Quarterly Report — Q2 2025
Filed July 10, 2025
Revenue and profit momentum carried into Q2 2025, with passenger revenue — Delta's core engine — driving the bulk of a top line that spans domestic, Atlantic, Latin America, and Pacific routes. The company continued chipping away at its debt stack, repaying portions of its Payroll Support Program loans and unsecured notes, while maintaining undrawn revolving credit facilities as a liquidity cushion. Delta is also investing heavily in its future fleet, with firm orders across seven aircraft types including A220-300s, A321neos, A350s, and 737-10s, signaling a long-term capacity and efficiency upgrade cycle.
Filing details
Performance by segment
Airline
The airline segment generated $15.5 billion in operating revenue for Q2 2025, up from $15.4 billion in Q2 2024, with operating income of $2.1 billion. Premium product ticket revenue grew 5% YoY to $5.9 billion while loyalty travel awards revenue jumped 12% to $1.1 billion, offsetting a 5% decline in main cabin revenue caused by macroeconomic uncertainty. Total cash sales to American Express were approximately $2.0 billion in Q2 (up ~10% YoY), with $3.9 billion for the first half (up 9%), and the airline had 275 aircraft on order totaling $16.8 billion in future purchase commitments.
Refinery
The refinery segment (Monroe Energy) posted a $10 million operating loss in Q2 2025 compared to $60 million operating income in Q2 2024, driven by lower refined product pricing. Total refinery operating revenue fell $331 million to $1.7 billion in Q2, and for the first half declined $682 million to $3.4 billion. The refinery generated a one cent per gallon incremental cost versus a six cent per gallon benefit in Q2 2024, reflecting the deterioration in crack spreads.
“The refinery generated a small operating loss in the six months ended June 30, 2025 compared to operating income in the six months ended June 30, 2024, primarily as a result of lower pricing of refined products.”