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Delta Air Lines DAL Q3 2025 earnings

Reported October 9, 2025 · Before market open

Revenue$16.7BBeat by $1.6BDiluted EPS$1.71Beat by $0.14
Revenue estimate$15.1B
EPS estimate$1.57

Next report

Jul 10, 2026 (Tomorrow)
Revenue estimate$17.5B
EPS estimate$1.49

Financials

Q3 2025

Income statement

See full
Revenue$16.7B+6.4%
Operating income$1.7B+20.5%
Net income$1.4B+11.4%
EPS (diluted)$2.17+10.2%

Balance sheet

See full
Cash & equivalents$4.0B-7.3%
Total debt$20.3B-12.9%
Total equity$18.8B+37.9%
Total assets$79.6B+5.6%

Cash flow

See full
Operating cash flow$1.8B+45.0%

Valuation & ratios

Valuation

as of 09/30/25
See full
Market cap$37.05B+13.8%
Enterprise value$53.36B+3.5%
P/E8×+1.0×
P/S0.6×0.0×

Profitability

See full
Operating margin9.7%+0.4pp
Net margin7.4%-0.4pp

Returns & leverage

See full
Return on equity28.5%-12.1pp
Debt / equity1.1×-0.6×
Current ratio0.4×0.0×

Segments

By product

See full
Refinery$1.5B+36.3%
Loyalty and related$847.0M+3.3%
Miscellaneous$355.0M+14.5%
MRO$256.0M+59.0%

By segment

See full
Airline$15.2B+4.1%
Refinery$1.8B-6.1%

Versus estimates

Revenue

Q1 2026$14.2BBeat by $151.3MQ4 2025$14.6BMiss by $76.1M
Q3 2025$16.7BBeat by $1.6B
Q2 2025$16.6BBeat by $1.2BQ1 2025$14.0BBeat by $1.1BQ4 2024$15.6BBeat by $1.4B

Diluted EPS

Q1 2026$0.64Beat by $0.06Q4 2025$1.55Beat by $0.02
Q3 2025$1.71Beat by $0.14
Q2 2025$2.10Beat by $0.04Q1 2025$0.46Beat by $0.08Q4 2024$1.85Beat by $0.11

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Questions, answered.

When did Delta Air Lines report Q3 2025 earnings?
Delta Air Lines (DAL) reported Q3 2025 earnings on October 9, 2025 before market open.
What were Delta Air Lines's Q3 2025 revenue and EPS?
Delta Air Lines reported revenue of $16.7B and diluted EPS of $1.71 for Q3 2025.
Did Delta Air Lines beat estimates in Q3 2025?
Revenue beat the consensus estimate of $15.1B by $1.6B. EPS beat the consensus estimate of $1.57 by $0.14.
How did Delta Air Lines's Q3 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 6.4% from $15.7B a year earlier and diluted EPS grew 14.0% from $1.50.
Where can I find Delta Air Lines's Q3 2025 SEC filings?
You can read the 8-K earnings release (0000027904-25-000018) and the 10-Q periodic report (0000027904-25-000020) directly on SEC EDGAR. The filing index links above go to sec.gov.