The corporations on our annual list of the world's 500 largest companies combined to generate $41.7 trillion in revenue over the past year.

Fortune Global 500

Almost $20 trillion in revenue—and a record-breaking $1.87 trillion in profits. Introducing the 2025 Fortune 500, the definitive list of the biggest companies in America.

Fortune 500

The top companies on our list have one thing in common: Staff largely trust leadership to see them as well-rounded people and reward them for a job well done.

GPTW_100BestCompaniesToWorkFor_2025-Delta Air Lines_US1__20241210214006_4

Employees say: "Delta provides an amazing place to develop a career, not just a job. People care for each other here and push each other to be better every day. When an employee hits a personal or family challenge, the company steps up and does right by them. My family experienced a medical issue, and the support and care that Delta provided to help us deal with the medical issue went above and beyond what was required or normal."

Fortune 100 Best Companies to Work For

The 300 companies on this year’s list brought in over $12.6 trillion in revenue for the latest 12 months, with the median revenue figure at $22 billion.

America's Most Innovative Companies

Leaders in all industries rely more than ever on Big Tech—and appreciate the giants that deliver, at scale, without drama.

World's Most Admired Companies

Energy sector dominated this year for the first time since 2008, with 28 companies featured on the list.

100 Fastest-Growing Companies

The corporations on our annual list posted aggregate revenues of $41 trillion for the second year in a row.

Industries included in the sector are airlines, transportation equipment, logistics, mail and freight delivery, railroads, shipping, and trucking.

Fortune Sector Leaders: Transportation

The Fortune 500, in its 70th year in 2024, ranks the biggest U.S. companies by revenue.

Creating a more empathetic workplace looks like staying loyal to workers, emphasizing D&I initiatives, and paying well.

100 Best Companies 2024-Delta Air Lines

Delta Air Lines employs over 100,000 people and services more than 4,000 daily flights to hundreds of destinations on six continents. With over 200 million annual customers, the airline company values its employees by raising pay, eliminating college-degree requirements, and instilling antiracism action plans. In April of last year, Delta increased the base pay for its operations employees by a flat 5%, and reported an average 5% increase for its salaried employees worldwide. It also offers a Shared Rewards program for its employees to earn 10% of corporate profits from their first dollar earned, through which employees earned a total of $61 million in 2022. Last February, Delta announced a profit-sharing payment of $1,250 to every eligible employee and later extended its payments through a 4% base pay raise in May, followed by another base pay increase of 5% in April. Delta also partners with Care.com to give workers last-minute care for children, adults, and pets with rates as low as $6 an hour.&nbsp;

The 200 companies on this list are transforming industries from the inside out.

The 26th edition of the list shows how much esteem Big Tech giants command among other business leaders.

WMA 2024-Delta

The 25th Fortune World’s Most Admired Companies list suggests that tech giants’ peers respect them as much as ever.

WMAC 2023-Delta Air Lines

The corporations on our annual list of the world’s largest companies delivered a record $41 trillion in aggregate revenues.

The 300 companies on this list are transforming industries from the inside out.

The Fortune 500, in its 69th year in 2023, ranks the biggest U.S. companies by revenue.

F500-2023-085-Delta

The Atlanta-based carrier moved 28 spots up this year’s list, thanks to a robust travel rebound in the wake of the COVID-era slowdown. Its operating revenue for the year reached $50.6 billion, up 69% from 2021. 
<ul> 
 	<li>In May 2022, Delta said it would remove 100 flights a day from its summer schedule to stave off travel chaos as it rebuilt its operations. In the month to follow, however, CEO Ed Bastian apologized for delays and the disruption of hundreds of flights owing in part to understaffing.</li> 
 	<li>Delta reached a deal with its pilots’ union in March 2023 to boost pay by 34% over three years.</li> 
 	<li>Inflation threatened Delta’s profits in early 2023, but the company anticipates a 2% to 4% nonfuel unit cost decline through the year compared with 2022.</li> 
 	<li>Still, Delta faces a pilot shortage and the delayed delivery of new aircraft, which could reduce flight volume and raise airfares.</li> 
 	<li>The airline expects flight demand to grow in 2023, which will help offset higher expenses, like the surging cost of fuel and labor.</li> 
</ul>

Just as it dominates our economy, Big Tech now dominates Fortune’s annual ranking of corporate reputation.

WMAC-2022-18-Delta

Aggregate sales hit $37.8 trillion last year—an increase of 19%, the highest annual growth rate in the list’s history.

This year’s Fortune 500 marks the 68th running of the list.

After a year in which humanity leaned more heavily than ever on tech giants, see which companies topped Fortune's ranking of corporate reputation.

WMAC 2021-23-Delta Airlines

This year’s Fortune 500 marks the 67th running of the list.

F500-2021-178-Delta Air Lines

The Atlanta-based airline was heavily challenged in 2020 as air travel was all but grounded during the pandemic. Its revenue fell 64% to $17.1 billion and it lost more than $12 billion. This year, the carrier has so far reported $4 million in daily cash generation in March, an improvement from the $11 million daily cash burn on average for the quarter ended in March 2021.

For an astounding 13th straight year, Apple claims the top spot in Fortune’s annual ranking of corporate reputation, based on a survey of almost 3,800 executives, directors, and analysts.

Our 2020 list of the 100 best companies as ranked by their employees. See which companies made the list.

This year's Fortune Global 500 generated $33.3 trillion in revenues and $2.1 trillion in profits.

G500-2020-252-Delta-Air-Lines

In retrospect, 2019 was a halcyon year for the travel industry. Fuel was cheap, travel demand was high, and as the only major U.S. airline without Boeing 737 MAX planes in its fleet, Delta sidestepped the fallout from their grounding. Annual revenue rose 5.8% to $47 billion, and net income jumped 21.1% to $4.8 billion, giving Delta its tenth straight year of profitability—if likely the last it will see for some time. After the pandemic closed down most airline travel and led Delta and its competitors to seek government aid, CEO Ed Bastian predicted that Delta will need at least three years to get back to a sustainable—but still sub-2019—level of travel. As Bastian told Fortune: “This is going to take a long time.”

This year's Fortune 500 marks the 66th running of the list.

F500-2020-068-Delta-Airlines

In retrospect, 2019 was a halcyon year for the travel industry and especially for Delta, which climbed past American to claim the title of the largest airline on the Fortune 500. Fuel was cheap, travel demand was high, and as the only major U.S. airline without Boeing 737 MAX planes in its fleet, Delta sidestepped the fallout from their grounding. Annual revenue rose 5.8% to $47 billion, and net income jumped 21.1% to $4.8 billion, giving Delta its tenth straight year of profitability—if likely the last it will see for some time. After the pandemic closed down most airline travel and led Delta and its competitors to seek government aid, CEO Ed Bastian predicted that Delta will need at least three years to get back to a sustainable—but still sub-2019—level of travel. As CEO Ed Bastian told Fortune: “This is going to take a long time.”

Here are the World's Most Admired Companies for 2019 as ranked in their industries. See who made the list.

Our 2019 list of the 100 best companies as ranked by their employees. See which companies made the list.

This year's Fortune Global 500 generated $27.7 trillion in revenues and $1.5 trillion in profits.

At the Best Workplaces for Women, company leaders foster mentorship and career growth.

Delta Airlines-Best Large Workplaces for Women 2019

An employee says: 
 
"Our leadership has a great vision and encourages us to be our best. Our executives treat us all as equals and strive to make our company the best place to work. I am blessed to be able to work at Delta." 
 
Read the Great Place to Work review .

100 Best Large Workplaces for Women

This year's Fortune 500 marks the 65th running of the list.

We surveyed tens of thousands of young employees to create this list of millennials’ favorite workplaces.

Delta-Best Workplaces Millennials 2019

Employees say: 
“The unique experience I have seen at Delta is the close and upfront relationship we have with our executive team. Every interaction we have with our leaders is important because it give us a sense of belonging and recognition.”

100 Best Large Workplaces for Millennials

Here are the World's Most Admired Companies for 2018 as ranked in their industries. See who made the list.

Our 2018 list of the 100 best companies as ranked by their employees. See which companies made the list.

This year's Fortune 500 marks the 64th running of the list.

Best Large Workplaces for Women 2018_Delta Air Lines

Employees say: 
 
&nbsp; 
 
"Delta's support of employee participation in community service and charity events is extraordinary. Employees volunteer in projects all over the world. Through Delta I have volunteered in Argentina, the Dominican Republic, Mexico and Haiti." 
 
&nbsp; 
 
Read the Great Place to Work review .

Here are the World's Most Admired Companies for 2017 as ranked in their industries. See who made the list.

Our 2017 list of the 100 best companies as ranked by their employees. See which companies made the list.

This year's Fortune 500 marks the 63rd running of the list.

Fortune’s annual list of the 100 Best Workplaces for Women highlights companies with generous benefits, flexible schedules, and an emphasis on balancing work and life. 

Best Workplaces for Diversity 2016- Delta Air Lines

Employees say: "My company takes the time to listen to my suggestions. We work in a team environment and my opinion as well as the person next to me has equal weight in a discussion. When we had our power outage that caused disruptions to thousands of travelers, they took ownership and did right by our customers and their employees. When doing damage control, everyone gave it their all because we wanted to not because we were told to do it. That speaks volumes!" 
 
&nbsp; 
 
"Delta takes very good care of their employees, and the employees love and respect the company. Because of this, the employees are willing to go above and beyond what is expected by leaders in order to ensure that the last customer is taken care of as needed." Read the .

Here are the World's Most Admired Companies for 2016 as ranked in their industries. See who made the list.

This year's Fortune Global 500 generated $27.6 trillion in revenues and $1.5 trillion in profits.

This year's Fortune 500 marks the 62nd running of the list.

Business insiders have spoken: Asked which companies they most admire, more than 4,100 executives, directors, and analysts chose these top 50 All-Stars.

The world's 500 largest companies generated $31.2 trillion in revenues and $1.7 trillion in profits in 2014. Together, this year's Fortune Global 500 employ 65 million people worldwide and are represented by 36 countries.

This year's Fortune 500 marks the 61st running of the list. Wal-Mart claims the top spot again. See who made the list.

Global business is back. After limping through a worldwide financial crisis and economic slowdown, the 500 largest companies ranked by revenues shattered all sorts of performance records in 2013: They racked up combined revenues of $31.1 trillion, up 2.5% from 2012, and profits soared 27% to nearly $2 trillion. China’s 95 companies (up from 89 last year) posted $5.8 trillion in revenues. The U.S. has four fewer companies on the list than last year but remains (for now) the country leader, with 128 corporations on the list—including No. 1 Wal-Mart Stores—reporting $8.6 trillion in revenues. 

Wal-Mart stayed on top as its sales crept closer to half-a-trillion dollars. Apple moved into the top five. And UnitedHealth Group continued its steady climb. 

Company Info

Industry

Founded

City

Sites

Revenue ($)

Web Address

Millennials In The Organization

# of millennial employees

Millennials as % of total workforce

Women In The Organization

% of Women in Management (non-Executive)

% of Women in Executive/Manager Positions

Fastest-growing Companies

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Total Return 3 Yr Rank

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Minimum requirement in-office attendance (days per week)

Mental health coverage

Free mental health sessions (per year)

Free backup childcare time off (days)

Maximum $ amount covered for fertility services

Fully paid maternal leave (days)

Fully paid paternal leave (days)

Fully paid adoptive leave (days)

Maternal leave in addition to regular time off (days)

Paid days off for volunteering

Key Financials (last Fiscal Year)

Revenues ($M)

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Total Stockholder Equity ($M)

Profit Ratios

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Earnings Per Share (last Fiscal Year)

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Total Return

Total Return to Investors (last year)

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A fixture of the aviation world since it launched in the 1920s, Delta is one of the world’s largest airlines by passengers and by revenue. It has numerous U.S. hub cities, the biggest of which is Atlanta, where Delta is headquartered. The airline’s routes span most of the world, including Asia and Latin America. Delta’s iconic red triangle logo is suggestive of flight and the fourth letter of the Greek alphabet. The airline also helped popularize Biscoff cookies—the name a portmanteau of biscuit and coffee—as an in-flight snack.&nbsp;

Q2 2025

Q1 2025

Q4 2024

Delta Air Lines (DAL): Company Profile, Stock Price, News, Rankings

legacy

Delta Air Lines

delta air lines

Good morning, everyone, and welcome to the Delta Air Lines June Quarter twenty twenty five Financial Results Conference Call. My name is Matthew, and I will be your coordinator. At this time, all participants are on a listen only mode until we conduct a question and answer session following the presentation. As a reminder, today's call is being recorded. If you have any questions or comments during the presentation, you may press I would now like to turn the conference over to Julie Stewart, Vice President of Investor Relations. Please go ahead.

Thank you, Matthew. Good morning, everyone, and thanks for joining us for our June. Joining us from Atlanta today are our CEO, Ed Bastian our President, Glenn Hollenstein and our CFO, Dan Jenke. Ed will open the call with an overview of Delta's performance and strategy. Glenn will provide an update on the revenue environment, and Dan will discuss costs and our balance sheet.

After the prepared remarks, we'll take analyst questions. We ask that you please limit yourself to one question and a brief follow-up so that we can get to as many of you as possible. After the analyst Q and A, we will move to our media questions. Today's discussion contains forward looking statements that represent our beliefs or expectations about future events. All forward looking statements involve risks and uncertainties that could cause actual results to differ materially from the forward looking statements.

Some of the factors that may cause such differences are described in Delta's SEC filings. We'll also discuss non GAAP financial measures, and all results exclude special items unless otherwise noted. Year over year figures compare against results as reported unless otherwise stated. You can find a reconciliation of our non GAAP measures on the Investor Relations page at ir.delta.com. And with that, I'll turn the call over to Ed.

Thank you, Julie, and good morning, everyone. We do appreciate you joining us today. Before we start, I'd like to take a moment to acknowledge the devastating events in Central Texas. Our hearts go out to the families and the communities that have been impacted. Delta is supporting the American Red Cross and their relief efforts to aid those affected.

Earlier this morning, we reported June results posting pretax income of $1,800,000,000 or earnings of $2.1 per share on record quarterly revenue in line with our April guidance. This performance reflects strong execution in a demand environment that has stabilized and the continued resilience of our diverse high margin revenue streams. We achieved an operating margin of 13.2% and generated $700,000,000 of free cash flow during the quarter, bringing our year to date free cash flow to $2,000,000,000 With strong cash generation, we continue to repay debt and announced a 25% increase to our quarterly dividend. I'm proud of the team for delivering strong financial and operational results in the first half of our centennial year. In a dynamic and somewhat unpredictable environment, our team has stayed focused, controlling what we can control and executing with discipline.

Operationally, Delta once again led network peers across key reliability and customer experience metrics, including on time performance, completion factor and Net Promoter Score. This strong performance underscores the resilience of our operation and the exceptional efforts of our teams to take care of our customers despite greater than normal summer storms across our system. Consistent with Delta's long standing commitment to industry leading total rewards for industry leading performance, we rewarded our people with a well deserved base pay increase of 4% during the quarter. And we're also on track for another industry leading profit sharing payout next February. Turning to demand, the environment has been stable since resetting to a lower growth rate earlier this year.

Overall demand for air travel remains similar to last year with softness largely contained to main cabin and particularly during off peak periods. Diversified revenue streams, which make up nearly 60% of Delta's revenue remain resilient. The fundamentals of The U. S. Economy are solid.

Our core consumer is in good shape and continues to prioritize travel and affinity for Delta's brand has never been stronger. This is evidenced by the sustained strength of our premium products and our industry leading co brand card with consumer spend growth on the Delta American Express card up double digits in the first half of the year. The recent passage of the reconciliation package creates certainty around tax policy. And with continued progress on trade negotiations, we expect both consumer and corporate confidence to improve in the second half of the year, creating the environment for travel demand to accelerate. On the supply side, we're encouraged by the industry's actions to align capacity with demand as we move beyond the peak summer period.

Importantly, seats at the lower end of the market are scheduled to contract as carriers adjust to the environment and work to improve financial performance. Against this backdrop, Delta remains very well positioned. We have also adjusted to a lower growth environment. And as discussed in April, our focus is managing the levers in our control to generate strong earnings and free cash flow. This includes adjusting our capacity to match demand and aggressively managing our cost base to deliver on our commitments.

For the September, the midpoint of our guidance is for earnings per share flat to last year on low single digit revenue growth and a double digit operating margin. The upper end of our outlook positions us to deliver earnings for the first nine months of the year that are flat with 2024. While not the growth we are planning for at the start of the year, this would represent solid performance in a very dynamic environment and highlights the durability of our business model as well as the growing divergence that we're seeing across the industry. Reflecting our confidence in the business, we are restoring financial guidance for the full year. We expect to deliver earnings per share of $5.25 to $6.25 and free cash flow of 3,000,000,000 to $4,000,000,000 This free cash flow outlook is within our long term target range and enables us to pay down $3,000,000,000 of debt this year while also returning cash to shareholders.

Looking beyond 2025, I confident in our ability to deliver financial performance that is consistent with the three to five year framework we outlined for you last fall. In our one hundredth year of flight, our strategic focus is clear. We're continuing to invest in elevating the world's best airline, expanding our global footprint, and transforming through technology. Globally, we have strengthened our network through a portfolio of best in class partnerships, providing access to over 90% of global demand via nonstop or one stop service. What sets our international strategy apart is how we create value through both our global partnerships and our equity investments in them.

This quarter, we saw meaningful appreciation in our GAAP results and the value of several of our equity stakes with a more than $700,000,000 mark to market gain underscoring the strength and health of our portfolio. We also announced two new opportunities, further enhancing our long term international growth potential. Our recently announced equity stake in WestJet helped solidify our standing as the carrier of The Americas, and our relationship with Indigo is a critical next step to establish connectivity between India, Europe and North America with India's largest and fastest growing airline. We are also continuing to make meaningful investments in technology across the business. For our customers, we're enhancing the travel experience with Delta Concierge, our virtual personal assistant built into the FlyDelta app that is launching later this year.

In the operation, we're driving efficiency through predictive intelligence that improves resource availability and optimizes maintenance. And commercially, we're optimizing revenue through our partnership with Fetcher, leveraging AI enhanced pricing solutions. While we are still in the test phase, results are encouraging. As has always been the case, our greatest advantage though is our people and their unmatched skill, dedication and commitment to serving our customers. In closing, we are focused on leveraging our competitive strengths and our scale advantage while controlling what we can to deliver for our customers, our employees and our owners.

Our Centennial year is a powerful opportunity to demonstrate the magnitude of the differentiation that we have created and the growing durability of our financial performance. Thank you again for joining us. And with that, I'll turn it over to Glenn and to Dan to cover the details of the quarter.

Thank you, Ed, and good morning. I want to begin by expressing my appreciation to the entire Delta team for your dedication throughout this busy summer travel season and to our customers for continuing to place their trust in Delta. June revenue increased approximately 1% year over year to 15,500,000,000.0 in line with our April guidance range. During the quarter, demand trends stabilized at levels that are flat to last year. Our teams did a great job optimizing revenue performance in this environment by leveraging Delta's structural advantages and engaging customers beyond flight to generate a revenue premium to the rest of the industry.

Diverse high margin revenue streams continue to show resilience, growing mid single digits year over year and driving double digit operating margins. Premium revenue grew 5% over the prior year, outpacing main cabin. We are actively rolling out expanded premium cabins in both domestic and international markets and have recently begun booking tickets for travel this fall with our newly refined and further segmented cabin products. Early results are positive, and we expect this to be a long term driver of margin expansion. Loyalty revenue grew 8% as customer engagement reached new records with millennial and Gen Z segments representing nearly 50% of our active member base.

This positions us well to build long term customer loyalty and capture more share of wallet through our expanding ecosystem. Our best in class partnership with American Express continues to grow and lead the broader consumer card industry. In the quarter, we saw a record level of spend on our card portfolio, highlighting both the strength of our customer and the appeal of our program. Renumeration from American Express was $2,000,000,000 up 10% over the prior year growth and momentum in new card acquisitions. We remain on track for full year remuneration of approximately $8,000,000,000 providing durability to both earnings and cash flow.

We benefit from a highly engaged, high spending card member base, customers who are deeply loyal to Delta and possess strong credit profiles. Revenue from Delta's travel products portfolio grew 8% with significant growth in cars, stays, and cruise products as a record percentage of customers added travel products to their flight bookings. Cargo revenue grew 7% year over year on higher yields and MRO revenue growth accelerated to 29% over prior year on higher volumes and work scopes. Corporate revenue improved modestly year over year and Delta share premium remains at historic highs. From a profitability perspective, margins are solid in all hubs and geographies with our strongest margins in our domestic core hubs where we have industry leading scale and connectivity. International margins have structurally improved and become more durable, reflecting the success of our multiyear international transformation through strategic investments in network, fleet and our partnerships.

Main cabin margins remain soft across both domestic and international markets. We expect improvement as industry demand and supply rebalances, and we continue to make progress on our commercial initiatives laid out in Investor Day last year. Post summer, we have proactively adjusted capacity to address areas of softness with reductions in main cabin and off peak flying beginning in August on a year over year basis. While consumer confidence has improved from the lows we saw earlier this spring, we're monitoring booking trends closely and leveraging Delta's strength to optimize revenue in this environment. For the September, we expect revenue to be flat to up 4% year over year.

Our outlook reflects stable demand across both consumer and corporate segments with the midpoint similar to second quarter performance excluding the impact from lapping the CrowdStrike caused outage. Diverse revenue streams remain resilient and as the industry further rationalizes domestic supply, we expect unit revenue trends to improve through the back half of the year. Internationally, while we are seeing some unit revenue pressure through the peak summer months, trends are improving as we move into the shoulder season, September and beyond. This is most pronounced in the Transatlantic where softness in European outbound travel is impacting July and August. At the same time, there is a continued shift from U.

S. Point of sale demand into the shoulder periods as consumers look to avoid peak crowds and summer heat. Our new markets are performing very well and we look ahead to 2026, we're incorporating these evolving seasonal patterns into our international network planning to align with customer preferences and travel behavior. While focused on optimizing revenues and margins in the current environment, we are also making steady progress on our longer term priorities. That includes investing in the travel experience, expanding customer choice, deepening loyalty to the Delta brand, and engaging customers beyond their flight.

In the air, we continue to invest in expanding premium cabins and are elevating the Delta One experience with new premium amenities, and our rollout of fast free Wi Fi for SkyMiles members is nearly complete. On the ground, we're expanding our clubs and premium lounge footprint. Just a few weeks ago in Seattle, we opened a new Sky Club and our fourth Delta One lounge. With 57 clubs and lounges, Delta customers have access to the largest and most awarded lounge network of any U. S.

Airline. We are also growing the value of SkyMiles memberships by expanding ways to earn miles beyond travel, including our newest partnership with Uber, which launched during this quarter. In closing, our consistent improvement strategy is delivering a sustained unit revenue premium and returns well in excess of our cost of capital. Our ability to deliver these strong results while the broader industry works to reestablish equilibrium underscores Delta's growing differentiation and enduring leadership position. And with that, I'll turn it over to Dan to talk about financials.

Thank you, Glenn, and good morning, everyone. For the June, we delivered pretax income of $1,800,000,000 with an operating margin of 13.2% and earnings of $2.1 dollars per share consistent with our April guidance. Non fuel unit cost growth of 2.7% was similar to the March. Cost execution continues to be an important focus across the enterprise. I'd like to thank the teams for delivering strong results in line with our expectations despite a challenging operating environment.

Severe weather impacted operations throughout the quarter with a number of irregular operation days more than 50% higher than last year and our historical average. For the first half of the year, operating cash flow was $4,300,000,000 dollars and after reinvesting $2,300,000,000 in the business, we generated free cash flow of $2,000,000,000 Strong cash generation supported debt paydown of $1,500,000,000 through the first half with gross leverage ending at 2.5 times. After reinvesting in the business, debt reduction remains our top capital allocation priority. Delta is investment grade rated at all three major credit agencies, has a fully funded pension and significant unencumbered assets and secured debt capacity. In addition to using cash flow for debt maturities, we are opportunistically prepaying and refinancing high cost debt where we can drive economic benefit. During the quarter, we successfully completed a $2,000,000,000 unsecured note offering and achieved a blended rate of 5.1%. This transaction creates a marker for the industry and demonstrates the strength of our investment grade balance sheet, which has an average cost of debt of 4.6%. At the same time, we are committed to shareholder returns.

We recently announced a 25% increase to our quarterly dividend starting in the third quarter, bringing our annual commitment to approximately $500,000,000 And at our current price, this puts our annualized dividend yield at 1.5%, and that's ahead of the S and P 500 average. Now turning to our outlook. For the September, we expect earnings of $1.25 to $1.75 per share and a 9% to 11% operating margin, and that's compared to 9.4 last year. As Glenn discussed, our outlook for revenue growth is flat to up 4% compared to last year. On the cost side, we continue to execute well and make progress on driving efficiency.

We expect third quarter will mark our strongest cost performance of the year with non fuel unit costs flat to down compared to 2024. We are effectively managing the levers within our control, reducing capacity growth post summer and managing our cost base to deliver on our long term targets of up low single digit non fuel unit cost growth. We expect our performance to lead the industry in year over year unit cost growth for the second consecutive year, improving our relative cost position. With a stable demand environment, a more constructive industry supply backdrop, strong cost execution and current fuel prices, we are positioned to deliver full year results that reflect Delta's growing differentiation and durability. For the full year, we expect to deliver earnings per share of $5.25 to $6.25 and free cash flow of 3,000,000,000 to $4,000,000,000 This free cash flow outlook is within our long term target and enables us to pay down $3,000,000,000 of debt while also returning cash to shareholders.

Looking beyond 2025, we remain confident in our ability to achieve our long term financial targets we outlined last November, delivering on margin expansion, durable earnings and cash flow and reducing leverage to the lowest level in company's history. This confidence is grounded in Delta's enduring competitive advantages, positioning us to generate sustained value for our owners. In closing, I want to extend my sincere thanks to the entire Delta team for their dedication to one another and to our customers, especially during this busy summer travel season. And with that, I'll turn it back to Julie for Q and A.

Thank you, Dan. Matthew, can you please remind the analysts how to enter the question queue?

Certainly. At this time, we'll be conducting a question and answer session. Thank you. Your first question is coming from Ravi Shanker from Morgan Stanley. Your line is live.

Great. Thanks. Good morning, everyone. Ed or Glenn, I think you said in your prepared remarks that you're encouraged by industry supply actions, especially lower end capacity coming out. Can you elaborate on that a little bit more and give us your thoughts on industry capacity in 3Q and 4Q?

Do you think we are at a point that we were last summer where demand and supply came into balance and that was supportive of RASM even in a falling jet fuel environment?

Hey, Ravi. It's Glenn. When you look back, I think when you look back into April for domestic, for example, we were industry was up around three. And as you move forward through the period between May, June, July, August and then into September, it appears as though the industry has taken four points of capacity out. And by the time we hit September, domestic industry seats are actually down close to 1%.

Delta Air Lines (DAL) Q2 2025 Earnings Call Transcript

Company Participants