Q4 25 EPS
$1.55
BEAT +1.97%
Est. $1.52
Q4 25 Revenue
$16.00B
BEAT +1.41%
Est. $15.78B
vs S&P Since Q4 25
-4.2%
TRAILING MARKET
DAL -0.3% vs S&P +3.9%
Full Year 2025 Results
FY 25 EPS
$5.82
MISS 0.64%
Est. $5.86
FY 25 Revenue
$63.36B
BEAT +0.35%
Est. $63.14B
Market Reaction
Did DAL Beat Earnings? Q4 2025 Results
Delta Air Lines capped its Centennial year on a strong note, reporting Q4 2025 adjusted EPS of $1.55 against a consensus estimate of $1.52, a 1.97% beat, while revenue of $16.00 billion edged past the $15.78 billion forecast and grew 2.9% year-over-y… Read more Delta Air Lines capped its Centennial year on a strong note, reporting Q4 2025 adjusted EPS of $1.55 against a consensus estimate of $1.52, a 1.97% beat, while revenue of $16.00 billion edged past the $15.78 billion forecast and grew 2.9% year-over-year. The headline driver was Delta's deliberate premium strategy: premium product revenue climbed 9% in the quarter to $5.70 billion, even as main cabin ticket revenue fell 7%, reinforcing the airline's long-running thesis that differentiation through premium offerings is the most durable path to margin stability. Full-year pre-tax profit reached $5.00 billion on a GAAP basis, with adjusted free cash flow hitting a record $4.64 billion and adjusted net debt falling $3.68 billion to $14.30 billion. Looking ahead, Delta guided full-year 2026 EPS of $6.50 to $7.50, representing roughly 20% growth at the midpoint, with free cash flow of $3.00 billion to $4.00 billion, buoyed by accelerating cash sales trends and nearly 90% of surveyed corporate customers expecting travel volumes to hold steady or increase.
Key Takeaways
- • Premium products revenue grew 9% YoY in Q4 and 7% for the full year
- • Diverse high-margin revenue streams reached 60% of total adjusted revenue
- • American Express remuneration grew 11% to $8.2 billion in 2025
- • Corporate sales grew high-single digits YoY in Q4, broad-based across all sectors
- • Adjusted fuel expense declined 7% YoY for the full year, with fuel price per gallon down 10%
- • International performance improved significantly from September quarter, with YoY unit revenue growth improving 5 points
- • MRO revenue grew 25% for the full year with record backlog
- • Non-fuel unit cost growth of 2% in 2025, in line with long-term target
DAL YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
DAL Revenue by Segment
With YoY comparisons, source: SEC Filings
DAL Revenue by Geography
With YoY comparisons, source: SEC Filings
“The Delta team delivered a strong close to our Centennial year, demonstrating the differentiation and durability we've built. Our industry-leading performance delivered for our customers and our employees, while creating value for our owners, consistent with our long-term financial framework. 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. These results would not be possible without the exceptional efforts of our people and I look forward to celebrating our team next month with $1.3 billion of well-earned profit sharing.”
— Ed Bastian, Q4 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% |