Sugarloaf Mountain is a ski mountain located in Carrabassett Valley, Franklin County, Maine. It is the third highest peak in the state, after Mount Katahdin's Baxter and Hamlin peaks. Sugarloaf is flanked to the south by Spaulding Mountain. The northeast and west sides of Sugarloaf drain into the South Branch of the Carrabassett River, which flows into the Kennebec River, and into the Gulf of Maine. The southeast side of Sugarloaf drains into Rapid Stream, then into the West Branch of the Carrabassett River.