Quarterly Report — Q3 2025
Filed October 9, 2025
Q3 2025 passenger revenue powered the quarter, with strong performance across all geographic regions — domestic, Atlantic, Latin America, and Pacific routes all contributing. Delta continued chipping away at its debt stack, repaying Payroll Support Program loans and refinancing its SkyMiles credit facility in September, while maintaining undrawn revolving credit lines as a liquidity backstop. The company also resumed shareholder returns with dividends initiated in Q2 2025, signaling management's confidence in the durability of the earnings recovery from pandemic-era lows.
Filing details
Performance by segment
Airline
The airline segment generated $15.2 billion in operating revenue in Q3 2025, up from $14.6 billion in Q3 2024, with operating income of $1.63 billion. Premium product ticket revenue grew 9% YoY to $5.8 billion while main cabin declined 4% to $6.1 billion, reflecting Delta's premiumization strategy. Total cash sales to American Express reached approximately $2.0 billion in Q3 and $5.9 billion year-to-date, up 10% versus the prior year period, with loyalty travel awards revenue increasing 13% to $1.1 billion in the quarter.
Refinery
The refinery segment reported operating income of $53 million in Q3 2025, a sharp reversal from an operating loss of $33 million in Q3 2024. Operating revenue was $1.8 billion for the quarter, down from $1.9 billion a year ago, as a change in contractual agreements shifted volume from exchanged products to third-party sales. For the nine months, operating income declined to $42 million from $76 million due to lower refined product pricing, and the refinery generated a one cent per gallon benefit versus two cents in the prior year.
“The jet fuel produced and procured through exchanging gasoline and diesel fuel produced by the refinery typically provides approximately 200,000 barrels per day, or approximately 75% of our consumption, for use in our airline operations.”