# **Delta Air Lines (NYSE: DAL) Reports Strong June Quarter 2025 Financial Results**
**Release Date:** July 10, 2025
Delta Air Lines announced its financial results for the June quarter of 2025 and provided guidance for the September quarter and full year 2025. Here is a summary of the key points from the report:
– **June Quarter 2025 Financial Results:**
– Operating revenue: $16.6 billion
– Operating income: $2.1 billion with an operating margin of 12.6%
– Earnings per share: $3.27
– Operating cash flow: $1.9 billion
– Total debt and finance lease obligations: $15.1 billion at quarter end
– Adjusted operating income: $2.0 billion with an operating margin of 13.2%
– Adjusted earnings per share: $2.10
– **Financial Guidance:**
– Full Year 2025:
– Earnings per share: $5.25 – $6.25
– Free cash flow: $3 – $4 billion
– September Quarter 2025:
– Total revenue growth: 0% – 4%
– Operating margin: 9% – 11%
– Earnings per share: $1.25 – $1.75
– **Dividend and Share Repurchase:**
– Delta Air Lines announced a 25% increase to its dividend payment beginning in the September quarter.
– **Performance Metrics:**
– Record quarterly revenue of $15.5 billion, up 1% from the prior year
– Adjusted total unit revenue (TRASM) down 3% compared to the prior year
– Diverse revenue streams contributed 59% of total revenue
– Premium revenue grew 5% year-over-year
– Loyalty revenue was up 8%, driven by co-brand spend growth and card acquisitions
– International revenue grew 2% during the quarter
– Corporate demand environment remained steady with low-single-digit growth in June quarter
– **Cost Performance and Outlook:**
– Non-fuel unit cost growth was 2.7% year-over-year
– September quarter expected to have the best non-fuel unit cost performance of the year
– **Balance Sheet and Cash Flow:**
– Free cash flow of $2 billion generated during the first half of the year
– Adjusted net debt of $16.3 billion at the end of the June quarter
– Return of cash to shareholders with a 25% increase to quarterly dividend
– **Operational Highlights:**
– Recognition as Best U.S. Airline by The Points Guy
– Delivery of 10 aircraft and retirement of 10 aircraft during the June quarter
– Strengthened partnerships with WestJet, IndiGo, Air France-KLM, and others
In conclusion, Delta Air Lines’ strong performance in the June quarter of 2025, along with the restoration of financial guidance for the full year, signals a positive outlook for the company as it navigates through the current operating environment.
**Please note:** The company announced a 25% increase to its quarterly dividend beginning in the September quarter.
### Consolidated Statements of Operations
(in millions except per share and unit data)
| Three Months Ended June 30 | Six Months Ended June 30 | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Operating Revenue: | ||||
| Passenger | $13,867 | $13,841 | $25,347 | $24,972 |
| Cargo | $212 | $199 | $421 | $377 |
| Other | $2,569 | $2,618 | $4,920 | $5,057 |
| Total operating | $16,648 | $16,658 | $30,688 | $30,406 |
| Operating Expense: | ||||
| Salaries and related | $4,402 | $4,012 | $8,485 | $7,803 |
| Aircraft fuel and | $2,458 | $2,813 | $4,869 | $5,410 |
| Ancillary businesses | $1,409 | $1,463 | $2,659 | $2,833 |
| Contracted services | $1,155 | $1,041 | $2,276 | $2,065 |
| Landing fees | $878 | $766 | $1,729 | $1,515 |
| Regional carrier | $651 | $580 | $1,264 | $1,130 |
| Aircraft maintenance | $591 | $684 | $1,237 | $1,363 |
| Passenger commissions | $673 | $672 | $1,224 | $1,222 |
| Depreciation and | $602 | $620 | $1,209 | $1,235 |
| Passenger service | $482 | $463 | $912 | $876 |
| Profit sharing | $470 | $519 | $594 | $644 |
| Aircraft rent | $137 | $138 | $274 | $274 |
| Other | $638 | $620 | $1,285 | $1,155 |
| Total operating | $14,546 | $14,391 | $28,017 | $27,525 |
| Operating Income | $2,102 | $2,267 | $2,671 | $2,881 |
| Non-Operating Income | ||||
| Interest expense, net | $(-172) | $(-188) | $(-350) | $(-394) |
| Gain/(loss) on | $735 | $(-196) | $696 | $(-423) |
| Loss on extinguishment | $(-20) | $(-32) | $(-20) | $(-36) |
| Miscellaneous, net | $(-71) | $(-78) | $(-102) | $(-133) |
| Total non-operating | $472 | $(-494) | $224 | $(-986) |
| Income Before Income | $2,574 | $1,773 | $2,895 | $1,895 |
| Income Tax Provision | $(-444) | $(-468) | $(-525) | $(-553) |
| Net Income | $2,130 | $1,305 | $2,370 | $1,342 |
| Basic Earnings Per | $3.28 | $2.04 | $3.66 | $2.10 |
| Diluted Earnings Per | $3.27 | $2.01 | $3.63 | $2.08 |
| Basic Weighted Average | 649 | 641 | 647 | 640 |
| Diluted Weighted Average | 652 | 648 | 652 | 647 |
### Consolidated Balance Sheets
(in millions)
| Assets | June 30, 2025 | December 31, 2024 |
|---|---|---|
| Current Assets | ||
| Cash and cash equivalents | $3,331 | $3,069 |
| Accounts receivable, net | $3,755 | $3,224 |
| Fuel, expendable parts and | $1,525 | $1,428 |
| Prepaid expenses and other | $2,371 | $2,123 |
| Total current assets | $10,982 | $9,844 |
| Property and Equipment, Net | $38,926 | $37,595 |
| Other Assets | ||
| Operating lease right-of-use | $6,335 | $6,644 |
| Goodwill | $9,753 | $9,753 |
| Identifiable intangibles, net | $5,970 | $5,975 |
| Equity investments | $3,556 | $2,846 |
| Other noncurrent assets | $2,873 | $2,715 |
| Total other assets | $28,487 | $27,933 |
| Total assets | $78,395 | $75,372 |
| Liabilities and Stockholders’ Equity | ||
| Current Liabilities | ||
| Current maturities of debt | $2,220 | $2,175 |
| Air traffic liability | $8,893 | $7,094 |
| Accounts payable | $5,063 | $4,650 |
| Accrued salaries and benefits | $3,822 | $4,762 |
| Loyalty program deferred | $4,498 | $4,314 |
| Fuel card obligation | $1,100 | $1,100 |
| Other accrued liabilities | $2,213 | $1,812 |
| Total current liabilities | $28,554 | $26,670 |
| Noncurrent Liabilities | ||
| Debt and finance leases | $12,836 | $14,019 |
| Noncurrent operating leases | $5,479 | $5,814 |
| Pension and related benefits | $3,087 | $3,144 |
| Loyalty program deferred | $4,573 | $4,512 |
| Deferred income taxes, net | $2,626 | $2,176 |
| Other noncurrent liabilities | $3,800 | $3,744 |
| Total noncurrent liabilities | $32,401 | $33,409 |
| Stockholders’ Equity | $17,440 | $15,293 |
| Total liabilities and stockholders’ equity | $78,395 | $75,372 |
