SNCY earnings analysis
What we found in SNCY's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Sun Country Airlines experienced a modest revenue increase of 4% to $338.4 million in Q1 2026, driven by a significant 64% surge in cargo revenue amid operational shifts. However, net income fell 34% to $24.1 million as higher operating expenses, particularly fuel costs, impacted profit margins.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Growth
- Total revenue increased by $11.7 million, or 4%, reaching $338.4 million compared to $326.6 million in Q1 2025.
- Cargo Revenue Surge
- Cargo revenue rose dramatically by 64%, contributing $46.1 million compared to $28.2 million in Q1 2025.
- Increased Operating Expenses
- Total operating expenses rose by 11% year-over-year to $301.5 million, mostly due to a 13% increase in fuel costs.
- Decreased Net Income
- Net income for Q1 2026 was $24.1 million, down from $36.5 million in Q1 2025, representing a 34% decline.
- Improved Operating Cash Flow
- Operating cash flow significantly improved to $29.7 million, an 81% increase from $16.4 million in Q1 2025.
- Debt Reduction
- Total debt decreased from $323.3 million at year-end 2025 to $306.9 million as of March 31, 2026.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- High Fuel Costs
- Average fuel cost per gallon increased by 22% to $3.24, putting pressure on operating expenses.
- Merger-Related Costs
- Special items related to the Allegiant merger impacted Q1 2026 earnings significantly, totaling $9.8 million.
- Decreasing Passenger Revenue
- Passenger revenue slightly decreased by 0.2% to $285.3 million, with a 12% drop in revenue passengers carried.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.231
- Operating margin
- 10.9%
- Segment
- Passenger: $292.3M
- Segment
- Cargo: $46.1M
What they said about what is next.
Outlook deferred to earnings press release / call.
The filing reads about the same as the one before it.
What came before.
- 10-K · April 30, 2026
- Sun Country Airlines demonstrated robust performance in the latest 10-K, with a notable revenue of $1,068 million for the fiscal year 2025, reflecting a growth compared to previous years. The company also recorded a…
- 10-K · February 12, 2026
- Sun Country describes a hybrid low‑cost carrier strategy that cross‑utilizes a single‑family mid‑life Boeing 737‑NG fleet across Passenger (Scheduled Service and Charter) and Cargo (CMI for Amazon) to capture peak…
- 10-Q · October 30, 2025
- Sun Country Airlines reported Q3 2025 financials with revenue of $255.5 million, a slight increase from $249.0 million in Q3 2024, and EPS of $0.07, outperforming estimates by $0.01. While operating margins decreased to…
- 10-Q · May 2, 2025
- Q1 2025 results showed revenue growth and modest profit expansion versus Q1 2024: total operating revenues were $326,649 (thousands) vs $311,483 (thousands) a year ago, with net income of $36,535 (thousands) and diluted…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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