Filing Flows › Delta Air Lines (DAL) › Q3 2025
Delta Air Lines (DAL) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 9, 2025
Delta Air Lines (DAL) reported revenue of $16.7B for the third quarter 2025 (Q3 2025), +6% from a year earlier and +0.2% from the quarter before. Operating margin was 10.1%, net earnings $1.4B (8.5% of revenue).
Delta Air Lines, Q3 2025: revenue $16.7B (+6% year over year), operating margin 10.1%, net earnings $1.4B, operating cash flow $1.8B. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $16.7B | +0.2% | +6% |
| Operating profit | $1.7B | -20% | +21% |
| Net earnings | $1.4B | -33% | +11% |
| Operating cash flow | $1.8B | -0.5% | +45% |
| Free cash flow | $833M | — | — |
What changed
Revenue was $16.7B in Q3 2025, up 6% year over year and roughly flat from the previous quarter. Passenger, Air Traffic was the largest line at 71% of revenue. Refinery added $0.39B year over year (up 36%), 39% of the total change.
Operating profit was $1.7B, a 10.1% margin (up 1.2 points year over year). Of the extra revenue versus a year earlier, 29% reached operating profit, above the 9% margin then. Total costs grew 5% against revenue growth of 6%. Net earnings were $1.4B, up 11% year over year. The effective tax rate was 20.3%.
Operating cash flow was $1.8B (up 45% year over year), 130% of net earnings. Non-cash charges added back $0.61B of depreciation and amortization. Working capital and other items used $0.18B. After net cash used in investing activities, net ($1.0B), free cash flow as the company reports it was $0.83B.
Questions
What was Delta Air Lines' revenue in the third quarter 2025?
Delta Air Lines (DAL) reported revenue of $16.7B for the third quarter 2025 (Q3 2025), +6% from a year earlier and +0.2% from the quarter before.
Was Delta Air Lines profitable in the third quarter 2025?
Operating profit was $1.7B (10.1% of revenue) and net earnings $1.4B.
Source: Delta Air Lines 10-Q on SEC EDGAR.