Delta Air Lines (DAL) Q3 2025 10-Q Quarterly Report
Delta Air Lines (DAL) 10-Q quarterly report for Q3 2025, filed with SEC EDGAR on Oct 9, 2025 for the fiscal period ending Sep 30, 2025. This page provides AI-powered analysis including management discussion & analysis (MD&A), risk factor updates, and key quarterly financial data such as revenue and net income extracted from XBRL.
Delta Air Lines Q3 2025 10-Q Analysis
Management Discussion & Analysis
- • Quarterly revenue $16.67B, up $996M (6.4%) YoY driven by premium products, refinery sales, and loyalty awards
- • Operating income $1.7B, up $287M YoY; Total operating expense $14.99B, up 5%; CASM 18.96¢ vs 18.75¢ YoY, CASM-Ex 13.35¢ vs 13.30¢ YoY
- • Best segment: Refinery sales up $393M to $1.48B, refinery operating income $42M (9 months); worst: International passenger revenue down (Atlantic -2%, Latin America -3%)
- • Cash/liquidity $6.9B; operating cash flow $1.8B for quarter; free cash flow $833M; debt payments $459M this quarter
- • Management expects continued positive cash flow, fuel consumption increase aligned with capacity; capital spend ~$5B for 2025; Fitch outlook positive; no material tax changes expected
Risk Factors
- • No new or updated risk factors since last 10-K
- • Continued exposure to operational disruptions from fuel price volatility and labor negotiations
- • Ongoing regulatory compliance risks from FAA and TSA security regulations
- • Market risk from competitive pricing pressures in U.S. domestic and international routes
- • Liquidity management critical given debt maturities totaling $4.8B in next 12 months
Delta Air Lines Q3 2025 Quarterly FinancialsXBRL
Revenue
$16.7B
▲ +6.3% YoY▲ +0.2% QoQ
Net Income
$1.4B
▲ +11.3% YoY▼ -33.5% QoQ
Operating Margin
10.1%
▲ +119bp YoY▼ -253bp QoQ
Net Margin
8.5%
▲ +38bp YoY▼ -430bp QoQ
ROE
7.5%
Total Assets
$79.6B
EPS (Diluted)
$2.17
▲ +10.7% YoY▼ -33.4% QoQ
Operating Cash Flow
$1.8B
▲ +45.0% YoY▼ -0.5% QoQ
Source: XBRL data from Delta Air Lines Q3 2025 10-Q filing on SEC EDGAR. All figures in USD.
Other Delta Air Lines Quarterly Reports
Get deeper insights on Delta Air Lines
Access full AI analysis, insider trading data, fund holdings, and cross-signal detection on SignalX.