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Sep 30
Delta Q3 2025 Earnings Report
Delta delivered record Q3 2025 revenue and strong profitability amid domestic strength and improving fundamentals.
Key Takeaways
Delta Air Lines reported $16.67B in GAAP revenue and $1.42B in net income in Q3 2025. Domestic performance led the way, while premium and loyalty segments showed double-digit growth. Adjusted earnings per share reached $1.71, and free cash flow topped $833M.
Achieved record quarterly revenue of $16.67B (+6% YoY)
Net income rose 11% YoY to $1.42B
Adjusted EPS reached $1.71, up from $1.50 in Q3 2024
Free cash flow increased sharply to $833M from $95M last year
Delta
Delta
Delta Revenue by Segment
Delta Revenue by Geographic Location
Revenue by Segment
Premium Products Revenue
CapyFin.comLoyalty Program Revenue
CapyFin.comCargo Revenue
CapyFin.comRevenue by Geographic Location
Domestic Revenue
CapyFin.comAtlantic Revenue
CapyFin.comLatin America Revenue
CapyFin.comPacific Revenue
CapyFin.com Forward Guidance
Delta expects Q4 2025 revenue growth of 2-4% YoY and EPS in the range of $1.60–$1.90. Full-year EPS is forecasted at approximately $6.
Positive Outlook
- Raised full-year EPS guidance to approx. $6
- Free cash flow forecast of $3.5B–$4B remains on track
- Expect Q4 operating margin of 10.5%–12%
- Domestic strength and premium demand to continue
- Improving trends in transatlantic unit revenue
Challenges Ahead
- Atlantic and Latin America revenue declined YoY
- Main cabin ticket revenue fell 4% YoY
- Passenger load factor declined 1 point YoY
- Fuel costs remain a volatility risk despite current improvement
- Unit revenue (TRASM) nearly flat at +0.3% YoY