Delta Air Lines delivered strong financial and operational results with record revenue and solid cash flow management. However, challenges in the main cabin and weather-related disruptions posed notable issues. Despite these challenges, Delta's premium and loyalty segments showed strong growth, supporting a positive outlook.

Company Guidance -

Q3 2025

During Delta Air Lines, Inc.'s financial results conference call for Q2 2025, CEO Ed Bastian reported a pretax income of $1.8 billion, with earnings of $2.10 per share, aligning with their April guidance. The company's operating margin was 13.2%, and they generated $700 million in free cash flow, totaling $2 billion year-to-date. Delta Air Lines, Inc. also increased their quarterly dividend by 25% and announced plans to repay $3 billion of debt by year-end. The call highlighted a stable demand environment, with diversified revenue streams, including 66% of revenue from high-margin sources, showing resilience. Premium products and co-brand card spending showed double-digit growth, with loyalty revenue up 8%. Looking ahead, Delta Air Lines, Inc. projects full-year earnings per share between $5.25 and $6.25 and free cash flow of $3 to $4 billion. Additionally, for Q3, the company expects earnings per share of $1.25 to $1.75, with a 9% to 11% operating margin, and low single-digit revenue growth.

Record Quarterly Revenue

Delta Air Lines reported record quarterly revenue of $15.5 billion for the June quarter, marking an approximate 1% increase year over year.

Strong Free Cash Flow and Debt Management

Delta generated $700 million of free cash flow for the quarter, bringing year-to-date free cash flow to $2 billion. The company also announced a 25% increase to its quarterly dividend and plans to repay $3 billion of debt this year.

Growth in Premium and Loyalty Revenue

Premium revenue grew by 5% and loyalty revenue grew by 8%, with significant contributions from the Delta American Express co-brand card.

Operational Excellence and Customer Experience

Delta continued to lead in key reliability and customer experience metrics, including on-time performance, completion factor, and net promoter score.

MRO Revenue Growth

Maintenance, Repair, and Overhaul (MRO) revenue grew 29% year over year due to increased volumes and work scopes.

Delta Air Lines (DAL) Earnings, Revenues Date & History

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DAL Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 09, 2025	2025 (Q3)	1.49 / -	1.5	―	―	―
Jul 10, 2025	2025 (Q2)	2.06 / 2.10	2.36	-11.02% (-0.26)	―
Apr 09, 2025	2025 (Q1)	0.38 / 0.46	0.45	2.22% (+0.01)	―
Jan 10, 2025	2024 (Q4)	1.76 / 1.85	1.28	44.53% (+0.57)	―
Oct 10, 2024	2024 (Q3)	1.52 / 1.50	2.03	-26.11% (-0.53)
Jul 11, 2024	2024 (Q2)	2.37 / 2.36	2.68	-11.94% (-0.32)
Apr 10, 2024	2024 (Q1)	0.37 / 0.45	0.25	80.00% (+0.20)
Jan 12, 2024	2023 (Q4)	1.17 / 1.28	1.48	-13.51% (-0.20)
Oct 12, 2023	2023 (Q3)	1.95 / 2.03	1.51	34.44% (+0.52)
Jul 13, 2023	2023 (Q2)	2.40 / 2.68	1.44	86.11% (+1.24)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

DAL Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 10, 2025	$50.52	$56.58	+12.00%
Apr 09, 2025	$35.65	$43.98	+23.37%
Jan 10, 2025	$60.88	$66.36	+9.00%
Oct 10, 2024	$50.38	$49.84	-1.07%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.