Delta Air Lines delivered industry-leading results in full year 2025, generating operating revenue of $63.4 billion and operating income of $5.8 billion for a 9.2 percent margin. The carrier achieved a pre-tax profit of $6.2 billion, translating to EPS of $7.66 on a GAAP basis and $5.82 on an adjusted basis. Free cash flow reached a record $4.6 billion, while operating cash flow totaled $8.3 billion. Delta also lowered non-fuel unit costs by 2.4 percent year-over-year and reduced adjusted fuel expense by 7 percent, reflecting disciplined cost management and refinery benefits. At year-end, total debt and finance lease obligations stood at $14.1 billion, with adjusted debt to EBITDAR of 2.4x and a return on invested capital of 12.0 percent.

CEO Ed Bastian highlighted strong travel demand at the start of 2026, forecasting full-year earnings growth of 20 percent year-over-year and long-term EPS targets in a range of $6.50 to $7.50. For the March quarter, management expects revenue growth of 5 to 7 percent relative to prior year, with EPS in a range of $0.50 to $0.90 and an operating margin of 4.5 to 6 percent. Non-fuel unit cost growth is projected to remain in the low single digits, in line with the company’s long-term framework. On CNBC’s Squawk Box, Bastian reiterated confidence in a 50 percent increase in first-quarter EPS, driven by sustained premium and corporate travel trends.

In a significant fleet modernization move, Delta selected GE Aerospace’s GEnx engines to power 30 new Boeing 787-10 aircraft, with options for an additional 30 jets. The agreement includes spare engines and long-term maintenance support. The GEnx family, which has logged over 70 million flight hours since 2011, is expected to deliver enhanced fuel efficiency, greater reliability and lower maintenance costs. Delta’s CFO Dan Janki noted that this investment aligns with the airline’s strategy to improve unit economics and reduce per-seat fuel burn, further strengthening its competitive position on long-haul international routes.