Delta Air Lines (DAL) Q4 2025 Results

Delta AirlinesProfits could jump more than 20% this year from 2025 on strong travel demand, particularly at the high end of the market, and potentially hit a record, CEO Ed Bastian said.

Delta on Tuesday forecast adjusted earnings per share of between $6.50 and $7.50 this year, compared with $7.25 per share estimated by analysts.

The carrier, the first airline to report quarterly results this year, expects sales to rise as much as 7% in the first three months of 2026 and adjusted earnings of between 50 cents per share and 90 cents per share for the first quarter, compared with 72 cents per share forecast by analysts surveyed by LSEG.

Bastian said Delta sits at the top of the “K” in what’s called the K-shaped economy, with more revenue coming from higher-spending customers.

“We are looking at our seat growth over the coming year. … In fact, none of our seat increases will be in the main cabin; virtually all of them will be in the premium sector,” Bastian told reporters.

Main cabin ticket revenue fell 7% in the fourth quarter from a year earlier, to $5.62 billion, while premium ticket revenue, for seats at the front of the plane, rose 9% to nearly $5.7 billion, with that segment outpacing the standard coach class, ahead of Delta’s estimates for this year. For the full year, main cabin revenues were still higher than premium class revenues.

Bookings are strong, from both leisure customers and business travelers, during the first few days of the year, Delta said. The airline also began 2025 with expectations for a record year, but it cut its estimates after President Donald Trump implemented tariffs early last year and the longest government shutdown, which ended in late November, slowed air travel and bookings fell.

Bastian has taken a more cautious tone this year, telling reporters “we are not going to project or commit to record earnings (forecasts) until we understand the uncertainty,” he said.

“I think we are well aware of the risk factors,” he said. “Last year, and I think again this year… will be more linked to the geopolitical environment, whether it’s international politics or domestic politics.”

Here’s how the company performed in the fourth quarter compared to Wall Street expectations, based on LSEG consensus estimates:

• Earnings per share: $1.55 adjusted versus $1.53 expected
• Income: $14.61 billion adjusted versus $14.69 billion expected

Even with its reduced guidance, Delta reported fourth-quarter profit of $1.22 billion, or $1.86 per share, up nearly 45% from a year earlier, on revenue of $16 billion, up 3% from 2024. Accounting for one-time items, Delta posted profit of $1.02 billion, or $1.55 per share, slightly higher than estimates.

Bastian said premium product growth is outpacing main cabin sales growth, continuing an existing trend.

Delta also announced Tuesday that it would purchase 30 Boeing The 787-10 Dreamliners, the first of the American manufacturer’s long-haul planes, as sales of larger planes pick up.

Delta made the Airbus A350 its key long-haul jet nearly a decade ago and then increased its reliance on the European planemaker when it retired its Boeing 777s during the pandemic. Delta said deliveries would begin in 2031, the latest sign of how airlines are snapping up delivery slots over the next decade.

The carrier has options for 30 additional Boeing 787-10s.

Correction: Revenue of $16 billion was up 3% from 2024. An earlier version misstated the year.