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Sep 30, 2025
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
Revenue by Segment
Revenue by Geographic Location
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
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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