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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.
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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