What to expect when Delta Air Lines (DAL) reports Q3 2025 earnings results

Shares of Delta Air Lines (NYSE: DAL) were down over 2% on Tuesday. The stock has gained 14% in the past three months. The airline is scheduled to report its earnings results for the third quarter of 2025 on Thursday, October 9, before market open. Here’s a look at what to expect from the earnings report:

Revenue

Delta has guided for total revenue of $16.0-16.3 billion for the third quarter of 2025, representing a year-over-year growth of 2-4%. Analysts are projecting revenue of $15.85 billion for the period, which implies a 1% rise from the year-ago quarter. In the second quarter of 2025, operating revenue remained flat YoY at $16.6 billion.

Earnings

Delta has guided for adjusted earnings per share of $1.25-1.75 for Q3 2025. Analysts are predicting EPS of $1.52, which compares to adjusted EPS of $1.50 reported in Q3 2024. In Q2 2025, adjusted EPS decreased 11% YoY to $2.10.

Points to note

Delta expects its top line to benefit from improved demand trends, strong operational performance, and industry supply rationalization. The company forecasts adjusted revenue to range between $14.9-15.2 billion in the third quarter, representing a growth of 2-4% YoY. DAL had previously guided for Q3 revenue growth of 0-4%.

Delta is expected to benefit from resilience in its diversified revenue streams. Last quarter, the airline saw mid-to-high single digit growth in its Premium and Loyalty revenues. Remuneration from American Express grew 10% to $2 billion on double-digit spend growth and momentum in new card acquisitions.

The company’s efforts in improving the travel experience, expanding its global footprint, strengthening its network through partnerships, and investing in technology are all expected to yield benefits.

Delta expects adjusted operating margin to be 9-11% in Q3 2025. Adjusted operating margin was 13.2% in Q2 2025. Non-fuel unit costs were up 2.7% in the June quarter and the company said it expects the September quarter to be its best non-fuel unit cost performance of the year, with non-fuel unit costs flat to down compared to 2024.