Analyst Consensus ?
ConsensusBuy44 ratings
Bullish3784.1%
Neutral715.9%
Bearish00.0%
Delta Air Lines, Inc. · DAL · FY2025 Q4 · Calendar Q1 2026
Delta leans on premium demand while main-cabin risks remain
The supplied analysis supports a cautiously constructive operating thesis: premium demand, corporate travel, loyalty, ancillary revenue, and fleet renewal provide growth support, while main-cabin weakness, costs, regulation, and competition are material tests of durability.
Reported Before market openNYSEIndustrials
$54.89B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$1.55
Consensus $1.53
EPS surprise
+1.3%
Reported versus consensus
Reported revenue
$14.61B
Consensus $14.68B
Revenue surprise
-0.5%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-2.4%
Event window
SPY move
-0.2%
Same window
Abnormal move
-2.2%
Stock minus SPY
Volume
2.7×
Versus trailing sessions
Subsequent drift
+3.0%
Up to 20 sessions
DALSPY benchmark
Ask FN2 about DAL FY2025 Q4
Transcript, numbers and history already loaded
Why did DAL fall 2.4% after beating EPS estimates in FY2025 Q4?What changed in DAL's guidance and outlook in FY2025 Q4?Give me the bull and bear case for DAL after FY2025 Q4 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
The current analysis shifts the emphasis from the prior quarter's premiumization and capacity-rationalization themes toward a broader 2026 plan: premium and loyalty are described as roughly 60% of revenue, international expansion and fleet renewal remain priorities, and MRO is targeted for further scale. The risk set now more explicitly includes main-cabin stagnation, a possible credit-card interest-rate cap, and low-cost-carrier pressure.
Guidance delta
Management guidance sentiment remained maintained. The current analysis describes a 2026 outlook of about 20% EPS growth, $3-$4 billion of free cash flow, and 3% capacity growth focused on premium cabins.
Key takeaways
- Premium and loyalty businesses remain the central growth and margin drivers in the supplied analysis.
- Management linked the 2026 outlook to premium demand, corporate travel, loyalty economics, ancillary revenue, and international expansion.
- Fleet renewal, lounge and digital-service investments, and MRO expansion are the main operating initiatives highlighted.
- The key counterweights are stagnant main-cabin revenue, fuel and cost inflation, regulatory uncertainty, and low-cost-carrier competition.
Management priorities
- Expand the premium lounge network and Delta Concierge digital tools
- Continue product tiering and merchandising across fare categories
- Renew the fleet with Boeing 787-10 deliveries and retire older aircraft
- Increase international capacity in Asia, the Middle East, and the Pacific
- Scale MRO and further monetize the loyalty program
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$83.46Previous close
$38Low
$79.65Average
$125High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Oct 1, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| BMO Capital | Outperform | Outperform | Maintain | Sep 28, 2026 |
| UBS | Buy | Buy | Maintain | Sep 24, 2026 |
| Rothschild & Co | Buy | Buy | Maintain | Sep 18, 2026 |
| Barclays | Overweight | Overweight | Maintain | Sep 11, 2026 |
| TD Cowen | Buy | Buy | Maintain | Aug 24, 2026 |
| Raymond James | Outperform | Outperform | Maintain | Aug 24, 2026 |
| Morgan Stanley | Overweight | Overweight | Maintain | Jul 13, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Jul 13, 2026 |
| Citigroup | Buy | Buy | Maintain | Jul 13, 2026 |
| Jefferies | Buy | Buy | Maintain | Jul 10, 2026 |
| Susquehanna | Positive | Positive | Maintain | Jul 7, 2026 |
| Goldman Sachs | Buy | Buy | Maintain | Jul 2, 2026 |
| B of A Securities | Buy | Buy | Maintain | Jul 1, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Jun 30, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Jun 25, 2026 |
| Bernstein | Outperform | Outperform | Maintain | Jun 17, 2026 |
| Freedom Broker | Buy | Buy | Maintain | Jan 14, 2026 |
| Deutsche Bank | Buy | Buy | Maintain | Oct 10, 2025 |
| Seaport Global | Buy | Buy | Maintain | Apr 13, 2023 |
| Redburn Partners | Buy | Neutral | Upgrade | Feb 8, 2023 |
| Argus Research | Buy | Hold | Upgrade | Jan 5, 2023 |
| Cowen & Co. | Outperform | Market Perform | Upgrade | Oct 14, 2022 |
| Berenberg | Buy | Buy | Maintain | Jul 20, 2022 |
| Wolfe Research | Outperform | Peer Perform | Upgrade | Nov 19, 2021 |
| MKM Partners | Buy | Buy | Maintain | Jun 10, 2021 |
| Vertical Group | Buy | Hold | Upgrade | Jan 15, 2021 |
| Vertical Research | Buy | Hold | Upgrade | Jan 14, 2021 |
| Bank of America | Neutral | Neutral | Maintain | Mar 26, 2020 |
| CFRA | Hold | Strong Buy | Downgrade | Feb 28, 2020 |
| Stephens & Co. | Equal Weight | Equal Weight | Maintain | Jan 15, 2020 |
| Buckingham Research | Neutral | Neutral | Maintain | Dec 16, 2019 |
| Buckingham | Neutral | Neutral | Maintain | Dec 16, 2019 |
| Credit Suisse | Outperform | Outperform | Maintain | Oct 3, 2019 |
| Imperial Capital | In Line | In Line | Maintain | Jul 10, 2019 |
| Stifel Nicolaus | Buy | Buy | Maintain | Apr 3, 2019 |
| Stifel | Buy | Buy | Maintain | Apr 3, 2019 |
| Macquarie | Outperform | Outperform | Maintain | Sep 26, 2017 |
| Atlantic Equities | Overweight | Overweight | Maintain | Jun 20, 2017 |
| CRT Capital | Buy | Buy | Maintain | Apr 16, 2015 |
| Argus | Buy | Buy | Maintain | Mar 30, 2015 |
| S&P Capital IQ | Strong Buy | Buy | Upgrade | Jan 3, 2014 |
| Evercore Partners | Overweight | Equal Weight | Upgrade | Dec 19, 2013 |
| Standpoint Research | Hold | Buy | Downgrade | Oct 2, 2013 |
| Dahlman Rose | Buy | Hold | Upgrade | Dec 17, 2012 |
Named analyst price targets
Upside is calculated against the persisted previous close $83.46. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| BMO Capital | Michael Goldie | $100 | $84.94 | +19.8% | Sep 28, 2026 |
| UBS | Analyst unavailable | $105 | $81.54 | +25.8% | Sep 24, 2026 |
| Redburn Partners | Analyst unavailable | $105 | $79.43 | +25.8% | Sep 18, 2026 |
| Barclays | Analyst unavailable | $95 | $78.24 | +13.8% | Sep 11, 2026 |
| UBS | Atul Maheswari | $99 | $78.75 | +18.6% | Sep 10, 2026 |
| Raymond James | Analyst unavailable | $98 | $82.87 | +17.4% | Aug 24, 2026 |
| Argus Research | Analyst unavailable | $105 | $85.57 | +25.8% | Jul 14, 2026 |
| Cantor Fitzgerald | Tom Fitzgerald | $112 | $86.19 | +34.2% | Jul 14, 2026 |
| UBS | Atul Maheswari | $112 | $85.75 | +34.2% | Jul 13, 2026 |
| Bernstein | Analyst unavailable | $106 | $87.39 | +27.0% | Jul 13, 2026 |
| Morgan Stanley | Ravi Shanker | $125 | $87.36 | +49.8% | Jul 10, 2026 |
| Jefferies | Analyst unavailable | $110 | $87.7 | +31.8% | Jul 10, 2026 |
| Susquehanna | Analyst unavailable | $108 | $91.68 | +29.4% | Jul 7, 2026 |
| Morgan Stanley | Ravi Shanker | $115 | $93.66 | +37.8% | Jul 6, 2026 |
| Raymond James | Savanthi Syth | $104 | $92.75 | +24.6% | Jul 6, 2026 |
| Goldman Sachs | Catherine O'Brien | $116 | $93.06 | +39.0% | Jul 2, 2026 |
| Wells Fargo | Analyst unavailable | $105 | $93.17 | +25.8% | Jun 30, 2026 |
| Barclays | Brandon Oglenski | $105 | $90.65 | +25.8% | Jun 25, 2026 |
| UBS | Analyst unavailable | $107 | $85.92 | +28.2% | Jun 23, 2026 |
| Bernstein | David Vernon | $93 | $83.14 | +11.4% | Jun 17, 2026 |
| Morgan Stanley | Analyst unavailable | $105 | $79.84 | +25.8% | Jun 1, 2026 |
| UBS | Atul Maheswari | $98 | $79 | +17.4% | May 26, 2026 |
| Bernstein | Analyst unavailable | $88 | $73.33 | +5.4% | May 11, 2026 |
| UBS | Analyst unavailable | $95 | $73.34 | +13.8% | May 7, 2026 |
| Evercore ISI | Duane Pfennigwerth | $85 | $74.46 | +1.8% | Apr 17, 2026 |
| UBS | Analyst unavailable | $86 | $67.83 | +3.0% | Apr 9, 2026 |
| Susquehanna | Analyst unavailable | $78 | $67.83 | -6.5% | Apr 9, 2026 |
| Seaport Global | Analyst unavailable | $88 | $67.89 | +5.4% | Jan 14, 2026 |
| UBS | Analyst unavailable | $87 | $69.66 | +4.2% | Jan 14, 2026 |
| Argus Research | John Staszak | $80 | $69.24 | -4.1% | Jan 14, 2026 |
| Bernstein | David Vernon | $81 | $70.18 | -2.9% | Jan 14, 2026 |
| Barclays | Analyst unavailable | $85 | $72.31 | +1.8% | Jan 12, 2026 |
| Susquehanna | Christopher Stathoulopoulos | $85 | $72 | +1.8% | Jan 9, 2026 |
| Goldman Sachs | Catherine O'Brien | $77 | $71.82 | -7.7% | Jan 6, 2026 |
| Raymond James | Savanthi Syth | $80 | $70.15 | -4.1% | Dec 19, 2025 |
| Wells Fargo | Analyst unavailable | $87 | $69.72 | +4.2% | Dec 18, 2025 |
| UBS | Analyst unavailable | $90 | $70.56 | +7.8% | Dec 12, 2025 |
| BMO Capital | Michael Goldie | $80 | $67.22 | -4.1% | Dec 8, 2025 |
| UBS | Thomas Wadewitz | $75 | $59.57 | -10.1% | Oct 10, 2025 |
| Raymond James | Savanthi Syth | $70 | $59.57 | -16.1% | Oct 10, 2025 |
| Bernstein | Analyst unavailable | $74 | $59.57 | -11.3% | Oct 10, 2025 |
| Susquehanna | Analyst unavailable | $70 | $59.57 | -16.1% | Oct 10, 2025 |
| Deutsche Bank | Michael Linenberg | $72 | $59.57 | -13.7% | Oct 10, 2025 |
| Susquehanna | Analyst unavailable | $68 | $57.08 | -18.5% | Oct 3, 2025 |
| Jefferies | Analyst unavailable | $70 | $56.75 | -16.1% | Oct 1, 2025 |
| Evercore ISI | Analyst unavailable | $75 | $57.2 | -10.1% | Sep 29, 2025 |
| Barclays | Brandon Oglenski | $65 | $56.65 | -22.1% | Jul 11, 2025 |
| UBS | Thomas Wadewitz | $72 | $56.65 | -13.7% | Jul 11, 2025 |
| Susquehanna | Christopher Stathoulopoulos | $65 | $56.65 | -22.1% | Jul 11, 2025 |
| Goldman Sachs | Catherine O'Brien | $67 | $56.78 | -19.7% | Jul 10, 2025 |
| Bernstein | David Vernon | $60 | $47.56 | -28.1% | Jun 18, 2025 |
| UBS | Thomas Wadewitz | $66 | $51.19 | -20.9% | May 19, 2025 |
| UBS | Thomas Wadewitz | $42 | $36.7 | -49.7% | Apr 7, 2025 |
| Jefferies | Sheila Kahyaoglu | $46 | $42.42 | -44.9% | Apr 1, 2025 |
| Morgan Stanley | Analyst unavailable | $100 | $46.68 | +19.8% | Mar 11, 2025 |
| Deutsche Bank | Michael Linenberg | $82 | $61.18 | -1.7% | Jan 13, 2025 |
| Goldman Sachs | Catherine O'Brien | $83 | $64.85 | -0.6% | Nov 15, 2024 |
| Jefferies | Sheila Kahyaoglu | $72 | $63.56 | -13.7% | Nov 11, 2024 |
| HSBC | Achal Kumar | $68.3 | $50.42 | -18.2% | Oct 11, 2024 |
| Bernstein | David Vernon | $65 | $49.47 | -22.1% | Oct 8, 2024 |
| Bank of America Securities | Andrew Didora | $55 | $37.93 | -34.1% | Aug 5, 2024 |
| Jefferies | Sheila Kahyaoglu | $56 | $46.98 | -32.9% | Jul 9, 2024 |
| Evercore ISI | Duane Pfenningwerth | $65 | $48.81 | -22.1% | Jun 25, 2024 |
| HSBC | Achal Kumar | $72.8 | $52.99 | -12.8% | May 13, 2024 |
| Susquehanna | Christopher Stathoulopoulos | $55 | $46.24 | -34.1% | Apr 11, 2024 |
| Argus Research | John Staszak | $55 | $46.24 | -34.1% | Apr 11, 2024 |
| Deutsche Bank | Michael Linenberg | $60 | $46.24 | -28.1% | Apr 11, 2024 |
| Susquehanna | Christopher Stathoulopoulos | $54 | $47.01 | -35.3% | Apr 9, 2024 |
| Jefferies | Sheila Kahyaoglu | $58 | $48.22 | -30.5% | Apr 2, 2024 |
| Morgan Stanley | Ravi Shanker | $85 | $47.87 | +1.8% | Apr 1, 2024 |
| UBS | Atul Maheswari | $59 | $43.74 | -29.3% | Mar 19, 2024 |
| Susquehanna | Christopher Stathoulopoulos | $44 | $42.42 | -47.3% | Jan 10, 2024 |
| Morgan Stanley | Ravi Shanker | $77 | $34.1 | -7.7% | Oct 13, 2023 |
| Raymond James | Savanthi Syth | $54 | $35.7 | -35.3% | Oct 11, 2023 |
| Deutsche Bank | Michael Linenberg | $58 | $48.52 | -30.5% | Jul 12, 2023 |
| Morgan Stanley | Ravi Shanker | $70 | $46.71 | -16.1% | Jun 28, 2023 |
| Barclays | Analyst unavailable | $44 | $38.09 | -47.3% | Jan 11, 2023 |
| Citigroup | Analyst unavailable | $59 | $33.49 | -29.3% | Dec 19, 2022 |
| Evercore ISI | Analyst unavailable | $40 | $33.1 | -52.1% | Dec 15, 2022 |
| Morgan Stanley | Ravi Shanker | $65 | $31.17 | -22.1% | Oct 14, 2022 |
| Raymond James | Raymond James Raymond James | $52 | $30.62 | -37.7% | Oct 7, 2022 |
| Melius Research | Conor Cunningham | $41 | $35 | -50.9% | Aug 15, 2022 |
| Berenberg Bank | Conor Dwyer | $48.5 | $31.8 | -41.9% | Jul 31, 2022 |
| Susquehanna | Christopher Stathoulopoulos | $35 | $31.41 | -58.1% | Jul 26, 2022 |
| Deutsche Bank | Michael Linenberg | $47 | $29.77 | -43.7% | Jul 14, 2022 |
| Jefferies | Chloe Lemarie | $60 | $29.9 | -28.1% | Jul 8, 2022 |
| Barclays | Analyst unavailable | $45 | $29.91 | -46.1% | Jul 8, 2022 |
| Evercore ISI | Duane Pfennigwerth | $56 | $29.44 | -32.9% | Jul 6, 2022 |
| Raymond James | Savanthi Syth | $50 | $29.37 | -40.1% | Jun 23, 2022 |
| Raymond James | Analyst unavailable | $50 | $30 | -40.1% | Jun 23, 2022 |
| Goldman Sachs | Catherine O’Brien | $45 | $38.54 | -46.1% | Jun 6, 2022 |
| Barclays | Brandon Oglenski | $60 | $40.72 | -28.1% | May 17, 2022 |
| J.P. Morgan | Analyst unavailable | $70 | $44.14 | -16.1% | Apr 22, 2022 |
| Argus Research | John Staszak | $50 | $43.54 | -40.1% | Apr 21, 2022 |
| UBS | Myles Walton | $53 | $42.13 | -36.5% | Apr 18, 2022 |
| Goldman Sachs | Catherine O’Brien | $44 | $42.36 | -47.3% | Apr 14, 2022 |
| Barclays | Brandon Oglenski | $42 | $38.21 | -49.7% | Apr 11, 2022 |
| Redburn Partners | James Goodall | $38 | $39.85 | -54.5% | Feb 6, 2022 |
| Berenberg Bank | Adrian Yanoshik | $50 | $38.28 | -40.1% | Jan 30, 2022 |
| Argus Research | John Staszak | $46 | $39.54 | -44.9% | Jan 18, 2022 |
| Raymond James | Savanthi Syth | $53 | $40.31 | -36.5% | Jan 14, 2022 |
| J.P. Morgan | Jamie Baker | $50 | $40.31 | -40.1% | Jan 14, 2022 |
| Goldman Sachs | Catherine O'Brien | $40 | $41.47 | -52.1% | Jan 13, 2022 |
| Deutsche Bank | Michael Linenberg | $55 | $41.47 | -34.1% | Jan 13, 2022 |
| Susquehanna | Christopher Stathoulopoulos | $50 | $41.47 | -40.1% | Jan 13, 2022 |
| Bernstein | David Vernon | $67 | $41.51 | -19.7% | Jan 7, 2022 |
| Cowen & Co. | Helane Becker | $54 | $41.2 | -35.3% | Oct 14, 2021 |
| UBS | Myles Walton | $48 | $40.11 | -42.5% | Sep 17, 2021 |
| Stifel Nicolaus | Joseph DeNardi | $58 | $41.35 | -30.5% | Jul 15, 2021 |
| MKM Partners | Conor Cunningham | $59 | $46.28 | -29.3% | Jun 10, 2021 |
Track every rating change on DAL the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationDelta Air Lines, Inc. provides scheduled air transportation for passengers and cargo in the United States and internationally. The company operates through two segments, Airline and Refinery. Its domestic network centered on core hubs in Atlanta, Detroit, Minneapolis-St. Paul, and Salt Lake City, as well as coastal hub positions in Boston, Los Angeles, New York-LaGuardia, New York-JFK, and Seattle; and international network centered on hubs and market presence in Amsterdam, Bogota, Lima, Mexico City, London-Heathrow, Paris-Charles de Gaulle, Santiago (Chile), Sao Paulo, Seoul-Incheon, and Tokyo. It also provides aircraft maintenance and engineering support, repair, and overhaul services; and vacation packages. The company operates through a fleet of approximately 1,314 aircraft. Delta Air Lines, Inc. was founded in 1924 and is headquartered in Atlanta, Georgia.
Historical context
All DAL earningsIndustrials peers this season
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Get the DAL recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:36:15.940040+00:00
- Polygon adjusted daily market bars · 2026-10-01T05:46:08.082868+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-01T05:46:08.079565+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-01. For educational purposes only; not investment advice.