DAL Delta Air Lines (DAL) Q4 FY25 earnings call
Delta Air Lines closed its Centennial year with robust financial and operational performance, marked by record revenue and historical free cash flow generation. The company continues to leverage its premium brand, loyalty programs, and strategic partnerships to drive growth, despite facing temporary operational headwinds. With a strong balance sheet and accelerating demand, Delta is positioned for continued earnings expansion and increased shareholder returns, while investing in fleet modernization and customer experience.
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DAL operating KPIs by quarter
| KPI | Dec 2024 Q4 FY24 | Mar 2025 Q1 FY25 | Sep 2025 Q3 FY25 | This call Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|---|
| Employees | 100KI want to thank all 100,000 members of our team for their outstanding efforts, particularly during a busy holiday travel season.Source: earnings call transcript | — | — | — | — | 100KWe all think alike the 100,000 people of Delta understand the strategy, and they're all focused on service.Source: earnings call transcript | — |
| Gross leverage | — | 2.6 ratioOn debt, we repaid $530 million, ending the quarter with gross leverage of 2.6x.Source: earnings call transcript | 2.4 ratioStrong cash generation is able debt paydown of nearly $2 billion year-to-date with gross leverage ending the quarter at 2.4x.Source: earnings call transcript | 2.4 ratioFree cash flow of $4.6 billion supported debt reduction of $2.6 billion, and we ended the year with gross leverage of 2.4x.Source: earnings call transcript | 2.4 ratioWe ended the quarter with adjusted net debt of $13.5 billion, down 20% from last year, and gross leverage of 2.4x.Source: earnings call transcript | — | 0% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.