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Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
| Analyst | Firm | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Jamie Baker | JPMorgan | 16 questions · 6% challenging |
| Savi Syth | Raymond James | 15 questions · 0% challenging |
| Conor Cunningham | Melius Research | 15 questions · 20% challenging |
| Duane Pfennigwerth | Evercore ISI | 15 questions · 0% challenging |
| Andrew Didora | Bank of America | 15 questions · 13% challenging |
| Tom Fitzgerald | TD Cowen | 14 questions · 0% challenging |
| Catherine O'Brien | Goldman Sachs | 14 questions · 0% challenging |
| David Vernon | Bernstein | 13 questions · 15% challenging |
| Ravi Shanker | Morgan Stanley | 11 questions · 18% challenging |
| Mike Linenberg | Deutsche Bank | 11 questions · 0% challenging |
| Firm | Analysts | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| JPMorgan | 1 analyst | 16 questions · 6% challenging |
| Evercore ISI | 1 analyst | 15 questions · 0% challenging |
| Melius Research | 1 analyst | 15 questions · 20% challenging |
| Bank of America | 1 analyst | 15 questions · 13% challenging |
| Raymond James | 1 analyst | 15 questions · 0% challenging |
| TD Cowen | 1 analyst | 14 questions · 0% challenging |
| Goldman Sachs | 1 analyst | 14 questions · 0% challenging |
| Deutsche Bank | 2 analysts | 13 questions · 0% challenging |
No 8-K events recorded for this window.
Delta reported Q1 record revenue of $13 billion, up 3.3%, with adjusted EPS of $0.46, flat to last year. Full-year EPS guidance was suspended amid tariff-driven macro uncertainty, with management stating it was premature to project the full year. H2 capacity was cut to flat, and Q2 guidance of $1.70 to $2.30 was provided. Premium and loyalty revenue showed resilience while domestic main cabin demand weakened, and free cash flow reached $1.3 billion.
Demand | Competitive Dynamics | Pricing | Geographic Expansion | Cost Pressure | Margin | Revenue Growth | Capex Investment | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 11 | 6 | 4 | 5 | 4 | 1 | 3 | 3 |
| 2025Q1 | 14 | 8 | 5 | 5 | 6 | 2 | 4 | |
| 2025Q2 | 13 | 5 | 3 | 4 | 2 | 3 | 2 | 1 |
| 2025Q3 | 14 | 8 | 6 | 6 | 2 | 7 | 5 | 1 |
| 2025Q4 | 7 | 10 | 4 | 4 | 1 | 2 | 2 | 2 |
| 2026Q1 | 9 | 5 | 8 | 5 | 7 | 1 | 1 | 1 |
| 2026Q2 | 4 | 2 | 3 | 2 | 2 | 2 | 4 | 2 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | '26Q2 | |
|---|---|---|---|---|---|---|---|
| Demand | 11 | 14 | 13 | 14 | 7 | 9 | 4 |
| Competitive Dynamics | 6 | 8 | 5 | 8 | 10 | 5 | 2 |
| Pricing | 4 | 5 | 3 | 6 | 4 | 8 | 3 |
| Geographic Expansion | 5 | 5 | 4 | 6 | 4 | 5 | 2 |
| Cost Pressure | 4 | 6 | 2 | 2 | 1 | 7 | 2 |
| Margin | 1 | 2 | 3 | 7 | 2 | 1 | 2 |
| Revenue Growth | 3 | 2 | 5 | 2 | 1 | 4 | |
| Capex Investment | 3 | 4 | 1 | 1 | 2 | 1 | 2 |
Calendar quarter Q1 2025Earnings call Apr 9, 2025
FY2025 Q1 in brief
Delta reported Q1 record revenue of $13 billion, up 3.3%, with adjusted EPS of $0.46, flat to last year.
Newest quarter FY2026 Q3 is part of Pro · see what Pro adds →
Sources. Tellvest earnings-call sentiment score for Delta Air Lines (DAL), FY2025 Q1: 1/10. Scores: Delta Air Lines’s public earnings-call transcripts and SEC-reported results — the base band is anchored to reported GAAP revenue growth; transcript, EPS and guidance adjustments are applied separately (documented exceptions apply to a few issuers). Price: DAL daily closing prices for the trailing year; dots mark earnings calls, colored by that quarter’s score; the newest quarter’s score is part of Tellvest Pro. How to read a company earnings-call score.
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| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $15.56B | +9.4% | $1.29 | -59.2% | 11.0% | 5.4% | $584M |
| FY2025 Q1Selected | $14.04B | +2.1% | $0.37 | +544.6% | 4.1% | 1.7% | $1.15B |
| FY2025 Q2 | $16.65B | -0.1% | $3.26 | +62.2% | 12.6% | 12.8% | $648M |
| FY2025 Q3 | $16.67B | +6.4% | $2.17 | +10.2% | 10.1% | 8.5% | $687M |
| FY2025 Q4 | $16.00B | +2.9% | $1.86 | +44.2% | 9.2% | 7.6% | $1.35B |
| FY2026 Q1 | $15.85B | +12.9% | $-0.44 | -218.9% | 3.2% | -1.8% | $1.23B |
| FY2026 Q2 | $19.76B | +18.7% | $2.44 | -25.2% | 9.4% | 8.1% | $2.79B |
| FY2026 Q3 | $20.19B | +21.1% | $1.15 | -47.0% | 7.2% | 3.7% | $300M |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
GAAP revenue YoY +2.12% → base 5. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.
What DAL and other companies said about each other on FY2025 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“we went live with our Delta SkyMiles partnership”
Uber launched its previously announced loyalty partnership with Delta Air Lines' SkyMiles program.
“we are overbuilt, for example, on Tuesdays and Wednesdays versus where we were last year and higher than American or United in the mid-to-upper 90s.”
Delta benchmarks its off-peak weekday capacity index against American and United, indicating it currently carries more excess midweek capacity than both peers and has room to trim it.
“we are overbuilt, for example, on Tuesdays and Wednesdays versus where we were last year and higher than American or United in the mid-to-upper 90s.”
Delta benchmarks its off-peak weekday capacity index against American and United, indicating it currently carries more excess midweek capacity than both peers and has room to trim it.
“Recognizing the strength of our investment-grade balance sheet, Moody's further upgraded Delta's rating during the quarter, our third credit upgrade in eight months representing Delta's highest credit quality in decades.”
Moody's third credit upgrade for Delta in eight months signals rating-agency confidence in the airline's deleveraging and balance-sheet strength.
“we are going to work and we are working very closely with Airbus, which is the only airline we've got deliveries coming from -- for the balance of this year. And they've been a great partner. They are a great partner.”
Delta is relying on Airbus as its sole aircraft supplier for the remainder of the year and is negotiating with them to avoid absorbing new tariff costs on deliveries.
“Yesterday, we announced a significant milestone for our maintenance, repair and overhaul business with a 10-year agreement with UPS. This is an exciting win for our MRO team and supports long-term revenue diversification and growth.”
A new 10-year MRO services agreement with UPS gives Delta's maintenance business a long-term, diversified revenue stream from a major logistics customer.
“driven by strong demand to Japan and into Seoul as our partnership with Korean Airlines matures.”
Delta credits its maturing joint-venture partnership with Korean Air for strong Pacific demand and double-digit capacity growth into Seoul.
“Remuneration from American Express grew 13% to $2 billion, driven by co-brand spend and acquisitions.”
Delta's co-brand card partnership with American Express continues to grow strongly, reinforcing the value of the alliance to both companies' loyalty and payments businesses.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
DAL Delta Air Lines | 1 | +2.1% | |
| LUV Southwest Airlines | 4 | +1.6% | |
| UAL United Airlines Holdings | 7 | +5.4% |