Overview

* Delta's Q3 2025 operating revenue reached $16.67 bln

* Adjusted EPS for Q3 2025 was $1.71, ahead of analysts's expectations.

* Company expects Q4 operating margin of 10.5% to 12%, adjusted EPS of $1.60 to $1.90

Outlook

* Delta expects December qtr operating margin of 10.5% to 12%

* Company projects December qtr adj EPS of $1.60 to $1.90

* Delta anticipates full-year EPS of approximately $6

* Company forecasts full-year free cash flow of $3.5 bln to $4 bln

Result Drivers

* DIVERSE REVENUE STREAMS - Delta's diversified revenue base contributed 60% of total revenue and grew double-digits yr/yr, with premium and loyalty revenue up 9%

* DOMESTIC REVENUE GROWTH - Domestic passenger revenue grew 5% yr/yr, driven by corporate sales acceleration and premium cabin strength

* AMERICAN EXPRESS PARTNERSHIP - American Express remuneration grew 12% yr/yr, driven by co-brand spend growth

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 $16.67

Revenue bln

Q3 adj Beat $1.71 $1.53

EPS

Q3 Net $1.41

Income bln

Q3 10.10%

Operatin

g Margin

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 22 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the airlines peer group is "buy"

* Wall Street's median 12-month price target for Delta Air Lines Inc ( DAL ) is $68.00, about 16% above its October 8 closing price of $57.12

* The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 8 three months ago

For questions concerning the data in this report, contact [email protected]. For any other questions or feedback, contact .

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)