Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K þ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 Or o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-40217 Sun Country Airlines Holdings, Inc. (Exact name of registrant as specified in its charter) Delaware 82-4092570 (State or other jurisdiction of incorporati ...

Core Insights - Sun Country Airlines Holdings, Inc. reported a revenue of $280.96 million for the quarter ended December 2025, marking a year-over-year increase of 7.9% and exceeding the Zacks Consensus Estimate by 2.71% [1] - The earnings per share (EPS) for the same period was $0.17, down from $0.27 a year ago, but it surpassed the consensus EPS estimate of $0.13 by 36% [1] Financial Performance Metrics - The company’s shares have returned +26.2% over the past month, significantly outperforming the Zacks S&P 500 composite, which changed by +0.5% [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance in the near term [3] Operational Statistics - Fuel cost per gallon was reported at $2.56, slightly above the average estimate of $2.55 [4] - Available seat miles (ASMs) for scheduled service were 1.45 million, below the average estimate of 1.47 million [4] - Total ASMs were 1.85 billion, exceeding the average estimate of 1.83 billion [4] - Revenue passenger miles for scheduled service were 1.22 billion, slightly below the estimated 1.23 billion [4] - Load factor was reported at 84.4%, above the estimated 83.8% [4] - Fuel gallons consumed were 19.48 million, marginally above the estimate of 19.47 million [4] - Adjusted cost per available seat mile (CASM) was 8.78 cents, better than the average estimate of 9.39 cents [4] - Operating revenues from passenger services were $221.48 million, exceeding the estimate of $213.07 million and reflecting a +2.9% change year-over-year [4] - Operating revenues from other services were $11.44 million, below the estimate of $12.4 million, representing a -30.8% change year-over-year [4] - Operating revenues from cargo services were $48.05 million, slightly below the estimate of $48.21 million, but showing a significant +67.9% change year-over-year [4]

分组1 - Sun Country Airlines reported quarterly earnings of $0.17 per share, exceeding the Zacks Consensus Estimate of $0.13 per share, but down from $0.27 per share a year ago, representing an earnings surprise of +36.00% [1] - The company achieved revenues of $280.96 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 2.71% and increasing from $260.41 million year-over-year [2] - Sun Country Airlines has outperformed the S&P 500 with a share price increase of approximately 34.4% since the beginning of the year, compared to the S&P 500's gain of 0.5% [3] 分组2 - The current consensus EPS estimate for the upcoming quarter is $0.70 on revenues of $327.97 million, and for the current fiscal year, it is $1.67 on revenues of $1.22 billion [7] - The Transportation - Airline industry, to which Sun Country Airlines belongs, is currently ranked in the top 19% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8]

Core Insights - Sun Country Airlines reported its fourteenth consecutive profitable quarter and fifth consecutive year of profitability, with Q4 2025 total revenue reaching $281.0 million, the highest fourth quarter on record [1][2] - The company achieved a full year total revenue of $1.13 billion for FY 2025, also the highest full year on record [1][2] Financial Performance - Q4 2025 GAAP diluted EPS was $0.15, while adjusted diluted EPS was $0.17, reflecting a decrease from $0.24 in Q4 2024 [1][3] - For FY 2025, GAAP diluted EPS remained stable at $0.96, with adjusted diluted EPS increasing to $1.10 from $1.05 in FY 2024 [1][4] - Total operating revenue for Q4 2025 increased by 7.9% compared to Q4 2024, while operating income decreased by 30.3% [3][4] Operational Highlights - The company expanded its cargo fleet by eight aircraft, which required adjustments in its scheduled service network, leading to a 9.8% decrease in scheduled service capacity [2][5] - Scheduled service TRASM grew by 8.9% year-over-year, driven by strong demand despite reduced capacity [5][8] - Cargo revenue surged by 67.9% in Q4 2025, primarily due to the additional cargo aircraft [9] Cost and Efficiency - Q4 2025 GAAP operating expenses increased by 12.1%, while CASM rose by 19.1% due to headcount growth and increased maintenance costs [10][30] - The company reported an operating income margin of 6.5% for Q4 2025, down from 10.0% in Q4 2024 [4][40] Balance Sheet and Liquidity - As of December 31, 2025, total liquidity was $302.8 million, with net debt at $364.0 million [12][32] - Cash and cash equivalents increased to $144.7 million from $83.2 million in the previous year [12][32] Future Outlook - Sun Country announced plans to open a new operational base at Cincinnati/Northern Kentucky International Airport in early 2026, which is expected to enhance operational efficiencies [11] - The company is set to merge with Allegiant, with the transaction expected to close in the second half of 2026, pending regulatory approvals [15][16]

Exhibit 99.1 Sun Country Airlines Reports Fourth Quarter and Full Year 2025 Results Fourteenth consecutive quarter and fifth consecutive year of profitability Q4 2025 total revenue of $281.0 million, highest fourth quarter on record Q4 2025 GAAP diluted EPS of $0.15 and adjusted diluted EPS of $0.17 FY 2025 total revenue of $1.13 billion, highest full year on record FY 2025 GAAP diluted EPS of $0.96 and adjusted diluted EPS of $1.10 (1) (2) (1) (2) MINNEAPOLIS. February 5, 2026. Sun Country Airlines Holding ...

Core Viewpoint - Sun Country Airlines Holdings Inc. (NASDAQ:SNCY) is currently viewed as a stock with limited upside potential following recent downgrades by multiple firms, primarily due to its merger with Allegiant Travel Company (NASDAQ:ALGT) and the perceived full valuation of the stock [1][2][3]. Group 1: Downgrades and Price Targets - TD Cowen downgraded Sun Country Airlines from Buy to Hold, lowering the price target from $21 to $18, indicating that the stock is fully valued based on the anticipated merger with Allegiant [1]. - Wolfe Research downgraded Sun Country Airlines from Outperform to Peer Perform after the merger announcement, with an implied acquisition value of $18.89 per share [2]. - JPMorgan also downgraded Sun Country Airlines from Overweight to Neutral, setting a price target of $19 following the merger news [3]. Group 2: Company Overview - Sun Country Airlines operates scheduled passenger, air cargo, charter air transportation, and related services in the US, Latin America, and internationally, with two segments: Passenger and Cargo [3].

Group 1 - Halper Sadeh LLC is investigating Ventyx Biosciences, Inc. for potential violations related to its sale to Eli Lilly and Company at $14.00 per share [1] - Sun Country Airlines Holdings, Inc. is being investigated for its sale to Allegiant Travel Company, which involves a transaction of 0.1557 shares of Allegiant common stock and $4.10 in cash for each Sun Country share [2] - The firm may seek increased consideration for shareholders and additional disclosures regarding the proposed transactions [3] Group 2 - Shareholders are encouraged to contact Halper Sadeh LLC to discuss their legal rights and options at no charge [4] - Halper Sadeh LLC represents investors globally who have experienced securities fraud and corporate misconduct, recovering millions for defrauded investors [4]

Group 1 - The article does not provide any relevant content regarding company or industry insights [1]

Core Viewpoint - The proposed sale of Sun Country Airlines Holdings, Inc. to Allegiant Travel Company is under investigation by former Louisiana Attorney General Charles C. Foti, Jr. and the law firm Kahn Swick & Foti, LLC [1] Transaction Details - Shareholders of Sun Country will receive 0.1557 shares of Allegiant common stock and $4.10 in cash for each share of Sun Country they own [1]

Core Viewpoint - Ademi LLP is investigating Sun Country for potential breaches of fiduciary duty and other legal violations related to its transaction with Allegiant Travel [1]. Group 1: Transaction Details - Sun Country stockholders will receive 0.1557 shares of Allegiant Travel common stock and $4.10 in cash for each Sun Country share, valuing Sun Country at approximately $1.5 billion, including $0.4 billion of net debt [2]. - Upon completion of the transaction, Allegiant and Sun Country shareholders will own approximately 67% and 33% of the combined company, respectively [2]. Group 2: Board Conduct and Shareholder Rights - The transaction agreement imposes significant penalties on Sun Country for accepting competing bids, which raises concerns about the board's fulfillment of fiduciary duties to all shareholders [3]. - Ademi LLP specializes in shareholder litigation related to buyouts, mergers, and individual shareholder rights [4].