Sun Country Airlines Reports $255.5M Revenue in Q3 2025, Driven by Cargo Growth

Sun Country Airlines Holdings, Inc. reported a total operating revenue of $255.5 million for the third quarter of 2025, reflecting a 2% increase from $249.5 million in the same period last year. The growth was primarily driven by a significant 51% rise in cargo revenue, which reached $44 million, attributed to the addition of eight cargo aircraft under a contract with Amazon. However, passenger revenue decreased by 3% to $201.1 million, influenced by reduced capacity as the airline shifted focus towards its cargo operations. The company’s net income for the quarter was $1.6 million, down 34% from $2.3 million in the prior year, resulting in a diluted earnings per share of $0.03.

In comparison to the previous fiscal period, Sun Country's financial performance showed mixed results. For the nine months ending September 30, 2025, total operating revenues increased by 4% to $845.8 million, with cargo revenue up 36% year-over-year. Passenger revenue remained relatively flat, with a slight increase of 0.1%. Operating income for the nine-month period rose by 3% to $82.4 million, while net income increased by 13% to $44.7 million. The company’s total assets decreased to $1.6 billion from $1.63 billion at the end of 2024, while total liabilities also fell to $993.7 million from $1.06 billion.

Strategically, Sun Country has made significant moves to enhance its operational capabilities. The company entered into a new co-branded credit card program in March 2025, which launched in the third quarter and is expected to generate additional revenue over its seven-year term. Additionally, the airline has expanded its cargo operations significantly, increasing the number of aircraft operated for Amazon from 12 to 20, which is expected to bolster revenue streams in the future. The company also executed a new $75 million revolving credit facility in March 2025, replacing a previous $25 million facility, to support its operational needs.

Operationally, Sun Country reported a decrease in passenger counts, with 997,947 revenue passengers carried in the third quarter, down 10% from the previous year. The airline's load factor improved slightly to 84.8%, compared to 84.2% in the prior year. The company ended the quarter with 3,279 employees, a 10% increase from the previous year, reflecting its growth strategy. The average base fare per passenger rose to $76.90, while ancillary revenue per passenger remained stable at $65.81.

Looking ahead, Sun Country Airlines expressed optimism about its growth trajectory, particularly in the cargo segment, which is expected to continue driving revenue. The company anticipates that its strategic focus on expanding cargo operations and enhancing customer engagement through new products will position it favorably in the competitive airline market. However, management acknowledged potential challenges, including fluctuating fuel prices and economic conditions, which could impact future performance.