Q4 2025 Earnings — Material Agreement, Results of Operations

Full-year 2025 earnings hit $5.82/share with record free cash flow of $4.6 billion, and management is guiding for ~20% EPS growth in 2026 to a midpoint of $7.00/share. Accelerating demand across consumer and corporate channels, with March quarter revenue expected up 5-7% year-over-year, signals Delta's premium-focused strategy and diversified revenue streams — now 60% of total revenue — are compounding into durable margin expansion.