Filing Flows › Delta Air Lines (DAL) › Q1 2025
Delta Air Lines (DAL) Q1 2025 earnings results (first quarter 2025)
10-Q filed Apr 9, 2025
Delta Air Lines (DAL) reported revenue of $14.0B for the first quarter 2025 (Q1 2025), +2% from a year earlier and -10% from the quarter before. Operating margin was 4.1%, net earnings $240M (1.7% of revenue).
Delta Air Lines, Q1 2025: revenue $14.0B (+2% year over year), operating margin 4.1%, net earnings $240M, operating cash flow $2.4B. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $14.0B | -10% | +2% |
| Operating profit | $569M | -67% | -7% |
| Net earnings | $240M | -72% | +549% |
| Operating cash flow | $2.4B | +26% | -1% |
| Free cash flow | $1.3B | — | — |
What changed
Revenue was $14.0B in Q1 2025, up 2% year over year and down 10% from the previous quarter. Passenger, Air Traffic was the largest line at 72% of revenue. Passenger, Air Traffic added $0.23B year over year (up 2%), 80% of the total change. Refinery declined 10%.
Operating profit was $0.57B, a 4.1% margin (down 0.4 points year over year). Operating profit fell $0.04B even though revenue rose $0.29B versus a year earlier, so costs grew faster than sales. Total costs grew 3% against revenue growth of 2%. Net earnings were $0.24B, up 549% year over year. The effective tax rate was 25.0%.
Operating cash flow was $2.4B (down 1% year over year), 991% of net earnings. Non-cash charges added back $0.61B of depreciation and amortization. Working capital and other items added $1.5B. After net cash used in investing activities, net ($1.1B), free cash flow as the company reports it was $1.3B.
Questions
What was Delta Air Lines' revenue in the first quarter 2025?
Delta Air Lines (DAL) reported revenue of $14.0B for the first quarter 2025 (Q1 2025), +2% from a year earlier and -10% from the quarter before.
Was Delta Air Lines profitable in the first quarter 2025?
Operating profit was $569M (4.1% of revenue) and net earnings $240M.
Source: Delta Air Lines 10-Q on SEC EDGAR.