Q2 25 EPS
$2.10
BEAT +3.40%
Est. $2.03
Q2 25 Revenue
$16.65B
BEAT +2.87%
Est. $16.18B
vs S&P Since Q2 25
+6.1%
BEATING MARKET
DAL +21.2% vs S&P +15.2%
Market Reaction
Did DAL Beat Earnings? Q2 2025 Results
Delta Air Lines kicked off airline earnings season on a strong note, posting second-quarter 2025 adjusted EPS of $2.10, ahead of the $2.03 consensus estimate by 3.40%, while revenue of $16.65 billion topped expectations by 2.87% and held essentially … Read more Delta Air Lines kicked off airline earnings season on a strong note, posting second-quarter 2025 adjusted EPS of $2.10, ahead of the $2.03 consensus estimate by 3.40%, while revenue of $16.65 billion topped expectations by 2.87% and held essentially flat year-over-year with a -0.1% change. The key driver behind the results was a meaningful fuel cost tailwind, with adjusted fuel expense falling 11% to $2.51 billion as the average price dropped 14% to $2.26 per gallon, helping the carrier sustain a 13% adjusted operating margin even as main cabin revenue softened. Premium cabin revenue grew 5% to $5.90 billion, underscoring Delta's deliberate tilt toward higher-yielding travelers, while GAAP net income surged 63% to $2.13 billion, though that figure was substantially boosted by mark-to-market investment gains. Delta's stock rallied on the print as management restored full-year guidance, projecting EPS of $5.25 to $6.25 and free cash flow of $3 to $4 billion, and announced a 25% quarterly dividend increase beginning in the September quarter.
Key Takeaways
- • Record revenue driven by diverse, high-margin revenue streams
- • Premium products and diverse revenue streams represented 59% of adjusted operating revenue
- • Premium ticket revenue grew 5% year-over-year
- • Loyalty travel awards revenue increased 12%
- • Adjusted fuel expense declined 11% with average fuel price per gallon down 14%
- • Pacific region revenue grew 11% on 11% capacity expansion
- • Non-fuel unit cost growth of 2.7% in line with expectations
- • Most on-time airline in the June quarter leading competitive set
DAL YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
DAL Revenue by Segment
With YoY comparisons, source: SEC Filings
DAL Revenue by Geography
With YoY comparisons, source: SEC Filings
“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.”
— Ed Bastian, Q2 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% |