Shares of Delta Air Lines (NYSE:DAL) declined about 3.3% after the carrier reported fourth-quarter results that topped profit forecasts but missed expectations on revenue, while its outlook for 2026 offered a mixed picture for investors.
Delta reported adjusted earnings of $1.55 per share for the December quarter, slightly ahead of the $1.52 consensus estimate. Revenue, however, totaled $14.61 billion, below analysts’ expectations of $14.72 billion. The airline said growth in the quarter was held back by roughly two percentage points due to the government shutdown, with domestic travel most affected.
Quarterly revenue increased 1.2% year over year on capacity growth of 1.3%. For the full year, 2025 revenue reached a record $58.3 billion, up 2.3% from 2024. Non-ticket revenue streams—including premium offerings, cargo and maintenance—rose 7% year over year and accounted for around 60% of total revenue.
“The Delta team delivered a strong close to our Centennial year, demonstrating the differentiation and durability we’ve built,” said Ed Bastian, Delta’s chief executive officer. “We generated $5 billion of pre-tax profit with a double-digit operating margin and record free cash flow of $4.6 billion, all while navigating a challenging environment.”
Looking ahead, Delta expects first-quarter 2026 revenue to grow between 5% and 7% year over year, with an operating margin of 4.5% to 6%. The airline forecast Q1 2026 earnings per share in a range of $0.50 to $0.90, compared with a consensus estimate of $0.72.
For the full year 2026, Delta guided to EPS of $6.50 to $7.50, implying roughly 20% growth at the midpoint versus 2025, but below the analyst consensus of $7.32.
Separately, the company announced a deal with Boeing to acquire 30 widebody 787-10 aircraft, with options for an additional 30, with deliveries scheduled to start in 2031.