Overview

• Delta reported adjusted EPS of $1.71 on about $15.2 billion in adjusted revenue, beating Wall Street estimates.
• Guidance calls for Q4 adjusted EPS of $1.60–$1.90 with revenue up 2%–4%, and the company reaffirmed full‑year EPS of roughly $6.
• Premium revenue rose about 9% while main cabin fell roughly 4%, with corporate sales up 8% as domestic passenger revenue grew 5%.
• Loyalty economics remained a key driver, including roughly $2 billion from the American Express partnership in the September quarter.
• Delta generated about $1.8 billion in operating cash flow, reduced debt year‑to‑date, delivered 12 aircraft, and plans to expand premium seating while trimming main‑cabin capacity, with management noting no shutdown impact to date but flagging potential risk if it persists.