Filing Flows › Delta Air Lines (DAL) › Q4 2025
Delta Air Lines (DAL) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 11, 2026
Delta Air Lines (DAL) reported revenue of $16.0B for the fourth quarter 2025 (Q4 2025), +3% from a year earlier and -4% from the quarter before. Operating margin was 9.2%, net earnings $1.2B (7.6% of revenue).
Delta Air Lines, Q4 2025: revenue $16.0B (+3% year over year), operating margin 9.2%, net earnings $1.2B, operating cash flow $2.3B. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $16.0B | -4% | +3% |
| Operating profit | $1.5B | -13% | -15% |
| Net earnings | $1.2B | -14% | +45% |
| Operating cash flow | $2.3B | +22% | +19% |
| Free cash flow | $1.4B | +97% | +132% |
What changed
Revenue was $16.0B in Q4 2025, up 3% year over year and down 4% from the previous quarter. Passenger, Air Traffic was the largest line at 71% of revenue.
Operating profit was $1.5B, a 9.2% margin (down 1.9 points year over year). Operating profit fell $0.25B even though revenue rose $0.44B versus a year earlier, so costs grew faster than sales. Total costs grew 5% against revenue growth of 3%. Net earnings were $1.2B, up 45% year over year. The effective tax rate was 19.4%.
Operating cash flow was $2.3B (up 19% year over year), 185% of net earnings. Non-cash charges added back $0.62B of depreciation and amortization. Working capital and other items added $0.42B. Capital expenditures of $0.91B left free cash flow of $1.4B.
Questions
What was Delta Air Lines' revenue in the fourth quarter 2025?
Delta Air Lines (DAL) reported revenue of $16.0B for the fourth quarter 2025 (Q4 2025), +3% from a year earlier and -4% from the quarter before.
Was Delta Air Lines profitable in the fourth quarter 2025?
Operating profit was $1.5B (9.2% of revenue) and net earnings $1.2B.
Source: Delta Air Lines 10-K on SEC EDGAR.