Delta Air Lines Ends 2025 With Strong Financial Performance

Delta has reported a solid close to 2025, posting strong financial results for both the December quarter and the full year, underscoring the airline’s operational resilience and disciplined execution amid a challenging global environment.

For the December quarter, Delta recorded $16.0 billion in operating revenue, delivering an operating income of $1.5 billion and an operating margin of 9.2%. Earnings per share for the quarter came in at $1.86, supported by healthy demand across premium, international, and corporate travel segments. Operating cash flow for the quarter totalled $2.3 billion, reflecting continued strength in Delta’s core business.

On a full-year basis, Delta generated $63.4 billion in operating revenue, with operating income of $5.8 billion and a pre-tax income of $6.2 billion, translating to a 9.8% pre-tax margin. Full-year earnings per share reached $7.66, while operating cash flow stood at $8.3 billion.

“The Delta team delivered a strong close to our Centennial year, demonstrating the differentiation and durability we’ve built," said Delta CEO Ed Bastian. "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."

"2026 is off to a strong start with top-line growth accelerating on consumer and corporate demand. For the full year, we expect to deliver margin expansion and earnings growth of 20% year-over-year."

Excluding special items, Delta delivered $4.6 billion in free cash flow for the year and achieved a return on invested capital of 12%, reinforcing its long-term financial framework focused on profitability, cash generation, and balance-sheet strength.

The airline ended the year with total debt and finance lease obligations of $14.1 billion, continuing its progress toward investment-grade balance sheet metrics.

Bastian also highlighted Delta’s commitment to its workforce, announcing $1.3 billion in profit-sharing payouts to employees, one of the largest in the company’s history.

Operationally, Delta continued to differentiate itself through reliability and customer experience, maintaining its position as one of the most on-time carriers in the United States while expanding premium offerings and investing in fleet modernization and digital innovation.

Looking ahead, Delta expressed confidence in its 2026 outlook, citing accelerating demand from both leisure and corporate travellers. The airline expects full-year earnings growth of approximately 20% year-over-year, supported by margin expansion and sustained revenue momentum.

With strong fundamentals and a clear growth strategy, Delta enters 2026 positioned to build on its 2025 performance while continuing to deliver value for customers, employees, and shareholders.