Loading...
•
Dec 31, 2025
Delta Q4 2025 Earnings Report
Delta Air Lines reported strong financial results for the December quarter and full year 2025, extending its industry leadership and demonstrating durability.
Key Takeaways
Delta Air Lines closed its Centennial year with record revenue for both the December quarter and the full year 2025, achieving a double-digit return on invested capital and record free cash flow. The company reported strong GAAP and non-GAAP financial results, driven by diversified, high-margin revenue streams and disciplined cost management, positioning it for accelerated growth in 2026.
Delta achieved record operating revenue of $16.0 billion in Q4 2025 and $63.4 billion for the full year 2025.
Diluted earnings per share (GAAP) for Q4 2025 were $1.86, with full-year GAAP EPS at $7.66.
The company generated $1.8 billion in free cash flow for the December quarter and a record $4.6 billion for the full year 2025.
Adjusted non-fuel unit cost (CASM-Ex) increased by 4.0% year-over-year in Q4 2025, while adjusted fuel price per gallon decreased by 3%.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Delta Air Lines anticipates a strong start to 2026 with accelerating top-line growth driven by consumer and corporate demand. The company expects to achieve margin expansion and 20 percent year-over-year earnings growth for the full year 2026, with March quarter revenue projected to grow 5 to 7 percent over the prior year.
Positive Outlook
- Full year 2026 earnings per share expected to be between $6.50 and $7.50, representing 20% growth at the mid-point year-over-year.
- March quarter 2026 total revenue expected to grow 5% to 7% year-over-year.
- March quarter 2026 operating margin projected to be between 4.5% and 6%.
- Full year 2026 free cash flow expected to be between $3 billion and $4 billion.
- Non-fuel unit cost growth for full year and March quarter 2026 expected to be in line with long-term target of low-single digits year-over-year.
Challenges Ahead
- No specific negative forward guidance points were explicitly stated in the provided text for the upcoming periods.
- The report highlights a challenging environment in 2025, which could imply ongoing external pressures.
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...