Overview

• Adjusted EPS reached $1.71 versus $1.53 expected and revenue came in at $15.2 billion, sending Delta shares higher and lifting peers across the sector.
• Delta guided to Q4 adjusted EPS of $1.60–$1.90 with revenue up 2%–4% and reiterated about $6 in full‑year EPS alongside projected free cash flow of $3.5–$4 billion.
• Premium revenue rose 9% to roughly $5.8 billion as main cabin declined 4% to about $6 billion, with corporate sales up 8% and domestic unit revenue up 2%.
• Loyalty economics remained a key profit source with $2 billion from American Express in the quarter; operating margin was 11.2%, operating cash flow $1.8 billion, debt reduced nearly $2 billion year‑to‑date, and 12 new aircraft were delivered.
• Pricing power improved with industry capacity cuts, including Spirit’s retrenchment; Delta reported no operational impact yet from the U.S. government shutdown but cautioned prolonged disruption could pose risks.