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Delta Air Lines today reported financial results for the June quarter and provided its outlook for the September quarter and full year 2025.  

Delivered June quarter results in line with April guidance, with continued strength in diverse revenue streams driving double-digit margins

Expect September quarter earnings per share of $1.25 to $1.75 with a 9 to 11 percent operating margin

Restoring full year guidance with expectation for earnings per share of $5.25 to $6.25 and free cash flow of $3 to $4 billion

Announced a 25 percent increase to dividend payment beginning in September quarter

ATLANTA, July 10, 2025 /PRNewswire/ — Delta Air Lines (NYSE: DAL) today reported financial results for the June quarter and provided its outlook for the September quarter and full year 2025.  Highlights of the June quarter, including both GAAP and adjusted metrics, are on page five and incorporated here.

“In the June quarter, Delta delivered record revenue on a 13 percent operating margin, generating $1.8 billion in pre-tax profit and leading network peers across key operational metrics.  This strong performance is a direct reflection of the outstanding contributions of our people, who continue to set the bar for industry performance,” said Ed Bastian, Delta’s chief executive officer.

“As we look to the second half of our centennial year, we remain focused on executing our strategic priorities and managing the levers within our control to deliver strong earnings and cash flow.  Reflecting our confidence in the business, we are restoring financial guidance with an expectation for earnings per share of $5.25 to $6.25 and free cash flow of $3 to $4 billion, consistent with our long-term free cash flow targets.”

June Quarter 2025 GAAP Financial Results

• Operating revenue of $16.6 billion
• Operating income of $2.1 billion with an operating margin of 12.6 percent
• Pre-tax income of $2.6 billion with a pre-tax margin of 15.5 percent
• Earnings per share of $3.27
• Operating cash flow of $1.9 billion
• Payments on debt and finance lease obligations of $2.9 billion
• Total debt and finance lease obligations of $15.1 billion at quarter end

June Quarter 2025 Non-GAAP Financial Results

• Operating revenue of $15.5 billion
• Operating income of $2.0 billion with an operating margin of 13.2 percent
• Pre-tax income of $1.8 billion with a pre-tax margin of 11.6 percent
• Earnings per share of $2.10
• Operating cash flow of $1.8 billion

Financial Guidance¹

Revenue Environment and Outlook

“Delta generated record June quarter revenue of $15.5 billion, approximately 1 percent higher than prior year.  Through the quarter, demand trends stabilized at levels that are flat to last year and we continued to see resilience in our diverse, high-margin revenue streams.  The team did a great job leveraging Delta’s structural advantages to optimize performance in this environment,” said Glen Hauenstein, Delta’s president.

“For the September quarter, we expect total revenue to be flat to up 4 percent compared to the prior year, with unit revenue trends expected to improve through the second half of the year as we continue to adjust capacity and the industry further rationalizes supply.”

• Record quarterly revenue: Delta’s total revenue was a record $15.5 billion, approximately 1 percent higher than the June quarter of 2024 on 4 percent capacity growth. Adjusted total unit revenue (TRASM) was down 3 percent compared to prior year, consistent with expectations.
• Diversified revenue streams remain resilient: Diverse, high margin revenue streams contributed 59 percent of total revenue, underpinning Delta’s differentiated business model. Premium revenue continued to outpace main cabin, growing 5 percent on a year-over-year basis. Loyalty revenue was up 8 percent, driven by co-brand spend growth and card acquisitions. American Express remuneration was $2 billion, up 10 percent year-over-year. Cargo and MRO revenue grew 7 percent and 29 percent, respectively.
• International performed well through peak summer period: International revenue grew 2 percent during the quarter. Continued restoration of the Transpacific network supported by double-digit capacity growth in the region drove record Pacific revenue, up 11 percent compared to the second quarter of 2024. Strong demand for Transatlantic travel continued as Delta expanded service to European destinations for the peak summer period with revenue growing 2 percent above record 2024 levels.
• Corporate demand environment remains steady: Corporate sales* in the June quarter were up low-single digits over the prior year, led by Domestic.

Cost Performance and Outlook

“Cost execution continues to be an important focus across the enterprise.  June quarter non-fuel unit cost growth of 2.7 percent was similar to the March quarter and in line with expectations,” said Dan Janki, Delta’s chief financial officer.  “We expect the September quarter will be our best non-fuel unit cost performance of the year, with non-fuel unit costs flat to down compared to 2024.  For the full year, we remain on track to deliver non-fuel unit cost growth in the low-single digits year-over-year, consistent with our long-term target.”

June Quarter 2025 Cost Performance

• Operating expense of $14.5 billion and adjusted operating expense of $13.5 billion
• Adjusted non-fuel costs of $10.5 billion
• Non-fuel CASM was 13.49¢, an increase of 2.7 percent year-over-year
• Adjusted fuel expense of $2.5 billion was down 11 percent year-over-year
• Adjusted fuel price of $2.26 per gallon decreased 14 percent year-over-year with a refinery loss of 1¢ per gallon

Balance Sheet, Cash and Liquidity

“During the first half of the year, we generated free cash flow of $2 billion, supporting our full year expectation for $3 to $4 billion of free cash flow,” Janki said.  “With strong cash generation, we are well-positioned to deliver on our capital allocation priorities as we reinvest in the business, pay down $3 billion of debt this year, and return cash to shareholders, including a 25 percent increase to our quarterly dividend beginning in the September quarter.”

• Adjusted net debt of $16.3 billion at June quarter end, a reduction of $1.7 billion from the end of 2024
• Payments on debt and finance lease obligations for the June quarter of $2.9 billion
• Weighted average interest rate of 4.6 percent with 95 percent fixed rate debt and 5 percent variable rate debt
• Adjusted operating cash flow in the June quarter of $1.8 billion, and with gross capital expenditures of $1.2 billion, free cash flow was $733 million
• Air Traffic Liability ended the quarter at $8.9 billion
• Liquidity* of $6.4 billion at quarter-end, including $3.1 billion in undrawn revolver capacity

June Quarter 2025 Highlights

Operations, Network and Fleet

• Recognized as the Best U.S. Airline by The Points Guy for the seventh consecutive year based on operational reliability, customer experience, cost, reach and loyalty
• Operated the most on-time airline in the June quarter, leading competitive set in on-time departures and arrivals and network peers in completion factor¹
• Took delivery of 10 aircraft during the June quarter, bringing the total year-to-date to 19, including the A350-900, A330-900, A321neo and A220-300
• Retired 10 aircraft during the June quarter, bringing the total to 14 retirements year-to-date
• Announced strengthened partnership with WestJet through a minority equity stake, supporting future benefits for travelers, including an elevated, more seamless travel experience for customers worldwide, subject to regulatory approvals and satisfaction of other customary closing conditions
• Announced plans to build global partnership with IndiGo, Air France-KLM and Virgin Atlantic, connecting India with Europe and North America in the future, subject to regulatory approvals
• Expanded joint venture with LATAM to Argentina, enhancing connectivity with the U.S. and Canada
• Launched nonstop flights from SLC to Seoul-Incheon, opening a new gateway between the U.S. and Asia
• Announced nonstop service from SEA to Barcelona and Rome beginning May of 2026
• Began operating Delta’s most expansive Transatlantic schedule ever, including new and increased service to Barcelona, Sicily, Copenhagen, Dublin, Milan, Naples and more European destinations

Culture and People

• Accrued $470 million toward profit sharing in the June quarter, resulting in $594 million accrued year-to-date
• Provided a 4 percent base pay increase for eligible employees worldwide, the fourth consecutive annual increase since 2022, reflecting Delta’s commitment to industry-leading pay for industry-leading performance
• Named No. 3 in the Fortune ReturnOnLeadership® ranking of the top 100 companies in the Fortune 500 based on strong leadership, strategic alignment and clear vision for the future, the highest-ranked airline
• Recognized as one of the 50 most community-minded companies in the U.S. for the eighth consecutive year by Points of Light
• Partnered with the Best Defense Foundation for the Normandy Legacy Flight for the fourth year, chartering over 20 WWII veterans to Normandy, France to commemorate the 81st anniversary of D-Day
• Recognized as the No. 1 corporate blood drive sponsor with the American Red Cross for the eighth consecutive year with a record 16,178 units of blood collected at 386 blood drives in the last 12 months
• Over 4,400 Delta volunteers completed 155 community service events and contributed over 8,600 hours of service across 8 countries during Global Volunteer Month in April

Customer Experience and Loyalty

• Ranked No. 1 in J.D. Power’s Premium Economy Satisfaction survey for the third consecutive year
• Awarded Best Airline Staff in North America for fourth consecutive year at the Skytrax World Airline Awards
• Launched Fly Delta app 7.0, enhancing the customer experience with real-time updates and seamless upgrade redemptions
• Opened the Delta One Lounge in SEA with seating for over 200 customers, complementing the new Delta Sky Club one level below with the two spaces totaling 24,000 square feet
• Opened eighth and largest Delta Sky Club in ATL located in Concourse D, with seating for over 500 guests
• Empowering customers with choice through the announcement of new product experiences tailored to individual budgets and priorities on flights starting October 1
• Named Best Global Airline for the Americas by the Airline Passenger Experience Association (APEX), further strengthening Delta’s position as a global leader in premium travel
• Launched Uber partnership enabling SkyMiles members to earn miles on select rides and deliveries; expanded to offer 6-12 months of complimentary Uber One for select Delta American Express cardholders
• Expanded partnership with Missoni to include a Delta One bedding set and a refreshed amenity kit
• Continued the roll out of fast, free Wi-Fi for SkyMiles Members with 925 aircraft equipped and 95 percent of the mainline fleet expected to be equipped by the end of 2025

Environmental Sustainability

• Issued the 2024 Delta Difference Report, highlighting Delta’s continued commitment to a more sustainable future of travel while investing in its people and supporting local communities
• Achieved 1 percent fuel burn savings from operational improvements, equating to 45 million gallons² of jet fuel savings, as a part of Delta’s decarbonization journey

June Quarter 2025 Results

June quarter results have been adjusted primarily for third-party refinery sales and gains/losses on investments as described in the reconciliations in Note A.

About Delta Air Lines  Through exceptional service and the power of innovation, Delta Air Lines (NYSE: DAL) never stops looking for ways to make every trip feel tailored to every customer.   

There are 100,000 Delta people leading the way to deliver a world-class customer experience on up to 5,000 peak day Delta and Delta Connection flights to more than 290 destinations on six continents, connecting people to places and to each other. 

Delta served more than 200 million customers in 2024 – safely, reliably and with industry-leading customer service innovation – and was recognized by J.D. Power this year for being No. 1 in First/Business and Premium Economy Passenger Satisfaction. The airline also was recognized as the top U.S. airline by the Wall Street Journal and as North America’s most on-time airline in 2024 and our people earned the Platinum Award for Operational Excellence from Cirium.

We remain committed to ensuring that the future of travel is connected, personalized and enjoyable. Our people’s genuine, enduring motivation is to make every customer feel welcomed and cared for across every point of their journey with us.

Headquartered in Atlanta, Delta operates significant hubs and key markets in Amsterdam, Atlanta, Bogota, Boston, Detroit, Lima, London-Heathrow, Los Angeles, Mexico City, Minneapolis-St. Paul, New York-JFK and LaGuardia, Paris-Charles de Gaulle, Salt Lake City, Santiago (Chile), Sao Paulo, Seattle, Seoul-Incheon and Tokyo.

As the leading global airline, Delta’s mission to connect the world creates opportunities, fosters understanding and expands horizons by connecting people and communities to each other and to their own potential. 

A founding member of the SkyTeam alliance and powered by innovative and strategic partnerships throughout the world with Aeromexico, Air France-KLM, China Eastern, Korean Air, LATAM, Virgin Atlantic and WestJet, Delta brings more choice and competition to customers worldwide. Delta’s premium product line is elevated by its unique partnership with Wheels Up Experience.

Delta is America’s most-awarded airline thanks to the dedication, passion and professionalism of its people. In addition to the awards from J.D. Power and Cirium, Delta has been recognized among Fast Company’s Most Innovative Companies; the World’s Most Admired Airline and one of the Best 100 Companies to Work For according to Fortune; one of Glassdoor’s Best Places to Work; the top carrier for business travelers by Business Travel News; and topped 5 categories, including the Best U.S. Airline award, in Forbes Travel Guide’s Verified Air Travel Awards. In addition, Delta has been named to the Civic 50 by Points of Light as one of the most community minded companies in the U.S. and the best U.S. airline by the Points Guy for the past seven years.