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Delta delivered Q3 revenue up 4.1% year-over-year to $15.2 billion, with adjusted earnings of $1.71 per share and 11.2% operating margin. Full-year EPS guidance was effectively raised to approximately $6, and free cash flow guidance increased to $3.5 to $4 billion. Corporate travel rebounded with accelerating momentum, and the premium revenue outperformance spread widened to a 13-point spread over main cabin. Year-to-date free cash flow reached $2.8 billion with ROIC at 13%.
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 |
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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 Q1 | $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 Q3Selected | $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).
No 8-K events recorded for this window.
Calendar quarter Q3 2025Earnings call Oct 9, 2025
FY2025 Q3 in brief
Delta delivered Q3 revenue up 4.1% year-over-year to $15.2 billion, with adjusted earnings of $1.71 per share and 11.2% operating margin.
Newest quarter FY2026 Q3 is part of Pro · see what Pro adds →
GAAP revenue YoY +6.35% → base 6. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.
Sources. Tellvest earnings-call sentiment score for Delta Air Lines (DAL), FY2025 Q3: 9/10. 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.
What DAL and other companies said about each other on FY2025 Q3 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“we expect 60% of the overall industry profits to be driven by Delta Air Lines. Expect the rest of it probably to be driven by United.”
Delta frames an industry bifurcation in which it and United capture essentially all industry profits, a positive signal on United relative to lower-end carriers.
“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 Air Lines brand beyond the flight.”
Delta named a new exclusive SkyMiles partnership with YouTube (Alphabet), extending its loyalty ecosystem into members' daily activities.
“We've also partnered with Uber to begin streamlining the airport pickup and drop-off experiences, enhancing convenience from curb to gate.”
Delta partnered with Uber to streamline airport pickup and drop-off, a new customer-experience tie-up between the two.
“remuneration from American Express increased 12% over the prior year to $2 billion in the quarter, keeping us on track to deliver over $8 billion this year”
Delta's co-brand remuneration from American Express grew 12% to $2B in the quarter, a signal on strong Amex co-brand card spend and the partnership's momentum.
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 |
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
DAL Delta Air Lines | 9 | +6.3% | |
| LUV Southwest Airlines | 4 | +1.1% | |
| UAL United Airlines Holdings | 4 | +2.6% |