Sun Country Airlines Q4 Revenue Hits $281M, Adjusted EPS $0.17 in 14th Profit Quarter
Sun Country reported Q4 revenue of $281.0 million, a 7.9% year-over-year increase, with GAAP diluted EPS of $0.15 and adjusted EPS of $0.17, marking its 14th consecutive profitable quarter. Full-year 2025 revenue rose 4.7% to $1.13 billion with adjusted EPS of $1.10, reflecting cargo fleet expansion.
1. Strong Quarterly and Annual Profitability
Sun Country Airlines reported its 14th consecutive profitable quarter and fifth straight year of profitability for the period ended December 31, 2025. GAAP diluted earnings per share for Q4 reached $0.15, and adjusted diluted EPS was $0.17, each beating the Zacks Consensus Estimate of $0.13. For the full year, Sun Country delivered GAAP diluted EPS of $0.96 and adjusted diluted EPS of $1.10, marking a 4.8% increase in adjusted EPS over 2024. Net income for Q4 was $8.1 million, down 39.4% year-over-year, while full-year net income held steady at $52.8 million, essentially flat with 2024’s result.
2. Record Revenues and Robust Margins
Total operating revenue in Q4 rose 7.9% year-over-year to $281.0 million, setting a fourth quarter record. Full-year revenue climbed 4.7% to $1.13 billion, the highest in company history. GAAP operating income for the quarter was $18.2 million (6.5% margin), and adjusted operating income was $19.5 million (7.0% margin). Scheduled service revenue per available seat mile (TRASM) increased 8.9% despite a 9.8% reduction in scheduled capacity, driven by higher load factors and ancillary revenue growth. Cargo revenue jumped 67.9% on a 50.6% increase in block hours, while charter revenue rose 18.0% year-over-year.
3. Strategic Fleet and Network Expansion
During 2025, Sun Country expanded its cargo fleet by eight aircraft, contributing to the record cargo performance. In Q4 it took delivery of two former-lease 737 freighters and announced plans to add two more cargo aircraft in early Q3 2026, including one spare unit. The airline received one 737-900ER and one 737-800 for its passenger fleet, both expected in service by the end of Q1 2026. Sun Country also unveiled a new cargo operational hub at Cincinnati/Northern Kentucky International Airport (CVG) to enhance network efficiency.
4. Solid Liquidity Position and Pending Merger
As of December 31, 2025, Sun Country held $144.7 million in cash and $83.1 million in marketable securities, plus $75.0 million available under its revolving credit facility, for total liquidity of $302.8 million. Net debt stood at $364.0 million, down from $438.2 million a year earlier. In January 2026, Sun Country entered into a definitive merger agreement with Allegiant; the transaction is expected to close in H2 2026, subject to regulatory and shareholder approvals.