Delta Q1 2025 Earnings Report
Key Takeaways
Delta Air Lines delivered solid financial results in Q1 2025, achieving strong revenue growth driven by premium and international segments, while maintaining profitability despite macroeconomic uncertainties.
Achieved adjusted EPS of $0.46 with net income of $240 million.
Adjusted operating revenue rose to $12.978 billion, a 3.3% increase YoY.
Premium ticket revenue grew 7% YoY, while international revenue saw strong performance, especially in the Pacific region (+16%).
Amex remuneration hit a record $2.0 billion, up 13% YoY, highlighting strong loyalty engagement.
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Delta Revenue by Segment
Delta Revenue by Geographic Location
Forward Guidance
Delta guided to a strong Q2 2025 with expected operating margin between 11–14% and EPS between $1.70–$2.30, but did not reaffirm full-year guidance due to economic uncertainty.
Positive Outlook
- Projected Q2 EPS of $1.70 to $2.30.
- Expected Q2 operating margin between 11% and 14%.
- Strong performance from premium, loyalty, and international segments.
- Cost management and flat capacity growth to protect margins.
- Fuel prices down 11% YoY, supporting profitability.
Challenges Ahead
- Domestic and main cabin softness continues.
- Corporate travel growth stalled in February and March.
- TRASM declined 1.0% YoY.
- Full-year 2025 guidance withdrawn due to economic uncertainty.
- Non-fuel CASM increased 2.6% YoY.
Revenue & Expenses
Visualization of income flow from segment revenue to net income