The companies on the Global 500 employ 70.2 million people, and their revenue represents more than one-third of the world’s GDP.

Fortune Global 500

With a combined revenue of $21 trillion and $2.1 trillion in profits, the 2026 Fortune 500 is the definitive list of America's largest companies.

Fortune 500

The 300 companies on this year’s list brought in over $12.5 trillion in revenue for the latest 12 months, with the median revenue figure at $24 billion.

America's Most Innovative Companies

AI is a major force shaping this year’s list—but it’s far from the only story.

World's Most Admired Companies

This year's 100 Best Companies to Work For are rebuilding the social contract at work so people feel supported, trusted, and future-ready as they undergo that transition.

100 Best Places to Work 2026_Delta Air Lines

Delta Air Lines handed out $1.3 billion in bonuses this year to its more than 100,000 workers worldwide after posting strong earnings, bringing total employee profit-sharing to $11 billion since 2015. Staffers also get unlimited standby travel privileges to any destination Delta serves, along with discounts on tickets and vacation packages. Employees say: "I truly appreciate how Delta listens to employee feedback and continues to innovate in ways that drive meaningful improvement. What I love most is that we are recognized not just as employees, but as family. The sense of community here is incredibly strong, and the diversity within our teams is something I find truly beautiful. Delta has been a part of my life since birth, thanks to my father also being a member of this incredible team since 2005. For us, Delta is more than a company - it's generational, and it's home." &nbsp;

Fortune 100 Best Companies to Work For

This is the 40th year for our annual Fastest-Growing Companies list, which ranks companies based on growth in revenue, profits, and stock returns.

100 Fastest-Growing Companies

The companies on this annual list make a conscious effort to be supportive, inclusive workplaces.

Employees say:"I absolutely love working for this company and the family dynamic that it has. I love how inclusive the executives are and how they make us (the regular ground workers and hourly workers) feel important by including us in all of the big decisions Delta makes. For an example within the first year of joining Delta I was able to meet the CEO of the company, and I was able to ask him different questions directly about the future of Delta and listen to him speak. I've never been with a company that has made me feel so important and like my voice matters until I started working with Delta."

100 Best Large Workplaces for Women

This ranking evaluates how Fortune 500 companies are deploying AI, and how technology leaders value those investments relative to industry peers.

Fortune AIQ 50

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.

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.

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."

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.

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

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

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 .

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

Best Companies

Rank last year

Years on list

U.S. employees

U.S. job openings

Year founded

Benefits

Subsidized childcare

Compressed work weeks

Option to work remotely

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

Best Workplaces For Women

Industry Vertical

# Work Sites

Fastest-growing Companies

Revenue 3 Yr Growth Rank

Revenue 3 Yr Annual Growth Rate

EPS 3 Yr Growth Rank

EPS 3 Yr Annual Growth Rate

Total Return 3 Yr Rank

Total Return 3 Yr Annual Rate

Beat S&P 500 3 Yr Return

Current Streak

Years on List

Sector

Current All-Star Rank

Previous All-Star Rank

Industry Rank

Previous Industry Rank

Overall Score

Innovation

People Management

Use of Corporate Assets

Social Responsibility

Quality of Management

Financial Soundness

Long-Term Investment Value

Quality of Products/Services

Global Competitiveness

Strongest Dimension

Previous rank

State

Key Financials (last Fiscal Year)

Revenues ($M)

Profits ($M)

Assets ($M)

Total Stockholder Equity ($M)

Profit Ratios

Profit as % of Revenues

Profits as % of Assets

Profits as % of Stockholder Equity

Earnings Per Share (last Fiscal Year)

Earnings Per Share ($)

EPS % Change (from prior fiscal year)

EPS % Change (5 year annual rate)

EPS % Change (10 year annual rate)

Total Return

Total Return to Investors (last year)

Total Return to Investors (5 year, annualized)

Total Return to Investors (10 year, annualized)

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.

Q2 2026

Q1 2026

Q4 2025

Q3 2025

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 September Quarter 2025 Financial Results Conference Call. My name is Matthew, and I'll 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 star one on your phone to enter the question queue at any time. I would now like to turn the conference over to Julie Stewart, Vice President of Investor Relations and Corporate Development. Please go ahead.

Thank you, Matthew. Good morning, and thank you for joining us for our September Quarter 2025 Earnings Call. Joining us today from Atlanta are our CEO, Ed Bastian, our President, Glen Hauenstein, and our CFO, Dan Janki. Ed will open the call with an overview of Delta Air Lines' performance and strategy. Glen 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 you to please limit yourself to one question and a brief follow-up so we can get to as many of you as possible. After the analyst Q&A, we will move to our media questions. As a reminder, 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 the 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. With that, I'll turn it over to Ed.

Thank you, Julie. Good morning, everyone. We appreciate you joining us today. This quarter's results reinforce that Delta's competitive advantages and differentiation have never been more evident. In the September quarter, Delta's revenue growth and earnings came in at the top end of our expectations, delivering performance that we anticipate will lead the industry across all key financial measures. Revenue grew 4%, led by premium, corporate, and loyalty, reflecting the power of Delta's brand, the financial strength of our customer base, and improving industry fundamentals. We reported pre-tax income of $1.5 billion and earnings of $1.71 per share, with an 11.2% operating margin. Free cash was $830 million, bringing our year-to-date free cash flow to $2.8 billion. We generated a return on invested capital of 13%, five points above our cost of capital and in the top half of the S&P 500.

Operationally, Delta once again led the industry on reliability and customer experience. Through a busy summer, our teams delivered for our customers, and I want to thank them for their outstanding work and dedication. Their professionalism and care create the trust that consumers have in the Delta brand. Sharing success with our people is core to our culture. We've accrued nearly $1 billion year to date towards next February's profit sharing because when Delta succeeds, so should our people. I also want to recognize the essential aviation workers, the controllers, TSA officers, federal air marshals, and many others who are keeping our system safe and secure during the ongoing government shutdown. Thank you for your professionalism and your commitment to the traveling public. We're hopeful that Congress will act to reopen the government as soon as possible.

Now, turning to our outlook, our fundamentals are improving, and the positive momentum is continuing. Since July, travel demand has strengthened, led by a rebound in business travel, which was up high single digits in the quarter. The U.S. economy remains on solid footing, and our customer base is financially strong, with rising preference for premium products and services. SkyMiles membership is expanding, particularly among younger consumers, and engagement is strong across all cohorts. Consumer spending on the Delta Amex co-brand card is up double digits year to date, with a recent acceleration in travel and entertainment that mirrors the improvement that we're seeing in bookings. Premium revenue growth remains robust, and main cabin trends are improving. Structural changes taking hold across the industry as unprofitable flying is rationalized and carriers not earning their cost of capital adjust strategies to prioritize returns.

Against this backdrop, we expect to deliver a double-digit operating margin again in the December quarter, with earnings comparable to what we earned in the September quarter. This would be at or above our all-time fourth quarter earnings performance. This brings our outlook for full-year earnings to approximately $6 per share, which is in the upper half of our July guidance range. Free cash generation remains a key differentiator for Delta Air Lines, and we are updating our full-year outlook to $3.5 billion-$4 billion, growing our cash generation over last year and consistent with our long-term framework as we build a fortress balance sheet. At the heart of our position of industry leadership is a relentless focus on elevating the customer experience. We're investing across every phase of the journey to make travel with Delta Air Lines more seamless, personalized, and premium, growing our value proposition to customers.

On the ground, we're harvesting the benefits of generational investments in our airport infrastructure. This includes upgraded airport facilities, modernized Sky Clubs, the launch of Delta One lounges in JFK, LAX, Boston, and Seattle. By year-end, Delta One check-in will be available across all of our hubs. We've also partnered with Uber to begin streamlining the airport pickup and drop-off experiences, enhancing convenience from curb to gate. In the air, we're continuing to expand premium seating and enhance service offerings, ensuring more customers can experience our most elevated products. Digitally, we're delivering a connected experience for SkyMiles members. With nearly 1,000 aircraft equipped with fast, free Wi-Fi, well more than all of our U.S. competitors combined, our integrated platform is setting the standard for in-flight connectivity and personalization.

Exclusive partnerships with American Express, Uber, and most recently, YouTube extend SkyMiles further into our members' daily activities, deepening engagement and preference for the Delta  brand beyond the flight. It's all powered by our people, delivering welcomed, elevated, and caring service that reinforces our industry leadership, sustains our durable revenue premium, and underpins our strong financial foundation. In closing, our financial focus remains on profitable growth, margin expansion, and disciplined capital allocation, all aligned with the three-to-five-year framework that we shared last November. As we enter the final stretch of our centennial year, I'm more optimistic than ever about Delta's future. Thank you for joining us today. With that, I'll hand it over to Glen to discuss our commercial trends and demand, followed by Dan with the financial details.

I want to begin by thanking the Delta team for their outstanding commitment throughout the busy summer season and to our customers for their continued loyalty to Delta. For the September quarter, revenue increased 4.1% year-over-year to $15.2 billion, a third-quarter record and ahead of our guidance as momentum built through the quarter. Trends across our business are improving, and customer preference for the Delta brand is showing up in our results. Total unit revenue improved by 0.3% over last year. Importantly, domestic unit revenue turned positive with sequential improvement as the quarter progressed. This was supported by a main cabin inflection as industry supply moderated and demand improved, materializing earlier than our initial expectations. Internationally, profitability across all entities was strong, with premium continuing to bolster results. Corporate sales trended positively throughout the quarter, up 8% over-prior-year, with sequential improvement across all sectors.

Domestic corporate sales grew double digits, including mid-teens growth in our coastal hubs. We see opportunities for further growth as corporate confidence rebuilds, reinforced by 90% of our most recent corporate survey respondents anticipating that their 2026 travel volumes will increase or remain steady year-over-year. Diverse high-margin revenue streams grew double digits year-over-year and contributed 60% of total revenue. Within that, premium revenue grew 9% with improvement across all products driven by strong demand and consistent investment in premium offerings. Loyalty revenue improved 9%, and travel-adjacent products grew mid-teens as SkyMiles members engaged beyond the flight and throughout our loyalty ecosystem. Cargo revenues increased 19%, driven by the Pacific. Maintenance, repair, and overhaul revenue grew more than 60% on higher volumes and timing of shipments.

Delta's loyalty ecosystem continues to be a powerful driver of enterprise value, anchored by the attractiveness of the SkyMiles program, a financially healthy, highly engaged member base, and our exclusive co-brand partnership with American Express. Co-brand holders are among our most valuable customers, traveling more often and spending more on Delta. While roughly one-third of active SkyMiles members hold a co-brand card today, we have further runway as both engagement and member penetration continue to rise. A key proof point is the sustained momentum on spend growth, which has outpaced other consumer credit cards by 2x over the last few years. During the quarter, spend grew at double-digit pace, with new card acquisitions up year-over-year and a record mix of customers choosing the premium cards.

With that, remuneration from American Express increased 12% over-prior-year to $2 billion in the quarter, keeping us on track to deliver over $8 billion this year and advancing towards our long-term goal of $10 billion within the next few years. Turning to the outlook, the environment continues to improve. Over the past six weeks, sales trends have accelerated across all geographies and in every advanced purchase window, positioning Delta to close the year from a position of strength. While we are monitoring potential impacts from the U.S. government shutdown, we have not seen a material effect to date. For the December quarter, we expect total revenue to grow 2%-4% year-over-year on top of last year's record performance, with solidly profitable unit revenues.

Passenger growth is showing healthy improvements sequentially, reflecting continued strength in domestic and a step-change improvement in the transatlantic on firmer main cabin trends and corporate demand. At the same time, financial divergence across the industry has never been greater. As carriers prioritize earning their cost of capital and eliminate unprofitable flying, competitive capacity in our hubs is down year-over-year, and we expect a very healthy supply-demand balance across the industry into 2026. In closing, I'm very optimistic as we enter the final quarter, building our momentum and positioning Delta for continued top-line growth and margin expansion into 2026. With that, I'll turn it over to Dan to cover the financials.

Thank you, Glen, and good morning to everyone. Delta's competitive advantages drove another strong quarter. As we continue to set the pace for the industry, our teams are delivering operationally for our customers and driving efficiency. Year to date, we are outperforming the industry across on-time performance, completion factor, and net promoter score. Our premium offerings, industry-leading loyalty programs, and elevated experiences we provide across the entire travel journey are driving increased customer preference for flying Delta and underpin our differentiated financial results. In the September quarter, we delivered record third-quarter revenue of $15.2 billion, with an operating margin of 11.2% and earnings of $1.71 per share.

Non-fuel unit cost growth was approximately flat to prior year, bringing the year-to-date non-fuel unit cost growth to less than 2%, consistent with our low single-digit guidance at the start of the year, even as we've reduced capacity after the summer peak to align to demand. I want to thank the entire Delta team for their hard work to achieve these results. Delta generated third-quarter operating cash flow of $1.8 billion, and after reinvesting $1.1 billion into the business, we generated free cash flow of $830 million. On our capital structure, we continue to take an opportunistic approach. Last month, we successfully repriced our SkyMiles term loan, reducing the rate by 225 basis points, demonstrating the strength of our balance sheet and the attractiveness of Delta credit. Strong cash generation has enabled debt paydown of nearly $2 billion year-to-date, with gross leverage ending the quarter at 2.4x.

Now, turning to the outlook. For the December quarter, as Glen shared, we expect revenue growth of 2%-4% year-over-year with positive unit revenue. On the cost side, disciplined execution supports non-fuel unit cost growth in low single digits, in line with our full-year guidance. With that, we expect fourth-quarter earnings of $1.60-$1.90 per share and an operating margin of 10.5%-12%. For the full year, this brings earnings per share of approximately $6, in the upper half of our guidance range we provided in July. On free cash flow, we are updating our guidance to $3.5-$4 billion. This outlook is within our long-term target range and enables us to pay down debt while returning cash to shareholders.

Our capital allocation priorities remain unchanged, reinvesting where returns are strong, reducing debt, and maintaining our fortress investment-grade balance sheet, which was recently recognized by Fitch with a revised outlook from stable to positive during the quarter. Our investments are focused on the customer experience, as Ed and Glen spoke about, and on driving efficiency through technology and our fleet. We continue to advance our fleet renewal strategy with approximately 40 aircraft deliveries this year and next. These additions drive meaningful value for our customers through expanded premium seating and for our shareholders through increased efficiency and greater scale among our key fleets. Looking into 2026 and beyond, our focus is on profitable growth and delivering long-term financial targets outlined at our Investor Day last November, including earnings growth, durable free cash flow, debt repayment to drive sustained value for our shareholders.

In closing, I want to extend my sincere thanks to the entire Delta team for their commitment to one another and to our customers. With that, I'll turn it back to Julie for Q&A.

Delta Air Lines (DAL) Q3 2025 Earnings Call Transcript

Company Participants