Delta Air Lines closed 2025 on a strong note, delivering robust financial results for both the December quarter and the full year which highlights the airline’s operational resilience and disciplined execution despite a challenging global backdrop.
For the December quarter, Delta generated $16.0 billion in operating revenue, producing $1.5 billion in operating income and an operating margin of 9.2%. Quarterly earnings per share reached $1.86, driven by solid demand across premium, international, and corporate travel. Operating cash flow totalled $2.3 billion, underscoring the strength of Delta’s core business.
For the full year, Delta reported $63.4 billion in operating revenue, with $5.8 billion in operating income and $6.2 billion in pre-tax income, equating to a 9.8% pre-tax margin. Full-year earnings per share climbed to $7.66, while operating cash flow reached $8.3 billion.
Reflecting on the results, CEO Ed Bastian said the airline delivered a strong finish to its Centennial year, showcasing the durability and differentiation Delta has built over time. He noted that Delta generated $5 billion in pre-tax profit, achieved a double-digit operating margin, and delivered record free cash flow of $4.6 billion, all while navigating a demanding environment.
Bastian also announced $1.3 billion in profit-sharing payouts to employees, one of the largest in the company’s history.
Excluding special items, Delta produced $4.6 billion in free cash flow and achieved a 12% return on invested capital, reinforcing its long-term financial framework centred on profitability, cash generation, and balance-sheet strength.
Total debt and finance lease obligations ended the year at $14.1 billion, reflecting continued progress toward investment-grade metrics.
Operationally, Delta maintained its competitive edge through reliability and customer experience, remaining among the most on-time U.S. carriers while expanding premium offerings and investing in fleet modernisation and digital innovation.
Looking ahead, Delta expressed confidence in its 2026 outlook, citing accelerating consumer and corporate demand. The airline expects approximately 20% year-over-year earnings growth, supported by margin expansion and sustained revenue momentum.
With strong fundamentals, a committed workforce, and clear growth priorities, Delta enters 2026 well positioned to build on its 2025 performance and continue delivering value for customers, employees, and shareholders.