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Catie O’Brien

Vice President and Equity Analyst at Goldman Sachs Group Inc.

Catie O'Brien is a Vice President and Equity Analyst at Goldman Sachs, specializing in Industrials with a strong focus on the airline sector and aircraft leasing companies. She covers leading companies such as American Airlines (AAL), Allegiant Travel Company (ALGT), and Hawaiian Holdings (HA), and has issued over 230 stock ratings with an average success rate of around 50% and a typical return per rating of approximately -0.89%. O'Brien began her career with an eight-year tenure as an equity analyst at Deutsche Bank before joining Goldman Sachs in mid-2018, following her undergraduate studies at Trinity College in Connecticut. She holds relevant securities licenses as required for her analyst role, and her notable analytic performance includes highly profitable recommendations such as a 153% return on SkyWest and strong industry recognition for her detailed airline forecasts.

Catie O’Brien's questions to DELTA AIR LINES (DAL) leadership

Question · Q3 2025

Catie O’Brien asked CFO Dan Janki about Delta's unit cost performance, specifically the efficiency gains from growing into its workforce, fleet, and airport assets, and what stage of efficiency growth the company is in. She also followed up on the domestic main cabin turning positive, asking for more color, the year-over-year change in domestic main cabin seats, and how retrofits for Delta Comfort seats contribute to the premium seat mix into next year.

Answer

CFO Dan Janki stated that Delta is in the early to middle innings of efficiency growth, with long-term potential from growing into its workforce, generational airports, fleet renewal, and technology. President Glen Hauenstein explained that premiumization is driven by both retrofits (accounting for 25-30% of incremental premium seats) and new aircraft deliveries. He noted that domestic main cabin seats are relatively flat year-over-year, and the positive inflection is supported by capacity rationalization in many of Delta's hubs.

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Question · Q3 2025

Catie O’Brien questioned Delta's unit cost performance and efficiency gains from growing into its workforce, fleet, and airport assets, asking what stage of efficiency growth the company is in. She also sought more color on domestic main cabin turning positive, including the year-over-year change in domestic main cabin seats and the contribution of retrofits to premium seat mix into next year.

Answer

CFO Dan Janki indicated that Delta is in the early to middle innings of efficiency growth, with long-term opportunities from workforce, generational airports, fleet renewal, and technology. President Glen Hauenstein confirmed an inflection in main cabin demand, noting that main cabin seats are relatively flat year-over-year, and retrofits account for 25-30% of incremental premium seats, contributing to the premiumization of the Delta ecosystem.

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