Financial Data and Key Metrics Changes - Delta achieved record revenue of $58.3 billion for the full year 2025, a 2.3% increase year-over-year, with an operating margin of 10% and earnings per share of $5.82 [18][8] - In Q4 2025, Delta reported record revenue of $14.6 billion, a 1.2% increase from Q4 2024, despite a $200 million impact from the government shutdown [20][25] - Free cash flow reached $4.6 billion, the highest in Delta's history, contributing to a reduction in leverage by more than 50% [8][26] Business Line Data and Key Metrics Changes - Premium revenue grew by 7%, cargo revenue increased by 9%, and maintenance, repair, and overhaul (MRO) revenue grew by 25% in 2025 [18][19] - Total loyalty revenue improved by 6%, with travel products continuing to grow at double-digit rates [19] - Corporate sales grew by 8%, with significant growth across banking, consumer services, and media sectors [20] Market Data and Key Metrics Changes - Delta's international performance improved significantly, with unit revenue growth increasing by 5 points, driven by transatlantic and Pacific routes [20] - The company expects revenue growth of 5%-7% in the March quarter of 2026, supported by strong consumer and corporate demand [10][22] - Delta's market share is at an all-time high, indicating strong competitive positioning [53] Company Strategy and Development Direction - Delta aims to reshape the end-to-end travel experience, focusing on premium offerings and expanding its international footprint [11][13] - The company plans to invest in a new fleet, including an order for 30 Boeing 787-10s, to enhance its international network and improve operational efficiency [13][30] - Delta's strategy includes leveraging technology and partnerships to enhance customer engagement and drive high-margin revenue streams [12][18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, citing robust demand and a balanced supply-demand environment in the industry [22][70] - The company anticipates earnings per share growth of 20% year-over-year in 2026, with free cash flow expected to be between $3 billion and $4 billion [11][27] - Management acknowledged challenges in operational reliability and recovery but emphasized ongoing efforts to improve these areas [80][81] Other Important Information - Delta awarded a 4% pay increase and announced a $1.3 billion profit-sharing payout for 2025, reflecting the company's commitment to its employees [9] - Glen Hauenstein, the President, will retire, with Joe Esposito taking over as Chief Commercial Officer, ensuring continuity in leadership [15][16] Q&A Session Summary Question: Impact of potential 10% rate cap on Delta's competitiveness - Management indicated that while it is early to speculate, Delta's premium card offerings would likely benefit if the cap is implemented, as it would restrict lower-end consumers' access to credit [34][36] Question: Regrets about industry evolution not being present - Glen Hauenstein mentioned missing the continued evolution of partnerships and the performance of new fleets, emphasizing the importance of long-term vision [37][39] Question: Acceleration of demand trends into 2026 - Management confirmed that demand has accelerated across all entities and geographies, with a return to more normal booking patterns [45][48] Question: Corporate demand and market share gains - Management noted that Delta's market share is at an all-time high, with broader market improvements contributing to positive corporate demand [52][53] Question: Differentiation in operational reliability - Management acknowledged the need for improvement in recovery from irregular operations but highlighted Delta's strong foundation and recent recognition as the most on-time airline [78][80]

Financial Data and Key Metrics Changes - Delta achieved record revenue of $58.3 billion for the full year 2025, reflecting a 2.3% year-over-year increase, with an operating margin of 10% and earnings per share of $5.82 [5][16] - In Q4 2025, Delta reported record revenue of $14.6 billion, a 1.2% increase from Q4 2024, despite a $200 million impact from the government shutdown [18][23] - Free cash flow reached $4.6 billion, the highest in Delta's history, contributing to a reduction in leverage by more than 50% over the past three years [5][24] Business Line Data and Key Metrics Changes - Premium revenue grew by 7%, cargo revenue increased by 9%, and maintenance, repair, and overhaul (MRO) revenue surged by 25% in 2025 [16][17] - Total loyalty revenue improved by 6%, with travel products continuing to grow at double-digit rates [17] - Corporate sales grew by 8%, with significant contributions from banking, consumer services, and media sectors [18] Market Data and Key Metrics Changes - The U.S. economy remains strong, with consumers prioritizing travel, which is among the top spending categories [8] - Business travel is showing signs of recovery, with corporate customers indicating an expected increase in travel spending [8][19] - Delta's market share is at an all-time high, reflecting gradual gains over the years [51] Company Strategy and Development Direction - Delta aims to reshape the end-to-end travel experience, focusing on premium offerings and enhancing customer engagement through technology and partnerships [9][10] - The company plans to expand its international footprint while continuing to grow margins, supported by investments in fleet renewal and joint ventures [11][20] - Delta's strategy includes leveraging its loyalty program and co-branded partnerships to drive high-margin revenue streams [10][17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, expecting earnings per share growth of 20% year-over-year and free cash flow of $3-$4 billion [9][25] - The company anticipates revenue growth of 5%-7% in Q1 2026, supported by strong demand and a balanced supply-demand environment [19][24] - Management acknowledged the challenges of the previous year but emphasized a strong start to 2026 with record bookings and positive demand trends [19][25] Other Important Information - Delta announced an order for 30 Boeing 787-10 aircraft, enhancing its international network and operational capabilities [11][27] - The company is committed to maintaining a strong balance sheet, with adjusted net debt of approximately $14 billion and unencumbered assets of $35 billion [24][26] - Delta's operational reliability has improved, being recognized as the most on-time airline in North America [76] Q&A Session Summary Question: Impact of potential interest rate cap on Delta's competitiveness - Management noted that while it is early to speculate, Delta's premium card offerings would likely maintain their value and differentiation even if the cap is implemented [32][34] Question: Glen's reflections on industry evolution - Glen expressed pride in Delta's accomplishments and highlighted the importance of continued boldness in strategy for future success [84] Question: Acceleration of demand trends - Management confirmed that demand has accelerated across all segments and geographies, with a return to more normal booking patterns [44][45] Question: Corporate demand outlook - Management indicated that corporate demand is strong, with Delta's market share at an all-time high, contributing to positive expectations for 2026 [51] Question: Differentiation in operational reliability - Management acknowledged ongoing work to improve recovery from irregular operations but emphasized Delta's strong foundation and leadership in operational metrics [76][78] Question: MRO business outlook - Management expressed optimism for the MRO segment, anticipating significant revenue growth and margin expansion in the coming years [86][88]

Core Insights - Delta Air Lines' profit forecasts fell short of investor expectations, leading to a 2% drop in shares [1] - The company projected fiscal 2026 adjusted profit growth of 20% at the midpoint, but its guidance for full-year adjusted earnings per share (EPS) of $6.50 to $7.50 was below the $7.26 consensus forecast [2] - Delta's fourth-quarter profit for fiscal 2025 was $1.55 per share, slightly missing estimates, although operating revenue of $16 billion exceeded projections [4] Financial Performance - For fiscal 2025, Delta reported a profit of $5 billion on over $63 billion in operating revenue, with a significant contribution from American Express, which provided $8.2 billion in remuneration growth [5] - The airline experienced a loss in passenger revenue, with a passenger revenue per available seat mile (PRASM) of 17.37 cents, lower than the cost per available seat mile (CASM) of 19.31 cents [5] Industry Context - Delta is the largest U.S. airline by revenue, highlighting the challenges in profitability within the airline industry due to rising operating costs outpacing passenger revenue [3] - The company continues to depend on more lucrative business segments, such as co-branded credit cards, to bolster profits while passenger operations remain unprofitable [7] Future Outlook - Delta announced a deal with Boeing to purchase 30 787-10 widebody aircraft, with options for 30 more, set for delivery starting in 2031, indicating a focus on fleet modernization [6][7] - CEO Ed Bastian emphasized the importance of enhancing customer experience and operational improvements through fleet upgrades [7]

Core Insights - Delta Air Lines reported a revenue of $16 billion for the quarter ended December 2025, marking a 2.9% increase year-over-year, and an EPS of $1.55, down from $1.85 in the same quarter last year [1] - The revenue exceeded the Zacks Consensus Estimate of $15.63 billion by 2.41%, while the EPS did not meet the consensus estimate of $1.53 [1] Financial Performance Metrics - Passenger Load Factor was reported at 82%, below the average estimate of 84.2% from five analysts [4] - Revenue Passenger Miles totaled 59.86 billion, compared to the estimated 62.14 billion [4] - Cost per Available Seat Mile (CASM) was 14.27 cents, slightly above the average estimate of 14.17 cents [4] - Average price per fuel gallon was adjusted to $2.28, lower than the estimated $2.35 [4] - Available Seat Miles were reported at 72.95 billion, compared to the average estimate of 73.41 billion [4] - Total Revenue per Available Seat Mile (TRASM) was 21.94 cents, exceeding the average estimate of 21.23 cents [4] - Operating Revenues from Passenger services were $12.92 billion, slightly below the average estimate of $13.07 billion, reflecting a year-over-year increase of 0.8% [4] - Operating Revenues from Cargo were $246 million, surpassing the estimated $230.9 million, but showing a year-over-year decline of 1.2% [4] - Operating Revenues from Other sources reached $2.84 billion, exceeding the average estimate of $2.56 billion, with a year-over-year increase of 13.9% [4] Stock Performance - Delta's shares have returned -0.3% over the past month, while the Zacks S&P 500 composite increased by 2.3% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

Delta Air Lines (NYSE: DAL) reported record full-year revenue of $58.3 billion and strong fourth-quarter results, yet shares plummeted 5% in premarket trading on Tuesday. The plunge came as the invest... ...

Core Insights - Delta Air Lines reported a fourth-quarter profit that exceeded expectations, indicating strong operational performance despite challenges in revenue generation [1] Financial Performance - The company achieved a profit in the fourth quarter, surpassing analysts' forecasts, which reflects effective cost management and operational efficiency [1] - However, adjusted revenue fell short of expectations, which negatively impacted the stock price, suggesting concerns about future revenue growth [1] Market Reaction - Following the earnings report, Delta's stock experienced a decline, highlighting investor sensitivity to revenue performance despite the profit beat [1]

Core Insights - Delta Air Lines has selected GE Aerospace's GEnx engines to power 30 new Boeing 787-10 aircraft, with options for an additional 30 aircraft, including spare engines and long-term service support [1][2]. Company Overview - GE Aerospace has a long-standing partnership with Delta Air Lines, dating back to 1956, and currently supports Delta's extensive fleet of over 1,300 aircraft powered by GE Aerospace and CFM engines [3]. - The GEnx engine family, introduced in 2011, has achieved over 70 million flight hours and powers two-thirds of all operational Boeing 787 aircraft, showcasing its reliability and efficiency [2]. Strategic Importance - The GEnx engines are integral to Delta's international growth plans, providing improved efficiency and reliability for connecting passengers to global destinations [3]. - GE Aerospace is committed to innovation in aerospace propulsion, with a workforce of approximately 53,000 employees and a significant installed base of around 49,000 commercial and 29,000 military aircraft engines [4].

Core Viewpoint - Delta Air Lines anticipates that high-earning flyers who invest in premium amenities will significantly enhance its profits this year [1] Group 1 - The company is focusing on attracting affluent customers who are willing to pay for enhanced services [1] - Delta's strategy is aimed at capitalizing on the growing demand for premium travel experiences [1]

Exhibit 99.1 https://files reportify cc/med CONTACT: Investor Relations Corporate Communications 404-715-2170 404-715-2554 InvestorRelations@delta.com Media@delta.com Delta Air Lines Announces December Quarter and Full Year 2025 Financial Results 2025 financial performance extends industry leadership and reflects durability Record revenue in December quarter and full year with a double-digit return on invested capital Accelerating momentum with 2026 earnings expected to grow 20 percent year-over-year Strong ...

Core Insights - Delta Air Lines reported record revenue for the December quarter and full year 2025, with a pre-tax profit of $5 billion and a double-digit operating margin, reflecting strong financial performance and industry leadership [1][2][7] - The company anticipates a 20% year-over-year earnings growth for 2026, supported by strong consumer and corporate demand [3][6] - Delta expects March quarter revenue to grow by 5% to 7% year-over-year, indicating continued momentum [8] Financial Performance - Full year 2025 operating revenue reached $63.4 billion, a 3% increase from 2024, with operating income of $5.8 billion and an operating margin of 9.2% [5][21] - In the December quarter, operating revenue was $16.0 billion, with a pre-tax income of $1.5 billion and an operating margin of 9.2% [5][21] - Earnings per share for the full year 2025 was $7.66, up from $5.33 in 2024, reflecting a significant increase in profitability [21] Revenue Environment - Delta achieved a unit revenue premium of nearly 115% relative to the industry, with high-margin diversified revenue streams contributing to 60% of total revenue [7][8] - Premium revenue grew by 7% year-over-year, while cargo revenue increased by 9% and MRO revenue grew by 25% [8] - Corporate sales improved across all sectors, with nearly 90% of companies expecting travel volume to increase or remain steady in 2026 [8] Cost Performance - Non-fuel unit cost growth was 2% in 2025, aligning with Delta's long-term target of low-single digit growth [9] - The company expects to maintain cost performance in 2026, with capacity growth projected at approximately 3% [9] Balance Sheet and Cash Flow - Delta generated $4.6 billion in free cash flow in 2025, allowing for continued debt paydown and improving gross leverage to 2.4x [12] - The company closed the year with adjusted net debt of approximately $14 billion and unencumbered assets of $35 billion, positioning Delta with a strong balance sheet [12] Fleet Update - Delta announced an agreement with Boeing to purchase thirty 787-10 widebody aircraft, with deliveries scheduled to begin in 2031, enhancing fuel efficiency and long-haul capabilities [13][17] Customer Experience and Loyalty - Delta was named the most on-time airline in the U.S. for the fifth consecutive year, reflecting its commitment to operational excellence [19][24] - The airline's loyalty program saw significant growth, with over 1.5 million SkyMiles members linking their accounts with Uber since the partnership launched [23]