Delta Air Lines, Inc. (NYSE: DAL) Q2 2025 Earnings | 07/10/2025

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Delta Air Lines, Inc. reported its Q2 2025 results on July 10, 2025, delivering record revenue and reinstating its full-year guidance, despite ongoing industry headwinds and shifting consumer travel patterns. Q2 2025 Financial Highlights Operating Revenue: $16.65 billion (flat year-over-year), with adjusted revenue at $15.5 billion, up 1% GAAP Earnings Per Share: $3.27 Adjusted Earnings Per Share: $2.10, beating analyst expectations Operating Income: $2.1 billion (GAAP); $2.0 billion (adjusted) Operating Margin: 12.6% (GAAP); 13.2% (adjusted) Pre-tax Income: $2.6 billion (GAAP); $1.8 billion (adjusted) Net Income: $2.13 billion, up 63% year-over-year Operating Cash Flow: $1.8 billion Free Cash Flow: $733 million Cash & Equivalents: $3.33 billion at quarter-end Adjusted Net Debt: $16.3 billion Segment Performance Passenger Revenue: $13.87 billion (flat year-over-year) Domestic: $9.32 billion (down 1%) International: $4.55 billion (up 2%), led by 11% growth in Pacific routes Cargo Revenue: $212 million (up 7%) Other Revenue: $2.57 billion (down 2%) Premium Product Revenue: Up 5%, while main cabin sales declined 5% Operational Metrics Revenue Passenger Miles: 66.4 billion (up 2%) Available Seat Miles: 77.4 billion (up 4%) Load Factor: 86% (down 180 basis points) Passenger Revenue Per Available Seat Mile: Down 4% Non-fuel Unit Cost (CASM-Ex): Up 2.7% Average Fuel Price (Adjusted): $2.26 per gallon (down 14%) Strategic & Operational Updates Delta reinstated its full-year 2025 guidance, now expecting adjusted EPS of $5.25–$6.25 and free cash flow of $3–$4 billion. The airline announced a 25% dividend increase beginning in the September quarter. Demand patterns stabilized, but at lower-than-expected levels, prompting targeted capacity reductions after the summer peak. Corporate travel stabilized, though growth was below earlier projections. Delta’s premium offerings and its partnership with American Express (up 10% year-over-year to $2 billion) remained key earnings drivers. The carrier continued to focus on cost management, operational efficiency, and margin expansion. Outlook Q3 2025 Guidance: Adjusted EPS of $1.25–$1.75; revenue expected to be flat to up 4% year-over-year; operating margin of 9–11% Full-Year 2025 Guidance: Adjusted EPS of $5.25–$6.25; free cash flow of $3–$4 billion Ongoing focus on premium product growth, disciplined capacity management, and cost control amid tariff and demand uncertainty About Inside Ticker: For more expert analysis and real-time updates on Delta Air Lines, Inc. (NYSE: DAL) and other market movers, follow Inside Ticker and visit InsideTicker.com for in-depth reports, financial insights, and the latest news on leading companies. #DeltaAirLines #DAL #Q22025 #Earnings #Airlines #Aviation #FinancialResults #Travel #Growth #PremiumTravel #OperationalEfficiency #Dividend #Guidance #InvestorUpdate #InsideTicker #Revenue #Profitability #CorporateTravel #CapacityManagement #CashFlow #Innovation