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14:00
Jul 10 ◎

DAL FY2026 Q2 Watch

Delta Air Lines, Inc. (DAL) FY2026 Q2 Earnings Call

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Joe Esposito

Delta points to its LATAM JV as a key driver of strength in South America, highlighting the benefit of the partnership's expanded connecting network.

"South America has been very strong. This year and for the past really 18 months and the forwards look really good based on our partnership with ATAM, aligning ourselves with their connecting bank structures in South America."

LTM WATCH

Joe Esposito

Korean Air JV remains the backbone of Delta's Asia expansion, with access to 70-80 destinations supporting growth without additional capital spend.

"We've got a great anchor partner in Asia with Korean Air that allows us to expand ourselves through 70, 80 destinations through Asia. And now we have access from all of our hubs."

003490.KS WATCH

Ed Bastian

Delta reaffirms that the Amex co-brand partnership is accelerating, with double-digit card spend and member growth — a strong signal for Amex's travel and entertainment segment.

"We're not just the largest contributor to the overall distribution of Amex product and cards as well as revenue spend. We're also their fastest growing and they are our number one partner in the world and we are theirs."

AXP WATCH

Joe Esposito

Delta is cutting main cabin capacity while growing premium capacity, betting that the premium and loyalty segments will drive margin expansion; main cabin is down 2-3% in seats and growth will not return next year. — This capacity shift puts pressure on competitors to also focus on premium yield, potentially squeezing low-cost carriers and reshaping domestic competition.

"We're not growing main cabin seats. This is a multi-year, several years in a row that we haven't grown this cabin. We won't be growing it next year either. But our premium revenue has been up 17%."

UAL WATCH AAL WATCH

Eric Snell

The refinery outage is a short-term issue (5 cents hit in Q2, 5-7 cents in Q3), but Delta still expects a $0.05 benefit from the refinery in Q3 and a larger benefit in Q4, indicating the refinery remains a key hedge against high fuel costs. — Delta's refinery capability provides a unique, though imperfect, hedge for airlines, and its recovery will help margin expansion in Q3-Q4.

"We're back up to now approximately 75% throughput of the product that goes through the refinery. but there still will be a tail of the outage into the third quarter. That's going to be a $0.05 to $0.07 hit on the third quarter. Net of"

VLO WATCH PSX WATCH

Ed Bastian

Delta expects its non-fuel unit cost (CASM-ex) to normalize toward low single-digit growth as capacity growth normalizes in Q4, but the offset is that capacity growth is being restrained partially by fleet and engine availability issues. — This points to ongoing durability of pricing power as supply is constrained by OEM delivery delays and engine durability issues.

"It's not the question of whether Boeing and Airbus can even produce the aircraft as much as the engine producers. And the lack of durability that we've seen in the quality of the new engine technology isn't anywhere close to the"

BA WATCH EADSY WATCH

Ed Bastian

Delta's tone is clearly bullish, reaffirming full-year guidance despite a multi-billion dollar fuel headwind, with management citing pricing power, capacity discipline, and structural industry improvements that it expects to sustain.

"We expect to return to earnings growth on double-digit operating margins in the second half of this year. For the full year, we are affirming the guidance that we set at the start of the year, even with a multibillion-dollar fuel headwind."

DAL WATCH

HIGH

14:00
Apr 08 ◎

DAL FY2026 Q1 Watch

Delta Air Lines, Inc. (DAL) FY2026 Q1 Earnings Call

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Ed Bastian

Delta is partnering with Amazon (Project Kuiper) for satellite connectivity, suggesting Amazon's space-based internet service is in deployment with a major airline.

"we took another strong step forward by announcing a game-changing partnership with Amazon Leo, bring the next generation of satellite connectivity to our aircraft."

AMZN WATCH

Joe Esposito

Delta's co-brand card portfolio with American Express continues to grow double-digits, a key driver of diversified revenue and a positive signal for AXP.

"Remuneration from American Express grew 10% to over $2 billion, led by 12% spend growth on strong acquisitions."

AXP WATCH

Ed Bastian

Delta is expanding its in-flight entertainment and connectivity ecosystem with content partners like NYT, underscoring the platform's traction.

"With partners like the New York Times joining YouTube Premium, Paramount+, American Express, and T-Mobile, Delta Sync is delivering differentiated experiences"

NYT WATCH

Ed Bastian

Delta continues to integrate T-Mobile into its loyalty/connectivity stack, deepening the partnership's value.

"With partners like the New York Times joining YouTube Premium, Paramount+, American Express, and T-Mobile, Delta Sync is delivering differentiated experiences"

TMUS WATCH

Ed Bastian

Management is confident in long-term targets despite a massive fuel spike, framing the current environment as a catalyst for industry rationalization that benefits Delta, and noting the June quarter guide implies strong unit revenue growth.

"our structural advantages and execution keep us on track to achieve our long-term financial targets. So while higher fuel is a current impact to earnings, I'm confident this environment ultimately reinforces Delta's leadership and"

DAL WATCH

HIGH

15:00
Jan 13 ◎

DAL FY2025 Q4 Watch

Delta Air Lines, Inc. (DAL) FY2025 Q4 Earnings Call

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Glenn Hauenstein

Delta's commentary confirms continued strong momentum in the Delta-Amex co-brand partnership, with high double-digit spend growth and robust new card acquisitions supporting Amex's network volumes.

"For the year, American Express remuneration grew 11% to $8.2 billion, driven by a fourth consecutive year of more than one million new card acquisitions and double-digit year-over-year co-brand spend growth in every quarter."

AXP WATCH

Joe Esposito

While Delta continues to take Airbus widebodies (A350/A330neo), the new 787 order diversifies its future fleet and signals a split of future widebody orders between the two OEMs, slightly diluting Airbus's share of Delta's long-haul growth.

"When we look out of the future, the 787 is a great airplane. financially great airplane. We're able to do a lot with the with the 10 version of this on the on the premium seating."

EADSF WATCH

Joe Esposito

Delta sees increased Pacific connectivity from the Korean Air-Asiana merger, enhancing the competitiveness of the Incheon hub for its joint venture network.

"We've seen really good progression as Korean and Asiana work through their merger. The Incheon hub has been a fantastic hub to connect through."

KAL WATCH

Ed Bastian

The successful early adoption of the Delta-Uber partnership highlights significant member engagement and a new revenue channel for Delta, while also driving user engagement for Uber.

"The response to our Delta Uber partnership has been tremendous, with over 1.5 million SkyMiles members linking their accounts since launch, demonstrating the power of our loyalty strategy."

UBER WATCH

Glenn Hauenstein

Delta sees its equity stake in LATAM as an underappreciated asset with significant growth runway as their partnership deepens.

"Whether it's LATAM or whether it's Korean, these are very, very deep relationships, which I think are still in their infancy."

LTM WATCH

Glenn Hauenstein

Delta observes competitors like Southwest pivoting toward Delta's premium strategy, validating Delta's model and potentially crowding the premium space.

"You've seen Southwest going in a very different direction, talking about clubs, talking about international."

LUV WATCH

Ed Bastian

The 787-10 has been selected for its 'category killer' unit cost economics, representing a step-change in margin improvement over the Boeing 767s it replaces. — The 787-10's superior efficiency could support Delta's long-term cost trajectory, while Boeing benefits from a high-profile endorsement of the airframe.

"This morning, we announced an order for 30 Boeing 787-10s with options for 30 more, separate delivery starting in 2031."

BA WATCH

Glenn Hauenstein

Delta notes ongoing distress at Spirit Airlines, which keeps the ultra-low-cost sector constrained and firm for Delta's mainline pricing.

"We saw consolidation earlier in the week where, you know, waiting to see what happens with the spirit here as it continues to try and restructure."

SAVE WATCH

Ed Bastian

Management is clearly bullish on 2026, citing record bookings and accelerating demand, underpinning top-line growth and strong EPS growth guidance of 20% year-over-year.

"The year is off to a strong start. Last week, we set a new record for bookings with cash sales of double digits on top of the strength that we saw last year. Top line growth is accelerating on consumer and corporate demand, supporting an"

DAL WATCH

HIGH

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