Core Viewpoint - Delta Air Lines has revised its profit forecast for 2025 downward due to lower-than-expected demand and an oversupply of flights, although its outlook for summer travel exceeded Wall Street expectations [1][3]. Financial Performance - Delta anticipates adjusted earnings per share of $1.25 to $1.75 for Q3, slightly above Wall Street's expectation of $1.31 [2]. - The company expects full-year adjusted earnings of $5.25 to $6.25 per share, a decrease from the previous forecast of over $7.35 per share made in January [3]. - Delta reported adjusted earnings per share of $2.10, surpassing the expected $2.05, and adjusted revenue of $15.51 billion, slightly above the forecast of $15.48 billion [8]. Revenue Insights - Revenue from premium products rose by 5%, while sales from the main cabin fell by 5% compared to the previous year [6]. - The partnership with American Express contributed significantly, with revenue increasing by 10% year-over-year to $2 billion in Q2 [5]. Market Trends - Bookings have stabilized but at lower levels than initially expected, with travelers shifting their booking patterns closer to travel dates [4]. - Corporate travel has stabilized but is not experiencing the anticipated growth of 5% to 10% compared to last year [7]. Capacity Management - Delta plans to implement "surgical" capacity cuts after the peak summer travel season, which ends around mid-August [4].