Short answer
Delta Air Lines (DAL) filed its Q3 2025 10-Q quarterly report on Oct 9, 2025 for the quarter ended Sep 30, 2025. Quarterly revenue was $16.7B (up 6.3% year over year) with net income of $1.4B.
Q3 2025 key financials · XBRL
- Revenue
- $16.7B
- +6.3% YoY · +0.2% QoQ
- Net income
- $1.4B
- +11.3% YoY · −33.5% QoQ
- Operating margin
- 10.1%
- EPS (diluted)
- $2.17
- +10.7% YoY · −33.4% QoQ
Source: XBRL data from the Delta Air Lines (DAL) Q3 2025 10-Q on SEC EDGAR. USD.
Delta Air Lines Q3 2025 10-Q analysis
AI summary of MD&A and risk factor updates
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
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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