NYSE$DAL

Delta Air Lines Inc (DE) · Q4 2024 earnings

Q4 2024 earnings · · Investor relations

Briefing

Delta achieved record December quarter revenue and operating profit, driven by industry-leading operational performance.

Delta Air Lines reported record December quarter revenue and operating profit, demonstrating industry-leading operational performance. The company's full year results included record revenue, $5 billion of pre-tax income, $8 billion of operating cash flow and $3.4 billion of free cash flow. Looking ahead to 2025, Delta anticipates earnings greater than $7.35 per share and free cash flow exceeding $4 billion.

  • Delta reported record December quarter revenue and operating profit.
  • The company delivered industry-leading operational and financial performance.
  • Delta expects strong demand for travel to continue into 2025.
  • The company is positioned to deliver the best financial year in its 100-year history.

Headline financials

Total Revenue

$15.6B

Previous: $14.2B+9.4%
EPS (adj)

$1.85

Previous: $1.28+44.5%
Operating Margin (GAAP)

11.0%

No prior period
Adjusted Operating Margin

12.0%

No prior period
Pre-Tax Margin (GAAP)

7.7%

No prior period
Adjusted Pre-Tax Margin

10.8%

No prior period
Total Revenue Per Available Seat Mile

21.6

No prior period
Adjusted TRASM

20.04

No prior period
Cost Per Available Seat Mile

19.22

No prior period
Non-Fuel CASM

13.72

No prior period
Average Fuel Price Per Gallon (GAAP)

$2.36

No prior period
Adjusted Fuel Price Per Gallon

$2.34

No prior period
Adjusted Fuel Expense

$2.39B

No prior period
Operating Cash Flow (GAAP)

$1.89B

No prior period
Adjusted Operating Cash Flow

$1.78B

No prior period
Gross Capital Expenditures

$1.24B

No prior period
Total Debt and Finance Lease Obligations

$16.2B

No prior period
Adjusted Net Debt

$18B

No prior period
Adjusted Debt to EBITDAR

2.6

No prior period
Revenue Passenger Miles

60.4B

No prior period
Available Seat Miles

72.0B

No prior period
Passenger Mile Yield

21.22

No prior period
Passenger Revenue Per Available Seat Mile

17.79

No prior period
Passenger Load Factor

84.0%

No prior period
Fuel Gallons Consumed

1.0B

No prior period
Capital Expenditures

-$1.31B

No prior period
Net Income

$843M

Previous: $2.04B-58.6%
Operating Income

$1.6B

Previous: $1.32B+21.0%
Gross Profit

$3.35B

Previous: $2.76B+21.5%

Revenue & EPS history

Delta · Revenue · Quarterly

$15.6B

Q4 2024+9.4%vs Q4 2023
Beat estimate in 10 of 15 quarters(67%)
ActualEstimate

Revenue by segment

Delta · $470M total across 1 segment · Q1 2021

  • Cargo Revenue
    $470M

Forward guidance

Delta anticipates earnings greater than $7.35 per share and free cash flow exceeding $4 billion in 2025.

Tailwinds

  • Strong demand for travel is expected to continue.
  • Consumers are increasingly seeking premium products and experiences.
  • Delta's differentiated strategy and best-in-class operations.
  • Constructive industry backdrop.
  • Anticipates earnings greater than $7.35 per share

Headwinds

  • Non-fuel unit cost growth to continue in the low-single digits for the full year 2025
  • Efficiencies offset the impact of slower capacity growth
  • Continued investments in our people
  • Continued investments customer experience
  • No specific negatives mentioned.

Historical earnings impact

How earnings announcements have historically affected this stock's price.

Avg. return before/after earnings

Based on 20 quarterly earnings reports · overlaid with Q4 2024

Historical avgQ4 2024

+1.3%

Avg return

Earnings day

+0.9%

Avg return

5 days after

+3.0%

Avg return

30 days after

61%

42 / 69 earnings

Positive

+23.4%

Q1 2025

Best reaction

-11.3%

Q4 2023

Worst reaction

Earnings price reactions
QuarterReport dateReaction (Day 0)+5 days+30 days
Q1 2026+5.8%+2.2%+11.8%
Q4 2025-2.6%-0.8%-2.2%
Q3 2025+4.3%+7.3%+3.1%
Q2 2025-0.8%+1.8%+0.8%
Q1 2025+23.4%+12.3%+34.7%
Q4 2024+6.0%+6.6%+10.9%
Q3 2024+0.7%+3.4%+19.8%
Q2 2024-6.9%-1.8%-16.1%
Q1 2024+0.7%-1.4%+11.2%
Q4 2023-11.3%-12.1%-4.1%
Q3 2023-5.2%-3.6%-5.3%
Q2 2023-3.0%+0.9%-7.9%
Q1 2023+0.1%+4.8%-1.5%
Q4 2022-3.4%-3.1%-3.6%
Q3 2022+6.4%+10.1%+21.3%
Q2 2022-4.2%+0.2%+11.0%
Q1 2022+9.7%+9.1%-0.8%
Q4 2021-0.7%-2.6%+4.2%
Q3 2021-5.4%-5.8%-3.0%
Q2 2021+0.0%-6.7%-3.5%
Q1 2021-3.2%-7.7%-3.9%
Q4 2020-1.2%-0.3%+7.0%
Q3 2020-2.7%-3.6%+5.3%
Q2 2020+6.6%+0.9%+7.0%
Q1 2020-2.7%-4.1%-1.8%
Q4 2019+3.6%+4.3%-0.6%
Q3 2019-1.8%-0.5%+6.8%
Q2 2019+3.7%+6.2%+0.1%
Q1 2019+2.5%+0.9%-0.6%
Q4 2018-0.5%+0.8%+5.7%
Q3 2018+4.7%+6.8%+14.0%
Q2 2018+1.9%+2.6%+9.8%
Q1 2018+2.8%+6.0%+2.8%
Q4 2017+7.1%+6.2%-9.7%
Q3 2017+0.8%+1.7%-7.2%
Q2 2017-0.6%-2.7%-10.8%
Q1 2017-2.8%-2.1%+8.2%
Q4 2016-0.4%-2.2%-4.2%
Q3 2016+2.0%+0.5%+18.1%
Q2 2016+1.1%+2.5%-8.1%
Q1 2016-1.1%
Q4 2015+2.7%
Q3 2015+2.5%
Q2 2015+1.9%
Q1 2015+4.4%
Q4 2014+7.3%
Q3 2014+6.2%
Q2 2014+1.0%
Q1 2014+5.1%
Q4 2013+5.7%
Q3 2013+3.7%
Q2 2013+5.0%
Q1 2013+8.8%
Q4 2012+1.2%
Q3 2012-5.0%
Q2 2012+0.9%
Q1 2012-0.8%
Q4 2011+0.3%
Q3 2011-3.8%
Q2 2011-4.9%
Q1 2010+7.1%
Q1 2011-1.2%
Q4 2008-1.7%
Q4 2010-1.7%
Q3 2009+1.1%
Q3 2010+1.1%
Q4 2009+2.3%
Q2 2009+2.3%
Q2 2010+2.3%

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