Q3 25 EPS
$1.71
BEAT +12.52%
Est. $1.52
Q3 25 Revenue
$15.20B
MISS 4.81%
Est. $15.96B
vs S&P Since Q3 25
+9.4%
BEATING MARKET
DAL +16.8% vs S&P +7.4%
Market Reaction
Did DAL Beat Earnings? Q3 2025 Results
Delta Air Lines posted a strong September quarter beat on the bottom line, with adjusted EPS of $1.71 clearing the consensus estimate of $1.52 by 12.52%, even as revenue of $15.20 billion came in 4.81% below Wall Street expectations and declined 3.1%… Read more Delta Air Lines posted a strong September quarter beat on the bottom line, with adjusted EPS of $1.71 clearing the consensus estimate of $1.52 by 12.52%, even as revenue of $15.20 billion came in 4.81% below Wall Street expectations and declined 3.1% year-over-year. The headline earnings strength was fueled by a meaningful tailwind from lapping last year's CrowdStrike-related outage, which contributed 2.6 points to total revenue growth, alongside surging diversified revenue streams, including $2.00 billion in American Express remuneration, up 12%, and premium ticket revenue growing 9% to $5.80 billion. Cost discipline added further lift, with non-fuel unit costs rising just 0.3% year-over-year and fuel expense falling 8% as the average price per gallon dropped 11% to $2.25. Free cash flow surged to $833.00 million from $95.00 million a year ago, helping Delta cut adjusted net debt to $15.59 billion. Looking ahead, management guided full-year adjusted EPS of approximately $6.00, with Q4 adjusted EPS expected between $1.60 and $1.90, citing accelerating sales trends across all geographies over the past six weeks.
Key Takeaways
- • Premium revenue grew 9% year-over-year with improvement across all products
- • Loyalty revenue increased 9% year-over-year
- • American Express remuneration of $2 billion grew 12% driven by double-digit co-brand spend growth
- • Domestic passenger revenue grew 5% supported by corporate sales acceleration and premium cabin strength
- • Corporate sales up 8% over prior year
- • Adjusted fuel expense down 8% year-over-year with fuel price per gallon declining 11%
- • Non-fuel unit cost growth approximately flat year-over-year at 0.3%
- • Diversified revenue streams contributed 60% of total revenue, up 3 points from prior year
- • Lapping CrowdStrike-caused outage from prior year benefited revenue comparisons by 2.6 points
DAL YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
DAL Revenue by Segment
With YoY comparisons, source: SEC Filings
DAL Revenue by Geography
With YoY comparisons, source: SEC Filings
“Delta's competitive advantages and differentiation have never been more evident, and thanks to the hard work of our people, we continue to elevate the customer experience and extend our industry leadership. We delivered September quarter results at the top end of our expectations on a combination of strong execution and improving fundamentals.”
— Ed Bastian, Q3 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% |