格隆汇10月9日｜达美航空2025年Q3营收167亿美元，上年同期156.77亿美元。预计4季度和全年利润率 将再次达到两位数。展望2026年，共同做好准备，实现与长期财务框架相一致的顶级增长、利润率扩张 和盈利改善。 ...

A Delta Air Lines Airbus A220 airplane prepares to takeoff at Ronald Reagan Washington National Airport in Arlington, Virginia, on July 10, 2025.Delta Air Lines CEO Ed Bastian told CNBC that the carrier's operation is running smoothly despite the federal government shutdown.More than 13,000 U.S. flights were delayed this week, some of them due to shortages of air traffic controllers, raising concerns about strains on the country's aviation industry during the shutdown.Transportation Secretary Sean Duffy war ...

Delta Air Lines (DAL) posted strong third quarter results Thursday morning as improving fundamentals in its business are expected to flow through the end of the year. Delta's stock rose over 7% in early trading, leading stocks of other airlines higher. United Airlines (UAL), American Airlines (AAL), and JetBlue (JBLU) shares all rose over 2%. For the quarter, Delta posted adjusted revenue of $15.197 billion against estimates for $15.08 billion, per Bloomberg consensus, and up 4.1% compared to a year ago. ...

[Executive Summary & Financial Outlook](index=1&type=section&id=Executive%20Summary%20%26%20Financial%20Outlook) Delta Air Lines reported strong September quarter results and provided a positive outlook for the December quarter and full year 2025, driven by robust revenue growth and effective cost management [September Quarter 2025 Highlights](index=1&type=section&id=September%20Quarter%202025%20Highlights) Delta Air Lines reported record September quarter revenue, achieving results at the top end of expectations due to strong execution and improving fundamentals. Both GAAP and adjusted financial metrics showed significant improvements year-over-year September Quarter 2025 Financial Highlights (GAAP vs. Non-GAAP) | Metric | GAAP (3Q25) | Non-GAAP (3Q25) | | :-------------------------- | :---------- | :-------------- | | Operating revenue | $16.7 billion | $15.2 billion | | Operating income | $1.7 billion | $1.7 billion | | Operating margin | 10.1 % | 11.2 % | | Pre-tax income | $1.8 billion | $1.5 billion | | Pre-tax margin | 10.7 % | 9.8 % | | Earnings per share | $2.17 | $1.71 | | Operating cash flow | $1.8 billion | $1.8 billion | | Total debt & finance lease obligations | $14.9 billion | N/A | [December Quarter and Full Year 2025 Outlook](index=1&type=section&id=December%20Quarter%20and%20Full%20Year%202025%20Outlook) Delta anticipates strong December quarter earnings and expects to deliver full-year adjusted EPS in the upper half of its July guidance, along with free cash flow in line with long-term targets. The company projects continued revenue growth and margin expansion Financial Outlook | Metric | FY 2025 Outlook | 4Q25 Outlook | | :-------------------- | :-------------- | :------------- | | Adjusted EPS | Approx. $6 | $1.60 - $1.90 | | Free Cash Flow ($B) | $3.5 - $4 | N/A | | Gross Leverage | Less than 2.5x | N/A | | Total Revenue YoY | N/A | Up 2% - 4% | | Operating Margin | N/A | 10.5% - 12% | [Management Commentary](index=1&type=section&id=Management%20Commentary) CEO Ed Bastian highlighted Delta's competitive advantages and industry leadership, attributing strong September quarter results to execution and improving fundamentals. President Glen Hauenstein noted record revenue and accelerating sales trends, while CFO Dan Janki emphasized strong cash generation and debt reduction, positioning Delta for future growth and shareholder returns - CEO Ed Bastian stated that Delta's competitive advantages and differentiation are evident, leading to **strong September quarter results at the top end of expectations**, driven by execution and improving fundamentals. He anticipates continued momentum into 2026 with **top-line growth, margin expansion, and earnings improvement**[2](index=2&type=chunk)[3](index=3&type=chunk) - President Glen Hauenstein reported **record September quarter revenue of $15.2 billion, up 4.1% year-over-year**, reflecting strong revenue streams and improving Domestic fundamentals. He expects **2-4% total revenue growth for the December quarter**[6](index=6&type=chunk) - CFO Dan Janki noted that **non-fuel unit cost growth was approximately flat year-over-year**, consistent with low-single digit guidance. He also highlighted **nearly $2 billion in debt paid down year-to-date**, bringing **gross leverage to 2.4x**, and a **full-year free cash flow outlook of $3.5 billion to $4 billion**[7](index=7&type=chunk)[10](index=10&type=chunk) [September Quarter 2025 Financial Performance Overview](index=2&type=section&id=September%20Quarter%202025%20Financial%20Performance%20Overview) This section provides a detailed overview of Delta's September quarter 2025 financial performance, covering revenue, cost, balance sheet, and liquidity highlights [Revenue Performance](index=2&type=section&id=Revenue%20Performance) Delta achieved record September quarter revenue of $15.2 billion, a 4.1% increase year-over-year, driven by premium products, corporate sales, and loyalty programs. Domestic revenue grew 5%, supported by a rebound in corporate sales and strength in premium cabins - **Record September quarter total revenue increased 4.1% over prior year to $15.2 billion**, primarily driven by premium, corporate, and loyalty segments[8](index=8&type=chunk) - Diverse, high-margin revenue streams contributed **60% of total revenue** and grew double-digits year-over-year, with **Premium revenue up 9%** and **Loyalty revenue up 9%**. American Express remuneration grew **12% to $2 billion**[8](index=8&type=chunk) - **Domestic passenger revenue grew 5% year-over-year**, with **corporate sales rebounding by 8%** over prior year in the third quarter[8](index=8&type=chunk) [Cost Performance](index=2&type=section&id=Cost%20Performance) Non-fuel unit costs remained largely flat year-over-year, aligning with the company's guidance. Adjusted fuel expense decreased significantly due to lower fuel prices - **Non-fuel unit cost growth was approximately flat** compared to the prior year, bringing year-to-date non-fuel unit cost growth to **less than 2%**, consistent with initial guidance[7](index=7&type=chunk) September Quarter 2025 Cost Performance | Metric | 3Q25 | 3Q24 | $ Change | % Change | | :---------------------------------- | :----------- | :----------- | :--------- | :--------- | | Operating expense | $15.0 billion | $14.3 billion | $709 million | 5 % | | Adjusted operating expense | $13.5 billion | $13.2 billion | $281 million | 2 % | | Adjusted non-fuel costs | $10.6 billion | $10.1 billion | $421 million | 4 % | | Non-fuel CASM | 13.35¢ | 13.30¢ | 0.05¢ | 0.3 % | | Adjusted fuel expense | $2.6 billion | $2.8 billion | ($212) million | (8)% | | Adjusted fuel price per gallon | $2.25 | $2.53 | ($0.28) | (11)% | [Balance Sheet and Liquidity](index=3&type=section&id=Balance%20Sheet%20and%20Liquidity) Delta demonstrated strong cash generation, reducing debt by nearly $2 billion year-to-date and achieving a gross leverage of 2.4x. The company maintains robust liquidity and expects significant free cash flow for the full year - **Paid down nearly $2 billion in debt year-to-date**, bringing **gross leverage to 2.4x** at the end of the September quarter[10](index=10&type=chunk) - **Full-year free cash flow is expected to be $3.5 billion to $4 billion**, within the long-term target range[10](index=10&type=chunk) September Quarter 2025 Balance Sheet & Liquidity Highlights | Metric | 3Q25 | | :------------------------------------ | :----------- | | Adjusted net debt | $15.6 billion | | Payments on debt & finance lease obligations | $459 million | | Weighted average interest rate | 4.5 % | | Adjusted operating cash flow | $1.8 billion | | Free cash flow | $833 million | | Air Traffic Liability | $8.2 billion | | Liquidity (cash, short-term investments, undrawn revolver) | $6.9 billion | [Operational and Strategic Highlights](index=4&type=section&id=Operational%20and%20Strategic%20Highlights) This section details Delta's achievements in operational excellence, network expansion, fleet modernization, employee engagement, customer experience enhancements, and environmental sustainability initiatives [Operations, Network and Fleet](index=4&type=section&id=Operations%2C%20Network%20and%20Fleet) Delta maintained industry-leading operational performance, expanded its fleet with new aircraft deliveries, and strategically enhanced its network with new international and domestic routes, including new service to Sardinia, Malta, Austin, Madrid, Nice, Barcelona, Milan, Rome, Porto, and Hong Kong - Operated as the **most on-time airline year-to-date**, leading competitive set in on-time departures and arrivals[16](index=16&type=chunk) - Took delivery of **31 aircraft year-to-date (12 in 3Q25)** and retired **20 aircraft year-to-date (6 in 3Q25)**[16](index=16&type=chunk) - Announced **new and expanded service in Austin**, new Transatlantic routes from Boston and Seattle, and the **first-ever U.S. carrier nonstop service from New York-JFK to Porto, Portugal, and a new Hong Kong route from LAX**[16](index=16&type=chunk) [Culture and People](index=4&type=section&id=Culture%20and%20People) Delta continued its commitment to its employees, accruing significant profit sharing and earning multiple recognitions as a top employer. The company also engaged in community service and initiatives promoting diversity in aviation - Accrued **$986 million in profit sharing year-to-date** towards next February's payout[16](index=16&type=chunk) - Earned **Great Place To Work® Certification™ for the seventh year** and ranked **No. 2 on Forbes' 2025 list of the World's Best Employers**[16](index=16&type=chunk) - Volunteered with the 9/11 Day organization and hosted the **annual Women Inspiring the Next Generation (WING) flight**[16](index=16&type=chunk) [Customer Experience and Loyalty](index=4&type=section&id=Customer%20Experience%20and%20Loyalty) Delta enhanced its customer experience through new in-flight entertainment partnerships, expanded loyalty program benefits, and improved digital tools. The company received awards for its entertainment offerings and overall customer satisfaction - Launched **YouTube as a new in-flight entertainment partner**, providing ad-free content to customers[16](index=16&type=chunk) - **Over 1 million SkyMiles Members linked accounts with Uber** to earn miles, and the company expanded advanced meal selection options[16](index=16&type=chunk) - Named the **Best Airline Entertainment winner in the 2025 Rolling Stone Travel Awards** and continued the roll out of **fast, free Wi-Fi for SkyMiles Members**[16](index=16&type=chunk) [Environmental Sustainability](index=4&type=section&id=Environmental%20Sustainability) Delta continued its commitment to environmental sustainability by partnering on hybrid-electric aircraft development and facilitating the first commercial-scale Sustainable Aviation Fuel (SAF) uplift at Portland International Airport - Announced a new partnership with Maeve Aerospace to advance the **development of hybrid-electric regional aircraft**[16](index=16&type=chunk) - Took delivery of Sustainable Aviation Fuel (SAF) into the PDX fuel system, marking the **first commercial-scale SAF uplift at PDX**[16](index=16&type=chunk) [Detailed GAAP Financial Results](index=5&type=section&id=Detailed%20GAAP%20Financial%20Results) This section presents Delta's comprehensive GAAP financial statements, including consolidated statements of operations, passenger and other revenue details, geographic segment performance, statistical summary, cash flows, and balance sheets [Consolidated Statements of Operations](index=7&type=section&id=Consolidated%20Statements%20of%20Operations) Delta's GAAP consolidated statements of operations for the September quarter 2025 show significant year-over-year growth in total operating revenue and operating income, driven by increases across passenger, cargo, and other revenue streams, while managing operating expenses Consolidated Statements of Operations (GAAP) - Three Months Ended September 30 | Metric (in millions) | 2025 | 2024 | $ Change | % Change | | :-------------------------- | :----- | :----- | :------- | :------- | | Total operating revenue | $16,673 | $15,677 | $996 | 6 % | | Operating Income | $1,684 | $1,397 | $287 | 21 % | | Income Before Income Taxes | $1,777 | $1,561 | $216 | 14 % | | Net Income | $1,417 | $1,272 | $145 | 11 % | | Diluted Earnings Per Share | $2.17 | $1.97 | $0.20 | 10 % | Consolidated Statements of Operations (GAAP) - Nine Months Ended September 30 | Metric (in millions) | 2025 | 2024 | $ Change | % Change | | :-------------------------- | :----- | :----- | :------- | :------- | | Total operating revenue | $47,361 | $46,084 | $1,277 | 3 % | | Operating Income | $4,355 | $4,278 | $77 | 2 % | | Income Before Income Taxes | $4,672 | $3,456 | $1,216 | 35 % | | Net Income | $3,786 | $2,614 | $1,172 | 45 % | | Diluted Earnings Per Share | $5.80 | $4.04 | N/A | N/A | [Passenger Revenue Details](index=8&type=section&id=Passenger%20Revenue%20Details) Passenger revenue for the September quarter 2025 increased by 3% year-over-year, primarily driven by strong growth in premium products and loyalty travel awards, offsetting a slight decrease in main cabin ticket revenue Passenger Revenue (GAAP) - Three Months Ended September 30 | Category (in millions) | 2025 | 2024 | $ Change | % Change | | :--------------------- | :----- | :----- | :------- | :------- | | Ticket - Main cabin | $6,063 | $6,309 | ($246) | (4)% | | Ticket - Premium products | $5,796 | $5,336 | $460 | 9 % | | Loyalty travel awards | $1,108 | $978 | $130 | 13 % | | Travel-related services | $539 | $484 | $55 | 11 % | | **Passenger revenue** | **$13,506** | **$13,107** | **$399** | **3 %** | Passenger Revenue (GAAP) - Nine Months Ended September 30 | Category (in millions) | 2025 | 2024 | $ Change | % Change | | :--------------------- | :----- | :----- | :------- | :------- | | Ticket - Main cabin | $17,771 | $18,450 | ($679) | (4)% | | Ticket - Premium products | $16,402 | $15,377 | $1,025 | 7 % | | Loyalty travel awards | $3,140 | $2,798 | $342 | 12 % | | Travel-related services | $1,539 | $1,454 | $85 | 6 % | | **Passenger revenue** | **$38,852** | **$38,079** | **$773** | **2 %** | [Other Revenue Details](index=8&type=section&id=Other%20Revenue%20Details) Other revenue saw a substantial increase of 24% in the September quarter 2025, primarily driven by significant growth in refinery and ancillary businesses, alongside contributions from loyalty programs and miscellaneous sources Other Revenue (GAAP) - Three Months Ended September 30 | Category (in millions) | 2025 | 2024 | $ Change | % Change | | :--------------------- | :----- | :----- | :------- | :------- | | Refinery | $1,476 | $1,083 | $393 | 36 % | | Loyalty program | $847 | $820 | $27 | 3 % | | Ancillary businesses | $256 | $161 | $95 | 59 % | | Miscellaneous | $355 | $310 | $45 | 15 % | | **Other revenue** | **$2,934** | **$2,374** | **$560** | **24 %** | Other Revenue (GAAP) - Nine Months Ended September 30 | Category (in millions) | 2025 | 2024 | $ Change | % Change | | :--------------------- | :----- | :----- | :------- | :------- | | Refinery | $3,680 | $3,520 | $160 | 5 % | | Loyalty program | $2,509 | $2,451 | $58 | 2 % | | Ancillary businesses | $710 | $554 | $156 | 28 % | | Miscellaneous | $956 | $906 | $50 | 6 % | | **Other revenue** | **$7,855** | **$7,431** | **$424** | **6 %** | [Total Revenue by Geographic Segment](index=8&type=section&id=Total%20Revenue%20by%20Geographic%20Segment) Total revenue for the September quarter 2025 increased by 6% on a GAAP basis, with Domestic revenue growing 5%. Cargo and Other revenue streams showed strong double-digit growth, while Atlantic and Latin America passenger revenues experienced slight declines Total Revenue by Segment (GAAP) - 3Q25 vs 3Q24 | Revenue Segment | 3Q25 ($M) | Change | Unit Revenue | Yield | Capacity | | :---------------- | :-------- | :----- | :----------- | :---- | :------- | | Domestic | $9,103 | 5% | 2% | 4% | 4% | | Atlantic | $2,977 | (2)% | (7)% | (5)% | 5% | | Latin America | $759 | (3)% | —% | 1% | (2)% | | Pacific | $667 | 3% | (4)% | (6)% | 7% | | Passenger Revenue | $13,506 | 3% | (1)% | 1% | 4% | | Cargo Revenue | $233 | 19% | N/A | N/A | N/A | | Other Revenue | $2,934 | 24% | N/A | N/A | N/A | | **Total Revenue** | **$16,673** | **6%** | **2%** | N/A | N/A | [Statistical Summary](index=9&type=section&id=Statistical%20Summary) Delta's statistical summary for the September quarter 2025 indicates growth in revenue passenger miles (RPMs) and available seat miles (ASMs), alongside a slight increase in total revenue per available seat mile (TRASM). Passenger load factor saw a minor decrease, while average fuel prices declined significantly Statistical Summary (GAAP) - Three Months Ended September 30 | Metric | 2025 | 2024 | Change | | :---------------------------------- | :------- | :------- | :------- | | Revenue passenger miles (millions) | 67,621 | 66,310 | 2 % | | Available seat miles (millions) | 79,054 | 76,162 | 4 % | | Passenger mile yield (cents) | 19.97 | 19.77 | 1 % | | Passenger revenue per available seat mile (cents) | 17.08 | 17.21 | (1) % | | Total revenue per available seat mile (cents) | 21.09 | 20.58 | 2 % | | Passenger load factor | 86 % | 87 % | (1) pt | | Fuel gallons consumed (millions) | 1,138 | 1,096 | 4 % | | Average price per fuel gallon | $2.26 | $2.51 | (10) % | Statistical Summary (GAAP) - Nine Months Ended September 30 | Metric | 2025 | 2024 | Change | | :---------------------------------- | :------- | :------- | :------- | | Revenue passenger miles (millions) | 189,717 | 185,757 | 2 % | | Available seat miles (millions) | 225,099 | 216,360 | 4 % | | Passenger mile yield (cents) | 20.48 | 20.50 | — % | | Passenger revenue per available seat mile (cents) | 17.26 | 17.60 | (2) % | | Total revenue per available seat mile (cents) | 21.04 | 21.30 | (1) % | | Passenger load factor | 84 % | 86 % | (2) pts | | Fuel gallons consumed (millions) | 3,226 | 3,093 | 4 % | | Average price per fuel gallon | $2.31 | $2.64 | (12) % | [Consolidated Statements of Cash Flows](index=10&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Delta's consolidated statements of cash flows for the September quarter 2025 show a significant increase in net cash provided by operating activities, contributing to a net increase in cash and cash equivalents, despite substantial investments in property and equipment and payments on debt Consolidated Statements of Cash Flows (GAAP) - Three Months Ended September 30 | Category (in millions) | 2025 | 2024 | | :------------------------------------------ | :----- | :----- | | Net cash provided by operating activities | $1,847 | $1,274 | | Net cash used in investing activities | ($1,035) | ($1,123) | | Net cash used in financing activities | ($370) | ($372) | | Net Increase/(Decrease) in Cash, Cash Equivalents and Restricted Cash Equivalents | $442 | ($221) | | Cash, cash equivalents and restricted cash equivalents at end of period | $3,971 | $4,286 | [Consolidated Balance Sheets](index=11&type=section&id=Consolidated%20Balance%20Sheets) As of September 30, 2025, Delta's consolidated balance sheet reflects an increase in total assets, primarily driven by growth in cash and cash equivalents, accounts receivable, and property and equipment. Total liabilities also increased, with a notable rise in air traffic liability and loyalty program deferred revenue Consolidated Balance Sheets (GAAP) - As of September 30, 2025 vs. December 31, 2024 | Category (in millions) | Sep 30, 2025 | Dec 31, 2024 | | :------------------------------------ | :----------- | :----------- | | **ASSETS** | | | | Total current assets | $11,230 | $9,844 | | Property and Equipment, Net | $39,372 | $37,595 | | Total other assets | $29,021 | $27,933 | | **Total assets** | **$79,623** | **$75,372** | | **LIABILITIES AND STOCKHOLDERS' EQUITY** | | | | Total current liabilities | $28,249 | $26,670 | | Total noncurrent liabilities | $32,552 | $33,409 | | Stockholders' Equity | $18,822 | $15,293 | | **Total liabilities and stockholders' equity** | **$79,623** | **$75,372** | [Non-GAAP Financial Measures and Reconciliations](index=12&type=section&id=Non-GAAP%20Financial%20Measures%20and%20Reconciliations) This section provides explanations and reconciliations for Delta's non-GAAP financial measures, offering a clearer view of core operational performance by excluding certain non-recurring or volatile items [Explanation of Non-GAAP Adjustments](index=12&type=section&id=Explanation%20of%20Non-GAAP%20Adjustments) Delta utilizes non-GAAP financial measures to provide a more meaningful comparison of its core airline operations and performance, excluding items such as third-party refinery sales, mark-to-market adjustments on hedges and investments, and losses/gains on debt extinguishment or investment sales, which are not indicative of core operational performance - Non-GAAP measures are used to provide comparability between reported periods and a more meaningful understanding of **core performance**, as they exclude items not directly related to airline operations or subject to significant volatility[42](index=42&type=chunk)[43](index=43&type=chunk) - Adjustments include **third-party refinery sales**, **mark-to-market (MTM) adjustments and settlements on hedges**, **MTM adjustments on investments**, **loss on extinguishment of debt**, and **realized gain on sale of investments**[43](index=43&type=chunk)[44](index=44&type=chunk)[45](index=45&type=chunk)[46](index=46&type=chunk)[47](index=47&type=chunk) [Adjusted Operating Revenue and TRASM](index=12&type=section&id=Adjusted%20Operating%20Revenue%20and%20TRASM) Adjusted operating revenue for the September quarter 2025 increased by 4.1% year-over-year, and adjusted total revenue per available seat mile (TRASM) showed a slight improvement of 0.3%, after excluding third-party refinery sales Adjusted Operating Revenue and TRASM - Three Months Ended September 30 | Metric | 2025 | 2024 | % Change | | :------------------------ | :------- | :------- | :------- | | Operating revenue (GAAP) | $16,673 | $15,677 | N/A | | Third-party refinery sales | ($1,476) | ($1,083) | N/A | | **Operating revenue, adjusted** | **$15,197** | **$14,594** | **4.1 %** | | TRASM (cents) (GAAP) | 21.09 | 20.58 | N/A | | Third-party refinery sales | (1.87) | (1.42) | N/A | | **TRASM, adjusted (cents)** | **19.22** | **19.16** | **0.3 %** | [Adjusted Operating Income and Margin](index=12&type=section&id=Adjusted%20Operating%20Income%20and%20Margin) Adjusted operating income for the September quarter 2025 increased by 23% year-over-year, resulting in an adjusted operating margin of 11.2%, a 1.7 percentage point improvement, after accounting for MTM adjustments and settlements on hedges and third-party refinery sales Adjusted Operating Income - Three Months Ended September 30 | Metric (in millions) | 2025 | 2024 | | :---------------------------------- | :----- | :----- | | Operating income (GAAP) | $1,684 | $1,397 | | MTM adjustments and settlements on hedges | $11 | ($24) | | **Operating income, adjusted** | **$1,695** | **$1,373** | Adjusted Operating Margin - Three Months Ended September 30 | Metric | 2025 | 2024 | | :---------------------------------- | :----- | :----- | | Operating margin (GAAP) | 10.1 % | 8.9 % | | Third-party refinery sales | 1.0 | 0.6 | | MTM adjustments and settlements on hedges | 0.1 | (0.2) | | **Operating margin, adjusted** | **11.2 %** | **9.4 %** | [Adjusted Pre-Tax Income, Net Income, and EPS](index=14&type=section&id=Adjusted%20Pre-Tax%20Income%2C%20Net%20Income%2C%20and%20EPS) Adjusted pre-tax income, net income, and diluted earnings per share all showed significant year-over-year growth for the September quarter 2025, reflecting improved core operational performance after excluding non-recurring and non-operational items Adjusted Pre-Tax Income, Net Income, and Diluted EPS - Three Months Ended September 30, 2025 | Metric (in millions, except per share) | Pre-Tax Income | Net Income | Earnings Per Diluted Share | | :------------------------------------- | :------------- | :--------- | :------------------------- | | GAAP | $1,777 | $1,417 | $2.17 | | Adjustments (MTM, debt extinguishment) | ($311) + $11 + $6 | N/A | N/A | | **Non-GAAP** | **$1,483** | **$1,120** | **$1.71** | Adjusted Pre-Tax Income, Net Income, and Diluted EPS - Three Months Ended September 30, 2024 | Metric (in millions, except per share) | Pre-Tax Income | Net Income | Earnings Per Diluted Share | | :------------------------------------- | :------------- | :--------- | :------------------------- | | GAAP | $1,561 | $1,272 | $1.97 | | Adjustments (MTM, realized gain) | ($350) + ($24) + $67 | N/A | N/A | | **Non-GAAP** | **$1,254** | **$971** | **$1.50** | [Adjusted Pre-Tax Margin](index=14&type=section&id=Adjusted%20Pre-Tax%20Margin) The adjusted pre-tax margin for the September quarter 2025 improved to 9.8%, up 1.2 percentage points from the prior year, after excluding the impact of refinery sales, MTM adjustments on investments and hedges, and realized gains on investment sales Adjusted Pre-Tax Margin - Three Months Ended September 30 | Metric | 2025 | 2024 | | :---------------------------------- | :----- | :----- | | Pre-tax margin (GAAP) | 10.7 % | 10.0 % | | Third-party refinery sales | 0.9 | 0.6 | | MTM adjustments on investments | (1.9) | (2.2) | | MTM adjustments and settlements on hedges | 0.1 | (0.2) | | Realized gain on sale of investments | — | 0.4 | | **Pre-tax margin, adjusted** | **9.8 %** | **8.6 %** | [Adjusted Operating Cash Flow](index=15&type=section&id=Adjusted%20Operating%20Cash%20Flow) Adjusted operating cash flow for the September quarter 2025 significantly increased to $1.816 billion, reflecting a 42% rise year-over-year, after excluding cash flows related to certain airport construction projects to better represent core operations Adjusted Operating Cash Flow - Three Months Ended September 30 | Metric (in millions) | 2025 | 2024 | | :---------------------------------------------------- | :----- | :----- | | Net cash provided by operating activities (GAAP) | $1,847 | $1,274 | | Net cash flows related to certain airport construction projects and other | ($31) | $2 | | **Operating cash flow, adjusted** | **$1,816** | **$1,276** | [Adjusted Operating Revenue (Premium & Diverse Streams)](index=15&type=section&id=Adjusted%20Operating%20Revenue%20(Premium%20%26%20Diverse%20Streams)) Adjusted operating revenue related to premium products and diverse revenue streams grew by 10% year-over-year in the September quarter 2025, representing 60% of total adjusted operating revenue, indicating a strong shift towards higher-margin offerings Adjusted Operating Revenue (Premium & Diverse Streams) - Three Months Ended September 30 | Metric (in millions) | 2025 | 2024 | Change | | :---------------------------------------------------------------- | :----- | :----- | :----- | | Operating revenue, adjusted | $15,197 | $14,594 | N/A | | Less: main cabin revenue | ($6,063) | ($6,309) | N/A | | **Operating revenue, adjusted related to premium products and diverse revenue streams** | **$9,134** | **$8,285** | **10 %** | | Percent of operating revenue, adjusted related to premium products and diverse revenue streams | 60 % | 57 % | 3 points | [Adjusted Non-Fuel Cost and CASM-Ex](index=15&type=section&id=Adjusted%20Non-Fuel%20Cost%20and%20CASM-Ex) Adjusted non-fuel cost increased by 4% year-over-year for the September quarter 2025, while non-fuel unit cost (CASM-Ex) remained relatively flat, increasing by only 0.3%, demonstrating effective cost management despite operational growth Adjusted Non-Fuel Cost - Three Months Ended September 30 | Metric (in millions) | 2025 | 2024 | | :-------------------------- | :----- | :----- | | Operating expense (GAAP) | $14,989 | $14,280 | | Aircraft fuel and related taxes | ($2,570) | ($2,747) | | Third-party refinery sales | ($1,476) | ($1,083) | | Profit sharing | ($392) | ($320) | | **Non-Fuel Cost** | **$10,551** | **$10,130** | CASM-Ex - Three Months Ended September 30 | Metric (cents) | 2025 | 2024 | % Change | | :-------------------------- | :----- | :----- | :------- | | CASM (GAAP) | 18.96 | 18.75 | N/A | | Aircraft fuel and related taxes | (3.25) | (3.61) | N/A | | Third-party refinery sales | (1.87) | (1.42) | N/A | | Profit sharing | (0.50) | (0.42) | N/A | | **CASM-Ex** | **13.35** | **13.30** | **0.3 %** | CASM-Ex - Nine Months Ended September 30 | Metric (cents) | 2025 | 2024 | % Change | | :-------------------------- | :----- | :----- | :------- | | CASM (GAAP) | 19.11 | 19.32 | N/A | | Aircraft fuel and related taxes | (3.30) | (3.77) | N/A | | Third-party refinery sales | (1.63) | (1.63) | N/A | | Profit sharing | (0.44) | (0.45) | N/A | | **CASM-Ex** | **13.73** | **13.48** | **1.8 %** | [Adjusted Operating Expense](index=16&type=section&id=Adjusted%20Operating%20Expense) Adjusted operating expense for the September quarter 2025 increased by 2% year-over-year, reflecting a controlled rise in costs after excluding third-party refinery sales and MTM adjustments on hedges Adjusted Operating Expense - Three Months Ended September 30 | Metric (in millions) | 2025 | 2024 | | :---------------------------------- | :----- | :----- | | Operating expense (GAAP) | $14,989 | $14,280 | | Third-party refinery sales | ($1,476) | ($1,083) | | MTM adjustments and settlements on hedges | ($11) | $24 | | **Operating expense, adjusted** | **$13,502** | **$13,221** | [Adjusted Fuel Expense and Price](index=16&type=section&id=Adjusted%20Fuel%20Expense%20and%20Price) Adjusted total fuel expense decreased by 8% and the adjusted average fuel price per gallon decreased by 11% for the September quarter 2025, primarily due to lower market fuel prices and refinery benefits Adjusted Fuel Expense and Price - Three Months Ended September 30 | Metric (in millions, except per gallon) | 2025 | 2024 | % Change | | :-------------------------------------- | :----- | :----- | :------- | | Total fuel expense (GAAP) | $2,570 | $2,747 | N/A | | MTM adjustments and settlements on hedges | ($11) | $24 | N/A | | **Total fuel expense, adjusted** | **$2,559** | **$2,771** | **(8)%** | | Average price per fuel gallon (GAAP) | $2.26 | $2.51 | N/A | | MTM adjustments and settlements on hedges | ($0.01) | $0.02 | N/A | | **Average price per fuel gallon, adjusted** | **$2.25** | **$2.53** | **(11)%** | [Adjusted Debt to EBITDAR](index=16&type=section&id=Adjusted%20Debt%20to%20EBITDAR) Delta's adjusted debt to EBITDAR (gross leverage) stood at 2.4x as of September 30, 2025, indicating a healthy debt profile, calculated by including operating lease liabilities and adjusting operating income for depreciation, amortization, and fixed operating lease expense Adjusted Debt to EBITDAR - As of September 30, 2025 | Metric (in millions) | Amount | | :---------------------------------------------------- | :------- | | Debt and finance lease obligations | $14,879 | | Plus: operating lease liabilities | $6,099 | | Plus: sale-leaseback financing liabilities | $1,793 | | Plus: unamortized discount/(premium) and debt issue cost, net and other | ($1) | | **Adjusted debt** | **$22,769** | | EBITDAR (Twelve Months Ended Sep 30, 2025) | $9,510 | | **Adjusted Debt to EBITDAR** | **2.4x** | [Adjusted Net Debt](index=17&type=section&id=Adjusted%20Net%20Debt) Adjusted net debt decreased by $2.394 billion from December 31, 2024, to $15.586 billion as of September 30, 2025, reflecting the company's efforts in debt reduction and strong cash management Adjusted Net Debt - As of September 30, 2025 vs. December 31, 2024 | Metric (in millions) | Sep 30, 2025 | Dec 31, 2024 | $ Change | | :------------------------------------------ | :----------- | :----------- | :--------- | | Adjusted debt and finance lease obligations | $16,670 | $18,055 | N/A | | Plus: fleet operating lease liabilities | $2,790 | $3,178 | N/A | | **Adjusted gross debt** | **$19,460** | **$21,234** | N/A | | Less: cash and cash equivalents | ($3,791) | ($3,069) | N/A | | Less: LGA restricted cash | ($83) | ($184) | N/A | | **Adjusted net debt** | **$15,586** | **$17,980** | **($2,394)** | [Gross Capital Expenditures](index=17&type=section&id=Gross%20Capital%20Expenditures) Gross capital expenditures for the September quarter 2025 were $1.113 billion, a decrease from the prior year, after adjusting for cash flows related to certain airport construction projects that are funded by restricted cash or reimbursed by third parties Gross Capital Expenditures - Three Months Ended September 30 | Metric (in millions) | 2025 | 2024 | | :---------------------------------------------------- | :----- | :----- | | Flight equipment, including advance payments | $930 | $1,053 | | Ground property and equipment, including technology | $230 | $275 | | Net cash flows related to certain airport construction projects | ($47) | ($59) | | **Gross capital expenditures** | **$1,113** | **$1,270** | [Free Cash Flow](index=17&type=section&id=Free%20Cash%20Flow) Free cash flow for the September quarter 2025 significantly increased to $833 million, up from $95 million in the prior year, after adjustments for pension plan contributions, airport construction project cash flows, and net redemptions of short-term investments, highlighting the company's improved ability to generate cash for debt service and corporate initiatives Free Cash Flow - Three Months Ended September 30 | Metric (in millions) | 2025 | 2024 | | :---------------------------------------------------- | :----- | :----- | | Net cash provided by operating activities (GAAP) | $1,847 | $1,274 | | Net cash used in investing activities (GAAP) | ($1,035) | ($1,123) | | Pension plan contributions | $6 | — | | Net cash flows related to certain airport construction projects and other | $15 | $61 | | Net redemptions of short-term investments | — | ($117) | | **Free cash flow** | **$833** | **$95** | [Additional Company Information](index=6&type=section&id=Additional%20Company%20Information) This section provides background on Delta Air Lines, including its global reach and industry recognition, along with important disclosures regarding forward-looking statements and associated risks [About Delta Air Lines](index=6&type=section&id=About%20Delta%20Air%20Lines) Delta Air Lines is a leading global airline known for exceptional service and innovation, serving over 300 destinations across six continents. The company is headquartered in Atlanta, operates significant hubs worldwide, and is a founding member of the SkyTeam alliance, recognized with numerous industry awards for customer satisfaction, operational excellence, and as a top employer - Delta Air Lines serves up to **5,000 peak day flights to more than 300 destinations on six continents**, connecting **over 200 million customers in 2024**[19](index=19&type=chunk)[20](index=20&type=chunk) - Headquartered in Atlanta, Delta operates **significant hubs and key markets globally**, including Amsterdam, Boston, Detroit, London-Heathrow, Los Angeles, New York-JFK, Paris-Charles de Gaulle, Seattle, and Tokyo[22](index=22&type=chunk) - A founding member of the SkyTeam alliance, Delta has been recognized as **No. 1 in Premium Economy Passenger Satisfaction by J.D. Power**, the **top U.S. airline by the Wall Street Journal**, and among **Forbes' World's Best Employers**[20](index=20&type=chunk)[24](index=24&type=chunk)[25](index=25&type=chunk) [Forward-Looking Statements](index=6&type=section&id=Forward-Looking%20Statements) This section contains forward-looking statements regarding future estimates, expectations, and goals, which are subject to various risks and uncertainties. These risks include accidents, security breaches, fuel costs, operational disruptions, regulatory changes, and economic conditions, which could cause actual results to differ materially from projections - Statements regarding future estimates, expectations, beliefs, intentions, projections, goals, aspirations, commitments, or strategies are considered **'forward-looking statements'** and are not guarantees or promised outcomes[26](index=26&type=chunk) - Risks and uncertainties that could cause actual results to differ materially include **serious accidents, security breaches, disruptions in IT infrastructure, increases in fuel costs, operational disruptions, labor-related disruptions, severe weather, regulatory changes, and unfavorable economic or political conditions**[26](index=26&type=chunk) - Readers are cautioned **not to place undue reliance on forward-looking statements**, which represent views only as of the press release date, and Delta undertakes no obligation to update them except as required by law[27](index=27&type=chunk)

Core Insights - Delta Air Lines reported record revenue of $15.2 billion for the September quarter, reflecting a 4.1% year-over-year increase, driven by strong execution and improving fundamentals [4][8] - The company expects an operating margin of 10.5% to 12% for the December quarter, with adjusted EPS projected between $1.60 and $1.90 [3][4] - Full-year adjusted EPS is anticipated to be approximately $6, aligning with the upper half of previous guidance, and free cash flow is expected to be between $3.5 billion and $4 billion [3][9] Financial Performance - Total revenue for the September quarter was $16.7 billion, with an operating income of $1.7 billion and an operating margin of 10.1% [7][13] - Year-over-year comparisons showed a 21% increase in operating income and a 14% increase in pre-tax income [13][15] - Adjusted net debt decreased by $2.4 billion from the end of 2024, bringing total debt to $15.6 billion at the end of the quarter [14][9] Revenue Environment - Delta's diverse revenue streams contributed significantly, with premium revenue growing 9% and loyalty revenue also increasing by 9% year-over-year [8][4] - Domestic passenger revenue rose by 5%, supported by strong corporate sales and premium cabin performance [8][4] - Corporate sales increased by 8% year-over-year, with expectations of stable or increasing travel volumes among 90% of surveyed companies for 2026 [8][4] Cost Performance - Non-fuel unit cost growth remained flat compared to the prior year, with year-to-date growth at less than 2% [5][14] - Adjusted fuel expense decreased by 8% year-over-year, with an average fuel price of $2.25 per gallon, down 11% from the previous year [14][15] Outlook - The company anticipates total revenue growth of 2% to 4% for the December quarter compared to last year's record performance [4][8] - Delta is positioned for continued top-line growth, margin expansion, and earnings improvement consistent with its long-term financial framework [2][4]

Core Insights - Delta Air Lines is projecting better-than-expected earnings for the fourth quarter of 2025, driven by rising airfares and strong demand for luxury travel [1][2] - The airline's adjusted earnings are expected to be between $1.60 and $1.90 per share, surpassing analyst expectations of $1.65 per share [1] - Revenue growth for the last quarter of the year is anticipated to be up to 4%, exceeding Wall Street's expectation of 1.7% [1] Financial Performance - Delta reported a third-quarter profit increase of 11% to $1.42 billion, or $2.17 per share, compared to $1.27 billion, or $1.97 per share, a year earlier [3] - Adjusted profit rose 15% to $1.12 billion, or $1.71 per share, which was above analyst estimates [3][5] - Adjusted revenue for the third quarter increased by 4% year over year, reaching $15.2 billion, compared to the expected $15.06 billion [5] Market Demand - Premium travel demand is significantly outpacing demand for economy class, with revenue from the premium segment rising 9% to nearly $5.8 billion, while main cabin revenue fell 4% to about $6 billion [4] - The company has not observed any signs of a consumer pullback in premium products, indicating sustained demand in this segment [4] Future Outlook - Looking ahead to 2026, Delta is positioned for top-line growth, margin expansion, and earnings improvement, aligning with its long-term financial framework [2] - The airline's outlook suggests improved demand and a reduction in flight surplus, which had previously pressured domestic fares and revenue [2]

U.S. stock futures fell on Thursday following Wednesday’s mixed close. Futures of major benchmark indices were lower.The AI frenzy is still in full swing. Advanced Micro Devices Inc. (NASDAQ:AMD) surged over 11%, while Micron Technology Inc. (NASDAQ:MU) gained around 6% on Wednesday. Meanwhile, the Fed minutes released on Wednesdays showed that President Donald Trump‘s trade tariffs continue to weigh on the outlook for growth and inflation, raising concerns over how long the Federal Reserve can stick with i ...

U.S. stock futures fell on Thursday following Wednesday’s mixed close. Futures of major benchmark indices were lower.The AI frenzy is still in full swing. Advanced Micro Devices Inc. (NASDAQ:AMD) surged over 11%, while Micron Technology Inc. (NASDAQ:MU) gained around 6% on Wednesday. Meanwhile, the Fed minutes released on Wednesdays showed that President Donald Trump‘s trade tariffs continue to weigh on the outlook for growth and inflation, raising concerns over how long the Federal Reserve can stick with i ...

With U.S. stock futures trading mixed this morning on Thursday, some of the stocks that may grab investor focus today are as follows:Wall Street expects PepsiCo Inc. (NASDAQ:PEP) to post quarterly earnings at $2.26 per share on revenue of $23.83 billion before the opening bell, according to data from Benzinga Pro. PepsiCo shares rose 0.1% to $139.00 in after-hours trading.Costco Wholesale Corp. (NASDAQ:COST) reported net sales of $26.58 billion for the retail month of September, which includes the five week ...

Core Viewpoint - Delta Air Lines is positioned as a strong competitor in the airline industry, with a focus on operational excellence and customer satisfaction, which has contributed to its competitive edge [1]. Price Target Trends - Over the past year, Delta's consensus price target has shown a positive trend, increasing from $68.83 a year ago to $68.86 three months ago, and reaching an average of $71 last month, indicating improved analyst outlook [2][6]. Earnings Expectations - As Delta prepares to announce its third-quarter earnings, expectations are high for strong performance, with analyst Myles Walton from UBS setting a price target of $48, reflecting confidence in Delta's growth potential [3][6]. Challenges and Strategic Initiatives - Despite positive sentiment, Delta faces challenges such as inflationary pressures and potential declines in travel demand. However, the company's history of exceeding revenue forecasts and strategic initiatives like fleet modernization and global partnerships position it well to navigate these hurdles [4][6]. Investor Sentiment - Investors are closely monitoring Delta's upcoming earnings release for insights into the company's financial health and future prospects, supported by a strong track record and positive analyst outlook [5].