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Delta Air Lines 8-K Report, Financial Results (Oct 9, 2025)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed October 9, 2025
Period End
October 9, 2025
Security
DAL
In the record · 2016–202610-K1210-Q338-K210

DAL filed 12 annual reports (10-K), 33 quarterly reports (10-Q) and 210 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · May ’18May ’18
  2. Leadership change8-K · Oct ’20Oct ’20
  3. Material agreement8-K · Nov ’22Nov ’22
  4. Leadership change8-K · Dec ’24Dec ’24

01—Abstract

Summary

Summary of the 8-K filed October 9, 2025. Cited figures are marked; the original filing is the authoritative source.

Delta Air Lines, Inc. furnished a press release (Exhibit 99.1) reporting its financial results for the quarter ended September 30, 2025.

On a GAAP basis, September quarter operating revenue was $16.7 billiona, up 6% from $15.7 billion a year earlier, with operating income of $1.7 billion (10.1% operating margin, up from 8.9%) and diluted EPS of $2.17 versus $1.97. On a non-GAAP basis, operating revenue was $15.2 billion, up 4.1% year-over-year, a record September quarter, with adjusted operating margin of 11.2% and adjusted diluted EPS of $1.71 versus $1.50. Adjusted non-fuel unit cost (CASM-Ex) was 13.35 cents, up 0.3%, and adjusted fuel price fell 11% to $2.25 per gallon.

Management said sales trends accelerated over the last six weeks and that Domestic passenger revenue grew 5%, while Atlantic revenue declined 2%. Balance sheet metrics were highlighted, including total debt and finance lease obligations of $14.9 billionb, adjusted net debt of $15.6 billion (down $2.4 billion from year-end 2024), gross leverage of 2.4x, and liquidity of $6.9 billion. Free cash flow for the quarter was $833 million, and the company cited year-to-date debt paydown of nearly $2 billion.

For the outlook, Delta guided December quarter operating margin of 10.5% to 12%, adjusted EPS of $1.60 to $1.90c, and total revenue growth of 2% to 4%. For full year 2025, it expects adjusted EPS of approximately $6, in the upper half of July guidance, and free cash flow of $3.5 to $4 billion. The company also said it is positioned for top-line growth, margin expansion and earnings improvement in 2026, consistent with its long-term financial framework.

02—Key points

Key Highlights

  1. Record September quarter revenue: GAAP operating revenue of $16.7 billion (up 6%) and adjusted operating revenue of $15.2 billion (up 4.1%).
  2. GAAP diluted EPS of $2.17 versus $1.97 a year ago; adjusted diluted EPS of $1.71 versus $1.50.
  3. GAAP operating margin of 10.1% (up from 8.9%) and adjusted operating margin of 11.2% (up from 9.4%).
  4. Free cash flow of $833 million in the quarter versus $95 million a year earlier; operating cash flow was $1.8 billion.
  5. Adjusted net debt fell $2.4 billion from year-end 2024 to $15.6 billion; gross leverage of 2.4x and liquidity of $6.9 billion.
  6. December quarter guidance: operating margin of 10.5% to 12%, adjusted EPS of $1.60 to $1.90, and total revenue growth of 2% to 4%.
  7. Full-year 2025 guidance: adjusted EPS of approximately $6 (upper half of July guidance) and free cash flow of $3.5 to $4 billion.

03—Questions

Frequently Asked Questions

  1. How did Delta perform in the September 2025 quarter?

    Delta reported GAAP operating revenue of $16.7 billion, operating income of $1.7 billion, and diluted EPS of $2.17, compared with $1.97 a year earlier. Excluding third-party refinery sales, MTM adjustments and other items, adjusted operating revenue was $15.2 billion (up 4.1%) and adjusted diluted EPS was $1.71 versus $1.50.

  2. What drove revenue growth?

    Management cited premium revenue up 9%, loyalty revenue up 9%, American Express remuneration of $2 billion up 12%, and corporate sales up 8%. Domestic passenger revenue rose 5%, while Atlantic passenger revenue fell 2%. The filing notes that year-over-year comparisons benefited 2.6 points from lapping last year's CrowdStrike-caused outage.

  3. What is Delta's outlook?

    For the December quarter, Delta expects total revenue growth of 2% to 4%, operating margin of 10.5% to 12%, and adjusted EPS of $1.60 to $1.90. For full year 2025, it expects adjusted EPS of approximately $6 and free cash flow of $3.5 to $4 billion.

  4. How is Delta's balance sheet and liquidity position?

    Total debt and finance lease obligations were $14.9 billion at quarter end, with adjusted net debt of $15.6 billion, down $2.4 billion from year-end 2024. Gross leverage was 2.4x, weighted average interest rate was 4.5% (95% fixed-rate debt), and liquidity totaled $6.9 billion, including $3.1 billion of undrawn revolver capacity.

  5. What were the main cost trends?

    Adjusted non-fuel unit cost (CASM-Ex) was 13.35 cents, up 0.3% year over year, and management said year-to-date non-fuel unit cost growth was under 2%. Adjusted fuel expense fell 8% to $2.6 billion, with an adjusted fuel price of $2.25 per gallon, down 11%, including a refinery benefit of 5 cents per gallon.

04—Continue

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