DELTA AIR LINES (DAL) Company Report

On January 27, 2026, Delta Air Lines entered a definitive agreement to purchase 16 A330-900 and 15 A350-900 aircraft from Airbus, with an option for up to 20 additional widebody jets; deliveries commence in 2029.
The A330-900s will be powered by Rolls-Royce Trent 7000 engines and the A350-900s by Trent XWB-84 EP engines.
The order aligns with Delta’s existing capital expenditure and capacity plans, and the company has secured long-term financing for a substantial portion of the purchase price.

5 days ago

8-K

Delta Air Lines Q4 2025 conference highlights

DAL

Management Change

Guidance Update

Delta delivered record annual revenue of $58.3 billion, 10% operating margin, and $5.82 EPS, generating $4.6 billion free cash flow and a 12% return on invested capital in 2025.
In Q4, Delta reported pre-tax profit of $1.3 billion, 10% operating margin, and $1.55 EPS, as non-fuel CASM rose 4% and the government shutdown reduced pre-tax profit by $200 million.
For Q1 2026, Delta expects 5–7% revenue growth, $0.50–0.90 EPS, and for full-year 2026, $6.50–7.50 EPS (20% growth), $3–4 billion free cash flow, and 2× year-end leverage.
President Glen Hauenstein will retire next month; Joe Esposito has been elevated to Chief Commercial Officer.

Jan 13, 2026, 3:00 PM

Transcript

Delta Air Lines reports Q4 2025 results and 2026 outlook

DAL

Guidance Update

New Projects/Investments

Delta closed its centennial year with record full-year revenue of $58.3 billion, an operating margin of 10%, pre-tax income of $5 billion, and EPS of $5.82.
In Q4, the airline delivered pre-tax profit of $1.3 billion, an operating margin of 10%, and EPS of $1.55, with a $0.25 per-share headwind from the government shutdown.
Free cash flow reached $4.6 billion, funding $2.6 billion of debt reduction; year-end gross leverage stood at 2.4× and adjusted net debt was $14 billion.
Outlook for Q1 2026 includes 5–7% revenue growth, EPS of $0.50–$0.90, and an operating margin of 4.5–6%; full-year 2026 guidance is EPS of $6.50–$7.50 (+20% YoY) and free cash flow of $3–$4 billion.
Announced an order for 30 Boeing 787-10s (options for 30 more) to expand its wide-body fleet for international growth beginning in 2031.

Jan 13, 2026, 3:00 PM

Transcript

Delta Air Lines reports Q4 2025 results and 2026 outlook

DAL

Earnings

Guidance Update

Management Change

Record Q4 revenue of $14.6 B, pre-tax profit $1.3 B, 10% operating margin, and EPS $1.55 (impacted by $0.25 from shutdown)
Full-year 2025: $58.3 B revenue, 10% operating margin, $5 B pre-tax income, EPS $5.82, and $4.6 B free cash flow, with ROIC 12%
2026 guidance: Q1 revenue growth 5–7%, EPS $0.50–0.90; full-year EPS $6.50–7.50 (+20% YoY), free cash flow $3–4 B, leverage ~2x by year-end
Management change: President Glen Hauenstein to retire next month, succeeded by Joe Esposito as Chief Commercial Officer
Financial commitments: Ordered 30 Boeing 787-10s (options for 30) for 2031 delivery; CapEx guidance $5.5 B with ~50 aircraft, and repaid $2.6 B debt to end 2025 at 2.4x leverage

Jan 13, 2026, 3:00 PM

Transcript

Delta Air Lines selects GEnx engines for new Boeing 787-10s

DAL

New Projects/Investments

Delta Air Lines has selected GEnx engines from GE Aerospace to power 30 new Boeing 787-10s, with options for 30 more aircraft.
The agreement includes spare engines and long-term services support to enhance reliability and efficiency.
The deal highlights a partnership dating back to 1956 and notes that GEnx engines now power two-thirds of all 787 aircraft in operation.

Jan 13, 2026, 11:44 AM

Press Release

Delta Air Lines orders 30 Boeing 787-10 Dreamliners

DAL

New Projects/Investments

Guidance Update

Delta placed a firm order for 30 Boeing 787-10 Dreamliners (with options for an additional 30–60 aircraft), marking its first direct 787 purchase and making it the last U.S. legacy carrier to add the type.
Deliveries begin in 2031 with GE Aerospace GEnx engines, targeting transatlantic and South American routes.
The 787-10 offers roughly 25% better fuel efficiency per seat versus the aircraft it replaces.
The order adds to Delta’s backlog of about 232 narrowbodies and 54 widebodies, complementing existing A350 and 737-10 MAX commitments.
Announced alongside Q4 results that beat estimates and a 2026 outlook of $6.50–$7.50 adjusted EPS and $3 billion–$4 billion free cash flow, though Q1 revenue and EPS guidance fell short of some expectations.

Jan 13, 2026, 11:42 AM

Bloomberg

Delta Air Lines reports Q4 and full-year 2025 results

DAL

Earnings

Guidance Update

Q4 2025 GAAP: Operating revenue of $16.0 billion, operating income of $1.5 billion (9.2% margin), pre-tax income of $1.5 billion (9.5% margin) and EPS of $1.86.
Full-year 2025 GAAP: Record operating revenue of $63.4 billion, operating income of $5.8 billion (9.2% margin), pre-tax income of $6.2 billion (9.8% margin), EPS of $7.66 and free cash flow of $4.6 billion.
Non-GAAP highlights: Q4 adjusted revenue of $14.6 billion, adjusted operating margin of 10.1%, EPS of $1.55; FY2025 adjusted revenue of $58.3 billion, EPS of $5.82, return on invested capital of 12.0% and adjusted debt to EBITDAR of 2.4x.
2026 outlook: March quarter revenue growth of 5–7% YoY; full-year EPS guidance of $6.50–$7.50 (≈20% growth), free cash flow of $3–$4 billion.

Jan 13, 2026, 11:30 AM

8-K

Delta Air Lines reports Q4 and full year 2025 results

DAL

Earnings

Guidance Update

Delta delivered record Q4 2025 GAAP results with operating revenue of $16.0 billion, operating income of $1.5 billion (9.2% margin) and EPS of $1.86.
For FY 2025, GAAP operating revenue reached $63.4 billion, operating income was $5.8 billion (9.2% margin), pre-tax income $6.2 billion, EPS $7.66, and free cash flow hit a record $4.6 billion.
The airline ended 2025 with total debt and finance leases of $14.1 billion, made $4.8 billion in debt payments, and held an adjusted debt-to-EBITDAR of 2.4x.
2026 guidance includes Q1 revenue growth of 5–7%, Q1 EPS of $0.50–$0.90, full-year EPS of $6.50–$7.50 (20% YoY at midpoint), and free cash flow of $3–$4 billion.

Jan 13, 2026, 11:30 AM

Press Release

Delta Air Lines Reports Profit Loss from U.S. Government Shutdown

DAL

Profit Warning

Guidance Update

Delta Air Lines incurred a $200 million pre-tax profit loss (≈$0.25 per share) due to the 43-day U.S. government shutdown.
The shutdown forced over 2,000 flight cancellations and mandated cuts at 40 major airports, slowing holiday bookings.
Despite the disruption, travel demand is healthy, with bookings returning to expected levels into early 2026.
Key metrics include $62.92 billion in revenue, 9.65% operating margin, 7.36% net margin, and an Altman Z-Score of 1.44 indicating financial distress risk.

Dec 3, 2025, 3:33 PM

WSJ

Delta outlines 2025 performance and strategic roadmap at Morgan Stanley consumer conference

DAL

Approximately $5 billion in 2025 profits, with industry ex-Delta profits down 40% versus a flat Delta; Q4 incurred a $200 million ($0.25/share) impact from the government shutdown, now deemed transitory as holiday bookings recover strongly.
Emphasizing consistent premiumization, Delta has built differentiation over 15 years through initiatives like free high-speed Wi-Fi on 1,000 aircraft and Delta One lounges, alongside exclusive partnerships with American Express, Uber and Starbucks to enhance loyalty.
Delivered ~$4 billion of free cash flow in 2025 (targeting $3–5 billion annually), with the bulk allocated to debt reduction; plans to lower net debt to $10 billion within two years to establish a “Fortress Balance Sheet” and drive valuation expansion.
Outlook remains constructive: affluent consumers continue to prioritize travel, business volumes sit ~30% below 2019 but are expected to recover, while pricing stays strong and premium travel trends are viewed as structural.

Dec 3, 2025, 1:45 PM

Transcript

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DELTA AIR LINES (DAL)

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Glen Hauenstein

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Judith McKenna

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Maria Black

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Scott Group

Stephen Trent

Andrew Berger

Catie O’Brien

Mike Lindenberg

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