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Delta Air Lines (DAL) investor relations material

Delta Air Lines Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary9 Oct, 2025

Executive summary

  • Record September quarter revenue reached $16.7 billion (GAAP), up 6% year-over-year, driven by premium, corporate, and loyalty segments, with adjusted revenue at $15.2 billion, up 4.1%.

  • Operating income for Q3 was $1.7 billion, with an 11.2% margin; net income was $1.42 billion, and adjusted EPS was $1.71.

  • Free cash flow for the quarter was $833 million, with $1.8 billion in operating cash flow and $1.1 billion in capital expenditures.

  • Liquidity at quarter end was $6.9 billion, with $3.1 billion undrawn under revolving credit facilities.

  • Operational reliability led the industry, with nearly $1 billion accrued for employee profit sharing and continued investment in fleet and network expansion.

Financial highlights

  • Total operating revenue for Q3 was $16.7 billion, up 6% year-over-year; nine-month revenue was $47.4 billion, up 3%.

  • Premium revenue grew 9%, loyalty revenue 9%, and corporate sales rose 8% year-over-year.

  • Non-fuel unit cost growth was flat year-over-year for the quarter and under 2% year-to-date; non-fuel CASM was 13.35¢, up 0.3%.

  • Debt paydown of nearly $2 billion year-to-date; gross leverage at 2.4x.

  • Operating expense increased 5% year-over-year, mainly due to higher capacity, employee costs, and refinery sales.

Outlook and guidance

  • December quarter operating margin expected between 10.5% and 12%, with adjusted EPS of $1.60 to $1.90.

  • Full-year 2025 adjusted EPS expected to be approximately $6, at the upper half of prior guidance.

  • Free cash flow guidance updated to $3.5–$4 billion for the year.

  • December quarter revenue expected to grow 2–4% year-over-year, with positive unit revenue.

  • Expectation of increased fuel consumption for the remainder of 2025, aligned with higher capacity and improved fuel efficiency.

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Frequently asked questions

Delta Air Lines, Inc. provides scheduled air transportation for passengers and cargo in the United States and internationally. It operates through two segments, Airline and Refinery. The company sells its tickets through various distribution channels, including delta.com and mobile applications; telephone reservations centers; online travel agencies; traditional brick and mortar, full-service travel agencies; and other internet websites. It also provides aircraft maintenance, repair, and overhaul services; training services to third-party airlines; and aircraft charters. In addition, the company is involved in purchasing refined products for resale to end users or other Vitol subsidiaries. Delta Air Lines, Inc. was founded in 1924 and is based in Atlanta, Georgia.

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