Delta Air Lines (NYSE:DAL) reported robust financial results for the fourth quarter and full year 2025, overcoming a year of fluctuating travel demand to deliver record cash flow and solid profitability.
The Atlanta-based carrier generated a record $4.6 billion in free cash flow for the year, allowing it to pay down nearly $5 billion in debt and strengthen its investment-grade balance sheet.
For the full year 2025, Delta's GAAP operating revenue reached $63.4 billion, with a net income translating to $7.66 per share.
On an adjusted basis, the company reported earnings of $5.82 per share, meeting the upper end of its revised guidance.
The airline’s diversified revenue streams—including premium cabins, loyalty programs, and its partnership with American Express—now account for a significant portion of its top line, helping to insulate the carrier from volatility in basic economy fares.
"The Delta team delivered a strong close to our Centennial year," said CEO Ed Bastian.
"2026 is off to a strong start with top-line growth accelerating on consumer and corporate demand."
Looking ahead, Delta issued an optimistic outlook for 2026, forecasting earnings growth of approximately 20% year-over-year and continued margin expansion as it leverages its premium positioning.
In the December quarter, Delta posted adjusted operating revenue of $14.6 billion and earnings of $1.55 per share.
While the quarter was impacted by a brief U.S. government shutdown in December, the airline saw a rapid recovery in bookings by year-end.
Delta also announced it would pay out $1.3 billion in profit sharing to its employees next month, marking one of the largest such payouts in industry history.