$DAL (-3,96 %)

🔹 Revenue: $15.20B (Est. $15.04B) 🟢; UP +4.1% YoY

🔹 EPS: $1.71 (Est. $1.53) 🟢; UP +14% YoY

Raises FY25 Outlook:

🔹 EPS: ≈$6.00 (Est. $5.77) 🟢

🔹 Free Cash Flow: $3.5–$4.0B

🔹 Gross Leverage: <2.5x

Q4’25 Outlook:

🔹 Revenue: UP +2%–4% YoY

🔹 Operating Margin: 10.5%–12%

🔹 EPS: $1.60–$1.90

Other Metrics:

🔹 Operating Income: $1.70B; UP +23% YoY

🔹 Operating Margin: 11.2%; UP +1.7 pts YoY

🔹 Pre-Tax Income: $1.5B; UP +18% YoY

🔹 Net Income: $1.12B; UP +15% YoY

🔹 Operating Cash Flow: $1.8B; UP +42% YoY

🔹 Free Cash Flow: $833M; vs. $95M last year

🔹 Adjusted Net Debt: $15.6B; DOWN -17% YoY

Segment

🔹 Premium Revenue: UP +9% YoY

🔹 Loyalty Revenue: UP +9% YoY

🔹 Amex Partnership Revenue: $2.0B; UP +12% YoY

🔹 Domestic Passenger Revenue: UP +5% YoY

🔹 Corporate Sales: UP +8% YoY

🔹 Adjusted TRASM: UP +0.3% YoY

Cost Metrics

🔹 Operating Expense: $13.5B; UP +2% YoY

🔹 Non-Fuel CASM: 13.35¢; UP +0.3% YoY

🔹 Fuel Expense: $2.56B; DOWN -8% YoY

🔹 Avg. Fuel Price: $2.25/gal; DOWN -11% YoY

Balance Sheet & Cash Flow

🔹 Total Debt: $14.9B; DOWN -16% YoY

🔹 Adjusted Net Debt: $15.6B; DOWN -17% YoY

🔹 Operating Cash Flow: $1.8B; UP +42% YoY

🔹 Liquidity: $6.9B (includes $3.1B undrawn revolver)

CEO Commentary — Ed Bastian

🔸 “We delivered September quarter results at the top end of our expectations on strong execution and improving fundamentals.”

🔸 “Momentum is continuing into the final stretch of our Centennial year, positioning us to deliver strong December quarter earnings.”

🔸 “Looking to 2026, Delta is well positioned to deliver top-line growth, margin expansion, and earnings improvement consistent with our long-term framework.”

CFO Commentary — Dan Janki

🔸 “Non-fuel unit cost growth was approximately flat compared to prior year, consistent with our full-year guidance.”

🔸 “We’ve paid down nearly $2B in debt year-to-date, bringing gross leverage to 2.4x.”

🔸 “Full-year free cash flow of $3.5–$4B enables us to reinvest in the business while returning cash to shareholders.”

Operational Highlights

🔹 Led peers in on-time performance YTD

🔹 31 aircraft delivered YTD; 20 retired

🔹 New routes announced to Sardinia, Malta, Madrid, Nice, Porto, Hong Kong

🔹 Accrued $986M in profit sharing YTD

🔹 Named #2 on Forbes World’s Best Employers (2025)

$DAL (-3,96 %)

🔹 Adj. EPS: $2.10 (Est. $2.05) 🟢; DOWN -11% YoY

🔹 Revenue: $15.5B (Est. $15.42B) 🟢; UP +1% YoY

🔹 NI: $1.37B; -10% YoY

🔹 OI: $2.05B; -10% YoY

FY25 Guidance (Restored):

🔹 EPS: $5.25 - $6.25 (Est. $5.39) 🟢

🔹 Free Cash Flow: $3B - $4B

🔹 Gross Leverage: <2.5x

Q3 FY25 Guidance:

🔹 EPS: $1.25 - $1.75

🔹 Revenue Growth: Flat to +4% YoY

🔹 Operating Margin: 9% - 11%

Operational Highlights:

🔹 TRASM: 19.97¢; DOWN -3% YoY

🔹 Non-fuel CASM: 13.49¢; UP +2.7% YoY

🔹 Adjusted Fuel Expense: $2.51B; DOWN -11% YoY; Avg. Fuel Price: $2.26/gal (DOWN -14% YoY)

🔹 Adjusted Operating Cash Flow: $1.84B (DOWN -25% YoY)

🔹 Free Cash Flow: $733M (DOWN -42% YoY)

🔹 Gross CapEx: $1.17B (DOWN -4% YoY)

🔹 Adjusted Net Debt: $16.3B (DOWN -13% YoY)

Segment & Strategic Highlights:

🔹 Premium Revenue: UP +5% YoY

🔹 Loyalty Revenue: UP +8% YoY

🔹 Amex Remuneration: $2B; UP +10% YoY

🔹 Cargo Revenue: UP +7% YoY

🔹 MRO Revenue: UP +29% YoY

🔹 International Revenue: UP +2% YoY

  🔸 Pacific Revenue: UP +11% YoY

  🔸 Transatlantic Revenue: UP +2% YoY

Balance Sheet & Capital Return:

🔹 Total Debt & Finance Lease Obligations: $15.1B (DOWN -16% YoY)

🔹 Liquidity: $6.4B (including $3.1B undrawn revolver)

🔹 Dividend Increase: +25% beginning September quarter

🔹 Dividend Payment: $591M; UP +6% YoY

🔹 Share Repurchases: $202M

CEO Ed Bastian Commentary:

🔸 "Delta delivered record revenue with a 13% operating margin, generating $1.8B in pre-tax profit. As we enter the second half of our centennial year, we remain focused on executing strategic priorities to drive strong earnings and cash flow."

President Glen Hauenstein Commentary:

🔸 "Demand trends stabilized, with resilience in high-margin revenue streams. We expect unit revenue trends to improve through H2 as capacity adjusts and supply rationalizes."

CFO Dan Janki Commentary:

🔸 "We expect Q3 to be our best non-fuel unit cost performance of the year. We remain on track to deliver low single-digit non-fuel unit cost growth YoY."

Strategic & Operational Updates:

🔸 Launched expanded partnerships (WestJet equity stake, LATAM JV expansion to Argentina, future India-Europe-US JV with IndiGo, Air France-KLM, Virgin Atlantic)

🔸 Record Transatlantic summer schedule launched

🔸 10 aircraft delivered in Q2; 10 aircraft retired

🔸 Expanded Sky Club lounges and opened first Delta One Lounge in SEA

🔸 Fly Delta app 7.0 launched; Uber partnership expanded

🔸 Continued rollout of fast, free Wi-Fi; 95% mainline fleet expected equipped by end-2025

🔸 Issued 2024 Delta Difference Report highlighting sustainability progress (fuel efficiency +45M gallons saved YoY)

$DAL (-3,96 %)

🔹 Adj. EPS: $0.46 (Est. $0.38) 🟢

🔹 Adj. Oper. Revenue: $13.0B (Est. $12.98B) 🟢

Q2'24 Outlook

🔹 Adj. EPS: $1.70–$2.30 (Est. $2.23)

🔹 Adj. Revenue Growth: -2% to +2% YoY

🔹 Non-Fuel Unit Costs: Expected to grow low-single digits (in line with long-term targets)

Strategic & Operational Updates

🔹 FY25 Guidance Withdrawn due to macro uncertainty

🔹 H2 Capacity Plans Cut – Now flat YoY

🔹 Taking incremental cost actions amid softening growth

Hey guys !

It’s been a choppy ride in the US markets lately — lots of red, lots of noise. But let’s be real: these are the moments where long-term portfolios are built.

Corrections like this tend to reveal some solid opportunities. We’re not talking about hype — we’re talking about fundamentally strong businesses trading below their fair value.

Here are a few names that caught our eye this week:

• $AMZN (-5,92 %) – Amazon: E-commerce giant with AWS as a long-term cash machine. Recently pulled back = potential entry.
• $DAL (-3,96 %) – Delta Airlines: Low valuation, reopening tailwinds still in play, and demand for travel isn’t slowing.
• $DELL (-4,8 %) – Dell Technologies: Quiet AI exposure, strong cash flow, and trading way below tech sector averages.
• $FSLR (-4,1 %) – First Solar: Clean energy isn’t a trend — it’s the future. Undervalued relative to growth potential.
• $COP (-4,93 %) – ConocoPhillips: Solid play in the energy space with decent dividend and upside ahead.

We’re not saying “back up the truck” — but these names are definitely on my radar.

Your turn — what’s on your watchlist right now?

Let’s swap notes. Any other discounted gems we should be looking at?

$WH (-2,25 %)
$AXP (-3,64 %)
$AFRM (-9,72 %)
$BFH (-3,56 %)
$DAL (-3,96 %)

BTIG reiterated $SOFI (-10,55 %) Neutral, says "we think $SOFI (-10,55 %) shares being up 5% on this news is fair"

$SOFI (-10,55 %) entrance into the co-brand space is a very interesting development, and winning one of the largest global hotel brand chains hints at what could potentially be a very large market for SoFi's growth.

The debit-card angle is also unique, in our view, with most of the other competitors only offering rewards and loyalty funded via credit card interchange fees.

For the rest of our coverage group, we think $SOFI (-10,55 %) entrance into the space is a negative on $AXP (-3,64 %) (AXP, Sell, $272), $AFRM (-9,72 %) (AFRM, Buy, $81), $BFH (-3,56 %) (BFH, Neutral) and Synchrony (SYF, Neutral).

While we don't think $SOFI (-10,55 %) ’s entrance will have a material near-term impact on these competitors, it does add a potentially sizable player into a market that is already biased toward merchant pricing power.

For instance, we've noted several times in the past that American Express appears to be paying Delta Airlines (DAL, Not Rated) at a faster growth rate compared to the growth of the premium traveler

spend on their co-brand card.

We expect the Wyndham win will be a topic of conversation when we host CEO Anthony Noto for

investor meetings in Boston on February 18."

Who is BTIG and why is SoFi meeting with them on Wednesday?

BTIG is a global financial services firm specializing in investment banking, institutional trading, research, and related brokerage services. According to recent information, SoFi Technologies, Inc. is scheduled to meet with BTIG on February 18, 2025. This meeting could be significant for several reasons:

1. **Investment and Analysis**: BTIG is known for its research and analysis capabilities. They have previously initiated coverage on SoFi with a Buy rating, which suggests they see potential in SoFi's growth or strategic direction. This meeting could involve discussions about SoFi's performance, future plans, or specific investment opportunities.

2. **Strategic Guidance**: Investment banks like BTIG often provide strategic advice to companies like SoFi. They might be discussing potential mergers, acquisitions, or strategic partnerships that could enhance SoFi's market position or expand its service offerings.

3. **Capital Markets Activities**: SoFi could be exploring capital raising activities, like issuing new equity or debt, where BTIG could assist in underwriting or advising on the structure and timing of such transactions, especially considering SoFi's growth trajectory and its need for capital to fund expansion.

4. **Market Sentiment and Positioning**: The meeting might also aim at understanding current market sentiment towards SoFi, especially given BTIG's previous positive outlook on the company. This could help SoFi in fine-tuning its investor relations strategy or preparing for upcoming financial disclosures or events.

5. **Networking and Relationships**: Given that BTIG is partially owned by Goldman Sachs, and considering past connections like SoFi's CEO Anthony Noto's history with Goldman, the meeting could also reinforce business relationships or explore new avenues for collaboration or investment.

In summary, SoFi's meeting with BTIG likely focuses on strategic discussions, investment opportunities, market positioning, and strengthening business relationships, all of which are crucial for a company looking to navigate the financial markets effectively.

$DAL (-3,96 %)

🔹 Adj EPS: $1.85 (Est. $1.76) 🟢; UP +45% YoY

🔹 Adj Revenue: $14.44B (Est. $14.16B) 🟢; UP +5.7% YoY

Q1 FY25 Guidance

🔹 Adjusted EPS: $0.70 - $1.00 (Est. $0.76) 🟢

🔹 Revenue Growth: 7% - 9% YoY

🔹 Operating Margin: 6% - 8%

FY 2025 Full-Year Guidance

🔹 Adjusted EPS: Above $7.35 (Est. $7.45) 🟡

🔹 Free Cash Flow: Greater than $4B

🔹 Pre-Tax Income: Greater than $6B

Q4 Operational Metrics:

🔹 Passenger Revenue: $12.82B (Est. $12.62B) 🟢; UP +5.3% YoY

🔹 Cargo Revenue: $249M (Est. $204.3M) 🟢; UP +32% YoY

🔹 Passenger Load Factor: 84% (Est. 84.7%) 🔴; Flat YoY

🔹 Available Seat Miles (ASM): 72.04B (Est. 71.12B) 🟢; UP +5.2% YoY

🔹 Revenue Passenger Miles (RPM): 60.39B (Est. 60.27B) 🟢; UP +4.7% YoY

🔹 Adjusted Net Income: $1.20B (Est. $1.15B) 🟢; UP +46% YoY

🔹 Yield per Passenger Mile: $21.22; UP +0.5% YoY

FY 2024 Highlights

🔹 Adjusted Revenue: $57.0B; UP +4.3% YoY

🔹 Operating Income: $6.0B

🔹 Adjusted EPS: $6.16; UP +43% YoY

🔹 Free Cash Flow: $3.4B

🔹 Adjusted Fuel Price per Gallon: $2.56; DOWN -10% YoY

🔹 Adjusted Debt to EBITDAR: 2.6x (vs. 3.0x YoY)

Operational Highlights

🔸 Fleet Expansion: Took delivery of 38 aircraft in FY24, including A321neo, A220-300, A330-900, and A350-900.

🔸 Network Growth: Added 13 new Latin America routes and new transatlantic routes, including Minneapolis to Copenhagen.

🔸 Operational Excellence: Earned the Cirium Platinum Award for operational excellence for the fourth consecutive year.

CEO Ed Bastian's Commentary

🔸 “2024 was a standout year, reflecting Delta’s differentiation and industry leadership. We’re set to deliver the best financial year in our history in 2025, driven by strong demand and premium product offerings.”

CFO Dan Janki's Insight

🔸 “Our operational efficiency and disciplined cost management supported industry-leading results. We remain focused on sustaining efficiency gains as we move into 2025.”

All these stocks hit new 52 WEEK HIGHS at some point today

Visa $V (-2,33 %)

Robinhood $HOOD (-9,88 %)

$SOFI (-10,55 %)

Delta Airlines $DAL (-3,96 %)

Trade Desk $TTD (-5,03 %)

DoorDash $DASH (-5,35 %)

United Airlines $UAL (-5,1 %)

Wells Fargo $WFC (-3,48 %)

Booking $BKNG (+0,36 %)

Abbvie $ABBV (-1,22 %)

Agnico Eagle $AEM (+1 %)

Alaska Airlines $ALK (-4,42 %)

Apollo $APO (-4,93 %)

Applovin $APP (-6,13 %)

Ares Capital $ARCC (-1,33 %)

Celestica $CLS (-7,11 %)

Coupang $CPNG (-4,08 %)

Corteva $CTVA (-2,74 %)

Carvana $CVNA (-9,59 %)

Duolingo $DUOL

Garmin $GRMN (-3,17 %)

Hilton $HLT
$ICE (-1,75 %)

Incyte $INCY (-1,88 %)

Leidos $LDOS (-3,56 %)

Live Nation $LYV (-0,32 %)

Madison Square Garden $MSGS (-2,11 %)

Nasdaq $NDAQ (-2,85 %)

Sprouts $SFM (-2,76 %)

Nuscale $SMR

Sharkninja $SN

Synchrony $SYF (-5,74 %)

Texas Roadhouse $TXRH (-3,15 %)

VF Corp $VFC (-6,23 %)

WellTower $WELL (-1,28 %)

Delta Airlines Earnings ✈️ | $DAL (-3,96 %)