Q1 25 EPS
$0.46
BEAT +18.25%
Est. $0.39
Q1 25 Revenue
$14.04B
BEAT +4.33%
Est. $13.46B
vs S&P Since Q1 25
+48.7%
BEATING MARKET
DAL +80.0% vs S&P +31.4%
Market Reaction
Did DAL Beat Earnings? Q1 2025 Results
Delta Air Lines opened 2025 with a stronger-than-expected quarter, posting adjusted EPS of $0.46 against a consensus estimate of $0.39, a beat of 18.25%, as revenue climbed 2.1% year over year to $14.04 billion, clearing analyst expectations of $13.4… Read more Delta Air Lines opened 2025 with a stronger-than-expected quarter, posting adjusted EPS of $0.46 against a consensus estimate of $0.39, a beat of 18.25%, as revenue climbed 2.1% year over year to $14.04 billion, clearing analyst expectations of $13.46 billion by 4.33%. The most meaningful driver was a structural shift in revenue mix, with premium ticket sales growing 7% to $4.71 billion and loyalty travel awards jumping 11%, helping premium and diversified streams account for 59% of adjusted operating revenue. Fuel costs also provided a tailwind, with adjusted fuel expense falling 7% to $2.39 billion as the average price per gallon declined 11% to $2.45. The results arrived, however, alongside a notable retreat on forward guidance; Delta withdrew its full-year 2025 outlook, citing macroeconomic uncertainty tied to global trade, and trimmed planned second-half capacity growth to flat year over year. For Q2, management guided EPS of $1.70 to $2.30 and an operating margin of 11% to 14%, a wide range that reflects the same demand uncertainty weighing on carriers across the industry.
Key Takeaways
- • Premium products revenue grew 7% YoY, approaching 59% of adjusted operating revenue
- • Loyalty travel awards revenue increased 11% YoY
- • Pacific region passenger revenue surged 16% YoY
- • Cargo revenue grew 17% YoY
- • Non-fuel unit cost growth of 2.6%, better than initial expectations
- • Adjusted fuel expense declined 7% with average fuel price per gallon down 11%
- • Strong operational performance despite challenging winter weather
DAL YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
DAL Revenue by Segment
With YoY comparisons, source: SEC Filings
DAL Revenue by Geography
With YoY comparisons, source: SEC Filings
“While the first quarter unfolded differently than initially expected, we delivered solid profitability that was flat to prior year and is expected to lead the industry. I would like to thank our people for their outstanding performance and hard work during the quarter.”
— Ed Bastian, Q1 2025 Earnings Press Release
DAL Earnings Trends
DAL vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
DAL EPS Trend
Earnings per share: estimate vs actual
DAL Revenue Trend
Quarterly revenue: estimate vs actual
DAL Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | $0.64 | — | $14.20B | — |
| Q4 25 BEAT FY | $1.52 | $1.55 | +1.97% | $16.00B | +1.41% |
| FY Full Year | $5.86 | $5.82 | -0.64% | $63.36B | +0.35% |
| Q3 25 BEAT | $1.52 | $1.71 | +12.52% | $15.20B | -4.81% |
| Q2 25 BEAT | $2.03 | $2.10 | +3.40% | $16.65B | +2.87% |
| Q1 25 BEAT | $0.39 | $0.46 | +18.25% | $14.04B | +4.33% |