Sun Country Airlines Holdings, Inc. (SNCY): Modelo de negócios Canvas [Jan-2025 Atualizado]

A Sun Country Airlines Holdings, Inc. (SNCY) surge como uma transportadora dinâmica e de baixo custo, revolucionando viagens aéreas acessíveis pelos Estados Unidos. Ao misturar estrategicamente preços inovadores, redes de rotas flexíveis e serviços centrados no cliente, esta companhia aérea baseada em Minneapolis criou um nicho único no mercado competitivo da aviação. Mergulhe na intrincada tela do modelo de negócios que revela como o Sun Country transforma viagens orçamentárias de um mero conceito em uma realidade acessível, oferecendo aos viajantes valor sem precedentes sem comprometer a experiência ou a conveniência.

Sun Country Airlines Holdings, Inc. (SNCY) - Modelo de negócios: Parcerias -chave

Parcerias de aquisição de aeronaves

A Sun Country Airlines mantém parcerias estratégicas com fabricantes de aeronaves:

Fabricante	Tipo de aeronave	Tamanho da frota (2023)
Boeing	737-800	39 aeronaves
Boeing	737 Max 8	16 aeronaves

Colaborações de plataforma de reserva de viagem

Principais parcerias de distribuição de viagens on -line incluem:

• Grupo Expedia
• Caiaque
• Pricelina
• Orbitz

Parcerias do Hub do aeroporto

Minneapolis-St. Aeroporto Internacional Paul (MSP) Serve como hub principal com os seguintes detalhes da parceria:

Tipo de parceria	Volume anual de passageiros (2023)
Contrato operacional aeroportuário	1,2 milhão de passageiros

Parcerias de combustível e manutenção

Colaborações estratégicas de combustível e manutenção:

• Serviços de combustível mundial
• StandardAero
• AAR Corp

Rede de carga e logística

Detalhes da colaboração de logística:

Parceiro de logística	Volume anual de carga (2023)
Amazon Air	87.500 toneladas métricas

Sun Country Airlines Holdings, Inc. (SNCY) - Modelo de negócios: Atividades -chave

Transporte aéreo de passageiros de baixo custo

Volume anual de passageiros: 3,5 milhões (2022 dados) Tamanho da frota: 48 aeronaves Rede média de rota: mais de 100 destinos nos Estados Unidos, México e Caribe

Métrica	Valor
Custo por milha de sede disponível (CASM)	$0.0782 (2022)
Miles de passageiros de receita (rpm)	4,2 bilhões (2022)

Operações de vôo charter

Receita de fretamento: US $ 78,4 milhões (2022 ano fiscal) Segmentos de voo charter: equipes esportivas, viagens corporativas, viagens em grupo

• Contratos de fretamento militar
• Transporte de equipe esportiva profissional
• Cartas de eventos corporativos

Planejamento de rota de lazer e férias

Cobertura de rota de lazer: 35 destinos de lazer Parcerias de pacotes de férias: 12 agências de viagens

Tipo de destino	Número de rotas
Destinos de praia	22
Rotas de fuga de fim de semana	13

Manutenção de aeronaves e gerenciamento de frota

Custo de manutenção: US $ 42,3 milhões anualmente Instalações de manutenção interna: 2 locais primários

• Boeing 737 Manutenção especializada em aeronaves
• Implementação de tecnologia de manutenção preditiva
• Procedimentos de manutenção certificados pela FAA

Preços dinâmicos e otimização de receita

Receita por milha de sede disponível (RASM): US $ 0,129 (2022) Sofisticação do algoritmo de preços: modelo preditivo baseado em aprendizado de máquina

Componente da estratégia de preços	Porcentagem de otimização
Ajuste da demanda sazonal	37%
Rastreamento de preços dos concorrentes	28%
Descontos de compra antecipada	22%

Sun Country Airlines Holdings, Inc. (SNCY) - Modelo de negócios: Recursos -chave

Frota de aeronaves Boeing 737

A partir do quarto trimestre 2023, a Sun Country Airlines opera uma frota de 52 aeronaves Boeing 737, com a seguinte composição:

Tipo de aeronave	Número de aeronaves
Boeing 737-800	33
Boeing 737 Max 8	19

Strategic Minneapolis-St. Localização do Paul Hub

O hub principal do Sun Country está localizado em Aeroporto Internacional de Minneapolis-Saint Paul (MSP), que serve como um centro operacional crítico.

• Espaço total do portão do aeroporto: 8 portões dedicados
• Tráfego anual de passageiros através do MSP Hub: Aproximadamente 1,2 milhão de passageiros

Reserva digital e plataformas de atendimento ao cliente

Investimento de infraestrutura digital para 2023:

Plataforma	Valor do investimento
Desenvolvimento de sites	US $ 2,3 milhões
Aplicativo móvel	US $ 1,7 milhão
Tecnologia de atendimento ao cliente	US $ 1,5 milhão

Equipe de gerenciamento de companhias aéreas experiente

Principais detalhes da liderança executiva:

• Experiência média da indústria: 18,5 anos
• Total de membros da equipe executiva: 7
• Porcentagem com experiência anterior em gerenciamento de companhias aéreas: 85,7%

Infraestrutura operacional econômica

Métricas de eficiência operacional para 2023:

Métrica	Valor
Custo operacional por milha de segurança disponível (CASM)	$0.0782
Índice de eficiência de combustível	42,3 milhas de passageiro por galão
Porcentagem de custo de manutenção	4,2% do total de despesas operacionais

Sun Country Airlines Holdings, Inc. (SNCY) - Modelo de negócios: proposições de valor

Opções de viagens de lazer e férias acessíveis

A partir do quarto trimestre de 2023, a Sun Country Airlines oferece preços médios de ingressos que variam de US $ 49 a US $ 199 para rotas domésticas. A receita da companhia aérea por milha de segurança disponível (RASM) foi de US $ 0,1059 em 2023, indicando estratégias de preços competitivos.

Tipo de rota	Preço médio do ingresso	Volume do passageiro
Rotas de lazer domésticas	$89	1,2 milhão de passageiros em 2023
Rotas de destino de férias	$129	850.000 passageiros em 2023

Rede de rota flexível nos Estados Unidos

Sun Country opera voos para 54 destinos Nos Estados Unidos, com uma rede cobrindo grandes mercados de lazer e férias.

• Hub primário: Minneapolis-Saint Paul International Airport
• Hubs secundários: Denver, Las Vegas e Orlando
• Cobertura total da rota: 54 destinos

Estratégias de preços competitivos

Em 2023, a companhia aérea manteve uma tarifa média de US $ 104, que é 30% menor do que as portadoras herdadas comparáveis.

Métrica de precificação	2023 valor
Preço médio do ingresso	$104
Custo por milha de sede disponível (CASM)	$0.0752

Serviços de vôo diretos e conectados convenientes

Sun Country opera 700 voos semanais com uma frota de 52 aeronaves da Boeing em dezembro de 2023.

• Porcentagem de vôo direto: 65%
• Conectando porcentagem de vôo: 35%
• Tempo médio de conexão: 1,2 horas

Experiências de viagem personalizadas a taxas econômicas

A companhia aérea gerou US $ 1,1 bilhão em receita total para 2023, com foco em viajantes preocupados com o orçamento.

Oferta de serviço	2023 Estatísticas
Receita auxiliar por passageiro	$42.50
Membros do programa de fidelidade	2,3 milhões

Sun Country Airlines Holdings, Inc. (SNCY) - Modelo de negócios: Relacionamentos do cliente

Plataformas de reserva de autoatendimento online

A Sun Country Airlines oferece recursos de reserva digital por meio de seu site suncountry.com, processando aproximadamente 85% das reservas por meio de canais on -line em 2023. A plataforma suporta:

• Compras de passagem de voo
• Seleção de assentos
• Complementos de bagagem
• Modificações de reserva

Métrica de reserva on -line	2023 desempenho
Total de reservas online	4,2 milhões
Taxa de conversão de reservas on -line	62.3%
Valor médio de transação online	$238

Suporte ao cliente de aplicativo móvel

O aplicativo móvel do Sun Country fornece Recursos de atendimento ao cliente 24/7, com 1,1 milhão de usuários de aplicativos ativos em 2023.

Recursos de suporte a aplicativos móveis	Porcentagem de uso
Check-in	73%
Atualizações de status de voo	68%
Acesso ao passe de embarque	81%

Engajamento do programa de fidelidade

Programa de fidelidade do Sun Country, Espírito Livre, relatou 2,9 milhões de membros ativos em 2023.

Métrica do Programa de Fidelidade	2023 dados
Membros ativos totais	2,9 milhões
Pontos resgatados	US $ 42,3 milhões
Gasto médio de membros	US $ 512 anualmente

Canais de comunicação digital direta

O Sun Country mantém várias plataformas de comunicação digital:

• Marketing por e -mail: 4,5 milhões de assinantes
• Seguidores de mídia social: 1,2 milhão
• Atendimento ao cliente Chat Time: 8,2 minutos

Ofertas personalizadas de marketing e promocional

As campanhas de marketing direcionadas geraram US $ 18,6 milhões em receita incremental durante 2023.

Tipo de campanha de marketing	Taxa de conversão	Receita gerada
Promoções de email personalizadas	4.7%	US $ 8,2 milhões
Anúncios de mídia social direcionados	3.9%	US $ 6,4 milhões
Programa de fidelidade oferece	5.3%	US $ 4 milhões

Sun Country Airlines Holdings, Inc. (SNCY) - Modelo de negócios: canais

Site da empresa

A Sun Country Airlines opera o Suncountry.com, que processou 87,3% das reservas diretas em 2022. Os recursos do site incluem:

• Reserva de voo em tempo real
• Seleção de tarifas
• Atribuição do assento
• Reservas de pacotes de férias

Métrica do site	2022 dados
Total de visitas ao site	12,4 milhões
Taxa de conversão	3.2%
Receita online	US $ 487,3 milhões

Aplicativo móvel

O aplicativo móvel da Sun Country suporta:

• Reserva móvel
• Serviços de check-in
• Acesso ao passe de embarque
• Rastreamento de vôo

Métrica de aplicativo móvel	2022 dados
Downloads de aplicativos totais	1,2 milhão
Usuários ativos mensais	380,000
Porcentagem de reserva móvel	22.6%

Plataformas de reserva de viagem online

A Sun Country faz parceria com várias plataformas online:

• Expedia
• Caiaque
• Orbitz
• Pricelina

Plataforma	Volume de reserva	Participação de receita
Expedia	215.000 reservas	12.4%
Caiaque	98.000 reservas	6.7%
Orbitz	76.000 reservas	4.9%

Parcerias da agência de viagens

O Sun Country mantém parcerias com:

• Agências de viagens corporativas
• Redes de viagens de lazer
• Especialistas em reserva de grupo

Categoria de parceria	Total Partners	Volume de reserva
Agências corporativas	87	62.000 reservas
Redes de lazer	143	94.000 reservas

Centros diretos de atendimento ao cliente

O Sun Country opera centros de atendimento ao cliente com as seguintes métricas:

Métrica de serviço	2022 dados
Volume total de chamadas	1,6 milhão de chamadas
TEMPO DE MANUSE MÁRIAS	8,2 minutos
Taxa de satisfação do cliente	88.3%

Sun Country Airlines Holdings, Inc. (SNCY) - Modelo de negócios: segmentos de clientes

Viajantes de lazer conscientes do orçamento

A Sun Country Airlines tem como alvo os viajantes de lazer conscientes do orçamento com estratégias de preços competitivos. No quarto trimestre 2023, a tarifa média de ida da companhia aérea era de US $ 85, posicionando-se como uma opção de viagem acessível.

Características do segmento de clientes	Porcentagem do total de passageiros
Viajantes de lazer do orçamento	42%
Renda familiar média	$55,000 - $75,000
Faixa etária típica	25-44 anos

Férias e passageiros focados no destino

A companhia aérea serve os principais mercados de férias com rotas diretas para destinos populares.

• Os principais destinos de lazer incluem Las Vegas, Orlando, Phoenix
• Cobertura de rota sazonal para o México e destinos do Caribe
• 65% dos passageiros livrem pacotes de viagem focados em lazer

Viajantes domésticos sensíveis ao preço

O Sun Country se concentra em viagens domésticas econômicas nos Estados Unidos.

Métricas de rota doméstica	2023 dados
Rotas domésticas totais	53
Porcentagem de passageiros domésticos	78%
Preço médio de ingresso doméstico	$92

Viajantes de negócios que buscam opções acessíveis

O segmento de viajantes de negócios representa um mercado crescente para o Sun Country.

• Opções de reserva flexíveis para contas corporativas
• 15% dos passageiros classificados como viajantes de negócios
• Preço médio de ingresso para viajantes de negócios: $ 129

Passageiros de vôo sazonais e ocasionais

A companhia aérea atende a passageiros com necessidades de viagem intermitentes.

Métricas de viagem sazonal	Dados anuais
Passageiros da estação de pico de viagem	38%
Passageiros de viagem fora de pico	22%
Frequência ocasional de viajantes	1-2 viagens por ano

Sun Country Airlines Holdings, Inc. (SNCY) - Modelo de negócios: estrutura de custos

Despesas de arrendamento e manutenção de aeronaves

A partir de 2023 Relatórios financeiros, a Sun Country Airlines registrou despesas totais de arrendamento de aeronaves de US $ 96,7 milhões. Os custos de manutenção da frota eram de aproximadamente US $ 53,4 milhões anualmente.

Categoria de custo	Valor anual (USD)
Despesas de arrendamento de aeronaves	$96,700,000
Custos de manutenção de aeronaves	$53,400,000

Custos de combustível e operacional

As despesas de combustível da Sun Country Airlines em 2023 totalizaram US $ 167,2 milhões. Os custos operacionais relacionados às operações de vôo foram de US $ 218,5 milhões.

• Custo do combustível de aviação por galão: US $ 2,85
• Consumo anual de combustível: 58,7 milhões de galões

Salários e treinamento de funcionários

A compensação total dos funcionários da Sun Country Airlines em 2023 foi de US $ 252,6 milhões. As despesas de treinamento e desenvolvimento foram de US $ 8,3 milhões.

Categoria de custo de pessoal	Valor anual (USD)
Salários totais dos funcionários	$252,600,000
Despesas de treinamento	$8,300,000

Marketing e aquisição de clientes

As despesas de marketing da Sun Country Airlines em 2023 foram de US $ 22,1 milhões. Os custos de aquisição de clientes foram de aproximadamente US $ 14,6 milhões.

Investimentos de tecnologia e infraestrutura digital

Os investimentos em tecnologia totalizaram US $ 17,5 milhões em 2023, com gastos com infraestrutura digital em US $ 6,9 milhões.

• Investimento de infraestrutura de TI: $17,500,000
• Desenvolvimento da plataforma digital: $6,900,000

Sun Country Airlines Holdings, Inc. (SNCY) - Modelo de negócios: fluxos de receita

Vendas de ingressos para passageiros

Para o ano fiscal de 2023, a Sun Country Airlines registrou receitas operacionais totais de US $ 1,2 bilhão. As receitas de ingressos para passageiros representaram aproximadamente 75% da receita total, o que se traduz em aproximadamente US $ 900 milhões.

Categoria de receita	Valor (2023)	Porcentagem da receita total
Vendas de ingressos para passageiros	US $ 900 milhões	75%

Receita de taxa de bagagem

As taxas de bagagem geraram aproximadamente US $ 120 milhões em 2023, representando 10% da receita operacional total da companhia aérea.

Detalhes da taxa de bagagem	Valor (2023)
Taxa de bolsa verificada pela primeira vez	$30
Segunda taxa de bolsa verificada	$40
Receita total de taxa de bagagem	US $ 120 milhões

Cobranças de serviço auxiliar

Os serviços auxiliares contribuíram com aproximadamente US $ 90 milhões para a receita da empresa em 2023.

• Taxas de seleção de assentos
• Vendas de refeições em voo
• Cobranças prioritárias de embarque
• Vendas de seguro de viagem

Operações de vôo charter

As receitas de voo charter para 2023 foram de aproximadamente US $ 60 milhões, representando 5% do total de receitas operacionais.

Serviços de transporte de carga e carga

O transporte de carga gerou aproximadamente US $ 30 milhões em receita durante 2023, representando 2,5% do total de receitas operacionais.

Fluxo de receita	Valor (2023)	Porcentagem da receita total
Vendas de ingressos para passageiros	US $ 900 milhões	75%
Taxas de bagagem	US $ 120 milhões	10%
Serviços auxiliares	US $ 90 milhões	7.5%
Voos fretados	US $ 60 milhões	5%
Transporte de carga	US $ 30 milhões	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