Ed Bastian
Chief Executive Officer
Replay available
Delta Air Lines, Inc. (DAL) Q4 2025 Earnings Call
Delta Air Lines, Inc. (NYSE: DAL) Q4 2025 earnings conference call, held 2026-01-13. Replay captured from the company's public earnings webcast.
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Investor webinar replay
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Replay transcript excerpt
WEBVTT 00:00:00.031 -- 00:00:05.344 And with that, I'll turn the call over to Ed. 00:00:05.344 -- 00:00:07.549 Thank you, Julie, and good morning, everyone. 00:00:07.549 -- 00:00:12.200 The Delta team delivered a strong close to our centennial year with results that are 00:00:12.200 -- 00:00:15.844 a clear proof point of the differentiation 00:01:00.359 -- 00:01:05.307 earnings that were consistent with our expectations outside of the impact of the government 00:01:05.307 -- 00:01:07.149 shutdown. 00:01:07.149 -- 00:01:12.558 For the full year, we recorded record revenue of $58.3 billion, an 00:01:12.558 -- 00:01:17.645 operating margin of 10%, pre-tax income of $5 billion, and earnings 00:01:17.645 -- 00:01:23.114 of $5.82 per share. A key highlight is free cash flow. 00:01:23.114 -- 00:01:28.182 We delivered $4.6 billion at the top end of our long-term 00:01:28.182 -- 00:01:32.071 financial framework, and the highest in Delta's history. 00:01:32.071 -- 00:01:37.338 Over the past three years, we've generated $10 billion in free cash flow, 00:01:37.338 -- 00:01:42.225 allowing us to strengthen our investment-grade balance sheet and reduce leverage by more 00:01:42.225 -- 00:01:44.047 than 50%. 00:01:44.047 -- 00:01:47.171 Our return on invested capital of 12% 00:01:47.171 -- 00:01:52.318 is well above our cost of capital, placing us in the upper half of the S&P 500 00:01:52.318 -- 00:01:55.405 and leading the industry. 00:01:55.405 -- 00:01:59.530 These results underscore the strength of our brand and the resilience of our competitive 00:01:59.530 -- 00:02:04.155 advantages. It would not be possible without the dedication of our people. 00:02:04.155 -- 00:02:09.161 To all 100,000 members of the Delta team, we thank you for your unwavering 00:02:09.161 -- 00:02:14.227...