Delta Air Lines Wraps 2025 With Record Cash Flow

ATLANTA — Delta Air Lines (DL), one of the largest U.S. network carriers, led by CEO Ed Bastian, reported strong fourth-quarter and full-year 2025 results, underscoring financial resilience and setting an optimistic tone for earnings growth in 2026.

The airline reported its December quarter and full-year 2025 financial results, highlighting solid profitability, record cash generation, and continued debt reduction.

Results were released January 13, 2026, covering the December quarter (4Q25) and full year ended December 31, 2025. The earnings were announced from Atlanta, Delta’s global headquarters, with performance spanning its worldwide network.

Delta’s results point to sustained demand for premium and diversified revenue streams, reinforcing its industry-leading position as the carrier forecasts 20% year-over-year earnings growth in 2026, even amid a challenging macroeconomic backdrop.

Key Financial Takeaways

• December quarter 2025
  • Operating revenue: US$16.0 billion
  • Operating income: US$1.5 billion (9.2% margin)
  • Pre-tax income: US$1.5 billion
  • Earnings per share: US$1.86
  • Operating cash flow: US$2.3 billion
• Full year 2025
  • Operating revenue: US$63.4 billion
  • Operating income: US$5.8 billion (9.2% margin)
  • Pre-tax income: US$6.2 billion
  • Net income: US$5.0 billion
  • Free cash flow: US$4.6 billion
  • Total debt and finance lease obligations: US$14.1 billion at year end

Delta management emphasized that premium products, loyalty, cargo, and MRO activities now represent 60% of adjusted operating revenue, helping buffer the business against pricing and capacity volatility.