Annual Report — FY 2025
Filed February 11, 2026
Revenue climbed to record levels driven by strong passenger demand across all geographic regions—domestic, transatlantic, Latin America, and Pacific—while the company aggressively paid down pandemic-era debt, retiring Payroll Support Program loans and refinancing its SkyMiles-backed credit facility to improve its balance sheet flexibility. Delta doubled down on its premium strategy, with loyalty program deferred revenue growing year-over-year and significant equity investments in global airline partners (LATAM, Grupo Aeromexico, Korean Air parent Hanjin-KAL, and WestJet), while also returning meaningful capital to shareholders through share repurchases. Looking ahead, the fleet modernization pipeline remains robust with substantial advance payments on new aircraft, and the company's investment-grade trajectory and $2.9 billion revolving credit facility signal management's confidence in sustaining earnings momentum despite macroeconomic uncertainty.
Filing details
Performance by segment
Airline
The airline segment generated $58.3 billion in operating revenue (adjusted, excluding refinery intersegment sales) and $5.7 billion in operating income in 2025. Total passenger revenue grew 2% to $51.8 billion, driven by a 7% increase in premium products ticket revenue to $22.1 billion and a 10% increase in loyalty travel awards revenue to $4.2 billion. Remuneration from American Express totaled $8.2 billion, up 11% YoY, with the company expecting it to grow to $10 billion over the next few years.
“We continue to focus on elevating the customer experiences through premium partnerships, leveraging generational investments in our airport infrastructure and developing innovative technology initiatives such as Delta Concierge and the evolution of Delta Sync to deliver personalized support and experiences at scale.”
Refinery
The refinery segment generated $7.0 billion in operating revenue and $157 million in operating income in 2025, a significant improvement from $38 million in operating income in 2024, driven by higher industry refining margins. Third-party refinery sales increased 9% to $5.1 billion. RINs compliance costs rose to $312 million from $203 million in 2024.