäftsmodell: Kanäle

Unternehmenswebsite

Sun Country Airlines betreibt suncountry.com, das im Jahr 2022 87,3 % der Direktbuchungen abwickelte. Zu den Website-Funktionen gehören:

• Flugbuchung in Echtzeit
• Tarifauswahl
• Sitzplatzzuweisung
• Reservierung von Urlaubspaketen

Website-Metrik	Daten für 2022
Gesamtzahl der Website-Besuche	12,4 Millionen
Conversion-Rate	3.2%
Online-Einnahmen	487,3 Millionen US-Dollar

Mobile Anwendung

Die mobile App von Sun Country unterstützt:

• Mobile Buchung
• Check-in-Dienste
• Zugang zur Bordkarte
• Flugverfolgung

Metrik für mobile Apps	Daten für 2022
Gesamtzahl der App-Downloads	1,2 Millionen
Monatlich aktive Benutzer	380,000
Prozentsatz der mobilen Buchungen	22.6%

Online-Reisebuchungsplattformen

Sun Country arbeitet mit mehreren Online-Plattformen zusammen:

• Expedia
• Kajak
• Orbitz
• Preislinie

Plattform	Buchungsvolumen	Umsatzbeteiligung
Expedia	215.000 Buchungen	12.4%
Kajak	98.000 Buchungen	6.7%
Orbitz	76.000 Buchungen	4.9%

Reisebüro-Partnerschaften

Sun Country unterhält Partnerschaften mit:

• Geschäftsreisebüros
• Freizeitreisenetzwerke
• Spezialisten für Gruppenbuchungen

Kategorie „Partnerschaft“.	Gesamtpartner	Buchungsvolumen
Unternehmensagenturen	87	62.000 Buchungen
Freizeitnetzwerke	143	94.000 Buchungen

Direkte Kundendienstzentren

Sun Country betreibt Kundendienstzentren mit folgenden Kennzahlen:

Servicemetrik	Daten für 2022
Gesamtanrufvolumen	1,6 Millionen Anrufe
Durchschnittliche Bearbeitungszeit	8,2 Minuten
Kundenzufriedenheitsrate	88.3%

Sun Country Airlines Holdings, Inc. (SNCY) – Geschäftsmodell: Kundensegmente

Preisbewusste Urlaubsreisende

Sun Country Airlines richtet sich mit wettbewerbsfähigen Preisstrategien an preisbewusste Urlaubsreisende. Im 4. Quartal 2023 betrug der durchschnittliche One-Way-Tarif der Fluggesellschaft 85 US-Dollar und positionierte sich damit als erschwingliche Reiseoption.

Merkmale des Kundensegments	Prozentsatz der gesamten Passagiere
Preisbewusste Urlaubsreisende	42%
Durchschnittliches Haushaltseinkommen	$55,000 - $75,000
Typische Altersspanne	25-44 Jahre

Urlaubs- und zielorientierte Passagiere

Die Fluggesellschaft bedient wichtige Urlaubsmärkte mit Direktflügen zu beliebten Zielen.

• Zu den beliebtesten Freizeitzielen zählen Las Vegas, Orlando und Phoenix
• Saisonale Streckenabdeckung zu Zielen in Mexiko und in der Karibik
• 65 % der Passagiere buchen freizeitorientierte Reisepakete

Preissensible Inlandsreisende

Sun Country konzentriert sich auf kostengünstige Inlandsreisen innerhalb der Vereinigten Staaten.

Inlandsroutenmetriken	Daten für 2023
Gesamte Inlandsstrecken	53
Prozentsatz der inländischen Passagiere	78%
Durchschnittlicher Inlandsticketpreis	$92

Geschäftsreisende suchen erschwingliche Optionen

Das Segment der Geschäftsreisenden stellt für Sun Country einen wachsenden Markt dar.

• Flexible Buchungsmöglichkeiten für Firmenkonten
• 15 % der Passagiere gelten als Geschäftsreisende
• Durchschnittlicher Ticketpreis für Geschäftsreisende: 129 $

Saison- und Gelegenheitsflugpassagiere

Die Fluggesellschaft richtet sich an Passagiere mit zeitweisem Reisebedarf.

Saisonale Reisekennzahlen	Jährliche Daten
Passagiere in der Hauptreisezeit	38%
Passagiere außerhalb der Hauptverkehrszeiten	22%
Häufigkeit von Gelegenheitsreisenden	1-2 Fahrten pro Jahr

Sun Country Airlines Holdings, Inc. (SNCY) – Geschäftsmodell: Kostenstruktur

Kosten für Flugzeugleasing und -wartung

Zum Finanzbericht 2023 meldete Sun Country Airlines Gesamtkosten für Flugzeugleasing in Höhe von 96,7 Millionen US-Dollar. Die Wartungskosten für die Flotte beliefen sich auf etwa 53,4 Millionen US-Dollar pro Jahr.

Kostenkategorie	Jährlicher Betrag (USD)
Kosten für Flugzeugleasing	$96,700,000
Wartungskosten für Flugzeuge	$53,400,000

Treibstoff- und Betriebskosten

Die Treibstoffkosten für Sun Country Airlines beliefen sich im Jahr 2023 auf insgesamt 167,2 Millionen US-Dollar. Die Betriebskosten im Zusammenhang mit dem Flugbetrieb beliefen sich auf 218,5 Millionen US-Dollar.

• Kerosinkosten pro Gallone: 2,85 $
• Jährlicher Kraftstoffverbrauch: 58,7 Millionen Gallonen

Löhne und Schulung der Mitarbeiter

Die Gesamtvergütung der Mitarbeiter von Sun Country Airlines belief sich im Jahr 2023 auf 252,6 Millionen US-Dollar. Die Schulungs- und Entwicklungskosten beliefen sich auf 8,3 Millionen US-Dollar.

Personalkostenkategorie	Jährlicher Betrag (USD)
Gesamtlohn der Mitarbeiter	$252,600,000
Schulungskosten	$8,300,000

Marketing und Kundenakquise

Die Marketingausgaben für Sun Country Airlines beliefen sich im Jahr 2023 auf 22,1 Millionen US-Dollar. Die Kosten für die Kundenakquise beliefen sich auf etwa 14,6 Millionen US-Dollar.

Investitionen in Technologie und digitale Infrastruktur

Die Technologieinvestitionen beliefen sich im Jahr 2023 auf insgesamt 17,5 Millionen US-Dollar, die Ausgaben für digitale Infrastruktur beliefen sich auf 6,9 Millionen US-Dollar.

• Investitionen in die IT-Infrastruktur: $17,500,000
• Entwicklung digitaler Plattformen: $6,900,000

Sun Country Airlines Holdings, Inc. (SNCY) – Geschäftsmodell: Einnahmequellen

Verkauf von Passagiertickets

Für das Geschäftsjahr 2023 meldete Sun Country Airlines einen Gesamtbetriebsumsatz von 1,2 Milliarden US-Dollar. Die Einnahmen aus Passagiertickets machten etwa 75 % des Gesamtumsatzes aus, was etwa 900 Millionen US-Dollar entspricht.

Umsatzkategorie	Betrag (2023)	Prozentsatz des Gesamtumsatzes
Verkauf von Passagiertickets	900 Millionen Dollar	75%

Einnahmen aus Gepäckgebühren

Die Gepäckgebühren erwirtschafteten im Jahr 2023 etwa 120 Millionen US-Dollar, was 10 % der gesamten Betriebseinnahmen der Fluggesellschaft ausmacht.

Einzelheiten zu den Gepäckgebühren	Betrag (2023)
Gebühr für das erste aufgegebene Gepäckstück	$30
Gebühr für das zweite aufgegebene Gepäckstück	$40
Gesamte Einnahmen aus Gepäckgebühren	120 Millionen Dollar

Nebenkosten

Nebendienstleistungen trugen im Jahr 2023 etwa 90 Millionen US-Dollar zum Umsatz des Unternehmens bei.

• Gebühren für die Sitzplatzauswahl
• Verkauf von Mahlzeiten an Bord
• Gebühren für bevorzugtes Boarding
• Verkauf von Reiseversicherungen

Charterflugbetrieb

Die Einnahmen aus Charterflügen beliefen sich im Jahr 2023 auf etwa 60 Millionen US-Dollar, was 5 % der gesamten Betriebseinnahmen entspricht.

Fracht- und Gütertransportdienstleistungen

Der Gütertransport erwirtschaftete im Jahr 2023 einen Umsatz von etwa 30 Millionen US-Dollar, was 2,5 % des gesamten Betriebsumsatzes entspricht.

Einnahmequelle	Betrag (2023)	Prozentsatz des Gesamtumsatzes
Verkauf von Passagiertickets	900 Millionen Dollar	75%
Gepäckgebühren	120 Millionen Dollar	10%
Zusatzleistungen	90 Millionen Dollar	7.5%
Charterflüge	60 Millionen Dollar	5%
Gütertransport	30 Millionen Dollar	2.5%

Sun Country Airlines Holdings, Inc. (SNCY) - Canvas Business Model: Value Propositions

You're looking at the core value Sun Country Airlines Holdings, Inc. (SNCY) delivers to its customers and stakeholders as of late 2025. It's a hybrid approach, balancing the low-cost model with high-margin contract flying.

Low-cost fares for leisure and VFR (Visiting Friends and Relatives) travel

Sun Country Airlines Holdings, Inc. (SNCY) commits to providing affordable travel options, especially for leisure and VFR passengers flying out of its Minneapolis-St. Paul International Airport (MSP) hub. This is evident in the scheduled service fare metrics reported through the third quarter of 2025. The total fare per scheduled passenger for the third quarter of 2025 was $143, representing a 1.1% increase year-over-year. For the second quarter of 2025, the total fare per scheduled passenger was $151, which was 6.5% higher than the second quarter of 2024. Revenue per available seat mile (TRASM) for scheduled service in Q3 2025 was 10.6 cents, up 1.6% from the prior year's third quarter. Still, the low-fare positioning is visible in advertised deals; for instance, a one-way flight from MSP to Boston (BOS) was advertised at $89 for Summer 2025.

You can see the low-end pricing in action with some of the featured deals from MSP:

• MSP to Nashville (BNA) from $59.
• MSP to Las Vegas (LAS) from $69.
• MSP to Phoenix (PHX) from $72.
• MSP to Fort Myers (RSW) from $79.

High-margin, stable, contracted cargo and charter services

The stability and higher margin come from the synergistic cargo and charter businesses, which insulate the company somewhat from passenger yield volatility. Cargo and charter combined generated 40% of total revenue in the third quarter of 2025. Cargo revenue specifically saw substantial growth, reaching $44 million in the third quarter of 2025, a 50.9% increase versus the third quarter of 2024. Charter revenue was $58.7 million in Q3 2025, marking a 15.6% year-over-year increase.

Here's a look at the revenue breakdown and fleet allocation supporting this dual model through the first half of 2025:

Metric	Q2 2025 Value	Q3 2025 Value	Change/Note
Total Revenue	$264 million	$255.5 million	Q2 up 3.6% YoY
Cargo Revenue	$35 million	$44 million	Q2 up 36.8% YoY
Charter Revenue	$54 million	$58.7 million	Q3 up 15.6% YoY
Passenger Fleet Aircraft	45 (as of June 30, 2025)	45 (as of September 30, 2025)	Passenger ASMs down 10.2% in Q3
Cargo Fleet Freighter Aircraft	19 (as of June 30, 2025)	20 (as of September 30, 2025)	Cargo block hours up 33.7% in Q3

The company's total liquidity on September 30, 2025, stood at $299 million.

Seasonal flexibility by reallocating shared aircraft resources

Sun Country Airlines Holdings, Inc. (SNCY) dynamically deploys shared aircraft resources across its scheduled, charter, and cargo businesses. This flexibility is demonstrated by the intentional reduction in scheduled passenger capacity to accommodate cargo segment growth. For the second quarter of 2025, scheduled service Available Seat Miles (ASMs) decreased 6.2% year-over-year to support cargo and charter flying. This trend continued into the third quarter, where scheduled service ASMs fell by 10.2% year-over-year. Looking forward, scheduled service ASMs are projected to decline in the fourth quarter of 2025 by approximately 8 to 9% year-over-year to annualize the cargo segment growth. This reallocation is key to maximizing asset utilization across the different business lines.

Nonstop service to popular, sun-belt destinations from Minneapolis

The airline focuses on offering nonstop, affordable travel from its MSP hub to leisure markets, including sun-belt destinations, often extending seasonal routes. Sun Country Airlines is noted to offer weekly flights from MSP to Miami (MIA) and Sarasota (SRQ), extending this service into the summer of 2025, past the typical seasonal end. The Summer 2025 schedule was planned to offer more flight options to its most popular leisure markets. Popular sun-belt and warm-weather destinations served nonstop from MSP include:

• Fort Myers (RSW)
• Orlando (MCO)
• Phoenix (PHX)
• Las Vegas (LAS)
• Tampa (TPA)
• Miami (MIA)

Through Summer 2025, Sun Country Airlines planned to operate 116 routes serving 102 airports.

Sun Country Airlines Holdings, Inc. (SNCY) - Canvas Business Model: Customer Relationships

For Sun Country Airlines Holdings, Inc. (SNCY), customer relationships are segmented across high-touch dedicated service for large contracts and highly automated, transactional interactions for the leisure scheduled service base. The airline's strategy in late 2025 clearly shows a pivot to bolster loyalty and digital engagement while maintaining the stability provided by its charter and cargo clients.

Transactional model for scheduled service bookings

The vast majority of Sun Country Airlines' individual passenger relationships operate on a transactional basis, driven by direct bookings through their digital channels. This model relies on efficiency and competitive pricing to drive volume, though unit revenue management is critical given the capacity shifts. For instance, in the third quarter of 2025, the scheduled service load factor stood at a strong 84.8%, an increase of 0.6 percentage points year-over-year, on 997,947 revenue passengers carried. You can see how the unit revenue metrics trended across the first three quarters of 2025 right here:

Metric (Scheduled Service)	Q1 2025	Q2 2025	Q3 2025
TRASM (cents)	11.63	10.40	10.6
Total Fare per Passenger	$198	$151	$143
YoY Total Fare Change	1.0% increase	6.5% increase	1.1% increase
YoY TRASM Change	4.7% decrease	3.7% increase	1.6% increase

The quick math shows that while the average fare per passenger was highest in Q1 at $198, the unit revenue (TRASM) saw its best year-over-year improvement in Q2 at 3.7%, indicating pricing power was strongest then, despite the lowest average fare of $151 in that quarter. Still, by Q3, the focus on yield improvement was evident with a 1.6% YoY TRASM increase.

Dedicated account management for charter and cargo clients

For charter and cargo clients, the relationship is high-touch, managed through dedicated service to support long-term contracts, most notably with Amazon Air. This diversified revenue stream provided a stable foundation, generating approximately 40% of total revenue in the third quarter of 2025. The cargo segment saw massive growth, with Q3 2025 cargo revenue reaching $44 million, a 50.9% increase versus Q3 2024, supported by a fleet of 20 freighter aircraft as of September 30, 2025. Charter revenue also showed solid growth, hitting $58.7 million in Q3 2025, marking a 15.6% year-over-year increase.

• Cargo block hours increased by 33.7% in Q3 2025.
• Charter block hours increased by 11.1% in Q3 2025.
• Q2 2025 saw cargo revenue at $35 million and charter revenue at $54 million.
• Q1 2025 cargo revenue was $28 million and charter revenue was $55 million.

These figures demonstrate that the cargo segment is the primary driver of revenue acceleration, which requires close, dedicated account management to service the Amazon contract rates that began going into effect in June 2024.

Loyalty program enhancements via new credit card partner

Sun Country Airlines Holdings, Inc. (SNCY) made a significant move to deepen transactional relationships by launching the Sun Country Visa Signature® credit card in partnership with Synchrony Bank in September 2025. This launch was immediately coupled with the introduction of the Sun Country Rewards Plus Status tier, designed to convert high-frequency flyers and high spenders into more committed members. If onboarding takes 14+ days, churn risk rises, but the structure here is clear.

• Plus Status is earned by flying 10 qualifying flights or spending $10,000 on the co-branded Visa card in a calendar year.
• Benefits include earning 1 additional point per dollar on flights booked via the mobile app or website.
• Cardholders also receive a Complimentary Flexible Fare benefit.
• Status grants Priority Boarding (Zone 1) and Priority Check-In access.

This structure directly ties the most valuable relationship benefits to the use of the co-branded card, making the financial product a key relationship retention tool.

Digital self-service tools like the new mobile app

The airline's investment in digital self-service tools is central to managing the high volume of transactional customers efficiently. The new mobile app, which launched in May 2024, serves as the primary digital touchpoint for day-of-travel management. Jim Stathopoulos, Senior Vice President & Chief Information Officer, is overseeing the execution of IT systems that support this digital focus. The app is designed to be a one-stop-shop for customers to manage their entire journey on-the-go.

• Check-in is available between one and 24 hours prior to departure.
• Users can download their mobile boarding pass to skip ticket counter lines.
• Trip management features allow customers to add bags, select seats, or adjust flights.
• The app provides easy access to Sun Country Rewards account information.

Furthermore, in 2023, Sun Country Airlines introduced automated self-service digital tools for customers facing extended delays, simplifying the process for receiving digital hotel/meal vouchers or processing refunds.

Finance: draft 13-week cash view by Friday.

Sun Country Airlines Holdings, Inc. (SNCY) - Canvas Business Model: Channels

You're looking at how Sun Country Airlines Holdings, Inc. (SNCY) gets its product-seats on planes and cargo space-into the hands of customers as of late 2025. The channel strategy clearly leans on a mix of direct-to-consumer digital sales and high-touch contract sales for its specialized businesses.

Direct sales via Sun Country Airlines website and mobile app

The digital storefront is key for the scheduled service. Travelers use the Sun Country Airlines website or the Fly Sun Country mobile app to book, where they can select from Main Cabin, Comfort+, Premium Select, and First Class. While the exact split isn't public, the performance of the scheduled service reflects the effectiveness of these direct channels. For instance, in the third quarter of 2025, the total fare per scheduled passenger was $143, showing pricing power even as Available Seat Miles (ASMs) declined. Also, September 2025 saw a strong load factor of 83% with total fares up 4.5% year-over-year, suggesting customers are booking and filling seats effectively through these primary interfaces. You can book travel through the extended selling schedule, which runs through December 9, 2025, as of early 2025 filings.

Online Travel Agencies (OTAs) for scheduled service

OTAs are certainly part of the mix for the scheduled passenger business, which is the traditional airline channel. However, the strategic focus in 2025 has been on managing capacity in this segment to support cargo growth. Scheduled service ASMs in the third quarter of 2025 were down 10.2% year-over-year. This capacity reduction suggests a deliberate choice to prioritize higher-margin or more stable revenue streams over maximizing every available seat through all channels, including OTAs.

Dedicated sales teams for Charter and Cargo contracts

This is where Sun Country Airlines really diversifies its channel approach, relying on dedicated teams to secure large, predictable contracts. These two segments combined generated around 40% of the total revenue in the third quarter of 2025. The growth here is phenomenal, driven by direct contract negotiation, notably with Amazon for cargo.

Here's a quick look at the contract channel performance for Q3 2025:

Channel Metric	Charter (Q3 2025)	Cargo (Q3 2025)
Revenue Amount	$58.7 million	$44 million
Year-over-Year Growth	15.6%	50.9%
Block Hour Growth	11.1%	33.7%

The cargo segment's growth was supported by the completion of its freighter fleet expansion, ending Q3 2025 with 20 cargo aircraft in service.

Major US airports, including Minneapolis-St. Paul (MSP) hub

The physical presence is anchored by the headquarters and primary hub operations at Minneapolis-St. Paul International Airport (MSP). Sun Country Airlines positions itself as the leisure airline of choice at MSP. The network scale as of early 2025 included operating 116 routes serving nearly 100 airports across the United States, Mexico, Central America, Canada, and the Caribbean. The airline planned to serve approximately 100 destinations in 2025. The channel strategy at MSP involves optimizing the route mix; for example, five seasonal routes from MSP were paused for summer 2025 to focus capacity on the scaling cargo operations.

The fleet supporting these channels as of March 31, 2025, consisted of:

• 45 aircraft in the passenger service fleet.
• 15 freighter aircraft in the cargo fleet.

The expectation was to end 2025 with 45 passenger aircraft and 20 cargo aircraft.

Sun Country Airlines Holdings, Inc. (SNCY) - Canvas Business Model: Customer Segments

You're looking at Sun Country Airlines Holdings, Inc. (SNCY) and seeing a carrier that has strategically layered high-volume, contract-based revenue streams on top of its traditional leisure flying. This diversification is what earned them the Air Transport World Airline Industry Achievement Market Leader Award of 2025. Honestly, the scheduled passenger business is being deliberately managed-or pulled back-to feed the growth in the other two segments. Here's the quick math: Cargo and Charter combined generated $\mathbf{40\%}$ of total revenue in the third quarter of 2025, which is their highest contribution since late 2020.

Leisure and VFR passengers seeking low-cost, nonstop flights

This group forms the foundation of Sun Country Airlines Holdings, Inc.'s Scheduled Service segment, catering to the low-cost, nonstop travel need, especially to leisure spots. However, capacity discipline is the theme for 2025. You see this in the operational shifts; Scheduled service block hours decreased by $\mathbf{10.9\%}$ in the third quarter of 2025 to support the cargo expansion. The airline is prioritizing pricing power over sheer volume in this segment for now. For instance, the total fare per scheduled passenger in Q3 2025 was $\mathbf{\$143}$, which was $\mathbf{1.1\%}$ higher than the prior year, even as the load factor only ticked up $\mathbf{0.6}$ percentage points.

The unit revenue metric, Scheduled service TRASM (Total Revenue per Available Seat Mile), came in at $\mathbf{10.6}$ cents in Q3 2025. Management expects this capacity reallocation to provide a tailwind for scheduled service unit revenues through at least the first quarter of 2026, with scheduled service operations anticipated to resume growth around the second quarter of 2026. As of September 30, 2025, the passenger service fleet stood at $\mathbf{45}$ aircraft.

• Scheduled service ASMs (Available Seat Miles) fell $\mathbf{10.2\%}$ year-over-year in Q3 2025.
• Scheduled service ASMs are projected to decline by approximately $\mathbf{8}$ to $\mathbf{9\%}$ year-over-year in the fourth quarter of 2025.
• The airline plans to expand the passenger fleet to $\mathbf{50}$ aircraft by 2027.

Corporate, government, and sports teams (Charter clients)

The Charter segment provides a stable, high-margin counterbalance to the more cyclical leisure market. This business saw solid growth across the first three quarters of 2025. In the third quarter alone, charter revenue hit $\mathbf{\$58.7}$ million, marking a $\mathbf{15.6\%}$ year-over-year increase. What's telling is that this revenue growth outpaced the $\mathbf{11.1\%}$ increase in charter block hours, suggesting better pricing or utilization within those contracts. To give you a quarter-over-quarter view of this segment's strength:

Period Ended	Charter Revenue (Millions USD)	Year-over-Year Growth
March 31, 2025 (Q1)	$55.0	15.6%
June 30, 2025 (Q2)	$54.0	6.4%
September 30, 2025 (Q3)	$58.7	15.6%

This segment is definitely a key component of the diversified model you're analyzing.

Amazon (primary, high-volume Cargo customer)

This is the growth engine. Sun Country Airlines Holdings, Inc. completed its cargo segment transformation in the third quarter of 2025 by deploying its full complement of $\mathbf{20}$ Boeing 737-800 freighter aircraft for Amazon. This fleet size represents a $\mathbf{14\%}$ expansion in the total operating aircraft compared to the start of the year. The results are clear: Q3 2025 cargo revenue surged $\mathbf{50.9\%}$ year-on-year to $\mathbf{\$44}$ million, driven by both the increased aircraft count and new Amazon contract rates that went into effect in mid-2024. The company projects that with the expanded fleet and rate increases, annual cargo revenue will double to approximately $\mathbf{\$215}$ million per year.

The operational commitment to Amazon is significant:

• Cargo block hours increased $\mathbf{33.7\%}$ in Q3 2025.
• The cargo fleet reached $\mathbf{20}$ freighters as of September 30, 2025.
• Cargo revenue was $\mathbf{\$28}$ million in Q1 2025, growing to $\mathbf{\$35}$ million in Q2 2025.

The amended contract with Amazon runs through 2030, with options extending through 2037, securing this high-volume customer base for the long haul.

Other airlines leasing Sun Country aircraft

A smaller, but still relevant, component of the revenue mix comes from leasing out excess or temporarily unutilized aircraft. As of September 30, 2025, Sun Country Airlines Holdings, Inc. had $\mathbf{5}$ aircraft on lease to unaffiliated airlines. For context, this number was $\mathbf{6}$ aircraft at the end of the first quarter on March 31, 2025. This leasing activity contributes to the Other Revenue line item, which totaled $\mathbf{\$26.8}$ million for the nine months ended September 30, 2025. You should note that management expected this Other Revenue to reduce by approximately $\mathbf{33\%}$ versus Q2 2025 due to a decrease in these lease arrangements.

Sun Country Airlines Holdings, Inc. (SNCY) - Canvas Business Model: Cost Structure

The cost structure for Sun Country Airlines Holdings, Inc. (SNCY) is heavily weighted toward variable expenses, typical of an airline, though the overall structure aims for the lower fixed-cost profile associated with its Ultra Low-Cost Carrier (ULCC) model positioning.

Variable Costs and Fuel Exposure

• Aircraft fuel cost per gallon was projected at $2.61 for the third quarter of 2025 guidance.
• The actual economic fuel cost per gallon for the third quarter of 2025 was reported at $2.55.
• For the fourth quarter of 2025, the projected economic fuel cost per gallon was $2.50.
• Total operating expenses in Q3 2025 grew 3.6% year-over-year, aligned with a 3.8% increase in total block hours.

Labor and Personnel Expenses

Labor costs represent a significant component, reflecting headcount growth and new contractual agreements. Salaries, wages, and benefits increased by 15.0% year-over-year in the third quarter of 2025. This increase was mainly driven by:

• Growth in the number of pilots.
• A contractual pilot wage scale increase effective from the start of the year.
• The new flight attendant contract that went into effect in March 2025.

In the first quarter of 2025, salaries had grown 12.9% year-over-year, attributed to an 8% increase in pilot headcount and a 6% contractual pilot wage scale increase.

Aircraft Ownership and Maintenance

Costs related to the fleet include both fixed charges like rent and depreciation, and variable maintenance costs that spiked recently.

Cost Component	Period/Reference	Amount/Rate
Maintenance Expense Increase (YoY)	Q3 2025	13.5%
Leased Aircraft, Depreciation & Amortization Expense	Q2 2025 (Quarterly)	$3.1 million
Rental Revenue from Assets on Lease	Q3 2025 (Quarterly)	Approx. $7.1 million

The 13.5% year-over-year increase in maintenance expense for the third quarter of 2025 was mainly due to the occurrence of unplanned maintenance events. Management noted that heavy maintenance costs are being pulled forward into Q4 2025 from 2026.

Fixed Cost Structure Elements

Sun Country Airlines Holdings, Inc. operates with a stated low fixed-cost structure, which is a key element of its ULCC approach, allowing for flexibility in capacity deployment between its scheduled, charter, and cargo segments. However, certain costs are fixed or semi-fixed:

• Landing fees and airport rent increased by 9.1% in Q2 2025 due to rate increases at airports.
• Total system Adjusted CASM (Cost per Available Seat Mile) ex-fuel for Q3 2025 was 8.46 cents.
• The GAAP operating margin for Q3 2025 was 3.9%.

Sun Country Airlines Holdings, Inc. (SNCY) - Canvas Business Model: Revenue Streams

You're looking at how Sun Country Airlines Holdings, Inc. (SNCY) actually brings in the cash flow as of late 2025. It's a hybrid model, leaning heavily on specialized contracts alongside traditional flying. Here's the quick math on the revenue streams based on the third quarter of 2025 results.

The total revenue for Sun Country Airlines Holdings, Inc. in the third quarter of 2025 hit $255.5 million, marking their highest third quarter on record. This revenue is strategically diversified, with the cargo and charter segments combined accounting for 40% of that total revenue for the quarter. This mix is key to stabilizing results while the scheduled service capacity was intentionally reduced to support cargo growth.

The revenue streams break down across several key areas:

Revenue Stream Component	Q3 2025 Amount/Metric	Year-over-Year Change
Cargo Service Revenue	$44 million	Up 50.9%
Charter Service Revenue	$58.7 million	Up 15.6%
Other Revenue (Aircraft Lease Income Portion)	$7.1 million (Lease Income)	Down from $10.1 million in Q3 2024

Scheduled Service revenue is still a core component, though capacity was shifted. For the scheduled service, the total fare per scheduled passenger in the third quarter of 2025 was $143. This is an important metric because Scheduled Service TRASM (Total Revenue per Available Seat Mile) showed an inflection, increasing 1.6% overall for the quarter, with September performance showing an increase of over 7%.

For the specialized segments, the growth has been substantial. Cargo revenue reached $44 million in Q3 2025, a 50.9% increase year-over-year, driven by all 20 cargo aircraft being in service for Amazon by late August. Charter revenue also saw strong growth, coming in at $58.7 million, which represents a 15.6% year-over-year increase.

The ancillary revenue component, which covers things like bags and seat selection, is bundled into the Scheduled Service TRASM calculation along with scheduled service revenue itself. What this estimate hides is the precise dollar amount of ancillary revenue separate from the base fare. Other Revenue also includes rental income from assets, with the aircraft lease income portion specifically noted at approximately $7.1 million for the three months ended September 30, 2025.

You can see the composition of the passenger-related revenue streams:

• Scheduled Service total fare per passenger: $143 (Q3 2025)
• Charter revenue: $58.7 million (Q3 2025)
• Charter block hours increase: 11.1% YoY
• Scheduled service ASMs (Available Seat Miles) decrease: 10.2% in Q3 2025