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Delta Air Lines DAL Q4 2025 Annual earnings

Reported January 13, 2026 · Before market open

Revenue$14.6BMiss by $76.1MDiluted EPS$1.55Beat by $0.02
Revenue estimate$14.7B
EPS estimate$1.53

Next report

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

Financials

Q4 2025

Income statement

See full
Revenue$16.0B+2.9%
Operating income$1.5B-14.6%
Net income$1.2B+44.6%
EPS (diluted)$1.86+44.2%

Balance sheet

See full
Cash & equivalents$4.5B+31.6%
Total debt$20.3B-11.0%
Total equity$20.9B+36.4%
Total assets$81.3B+7.9%

Cash flow

See full
Operating cash flow$2.3B+19.3%

Valuation & ratios

Valuation

as of 12/31/25
See full
Market cap$45.32B+16.1%
Enterprise value$61.09B+4.6%
P/E9.1×-2.2×
P/S0.7×+0.1×

Profitability

See full
Operating margin9.2%-0.5pp
Net margin7.9%+2.3pp

Returns & leverage

See full
Return on equity27.7%+1.5pp
Debt / equity1×-0.5×
Current ratio0.4×0.0×

Segments

By product

See full
Refinery$1.4B+24.5%
Loyalty and related$853.0M+0.8%
Miscellaneous$364.0M+17.4%
MRO$227.0M+4.1%

By segment

See full
Airline$14.6B+1.2%
Refinery$1.7B-0.5%

Versus estimates

Revenue

Q1 2026$14.2BBeat by $151.3M
Q4 2025$14.6BMiss by $76.1M
Q3 2025$16.7BBeat by $1.6BQ2 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 $0.06
Q4 2025$1.55Beat by $0.02
Q3 2025$1.71Beat by $0.14Q2 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 Q4 2025 earnings?
Delta Air Lines (DAL) reported Q4 2025 earnings on January 13, 2026 before market open.
What were Delta Air Lines's Q4 2025 revenue and EPS?
Delta Air Lines reported revenue of $14.6B and diluted EPS of $1.55 for Q4 2025.
Did Delta Air Lines beat estimates in Q4 2025?
Revenue missed the consensus estimate of $14.7B by $76.1M. EPS beat the consensus estimate of $1.53 by $0.02.
How did Delta Air Lines's Q4 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue declined 6.1% from $15.6B a year earlier and diluted EPS declined 16.2% from $1.85.
Where can I find Delta Air Lines's Q4 2025 SEC filings?
You can read the 8-K earnings release (0000027904-26-000008) and the 10-K periodic report (0000027904-26-000013) directly on SEC EDGAR. The filing index links above go to sec.gov.