01—Abstract
Summary
Summary of the 8-K filed September 11, 2025. Cited figures are marked; the original filing is the authoritative source.
Delta Air Lines, Inc. filed this Form 8-K under Item 7.01 (Regulation FD Disclosure) on September 11, 2025 to reaffirm its earnings outlook for the September quarter and full year 2025, which it originally provided on July 10, 2025.
Executives were scheduled to present at the Morgan Stanley Laguna Conference that day at 7:45 a.m. PT / 10:45 a.m. ET.
Delta cited industry-leading operational performance, improved demand trends and industry supply rationalization as supporting its outlook. For the September quarter, Delta expects total revenue growth of 2 to 4 percent over the prior year, placed in the upper half of its initial guidance range. The filing presents projected total revenue of $16.0 to $16.3 billiona for the three months ended September 30, 2025, versus $15.68 billion in the prior-year period.
Adjusted for third-party refinery sales, which Delta excludes to better compare its airline operations with other airlines, projected revenue is $14.9 to $15.2 billionb, compared with $14.59 billion in the prior-year period. The filing includes a non-GAAP reconciliation and standard forward-looking statement cautions, including risks tied to fuel costs, Monroe Energy's Trainer refinery, labor, and competition.
The filing is signed by Daniel C. Janki, Executive Vice President and Chief Financial Officer.
02—Key points
Key Highlights
- Delta reaffirmed its September quarter and full year 2025 earnings outlook, previously provided on July 10, 2025.
- Projected September quarter total revenue growth is 2 to 4 percent over the prior year, in the upper half of the initial guidance range.
- Projected total revenue for the three months ended September 30, 2025 is $16.0 to $16.3 billion, versus $15.68 billion a year earlier.
- Adjusted for third-party refinery sales (about $1.1 billion projected), projected revenue is $14.9 to $15.2 billion, versus $14.59 billion in the prior-year quarter.
- Management cited industry-leading operational performance, improved demand trends and industry supply rationalization as drivers of the outlook.
- Executives presented at the Morgan Stanley Laguna Conference on September 11, 2025 at 7:45 a.m. PT / 10:45 a.m. ET.
- The filing includes non-GAAP reconciliation and forward-looking statement risk factors, including fuel costs and refinery operations at Monroe Energy.
03—Questions
Frequently Asked Questions
Did Delta change its earnings outlook in this filing?
No. Delta stated it is reaffirming the earnings outlook for the September quarter and full year 2025 that it previously provided on July 10, 2025.
What revenue growth does Delta expect for the September quarter?
Delta expects total revenue growth of 2 to 4 percent over the prior year for the September quarter, in the upper half of its initial guidance range.
Why does Delta present adjusted revenue figures?
Delta excludes third-party refinery sales and related expenses because they are not related to its airline segment. The company says this gives a more meaningful comparison of its airline operations with the rest of the airline industry. Adjusted projected revenue is $14.9 to $15.2 billion for the September 2025 quarter.
What factors does Delta cite for its outlook?
Delta cites industry-leading operational performance, improved demand trends and industry supply rationalization as the basis for expecting revenue growth at the upper half of its guidance range.
What risks does the filing highlight?
The forward-looking statements section lists risks including aircraft fuel costs, disruptions in fuel supply from Monroe Energy's Trainer refinery, labor disruptions, competitive conditions, cybersecurity, regulatory and environmental compliance, and unfavorable economic or political conditions.
04—Continue