Filing Flows › Delta Air Lines (DAL) › Q2 2025
Delta Air Lines (DAL) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 10, 2025
Delta Air Lines (DAL) reported revenue of $16.6B for the second quarter 2025 (Q2 2025), -0.1% from a year earlier and +19% from the quarter before. Operating margin was 12.6%, net earnings $2.1B (12.8% of revenue).
Delta Air Lines, Q2 2025: revenue $16.6B (-0.1% year over year), operating margin 12.6%, net earnings $2.1B, operating cash flow $1.9B. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $16.6B | +19% | -0.1% |
| Operating profit | $2.1B | +269% | -7% |
| Net earnings | $2.1B | +788% | +63% |
| Operating cash flow | $1.9B | -22% | -24% |
| Free cash flow | $733M | — | — |
What changed
Revenue was $16.6B in Q2 2025, roughly flat year over year and up 19% from the previous quarter. Passenger, Air Traffic was the largest line at 74% of revenue. Refinery lost $0.11B year over year (down 9%), 1100% of the total change.
Operating profit was $2.1B, a 12.6% margin (down 1.0 points year over year). Total costs grew 1% against flat revenue. Net earnings were $2.1B, up 63% year over year. The effective tax rate was 17.2%.
Operating cash flow was $1.9B (down 24% year over year), 87% of net earnings. Non-cash charges added back $0.60B of depreciation and amortization. Working capital and other items used $0.88B. After net cash used in investing activities, net ($1.1B), free cash flow as the company reports it was $0.73B.
Questions
What was Delta Air Lines' revenue in the second quarter 2025?
Delta Air Lines (DAL) reported revenue of $16.6B for the second quarter 2025 (Q2 2025), -0.1% from a year earlier and +19% from the quarter before.
Was Delta Air Lines profitable in the second quarter 2025?
Operating profit was $2.1B (12.6% of revenue) and net earnings $2.1B.
Source: Delta Air Lines 10-Q on SEC EDGAR.