0001743907-26-000032 | 10-K | XBRL Viewer | SUN Country Airlines Holdings INC

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MERGER AGREEMENT WITH ALLEGIANT (Details) - Subsequent Event - Allegiant Merger	Jan. 11, 2026 $ / shares
Subsidiary or Equity Method Investee [Line Items]
Business combination, price per share (in USD per share)	$ 4.10
Merger exchange ratio	0.1557

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property and equipment (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Airframes
PROPERTY & EQUIPMENT
Residual value	$ 4,000
Airframes \| Minimum
PROPERTY & EQUIPMENT
Estimated useful life	10 years
Airframes \| Maximum
PROPERTY & EQUIPMENT
Estimated useful life	25 years
Engines - Core
PROPERTY & EQUIPMENT
Residual value	$ 1,500
Engines - Core \| Minimum
PROPERTY & EQUIPMENT
Estimated useful life	7 years
Engines - Core \| Maximum
PROPERTY & EQUIPMENT
Estimated useful life	12 years
Leasehold Improvements, Aircraft, Other \| Minimum
PROPERTY & EQUIPMENT
Estimated useful life	3 years
Leasehold Improvements, Aircraft, Other \| Maximum
PROPERTY & EQUIPMENT
Estimated useful life	25 years
Office and Ground Equipment \| Minimum
PROPERTY & EQUIPMENT
Estimated useful life	5 years
Office and Ground Equipment \| Maximum
PROPERTY & EQUIPMENT
Estimated useful life	7 years
Computer Hardware and Software \| Minimum
PROPERTY & EQUIPMENT
Estimated useful life	3 years
Computer Hardware and Software \| Maximum
PROPERTY & EQUIPMENT
Estimated useful life	5 years
Rotable Parts \| Maximum
PROPERTY & EQUIPMENT
Estimated useful life	8 years

Insider Trading Arrangements

3 Months Ended

Dec. 31, 2025

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

The following table describes contracts, instructions or written plans for the sale or purchase of our securities adopted, terminated or modified by our directors and executive officers during the three months ended December 31, 2025, each of which is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).

Name and Title

Adoption, Termination or Modification

Date of Adoption, Termination or Modification

Duration of Plan (Scheduled Expiration Date of Plan)

Number of Securities to be Purchased (Sold) under the Plan

John Gyurci, Vice President Finance and Chief Accounting Officer(1)

Termination

November 7, 2025

December 31, 2025

(120,000)

John Gyurci, Vice President Finance and Chief Accounting Officer(1)

Termination

November 7, 2025

June 30, 2027

(35,000)

(1)

John Gyurci separated employment from the Company on November 14, 2025.

Non-Rule 10b5-1 Arrangement Adopted

false

Non-Rule 10b5-1 Arrangement Terminated

false

John Gyurci December 31, 2025 Plan [Member] | John Gyurci [Member]

Trading Arrangements, by Individual

Name

John Gyurci

Title

Vice President Finance and Chief Accounting Officer

Rule 10b5-1 Arrangement Terminated

true

Termination Date

November 7, 2025

Arrangement Duration

54 days

Aggregate Available

(120,000)

John Gyurci June 30, 2027 Plan [Member] | John Gyurci [Member]

Trading Arrangements, by Individual

Name

John Gyurci

Title

Vice President Finance and Chief Accounting Officer

Rule 10b5-1 Arrangement Terminated

true

Termination Date

November 7, 2025

Arrangement Duration

600 days

Aggregate Available

(35,000)

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Inventory (Details)	Dec. 31, 2025
Parts Related to Flight Equipment
PROPERTY & EQUIPMENT
Estimated residual value (as a percent)	10.00%

LEASES - Supplemental cash flow information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating Cash Flows for Operating Leases	$ 4,771	$ 3,888	$ 5,971
Operating Cash Flows for Finance Leases	17,652	19,568	16,325
Financing Cash Flows for Finance Leases	$ 20,175	$ 45,942	$ 21,883

FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Summary of assets and liabilities measured at fair value on a recurring basis

The following table summarizes the assets measured at fair value on a recurring basis:


	December 31, 2025
	Level 1		Level 2		Level 3		Total
Cash & Cash Equivalents	$	144,684	$	—	$	—	$	144,684
Available-for-Sale Securities:
Municipal Debt Securities	—		3,863		—		3,863
Corporate Debt Securities	—		41,367		—		41,367
U.S. Government Agency Securities	—		37,901		—		37,901
Total Available-for-Sale Securities	—		83,131		—		83,131
Certificates of Deposit	6,498		—		—		6,498
Total Assets Measured at Fair Value on a Recurring Basis	$	151,182	$	83,131	$	—	$	234,313


	December 31, 2024
	Level 1		Level 2		Level 3		Total
Cash & Cash Equivalents	$	83,219	$	—	$	—	$	83,219
Available-for-Sale Securities:

Corporate Debt Securities	—		53,434		—		53,434
U.S. Government Agency Securities	—		44,202		—		44,202
Total Available-for-Sale Securities	—		97,636		—		97,636
Certificates of Deposit	6,417		—		—		6,417
Total Assets Measured at Fair Value on a Recurring Basis	$	89,636	$	97,636	$	—	$	187,272

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating Revenues:
Total Operating Revenue	$ 1,126,769	$ 1,075,739	$ 1,049,620
Operating Expenses:
Aircraft Fuel	213,480	237,160	246,669
Salaries, Wages, and Benefits	372,597	326,775	295,640
Aircraft Rent	0	0	2,281
Maintenance	80,349	68,770	60,588
Sales and Marketing	33,300	34,935	34,105
Depreciation and Amortization	98,878	94,989	88,151
Ground Handling	44,701	42,118	37,506
Landing Fees and Airport Rent	64,761	59,549	49,615
Special Items, net	1,886	0	0
Other Operating, net	116,244	105,457	107,565
Total Operating Expenses	1,026,196	969,753	922,120
Operating Income	100,573	105,986	127,500
Non-operating Income (Expense), net:
Interest Income	6,973	7,833	10,180
Interest Expense	(36,861)	(44,300)	(42,634)
Other, net	(474)	55	(887)
Total Non-operating Expense, net	(30,362)	(36,412)	(33,341)
Income before Income Tax	70,211	69,574	94,159
Income Tax Expense	17,402	16,671	21,978
Net Income	$ 52,809	$ 52,903	$ 72,181
Net Income per share to common stockholders:
Basic (in dollars per share)	$ 0.99	$ 1.00	$ 1.30
Diluted (in dollars per share)	$ 0.96	$ 0.96	$ 1.23
Shares used for computation:
Basic (in shares)	53,116,591	52,908,322	55,507,144
Diluted (in shares)	54,860,147	55,055,897	58,524,652
Passenger
Operating Revenues:
Total Operating Revenue	$ 923,129	$ 914,087	$ 920,123
Cargo
Operating Revenues:
Total Operating Revenue	155,027	107,174	99,735
Other
Operating Revenues:
Total Operating Revenue	$ 48,613	$ 54,478	$ 29,762

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2025

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation – The consolidated financial statements include the accounts of Sun Country Airlines Holdings, Inc. and its subsidiaries and have been prepared in accordance with U.S. GAAP. All material intercompany balances and transactions have been eliminated in consolidation. The Company reclassified certain prior period amounts to conform to the current period presentation. The Company operates its fiscal year on a calendar year basis.

Use of Estimates – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Significant areas of judgment relate to passenger revenue recognition, maintenance under the built-in overhaul method, lease accounting, impairment of long-lived and other intangible assets, and air traffic liabilities.

Management believes that all adjustments necessary for the fair presentation of results, consisting of normally recurring items, have been included in the Consolidated Financial Statements.

A summary of significant accounting policies consistently applied in the preparation of the accompanying financial statements is as follows:

Revenue Recognition – Scheduled Service, Charter, and most ancillary revenues are recognized when the passenger flight occurs. Revenues exclude amounts collected on behalf of other parties, including transportation taxes.

Scheduled Service. The Company initially defers ticket sales as an Air Traffic Liability and recognizes revenue when the passenger flight occurs. Unused non-refundable tickets expire at the date of scheduled travel and are recorded as revenue unless the customer notifies the Company in advance of such date that the customer will not travel. If notification is made, a travel credit is created for the face value, including ancillary fees, less applicable change fees. Travel credits may generally be redeemed toward future travel for up to 12 months after the date of the original booking. Therefore, these credits are recorded as a current liability on the Company's Consolidated Balance Sheets. The Company records an estimate for travel credits that will expire unused, otherwise known as breakage, in Passenger Revenue upon issuance of the travel credit. The estimated breakage rate is primarily based on historical experience of travel credit activity and other factors that may not be indicative of future trends, such as program changes or modifications that could affect the ultimate usage patterns of tickets and travel credits. The Company continuously monitors its breakage rate assumptions and may adjust its estimated breakage rate in the future. Changes in the Company’s estimated breakage rate impact revenue recognition prospectively. The Company currently accounts for direct selling costs, including credit card fees, and commissions, in accordance with the terms of each service. The expense is deferred and recognized when the travel occurs.

Ancillary. Ancillary revenue consists primarily of revenue generated from air travel-related services such as baggage fees, seat selection and upgrade fees, priority check-in and boarding fees, other fees and on-board sales, which are recognized when the associated flight occurs. Revenue for change fees is deferred and recognized when the passenger travel occurs. Fees received in advance of the flight date are initially recorded as an Air Traffic Liability.

Charter. Our Charter business includes ad hoc, repeat, short-term and long-term service contracts that typically include pass-through fuel arrangements. Under these Charter agreements, the Company is obligated to provide aircraft, crew, maintenance, and insurance for travel. Customers are generally responsible for aircraft fuel, transportation taxes, and certain other flight expenses, which are typically arranged by the Company. When functioning as the customers' agent for arranging such services, the Company records amounts reimbursable from the customer as revenues, net of the associated costs incurred to fulfill the performance obligations. In certain situations, the Company may be responsible for the aforementioned costs and is reimbursed by the customer. In these situations, the Company is the principal. The reimbursed costs are recognized as revenue and the costs are recognized as expenses on the Company's Statement of Operations.

Revenue is recognized as the services are performed based on Block Hours operated on behalf of customers. The costs of obtaining the Company's Charter contracts are not material.

Cargo. In December 2019, the Company signed the ATSA with Amazon. In June 2024, the Company entered into the A&R ATSA with Amazon that increased the number of Boeing 737-800 cargo aircraft that Sun Country operates on behalf of Amazon from 12 to 20 in 2025. During 2025, all eight additional aircraft were received and placed in-service. In early 2026, the Company agreed to operate another two additional cargo aircraft on behalf of Amazon. This will increase the total aircraft that Sun Country operates on behalf of Amazon from 20 to 22. The A&R ATSA includes an initial six-year term, which expires in October 2030. The agreement includes two additional, two-year renewal terms exercisable at Amazon's option, and a subsequent three-year renewal term subject to mutual written agreement, which, if not agreed to, will trigger a final two-year wind-down term. The ATSA has annual rate escalations.

The A&R ATSA contains three performance obligations: Flight Services, Heavy Maintenance and Fuel; all of which are unchanged from the original ATSA. As Sun Country is the principal in providing Flight Services, revenue and related costs are recognized gross on the Statement of Operations. Sun Country acts as the agent in providing the Heavy Maintenance and Fuel performance obligations, which are reimbursed by Amazon based on the actual costs incurred. Consumption of aircraft fuel and heavy maintenance are recognized in revenue, net of the associated costs incurred to fulfill the performance obligations.

The A&R ATSA with Amazon consists of three main components of consideration, which are unchanged from the original ATSA; a fixed amount is received each month per aircraft, a fixed amount is received each month per flight, and an amount per block hour is received each month. The A&R ATSA contains a SLA and penalties for certain delays and cancellations. The SLA can result in a bonus or penalty for the month depending on the Company's performance. The economics of the three main components of consideration and the SLA for the A&R ATSA have been revised from the original ATSA. When determining the transaction price, the Company will estimate the variable consideration and consideration payable to Amazon over the contract term. Each period, the Company updates its estimate for the variable consideration and consideration payable to the customer and treats the adjustment as an adjustment to the transaction price. When updating the estimate, the Company considers whether there are any changes in expected block hours, changes in expected bonuses or penalties based on performance, changes in warrants expected to be issued, and changes in reimbursable costs. The transaction price is allocated to the performance obligations based on their relative standalone selling price. The transaction price for Flight Services, which includes an upfront payment for startup costs, is reduced by the estimated value of warrants to be issued to Amazon based on expected performance under the A&R ATSA.

Loyalty Program Accounting – The Company records a liability for loyalty points earned by passengers under its Sun Country Rewards program using two methods: 1) a liability for points that are earned by passengers on

purchases of the Company’s services is established by deferring revenue based on the redemption value net of breakage, and 2) a liability for points attributed to loyalty points issued to the Company’s co-branded credit card holders is established by deferring a portion of payments received from the Company’s co-branded agreement.

The Company’s Sun Country Rewards program allows for the redemption of loyalty points to include payment towards air travel, taxes, and other ancillary purchases. The Company determines the standalone selling price of loyalty points issued using a redemption value approach, which considers the value a passenger will receive upon redemption of the loyalty points. Consideration allocated to loyalty points is deferred, net of estimated breakage, and recognized as Passenger Revenue when both the loyalty points have been redeemed and the passenger travel occurs. The Company estimates breakage for loyalty points that are not likely to be redeemed. These estimates are based on historical experience of loyalty point redemption activity and other factors, such as program changes and modifications that could affect the ultimate usage pattern of loyalty points. The current portion of the Loyalty Point Liability is an estimate based on historical redemption patterns over the past 12 months.

The Company also maintains a co-branded Credit Card Program. In March 2025, the Company entered into a new Credit Card Program, which launched in the third quarter of 2025. Subject to certain exceptions, the Credit Card Program has a term of seven years following its launch. Individuals with a co-branded Sun Country credit card receive points for spend incurred on the co-branded credit card, as well as additional elements. These elements include one free alcoholic beverage per flight, 50% discount on seat selection fees, 50% discount on baggage fees, 25% off in-flight food and beverage purchases, as well as priority boarding. The Company is responsible for providing these goods and services.

Under the Company's co-branded credit card program, funds received for the marketing of a co-branded credit card, delivery of additional elements, and delivery of loyalty points are accounted for as a multiple-deliverable arrangement. The arrangement has three distinct performance obligations: loyalty points to be awarded, brand and marketing, and additional elements (which is inclusive of the ancillary products described above). Funds received are allocated between the performance obligations on a relative standalone selling price. Revenue for the brand and marketing performance obligation is recognized as revenue when earned and recorded in Other Revenue. Consideration allocated to the additional elements is recognized as revenue when earned and recorded within Ancillary Revenue. Consideration allocated to loyalty points is deferred and recognized as Passenger Revenue when both the loyalty points have been redeemed and the passenger travel occurs.

Cash and Equivalents – The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents, including certificates of deposit with maturities less than 90 days. The Company maintains cash balances at several financial institutions; at times, such balances may be in excess of insurance limits. The Company has not experienced any losses on these balances.

Restricted Cash – The Company's Restricted Cash balance primarily relates to Charter revenue receipts received prior to the date of transportation. These amounts are also recorded as a component of the Company's Air Traffic Liabilities. DOT regulations require that Charter revenue receipts received prior to the date of transportation are maintained in a separate third-party escrow account. The restrictions are released once transportation is provided, which is typically within 12 months of booking. For that reason, the balance of Restricted Cash is classified as a current asset on the Company's Consolidated Balance Sheets.

Investments – The Company's investments consist of Debt Securities and Certificates of Deposit with maturities greater than 90 days. The Certificates of Deposit are recorded at cost, plus accrued interest. These certificates serve as collateral for letters of credit required by various airports and other vendors.

The Debt Securities are classified as Current Assets on the Consolidated Balance Sheets because the securities are highly liquid and are available to be quickly converted into known amounts of cash to fund current operations. These investments have original maturities of three months or greater. As of December 31, 2025, all of the Company's outstanding Debt Securities will mature by June 2027. The Company limits its exposure to any one issuer or market sector and largely limits its investments to investment grade quality securities.

Securities downgraded below policy minimums after purchase will be disposed of in accordance with the Company’s investment policy.

The Company's Debt Securities are classified as Available-for-Sale and are reported at fair value on the Company's Consolidated Balance Sheets. Unrealized gains and losses on the Company's Available-for-Sale securities are excluded from Net Income and are reported as a component of Accumulated Other Comprehensive Income, net of income tax effects, within Stockholders' Equity on the Consolidated Balance Sheets until realized. Realized gains and losses are recorded using the specific identification method and reflected in Other, net within Non-operating Income (Expense), net on the Company's Consolidated Statement of Operations. The Company did not realize any gains or losses on its Available-for-Sale investments for the years ended December 31, 2025, 2024 and 2023. Premiums and discounts recorded on Available-for-Sale debt securities are accounted for in Interest Income within Non-operating Income (Expense), net on the Company's Consolidated Statement of Operations.

At each reporting period, the Company assesses its Available-for-Sale investments in an unrealized loss position to determine whether an impairment exists. The Company will record an impairment if management intends to sell an impaired security, will likely be required to sell a security before recovery of the entire amortized cost, or the same level of collectible cash flows from the security is no longer expected. The entire impairment will be included in Other, net within Non-operating Income (Expense), net on the Company's Consolidated Statement of Operations. The Company did not recognize any impairment losses on its Available-for-Sale investments for the years ended December 31, 2025, 2024 and 2023.

Accounts Receivable – Accounts Receivable are recorded at the amount due from customers and do not bear interest. They consist primarily of amounts due from Amazon, credit card companies associated with ticket sales and Charter customers. The Company's Accounts Receivable balances at December 31, 2025 and 2024 also included $3,639 and $612, respectively, due from aircraft lessors related to maintenance deposits. Accounts outstanding longer than the contractual payment terms are considered past due. The Company determines its allowance for credit losses by considering a number of factors, including the length of time accounts receivable are past due, the Company’s previous loss history, the customer’s current ability to pay its obligation to the Company, and the condition of the general economy and the industry as a whole.

Lessor Maintenance Deposits – Certain of the Company’s aircraft lease agreements provide that the Company pay maintenance reserves monthly to aircraft lessors to be held as collateral in advance of major maintenance activities required to be performed by the Company. Generally, maintenance reserve payments are variable based on actual flight hours or cycles. These lease agreements provide that maintenance reserves are reimbursable to the Company upon completion of the maintenance event in an amount equal to the lesser of (1) the amount of the maintenance reserve held by the lessor associated with the specific maintenance event or (2) the qualifying costs related to the specific maintenance event.

Maintenance reserve payments that are expected to be recoverable via reimbursable expenses are reflected as Lessor Maintenance Deposits on the accompanying Consolidated Balance Sheets. These deposits are expected to be reimbursed to the Company upon performance of maintenance activities. Upon completion of the maintenance event, the lessor is billed and the amount due is recorded in Accounts Receivable. Lessor Maintenance Deposits deemed improbable of recovery are expensed as incurred and recorded within Aircraft Rent.

The Company makes certain assumptions at the inception of the lease and at each Balance Sheet date to determine the recoverability of maintenance deposits. These assumptions are based on various factors, such as the estimated time between the maintenance events, the cost of such maintenance events, the date the aircraft is due to be returned to the lessor, and the estimated number of flight hours and cycles the aircraft is to be utilized before it is purchased or returned to the lessor. Changes in estimates are accounted for on a prospective basis. As of December 31, 2025, all maintenance deposits are estimated to be recoverable either through reimbursable maintenance events or through application towards the purchase of the aircraft.

Inventory – Inventory primarily consist of expendable parts related to flight equipment, which cannot be economically repaired, reconditioned or reused after removal from the aircraft, are carried at average cost and charged to operations as consumed. An allowance for obsolescence and excess is provided over the remaining useful life of the related fleet for spare parts expected to be on hand at the date that aircraft type is retired from service. These parts are assumed to have an estimated residual value of 10% of the original cost.

Leases – Lease classification is evaluated by the Company at lease commencement and when significant amendments are executed. The Company's leases generally do not provide a readily determinable implicit rate; therefore, the Company estimates the incremental borrowing rate to discount lease payments based on information available at lease commencement. The lease term consists of the noncancellable period of the lease and periods covered by options to extend the lease if the Company is reasonably certain to exercise the option. For leases of 12 months or less, the Company expenses lease payments on a straight-line basis over the lease term.

Operating Lease Right-of-Use Asset and Liabilities

For all operating leases with a term greater than 12 months, the Company recognizes a right-of-use asset and a lease liability at the lease commencement date based on the estimated present value of future minimum lease payments, which includes certain lease and non-lease components, over the lease term. Operating Lease Right-of-use Assets and Operating Lease Obligations have their own lines on the Consolidated Balance Sheets.

Finance Leases

Finance leases are initially recorded at the net present value of future minimum lease payments, which includes certain lease and non-lease components. Finance leases generally have one of these five attributes: 1) ownership of the underlying asset transfers to the Company at the end of the lease term, 2) the lease agreement contains a purchase option that the Company is reasonably certain to exercise, 3) the lease term represents the major part of the asset’s economic life, 4) the present value of lease payments over the lease term equals or exceeds substantially all of the fair value of the asset, and 5) the underlying asset is so specialized in nature that it provides no alternative use to the lessor after the lease term. Finance Lease Assets are presented separately on the Consolidated Balance Sheets. The Company depreciates Finance Lease Assets consistent with its useful life policy presented within "Property & Equipment".

Leased Aircraft Return Costs

The Company's aircraft lease agreements often contain provisions that require the Company to return aircraft airframes, engines, and other aircraft components to the lessor in a certain condition or pay an amount to the lessor based on the airframe and engine's actual return condition. Lease return costs are recognized beginning when it is probable that such costs will be incurred and they can be estimated. The Company assesses the need to accrue lease return costs periodically throughout the year or whenever facts and circumstances warrant an assessment. When costs become both probable and estimable, lease return costs are expensed on the Consolidated Statements of Operations.

Property & Equipment – Property and equipment are recorded at cost or fair value on the date of acquisition and depreciated, when the asset is ready for its intended use, on a straight-line basis to an estimated residual value over their estimated useful lives or lease term (if applicable), whichever is shorter, as follows:


Airframes (1)			10-25 years (depending on age)
Engines – Core (2)			7 or 12 years (based on remaining cycles)
Engines – Initial Greentime (time remaining until the first scheduled major maintenance event)			1st scheduled maintenance event
Leasehold Improvements, Aircraft, Other			3-25 years (or life of lease, if shorter)
Office and Ground Equipment			5-7 years
Computer Hardware and Software			3-5 years
Property and Equipment under Finance Leases (3)			Lesser of the lease term or economic life
Rotable Parts			Average remaining life of aircraft fleet, currently estimated to be 8 years

_____________________________


(1)			Airframes have an estimated residual value of $4,000.
(2)			Engines - Core have an estimated residual value of $1,500.
(3)			For finance leases where the Company is reasonably certain to exercise the purchase option, the lease asset value is assigned to the engine and airframe components which are depreciated on a straight-line basis in accordance with the useful lives outlined in the table above.

Our tangible assets consist primarily of Aircraft and Flight Equipment, which are mobile across geographic markets. Therefore, assets are not allocated to specific geographic regions.

Modifications that enhance the operating performance or extend the useful lives of leased airframes are considered leasehold improvements and are capitalized and depreciated over the economic life of the asset or the term of the lease, whichever is shorter. Similar modifications made to owned aircraft are capitalized and depreciated consistent with the Company’s policy.

The Company capitalizes certain internal and external costs associated with the acquisition and development of internal-use software for new products, and enhancements to existing products, that have reached the application development stage and meet recoverability tests. Capitalized costs include external direct costs of materials and services utilized in developing or obtaining internal-use software, and labor cost for employees who are directly associated with, and devote time to, internal-use software projects.

The Company depreciates Rotable Parts to an estimated residual value using the pooling life method. Depreciation under the pooling life method is calculated over the estimated average useful life of the passenger aircraft fleet.

The Company capitalizes certain costs of activities necessary to get the asset ready for its intended use. Capitalized interest represents interest costs incurred during the aircraft induction period, capitalization ceases when the asset is ready for service.

Airframe and Engine Maintenance – The Company accounts for non-major maintenance and repair costs incurred, as well as major maintenance costs of owned airframes, all leased airframes, and engines acquired via operating leases, using the expense as incurred method. Certain costs covered by third-party maintenance agreements are charged to expense based on fleet utilization, as defined by the contract. These expenses are reported as a component of Maintenance expense on the accompanying Consolidated Statements of Operations.

The Company applies the built-in overhaul method for significant maintenance costs of owned engines, as well as to engines acquired via finance leases where the Company is reasonably certain to exercise a purchase option. Under this method, engine values are separated into amounts for life limited parts and “greentime”, representing the value of the engine for the time on-wing remaining until the next anticipated major maintenance event. Life limited parts are capitalized based on catalog rates published by the original equipment manufacturer and depreciated over their estimated useful lives. Initial engine "greentime" and subsequent major engine maintenance events are capitalized and depreciated until the next anticipated major maintenance event, assuming no residual value. The period until the next scheduled major maintenance event is estimated based on assumptions such as estimated cycles, hours, and months, required maintenance intervals, and the age/condition of related parts. These assumptions may change based on forecasted aircraft utilization changes, updates to government regulations and manufacturer maintenance intervals, as well as unplanned incidents causing damage requiring a major maintenance event prior to a scheduled visit. If the estimated timing of the next maintenance event changes, the related depreciation period changes prospectively. These expenses are reported as a component of Depreciation and Amortization on the accompanying Consolidated Statements of Operations.

Maintenance Rights Asset - During the year ended December 31, 2023, the Company acquired five Boeing 737-900ERs that at the time of purchase were on lease to an unaffiliated airline. Upon purchase of the Owned Aircraft Held for Operating Lease, the Company recognized a Maintenance Rights Asset which represents the Company’s contractual right to receive the aircraft in a specified maintenance condition at the end of the lease. The acquired leases contain an end of lease compensation clause whereby the lessee is required to perform the maintenance tasks needed to physically restore the airframe and engines to full-life condition or remit a cash payment to compensate the Company for the maintenance shortfall. The asset represents the difference between the Owned Aircraft Held for Operating Lease’s physical maintenance condition as of the purchase date and the contractual return condition at the end of the lease term. The Maintenance Rights Asset is not depreciated over the lease term, nor will it accrete as additional life is consumed on the aircraft.

Subsequent accounting for the Maintenance Rights Asset will occur at the end of the lease term when the end of lease compensation has been settled between the Company and the unaffiliated lessee. One of the following scenarios will occur based on the underlying facts and circumstances: 1) the aircraft is returned at lease expiry in the contractually specified maintenance condition without any cash payment to the Company by the lessee, the Maintenance Rights Asset is relieved, and an aircraft improvement asset is recorded to the extent the improvement is substantiated and deemed to meet the Company’s capitalization policy; 2) the lessee pays the Company cash compensation at lease expiry in excess of the value of the Maintenance Rights Asset, the excess is recognized as revenue and presented within Other Revenue on the Consolidated Statements of Operations; or 3) the lessee pays the Company cash compensation at lease expiry that is less than the value of the Maintenance Rights Asset, the shortfall is recorded as an aircraft improvement asset to the extent the improvement is substantiated and meets the Company’s capitalization policy, if it does not meet capitalization criteria the shortfall is recognized as an expense within Maintenance on the Consolidated Statements of Operations. Any aircraft improvement will be applied at the aircraft component level, will be depreciated in accordance with the Company’s policy and reported as a component of Depreciation and Amortization on the accompanying Consolidated Statements of Operations.

Asset Impairment Analysis – Long-lived assets, such as Property & Equipment and finite-lived Other Intangible Assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset (or asset group) may not be recoverable. If circumstances require a long-lived asset or asset group be tested for impairment, the Company first compares the undiscounted cash flows expected to be generated by that asset or asset group to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying amount exceeds its fair value. Fair value is determined using various valuation

techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary.

No triggering events were identified during the years ended December 31, 2025, 2024 or 2023 that would have resulted in impairment losses on the Company's long-lived assets.

Goodwill and Other Intangible Assets – Goodwill represents the excess purchase price over the estimated fair value of net assets acquired in a business combination. Other Intangible Assets with Indefinite Lives represents a tradename acquired in a business combination. Other Intangible Assets with Finite Lives represent customer relationships acquired in a business combination and over-market lease assets acquired when the Company purchased five Owned Aircraft Held for Operating Lease. Goodwill and Other Intangible Assets with Indefinite Lives must be tested for impairment at least annually, or more frequently if events or changes in circumstances indicate that they might be impaired. Goodwill is tested at the reporting unit level. The Company has two reporting units: Passenger and Cargo. All of the Company's Goodwill balance is associated with the Passenger reporting unit.

Other Intangible Assets with Finite Lives are amortized over an estimated useful life. The estimated useful life for the Company's customer relationship intangible asset was based on several factors, including the effects of demand, competition, contractual relationship, and other business factors. The Company concluded that the customer relationships Other Finite-lived Intangible Asset has an estimated life of 12 years and is being amortized over this period on a straight-line basis. The Company's over-market lease asset will be amortized over the remaining lease terms for the respective aircraft. As of December 31, 2025, the remaining leases expire over various dates through the fourth quarter of 2026.

The value of Goodwill and Other Indefinite-lived Intangible Assets is assessed under either a qualitative or quantitative approach. Under a qualitative approach, the Company considers various market factors, including certain key assumptions, such as the market value of the airline and other airlines, fuel prices, the overall economy, passenger yields and changes to the regulatory environment. The Company analyzes these factors to determine if events and circumstances have affected the fair value of Goodwill and Other Indefinite-lived Intangible Assets. If it is determined that it is more likely than not that the asset may be impaired, the Company uses a quantitative approach to determine the reporting unit or intangible asset’s fair value incorporating the key assumptions listed below. An impairment charge is recorded for the amount of carrying value that exceeds the determined fair value as of the testing date.

When the Company evaluates Goodwill or its Other Indefinite-lived Intangible Assets for impairment using a quantitative approach, the Company utilizes market and income approach valuation techniques. These measurements include the following key assumptions, 1) forecasted revenues, expenses and cash flows, 2) current discount rates, 3) comparative market multiples, 4) observable market transactions, and 5) anticipated changes to the regulatory environment. These assumptions are consistent with those that hypothetical market participants would use. Because the Company is required to make estimates and assumptions when evaluating Goodwill and Other Indefinite-lived Intangible Assets for impairment, actual transaction amounts may differ materially from these estimates.

The Company performed its most recent annual Goodwill and Other Indefinite-lived Intangible Assets impairment analysis as of October 1, 2025. The Company did not recognize any impairment losses for the years ended December 31, 2025, 2024 or 2023.

Income Taxes – Deferred income taxes are recognized for the tax consequences in future years of differences between the tax basis of assets and liabilities and their financial reporting amounts at each year end based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce Deferred Tax Assets to the amount expected to be realized. All Deferred Tax Assets and Liabilities, along with any related valuation allowance, are classified as noncurrent on the Consolidated Balance Sheets. Interest and penalties on uncertain tax positions, to the extent they exist, are included in the Company’s provision for income taxes. The

provision for income taxes represents the current tax expense for the period and the change during the period in Deferred Tax Assets and Liabilities.

TRA Liability – In connection with the Company’s IPO, the legal entity Sun Country Airlines Holdings, Inc. entered into a TRA with the pre-IPO stockholders (the “TRA holders”, which includes certain members of the Company's management and certain members of the Company's Board of Directors.). The TRA provides for the payment by the Company to the TRA holders of 85% of the amount of cash savings, if any, in U.S. federal, state, local, and foreign income tax that the Company actually realizes (or is deemed to have realized in certain circumstances) as a result of certain tax attributes that existed at the time of the IPO (the “Pre-IPO Tax Attributes”). The Company will retain the benefit of the remaining 15% of these cash savings.

Future adjustments in the TRA Liability balance and/or timing of TRA Liability payments are contingent upon, among other things, 1) generation of future taxable income over the term of the TRA, 2) the Company’s participation in future government programs, and 3) future changes in tax laws. All adjustments to the TRA Liability were recorded in Other, net within Non-Operating Income (Expense), net in the Company’s Consolidated Statements of Operations.

The Company began making TRA payments during the year ended December 31, 2023. TRA payments are classified as Financing Activities in the Company's Consolidated Statement of Cash Flows. The portion of the TRA expected to be paid in the next 12 months is reflected as a current liability on the Consolidated Balance Sheets. All other amounts are reflected as a non-current liability on the Consolidated Balance Sheets. In the case of a merger that constitutes a change of control, such as the Merger Agreement with Allegiant, the TRA will terminate. Upon completion of the potential Merger with Allegiant, the TRA will be settled with the TRA holders. The amount paid to the TRA holders will be the outstanding balance of the TRA at time of closing.

Aircraft Fuel - The Company’s operations are inherently dependent upon the price of aircraft fuel. Aircraft fuel expense includes jet fuel, federal and state taxes, and other fees. As of December 31, 2025 and 2024, the Company had no outstanding fuel derivative contracts.

Sales and Marketing - Sales and Marketing expense includes credit card processing fees, travel agent commissions and related global distribution systems fees, advertising, sponsorship and distribution costs, such as the costs of our call centers, and costs associated with our loyalty program. The Company expenses advertising costs as incurred.

Equity Incentive Plan – Under its Equity Incentive Plan, the Company has primarily issued Time-Based Stock Options, Performance-Based Stock Options, Restricted Stock, PRSUs, and RSU awards. Further, the Company has elected to account for forfeitures as they occur, rather than forecasting the future forfeitures. If an award is forfeited prior to vesting, the associated reduction in expense is reflected net in stock-based compensation expense in that period. Stock compensation expense is reported as a component of Salaries, Wages, and Benefits within the Company's Consolidated Statement of Operations. See Note 10 for further information on the Equity Incentive Plan.

Earnings per Share - Basic earnings per share, which excludes dilution, is computed by dividing Net Income available to common stockholders by the weighted average number of shares of common stock outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. The number of incremental shares from the assumed issuance of shares relating to securities or other contracts to issue common stock is calculated by applying the treasury stock method. The treasury stock method assumes a hypothetical issuance of shares to settle the securities or other contracts to issue common stock, with the assumed proceeds used to purchase common stock at the average market price for the period. Assumed proceeds include the amount to be paid upon exercise, if applicable, and the average unrecognized compensation cost. The difference between the number of shares assumed issued and the number of shares assumed purchased represents the dilutive shares.

Warrants held by Amazon are included in the calculation of dilutive weighted average shares outstanding as of the date the warrants vest to the extent the impact is dilutive. The unvested warrants have not been included in dilutive shares as their performance condition has not been satisfied.

During the year ended December 31, 2023, all conditions associated with the time-based and performance-based options granted under the SCA Acquisition Holdings, LLC Amended and Restated Equity Incentive Plan were met. As a result, 100% of the performance-based stock options vested and are included in the calculation of dilutive shares to the extent the impact is dilutive.

Concentration Risk

Approximately 55% and 25% of the Company’s Accounts Receivable balances as of December 31, 2025, and 2024 were due from Amazon, respectively. In addition, approximately 9% and 13% of the Company’s Accounts Receivable balances as of December 31, 2025 and 2024, were due from one financial institution for tickets purchased via credit cards.

Approximately 46% and 45% of the Company's fuel purchases were made from two vendors that each had fuel purchases representing 10% or more of the Company's total fuel purchases for the years ended December 31, 2025 and 2024, respectively. Approximately 59% of the Company's fuel purchases were made from three vendors that each had fuel purchases representing 10% or more of the Company's total fuel purchases for the year ended December 31, 2023.

Approximately 66% of the Company’s workforce were under union contracts as of December 31, 2025 with four different unions: ALPA, IBT, TWU and AMFA. As of December 31, 2025, approximately 31% of the Company’s union workforce are under contracts that are being negotiated, have become amendable or will expire within the next year.

Recently Adopted Accounting Standards

In December 2023, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU requires, among other disclosures, greater disaggregation of information, the use of certain categories in the rate reconciliation, and the disaggregation of income taxes paid by jurisdiction. On December 31, 2025, the Company adopted this standard retrospectively. See Note 14 included within these Consolidated Financial Statements for the incremental disclosures, as required.

Recently Issued Accounting Standards

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses. This ASU requires disaggregated disclosure of income statement expenses for public business entities. The ASU does not change the expense captions an entity presents on the face of the Statement of Operations; rather, it requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes of the financial statements. The ASU is effective for public business entities for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company continues to assess the impact of this ASU on its Consolidated Financial Statements.

In May 2025, the FASB issued ASU 2025-04, Clarifications to Share-Based Consideration Payable to a Customer. This ASU clarifies the definition of "performance condition" and in cases of awards with service conditions, eliminates the policy election permitting a grantor to account for forfeitures as they occur. The ASU is effective for public business entities for fiscal years beginning after December 15, 2026, and interim periods within those fiscal years, with early adoption permitted. The Company continues to assess the impact of this ASU on its Consolidated Financial Statements.

In September 2025, the FASB issued ASU 2025-06, Targeted Improvements to the Accounting for Internal-Use Software. This ASU requires entities to capitalize software costs when both of the following occur: management

has authorized and committed to funding the software project, and it is probable that the project will be completed and the software will be used to perform the function intended. Entities may adopt this standard using one of three approaches: a prospective transition, a modified transition based on the status of the project and whether software costs were capitalized before the date of adoption, or a retrospective transition. The ASU is effective for public business entities for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years, with early adoption permitted as of the beginning of an annual reporting period. The Company continues to assess the impact of this ASU on its Consolidated Financial Statements.

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Investments (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Impairment losses	$ 0	$ 0	$ 0

STOCK-BASED COMPENSATION - Stock option activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Time-Based Stock Options
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Outstanding at beginning of period (in shares)	1,098,201	1,263,098	1,356,522
Forfeited (in shares)	(9,308)	(32,060)	(3,882)
Exercised (in shares)	(293,649)	(132,837)	(89,542)
Outstanding at end of period (in shares)	795,244	1,098,201	1,263,098	1,356,522
Weighted average exercise price per share
Outstanding at beginning of period (in dollars per share)	$ 6.65	$ 6.72	$ 6.72
Forfeited (in dollars per share)	13.78	15.17	28.24
Exercised (in dollars per share)	5.30	5.30	5.78
Outstanding at end of period (in dollars per share)	7.06	6.65	6.72	$ 6.72
Weighted average grant date fair value per share
Outstanding at beginning of period (in dollars per share)	2.88	2.93	2.89
Forfeited (in dollars per share)	5.42	6.69	11.80
Exercised (in dollars per share)	2.39	2.39	2.54
Outstanding at end of period (in dollars per share)	$ 3.04	$ 2.88	$ 2.93	$ 2.89
Weighted average remaining contractual term (years)
Weighted average remaining contractual term, outstanding (in years)	2 years 7 months 6 days	4 years 2 months 12 days	5 years 2 months 12 days	6 years 1 month 6 days
Aggregate Intrinsic Value (in thousands)
Outstanding, Exercisable and Vested as of December 31, 2025	$ 6,416
Performance-based stock options
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Outstanding at beginning of period (in shares)	2,471,518	2,798,154	3,178,533
Forfeited (in shares)	(14,868)	(69,135)	(7,812)
Exercised (in shares)	(884,514)	(257,501)	(372,567)
Outstanding at end of period (in shares)	1,572,136	2,471,518	2,798,154	3,178,533
Weighted average exercise price per share
Outstanding at beginning of period (in dollars per share)	$ 6.37	$ 6.49	$ 6.45
Forfeited (in dollars per share)	13.78	15.17	25.54
Exercised (in dollars per share)	5.30	5.30	5.75
Outstanding at end of period (in dollars per share)	6.90	6.37	6.49	$ 6.45
Weighted average grant date fair value per share
Outstanding at beginning of period (in dollars per share)	1.83	1.84	1.83
Forfeited (in dollars per share)	3.39	3.39	9.76
Exercised (in dollars per share)	1.50	1.50	1.59
Outstanding at end of period (in dollars per share)	$ 2.00	$ 1.83	$ 1.84	$ 1.83
Weighted average remaining contractual term (years)
Weighted average remaining contractual term, outstanding (in years)	2 years 8 months 12 days	4 years 1 month 6 days	5 years 1 month 6 days	6 years 1 month 6 days
Aggregate Intrinsic Value (in thousands)
Outstanding, Exercisable and Vested as of December 31, 2025	$ 12,736

PARENT COMPANY FINANCIAL STATEMENTS - Additional Information (Details) - USD ($)	Dec. 31, 2025	Mar. 24, 2025	Feb. 10, 2021
Line of Credit Facility [Line Items]
Additional dividend amount	$ 10,000,000
Additional dividend, percent of EBITDAR	10.00%
Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 75,000,000
Revolving Credit Facility \| Revolving Credit Facility \| Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity			$ 25,000,000

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Accounts Receivable, allowance for credit losses	$ 408	$ 617
Inventory, reserve for obsolescence	1,214	784
Accumulated amortization	$ 34,480	$ 29,903
Common stock-par value (in dollars per share)	$ 0.01	$ 0.01
Common stock-shares authorized (in shares)	995,000,000	995,000,000
Common stock-shares issued (in shares)	61,040,329	59,500,970
Common stock-shares outstanding	53,223,302	53,157,964
Preferred stock-par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Treasury stock (in shares)	7,817,027	6,343,006

FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

13. FAIR VALUE MEASUREMENTS

Accounting standards define fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The standards also establish a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Under GAAP, there are three levels of inputs that may be used to measure fair value:

Level 1 - Quoted prices for identical assets or liabilities in active markets.

Level 2 - Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The Company uses the following valuation methodologies for financial instruments measured at fair value on a recurring basis.

Financial Instruments – Financial instruments including Restricted Cash, Certificates of Deposit, Accounts Receivable, Accounts Payable and all other Current Liabilities have carrying values that approximate fair value.

Cash & Cash Equivalents – The carrying value of cash and cash equivalents approximates fair value. Fair values of cash equivalent instruments that do not trade on a regular basis in active markets are classified as Level 2.

Available-for-Sale Securities – Available-for-Sale investment securities include debt securities, such as municipal, corporate, and U.S. government agency notes. All of these investments are classified as Level 2 because they do not trade in active markets on a regular basis. The Company obtains its pricing per security from a third-party, which uses quoted market prices, when available, or other observable inputs for determination of fair value.

Non-Financial Assets – Certain assets are measured at fair value on a nonrecurring basis. The Company’s non-financial assets, which primarily consist of Property & Equipment, Goodwill and Other Intangible Assets are not required to be measured at fair value on a recurring basis and are reported at carrying value. However, on a periodic basis whenever events or changes in circumstances indicate that their carrying value may not be recoverable, non-financial assets are assessed for impairment and, if applicable, written down to fair value using significant unobservable inputs, classified as Level 3.

Debt – See Note 8 for more information on the Company's debt financings and related fair values.

The following table summarizes the assets measured at fair value on a recurring basis:


	December 31, 2025
	Level 1		Level 2		Level 3		Total
Cash & Cash Equivalents	$	144,684	$	—	$	—	$	144,684
Available-for-Sale Securities:
Municipal Debt Securities	—		3,863		—		3,863
Corporate Debt Securities	—		41,367		—		41,367
U.S. Government Agency Securities	—		37,901		—		37,901
Total Available-for-Sale Securities	—		83,131		—		83,131
Certificates of Deposit	6,498		—		—		6,498
Total Assets Measured at Fair Value on a Recurring Basis	$	151,182	$	83,131	$	—	$	234,313


	December 31, 2024
	Level 1		Level 2		Level 3		Total
Cash & Cash Equivalents	$	83,219	$	—	$	—	$	83,219
Available-for-Sale Securities:

Corporate Debt Securities	—		53,434		—		53,434
U.S. Government Agency Securities	—		44,202		—		44,202
Total Available-for-Sale Securities	—		97,636		—		97,636
Certificates of Deposit	6,417		—		—		6,417
Total Assets Measured at Fair Value on a Recurring Basis	$	89,636	$	97,636	$	—	$	187,272

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
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-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Warrants	Common Stock	Treasury Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive (Loss) Income
Warrants, outstanding, at beginning of period (in shares) at Dec. 31, 2022		2,402,268
Common stock, outstanding, at beginning of period (in shares) at Dec. 31, 2022			58,217,647
Balances, at beginning of period at Dec. 31, 2022	$ 492,712		$ 582	$ (17,605)	$ 488,494	$ 22,048	$ (807)
Treasury Stock, at beginning of period (in shares) at Dec. 31, 2022				892,409
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued for Stock-Based Awards (in shares)			661,076
Stock issued for Stock-Based Awards	2,660		$ 7		2,653
Net stock settlement of stock-based awards (in shares)				406
Net Stock Settlement of Stock-Based Awards	(8)			$ (8)
Common stock repurchases (in shares)				4,694,907
Common Stock Repurchases and Excise Tax	(69,227)			$ (76,728)	7,501
Net Income	72,181					72,181
Warrants vested (in shares)		821,825
Amazon Warrants	6,066				6,066
Stock-based Compensation	9,274				9,274
Other Comprehensive Income (Loss)	745						745
Warrants, outstanding, at end of period (in shares) at Dec. 31, 2023		3,224,093
Common stock, outstanding, at end of period (in shares) at Dec. 31, 2023			58,878,723
Balances, at end of period at Dec. 31, 2023	514,403		$ 589	$ (94,341)	513,988	94,229	(62)
Treasury Stock, at end of period (in shares) at Dec. 31, 2023				5,587,722
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued for Stock-Based Awards (in shares)			622,247
Stock issued for Stock-Based Awards	2,069		$ 6		2,063
Net stock settlement of stock-based awards (in shares)				755,284
Net Stock Settlement of Stock-Based Awards	(11,525)			$ (11,525)
Net Income	52,903					52,903
Warrants vested (in shares)		885,042
Amazon Warrants	6,533				6,533
Stock-based Compensation	6,020				6,020
Other Comprehensive Income (Loss)	$ (30)						(30)
Warrants, outstanding, at end of period (in shares) at Dec. 31, 2024		4,109,135
Common stock, outstanding, at end of period (in shares) at Dec. 31, 2024	53,157,964		59,500,970
Balances, at end of period at Dec. 31, 2024	$ 570,373		$ 595	$ (105,866)	528,604	147,132	(92)
Treasury Stock, at end of period (in shares) at Dec. 31, 2024	6,343,006			6,343,006
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued for Stock-Based Awards (in shares)			1,539,359
Stock issued for Stock-Based Awards	$ 6,244		$ 15		6,229
Common Stock Repurchases and Excise Tax (in shares)				1,474,021
Common Stock Repurchases and Excise Tax	(20,015)			$ (20,015)
Net Income	52,809					52,809
Warrants vested (in shares)		1,264,347
Amazon Warrants	9,333				9,333
Stock-based Compensation	6,305				6,305
Other Comprehensive Income (Loss)	$ 107						107
Warrants, outstanding, at end of period (in shares) at Dec. 31, 2025		5,373,482
Common stock, outstanding, at end of period (in shares) at Dec. 31, 2025	53,223,302		61,040,329
Balances, at end of period at Dec. 31, 2025	$ 625,156		$ 610	$ (125,881)	$ 550,471	$ 199,941	$ 15
Treasury Stock, at end of period (in shares) at Dec. 31, 2025	7,817,027			7,817,027

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Net Income	$ 52,809	$ 52,903	$ 72,181
Other Comprehensive Income (Loss):
Net unrealized gains (losses) on Available-for-Sale securities, net of deferred tax expense (benefit) of $30, $(8), and $222, respectively	107	(30)	745
Other Comprehensive Income (Loss)	107	(30)	745
Comprehensive Income	$ 52,916	$ 52,873	$ 72,926

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

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+ Details

STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2025

Summary of time-based stock option activity

The following table is a summary of the Company's time-based stock option activity:


	Time-Based Stock Options
	Number of shares	Weighted average exercise price per share		Weighted average grant date fair value per share		Weighted average remaining contractual term (years)	Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2022	1,356,522	$	6.72	$	2.89	6.1
Forfeited	(3,882)	28.24		11.80
Exercised	(89,542)	5.78		2.54
Outstanding as of December 31, 2023	1,263,098	$	6.72	$	2.93	5.2
Forfeited	(32,060)	15.17		6.69
Exercised	(132,837)	5.30		2.39
Outstanding as of December 31, 2024	1,098,201	$	6.65	$	2.88	4.2
Forfeited	(9,308)	13.78		5.42
Exercised	(293,649)	5.30		2.39
Outstanding, Exercisable and Vested as of December 31, 2025	795,244	$	7.06	$	3.04	2.6	$	6,416

Summary of performance-based stock option activity

The following table is a summary of the Company's performance-based stock option activity:


	Performance-Based Stock Options
	Number of shares	Weighted average exercise price per share		Weighted average grant date fair value per share		Weighted average remaining contractual term (years)	Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2022	3,178,533	$	6.45	$	1.83	6.1
Forfeited	(7,812)	25.54		9.76
Exercised	(372,567)	5.75		1.59
Outstanding as of December 31, 2023	2,798,154	$	6.49	$	1.84	5.1
Forfeited	(69,135)	15.17		3.39
Exercised	(257,501)	5.30		1.50
Outstanding as of December 31, 2024	2,471,518	$	6.37	$	1.83	4.1
Forfeited	(14,868)	13.78		3.39
Exercised	(884,514)	5.30		1.50
Outstanding, Exercisable and Vested as of December 31, 2025	1,572,136	$	6.90	$	2.00	2.7	$	12,736

Time-based RSUs

Time-Based Restricted Stock Units


	Time-Based Restricted Stock Units
	Number of shares	Weighted average grant date fair value per share
Outstanding as of December 31, 2022	230,191	$	20.39
Granted	458,271	17.19
Forfeited	(54,751)	18.89
Vested	(198,967)	18.60
Outstanding as of December 31, 2023	434,744	$	18.03
Granted	509,366	13.76
Forfeited	(39,869)	15.85
Vested	(231,909)	18.15
Outstanding as of December 31, 2024	672,332	$	14.88
Granted	613,699	14.93
Forfeited	(234,921)	14.97
Vested	(361,196)	15.06
Outstanding as of December 31, 2025	689,914	$	14.69

Performance-Based Restricted Stock Units


	Performance-Based Restricted Stock Units
	Number of shares	Weighted average grant date fair value per share
Outstanding as of December 31, 2023	—	$	—
Granted	172,737	14.48
Forfeited	(2,692)	14.49
Outstanding as of December 31, 2024	170,045	$	14.48
Granted	178,636	17.07
Forfeited	(124,543)	15.77
Outstanding as of December 31, 2025	224,138	$	15.83

EARNINGS PER SHARE - Computation of basic and diluted earnings (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Numerator:
Net Income	$ 52,809	$ 52,903	$ 72,181
Denominator:
Weighted Average Common Shares Outstanding - Basic (in shares)	53,116,591	52,908,322	55,507,144
Dilutive effect of Stock Options, RSUs and Warrants (in shares)	1,743,556	2,147,575	3,017,508
Diluted (in shares)	54,860,147	55,055,897	58,524,652
Basic earnings (loss) per share (in dollars per share)	$ 0.99	$ 1.00	$ 1.30
Diluted earnings (loss) per share (in dollars per share)	$ 0.96	$ 0.96	$ 1.23

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

SPECIAL ITEMS	12 Months Ended
SPECIAL ITEMS	Dec. 31, 2025
Unusual or Infrequent Items, or Both [Abstract]
SPECIAL ITEMS	15. SPECIAL ITEMS Special Items, net reflects expenses, or credits to expense, that are not representative of our ongoing costs for the periods presented and may vary from period to period in nature, frequency, and amount. In March 2025, the Company's flight attendants, represented by the International Brotherhood of Teamsters, ratified a new five-year CBA. Upon ratification of the new agreement, eligible flight attendants became entitled to a one-time ratification bonus. Eligibility requirements stipulate that flight attendants must be on the seniority list as of the ratification date, have completed probation, and hold an active status in order to receive the bonus payment. Certain portions of the ratification bonus will be paid in future periods as flight attendants on the seniority list as of the ratification date complete their probationary period or change their status from inactive to active. Ratification bonuses were paid to all eligible flight attendants during the year ended December 31, 2025, per the CBA. The Company recognized ratification bonuses of $1,886, including $145 of payroll-related tax expense, for the year ended December 31, 2025. These items were included within Special Items, net on the Company's Consolidated Statements of Operations.

OPERATING SEGMENTS - Additional Information (Details)	12 Months Ended
OPERATING SEGMENTS - Additional Information (Details)	Dec. 31, 2025 segment business
Segment Reporting [Abstract]
Number of Reportable Segments	2
Number of operating segments	2
Number of internal passenger groups \| business	2

REVENUE (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Schedule of significant categories comprising operating revenues

The significant categories comprising Operating Revenues are as follows:


	Year Ended December 31,
	2025		2024		2023
Scheduled Service	$	403,998	$	409,133	$	453,862
Charter	224,227		197,045		190,128
Ancillary	294,904		307,909		276,133
Passenger	923,129		914,087		920,123
Cargo	155,027		107,174		99,735
Other	48,613		54,478		29,762
Total Operating Revenue	$	1,126,769	$	1,075,739	$	1,049,620

Schedule of total operating revenues by geographic region

Total Operating Revenues by geographic region are as follows:


	Year Ended December 31,
	2025		2024		2023
Domestic	$	1,086,518	$	1,039,339	$	1,008,582
Latin America	40,152		36,400		40,548
Other	99		—		490
Total Operating Revenue	$	1,126,769	$	1,075,739	$	1,049,620

Summary of contract assets and liabilities

Contract Assets and Liabilities are as follows:


	December 31,
	2025		2024
Contract Assets
Amazon Contract	$	13,347	$	4,135
Total Contract Assets	$	13,347	$	4,135

Contract Liabilities
Air Traffic Liabilities	$	167,024	$	160,686
Loyalty Program Liabilities	14,846		14,601
Amazon Contract	1,686		1,612
Credit Card Program	976		—
Total Contract Liabilities	$	184,532	$	176,899

Schedule of changes in the loyalty program liabilities

Changes in the Loyalty Program Liabilities are as follows:


	2025		2024
Balance - January 1	$	14,601	$	13,737
Loyalty Points Earned	8,974		8,810
Loyalty Points Redeemed (1) (2)	(8,729)		(7,946)
Balance - December 31	$	14,846	$	14,601

________________________________


(1)			Loyalty points are combined in one homogenous pool, that includes both air and non-air travel awards, and are not separately identifiable. As such, the revenue recognized is comprised of points that were part of the Loyalty Program Liabilities balance at the beginning of the period, as well as points that were earned during the period.
(2)			Includes $355 of other deferred loyalty payments, net of the amount earned for the year ended December 31, 2024.

INVESTMENTS (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	$ 83,113	$ 97,755
Gross Unrealized Gains	49	24
Gross Unrealized Losses	(31)	(143)
Fair Value	83,131	97,636
Municipal Debt Securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	3,859
Gross Unrealized Gains	4
Gross Unrealized Losses	0
Fair Value	3,863
Corporate Debt Securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	41,336	53,452
Gross Unrealized Gains	38	22
Gross Unrealized Losses	(7)	(40)
Fair Value	41,367	53,434
U.S. Government Agency Securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	37,918	44,303
Gross Unrealized Gains	7	2
Gross Unrealized Losses	(24)	(103)
Fair Value	37,901	44,202
Certificates of Deposit
Debt Securities, Available-for-Sale [Line Items]
Certificates of Deposit	$ 6,498	$ 6,417

COVER - USD ($) $ in Millions	12 Months Ended
COVER - USD ($) $ in Millions	Dec. 31, 2025	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-40217
Entity Registrant Name	Sun Country Airlines Holdings, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-4092570
Entity Address, Address Line One	2005 Cargo Road
Entity Address, City or Town	Minneapolis
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55450
City Area Code	651
Local Phone Number	681-3900
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	SNCY
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float		$ 624
Entity Common Stock, Shares Outstanding	53,223,302
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s definitive proxy statement relating to the 2026 Annual Meeting of Stockholders are incorporated herein by references in Part III of this Annual Report on Form 10-K to the extent stated herein. Such proxy statement will be filed with the Securities and Exchange Commission within 120 days of the registrant’s fiscal year ended December 31, 2025.
Entity Central Index Key	0001743907
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Amendment Flag	false

GOODWILL AND OTHER INTANGIBLE ASSETS - Components (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 222,223	$ 222,223
Other Intangible Assets with Finite Lives:
Accumulated Amortization	(34,480)	(29,903)
Net carrying value	17,261
Total Other Intangible Assets
Gross Carrying Amount	107,741	107,741
Total Other Intangible Assets	73,261	77,838
Total Goodwill and Other Intangible Assets, Gross Carrying Amount	329,964	329,964
Total Goodwill and Other Intangible Assets, Net Carrying Value	295,484	300,061
Customer Relationships
Other Intangible Assets with Finite Lives:
Gross Carrying Amount	48,000	48,000
Accumulated Amortization	(30,890)	(26,890)
Net carrying value	17,110	21,110
Over-Market Asset
Other Intangible Assets with Finite Lives:
Gross Carrying Amount	3,741	3,741
Accumulated Amortization	(3,590)	(3,013)
Net carrying value	151	728
Tradename
Other Intangible Assets with Indefinite Lives:
Tradename	$ 56,000	$ 56,000

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Maintenance Rights Asset (Details) - aircraft	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
AIRCRAFT - Owned and Leased
Additions	8	3
Other \| Owned Aircraft Held for Operating Lease
AIRCRAFT - Owned and Leased
Additions	0	0

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2025

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation

Fiscal Year

The Company operates its fiscal year on a calendar year basis.

Use of Estimates

Revenue Recognition

Revenue is recognized as the services are performed based on Block Hours operated on behalf of customers. The costs of obtaining the Company's Charter contracts are not material.

Loyalty Program Accounting

Cash and Equivalents

Restricted Cash

Investments

Securities downgraded below policy minimums after purchase will be disposed of in accordance with the Company’s investment policy.

Accounts Receivable

Lessor Maintenance Deposits

Inventory

Leases

Operating Lease Right-of-Use Asset and Liabilities

Finance Leases

Leased Aircraft Return Costs

Property & Equipment


Airframes (1)			10-25 years (depending on age)
Engines – Core (2)			7 or 12 years (based on remaining cycles)
Engines – Initial Greentime (time remaining until the first scheduled major maintenance event)			1st scheduled maintenance event
Leasehold Improvements, Aircraft, Other			3-25 years (or life of lease, if shorter)
Office and Ground Equipment			5-7 years
Computer Hardware and Software			3-5 years
Property and Equipment under Finance Leases (3)			Lesser of the lease term or economic life
Rotable Parts			Average remaining life of aircraft fleet, currently estimated to be 8 years

_____________________________


(1)			Airframes have an estimated residual value of $4,000.
(2)			Engines - Core have an estimated residual value of $1,500.
(3)			For finance leases where the Company is reasonably certain to exercise the purchase option, the lease asset value is assigned to the engine and airframe components which are depreciated on a straight-line basis in accordance with the useful lives outlined in the table above.

Our tangible assets consist primarily of Aircraft and Flight Equipment, which are mobile across geographic markets. Therefore, assets are not allocated to specific geographic regions.

Airframe and Engine Maintenance

Maintenance Rights Asset

Asset Impairment Analysis

techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary.

Goodwill and Other Intangible Assets

The Company performed its most recent annual Goodwill and Other Indefinite-lived Intangible Assets impairment analysis as of October 1, 2025.

Income Taxes

provision for income taxes represents the current tax expense for the period and the change during the period in Deferred Tax Assets and Liabilities.

TRA Liability

Aircraft Fuel

Aircraft Fuel - The Company’s operations are inherently dependent upon the price of aircraft fuel. Aircraft fuel expense includes jet fuel, federal and state taxes, and other fees

Sales And Marketing

Equity Incentive Plan

Earnings per Share

Concentration Risk

Recently Adopted Accounting Standards and Recently Issued Accounting Standards

Recently Adopted Accounting Standards

Recently Issued Accounting Standards

MERGER AGREEMENT WITH ALLEGIANT	12 Months Ended
MERGER AGREEMENT WITH ALLEGIANT	Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]
MERGER AGREEMENT WITH ALLEGIANT	3. MERGER AGREEMENT WITH ALLEGIANT On January 11, 2026, the Company entered into the Merger Agreement with Allegiant Travel Company, a Nevada corporation (“Allegiant”), under which Allegiant will acquire the Company. Pursuant to the Merger Agreement, each existing share of Sun Country Common Stock will be converted into the right to receive (i) $4.10 in cash, without interest and (ii) 0.1557 shares of Allegiant Common Stock. Completion of the Merger is subject to the satisfaction or waiver of certain closing conditions, including, among other things, (1) adoption of the Merger Agreement by Sun Country stockholders, (2) approval of the issuance of shares of Allegiant Common Stock pursuant to the Merger Agreement by Allegiant stockholders, (3) receipt of applicable regulatory approvals, including approvals from the U.S. Federal Aviation Administration, the U.S. Department of Transportation and the U.S. Department of Homeland Security, including the TSA, and the expiration or early termination of the statutory waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended; (4) the absence of any law or order prohibiting the consummation of the transactions; (5) the effectiveness of the registration statement to be filed by Allegiant and Sun Country with the SEC pursuant to the Merger Agreement; and (6) the authorization and approval for listing on NASDAQ of the shares of Allegiant Common Stock to be issued to holders of Sun Country Common Stock in the Merger. The Merger Agreement includes customary termination rights in favor of each party. In certain circumstances, the Company may be required to pay Allegiant, or Allegiant may be required to pay the Company, a termination fee or expense reimbursement in connection with the termination of the Merger Agreement. The Merger is expected to close in the second half of 2026, subject to certain closing conditions as detailed above.

LEASES

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

LEASES

9. LEASES

Lessee and Sublease Arrangements

The Company classifies its Leases into three categories: Aircraft, Real Estate, and Other. Aircraft leases consist of aircraft, engines, and aircraft equipment under lease agreements. As of December 31, 2025, the Company had 13 leases for aircraft, all of which were under finance leases. Real estate leases consist of leased hangar and headquarter facilities, a simulator housing facility, and other leases consist of non-aircraft equipment under operating lease agreements. Real estate and other leases generally have initial terms of up to ten years.

The Company’s Cargo fleet of 20 aircraft is subleased directly from Amazon and the Company operates them pursuant to the A&R ATSA. The sublease arrangement does not qualify as a lease because the Company does not control the use of the aircraft. As such, no right-of-use asset and lease liability is recognized in these financial statements for the Amazon arrangement. This conclusion is unchanged from the original ATSA. For more information on the A&R ATSA, see Note 2 within these Consolidated Financial Statements.

As of December 31, 2025, the Company had one subleased aircraft which was classified as an operating lease. This sublease arrangement does not relieve the Company of its primary lease obligations with the lessor (the "head lease"). Therefore, the Company continues to account for the head lease as a finance lease. The Company is entitled to fixed payments over the remaining sublease terms, with additional variable sublease payments based on aircraft utilization. The sublease expires in the second quarter of 2026. The aircraft will be delivered to Sun Country on the sublease expiry date and will continue to be leased by the Company. The aircraft is expected to be inducted into the Company's fleet upon redelivery. The rental revenue associated with the sublease is recognized as it is earned and is included in Other Revenue. As of December 31, 2025, future undiscounted cash flows of $1,325 are expected to be received in 2026.

In February 2026, an amendment was executed to extend the lease expiry term for the one aircraft subleased to an unaffiliated airline, which now expires in the fourth quarter of 2026. As a result, future undiscounted cash flows of $2,915 are expected to be received in 2026.

The Company also has various airport terminal agreements which include provisions for variable lease payments which are based on several factors, including, but not limited to, number of carriers, enplaned passengers, and airports’ annual operating budgets. Due to the variable nature of the rates, these leases are not recorded on the Company’s Consolidated Balance Sheets as a right-of-use asset and lease liability.

Certain aircraft lease agreements grant the Company the option to purchase the aircraft at the end of the lease term. To the extent the Company is reasonably certain to exercise the purchase option, the lease arrangement has been accounted for as a finance lease with the purchase option price recognized as part of the lease obligation.

Lessor Arrangements

During the year ended December 31, 2023, the Company acquired five Owned Aircraft Held for Operating Lease. The Company obtained outright ownership of these aircraft upon purchase and assumed the position of lessor until the end of the related aircraft lease terms. The Company is entitled to fixed payments over the remaining lease term for each aircraft, which expire at various dates through the fourth quarter of 2026. On each lease expiry date, the Owned Aircraft Held for Operating Lease will be redelivered to Sun Country and are expected to be inducted into the Company’s fleet. The rental revenue associated with the Owned Aircraft Held for Operating Lease is recognized as it is earned and is included in Other Revenue. The Company recognized $14,328, $23,380 and $17,689 of rental revenue during the years ended December 31, 2025, 2024 and 2023 respectively. As of December 31, 2025, future undiscounted cash flows of $6,600 are expected to be received in 2026.

Upon acquisition of the Owned Aircraft held for Operating Lease during the year ended December 31, 2023, the Company recognized a Maintenance Rights Asset associated with the acquired leases. During the years ended December 31, 2025 and 2024, the Company accepted delivery of two and one, respectively, Owned Aircraft Held for Operating Lease that were previously leased to an unaffiliated airline. Based on the maintenance condition of the aircraft on the lease return dates, the Maintenance Rights Asset settlements resulted in capitalized asset improvements of $8,750 and $5,054, and cash received from the lessee in excess of the Maintenance Rights Asset totaling $5,808 and $2,849, for the years ended December 31, 2025 and 2024, respectively. The cash received for end of lease compensation in excess of the Maintenance Rights Asset was recognized within Other Revenue on the Company’s Consolidated Statement of Operations. For more information on the Maintenance Rights Asset and related accounting, see Note 2 included within these Consolidated Financial Statements.

The following table summarizes the lease-related assets and liabilities recorded on the Company’s Consolidated Balance Sheets:


		December 31,
	Classification	2025		2024
Assets
Finance lease assets, net	Property and Equipment, net	$	213,108	$	234,960
Operating lease assets	Operating Lease Right-of-use Assets	14,257		16,896
Owned Aircraft and Flight Equipment Held for Operating Lease	Property and Equipment, net	54,388		113,535
Total lease assets		$	281,753	$	365,391
Liabilities
Current:
Finance lease liabilities	Current Finance Lease Obligations	$	61,616	$	20,175
Operating lease liabilities	Current Operating Lease Obligations	3,601		3,281
Long-term:
Finance lease liabilities	Long-term Finance Lease Obligations	189,471		251,087
Operating lease liabilities	Long-term Operating Lease Obligations	13,792		17,369
Total lease liabilities		$	268,480	$	291,912

The following table provides details of the Company’s obligations under Finance and Operating Leases as of December 31, 2025:


	Finance Leases						Operating Leases
Year Ending December 31	Aircraft		Real Estate		Total			Real Estate and Other
2026	$	76,132	$	1,773	$	77,905		$	4,827
2027	26,724		1,773		28,497			4,815
2028	44,232		1,773		46,005			4,853
2029	87,153		1,404		88,557			2,922
2030	56,256		—		56,256			1,181
Thereafter	2,162		—		2,162			2,248
Total Minimum Lease Payments	292,659		6,723		299,382			20,846
Less: Amount Representing Interest	(47,118)		(1,177)		(48,295)			(3,453)
Present Value of Minimum Lease Payments	245,541		5,546		251,087			17,393
Less: Short-term Obligations	(60,356)		(1,260)		(61,616)			(3,601)
Long-term Lease Obligations	$	185,185	$	4,286	$	189,471		$	13,792

The following table presents lease costs related to the Company’s Finance and Operating Leases:


		Year Ended December 31,
	Classification	2025		2024		2023
Finance lease cost
Amortization of leased assets	Depreciation and Amortization	$	21,852	$	23,108	$	21,150
Interest on lease liabilities	Interest Expense	17,652		19,568		16,325

Operating lease cost
Included in ROU asset - Aircraft	Aircraft Rent (1)	—		—		2,210
Included in ROU asset - Real Estate & Other	Ground Handling, Landing Fees and Airport Rent & Other Operating	4,689		4,644		4,438
Short-term lease cost	Aircraft Rent	—		—		396
Variable - Aircraft	Aircraft Rent (1)	—		—		(325)
Variable - Other	Landing Fees & Airport Rentals	3,123		2,691		2,212
Sublease Income	Other Revenue	(14,771)		(16,091)		(768)
Total Lease cost		$	32,545	$	33,920	$	45,638

_________________________________


1)			The year ended December 31, 2023 included credits of $723 for the amortization of Over-market Liabilities established at the Acquisition Date related to lease rates and maintenance reserves. As of December 31, 2023, the balance of Over-market liabilities was $0.

The following table presents Supplemental cash flow information related to leases, included in the Consolidated Statements of Cash Flows:


	Year Ended December 31,
	2025		2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating Cash Flows for Operating Leases	$	4,771	$	3,888	$	5,971
Operating Cash Flows for Finance Leases	$	17,652	$	19,568	$	16,325
Financing Cash Flows for Finance Leases	$	20,175	$	45,942	$	21,883

The table below presents lease-related terms and discount rates related to the Company’s Finance and Operating Leases:


	Year Ended December 31,
	2025	2024	2023
Weighted-average remaining lease term
Operating Leases	4.8 years	5.6 years	6.8 years
Finance Leases	3.4 years	4.4 years	4.9 years

Weighted-average discount rates
Operating Leases	7.8%	7.8%	6.5%
Finance Leases	6.8%	6.8%	6.6%

During the year ended December 31, 2023 the Company expensed $620 of maintenance reserve payments. These expenses are reflected in Aircraft Rent on the accompanying Consolidated Statements of Operations. During the year ended December 31, 2023, the composition of our aircraft fleet shifted from aircraft under operating leases to all owned aircraft or aircraft under finance leases. Accordingly, we did not expense any maintenance reserve payments during the years ended December 31, 2025 or 2024 because all maintenance deposits are expected to be recoverable either through reimbursable maintenance events or through application towards the purchase of the aircraft.

LEASES

9. LEASES

Lessee and Sublease Arrangements

Lessor Arrangements

The following table summarizes the lease-related assets and liabilities recorded on the Company’s Consolidated Balance Sheets:


		December 31,
	Classification	2025		2024
Assets
Finance lease assets, net	Property and Equipment, net	$	213,108	$	234,960
Operating lease assets	Operating Lease Right-of-use Assets	14,257		16,896
Owned Aircraft and Flight Equipment Held for Operating Lease	Property and Equipment, net	54,388		113,535
Total lease assets		$	281,753	$	365,391
Liabilities
Current:
Finance lease liabilities	Current Finance Lease Obligations	$	61,616	$	20,175
Operating lease liabilities	Current Operating Lease Obligations	3,601		3,281
Long-term:
Finance lease liabilities	Long-term Finance Lease Obligations	189,471		251,087
Operating lease liabilities	Long-term Operating Lease Obligations	13,792		17,369
Total lease liabilities		$	268,480	$	291,912

The following table provides details of the Company’s obligations under Finance and Operating Leases as of December 31, 2025:


	Finance Leases						Operating Leases
Year Ending December 31	Aircraft		Real Estate		Total			Real Estate and Other
2026	$	76,132	$	1,773	$	77,905		$	4,827
2027	26,724		1,773		28,497			4,815
2028	44,232		1,773		46,005			4,853
2029	87,153		1,404		88,557			2,922
2030	56,256		—		56,256			1,181
Thereafter	2,162		—		2,162			2,248
Total Minimum Lease Payments	292,659		6,723		299,382			20,846
Less: Amount Representing Interest	(47,118)		(1,177)		(48,295)			(3,453)
Present Value of Minimum Lease Payments	245,541		5,546		251,087			17,393
Less: Short-term Obligations	(60,356)		(1,260)		(61,616)			(3,601)
Long-term Lease Obligations	$	185,185	$	4,286	$	189,471		$	13,792

The following table presents lease costs related to the Company’s Finance and Operating Leases:


		Year Ended December 31,
	Classification	2025		2024		2023
Finance lease cost
Amortization of leased assets	Depreciation and Amortization	$	21,852	$	23,108	$	21,150
Interest on lease liabilities	Interest Expense	17,652		19,568		16,325

Operating lease cost
Included in ROU asset - Aircraft	Aircraft Rent (1)	—		—		2,210
Included in ROU asset - Real Estate & Other	Ground Handling, Landing Fees and Airport Rent & Other Operating	4,689		4,644		4,438
Short-term lease cost	Aircraft Rent	—		—		396
Variable - Aircraft	Aircraft Rent (1)	—		—		(325)
Variable - Other	Landing Fees & Airport Rentals	3,123		2,691		2,212
Sublease Income	Other Revenue	(14,771)		(16,091)		(768)
Total Lease cost		$	32,545	$	33,920	$	45,638

_________________________________


1)			The year ended December 31, 2023 included credits of $723 for the amortization of Over-market Liabilities established at the Acquisition Date related to lease rates and maintenance reserves. As of December 31, 2023, the balance of Over-market liabilities was $0.

The following table presents Supplemental cash flow information related to leases, included in the Consolidated Statements of Cash Flows:


	Year Ended December 31,
	2025		2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating Cash Flows for Operating Leases	$	4,771	$	3,888	$	5,971
Operating Cash Flows for Finance Leases	$	17,652	$	19,568	$	16,325
Financing Cash Flows for Finance Leases	$	20,175	$	45,942	$	21,883

The table below presents lease-related terms and discount rates related to the Company’s Finance and Operating Leases:


	Year Ended December 31,
	2025	2024	2023
Weighted-average remaining lease term
Operating Leases	4.8 years	5.6 years	6.8 years
Finance Leases	3.4 years	4.4 years	4.9 years

Weighted-average discount rates
Operating Leases	7.8%	7.8%	6.5%
Finance Leases	6.8%	6.8%	6.6%

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Goodwill and other intangible assets (Details)	12 Months Ended
	Dec. 31, 2025 USD ($) aircraft reporting_unit	Dec. 31, 2024 USD ($) aircraft	Dec. 31, 2023 USD ($) aircraft
Finite-Lived Intangible Assets [Line Items]
Number of aircrafts	70	63	60
Number of reporting units \| reporting_unit	2
Assets estimated life	12 years
Impairment losses \| $	$ 0	$ 0	$ 0
Other \| Owned Aircraft Held for Operating Lease
Finite-Lived Intangible Assets [Line Items]
Number of aircrafts	2	4	5
Number of aircraft with expiring lease term	3

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

GOODWILL AND OTHER INTANGIBLE ASSETS - Finite-Lived Assets, Future Amortization Expense (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2026	$ 4,151
2027	4,000
2028	4,000
2029	4,000
2030	1,110
Net carrying value	$ 17,261

STOCK-BASED COMPENSATION - Additional information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Mar. 31, 2022
STOCK-BASED COMPENSATION
Stock compensation expense	$ 6,305	$ 6,020	$ 9,274
Share-based payment arrangement, expense, tax benefit	1,783	45	1,048
Total unrecognized compensation expense, expected to be recognized	$ 7,817
Award term (in years)	1 year 10 months 24 days
Intrinsic value of stock options exercised	$ 2,639	1,060	$ 1,421
Performance-based stock options
STOCK-BASED COMPENSATION
Stock compensation expense		2,960
Vesting percentage			100.00%
Expiration period	10 years
Intrinsic value of stock options exercised	$ 8,550	2,097	$ 5,253
Time-Based Stock Options
STOCK-BASED COMPENSATION
Stock compensation expense		2,960
Restricted Stock Units (RSUs)
STOCK-BASED COMPENSATION
Award term (in years)	3 years
Restricted stock units vested	$ 5,440	$ 4,209	$ 3,701
Performance Shares
STOCK-BASED COMPENSATION
Share-based compensation arrangement by share-based payment award, award vesting period	3 years
Maximum \| Performance Shares
STOCK-BASED COMPENSATION
Share-based compensation arrangement by share-based payment award, target level	150.00%
Minimum \| Performance Shares
STOCK-BASED COMPENSATION
Share-based compensation arrangement by share-based payment award, target level	50.00%
Equity incentive plan
STOCK-BASED COMPENSATION
Shares available for grant (in shares)	1,808,707
Equity incentive plan \| Maximum
STOCK-BASED COMPENSATION
Shares authorized, maximum (in shares)				3,600,000

DEFINED CONTRIBUTION 401(k) PLAN (Tables)

12 Months Ended

Dec. 31, 2025

Retirement Benefits [Abstract]

Schedule of 401(k) contributions

The Company made 401(k) contributions as follows:


	Year Ended December 31,
	2025		2024		2023
Non-Discretionary	$	25,422	$	21,237	$	16,733
Discretionary	3,293		3,079		2,429
Total 401(k) Contributions	$	28,715	$	24,316	$	19,162

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Dec. 31, 2025
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	20. SUBSEQUENT EVENTS The Company evaluated subsequent events for the period from the Balance Sheet date through February 12, 2026, the date that the Consolidated Financial Statements were available to be issued. On January 11, 2026, Sun Country entered into the Merger Agreement with Allegiant. For more information on this agreement, see Note 3 within these Consolidated Financial Statements.

STOCKHOLDERS' EQUITY	12 Months Ended
STOCKHOLDERS' EQUITY	Dec. 31, 2025
Equity [Abstract]
STOCKHOLDERS' EQUITY	16. STOCKHOLDERS' EQUITY Common Stock Repurchases The Company may purchase shares of its Common Stock on a discretionary basis from time to time through open market repurchases, privately negotiated transactions, accelerated share repurchase, or other means, including through Rule 10b5-1 trading plans. All costs to repurchase the Company's Common Stock, as well as specific direct and incremental costs incurred, are included in the cost to acquire treasury shares. During the three months ended March 31, 2025, the Company announced the commencement of a secondary public offering of 6,346,105 shares of its Common Stock by the SCA Horus Stockholder. Upon the completion of the secondary public offering, the SCA Horus Stockholder did not own any shares of the Company’s Common Stock. The Company did not receive any of the proceeds from the offering. The Company received authorization from its Board of Directors to repurchase up to $10,000 of its Common Stock in connection with this offering. The underwriters agreed to sell to the Company, and the Company agreed to purchase up to $10,000 of the Company's Common Stock from the underwriters equal to the price at which the underwriter purchased the shares from the SCA Horus Stockholder. As part of this transaction, the Company repurchased 630,914 shares of its Common Stock, for a total cost of $10,000, or an average price of $15.85 per share. The Company incurred offering expenses of $481 in conjunction with the secondary public offering. During the three months ended June 30, 2025, the Company's Board of Directors authorized $25,000 to repurchase shares of the Company's Common Stock. During the year ended December 31, 2025, the Company repurchased 843,107 shares of its Common Stock at a total cost of $10,015 or an average price of $11.88 per share. The repurchases were open market purchases. As of December 31, 2025, the Company had $15,000 remaining of Board authorization to repurchase shares of its Common Stock. Under the Merger Agreement with Allegiant, the Company is prohibited from repurchasing any shares of its Common Stock during the period from January 11, 2026 to the time of closing of the Merger. During the year ended December 31, 2024, the Company completed open market repurchases for 755,284 shares of its Common Stock at a total cost of $11,493, or an average price of $15.22 per share. During the fourth quarter of 2022, the Company entered into a $25,000 Accelerated Share Repurchase Program. The Company received an initial delivery of 890,586 shares at an average price of $19.65 per share during the fourth quarter of 2022. The settlement of the program occurred during January 2023, upon which the Company received an additional 480,932 shares. In total, the Company repurchased 1,371,518 shares at an average price of $18.23 per share. Amazon Agreement On December 13, 2019, the Company signed a six-year contract with Amazon to provide Cargo services under the original ATSA. In connection with the original ATSA, the Company issued warrants to Amazon to purchase an aggregate of up to 9,482,606 shares of common stock at an exercise price of approximately $15.17 per share. The exercise period of these warrants is through the eighth anniversary of the issue date. There were 632,183 warrants that vested upon execution of the ATSA and 63,217 warrants will vest for each milestone of $8,000 in qualifying payments made by Amazon to the Company. During the years ended December 31, 2025, 2024 and 2023, total warrants that vested in each year were 1,264,347, 885,042 and 821,825, respectively. This resulted in Amazon holding 5,373,482 vested warrants as of December 31, 2025. No incremental warrants were issued, nor was the original warrant agreement modified, upon the signing of the A&R ATSA. For more information on the A&R ATSA, see Note 2 within these Consolidated Financial Statements.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
FAIR VALUE MEASUREMENTS
Total Available-for-Sale Securities	$ 83,131	$ 97,636
Municipal Debt Securities
FAIR VALUE MEASUREMENTS
Total Available-for-Sale Securities	3,863
Corporate Debt Securities
FAIR VALUE MEASUREMENTS
Total Available-for-Sale Securities	41,367	53,434
U.S. Government Agency Securities
FAIR VALUE MEASUREMENTS
Total Available-for-Sale Securities	37,901	44,202
Certificates of Deposit
FAIR VALUE MEASUREMENTS
Certificates of Deposit	6,498	6,417
Fair Value, Recurring
FAIR VALUE MEASUREMENTS
Cash & Cash Equivalents	144,684	83,219
Total Available-for-Sale Securities	83,131	97,636
Total Assets Measured at Fair Value on a Recurring Basis	234,313	187,272
Fair Value, Recurring \| Municipal Debt Securities
FAIR VALUE MEASUREMENTS
Total Available-for-Sale Securities	3,863
Fair Value, Recurring \| Corporate Debt Securities
FAIR VALUE MEASUREMENTS
Total Available-for-Sale Securities	41,367	53,434
Fair Value, Recurring \| U.S. Government Agency Securities
FAIR VALUE MEASUREMENTS
Total Available-for-Sale Securities	37,901	44,202
Fair Value, Recurring \| Certificates of Deposit
FAIR VALUE MEASUREMENTS
Certificates of Deposit	6,498	6,417
Fair Value, Recurring \| Fair Value, Inputs, Level 1
FAIR VALUE MEASUREMENTS
Cash & Cash Equivalents	144,684	83,219
Total Available-for-Sale Securities	0	0
Total Assets Measured at Fair Value on a Recurring Basis	151,182	89,636
Fair Value, Recurring \| Fair Value, Inputs, Level 1 \| Municipal Debt Securities
FAIR VALUE MEASUREMENTS
Total Available-for-Sale Securities	0
Fair Value, Recurring \| Fair Value, Inputs, Level 1 \| Corporate Debt Securities
FAIR VALUE MEASUREMENTS
Total Available-for-Sale Securities	0	0
Fair Value, Recurring \| Fair Value, Inputs, Level 1 \| U.S. Government Agency Securities
FAIR VALUE MEASUREMENTS
Total Available-for-Sale Securities	0	0
Fair Value, Recurring \| Fair Value, Inputs, Level 1 \| Certificates of Deposit
FAIR VALUE MEASUREMENTS
Certificates of Deposit	6,498	6,417
Fair Value, Recurring \| Fair Value, Inputs, Level 2
FAIR VALUE MEASUREMENTS
Cash & Cash Equivalents	0	0
Total Available-for-Sale Securities	83,131	97,636
Total Assets Measured at Fair Value on a Recurring Basis	83,131	97,636
Fair Value, Recurring \| Fair Value, Inputs, Level 2 \| Municipal Debt Securities
FAIR VALUE MEASUREMENTS
Total Available-for-Sale Securities	3,863
Fair Value, Recurring \| Fair Value, Inputs, Level 2 \| Corporate Debt Securities
FAIR VALUE MEASUREMENTS
Total Available-for-Sale Securities	41,367	53,434
Fair Value, Recurring \| Fair Value, Inputs, Level 2 \| U.S. Government Agency Securities
FAIR VALUE MEASUREMENTS
Total Available-for-Sale Securities	37,901	44,202
Fair Value, Recurring \| Fair Value, Inputs, Level 2 \| Certificates of Deposit
FAIR VALUE MEASUREMENTS
Certificates of Deposit	0	0
Fair Value, Recurring \| Fair Value, Inputs, Level 3
FAIR VALUE MEASUREMENTS
Cash & Cash Equivalents	0	0
Total Available-for-Sale Securities	0	0
Total Assets Measured at Fair Value on a Recurring Basis	0	0
Fair Value, Recurring \| Fair Value, Inputs, Level 3 \| Municipal Debt Securities
FAIR VALUE MEASUREMENTS
Total Available-for-Sale Securities	0
Fair Value, Recurring \| Fair Value, Inputs, Level 3 \| Corporate Debt Securities
FAIR VALUE MEASUREMENTS
Total Available-for-Sale Securities	0	0
Fair Value, Recurring \| Fair Value, Inputs, Level 3 \| U.S. Government Agency Securities
FAIR VALUE MEASUREMENTS
Total Available-for-Sale Securities	0	0
Fair Value, Recurring \| Fair Value, Inputs, Level 3 \| Certificates of Deposit
FAIR VALUE MEASUREMENTS
Certificates of Deposit	$ 0	$ 0

OPERATING SEGMENTS (Details) - USD ($) $ in Thousands	12 Months Ended
OPERATING SEGMENTS (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
OPERATING SEGMENTS
Operating Revenues	$ 1,126,769	$ 1,075,739	$ 1,049,620
Aircraft Fuel	213,480	237,160	246,669
Salaries, Wages, and Benefits	372,597	326,775	295,640
Aircraft Rent	0	0	2,281
Maintenance	80,349	68,770	60,588
Sales and Marketing	33,300	34,935	34,105
Depreciation and Amortization	98,878	94,989	88,151
Ground Handling	44,701	42,118	37,506
Landing Fees and Airport Rent	64,761	59,549	49,615
Special Items, net	1,886	0	0
Other Operating, net	116,244	105,457	107,565
Total Operating Expenses	1,026,196	969,753	922,120
Operating Income	100,573	105,986	127,500
Interest Income	6,973	7,833	10,180
Interest Expense	(36,861)	(44,300)	(42,634)
Other, net	(474)	55	(887)
Income before Income Tax	70,211	69,574	94,159
Passenger
OPERATING SEGMENTS
Operating Revenues	971,742	968,565	949,885
Aircraft Fuel	213,109	237,108	246,600
Salaries, Wages, and Benefits	272,841	255,887	225,744
Aircraft Rent			2,281
Maintenance	59,124	54,619	46,211
Sales and Marketing	33,300	34,935	34,105
Depreciation and Amortization	98,860	94,971	88,098
Ground Handling	44,691	42,102	37,506
Landing Fees and Airport Rent	64,029	58,951	49,175
Special Items, net	1,886
Other Operating, net	86,839	85,199	87,293
Total Operating Expenses	874,679	863,772	817,013
Operating Income	97,063	104,793	132,872
Cargo
OPERATING SEGMENTS
Operating Revenues	155,027	107,174	99,735
Aircraft Fuel	371	52	69
Salaries, Wages, and Benefits	99,756	70,888	69,896
Aircraft Rent			0
Maintenance	21,225	14,151	14,377
Sales and Marketing	0	0	0
Depreciation and Amortization	18	18	53
Ground Handling	10	16	0
Landing Fees and Airport Rent	732	598	440
Special Items, net	0
Other Operating, net	29,405	20,258	20,272
Total Operating Expenses	151,517	105,981	105,107
Operating Income	$ 3,510	$ 1,193	$ (5,372)

LEASES - Terms and discount rates (Details)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Weighted-average remaining lease term, operating leases	4 years 9 months 18 days	5 years 7 months 6 days	6 years 9 months 18 days
Weighted-average remaining lease term, finance leases	3 years 4 months 24 days	4 years 4 months 24 days	4 years 10 months 24 days
Weighted-average discount rates, operating leases	7.80%	7.80%	6.50%
Weighted-average discount rates, finance leases	6.80%	6.80%	6.60%

INCOME TAXES - Components of income taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current:
Federal	$ 93	$ 1,697	$ 0
State and Local	145	547	92
Total Current Tax Expense	238	2,244	92
Deferred:
Federal	14,756	13,389	19,609
State and Local	2,408	1,038	2,277
Total Deferred Tax Expense	17,164	14,427	21,886
Total:
Federal	14,849	15,086	19,609
State and Local	2,553	1,585	2,369
Income Tax Expense	$ 17,402	$ 16,671	$ 21,978

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of Cash, Cash Equivalents and Restricted Cash
Cash and Cash Equivalents	$ 144,684	$ 83,219	$ 46,279
Restricted Cash	21,357	17,252	17,401
Total Cash, Cash Equivalents and Restricted Cash	$ 166,041	$ 100,471	$ 63,680	$ 102,928

EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

EARNINGS PER SHARE

5. EARNINGS PER SHARE

The following table shows the computation of basic and diluted earnings per share:


	Year Ended December 31,
	2025		2024		2023
Numerator:
Net Income	$	52,809	$	52,903	$	72,181

Denominator:
Weighted Average Common Shares Outstanding - Basic	53,116,591		52,908,322		55,507,144
Dilutive effect of Stock Options, RSUs and Warrants	1,743,556		2,147,575		3,017,508
Weighted Average Common Shares Outstanding - Diluted	54,860,147		55,055,897		58,524,652

Basic earnings per share	$	0.99	$	1.00	$	1.30
Diluted earnings per share	$	0.96	$	0.96	$	1.23

The Company has excluded 4,405,389 and 4,646,754 of stock options, RSUs and warrants that would have had an anti-dilutive effect on its diluted earnings per share calculation for the years ended December 31, 2025 and 2024, respectively. The Company's anti-dilutive shares for the year ended December 31, 2023 were not material to the Consolidated Financial Statements.

AIRCRAFT (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Summary of aircraft fleet activity

The following tables summarize the Company’s aircraft fleet activity for the years ended 2025 and 2024, respectively:


	December 31, 2024	Additions	Reclassifications	Removals	December 31, 2025
Passenger:
Owned	34	—	2	(1)	35
Finance leases	11	—	1	—	12
Sun Country Airlines' Fleet	45	—	3	(1)	47
Cargo:
Aircraft Operated for Amazon	12	8	—	—	20
Other:
Owned Aircraft Held for Operating Lease	4	—	(2)	—	2
Subleased Aircraft (1)	2	—	(1)	—	1
Total Aircraft Operated	63	8	—	(1)	70


	December 31, 2023	Additions	Reclassifications	Removals	December 31, 2024
Passenger:
Owned	29	1	4	—	34
Finance leases	13	1	(3)	—	11
Sun Country Airlines' Fleet	42	2	1	—	45
Cargo:
Aircraft Operated for Amazon	12	—	—	—	12
Other:
Owned Aircraft Held for Operating Lease	5	—	(1)	—	4
Subleased Aircraft (1)	1	1	—	—	2
Total Aircraft Operated	60	3	—	—	63


(1)			The head leases associated with these subleases are classified as finance leases.

Schedule of depreciation, amortization, and rent expense on aircraft

Depreciation, amortization, and rent expense on aircraft is as follows:


		Year Ended December 31,
Aircraft Status	Expense Type	2025		2024		2023
Owned	Depreciation	$	58,045	$	56,383	$	55,260
Finance Leased	Amortization	20,823		22,079		20,122
Operating Leased	Aircraft Rent (1)	—		—		2,281
		$	78,868	$	78,462	$	77,663

_________________________________


(1)			Aircraft Rent expense includes credits for the amortization of over-market liabilities established at the Acquisition Date.

DEBT - Credit facilities (Details) - USD ($) $ in Thousands	12 Months Ended
DEBT - Credit facilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Mar. 24, 2025	Feb. 10, 2021
Revolving Credit Facility \| Line of Credit
DEBT
Debt covenant collateral coverage ratio	100.00%
Revolving Credit Facility
DEBT
Maximum borrowing capacity		$ 75,000
Margin (as a percent)	2.50%
Commitment fee on unused facility (as a percent)	0.60%
Minimum liquidity required to be maintained	$ 55,000
Debt instrument, financial covenant minimum adjusted EBITDAR	110,000
Revolving Credit Facility \| Revolving Credit Facility \| Line of Credit
DEBT
Maximum borrowing capacity			$ 25,000
Line of credit facility, amount available	$ 75,000

REVENUE - Loyalty program (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Changes in the Loyalty Program Liabilities
Balance - January 1	$ 176,899
Balance - December 31	184,532	$ 176,899
Loyalty Program Liabilities
Changes in the Loyalty Program Liabilities
Balance - January 1	14,601	13,737
Loyalty Points Earned	8,974	8,810
Loyalty Points Redeemed	(8,729)	(7,946)
Balance - December 31	14,846	$ 14,601
Contract with customer, liability, other revenue recognized	$ 355

GOODWILL AND OTHER INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS

7. GOODWILL AND OTHER INTANGIBLE ASSETS

Components of Goodwill and Other Intangible Assets were as follows:


	December 31, 2025
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
Goodwill	$	222,223	$	—	$	222,223
Other Intangible Assets with Finite Lives:
Customer Relationships	48,000		(30,890)		17,110
Over-Market Asset	3,741		(3,590)		151
Other Intangible Assets with Indefinite Lives:
Tradename	56,000		—		56,000
Total Other Intangible Assets	107,741		(34,480)		73,261
Total Goodwill and Other Intangible Assets	$	329,964	$	(34,480)	$	295,484


	December 31, 2024
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
Goodwill	$	222,223	$	—	$	222,223
Other Intangible Assets with Finite Lives:
Customer Relationships	48,000		(26,890)		21,110
Over-Market Asset	3,741		(3,013)		728
Other Intangible Assets with Indefinite Lives:
Tradename	56,000		—		56,000
Total Other Intangible Assets	107,741		(29,903)		77,838
Total Goodwill and Other Intangible Assets	$	329,964	$	(29,903)	$	300,061

The Company recognized $4,577, $5,713 and $5,300 of amortization expense on Other Intangible Assets with Finite Lives during the years ended December 31, 2025, 2024 and 2023, respectively. During the years ended December 31, 2025, 2024 and 2023, $577, $1,713 and $1,300 of the amortization expense on Other Intangible Assets with Finite Lives is associated with the over-market asset amortization, respectively. The amortization expense associated with the over-market asset is recorded as contra revenue within Other Revenue on the Consolidated Statements of Operations.

Estimated future annual amortization on the Company's Other Intangible Assets with Finite Lives is as follows:


December 31	Annual Amortization of Other Intangible Assets with Finite Lives
2026	$	4,151
2027	4,000
2028	4,000
2029	4,000
2030	1,110
Total	$	17,261

INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Summary of debt securities by major security type

A summary of debt securities by major security type:


	December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-Sale Securities (1):
Municipal Debt Securities	$	3,859	$	4	$	—	$	3,863
Corporate Debt Securities	41,336		38		(7)		41,367
U.S. Government Agency Securities	37,918		7		(24)		37,901
Total	$	83,113	$	49	$	(31)	$	83,131


	December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-Sale Securities (1):

Corporate Debt Securities	$	53,452	$	22	$	(40)	$	53,434
U.S. Government Agency Securities	44,303		2		(103)		44,202
Total	$	97,755	$	24	$	(143)	$	97,636


(1)			The Company also holds Certificates of Deposit with maturities greater than 90 days that are included in Investments on the Consolidated Balance Sheets totaling $6,498 and $6,417 as of December 31, 2025 and December 31, 2024, respectively.

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Location	Minneapolis, Minnesota
Auditor Name	KPMG LLP
Auditor Firm ID	185

STOCK BASED COMPENSATION

12 Months Ended

Dec. 31, 2025

STOCK-BASED COMPENSATION

10. STOCK-BASED COMPENSATION

In March 2021, the stockholders approved the Sun Country Airlines Holdings, Inc. 2021 Omnibus Incentive Plan (the “Plan”). The Plan authorizes that no more than 3,600,000 shares of Common Stock may be delivered in the aggregate pursuant to Awards granted under the Plan. An “Award” means any Incentive Stock Option, Nonqualified Stock Option, Stock Appreciation Right, Restricted Stock, RSU, Other Stock-Based Award, or Other Cash-Based Award granted under the Plan. As of December 31, 2025, there were 1,808,707 shares available for future grants under the Plan. Upon implementation of the Plan, grants under the October 2018 equity incentive plan ceased. Awards already issued under the 2018 plan are not impacted by the new Plan.

Stock compensation expense was $6,305, $6,020, and $9,274 during the years ended December 31, 2025, 2024 and 2023, respectively. During the years ended December 31, 2025, 2024 and 2023 there was a $1,783, $45 and $1,048 tax benefit recognized in income related to stock compensation expense, respectively. During the year ended December 31, 2023, all conditions associated with the time-based and performance-based options granted under the SCA Acquisition Holdings, LLC Amended and Restated Equity Incentive Plan were met. As a result, 100% of the remaining unvested time-based and performance-based stock options vested. Therefore, during the year ended December 31, 2023, the Company recognized an acceleration of stock-based compensation expense for the time-based and performance-based stock options totaling $2,960. There was $7,817 of total unrecognized compensation expense related to both the RSUs and PRSUs that are probable of

vesting as of December 31, 2025. This unrecognized compensation is expected to be fully recognized over a weighted average period of approximately 1.9 years.

Time-Based Stock Options

The following table is a summary of the Company's time-based stock option activity:


	Time-Based Stock Options
	Number of shares	Weighted average exercise price per share		Weighted average grant date fair value per share		Weighted average remaining contractual term (years)	Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2022	1,356,522	$	6.72	$	2.89	6.1
Forfeited	(3,882)	28.24		11.80
Exercised	(89,542)	5.78		2.54
Outstanding as of December 31, 2023	1,263,098	$	6.72	$	2.93	5.2
Forfeited	(32,060)	15.17		6.69
Exercised	(132,837)	5.30		2.39
Outstanding as of December 31, 2024	1,098,201	$	6.65	$	2.88	4.2
Forfeited	(9,308)	13.78		5.42
Exercised	(293,649)	5.30		2.39
Outstanding, Exercisable and Vested as of December 31, 2025	795,244	$	7.06	$	3.04	2.6	$	6,416

All time-based stock options had vested as of December 31, 2023. All time-based stock options expire ten years after the grant date. The intrinsic value of stock options exercised in 2025, 2024 and 2023 was $2,639, $1,060 and $1,421, respectively.

Performance-Based Stock Options

The following table is a summary of the Company's performance-based stock option activity:


	Performance-Based Stock Options
	Number of shares	Weighted average exercise price per share		Weighted average grant date fair value per share		Weighted average remaining contractual term (years)	Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2022	3,178,533	$	6.45	$	1.83	6.1
Forfeited	(7,812)	25.54		9.76
Exercised	(372,567)	5.75		1.59
Outstanding as of December 31, 2023	2,798,154	$	6.49	$	1.84	5.1
Forfeited	(69,135)	15.17		3.39
Exercised	(257,501)	5.30		1.50
Outstanding as of December 31, 2024	2,471,518	$	6.37	$	1.83	4.1
Forfeited	(14,868)	13.78		3.39
Exercised	(884,514)	5.30		1.50
Outstanding, Exercisable and Vested as of December 31, 2025	1,572,136	$	6.90	$	2.00	2.7	$	12,736

All performance-based stock options had vested as of December 31, 2023. The intrinsic value of performance-based stock options exercised in 2025, 2024 and 2023 was $8,550, $2,097 and $5,253, respectively. All performance-based stock options expire ten years after the grant date.

Time-Based Restricted Stock Units


	Time-Based Restricted Stock Units
	Number of shares	Weighted average grant date fair value per share
Outstanding as of December 31, 2022	230,191	$	20.39
Granted	458,271	17.19
Forfeited	(54,751)	18.89
Vested	(198,967)	18.60
Outstanding as of December 31, 2023	434,744	$	18.03
Granted	509,366	13.76
Forfeited	(39,869)	15.85
Vested	(231,909)	18.15
Outstanding as of December 31, 2024	672,332	$	14.88
Granted	613,699	14.93
Forfeited	(234,921)	14.97
Vested	(361,196)	15.06
Outstanding as of December 31, 2025	689,914	$	14.69

The Company measures compensation expense for grants of time-based RSUs using the Company's share price on the date of grant. The Company recognizes expense associated with the RSUs in an amount equal to the fair value on the date of the grant and on a straight-line basis over the requisite service period of the award. RSUs vest ratably over the term of the award, which is typically three years. The total grant date fair value of restricted stock units vested was $5,440, $4,209 and $3,701 during the years ended December 31, 2025, 2024 and 2023, respectively.

Performance-Based Restricted Stock Units


	Performance-Based Restricted Stock Units
	Number of shares	Weighted average grant date fair value per share
Outstanding as of December 31, 2023	—	$	—
Granted	172,737	14.48
Forfeited	(2,692)	14.49
Outstanding as of December 31, 2024	170,045	$	14.48
Granted	178,636	17.07
Forfeited	(124,543)	15.77
Outstanding as of December 31, 2025	224,138	$	15.83

The PRSUs are long-term incentive opportunities that represent the right to receive shares of the Company’s Common Stock based on the achievement of certain performance conditions over a three-year period. The Company measures compensation expense for grants of PRSUs using the Company's share price on the date of grant. The Company recognizes compensation expense for grants of PRSUs to the extent it is probable the performance condition(s) will be satisfied. Potential payouts range from 50%-150% of a target level.

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	17. COMMITMENTS AND CONTINGENCIES The Company has contractual obligations and commitments primarily with regard to lease arrangements (see Note 9), repayment of debt (see Note 8), payments under the TRA (see Note 14), and probable future purchases of aircraft. The Company is subject to an audit by the IRS related to the collection of federal excise taxes on optional passenger seat selection charges covering the period of October 1, 2021 through June 30, 2023. During 2024, the Company received an assessment of approximately $2,700 from the IRS related to the results of the audit. As of December 31, 2025, the Company has appealed the results of the audit through a formal protest with the IRS and there has been no further change in status on this matter. The Company believes a loss in this matter is not probable and has not recognized a loss contingency as of December 31, 2025. As of December 31, 2025, the Company had surety bonds of approximately $4,272, primarily related to bond contractual performance. In June 2024, ALPA filed a grievance on behalf of the Company’s pilots for certain wages to be paid to pilot instructors during flight hours. In the third quarter of 2025, this matter moved to arbitration. During the fourth quarter of 2025, an arbitrator ruled in favor of the pilots. Prior to this ruling, the Company believed a loss on this matter was not probable. Accordingly, the Company recognized a loss contingency related to this matter of $2,718, inclusive of tax effects and 401(k) contributions, which was recorded within Salaries, Wages, and Benefits on the Company's Consolidated Statement of Operations during the fourth quarter of 2025. The Company is assessing all available legal remedies. The Company is subject to various legal proceedings in the normal course of business and expenses legal costs as incurred. Management does not believe these proceedings will have a materially adverse effect on the Company.

LEASES - Lease cost (Details) - USD ($) $ in Thousands	12 Months Ended
LEASES - Lease cost (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Finance lease cost
Amortization of leased assets	$ 21,852	$ 23,108	$ 21,150
Interest on lease liabilities	17,652	19,568	16,325
Operating lease cost
Short-term lease cost	0	0	396
Sublease Income	(14,771)	(16,091)	(768)
Total Lease cost	32,545	33,920	45,638
Credits for amortization of Over-market Liabilities		0
Over-market rent and maintenance reserves
Operating lease cost
Credits for amortization of Over-market Liabilities			723
Aircraft
Operating lease cost
Included in ROU asset	0	0	2,210
Variable - Aircraft	0	0	(325)
Other
Operating lease cost
Included in ROU asset	4,689	4,644	4,438
Variable - Other	$ 3,123	$ 2,691	$ 2,212

DEFINED CONTRIBUTION 401(k) PLAN (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
DEFINED CONTRIBUTION 401(K) PLAN
Employee's maximum contribution allowed (as a percent)	50.00%
Matching contribution of participants' contribution (as a percent)	100.00%
Non-discretionary contributions 2024		15.00%	14.00%
Non-Discretionary	$ 25,422	$ 21,237	$ 16,733
Discretionary	3,293	3,079	2,429
Total 401(k) Contributions	$ 28,715	$ 24,316	$ 19,162
Non Pilot Employees
DEFINED CONTRIBUTION 401(K) PLAN
Maximum contribution as a percent of participants' compensation	4.00%
IBT - Flight Attendants
DEFINED CONTRIBUTION 401(K) PLAN
Maximum contribution as a percent of participants' compensation	6.00%

DEBT - Measured at fair value (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt Disclosure [Abstract]
Fair value	$ 315,872	$ 311,103

- Definition

The fair value amount of long-term debt whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

+ Details

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of goodwill and other intangible assets

Components of Goodwill and Other Intangible Assets were as follows:


	December 31, 2025
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
Goodwill	$	222,223	$	—	$	222,223
Other Intangible Assets with Finite Lives:
Customer Relationships	48,000		(30,890)		17,110
Over-Market Asset	3,741		(3,590)		151
Other Intangible Assets with Indefinite Lives:
Tradename	56,000		—		56,000
Total Other Intangible Assets	107,741		(34,480)		73,261
Total Goodwill and Other Intangible Assets	$	329,964	$	(34,480)	$	295,484


	December 31, 2024
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
Goodwill	$	222,223	$	—	$	222,223
Other Intangible Assets with Finite Lives:
Customer Relationships	48,000		(26,890)		21,110
Over-Market Asset	3,741		(3,013)		728
Other Intangible Assets with Indefinite Lives:
Tradename	56,000		—		56,000
Total Other Intangible Assets	107,741		(29,903)		77,838
Total Goodwill and Other Intangible Assets	$	329,964	$	(29,903)	$	300,061

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

Estimated future annual amortization on the Company's Other Intangible Assets with Finite Lives is as follows:


December 31	Annual Amortization of Other Intangible Assets with Finite Lives
2026	$	4,151
2027	4,000
2028	4,000
2029	4,000
2030	1,110
Total	$	17,261

DEBT - Future maturities of the outstanding debt (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt Principal Payments
2026	$ 69,057
2027	97,113
2028	31,973
2029	39,589
2030	29,974
Thereafter	58,704
Total	326,410	$ 330,122
Amortization of Debt Issuance Costs
2026	(1,040)
2027	(813)
2028	(460)
2029	(340)
2030	(239)
Thereafter	(172)
Total	(3,064)	$ (3,000)
Net Debt
2026	68,017
2027	96,300
2028	31,513
2029	39,249
2030	29,735
Thereafter	58,532
Total	$ 323,346

REVENUE - Contract balances (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
REVENUE
Total Contract Assets	$ 13,347	$ 4,135
Total Contract Liabilities	184,532	176,899
Air Traffic Liabilities
REVENUE
Total Contract Liabilities	167,024	160,686
Loyalty Program Liabilities
REVENUE
Total Contract Liabilities	14,846	14,601	$ 13,737
Amazon Contract
REVENUE
Total Contract Liabilities	1,686	1,612
Credit Card Program
REVENUE
Total Contract Liabilities	976	0
Amazon Contract
REVENUE
Total Contract Assets	$ 13,347	$ 4,135

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

AIRCRAFT - Aircraft fleet (Details) - aircraft	12 Months Ended
AIRCRAFT - Aircraft fleet (Details) - aircraft	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment, Number of Aircraft [Roll Forward]
Balance at beginning of period	63	60
Additions	8	3
Reclassifications	0	0
Removals	(1)	0
Balance at end of period	70	63
Passenger
Property, Plant and Equipment, Number of Aircraft [Roll Forward]
Balance at beginning of period	45	42
Additions	0	2
Reclassifications	3	1
Removals	(1)	0
Balance at end of period	47	45
Passenger \| Owned
Property, Plant and Equipment, Number of Aircraft [Roll Forward]
Balance at beginning of period	34	29
Additions	0	1
Reclassifications	2	4
Removals	(1)	0
Balance at end of period	35	34
Passenger \| Finance leases
Property, Plant and Equipment, Number of Aircraft [Roll Forward]
Balance at beginning of period	11	13
Additions	0	1
Reclassifications	1	(3)
Removals	0	0
Balance at end of period	12	11
Aircraft Operated for Amazon \| Aircraft Operated for Amazon
Property, Plant and Equipment, Number of Aircraft [Roll Forward]
Balance at beginning of period	12	12
Additions	8	0
Reclassifications	0	0
Removals	0	0
Balance at end of period	20	12
Other \| Owned Aircraft Held for Operating Lease
Property, Plant and Equipment, Number of Aircraft [Roll Forward]
Balance at beginning of period	4	5
Additions	0	0
Reclassifications	(2)	(1)
Removals	0	0
Balance at end of period	2	4
Other \| Subleased Aircraft
Property, Plant and Equipment, Number of Aircraft [Roll Forward]
Balance at beginning of period	2	1
Additions	0	1
Reclassifications	(1)	0
Removals	0	0
Balance at end of period		2

EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Summary of computation of basic and diluted earnings per share

The following table shows the computation of basic and diluted earnings per share:


	Year Ended December 31,
	2025		2024		2023
Numerator:
Net Income	$	52,809	$	52,903	$	72,181

Denominator:
Weighted Average Common Shares Outstanding - Basic	53,116,591		52,908,322		55,507,144
Dilutive effect of Stock Options, RSUs and Warrants	1,743,556		2,147,575		3,017,508
Weighted Average Common Shares Outstanding - Diluted	54,860,147		55,055,897		58,524,652

Basic earnings per share	$	0.99	$	1.00	$	1.30
Diluted earnings per share	$	0.96	$	0.96	$	1.23

INVESTMENTS

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

INVESTMENTS

12. INVESTMENTS

A summary of debt securities by major security type:


	December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-Sale Securities (1):
Municipal Debt Securities	$	3,859	$	4	$	—	$	3,863
Corporate Debt Securities	41,336		38		(7)		41,367
U.S. Government Agency Securities	37,918		7		(24)		37,901
Total	$	83,113	$	49	$	(31)	$	83,131


	December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-Sale Securities (1):

Corporate Debt Securities	$	53,452	$	22	$	(40)	$	53,434
U.S. Government Agency Securities	44,303		2		(103)		44,202
Total	$	97,755	$	24	$	(143)	$	97,636


(1)			The Company also holds Certificates of Deposit with maturities greater than 90 days that are included in Investments on the Consolidated Balance Sheets totaling $6,498 and $6,417 as of December 31, 2025 and December 31, 2024, respectively.

As of December 31, 2025, the unrealized losses were the result of increases in market interest rates and were not the result of a deterioration in the credit quality of the securities. As of December 31, 2025, the Company believes that any unrealized losses will recover prior to the investment's conversion to cash.

PARENT COMPANY FINANCIAL STATEMENTS (Tables)

12 Months Ended

Dec. 31, 2025

Condensed Financial Information Disclosure [Abstract]

Schedule of condensed financial statements

The following Condensed Parent Company Financial Statements are presented to show only the parent company, Sun Country Airlines Holdings, Inc.

Balance Sheets


	December 31,
	2025		2024
ASSETS

Current Assets:
Cash and Cash Equivalents	$	—	$	—
Total Current Assets	—		—

Other Assets:
Investment in Subsidiary	712,325		668,067
Total Other Assets	712,325		668,067
Total Assets	$	712,325	$	668,067


	December 31,
	2025		2024
LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities:
Income Tax Receivable Agreement Liability	$	—	$	10,325
Total Current Liabilities	—		10,325

Income Tax Receivable Agreement Liability	87,169		87,369
Total Liabilities	87,169		97,694

Stockholders' Equity:
Common Stock	610		595
Treasury Stock	(125,881)		(105,866)
Additional Paid In Capital	550,471		528,604
Retained Earnings	199,941		147,132
Accumulated Other Comprehensive Loss	15		(92)
Total Stockholders' Equity	625,156		570,373
Total Liabilities and Stockholders' Equity	$	712,325	$	668,067

Statements of Operations


	Year Ended December 31,
	2025		2024		2022
Operating Expenses:
Other Operating, net	$	615	$	823	$	659
Total Operating Expenses	615		823		659
Operating Loss	(615)		(823)		(659)

Non-operating Income (Expense), net:
Equity in Income of Subsidiary	53,424		53,726		72,509
Income Tax Receivable Agreement Adjustment	—		—		331
Total Non-operating Income, net	53,424		53,726		72,840

Income before Income Tax	52,809		52,903		72,181
Income Tax Expense	—		—		—
Net Income	52,809		52,903		72,181
Other Comprehensive Income (Loss)	107		(30)		745
Comprehensive Income	$	52,916	$	52,873	$	72,926

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2025

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Property & equipment, residual value over estimated useful lives or lease term


Airframes (1)			10-25 years (depending on age)
Engines – Core (2)			7 or 12 years (based on remaining cycles)
Engines – Initial Greentime (time remaining until the first scheduled major maintenance event)			1st scheduled maintenance event
Leasehold Improvements, Aircraft, Other			3-25 years (or life of lease, if shorter)
Office and Ground Equipment			5-7 years
Computer Hardware and Software			3-5 years
Property and Equipment under Finance Leases (3)			Lesser of the lease term or economic life
Rotable Parts			Average remaining life of aircraft fleet, currently estimated to be 8 years

_____________________________


(1)			Airframes have an estimated residual value of $4,000.
(2)			Engines - Core have an estimated residual value of $1,500.
(3)			For finance leases where the Company is reasonably certain to exercise the purchase option, the lease asset value is assigned to the engine and airframe components which are depreciated on a straight-line basis in accordance with the useful lives outlined in the table above.

STOCK-BASED COMPENSATION - Restricted stock units (Details) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Restricted Stock Units (RSUs)
Number of shares
Outstanding, beginning balance (in shares)	672,332	434,744	230,191
Granted (in shares)	613,699	509,366	458,271
Forfeited (in shares)	(234,921)	(39,869)	(54,751)
Vested (in shares)	(361,196)	(231,909)	(198,967)
Outstanding, ending balance (in shares)	689,914	672,332	434,744
Weighted average grant date fair value per share
Outstanding, Weighted average grant date fair value, beginning balance (in dollars per share)	$ 14.88	$ 18.03	$ 20.39
Granted, Weighted average grant date fair value (in dollars per share)	14.93	13.76	17.19
Forfeited, Weighted average grant date fair value (in dollars per share)	14.97	15.85	18.89
Vested, Weighted average grant date fair value (in dollars per share)	15.06	18.15	18.60
Outstanding, Weighted average grant date fair value, ending balance (in dollars per share)	$ 14.69	$ 14.88	$ 18.03
Performance Shares
Number of shares
Outstanding, beginning balance (in shares)	170,045	0
Granted (in shares)	178,636	172,737
Forfeited (in shares)	(124,543)	(2,692)
Outstanding, ending balance (in shares)	224,138	170,045	0
Weighted average grant date fair value per share
Outstanding, Weighted average grant date fair value, beginning balance (in dollars per share)	$ 14.48	$ 0
Granted, Weighted average grant date fair value (in dollars per share)	17.07	14.48
Forfeited, Weighted average grant date fair value (in dollars per share)	15.77	14.49
Outstanding, Weighted average grant date fair value, ending balance (in dollars per share)	$ 15.83	$ 14.48	$ 0

STOCKHOLDERS' EQUITY - Amazon Agreement (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Dec. 13, 2019	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Warrants and rights outstanding, term		8 years
Warrants
Class of Stock [Line Items]
Warrants vested (in shares)		1,264,347	885,042	821,825
Amazon Agreement
Class of Stock [Line Items]
Term of agreement (in years)	6 years	6 years
Warrants issued (in shares)	9,482,606
Exercise price (in dollars per share)	$ 15.17
Qualifying payments	$ 8,000
Amazon Agreement \| Warrants
Class of Stock [Line Items]
Vested or expected to vest, at end of period (in shares)	63,217
Amazon Agreement \| Amazon Contract
Class of Stock [Line Items]
Warrants vested (in shares)	632,183
Class of warrant or right, vested (in shares)		5,373,482

PARENT COMPANY FINANCIAL STATEMENTS - Statements of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating Expenses:
Other Operating, net	$ 116,244	$ 105,457	$ 107,565
Total Operating Expenses	1,026,196	969,753	922,120
Operating Loss	100,573	105,986	127,500
Non-operating Income (Expense), net:
Total Non-operating Expense, net	(30,362)	(36,412)	(33,341)
Income before Income Tax	70,211	69,574	94,159
Income Tax Expense	17,402	16,671	21,978
Net Income	52,809	52,903	72,181
Other Comprehensive Income (Loss)	107	(30)	745
Comprehensive Income	52,916	52,873	72,926
Parent Company
Operating Expenses:
Other Operating, net	615	823	659
Total Operating Expenses	615	823	659
Operating Loss	(615)	(823)	(659)
Non-operating Income (Expense), net:
Equity in Income of Subsidiary	53,424	53,726	72,509
Income Tax Receivable Agreement Adjustment	0	0	331
Total Non-operating Expense, net	53,424	53,726	72,840
Income before Income Tax	52,809	52,903	72,181
Income Tax Expense	0	0	0
Net Income	52,809	52,903	72,181
Other Comprehensive Income (Loss)	107	(30)	745
Comprehensive Income	$ 52,916	$ 52,873	$ 72,926

GOODWILL AND OTHER INTANGIBLE ASSETS - Additional information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 4,577	$ 5,713	$ 5,300
Over-Market Asset
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 577	$ 1,713	$ 1,300

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

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+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

DEBT (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Summary of long-term debt

Long-term Debt includes the following:


	December 31,
	2025		2024
2019-1 EETC (see terms and conditions above)	$	101,512	$	158,510
2022-1 EETC (see terms and conditions above)	118,288		138,532
2023 Term Loan Credit Facility (see terms and conditions above)	—		33,080
2025 Term Loan Facility (see terms and conditions above)	106,610		—
Total Debt	326,410		330,122
Less: Unamortized debt issuance costs	(3,064)		(3,000)
Less: Current Maturities of Long-term Debt, net	(68,017)		(87,579)
Total Long-term Debt, net	$	255,329	$	239,543

Schedule of future maturities of the outstanding debt

Future maturities of the outstanding Debt are as follows:


December 31	Debt Principal Payments		Amortization of Debt Issuance Costs		Net Debt
2026	$	69,057	$	(1,040)	$	68,017
2027	97,113		(813)		96,300
2028	31,973		(460)		31,513
2029	39,589		(340)		39,249
2030	29,974		(239)		29,735
Thereafter	58,704		(172)		58,532
Total	$	326,410	$	(3,064)	$	323,346

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

SPECIAL ITEMS (Details) - USD ($) $ in Thousands	12 Months Ended
SPECIAL ITEMS (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Unusual or Infrequent Items, or Both [Abstract]
Unusual or Infrequent Item, or both, collective bargaining agreement term	5 years
Special Items, net	$ 1,886	$ 0	$ 0
Unusual or infrequent item, or both, tax effect	$ 145

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Accounts receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Accounts Receivable
Accounts receivable	$ 53,722	$ 35,296
Amazon
Accounts Receivable
Accounts receivable	$ 3,639	$ 612

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Concentration risk (Details) - union	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounts Receivable \| Customer Concentration Risk \| Amazon
Concentration Risk
Percentage of concentration risk	55.00%	25.00%
Accounts Receivable \| Customer Concentration Risk \| One Financial Institution
Concentration Risk
Percentage of concentration risk	9.00%	13.00%
Cost of Goods and Service Benchmark \| Supplier Concentration Risk \| Two Vendors
Concentration Risk
Percentage of concentration risk	46.00%	45.00%
Cost of Goods and Service Benchmark \| Supplier Concentration Risk \| Three Vendors
Concentration Risk
Percentage of concentration risk			59.00%
Workforce Subject to Collective Bargaining Arrangements \| Unionized Employees Concentration Risk
Concentration Risk
Percentage of concentration risk	66.00%
Number of unions	4
Workforce Subject to Collective Bargaining Arrangements Expiring within One Year \| Unionized Employees Concentration Risk
Concentration Risk
Percentage of concentration risk	31.00%

REVENUE

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

REVENUE

4. REVENUE

Sun Country is a certificated air carrier generating Operating Revenues from Passenger (consisting of Scheduled Service, Charter, and Ancillary), Cargo and Other revenue. Scheduled Service revenue mainly consists of base fares. Charter revenue is primarily generated through service provided to the DoW, collegiate and professional sports teams, and casinos. Ancillary revenues consist of revenue earned from air travel-related services, such as: baggage fees, seat selection fees, other fees and on-board sales. Cargo consists of revenue earned from flying cargo aircraft for Amazon under both the original ATSA and the A&R ATSA. For more information on the original and the A&R ATSA, see Note 2 included within these Consolidated Financial Statements. Other revenue consists primarily of revenue from services in connection with Sun Country Vacations products and rental revenue related to certain transactions where the Company serves as a lessor, and revenue for the brand and marketing performance obligation related to the Company's co-branded credit card program.

The significant categories comprising Operating Revenues are as follows:


	Year Ended December 31,
	2025		2024		2023
Scheduled Service	$	403,998	$	409,133	$	453,862
Charter	224,227		197,045		190,128
Ancillary	294,904		307,909		276,133
Passenger	923,129		914,087		920,123
Cargo	155,027		107,174		99,735
Other	48,613		54,478		29,762
Total Operating Revenue	$	1,126,769	$	1,075,739	$	1,049,620

The Company attributes and measures its Operating Revenue by geographic region as defined by the DOT for airline reporting based upon the origin of each passenger and cargo flight segment.

The Company’s operations are highly concentrated in the U.S., primarily within its MSP home market, but include service to many international locations, primarily based on Scheduled Service to Latin America during the winter season and on military Charter flights.

Total Operating Revenues by geographic region are as follows:


	Year Ended December 31,
	2025		2024		2023
Domestic	$	1,086,518	$	1,039,339	$	1,008,582
Latin America	40,152		36,400		40,548
Other	99		—		490
Total Operating Revenue	$	1,126,769	$	1,075,739	$	1,049,620

Contract Balances

The Company’s contract assets relate to costs incurred to prepare the Amazon cargo aircraft for service under the original ATSA and the A&R ATSA, as well as warrants that have vested and will be amortized against Cargo revenue over the remaining term of the A&R ATSA. The balances are included in Other Current Assets and Other Assets on the Consolidated Balance Sheets.

The Company’s contract liabilities are comprised of: 1) ticket sales for transportation that has not yet been provided (reported as Air Traffic Liabilities on the Consolidated Balance Sheets), 2) outstanding loyalty points that may be redeemed for future travel and other non-air travel awards (reported as Loyalty Program Liabilities on the Consolidated Balance Sheets), 3) the Amazon Deferred Up-front Payment received under the original ATSA (reported within Other Current Liabilities and Other Long-term Liabilities on the Consolidated Balance Sheets), and 4) a one-time payment received upon launch of the co-branded Credit Card Program (reported within Other Current Liabilities and Other Long-term Liabilities on the Consolidated Balance Sheets).

As part of the ATSA executed in December 2019, Amazon paid the Company $10,300 toward start-up costs. Upon signing the ATSA, Amazon received 632,183 fully vested warrants to purchase the Company’s common stock, with a fair value of $4,667. This fair value was assigned to a portion of the $10,300 cash received from Amazon and the remaining $5,633 was recorded in Other Liabilities on the Company’s Consolidated Balance Sheets. This deferred up-front payment is being amortized into revenue over the remaining term of the A&R ATSA and is immaterial on an annual basis. The warrant agreement was not amended in connection with the A&R ATSA, and Amazon did not receive any additional warrants in connection with the A&R ATSA. Accordingly,

warrants issued to Amazon will continue to vest in accordance with the terms of the warrant agreement executed in December 2019.

In March 2025, the Company entered into a new co-branded Credit Card Program, which launched in the third quarter of 2025. Upon launch of the program, the Company received a one-time payment of $1,016, which was recorded as a contract liability. The one-time payment is being amortized into Other Revenue on a straight-line basis over the term of the agreement. Subject to certain exceptions, the Credit Card Program has a term of seven years following its launch.

Contract Assets and Liabilities are as follows:


	December 31,
	2025		2024
Contract Assets
Amazon Contract	$	13,347	$	4,135
Total Contract Assets	$	13,347	$	4,135

Contract Liabilities
Air Traffic Liabilities	$	167,024	$	160,686
Loyalty Program Liabilities	14,846		14,601
Amazon Contract	1,686		1,612
Credit Card Program	976		—
Total Contract Liabilities	$	184,532	$	176,899

The balance in the Air Traffic Liabilities fluctuates with seasonal travel patterns. Most tickets can be purchased no more than 12 months in advance, therefore any revenue associated with tickets sold for future travel will be recognized within that timeframe. For the year ended December 31, 2025, $156,792 of revenue was recognized in Passenger revenue that was included in the Air Traffic Liabilities as of December 31, 2024.

Loyalty Program

The Sun Country Rewards program provides loyalty awards to program members based on accumulated loyalty points. For more information on the Company's loyalty awards to program members, see Note 2 include within these Consolidated Financial Statements. The balance of the Loyalty Program Liabilities fluctuates based on seasonal patterns, which impacts the volume of loyalty points awarded through travel or issued to co-branded credit card and other partners (deferral of revenue) and loyalty points redeemed (recognition of revenue). Due to these reasons, the timing of loyalty point redemptions can vary significantly.

Changes in the Loyalty Program Liabilities are as follows:


	2025		2024
Balance - January 1	$	14,601	$	13,737
Loyalty Points Earned	8,974		8,810
Loyalty Points Redeemed (1) (2)	(8,729)		(7,946)
Balance - December 31	$	14,846	$	14,601

________________________________


(1)			Loyalty points are combined in one homogenous pool, that includes both air and non-air travel awards, and are not separately identifiable. As such, the revenue recognized is comprised of points that were part of the Loyalty Program Liabilities balance at the beginning of the period, as well as points that were earned during the period.
(2)			Includes $355 of other deferred loyalty payments, net of the amount earned for the year ended December 31, 2024.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Restricted cash (Details)	Dec. 31, 2025
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Transportation, term (in months)	12 months

DEBT - Long-term debt (Details) $ in Thousands	1 Months Ended	12 Months Ended
DEBT - Long-term debt (Details) $ in Thousands	Dec. 31, 2019 USD ($) aircraft	Dec. 31, 2025 USD ($) aircraft	Dec. 31, 2024 USD ($) aircraft	Dec. 31, 2023 USD ($) aircraft	Mar. 31, 2022 USD ($) aircraft
DEBT
Number of aircrafts \| aircraft		70	63	60
Repayment of long-term debt		$ 111,711	$ 145,518	$ 69,276
Other \| Owned Aircraft Held for Operating Lease
DEBT
Number of aircrafts \| aircraft		2	4	5
B-737-900
DEBT
Number of aircrafts \| aircraft				5
Term Loan
DEBT
Face amount		$ 108,000
Repayment of long-term debt		$ 20,953
Debt instrument, interest rate, effective percentage		5.98%
Margin (as a percent)		2.60%
Payments of debt issuance costs		$ 1,604
Gain (loss) on extinguishment of debt		$ (391)
Term Loan \| Notes Payable, Other Payables
DEBT
Face amount				$ 119,200
2022-1 EETC (see terms and conditions above) \| Notes Payable, Other Payables
DEBT
Face amount					$ 188,277
Number of aircraft financed by debt issuance \| aircraft					13
Weighted average interest rate		5.04%
2022-1 EETC (see terms and conditions above) \| Notes Payable, Other Payables \| Maximum
DEBT
Interest rate					5.75%
2022-1 EETC (see terms and conditions above) \| Notes Payable, Other Payables \| Minimum
DEBT
Interest rate					4.84%
Notes payable under the Company's 2019-1 EETC agreement
DEBT
Face amount	$ 248,587
Weighted average interest rate		5.56%
Number of used aircrafts purchased or refinanced \| aircraft	13
Notes payable under the Company's 2019-1 EETC agreement \| Maximum
DEBT
Interest rate	7.10%
Notes payable under the Company's 2019-1 EETC agreement \| Minimum
DEBT
Interest rate	4.13%
Notes payable under the Company's 2019-1 EETC agreement \| Notes Payable, Other Payables
DEBT
Face amount		$ 60,000		$ 60,000

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	3 Months Ended	12 Months Ended
COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	Dec. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Income tax examination, estimate of possible loss		$ 2,700
Surety bonds	$ 4,272	$ 4,272
Loss contingency, loss in period	$ 2,718

INCOME TAXES - Tax rate reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]
Federal Statutory Tax Rate	$ 14,745	$ 14,610	$ 19,773
State Tax, net of Federal Impact	2,017	1,252	1,871
Stock Compensation Benefit	(1,783)	(45)	(1,048)
Executive Compensation Limitation	1,530	215	902
Other Permanent Adjustments	893	639	480
Income Tax Expense	$ 17,402	$ 16,671	$ 21,978
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Federal Statutory Tax Rate	21.00%	21.00%	21.00%
State Tax, net of Federal Impact	2.90%	1.80%	2.00%
Stock Compensation Benefit	(2.50%)	(0.10%)	(1.10%)
Executive Compensation Limitation	2.20%	0.30%	1.00%
Other Permanent Adjustments	1.20%	1.00%	0.40%
Effective Tax Rate	24.80%	24.00%	23.30%
Tax Jurisdiction of Domicile [Extensible Enumeration]	Domestic	Domestic	Domestic

PARENT COMPANY FINANCIAL STATEMENTS - Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current Assets:
Cash and Cash Equivalents	$ 144,684	$ 83,219	$ 46,279
Total Current Assets	368,216	266,584
Other Assets:
Total Assets	1,680,464	1,630,177
Current Liabilities:
Total Current Liabilities	451,103	422,290
Liabilities [Abstract]
Income Tax Receivable Agreement Liability	87,169	87,369
Total Liabilities	1,055,308	1,059,804
Stockholders' Equity:
Common Stock	610	595
Additional Paid-In Capital	550,471	528,604
Retained Earnings	199,941	147,132
Accumulated Other Comprehensive Loss	15	(92)
Total Liabilities and Stockholders' Equity	1,680,464	1,630,177
Parent Company
Current Assets:
Cash and Cash Equivalents	0	0
Total Current Assets	0	0
Other Assets:
Investment in Subsidiary	712,325	668,067
Total Other Assets	712,325	668,067
Total Assets	712,325	668,067
Current Liabilities:
Income Tax Receivable Agreement Liability	0	10,325
Total Current Liabilities	0	10,325
Liabilities [Abstract]
Income Tax Receivable Agreement Liability	87,169	87,369
Total Liabilities	87,169	97,694
Stockholders' Equity:
Common Stock	610	595
Treasury Stock	(125,881)	(105,866)
Additional Paid-In Capital	550,471	528,604
Retained Earnings	199,941	147,132
Accumulated Other Comprehensive Loss	15	(92)
Total Stockholders' Equity	625,156	570,373
Total Liabilities and Stockholders' Equity	$ 712,325	$ 668,067

DEBT

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

DEBT

8. DEBT

Credit Facilities

In March 2025, the Company executed a new $75,000 Revolving Credit Facility with a group of lenders. The new Revolving Credit Facility replaces the Company's previous $25,000 revolving credit facility. The interest rate on borrowings is determined using a base rate plus an applicable margin of 2.5%. In addition, there is a commitment fee on the unused Revolving Credit Facility of 0.6%. The Revolving Credit Facility is guaranteed by the Company and secured by a pool of collateral. Accordingly, the Company pledged certain assets as collateral, including certain previously unencumbered aircraft, to support the ability to efficiently utilize the Revolving Credit Facility. Available funds from the Revolving Credit Facility can be used for general corporate purposes. The Revolving Credit Facility includes financial covenants that require the Company to maintain: 1) minimum liquidity, as defined within the agreement, of not less than $55,000, 2) a minimum adjusted EBITDAR of $110,000 for any four consecutive fiscal quarters and 3) a minimum ratio of the borrowing base of the collateral to outstanding obligations under the Revolving Credit Facility of not less than 1.0 to 1.0. The Company was in compliance with these financial covenants as of December 31, 2025. As of December 31, 2025, the Company had $75,000 of financing available through the Revolving Credit Facility.

Long-term Debt

2025 Term Loan Facility

In September 2025, the Company executed a term loan facility with a face amount of $108,000 ("2025 Term Loan Facility") for the purpose of refinancing the Company's five Boeing 737-900ER aircraft, of which two are currently on lease to an unaffiliated airline. The Company's five Boeing 737-900ERs are pledged as collateral. During the year ended December 31, 2025, the Company drew the full $108,000 face amount from the 2025 Term Loan Facility. The proceeds were used to repay the remaining $20,953 of the term loan credit facility executed in March 2023 ("2023 Term Loan Credit Facility") with the remainder to be used for general corporate purposes. The 2025 Term Loan Facility is repaid quarterly through September 2032, with the remaining balance due and payable in a single payment upon maturity.

The fixed interest rate on the 2025 Term Loan Facility is 5.98%, which was determined using a base rate plus an applicable margin of 2.60%. During the year ended December 31, 2025, the Company recorded $1,604 in debt issuance costs associated with the 2025 Term Loan Facility.

2023 Term Loan Credit Facility

During the year ended December 31, 2023, the Company executed the 2023 Term Loan Credit Facility with a face amount of $119,200 for the purpose of financing the initial acquisition of five Boeing 737-900ER aircraft. On the acquisition date, all five aircraft were on lease to an unaffiliated airline. The loan was repaid monthly. During the lease term, payments collected from the lessee were applied directly to the repayment of principal and interest on the 2023 Term Loan Credit Facility. The Owned Aircraft Held for Operating Lease, as well as the related lease payments received from the lessee, were pledged as collateral. In December 2024, the Company made a partial repayment of $60,000 on the 2023 Term Loan Credit Facility using proceeds from the reissued Class C trust certificates Series 2019-1.

During the year ended December 31, 2025, the Company repaid the outstanding balance of $20,953 of the 2023 Term Loan Credit Facility in full using proceeds received from the 2025 Term Loan Facility. The Company recorded a $391 loss on extinguishment of debt during the year ended December 31, 2025 in connection with repayment of the 2023 Term Loan Credit Facility, which represents the write-off of the remaining unamortized deferred financing costs.

Pass-Through Trust Certificates

During March 2022, the Company arranged for the issuance of the 2022-1 EETC in an aggregate face amount of $188,277 for the purpose of financing or refinancing 13 aircraft. The Company is required to make bi-annual principal and interest payments each March and September, through March 2031. These notes bear interest at an annual rate between 4.84% and 5.75%. The weighted average interest rate was 5.04% as of December 31, 2025.

In December 2019, the Company arranged for the issuance of the 2019-1 EETC in an aggregate face amount of $248,587 for the purpose of financing or refinancing 13 used aircraft, which was completed in 2020. The Company is required to make bi-annual principal and interest payments on the 2019-1 EETC each June and December, through December 2027. These notes bear interest at an annual rate between 4.13% and 7.10%. The weighted average interest rate was 5.56% as of December 31, 2025.

In December 2024, the Company reissued Class C trust certificates from the 2019-1 EETC, which had previously been repaid, in an aggregate face amount of $60,000 and concurrently applied the proceeds to repay a portion of the 2023 Term Loan Credit Facility. The reissued Class C trust certificates had no impact on the bi-annual payment schedule or the term of the 2019-1 EETC.

Long-term Debt includes the following:


	December 31,
	2025		2024
2019-1 EETC (see terms and conditions above)	$	101,512	$	158,510
2022-1 EETC (see terms and conditions above)	118,288		138,532
2023 Term Loan Credit Facility (see terms and conditions above)	—		33,080
2025 Term Loan Facility (see terms and conditions above)	106,610		—
Total Debt	326,410		330,122
Less: Unamortized debt issuance costs	(3,064)		(3,000)
Less: Current Maturities of Long-term Debt, net	(68,017)		(87,579)
Total Long-term Debt, net	$	255,329	$	239,543

Future maturities of the outstanding Debt are as follows:


December 31	Debt Principal Payments		Amortization of Debt Issuance Costs		Net Debt
2026	$	69,057	$	(1,040)	$	68,017
2027	97,113		(813)		96,300
2028	31,973		(460)		31,513
2029	39,589		(340)		39,249
2030	29,974		(239)		29,735
Thereafter	58,704		(172)		58,532
Total	$	326,410	$	(3,064)	$	323,346

The fair value of Debt was $315,872 and $311,103 as of December 31, 2025 and 2024, respectively. The fair value of the Company’s debt was based on the discounted amount of future cash flows using the Company’s end-of-period estimated incremental borrowing rate for similar obligations. The estimates were primarily based on Level 3 inputs.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

OPERATING SEGMENTS (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Summary of financial information for the operating segments

The following tables present financial information for the Company’s two segments. Primarily all of the Company’s long-lived assets are owned by, or associated with, the Passenger operating segment. Therefore, predominately all depreciation and amortization expense is associated with the Passenger operating segment. Substantially all the Company’s tangible assets are located in the U.S. The Company's Aircraft and Flight Equipment is mobile across geographic markets. As a result, assets by segment are not reviewed by the CODM and have not been presented herein.


	Year Ended December 31, 2025
	Passenger		Cargo		Total
Operating Revenues	$	971,742	$	155,027	$	1,126,769

Operating Expenses:
Aircraft Fuel	213,109		371		213,480
Salaries, Wages, and Benefits	272,841		99,756		372,597
Maintenance	59,124		21,225		80,349
Sales and Marketing	33,300		—		33,300
Depreciation and Amortization	98,860		18		98,878
Ground Handling	44,691		10		44,701
Landing Fees and Airport Rent	64,029		732		64,761
Special Items, net	1,886		—		1,886
Other Operating, net	86,839		29,405		116,244
Total Operating Expenses	874,679		151,517		1,026,196
Operating Income	$	97,063	$	3,510	100,573
Interest Income					6,973
Interest Expense					(36,861)
Other, net					(474)
Income Before Income Tax					$	70,211


	Year Ended December 31, 2024
	Passenger		Cargo		Total
Operating Revenues	$	968,565	$	107,174	$	1,075,739

Operating Expenses:
Aircraft Fuel	237,108		52		237,160
Salaries, Wages, and Benefits	255,887		70,888		326,775
Maintenance	54,619		14,151		68,770
Sales and Marketing	34,935		—		34,935
Depreciation and Amortization	94,971		18		94,989
Ground Handling	42,102		16		42,118
Landing Fees and Airport Rent	58,951		598		59,549
Other Operating, net	85,199		20,258		105,457
Total Operating Expenses	863,772		105,981		969,753
Operating Income	$	104,793	$	1,193	105,986
Interest Income					7,833
Interest Expense					(44,300)
Other, net					55
Income Before Income Tax					$	69,574


	Year Ended December 31, 2023
	Passenger		Cargo		Total
Operating Revenues	$	949,885	$	99,735	$	1,049,620

Operating Expenses:
Aircraft Fuel	246,600		69		246,669
Salaries, Wages, and Benefits	225,744		69,896		295,640
Aircraft Rent	2,281		—		2,281
Maintenance	46,211		14,377		60,588
Sales and Marketing	34,105		—		34,105
Depreciation and Amortization	88,098		53		88,151
Ground Handling	37,506		—		37,506
Landing Fees and Airport Rent	49,175		440		49,615
Other Operating, net	87,293		20,272		107,565
Total Operating Expenses	817,013		105,107		922,120
Operating Income (Loss)	$	132,872	$	(5,372)	127,500
Interest Income					10,180
Interest Expense					(42,634)
Other, net					(887)
Income Before Income Tax					$	94,159

LEASES - Additional information (Details)		12 Months Ended
LEASES - Additional information (Details)	Jan. 01, 2026 aircraft	Dec. 31, 2025 USD ($) aircraft category lease	Dec. 31, 2024 USD ($) aircraft	Dec. 31, 2023 USD ($) aircraft	Feb. 28, 2026 USD ($) aircraft
Finance Leases
Number of categories in operating leases \| category		3
Number of leases for aircraft \| lease		13
Operating lease assets \| $		$ 14,257,000	$ 16,896,000
Number of aircrafts \| aircraft		70	63	60
Sublease income \| $		$ 14,771,000	$ 16,091,000	$ 768,000
Operating Revenues \| $		1,126,769,000	1,075,739,000	1,049,620,000
Interest cost capitalized \| $		8,750,000	5,054,000
Maintenance reserve payments expensed \| $				620,000
Other Income
Finance Leases
Revenue from maintenance rights asset \| $		5,808,000	2,849,000
Rental Revenue
Finance Leases
Operating Revenues \| $		14,328,000	$ 23,380,000	$ 17,689,000
Real Estate
Finance Leases
Lease liability \| $		$ 17,393,000
Real Estate \| Maximum
Finance Leases
Initial terms		10 years
Aircraft Operated for Amazon
Finance Leases
Operating lease assets \| $		$ 0
Lease liability \| $		$ 0
Aircraft Operated for Amazon \| Cargo Aircraft
Finance Leases
Contract assets primarily relate to cost incurred to get cargo aircrafts ready for service, number \| aircraft		8
Aircraft Operated for Amazon \| Cargo Aircraft \| Subsequent Event
Finance Leases
Contract assets primarily relate to cost incurred to get cargo aircrafts ready for service, number \| aircraft	2
Aircraft Operated for Amazon \| Maximum \| Cargo Aircraft
Finance Leases
Contract assets primarily relate to cost incurred to get cargo aircrafts ready for service, number \| aircraft		20
Aircraft Operated for Amazon \| Maximum \| Cargo Aircraft \| Subsequent Event
Finance Leases
Contract assets primarily relate to cost incurred to get cargo aircrafts ready for service, number \| aircraft	22
Aircraft Operated for Amazon \| Minimum \| Cargo Aircraft
Finance Leases
Contract assets primarily relate to cost incurred to get cargo aircrafts ready for service, number \| aircraft		12
Outstanding cargo aircraft ready for service, number \| aircraft		20
Subleased Aircraft \| Other
Finance Leases
Number of aircrafts \| aircraft			2	1
Number of aircraft with expiring lease term \| aircraft		1
Future undiscounted cash flows, 2026 \| $		$ 1,325,000
Subleased Aircraft \| Other \| Subsequent Event
Finance Leases
Number of aircraft with expiring lease term \| aircraft					1
Future undiscounted cash flows, 2026 \| $					$ 2,915,000
Owned Aircraft Held for Operating Lease \| Other
Finance Leases
Number of aircrafts \| aircraft		2	4	5
Number of aircraft with expiring lease term \| aircraft		3
Future undiscounted cash flows, 2026 \| $		$ 6,600,000
Number of aircraft leased \| aircraft		2

DEBT - Long-term debt schedule (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
DEBT
Total	$ 326,410	$ 330,122
Less: Unamortized debt issuance costs	(3,064)	(3,000)
Less: Current Maturities of Long-term Debt, net	(68,017)	(87,579)
Total Long-term Debt, net	255,329	239,543
2019-1 EETC (see terms and conditions above) \| Notes Payable, Other Payables
DEBT
Total	101,512	158,510
2022-1 EETC (see terms and conditions above) \| Notes Payable, Other Payables
DEBT
Total	118,288	138,532
2023 Term Loan Credit Facility (see terms and conditions above) \| Notes Payable, Other Payables
DEBT
Total	0	33,080
2025 Term Loan Facility (see terms and conditions above)
DEBT
Total	$ 106,610	$ 0

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	A significant cybersecurity incident to us or one of our third-party partners could result in a range of potentially material negative consequences for us, which could include lost revenue; unauthorized access to, disclosure, modification, misuse, loss or destruction of Company systems or data; theft of sensitive, regulated or confidential data, such as personal identifying information or our intellectual property; the loss of functionality of critical systems through ransomware, denial of service or other attacks; and business delays, service or system disruptions, damage to equipment and injury to persons or property. The costs and operational consequences of defending against, preparing for, responding to and remediating an incident may be substantial. Further, we could be exposed to litigation, regulatory enforcement or other legal action as a result of an incident, carrying the potential for damages, fees, fines, sanctions or other penalties, as well as injunctive relief requiring costly compliance measures. Due to the significant competition within the airline industry, a cybersecurity incident could also impact our brand, harm our reputation and adversely impact our relationship with our customers, employees and stockholders. For the reasons mentioned above, the secure operation of our networks and systems, and those of our business partners and third-party service providers, on which this type of information is collected, processed, maintained and stored is critical to our business operations and strategy. We regularly review and update our procedures, processes and technologies to prevent and protect against unauthorized access to, and to ensure the confidentiality, integrity, and availability of, our networks and systems. We have programs in place to identify and protect against cybersecurity weaknesses in our networks and systems, detect, contain, evaluate and respond to data security incidents and provide employee awareness training regarding phishing, malware and other cybersecurity risks. Many of our policies align with the National Institute of Standards and Technology Cybersecurity Framework and we continually evaluate and enhance our cybersecurity procedures. Activities include mandatory online training for all employees, technical security controls, enhanced data protection, the maintenance of backup and protective systems, policy review and implementation, the evaluation and retention of cybersecurity insurance, periodic assessments of third-party service providers to assess cyber preparedness of key vendors, and running simulated cybersecurity drills, including vulnerability scanning, penetration testing and disaster recovery exercises, throughout the organization. These cybersecurity drills are performed both in-house and by third-party service providers. We use automated tools that monitor, detect, and prevent cybersecurity risks and have a third-party security operations center to alert us to any potential cybersecurity threats. We have effected comprehensive incident response plans that outline the appropriate communication flow and response for certain categories of potential cybersecurity incidents. We rely on third-party vendors to provide software solutions that are critical to our operations. We assess cybersecurity risk during onboarding for material vendors that receive sensitive information or provide services that are critical to our business, and regularly audit these providers after onboarding. We review vendors that are material to our ordinary business operations on an annual basis and monitor these vendors for compliance with cybersecurity best practices. To assist in the review of our cybersecurity risks, as well as the risks associated with our material vendors, we engage third-party cybersecurity professionals. For example, we engage vendors to assist in vetting the cybersecurity of our material vendors and to facilitate incident response tabletop exercises.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	A significant cybersecurity incident to us or one of our third-party partners could result in a range of potentially material negative consequences for us, which could include lost revenue; unauthorized access to, disclosure, modification, misuse, loss or destruction of Company systems or data; theft of sensitive, regulated or confidential data, such as personal identifying information or our intellectual property; the loss of functionality of critical systems through ransomware, denial of service or other attacks; and business delays, service or system disruptions, damage to equipment and injury to persons or property. The costs and operational consequences of defending against, preparing for, responding to and remediating an incident may be substantial. Further, we could be exposed to litigation, regulatory enforcement or other legal action as a result of an incident, carrying the potential for damages, fees, fines, sanctions or other penalties, as well as injunctive relief requiring costly compliance measures. Due to the significant competition within the airline industry, a cybersecurity incident could also impact our brand, harm our reputation and adversely impact our relationship with our customers, employees and stockholders.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	It is the duty of the Board of Directors to serve as a prudent fiduciary for shareholders and to oversee the management of our business. Our Board of Directors is responsible for establishing accountability for our executive officers and ensuring reasonable internal controls are in place, including processes and procedures for detecting, containing, evaluating and responding to cybersecurity incidents. The Board of Directors is informed of the cybersecurity threats potentially facing the Company and the Company’s prevention activities on a quarterly basis, or more frequently if needed, through discussions and presentations with our management and individuals directly responsible for our cybersecurity. These presentations include, as applicable, reports on the overall status of the Company’s cybersecurity program, discussion of material cybersecurity matters, including the results of penetration or other security testing, security incidents, and violations of the Company’s security policy, and recommended changes to the Company’s cybersecurity program. The Board of Directors is actively engaged in the Company’s ongoing efforts to increase incident response preparedness.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our management is responsible for establishing and maintaining adequate cybersecurity over the secure operation of our networks and systems, and for evaluating and monitoring our cybersecurity risks associated with our business partners and third-party service providers. The Company’s CIO and CISO are responsible for managing these risks. These individuals have extensive experience in technology and information security within the airline industry.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our management is responsible for establishing and maintaining adequate cybersecurity over the secure operation of our networks and systems, and for evaluating and monitoring our cybersecurity risks associated with our business partners and third-party service providers. The Company’s CIO and CISO are responsible for managing these risks. These individuals have extensive experience in technology and information security within the airline industry. The CIO and CISO are responsible for assessing the Company’s cybersecurity risks and, in conjunction with Legal where appropriate, establishing and maintaining a cybersecurity program to manage such risks. For example, the CIO and CISO oversee cybersecurity training for our employees and establish standards used to evaluate and monitor the process and control requirements we expect of our third-party partners as part of the Company’s overall cybersecurity program. The CIO and CISO lead a team that includes third-party cybersecurity professionals to administer the Company’s cybersecurity program. The CIO and CISO are responsible for the reporting of cybersecurity matters to the Board of Directors.
Cybersecurity Risk Role of Management [Text Block]	Our management is responsible for establishing and maintaining adequate cybersecurity over the secure operation of our networks and systems, and for evaluating and monitoring our cybersecurity risks associated with our business partners and third-party service providers. The Company’s CIO and CISO are responsible for managing these risks. These individuals have extensive experience in technology and information security within the airline industry. The CIO and CISO are responsible for assessing the Company’s cybersecurity risks and, in conjunction with Legal where appropriate, establishing and maintaining a cybersecurity program to manage such risks. For example, the CIO and CISO oversee cybersecurity training for our employees and establish standards used to evaluate and monitor the process and control requirements we expect of our third-party partners as part of the Company’s overall cybersecurity program. The CIO and CISO lead a team that includes third-party cybersecurity professionals to administer the Company’s cybersecurity program. The CIO and CISO are responsible for the reporting of cybersecurity matters to the Board of Directors.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The CIO and CISO are responsible for assessing the Company’s cybersecurity risks and, in conjunction with Legal where appropriate, establishing and maintaining a cybersecurity program to manage such risks. For example, the CIO and CISO oversee cybersecurity training for our employees and establish standards used to evaluate and monitor the process and control requirements we expect of our third-party partners as part of the Company’s overall cybersecurity program.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The CIO and CISO are responsible for assessing the Company’s cybersecurity risks and, in conjunction with Legal where appropriate, establishing and maintaining a cybersecurity program to manage such risks. For example, the CIO and CISO oversee cybersecurity training for our employees and establish standards used to evaluate and monitor the process and control requirements we expect of our third-party partners as part of the Company’s overall cybersecurity program.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The Company’s CIO and CISO are responsible for managing these risks. These individuals have extensive experience in technology and information security within the airline industry.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

LEASES - Finance lease obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Finance Leases
2026	$ 77,905
2027	28,497
2028	46,005
2029	88,557
2030	56,256
Thereafter	2,162
Total Minimum Lease Payments	299,382
Less: Amount Representing Interest	(48,295)
Present Value of Minimum Lease Payments	251,087
Less: Short-term Obligations	(61,616)	$ (20,175)
Long-term Lease Obligations	189,471	$ 251,087
Aircraft
Finance Leases
2026	76,132
2027	26,724
2028	44,232
2029	87,153
2030	56,256
Thereafter	2,162
Total Minimum Lease Payments	292,659
Less: Amount Representing Interest	(47,118)
Present Value of Minimum Lease Payments	245,541
Less: Short-term Obligations	(60,356)
Long-term Lease Obligations	185,185
Real Estate
Finance Leases
2026	1,773
2027	1,773
2028	1,773
2029	1,404
2030	0
Thereafter	0
Total Minimum Lease Payments	6,723
Less: Amount Representing Interest	(1,177)
Present Value of Minimum Lease Payments	5,546
Less: Short-term Obligations	(1,260)
Long-term Lease Obligations	$ 4,286

LEASES (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Summary of lease-related assets and liabilities

The following table summarizes the lease-related assets and liabilities recorded on the Company’s Consolidated Balance Sheets:


		December 31,
	Classification	2025		2024
Assets
Finance lease assets, net	Property and Equipment, net	$	213,108	$	234,960
Operating lease assets	Operating Lease Right-of-use Assets	14,257		16,896
Owned Aircraft and Flight Equipment Held for Operating Lease	Property and Equipment, net	54,388		113,535
Total lease assets		$	281,753	$	365,391
Liabilities
Current:
Finance lease liabilities	Current Finance Lease Obligations	$	61,616	$	20,175
Operating lease liabilities	Current Operating Lease Obligations	3,601		3,281
Long-term:
Finance lease liabilities	Long-term Finance Lease Obligations	189,471		251,087
Operating lease liabilities	Long-term Operating Lease Obligations	13,792		17,369
Total lease liabilities		$	268,480	$	291,912

Summary of obligations under finance leases

The following table provides details of the Company’s obligations under Finance and Operating Leases as of December 31, 2025:


	Finance Leases						Operating Leases
Year Ending December 31	Aircraft		Real Estate		Total			Real Estate and Other
2026	$	76,132	$	1,773	$	77,905		$	4,827
2027	26,724		1,773		28,497			4,815
2028	44,232		1,773		46,005			4,853
2029	87,153		1,404		88,557			2,922
2030	56,256		—		56,256			1,181
Thereafter	2,162		—		2,162			2,248
Total Minimum Lease Payments	292,659		6,723		299,382			20,846
Less: Amount Representing Interest	(47,118)		(1,177)		(48,295)			(3,453)
Present Value of Minimum Lease Payments	245,541		5,546		251,087			17,393
Less: Short-term Obligations	(60,356)		(1,260)		(61,616)			(3,601)
Long-term Lease Obligations	$	185,185	$	4,286	$	189,471		$	13,792

Summary of obligations under operating leases

The following table provides details of the Company’s obligations under Finance and Operating Leases as of December 31, 2025:


	Finance Leases						Operating Leases
Year Ending December 31	Aircraft		Real Estate		Total			Real Estate and Other
2026	$	76,132	$	1,773	$	77,905		$	4,827
2027	26,724		1,773		28,497			4,815
2028	44,232		1,773		46,005			4,853
2029	87,153		1,404		88,557			2,922
2030	56,256		—		56,256			1,181
Thereafter	2,162		—		2,162			2,248
Total Minimum Lease Payments	292,659		6,723		299,382			20,846
Less: Amount Representing Interest	(47,118)		(1,177)		(48,295)			(3,453)
Present Value of Minimum Lease Payments	245,541		5,546		251,087			17,393
Less: Short-term Obligations	(60,356)		(1,260)		(61,616)			(3,601)
Long-term Lease Obligations	$	185,185	$	4,286	$	189,471		$	13,792

Summary of lease costs related to the finance and operating leases

The following table presents lease costs related to the Company’s Finance and Operating Leases:


		Year Ended December 31,
	Classification	2025		2024		2023
Finance lease cost
Amortization of leased assets	Depreciation and Amortization	$	21,852	$	23,108	$	21,150
Interest on lease liabilities	Interest Expense	17,652		19,568		16,325

Operating lease cost
Included in ROU asset - Aircraft	Aircraft Rent (1)	—		—		2,210
Included in ROU asset - Real Estate & Other	Ground Handling, Landing Fees and Airport Rent & Other Operating	4,689		4,644		4,438
Short-term lease cost	Aircraft Rent	—		—		396
Variable - Aircraft	Aircraft Rent (1)	—		—		(325)
Variable - Other	Landing Fees & Airport Rentals	3,123		2,691		2,212
Sublease Income	Other Revenue	(14,771)		(16,091)		(768)
Total Lease cost		$	32,545	$	33,920	$	45,638

_________________________________


1)			The year ended December 31, 2023 included credits of $723 for the amortization of Over-market Liabilities established at the Acquisition Date related to lease rates and maintenance reserves. As of December 31, 2023, the balance of Over-market liabilities was $0.

Summary of supplemental cash flow information related to leases

The following table presents Supplemental cash flow information related to leases, included in the Consolidated Statements of Cash Flows:


	Year Ended December 31,
	2025		2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating Cash Flows for Operating Leases	$	4,771	$	3,888	$	5,971
Operating Cash Flows for Finance Leases	$	17,652	$	19,568	$	16,325
Financing Cash Flows for Finance Leases	$	20,175	$	45,942	$	21,883

Summary of lease-related terms and discount rates

The table below presents lease-related terms and discount rates related to the Company’s Finance and Operating Leases:


	Year Ended December 31,
	2025	2024	2023
Weighted-average remaining lease term
Operating Leases	4.8 years	5.6 years	6.8 years
Finance Leases	3.4 years	4.4 years	4.9 years

Weighted-average discount rates
Operating Leases	7.8%	7.8%	6.5%
Finance Leases	6.8%	6.8%	6.6%

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Deferred tax benefit	$ 30	$ (8)	$ 222

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Cash Flows [Abstract]
Net Income	$ 52,809	$ 52,903	$ 72,181
Adjustments to reconcile Net Income to Cash from Operating Activities:
Depreciation and Amortization	98,878	94,989	88,151
Operating Lease Right-of-use Assets	2,662	2,020	4,291
Gain on Asset Transactions, net	(8,733)	(6,285)	(1,305)
Deferred Income Taxes	17,164	14,427	21,886
Amazon Warrants Expense	4,518	4,357	6,066
Stock-based Compensation Expense	6,305	6,020	9,274
Other, net	2,419	2,080	(1,298)
Changes in Operating Assets and Liabilities:
Accounts Receivable	(10,754)	11,223	(2,667)
Inventory	(2,355)	(5,041)	(1,458)
Prepaid Expenses	(3,836)	1,986	(4,394)
Lessor Maintenance Deposits	(13,955)	(15,712)	(12,047)
Aircraft Deposits	0	0	(457)
Other Assets	(3,825)	(3,573)	(2,881)
Accounts Payable	3,491	(2,961)	(3,028)
Accrued Transportation Taxes	2,389	2,437	430
Air Traffic Liabilities	6,339	2,690	1
Loyalty Program Liabilities	245	864	(1,701)
Operating Lease Obligations	(3,281)	(2,178)	(4,387)
Other Liabilities	6,626	4,616	7,463
Net Cash Provided by Operating Activities	157,106	164,862	174,120
Cash Flows from Investing Activities:
Purchases of Property & Equipment	(73,128)	(47,332)	(218,160)
Proceeds from the Sale of Property & Equipment	19,250	17,166	4,953
Purchases of Investments	(66,553)	(92,404)	(95,535)
Proceeds from the Maturities of Investments	81,228	130,125	137,220
Other, net	198	842	291
Net Cash (Used in) Provided by Investing Activities	(39,005)	8,397	(171,231)
Cash Flows from Financing Activities:
Common Stock Repurchases	(20,015)	(12,134)	(68,585)
Proceeds from Borrowings	108,000	70,000	119,200
Repayment of Finance Lease Obligations	(20,175)	(45,942)	(21,883)
Repayment of Borrowings	(111,711)	(145,518)	(69,276)
Tax Receivable Agreement Payment	(10,525)	(3,350)	(2,425)
Other, net	1,895	476	832
Net Cash Used in Financing Activities	(52,531)	(136,468)	(42,137)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash	65,570	36,791	(39,248)
Cash, Cash Equivalents and Restricted Cash--Beginning of the Period	100,471	63,680	102,928
Cash, Cash Equivalents and Restricted Cash--End of the Period	166,041	100,471	63,680
Supplemental information:
Cash Payments for Interest	34,950	42,784	41,454
Income Taxes Paid:
Federal	3,923	90	1,280
State	476	302	218
Total	4,399	392	1,498
Non-cash transactions:
Aircraft and Flight Equipment Acquired under Finance Leases	0	40,116	18,419
Changes to Finance Lease Assets due to Lease Modifications	0	6,513	26,427
Aircraft and Flight Equipment Acquired from Exercise of Finance Lease Purchase Option, net of Accumulated Depreciation	0	40,632	2,386
Purchases of Property & Equipment in Accounts Payable	2,921	3,219	3,035
Property & Equipment Acquired through Maintenance Contract Incentive Liability	0	10,307	2,149
Maintenance Rights Asset Capitalized into Aircraft and Flight Equipment upon End of Lease	8,750	5,054	0
Maintenance Rights Asset Converted to Accounts Receivable upon End of Lease	7,340	4,265	0
Settlement of Accelerated Share Repurchase Program	$ 0	$ 0	$ 7,501

INCOME TAXES - Additional information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Mar. 17, 2021
Income Tax Examination [Line Items]
Federal net operating losses	$ 68,709,000
State net operating losses	2,765,000
Liability for unrecognized tax benefits	0	$ 0
Tax receivable agreement liability non current				$ 115,200,000
Income tax receivable agreement liability	87,169,000	97,694,000
Income tax receivable agreement, current	0	10,325,000
Payment for tax receivable agreement	$ 10,525,000	$ 3,350,000	$ 2,425,000

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Current Assets:
Cash and Cash Equivalents	$ 144,684,000	$ 83,219,000
Restricted Cash	21,357,000	17,252,000
Investments	89,629,000	104,053,000
Accounts Receivable, net of an allowance for credit losses of $408 and $617, respectively	53,722,000	35,296,000
Short-term Lessor Maintenance Deposits	22,738,000	521,000
Inventory, net of a reserve for obsolescence of $1,214 and $784, respectively	11,844,000	10,467,000
Prepaid Expenses	17,667,000	13,837,000
Other Current Assets	6,575,000	1,939,000
Total Current Assets	368,216,000	266,584,000
Property & Equipment, net:
Finance Lease Assets	309,877,000	309,877,000
Total Property & Equipment	1,341,267,000	1,305,082,000
Accumulated Depreciation & Amortization	(414,246,000)	(334,993,000)
Total Property & Equipment, net	927,021,000	970,089,000
Other Assets:
Goodwill	222,223,000	222,223,000
Other Intangible Assets, net of accumulated amortization of $34,480 and $29,903, respectively	73,261,000	77,838,000
Operating Lease Right-of-use Assets	14,257,000	16,896,000
Aircraft Deposits	5,575,000	7,925,000
Long-term Lessor Maintenance Deposits	45,361,000	53,624,000
Other Assets	24,550,000	14,998,000
Total Other Assets	385,227,000	393,504,000
Total Assets	1,680,464,000	1,630,177,000
Current Liabilities:
Accounts Payable	57,628,000	56,034,000
Accrued Salaries, Wages, and Benefits	45,531,000	38,327,000
Accrued Transportation Taxes	22,923,000	20,534,000
Air Traffic Liabilities	167,024,000	160,686,000
Finance Lease Obligations	61,616,000	20,175,000
Loyalty Program Liabilities	10,233,000	10,121,000
Operating Lease Obligations	3,601,000	3,281,000
Current Maturities of Long-term Debt, net	68,017,000	87,579,000
Income Tax Receivable Agreement Liability	0	10,325,000
Other Current Liabilities	14,530,000	15,228,000
Total Current Liabilities	451,103,000	422,290,000
Long-term Liabilities:
Finance Lease Obligations	189,471,000	251,087,000
Loyalty Program Liabilities	4,613,000	4,480,000
Operating Lease Obligations	13,792,000	17,369,000
Long-term Debt, net	255,329,000	239,543,000
Deferred Tax Liability	40,761,000	23,566,000
Income Tax Receivable Agreement Liability	87,169,000	87,369,000
Other Long-term Liabilities	13,070,000	14,100,000
Total Long-term Liabilities	604,205,000	637,514,000
Total Liabilities	1,055,308,000	1,059,804,000
Commitments and Contingencies (Note 17)
Stockholders' Equity:
Common Stock with $0.01 par value, 995,000,000 shares authorized, 61,040,329 and 59,500,970 issued and 53,223,302 and 53,157,964 outstanding at December 31, 2025 and 2024, respectively	610,000	595,000
Preferred Stock with $0.01 par value, 5,000,000 shares authorized, no shares issued and outstanding at December 31, 2025 and 2024, respectively	0	0
Treasury Stock, at cost, 7,817,027 and 6,343,006 shares held at December 31, 2025 and 2024, respectively	(125,881,000)	(105,866,000)
Additional Paid-In Capital	550,471,000	528,604,000
Retained Earnings	199,941,000	147,132,000
Accumulated Other Comprehensive Income (Loss)	15,000	(92,000)
Total Stockholders' Equity	625,156,000	570,373,000
Total Liabilities and Stockholders' Equity	1,680,464,000	1,630,177,000
Aircraft and Flight Equipment
Property & Equipment, net:
Property and Equipment	861,100,000	775,210,000
Aircraft and Flight Equipment Held for Operating Lease
Property & Equipment, net:
Property and Equipment	62,923,000	124,383,000
Ground Equipment and Leasehold Improvements
Property & Equipment, net:
Property and Equipment	50,765,000	46,550,000
Computer Hardware and Software
Property & Equipment, net:
Property and Equipment	24,926,000	22,436,000
Rotable Parts
Property & Equipment, net:
Property and Equipment	$ 31,676,000	$ 26,626,000

STOCKHOLDERS' EQUITY - Common Stock Repurchases (Details) - USD ($)	1 Months Ended	3 Months Ended		4 Months Ended	12 Months Ended
	Jan. 31, 2023	Mar. 31, 2025	Dec. 31, 2023	Jan. 31, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Jun. 30, 2025
Class of Stock [Line Items]
Common stock purchase price		$ 10,000,000					$ 69,227,000
Shares acquired (in dollars per share)		$ 15.85
Payments of stock issuance costs		$ 481,000
Secondary Public Stock Offering
Class of Stock [Line Items]
Initial public offering (in shares)		6,346,105
Stock repurchase program, authorized amount		$ 10,000,000
Over-Allotment Option
Class of Stock [Line Items]
Common stock repurchases (in shares)		630,914
2022 Repurchase Program
Class of Stock [Line Items]
Stock repurchase program, authorized amount								$ 25,000,000
Common stock purchase price			$ 25,000,000		$ 10,015,000	$ 11,493,000
Accelerated share repurchases, initial (in dollars per share)			$ 19.65	$ 18.23	$ 11.88	$ 15.22
Remaining authorized repurchase amount					$ 15,000,000
Stocks repurchased, total (in shares)				1,371,518	843,107	755,284
Stock repurchased during period (in shares)	480,932		890,586

REVENUE - Additional information (Details) - USD ($) $ in Thousands		1 Months Ended	12 Months Ended
	Dec. 13, 2019	Dec. 31, 2019	Dec. 31, 2025
REVENUE
Credit card program, payment received			$ 1,016
Credit card program, term			7 years
Amazon Contract
REVENUE
Proceeds from startup costs		$ 10,300
Fair value of warrants vested		4,667
Amazon Contract \| Amazon Agreement
REVENUE
Warrants vested (in shares)	632,183
Amazon Contract \| Other Liabilities
REVENUE
Remaining start up costs		$ 5,633
Air Traffic Liabilities \| Passenger
REVENUE
Revenue recognized			$ 156,792

DEFINED CONTRIBUTION 401(k) PLAN

12 Months Ended

Dec. 31, 2025

Retirement Benefits [Abstract]

DEFINED CONTRIBUTION 401(k) PLAN

11. DEFINED CONTRIBUTION 401(k) PLAN

The Company has a 401(k) profit-sharing retirement plan covering substantially all employees. The plan allows employee contributions up to 50% of a participant’s eligible compensation, subject to limits established under the 401(k) plan and annual IRS elective deferral limits. The Company currently matches 100% of participants' contributions up to a maximum of 4% for non-pilot and non-flight attendant participants’ eligible compensation. Pursuant to the current pilot CBA, the Company was required to make non-discretionary contributions based on gross earnings of 14% in 2023 and 15% in 2024 and thereafter for all pilot participants. Pursuant to the current flight attendant CBA, the Company matches contributions made by participants up to a maximum of 6% of eligible compensation. Contributions for pilot, flight attendant, and non-pilot and non-flight attendant participants are classified in Salaries, Wages, and Benefits on the Consolidated Statements of Operations.

The Company made 401(k) contributions as follows:


	Year Ended December 31,
	2025		2024		2023
Non-Discretionary	$	25,422	$	21,237	$	16,733
Discretionary	3,293		3,079		2,429
Total 401(k) Contributions	$	28,715	$	24,316	$	19,162

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue recognition (Details)			12 Months Ended
	Jan. 01, 2026 aircraft	Dec. 13, 2019	Dec. 31, 2025 aircraft renewal
REVENUE
Travel credits (in years)			12 months
Cargo Aircraft \| Aircraft Operated for Amazon
REVENUE
Contract assets primarily relate to cost incurred to get cargo aircrafts ready for service, number			8
Cargo Aircraft \| Aircraft Operated for Amazon \| Subsequent Event
REVENUE
Contract assets primarily relate to cost incurred to get cargo aircrafts ready for service, number	2
Cargo Aircraft \| Minimum \| Aircraft Operated for Amazon
REVENUE
Contract assets primarily relate to cost incurred to get cargo aircrafts ready for service, number			12
Cargo Aircraft \| Maximum \| Aircraft Operated for Amazon
REVENUE
Contract assets primarily relate to cost incurred to get cargo aircrafts ready for service, number			20
Cargo Aircraft \| Maximum \| Aircraft Operated for Amazon \| Subsequent Event
REVENUE
Contract assets primarily relate to cost incurred to get cargo aircrafts ready for service, number	22
Amazon Agreement
REVENUE
Term of agreement (in years)		6 years	6 years
Number of extension option \| renewal			2
Term of renewal agreement (in years)			2 years
Wind-Down Term Of Renewal Of Agreement			2 years
Term Of Additional Renewal Of Agreement [Line Items]			3 years

AIRCRAFT - Additional information (Details) $ in Thousands		12 Months Ended
AIRCRAFT - Additional information (Details) $ in Thousands	Jan. 01, 2026 aircraft	Dec. 31, 2025 aircraft	Dec. 31, 2024 aircraft	Feb. 28, 2026 aircraft	Mar. 24, 2025 USD ($)	Dec. 31, 2023 aircraft
AIRCRAFT - Owned and Leased
Number of aircrafts		70	63			60
Reclassifications		0	0
Number of aircraft sold		(1)	0
Number of aircraft owned		37
Line of credit facility, expiration period		4 years
Aircrafts acquired		8	3
Number of aircraft finance lease			2
Number of purchased aircraft previously under finance leases			3
Revolving Credit Facility
AIRCRAFT - Owned and Leased
Maximum borrowing capacity \| $					$ 75,000
B-737-800
AIRCRAFT - Owned and Leased
Number of aircrafts		65
B-737-900
AIRCRAFT - Owned and Leased
Number of aircrafts						5
Passenger
AIRCRAFT - Owned and Leased
Number of aircrafts		47	45			42
Reclassifications		3	1
Number of aircraft sold		(1)	0
Number of aircrafts financed		31
Number of aircrafts to support revolving credit facility		5
Number of aircrafts unencumbered		1
Aircrafts acquired		0	2
Passenger \| Owned
AIRCRAFT - Owned and Leased
Number of aircrafts		35	34			29
Reclassifications		2	4
Number of aircraft sold		(1)	0
Aircrafts acquired		0	1
Passenger \| Finance Lease Assets
AIRCRAFT - Owned and Leased
Number of aircrafts		12	11			13
Reclassifications		1	(3)
Number of aircraft sold		0	0
Aircrafts acquired		0	1
Other \| Subleased Aircraft
AIRCRAFT - Owned and Leased
Number of aircrafts			2			1
Number of aircraft with expiring lease term		1
Reclassifications		(1)	0
Number of aircraft sold		0	0
Aircrafts acquired		0	1
Other \| Subleased Aircraft \| Subsequent Event
AIRCRAFT - Owned and Leased
Number of aircraft with expiring lease term				1
Other \| Owned Aircraft Held for Operating Lease
AIRCRAFT - Owned and Leased
Number of aircrafts		2	4			5
Number of aircraft with expiring lease term		3
Number of aircraft leased		2
Reclassifications		(2)	(1)
Number of aircraft sold		0	0
Aircrafts acquired		0	0
Cargo Aircraft \| Aircraft Operated for Amazon
AIRCRAFT - Owned and Leased
Contract assets primarily relate to cost incurred to get cargo aircrafts ready for service, number		8
Cargo Aircraft \| Aircraft Operated for Amazon \| Subsequent Event
AIRCRAFT - Owned and Leased
Contract assets primarily relate to cost incurred to get cargo aircrafts ready for service, number	2
Cargo Aircraft \| Aircraft Operated for Amazon \| Maximum
AIRCRAFT - Owned and Leased
Contract assets primarily relate to cost incurred to get cargo aircrafts ready for service, number		20
Cargo Aircraft \| Aircraft Operated for Amazon \| Maximum \| Subsequent Event
AIRCRAFT - Owned and Leased
Contract assets primarily relate to cost incurred to get cargo aircrafts ready for service, number	22

INCOME TAXES

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

INCOME TAXES

14. INCOME TAXES

The following table summarizes the significant components of the provision for income taxes from continuing operations:


	Year Ended December 31,
	2025		2024		2023
Current:
Federal	$	93	$	1,697	$	—
State and Local	145		547		92
Total Current Tax Expense	238		2,244		92

Deferred:
Federal	14,756		13,389		19,609
State and Local	2,408		1,038		2,277
Total Deferred Tax Expense	17,164		14,427		21,886

Total:
Federal	14,849		15,086		19,609
State and Local	2,553		1,585		2,369
Total Income Tax Expense	$	17,402	$	16,671	$	21,978

The income tax provision differs from that computed at the federal statutory corporate tax rate as follows:


	Year Ended December 31,
	2025				2024				2023
Federal Statutory Tax Rate	$	14,745	21.0	%	$	14,610	21.0	%	$	19,773	21.0	%
State Tax, net of Federal Impact (1)	2,017		2.9	%	1,252		1.8	%	1,871		2.0	%
Nontaxable or Nondeductible Items:
Stock Compensation Benefit	(1,783)		(2.5)	%	(45)		(0.1)	%	(1,048)		(1.1)	%
Executive Compensation Limitation	1,530		2.2	%	215		0.3	%	902		1.0	%
Other Permanent Adjustments	893		1.2	%	639		1.0	%	480		0.4	%
Effective Tax Rate	$	17,402	24.8	%	$	16,671	24.0	%	$	21,978	23.3	%


(1)			The state tax rate in Minnesota and Florida made up the majority (greater than 50 percent) of the tax effect in this category.

On July 4, 2025, the OBBBA was signed into law. The Company's effective tax rate for 2025 did not materially change as a result of the legislation.

The following table summarizes the significant components of the Company’s deferred taxes:


	December 31,
	2025		2024
Deferred Tax Assets:
Net Operating Loss	$	71,474	$	66,834
Finance Lease Obligations	40,272		42,840
Operating Lease Obligations	3,511		4,123
Loyalty Program Liabilities	3,668		3,258
Interest Expense Limitation	929		8,374
Other	12,763		11,279
Total Deferred Tax Assets	132,617		136,708

Deferred Tax Liabilities:
Accelerated Depreciation	(126,296)		(113,679)
Finance Lease Assets	(32,994)		(36,535)
Operating Lease Right-of-use Assets	(3,279)		(3,886)
Prepaid Maintenance	(4,999)		(4,135)
Other	(5,810)		(2,039)
Total Deferred Tax Liabilities	(173,378)		(160,274)
Total Net Deferred Tax (Liabilities) Assets	$	(40,761)	$	(23,566)

As of December 31, 2025, the Company has $68,709 of federal NOLs and $2,765 of state NOLs, net of tax effect, available that may be applied against future tax liabilities. As a result of ownership changes that occurred in 2021, the existing federal and state NOLs may be subject to certain limitations under Section 382 of the Internal Revenue Code. However, the Company does not believe these limitations will adversely impact its ability to use these losses to offset taxable income in future periods. There is no expiration of federal net operating losses. The state NOLs begin to expire in 2033.

In assessing the realizability of Deferred Tax Assets, management considers whether it is more likely than not that some portion or all the Deferred Tax Assets will not be realized. The ultimate realization of the Deferred Tax Assets is dependent upon the generation of future taxable income during periods in which the temporary differences become deductible. Management considers the scheduled reversal of the liabilities (including the impact of available carryback and carryforward periods), projected future taxable income, and tax-planning strategies in making this assessment. As of December 31, 2025, management believes that it is more likely than not that the future results of the operations will generate sufficient taxable income to realize the tax benefits related to its Deferred Tax Assets.

The Company recognizes the consolidated financial statement effect of a tax position when it is more likely than not, based on the technical merits, that the position will be sustained upon examination. If applicable, the Company reports both accrued interest and penalties related to unrecognized tax benefits as a component of Income Tax Expense in the Consolidated Statements of Operations. As of December 31, 2025 and 2024, the Company had no liability for unrecognized tax benefits recorded in its Consolidated Balance Sheets.

The Company files income tax returns in the United States and various states. In the normal course of business, the Company is subject to potential income tax examination by the federal and state tax authorities in these jurisdictions for tax years that are open under local statute. For U.S. federal income tax purposes, the Company's 2024, 2023, and 2022 tax returns remain open to examination. For U.S. state income tax purposes, the Company's 2024, 2023, 2022, and 2021 tax returns remain open to examination.

Tax Receivable Agreement

In connection with the Company’s IPO, the legal entity Sun Country Airlines Holdings, Inc. entered into a TRA with the TRA holders. Upon the closing of the IPO, the Company recognized a non-current liability of $115,200, which represented undiscounted aggregate payments that were expected to be paid to the TRA holders, with an offset to Stockholders’ Equity. The total TRA balance as of December 31, 2025 and 2024 was $87,169 and $97,694, of which no amount and $10,325 was current, respectively. During the years ended December 31, 2025, 2024 and 2023 the Company made payments of $10,525, $3,350 and $2,425 respectively, to the TRA holders, which includes certain members of the Company's management and certain members of the Company's Board of Directors.

The TRA liability is an estimate and actual amounts payable under the TRA could differ from this estimate. For example, changes to full year taxable income, as well as changes in tax laws may impact the timing of TRA liability payments. The decrease in the current portion of the TRA balance is primarily due to the OBBBA enacted on July 4, 2025. Payments will be made in future periods as the Pre-IPO Tax Attributes are utilized. If the Company does not generate sufficient taxable income in the aggregate over the term of the TRA to utilize the tax benefits, then it would not be required to make the related TRA payments. In the case of a merger that constitutes a change of control, such as the Merger Agreement with Allegiant, the TRA will terminate. Upon completion of the potential Merger with Allegiant, the TRA will be settled with the TRA holders. The amount paid to the TRA holders will be the outstanding balance of the TRA at time of closing. For more information on the TRA see Note 2 within these Consolidated Financial Statements.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-Paragraph 231
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-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

OPERATING SEGMENTS

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

OPERATING SEGMENTS

18. OPERATING SEGMENTS

Operating segments are defined as components of an enterprise about which separate financial information is both available and evaluated regularly by the CODM and is used in resource allocation and performance assessments. The Company’s CODM is considered to be the Company’s President and Chief Executive Officer. The Company has two operating and reportable segments: Passenger and Cargo, which are determined by the services provided and fleet utilized. The CODM makes resource allocation decisions with the objective of generating high returns and margins and mitigating the seasonality of the Company’s route network. The CODM assesses performance using multiple measures. Operating Income is the measure of segment profit that is the most consistent with the amounts presented in the Company’s Consolidated Financial Statements, as well as the measures the CODM uses to assess segment performance. The accounting policies for the Company’s reportable segments are consistent with those described in the Summary of Significant Accounting Policies included within Note 2 of these Consolidated Financial Statements. There are no intercompany transactions between the Company’s reportable segments.

The Company’s Passenger segment is comprised of two businesses: Scheduled Service and Charter. The Scheduled Service business provides passenger airline service primarily to leisure and VFR travelers. The Scheduled Service business offers a base fare and allows customers to purchase ancillary products and services for an additional fee. Sources of our ancillary revenue include air travel-related services such as baggage fees, seat selection and upgrade fees, priority check-in and boarding fees, other fees and on-board sales. The Charter business includes ad hoc, repeat, short-term and long-term service contracts. Under these Charter agreements, the Company is obligated to provide aircraft, crew, maintenance, and insurance for travel. Our diverse Charter customer base includes, but is not limited to the DoW, collegiate and professional sports teams and casinos.

Both Scheduled Service and Charter utilize the Company's Passenger fleet. The CODM maximizes the return on these aircraft through the combination of both the Scheduled Service and Charter flights. This allows for the most profitable use of the aircraft, either Scheduled Service or Charter, to be selected at any point in time. The Company regularly schedules its aircraft and crew on trips that combine Scheduled Service and Charter legs, dynamically replacing what would be lower margin Scheduled Service flights with Charter opportunities. The Company determined that it was appropriate that these businesses be viewed as a singular Passenger operating segment as the CODM evaluates the combined financial results of these businesses, due to their complimentary nature, to ensure the highest levels of returns for the Passenger fleet. Operating revenues for the Passenger segment also includes amounts recorded within Other Revenue. This is in line with how the CODM regularly reviews results and allocates resources.

The Cargo segment began providing CMI service under the ATSA in May 2020. In June 2024, the Company entered into the A&R ATSA with Amazon. The CMI service is asset-light, as Amazon supplies the aircraft under the A&R ATSA. Currently, Amazon is our only CMI customer. The Company is responsible for flying the aircraft under its air carrier certificate, crew, aircraft line maintenance and insurance. Fuel consumed in Cargo operations is directly reimbursed by Amazon and therefore aircraft fuel revenue is presented net of such reimbursements on the Consolidated Statements of Operations. Fuel consumed in Cargo maintenance activities is included within Aircraft Fuel expense in the Cargo segment. Certain operating expenses are directly attributable to the Cargo operating segment.

Certain operating expenses are allocated between the Passenger and Cargo segments. Non-Fuel operating expenses are allocated based on metrics such as block hours, fleet count and departures, which best align with the nature of the respective expense. Other Operating, net includes crew and other employee travel, interrupted trip expenses, information technology, property taxes and insurance, including hull-liability insurance, supplies, legal and other professional fees, facilities and all other administrative and operational overhead expenses. The CODM does not consider Interest Income, Interest Expense, and Other Income, net, in assessing the financial performance of its operating segments. Collectively, these items are included in reconciliations of reporting segment financial amounts to consolidated financial amounts.


	Year Ended December 31, 2025
	Passenger		Cargo		Total
Operating Revenues	$	971,742	$	155,027	$	1,126,769

Operating Expenses:
Aircraft Fuel	213,109		371		213,480
Salaries, Wages, and Benefits	272,841		99,756		372,597
Maintenance	59,124		21,225		80,349
Sales and Marketing	33,300		—		33,300
Depreciation and Amortization	98,860		18		98,878
Ground Handling	44,691		10		44,701
Landing Fees and Airport Rent	64,029		732		64,761
Special Items, net	1,886		—		1,886
Other Operating, net	86,839		29,405		116,244
Total Operating Expenses	874,679		151,517		1,026,196
Operating Income	$	97,063	$	3,510	100,573
Interest Income					6,973
Interest Expense					(36,861)
Other, net					(474)
Income Before Income Tax					$	70,211


	Year Ended December 31, 2024
	Passenger		Cargo		Total
Operating Revenues	$	968,565	$	107,174	$	1,075,739

Operating Expenses:
Aircraft Fuel	237,108		52		237,160
Salaries, Wages, and Benefits	255,887		70,888		326,775
Maintenance	54,619		14,151		68,770
Sales and Marketing	34,935		—		34,935
Depreciation and Amortization	94,971		18		94,989
Ground Handling	42,102		16		42,118
Landing Fees and Airport Rent	58,951		598		59,549
Other Operating, net	85,199		20,258		105,457
Total Operating Expenses	863,772		105,981		969,753
Operating Income	$	104,793	$	1,193	105,986
Interest Income					7,833
Interest Expense					(44,300)
Other, net					55
Income Before Income Tax					$	69,574


	Year Ended December 31, 2023
	Passenger		Cargo		Total
Operating Revenues	$	949,885	$	99,735	$	1,049,620

Operating Expenses:
Aircraft Fuel	246,600		69		246,669
Salaries, Wages, and Benefits	225,744		69,896		295,640
Aircraft Rent	2,281		—		2,281
Maintenance	46,211		14,377		60,588
Sales and Marketing	34,105		—		34,105
Depreciation and Amortization	88,098		53		88,151
Ground Handling	37,506		—		37,506
Landing Fees and Airport Rent	49,175		440		49,615
Other Operating, net	87,293		20,272		107,565
Total Operating Expenses	817,013		105,107		922,120
Operating Income (Loss)	$	132,872	$	(5,372)	127,500
Interest Income					10,180
Interest Expense					(42,634)
Other, net					(887)
Income Before Income Tax					$	94,159

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Earnings per Share (Details)	12 Months Ended
	Dec. 31, 2023
Performance-based stock options
STOCK-BASED COMPENSATION
Vesting percentage	100.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

EARNINGS PER SHARE - Additional Information (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	4,405,389	4,646,754

AIRCRAFT - Depreciation, amortization, and rent expense on aircraft (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
AIRCRAFT - Owned and Leased
Aircraft Rent	$ 0	$ 0	$ 2,281
Depreciation amortization and aircraft rent	78,868	78,462	77,663
Owned
AIRCRAFT - Owned and Leased
Depreciation	58,045	56,383	55,260
Finance Lease Assets
AIRCRAFT - Owned and Leased
Amortization	20,823	22,079	20,122
Operating Leased
AIRCRAFT - Owned and Leased
Aircraft Rent	$ 0	$ 0	$ 2,281

INCOME TAXES (Table)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Summary of the significant components of the provision for income taxes from continuing operations

The following table summarizes the significant components of the provision for income taxes from continuing operations:


	Year Ended December 31,
	2025		2024		2023
Current:
Federal	$	93	$	1,697	$	—
State and Local	145		547		92
Total Current Tax Expense	238		2,244		92

Deferred:
Federal	14,756		13,389		19,609
State and Local	2,408		1,038		2,277
Total Deferred Tax Expense	17,164		14,427		21,886

Total:
Federal	14,849		15,086		19,609
State and Local	2,553		1,585		2,369
Total Income Tax Expense	$	17,402	$	16,671	$	21,978

Summary of difference of income tax provision from that computed at the federal statutory corporate tax rate

The income tax provision differs from that computed at the federal statutory corporate tax rate as follows:


	Year Ended December 31,
	2025				2024				2023
Federal Statutory Tax Rate	$	14,745	21.0	%	$	14,610	21.0	%	$	19,773	21.0	%
State Tax, net of Federal Impact (1)	2,017		2.9	%	1,252		1.8	%	1,871		2.0	%
Nontaxable or Nondeductible Items:
Stock Compensation Benefit	(1,783)		(2.5)	%	(45)		(0.1)	%	(1,048)		(1.1)	%
Executive Compensation Limitation	1,530		2.2	%	215		0.3	%	902		1.0	%
Other Permanent Adjustments	893		1.2	%	639		1.0	%	480		0.4	%
Effective Tax Rate	$	17,402	24.8	%	$	16,671	24.0	%	$	21,978	23.3	%


(1)			The state tax rate in Minnesota and Florida made up the majority (greater than 50 percent) of the tax effect in this category.

Summary of the significant components of the deferred taxes

The following table summarizes the significant components of the Company’s deferred taxes:


	December 31,
	2025		2024
Deferred Tax Assets:
Net Operating Loss	$	71,474	$	66,834
Finance Lease Obligations	40,272		42,840
Operating Lease Obligations	3,511		4,123
Loyalty Program Liabilities	3,668		3,258
Interest Expense Limitation	929		8,374
Other	12,763		11,279
Total Deferred Tax Assets	132,617		136,708

Deferred Tax Liabilities:
Accelerated Depreciation	(126,296)		(113,679)
Finance Lease Assets	(32,994)		(36,535)
Operating Lease Right-of-use Assets	(3,279)		(3,886)
Prepaid Maintenance	(4,999)		(4,135)
Other	(5,810)		(2,039)
Total Deferred Tax Liabilities	(173,378)		(160,274)
Total Net Deferred Tax (Liabilities) Assets	$	(40,761)	$	(23,566)

PARENT COMPANY FINANCIAL STATEMENTS

12 Months Ended

Dec. 31, 2025

Condensed Financial Information Disclosure [Abstract]

PARENT COMPANY FINANCIAL STATEMENTS

19. PARENT COMPANY FINANCIAL STATEMENTS

Basis of Presentation

These Condensed Parent Company Financial Statements have been prepared in accordance with Rule 12-04, Schedule I of Regulation S-X, as the restricted net assets of the subsidiary of Sun Country Airlines Holdings, Inc. (herein also referred to as the "Parent"), as defined in Rule 4-08(e)(3) of Regulation S-X, exceed 25% of the consolidated net assets of the Company. These Condensed Parent Company Financial Statements are not general-purpose financial statements and should be read in conjunction with the Consolidated Financial Statements.

Sun Country Airlines Holdings, Inc. is the parent company of Sun Country, Inc. ("Subsidiary"), which is a certificated air carrier. Sun Country Airlines Holdings, Inc. is a holding company that does not conduct any business operations of its own. As a result, the Parent is dependent upon cash dividends and distributions and other transfers from its Subsidiary to meet obligations. Under the $25,000 Credit Agreement entered into on February 10, 2021, the ability of Sun Country Holdings, Inc.’s operating Subsidiary to pay dividends was restricted due to covenants that placed an annual limit on the amount of dividends the Subsidiary could pay Sun Country Holdings, Inc., which was calculated using six percent of the Company's market capitalization plus the greater of $10,000 or 10% of EBITDAR. These restrictions remained in place until March 2025 when the $75,000 Revolving Credit Facility was executed. The $75,000 Revolving Credit Facility does not impose restrictions on the ability of Sun Country Holdings, Inc.'s operating Subsidiary to pay dividends to the parent.

The Parent’s significant accounting policies are consistent with those described in the Consolidated Financial Statements, except that the Subsidiary is accounted for as an equity method investment.

The following Condensed Parent Company Financial Statements are presented to show only the parent company, Sun Country Airlines Holdings, Inc.

Balance Sheets


	December 31,
	2025		2024
ASSETS

Current Assets:
Cash and Cash Equivalents	$	—	$	—
Total Current Assets	—		—

Other Assets:
Investment in Subsidiary	712,325		668,067
Total Other Assets	712,325		668,067
Total Assets	$	712,325	$	668,067


	December 31,
	2025		2024
LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities:
Income Tax Receivable Agreement Liability	$	—	$	10,325
Total Current Liabilities	—		10,325

Income Tax Receivable Agreement Liability	87,169		87,369
Total Liabilities	87,169		97,694

Stockholders' Equity:
Common Stock	610		595
Treasury Stock	(125,881)		(105,866)
Additional Paid In Capital	550,471		528,604
Retained Earnings	199,941		147,132
Accumulated Other Comprehensive Loss	15		(92)
Total Stockholders' Equity	625,156		570,373
Total Liabilities and Stockholders' Equity	$	712,325	$	668,067

Statements of Operations


	Year Ended December 31,
	2025		2024		2022
Operating Expenses:
Other Operating, net	$	615	$	823	$	659
Total Operating Expenses	615		823		659
Operating Loss	(615)		(823)		(659)

Non-operating Income (Expense), net:
Equity in Income of Subsidiary	53,424		53,726		72,509
Income Tax Receivable Agreement Adjustment	—		—		331
Total Non-operating Income, net	53,424		53,726		72,840

Income before Income Tax	52,809		52,903		72,181
Income Tax Expense	—		—		—
Net Income	52,809		52,903		72,181
Other Comprehensive Income (Loss)	107		(30)		745
Comprehensive Income	$	52,916	$	52,873	$	72,926

A Statement of Cash Flows has not been presented as Sun Country Airlines Holdings, Inc. did not have material cash transactions for the years ended December 31, 2025, 2024, and 2023. Further, Sun Country Airlines

Holdings, Inc. did not have material cash balances as of December 31, 2025 and 2024. All cash transactions involving Sun Country Airlines Holdings, Inc. are performed at the Subsidiary level.

During the years ended December 31, 2025, 2024 and 2023 Sun Country Airlines Holdings, Inc. directed the Subsidiary to repurchase the Parent's Common Stock and make a payment to the TRA holders. For more information on these transactions see Note 14 and Note 16 within these Consolidated Financial Statements. These transactions have been recorded as non-cash dividends from the Subsidiary to the Parent.

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Asset impairment analysis (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Impairment of its long-lived assets	$ 0	$ 0	$ 0

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Valuation of the tax receivable agreement ("TRA") liability (Details)	12 Months Ended
	Dec. 31, 2025
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Percentage of cash savings	85.00%
Percentage of cash savings retained	15.00%

COMPANY BACKGROUND	12 Months Ended
COMPANY BACKGROUND	Dec. 31, 2025
COMPANY BACKGROUND
COMPANY BACKGROUND	1. COMPANY BACKGROUND Sun Country Airlines Holdings, Inc. is the parent company of Sun Country, Inc., which is a certificated air carrier providing scheduled passenger service, air cargo service, charter air transportation and related services. Services are provided to the general public, cargo customers, military branches, collegiate and professional sports teams, wholesale tour operators, schools, companies and other individual entities for air transportation to various U.S. and international destinations. Except as otherwise stated, the financial information, accounting policies, and activities of Sun Country Airlines Holdings, Inc. are referred to as those of the "Company" or "Sun Country".

REVENUE - Disaggregation of operating revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
REVENUE
Total Operating Revenue	$ 1,126,769	$ 1,075,739	$ 1,049,620
Domestic
REVENUE
Total Operating Revenue	1,086,518	1,039,339	1,008,582
Latin America
REVENUE
Total Operating Revenue	40,152	36,400	40,548
Other
REVENUE
Total Operating Revenue	99	0	490
Passenger
REVENUE
Total Operating Revenue	923,129	914,087	920,123
Scheduled Service
REVENUE
Total Operating Revenue	403,998	409,133	453,862
Charter
REVENUE
Total Operating Revenue	224,227	197,045	190,128
Ancillary
REVENUE
Total Operating Revenue	294,904	307,909	276,133
Cargo
REVENUE
Total Operating Revenue	155,027	107,174	99,735
Other
REVENUE
Total Operating Revenue	$ 48,613	$ 54,478	$ 29,762

AIRCRAFT

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

AIRCRAFT

6. AIRCRAFT

As of December 31, 2025, Sun Country's fleet consisted of 70 Boeing 737-NG aircraft, comprised of 65 Boeing 737-800s and five Boeing 737-900ERs.

The following tables summarize the Company’s aircraft fleet activity for the years ended 2025 and 2024, respectively:


	December 31, 2024	Additions	Reclassifications	Removals	December 31, 2025
Passenger:
Owned	34	—	2	(1)	35
Finance leases	11	—	1	—	12
Sun Country Airlines' Fleet	45	—	3	(1)	47
Cargo:
Aircraft Operated for Amazon	12	8	—	—	20
Other:
Owned Aircraft Held for Operating Lease	4	—	(2)	—	2
Subleased Aircraft (1)	2	—	(1)	—	1
Total Aircraft Operated	63	8	—	(1)	70


	December 31, 2023	Additions	Reclassifications	Removals	December 31, 2024
Passenger:
Owned	29	1	4	—	34
Finance leases	13	1	(3)	—	11
Sun Country Airlines' Fleet	42	2	1	—	45
Cargo:
Aircraft Operated for Amazon	12	—	—	—	12
Other:
Owned Aircraft Held for Operating Lease	5	—	(1)	—	4
Subleased Aircraft (1)	1	1	—	—	2
Total Aircraft Operated	60	3	—	—	63


(1)			The head leases associated with these subleases are classified as finance leases.

During the year ended December 31, 2025, the Company received and placed in-service all eight additional cargo aircraft under the A&R ATSA. In early 2026, we agreed to operate two additional cargo aircraft on behalf of Amazon. This will increase the total aircraft that Sun Country operates on behalf of Amazon from 20 to 22. During the year ended December 31, 2025, amendments were executed to extend the lease expiry terms for three Owned Aircraft Held for Operating Lease, which now expire over various dates through the fourth quarter of 2026. During the year ended December 31, 2025, the Company accepted delivery of two of the Owned Aircraft Held for Operating Lease that were leased to an unaffiliated airline. See Note 9 of these Consolidated Financial Statements for more information on these transactions. During the year ended December 31, 2025, an amendment was executed to extend the lease expiry terms for one of the Company's subleased aircraft, which now expires in the second quarter of 2026. In February 2026, an additional amendment was executed to extend the sublease expiry term through the fourth quarter of 2026. During the year ended December 31, 2025, the Company accepted delivery of one leased aircraft that was previously subleased to an unaffiliated airline. During the year ended December 31, 2025, the Company retired one aircraft. Of the 37 owned aircraft and Owned Aircraft Held for Operating Lease as of December 31, 2025, 31 aircraft were financed, five aircraft have been pledged to support the ability to efficiently utilize the Company's four-year $75,000 Revolving Credit Facility, and one aircraft was unencumbered. See Note 8 for more information on the Company's Revolving Credit Facility.

During the year ended December 31, 2024, the Company acquired one incremental aircraft and took control of two aircraft through finance lease arrangements, one of which was subsequently subleased to an unaffiliated airline. Further, the Company purchased three aircraft previously classified as finance leases. Additionally, the Company accepted delivery of one of the Owned Aircraft Held for Operating Lease that was leased to an unaffiliated airline, which was inducted into the passenger fleet.

Depreciation, amortization, and rent expense on aircraft is as follows:


		Year Ended December 31,
Aircraft Status	Expense Type	2025		2024		2023
Owned	Depreciation	$	58,045	$	56,383	$	55,260
Finance Leased	Amortization	20,823		22,079		20,122
Operating Leased	Aircraft Rent (1)	—		—		2,281
		$	78,868	$	78,462	$	77,663

_________________________________


(1)			Aircraft Rent expense includes credits for the amortization of over-market liabilities established at the Acquisition Date.

Depreciation expense on owned aircraft and amortization expense on finance leased aircraft are both classified in Depreciation and Amortization on the Consolidated Statements of Operations.

INCOME TAXES - Deferred taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred Tax Assets:
Net Operating Loss	$ 71,474	$ 66,834
Finance Lease Obligations	40,272	42,840
Operating Lease Obligations	3,511	4,123
Loyalty Program Liabilities	3,668	3,258
Interest Expense Limitation	929	8,374
Other	12,763	11,279
Total Deferred Tax Assets	132,617	136,708
Deferred Tax Liabilities:
Accelerated Depreciation	(126,296)	(113,679)
Finance Lease Assets	(32,994)	(36,535)
Operating Lease Right-of-use Assets	(3,279)	(3,886)
Prepaid Maintenance	(4,999)	(4,135)
Other	(5,810)	(2,039)
Total Deferred Tax Liabilities	(173,378)	(160,274)
Total Net Deferred Tax Liabilities	$ (40,761)	$ (23,566)

LEASES - Operating lease obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Operating Leases
Less: Short-term Obligations	$ (3,601)	$ (3,281)
Long-term Lease Obligations	13,792	$ 17,369
Real Estate
Operating Leases
2026	4,827
2027	4,815
2028	4,853
2029	2,922
2030	1,181
Thereafter	2,248
Total Minimum Lease Payments	20,846
Less: Amount Representing Interest	(3,453)
Present Value of Minimum Lease Payments	17,393
Less: Short-term Obligations	(3,601)
Long-term Lease Obligations	$ 13,792

LEASES - Lease-related assets and liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Assets
Finance lease assets, net	$ 213,108	$ 234,960
Operating lease assets	14,257	16,896
Owned Aircraft and Flight Equipment Held for Operating Lease	54,388	113,535
Total lease assets	281,753	365,391
Liabilities
Current Finance Lease Obligations	61,616	20,175
Current Operating Lease Obligations	3,601	3,281
Long-term Lease Obligations	189,471	251,087
Long-term Lease Obligations	13,792	17,369
Total lease liabilities	$ 268,480	$ 291,912