Sun Country Airlines Holdings, Inc. (SNCY): Business Model Canvas [Jan-2025 Mis à jour]

Sun Country Airlines Holdings, Inc. (SNCY) apparaît comme un transporteur dynamique à bas prix révolutionnant les voyages aériens abordables à travers les États-Unis. En mélangeant stratégiquement les prix innovants, les réseaux de routes flexibles et les services centrés sur le client, cette compagnie aérienne basée à Minneapolis a sculpté un créneau unique sur le marché de l'aviation concurrentiel. Plongez dans la toile du modèle commercial complexe qui révèle comment le pays solaire transforme le voyage budgétaire d'un simple concept à une réalité accessible, offrant aux voyageurs une valeur sans précédent sans compromettre l'expérience ou la commodité.

Sun Country Airlines Holdings, Inc. (SNCY) - Modèle commercial: partenariats clés

Partenariats d'approvisionnement en avion

Sun Country Airlines maintient des partenariats stratégiques avec les fabricants d'avions:

Fabricant	Type d'avion	Taille de la flotte (2023)
Boeing	737-800	39 avions
Boeing	737 Max 8	16 avions

Collaborations de plate-forme de réservation de voyage

Les principaux partenariats de distribution de voyages en ligne comprennent:

• Groupe Expedia
• Kayak
• Prix
• Orbite

Partenariats de Hub Airport

Minneapolis-st. Aéroport international de Paul (MSP) sert de centre principal avec les détails du partenariat suivant:

Type de partenariat	Volume annuel des passagers (2023)
Accord opérationnel de l'aéroport	1,2 million de passagers

Partenariats de carburant et d'entretien

Collaborations stratégiques du carburant et de la maintenance:

• Services de carburant mondial
• Standardaero
• AAR Corp

Réseau de cargaison et de logistique

Détails de la collaboration logistique:

Partenaire de logistique	Volume de fret annuel (2023)
Air Amazon	87 500 tonnes métriques

Sun Country Airlines Holdings, Inc. (SNCY) - Modèle d'entreprise: Activités clés

Transport des compagnies aériennes à bas prix

Volume annuel des passagers: 3,5 millions (2022 données) Taille de la flotte: 48 avions Réseau moyen de route: plus de 100 destinations à travers les États-Unis, le Mexique et les Caraïbes

Métrique	Valeur
Coût par mile de siège disponible (CASM)	$0.0782 (2022)
MILES DE DES PASSAGERS (RPM)	4,2 milliards (2022)

Opérations de vol charter

Revenus de charte: 78,4 millions de dollars (2022 Exercice) Segments de vol en charte: équipes sportives, voyages d'entreprise, voyages de groupe

• Contrats de charte militaire
• Transport d'équipe sportive professionnelle
• Chartes d'événements d'entreprise

Planification des loisirs et des voies de vacances

Couverture de l'itinéraire de loisirs: 35 destinations de loisirs Partenariats des forfaits de vacances: 12 agences de voyage

Type de destination	Nombre de routes
Destinations de plage	22
Itinéraires d'escapade le week-end	13

Entretien des avions et gestion de la flotte

Coût de maintenance: 42,3 millions de dollars par an Installations d'entretien internes: 2 emplacements principaux

• Boeing 737 Avion d'entretien spécialisé
• Mise en œuvre de la technologie de maintenance prédictive
• Procédures de maintenance certifiée FAA

Prix ​​dynamique et optimisation des revenus

Revenus par siège disponible Mile (RASM): 0,129 $ (2022) Algorithme de prix Sophistication: modèle prédictif basé sur l'apprentissage automatique

Composant de la stratégie de tarification	Pourcentage d'optimisation
Ajustement de la demande saisonnière	37%
Suivi des prix des concurrents	28%
Réductions d'achat à l'avance	22%

Sun Country Airlines Holdings, Inc. (SNCY) - Modèle commercial: Ressources clés

Fleet of Boeing 737 Aircraft

Au quatrième trimestre 2023, Sun Country Airlines exploite une flotte de 52 Boeing 737, avec la composition suivante:

Type d'avion	Nombre d'avions
Boeing 737-800	33
Boeing 737 Max 8	19

Stratégique Minneapolis-St. Emplacement de Paul Hub

Le centre principal de Sun Country est situé à Aéroport international de Minneapolis-Saint-Saint (MSP), qui sert de centre opérationnel critique.

• Espace total de la porte de l'aéroport: 8 portes dédiées
• Trafic annuel des passagers via MSP Hub: environ 1,2 million de passagers

Plateformes de réservation numérique et de service client

Investissement d'infrastructure numérique pour 2023:

Plate-forme	Montant d'investissement
Développement de sites Web	2,3 millions de dollars
Application mobile	1,7 million de dollars
Technologie de service client	1,5 million de dollars

Équipe expérimentée de gestion des compagnies aériennes

Détails de leadership exécutif clés:

• Expérience moyenne de l'industrie: 18,5 ans
• Membres totaux de l'équipe de direction: 7
• Pourcentage avec une expérience antérieure de gestion des compagnies aériennes: 85,7%

Infrastructure opérationnelle rentable

Mesures d'efficacité opérationnelle pour 2023:

Métrique	Valeur
Coût de fonctionnement par siège disponible mile (CASM)	$0.0782
Ratio d'efficacité énergétique	42.3 miles passager par gallon
Pourcentage de coût de maintenance	4,2% du total des dépenses d'exploitation

Sun Country Airlines Holdings, Inc. (SNCY) - Modèle d'entreprise: propositions de valeur

Options de loisirs et de vacances abordables

Au quatrième trimestre 2023, Sun Country Airlines offre des prix moyens des billets allant de 49 $ à 199 $ pour les itinéraires intérieurs. Les revenus de la compagnie aérienne par siège disponible Mile (RASM) étaient de 0,1059 $ en 2023, indiquant des stratégies de tarification compétitives.

Type d'itinéraire	Prix ​​moyen des billets	Volume de passagers
Voies de loisirs domestiques	$89	1,2 million de passagers en 2023
Itinéraires de destination de vacances	$129	850 000 passagers en 2023

Réseau d'itinéraire flexible aux États-Unis

Sun Country exploite des vols pour 54 Destinations Aux États-Unis, avec un réseau couvrant les principaux marchés de loisirs et de vacances.

• Primal Hub: aéroport international de Minneapolis-Saint-Paul
• Poyeuses secondaires: Denver, Las Vegas et Orlando
• Couverture totale de l'itinéraire: 54 destinations

Stratégies de tarification compétitives

En 2023, la compagnie aérienne a maintenu un tarif moyen de 104 $, soit 30% inférieur aux transporteurs hérités comparables.

Tarification métrique	Valeur 2023
Prix ​​moyen des billets	$104
Coût par mile de siège disponible (CASM)	$0.0752

Services de vol directs et de connexion pratiques

Sun Country fonctionne 700 vols hebdomadaires avec une flotte de 52 avions Boeing en décembre 2023.

• Pourcentage de vol direct: 65%
• Connexion pour pourcentage de vol: 35%
• Temps de connexion moyen: 1,2 heures

Expériences de voyage personnalisées à des tarifs budgétaires

La compagnie aérienne a généré 1,1 milliard de dollars de revenus totaux pour 2023, en mettant l'accent sur les voyageurs soucieux du budget.

Offre de services	2023 statistiques
Revenus accessoires par passager	$42.50
Membres du programme de fidélité	2,3 millions

Sun Country Airlines Holdings, Inc. (SNCY) - Modèle d'entreprise: Relations clients

Plateformes de réservation en libre-service en ligne

Sun Country Airlines offre des capacités de réservation numérique via son site Web Suncountry.com, traitant environ 85% des réservations via des canaux en ligne en 2023. La plate-forme prend en charge:

• Achats des billets de vol
• Sélection des sièges
• Compléments à bagages
• Modifications de la réservation

Métrique de réservation en ligne	Performance de 2023
Réservations totales en ligne	4,2 millions
Taux de conversion de réservation en ligne	62.3%
Valeur de transaction en ligne moyenne	$238

Support client d'application mobile

L'application mobile Sun Country fournit Caractéristiques de service client 24/7, avec 1,1 million d'utilisateurs d'applications actives en 2023.

Fonctionnalités de support d'application mobile	Pourcentage d'utilisation
Enregistrement	73%
Mises à jour du statut de vol	68%
Accès d'embarquement	81%

Engagement du programme de fidélité

Programme de fidélité de Sun Country, Esprit libre, a rapporté 2,9 millions de membres actifs en 2023.

Métrique du programme de fidélité	2023 données
Membres actifs totaux	2,9 millions
Points rachetés	42,3 millions de dollars
Dépenses moyennes des membres	512 $ par an

Canaux de communication numériques directs

Sun Country maintient plusieurs plateformes de communication numérique:

• Marketing par e-mail: 4,5 millions d'abonnés
• Abonnés des médias sociaux: 1,2 million
• Temps de réponse du chat du service client: 8,2 minutes

Marketing et offres promotionnelles personnalisées

Les campagnes de marketing ciblées ont généré 18,6 millions de dollars de revenus supplémentaires au cours de 2023.

Type de campagne de marketing	Taux de conversion	Revenus générés
Promotions par e-mail personnalisées	4.7%	8,2 millions de dollars
Annonces sur les réseaux sociaux ciblés	3.9%	6,4 millions de dollars
Offres du programme de fidélité	5.3%	4 millions de dollars

Sun Country Airlines Holdings, Inc. (SNCY) - Modèle d'entreprise: canaux

Site Web de l'entreprise

Sun Country Airlines exploite Suncountry.com, qui a traité 87,3% des réservations directes en 2022. Les fonctionnalités du site Web comprennent:

• Réservation de vols en temps réel
• Sélection des tarifs
• Affectation de siège
• Réservations de forfaits de vacances

Métrique du site Web	2022 données
Visites totaux sur le site Web	12,4 millions
Taux de conversion	3.2%
Revenus en ligne	487,3 millions de dollars

Application mobile

Prise en charge de l'application mobile de Sun Country:

• Réservation mobile
• Services d'enregistrement
• Accès d'embarquement
• Suivi des vols

Métrique de l'application mobile	2022 données
Total des téléchargements d'applications	1,2 million
Utilisateurs actifs mensuels	380,000
Pourcentage de réservation mobile	22.6%

Plateformes de réservation de voyage en ligne

Sun Country s'associe à plusieurs plateformes en ligne:

• Expedia
• Kayak
• Orbite
• Prix

Plate-forme	Volume de réservation	Part des revenus
Expedia	215 000 réservations	12.4%
Kayak	98 000 réservations	6.7%
Orbite	76 000 réservations	4.9%

Partenariats de l'agence de voyage

Sun Country maintient des partenariats avec:

• Agences de voyages d'entreprise
• Réseaux de voyage de loisirs
• Spécialistes de la réservation de groupe

Catégorie de partenariat	Total des partenaires	Volume de réservation
Agences d'entreprise	87	62 000 réservations
Réseaux de loisirs	143	94 000 réservations

Centres de service à la clientèle directs

Sun Country exploite des centres de service à la clientèle avec des mesures suivantes:

Métrique de service	2022 données
Volume d'appel total	1,6 million d'appels
Temps de manche moyen	8,2 minutes
Taux de satisfaction client	88.3%

Sun Country Airlines Holdings, Inc. (SNCY) - Modèle d'entreprise: segments de clients

Voyageurs de loisirs soucieux du budget

Sun Country Airlines cible les voyageurs de loisirs soucieux du budget avec des stratégies de tarification compétitives. Au quatrième trimestre 2023, le prix moyen à sens unique de la compagnie aérienne était de 85 $, se positionnant comme une option de voyage abordable.

Caractéristiques du segment de la clientèle	Pourcentage du total des passagers
Voyageurs de loisirs à petit budget	42%
Revenu moyen des ménages	$55,000 - $75,000
Tranche d’âge typique	25-44 ans

Passagers de vacances et de destination

La compagnie aérienne sert des marchés de vacances clés avec des itinéraires directs vers des destinations populaires.

• Les principales destinations de loisir incluent Las Vegas, Orlando, Phoenix
• Couverture de l'itinéraire saisonnier vers les destinations du Mexique et des Caraïbes
• 65% des passagers réservent des forfaits de voyage axés sur les loisirs

Voyageurs nationaux sensibles aux prix

Sun Country se concentre sur les voyages intérieurs rentables aux États-Unis.

Métriques de l'itinéraire domestique	2023 données
Itinéraires intérieurs totaux	53
Pourcentage de passagers intérieurs	78%
Prix ​​moyen des billets intérieurs	$92

Les voyageurs d'affaires à la recherche d'options abordables

Le segment des voyageurs d'affaires représente un marché croissant pour Sun Country.

• Options de réservation flexibles pour les comptes d'entreprise
• 15% des passagers classés comme voyageurs d'affaires
• Prix ​​des billets moyens du voyageur d'affaires: 129 $

Passagers de vol saisonniers et occasionnels

La compagnie aérienne répond aux passagers ayant des besoins de voyage intermittents.

Métriques de voyage saisonnières	Données annuelles
Passagers de la saison de voyage de pointe	38%
Passagers de voyage hors pointe	22%
Fréquence des voyageurs occasionnels	1-2 voyages par an

Sun Country Airlines Holdings, Inc. (SNCY) - Modèle d'entreprise: Structure des coûts

Frais de location et de maintenance des avions

En 2023, les rapports financiers, Sun Country Airlines a déclaré des dépenses totales de location d'avions de 96,7 millions de dollars. Les coûts de maintenance de la flotte étaient d'environ 53,4 millions de dollars par an.

Catégorie de coûts	Montant annuel (USD)
Frais de location d'avions	$96,700,000
Coûts de maintenance des avions	$53,400,000

Coûts de carburant et d'exploitation

Les dépenses de carburant pour Sun Country Airlines en 2023 ont totalisé 167,2 millions de dollars. Les coûts opérationnels liés aux opérations de vol étaient de 218,5 millions de dollars.

• Coût du carburant à jet par gallon: 2,85 $
• Consommation de carburant annuelle: 58,7 millions de gallons

Salaire et formation des employés

La rémunération totale des employés pour Sun Country Airlines en 2023 était de 252,6 millions de dollars. Les frais de formation et de développement étaient de 8,3 millions de dollars.

Catégorie de coût du personnel	Montant annuel (USD)
Salaire total des employés	$252,600,000
Frais de formation	$8,300,000

Marketing et acquisition de clients

Les dépenses de marketing pour Sun Country Airlines en 2023 étaient de 22,1 millions de dollars. Les coûts d'acquisition des clients étaient d'environ 14,6 millions de dollars.

Investissements technologiques et infrastructures numériques

Les investissements technologiques ont totalisé 17,5 millions de dollars en 2023, avec des dépenses d'infrastructure numérique à 6,9 millions de dollars.

• Investissement d'infrastructure informatique: $17,500,000
• Développement de plate-forme numérique: $6,900,000

Sun Country Airlines Holdings, Inc. (SNCY) - Modèle d'entreprise: Strots de revenus

Ventes de billets de passagers

Pour l'exercice 2023, Sun Country Airlines a déclaré un chiffre d'affaires total de 1,2 milliard de dollars. Les revenus des billets de passagers représentaient environ 75% du total des revenus, ce qui se traduit par environ 900 millions de dollars.

Catégorie de revenus	Montant (2023)	Pourcentage du total des revenus
Ventes de billets de passagers	900 millions de dollars	75%

Revenus de frais de bagages

Les frais de bagages ont généré environ 120 millions de dollars en 2023, ce qui représente 10% des revenus totaux d'exploitation de la compagnie aérienne.

Détails des frais de bagages	Montant (2023)
Première frais de sac vérifié	$30
Deuxième frais de sac vérifié	$40
Revenus de frais de bagages totaux	120 millions de dollars

Frais de service auxiliaires

Les services auxiliaires ont contribué environ 90 millions de dollars aux revenus de la société en 2023.

• Frais de sélection des sièges
• Ventes de repas en vol
• Frais d'embarquement prioritaires
• Ventes d'assurance voyage

Opérations de vol charter

Les revenus de vol charter pour 2023 étaient d'environ 60 millions de dollars, ce qui représente 5% du total des revenus d'exploitation.

Services de transport de fret et de fret

Le transport de marchandises a généré environ 30 millions de dollars de revenus en 2023, représentant 2,5% du total des revenus d'exploitation.

Flux de revenus	Montant (2023)	Pourcentage du total des revenus
Ventes de billets de passagers	900 millions de dollars	75%
Frais de bagages	120 millions de dollars	10%
Services auxiliaires	90 millions de dollars	7.5%
Vols charter	60 millions de dollars	5%
Transport de fret	30 millions de dollars	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