Delta Air Lines reported a strong finish to 2025, achieving record revenues and demonstrating durability in its industry-leading performance. The company highlighted accelerating momentum for 2026 with expectations for significant earnings growth.
Record operating revenue of $16.0 billion in the December quarter and $63.4 billion for the full year 2025.
positiveFull year 2025 non-GAAP operating revenue of $58.3 billion, a 2.3% increase over 2024.
positiveDecember quarter non-GAAP operating revenue of $14.6 billion, a 1.2% increase year-over-year.
positiveFull year 2025 non-GAAP earnings per share of $5.82, an increase from $5.33 in 2024.
positiveFull year 2025 free cash flow of $4.6 billion.
positiveFull year 2025 return on invested capital of 12.0 percent.
positiveDiverse, high-margin revenue streams grew 7% in 2025, representing 60% of total revenue.
positiveAmerican Express remuneration grew 11% to $8.2 billion in 2025.
positiveNamed most on-time airline in the U.S. for the fifth year in a row by Cirium.
positiveDecember quarter GAAP operating income decreased by 15% to $1.5 billion compared to the prior year.
attentionNon-fuel CASM (Cost per Available Seat Mile) increased by 4.0% year-over-year in the December quarter.
attentionTotal operating revenue growth in the December quarter was impacted by about 2 points from the government shutdown.
attentionFull year 2025 GAAP operating income decreased by 3% to $5.8 billion compared to the prior year.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
The Delta team delivered a strong close to our Centennial year, demonstrating the differentiation and durability we’ve built.
We generated $5 billion of pre-tax profit with a double-digit operating margin and record free cash flow of $4.6 billion, all while navigating a challenging environment.
2026 is off to a strong start with top-line growth accelerating on consumer and corporate demand. For the full year, we expect to deliver margin expansion and earnings growth of 20 percent year-over-year.
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Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.