Delta Air Lines generates record $4.6B free cash flow in FY25 and guides for 20% EPS growth in FY26.

Delta Air Lines reported adjusted fourth-quarter earnings of $1.55 per share on revenue of $14.6 billion. For the full year 2025, the company posted adjusted earnings of $5.82 per share and generated a record $4.6 billion in free cash flow. Looking ahead, Delta guided for full-year 2026 earnings per share between $6.50 and $7.50.

Key Highlights

• For the full year 2026, management projects earnings per share growth of approximately 20% at the midpoint, with an EPS guidance range of $6.50 to $7.50.
• High-margin, diversified revenue streams continued to expand, with remuneration from American Express growing 11% year-over-year to $8.2 billion in 2025.
• Strong cash generation in FY25 enabled the company to reduce adjusted net debt by $3.7 billion to $14.3 billion, with adjusted debt to EBITDAR ending the year at 2.4x.