DELTA AIR LINES (DAL) Company Report

Delta reported Q3 2025 net income of $1.42 billion and raised its operating margin to 10.1% from 8.9% a year earlier.
Premium-cabin ticket revenue increased 9% to about $5.8 billion, while main-cabin revenue declined 4% to $6 billion, contributing to $16.7 billion in operating revenue.
Management said premium fares are on track to overtake main-cabin sales by 2026, reflecting a long-term shift toward higher-margin travel.
Corporate-contract sales rose 8%, and co-branded card revenue remained strong, underpinning the premium-segment growth.
Full-year adjusted EPS guidance is pegged near $6 per share.

Oct 9, 2025, 6:49 PM

Morningstar

Delta Air Lines reports Q3 2025 results

DAL

Earnings

Guidance Update

Delta delivered record Q3 revenue of $15.2 billion, up 4.1% YoY, with earnings of $1.71 per share, an 11.2% operating margin, and free cash flow of $830 million.
High-margin streams drove growth: premium revenue +9%, loyalty +9%, cargo +19%, and MRO +60%, with diversified revenues accounting for 60% of total.
For Q4, management forecasts revenue growth of 2–4%, positive unit revenues, earnings per share of $1.60–1.90, and an operating margin of 10.5–12%; full-year EPS is pegged at ∼$6.00 with free cash flow of $3.5–4 billion.
Cost discipline and liquidity strength: non-fuel unit cost growth flat, YTD under 2%, operating cash flow of $1.8 billion, debt paydown of ~$2 billion, leverage at 2.4x, and a 225 bp term-loan repricing.

Oct 9, 2025, 2:00 PM

Transcript

Delta Air Lines announces Q3 2025 results

DAL

Earnings

Guidance Update

Record September quarter revenue: GAAP operating revenue of $16.7 billion with operating income of $1.7 billion (10.1% margin) and EPS of $2.17; Non-GAAP revenue of $15.2 billion, margin 11.2%, EPS $1.71.
Diversified revenue growth: Non-GAAP revenue up 4.1% YoY to $15.2 billion; premium products and loyalty each grew 9%, and American Express remuneration grew 12%.
Controlled costs and strong liquidity: Adjusted non-fuel CASM flat at 13.35 cents, adjusted fuel expense down 8%; YTD debt paydown of ~$2 billion, gross leverage at 2.4x, liquidity of $6.9 billion.
Outlook: Q4 operating margin 10.5–12% with EPS of $1.60–$1.90; full-year adjusted EPS ~$6, and free cash flow forecast $3.5–$4 billion.

Oct 9, 2025, 10:30 AM

8-K

Delta Air Lines announces September quarter 2025 results

DAL

Earnings

Guidance Update

Achieved GAAP operating revenue of $16.7 billion, operating income of $1.7 billion (10.1% margin) and EPS of $2.17 in 3Q25
Reported non-GAAP operating revenue of $15.2 billion, 11.2% adjusted operating margin and adjusted EPS of $1.71
Issued guidance for 4Q25 with 10.5–12% operating margin and $1.60–$1.90 adjusted EPS, and reiterated full-year adjusted EPS of ~$6 and $3.5–$4 billion free cash flow
Reduced leverage to 2.4x adjusted debt/EBITDAR and ended the quarter with $6.9 billion liquidity after paying down nearly $2 billion in debt YTD

Oct 9, 2025, 10:30 AM

Press Release

Delta Air Lines at Morgan Stanley’s 13th Annual Laguna Conference

DAL

Guidance Update

Delta reports strong domestic corporate demand and high-yield leisure bookings, posting its highest post-pandemic corporate sales in any day/week this September, with domestic unit revenues inflecting positive into the fall.
The airline has rationalized domestic capacity, boosting pricing power and TSA throughput; internationally, Transatlantic main cabin underperformed (though still profitable), while Premium unit revenues led across all regions.
Delta’s loyalty program and co-brand spend reached record remuneration levels, driven by upper-income cohorts, underscoring its diversified revenue mix beyond main cabin fares.
Management reconfirmed on-track delivery of double-digit margins and returns, and expects $3 billion–$4 billion in free cash flow for 2025, while continuing to strengthen its investment-grade balance sheet.

Sep 11, 2025, 2:45 PM

Transcript

Delta Air Lines updates demand outlook at Laguna Conference

DAL

Guidance Update

Revenue Acceleration/Inflection

Delta sees strong domestic corporate and high-yield leisure demand, with domestic travel inflecting to positive early in the quarter and its highest post-pandemic corporate sales days in September.
It raised its revenue guidance to the high end of the previously provided range while maintaining full-year EPS guidance, reflecting confidence in demand amid modest cost pressures.
Revenue diversification is progressing, with over 50% of revenue now from premium products, ancillaries, and loyalty; premium seat capacity is set to hit a record level in 2026.
The airline continues capacity rationalization, trimming off-peak main cabin supply to better align with demand and support margin improvement.

Sep 11, 2025, 2:45 PM

Transcript

Delta Air Lines highlights robust demand and premium growth at 2025 Laguna Conference

DAL

Guidance Update

Delta reports strong domestic corporate demand and high-yield leisure bookings, with capacity rationalization driving pricing power and domestic TSA volumes inflecting to 1–2% growth in Q3.
Transatlantic performance, while its weakest entity in Q3, remained profitable; shoulder seasons now peakier than August, enabling smoother year-round network planning and improved Q4 outlook.
Premium offerings continue to outpace main cabin, with loyalty program card spend up double digits and record loyalty remuneration, underpinning resilient unit revenues and margins.
Financially, non-fuel costs are flat to slightly up YTD, revenue guidance was raised to the high end of the range, EPS guidance maintained, and Delta targets $3–4 billion free cash flow while prioritizing debt reduction and sustaining positive rating momentum.

Sep 11, 2025, 2:45 PM

Transcript

Delta Air Lines reports robust demand trends and premium revenue growth

DAL

Guidance Update

Delta sees strong domestic corporate and high-yield leisure demand into fall, with capacity rationalization boosting pricing power and TSA volumes inflecting to +1–2%.
International Transatlantic main cabin demand was soft in Q3 but remained profitable, with October emerging as a new peak month, smoothing seasonality and aiding network planning.
Premium products now account for over 50% of revenues, driving record loyalty remuneration and double-digit unit revenue gains across premium cabins.
Financials remain on track: Q3 non-fuel costs flat to slightly up, full-year operating earnings of ~$5 billion, $3–4 billion in free cash flow, and ongoing debt reduction and shareholder returns.

Sep 11, 2025, 2:45 PM

Transcript

Delta Air Lines reaffirms 2025 earnings, raises Q3 revenue outlook

DAL

Guidance Update

Delta Air Lines reaffirmed its Q3 2025 revenue growth outlook of 2%–4%, expecting to hit the high end, and maintained its adjusted EPS guidance of $1.25–$1.75 for Q3 and $5.25–$6.25 for the full year.
The company cited a rebound in business and premium travel as driving improved demand trends, helping to overcome earlier concerns about inflation and tariffs.
Delta reported a trailing twelve-month revenue of $61.92 billion, with three-year revenue growth of 26.8%, though only 2.2% growth over the past year.
Key liquidity metrics remain constrained, with a current ratio of 0.38, quick ratio of 0.33, and an Altman Z-Score of 1.38, placing it in the distress zone.
Insider selling activity included five transactions in the past three months, and Delta withdrew its outlook in April before reinstating it in July as trade uncertainty eased.

Sep 11, 2025, 2:04 PM

Bloomberg

Delta Air Lines reports Q2 2025 results

DAL

Earnings

Guidance Update

Dividends

Q2 pretax income of $1.8 B, EPS of $2.10, record quarterly revenue, 13.2% operating margin; Q2 generated $700 M free cash flow, bringing YTD FCF to $2.0 B.
June revenue rose ~1% to $15.5 B; premium revenue +5%, loyalty +8%, cargo +7%, MRO +29%; AmEx remuneration reached $2.0 B, on track for $8.0 B full year.
Capital priorities include a 25% dividend increase to an annual ~$500 M (1.5% yield), $1.5 B debt paydown YTD, gross leverage at 2.5×, $2 B unsecured note at 5.1%, and a $1 B buyback shelf filed.
Q3 guidance: EPS $1.25–$1.75, operating margin 9–11%, revenue flat to +4% YOY; full-year EPS $5.25–$6.25 with free cash flow of $3–$4 B to support $3 B debt reduction.

Jul 10, 2025, 5:43 PM

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