Delta Air Lines (NYSE: DAL) shares declined about 3% intraday on Tuesday after the carrier reported fourth-quarter results that slightly topped profit expectations but missed revenue forecasts and delivered guidance that investors viewed as mixed.
Delta reported adjusted earnings of $1.55 per share for the December quarter, edging past the consensus estimate of $1.52. Revenue totaled $14.61 billion, however, below analysts’ expectations of $14.72 billion. The company said revenue growth during the quarter was reduced by roughly two percentage points due to the government shutdown, which primarily affected domestic travel demand.
Quarterly revenue increased 1.2% year over year on capacity growth of 1.3%. For full-year 2025, Delta posted record revenue of $58.3 billion, up 2.3% from 2024. Revenue from diversified streams such as premium services, cargo, and maintenance operations rose 7% year over year and accounted for 60% of total revenue.
Looking ahead, Delta forecast first-quarter 2026 revenue growth of 5% to 7% year over year, with operating margins expected between 4.5% and 6%. The airline projected first-quarter earnings per share of $0.50 to $0.90, compared with consensus expectations of $0.72.
For full-year 2026, Delta guided for earnings of $6.50 to $7.50 per share, representing roughly 20% growth at the midpoint from 2025 levels, but below the Street consensus of $7.32.
Delta also announced a new agreement with Boeing to purchase 30 Boeing 787-10 widebody aircraft, with options for an additional 30 planes. Deliveries are scheduled to begin in 2031.
