Delta Airlines Withdraws 2025 Guidance Citing Tariff Disruptions

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Delta climbs after beating on both sales and profit, forecasts a strong end to 2025

It’s been a turbulent ride for Delta this year, but shares are rising in early trading on Thursday.

10/9/25 7:11AM

America’s largest airline, Delta Air Lines, posted its third-quarter earnings report on Thursday morning, and the results have investors celebrating.

The carrier posted adjusted earnings per share of $1.71, above the $1.53 per share expected by analysts polled by FactSet and at the upper end of Delta’s own estimate for the quarter. The figure represents a 14% rise from the same quarter last year, when Delta was significantly impacted by CrowdStrike’s global IT outage.

For the final quarter of the year, Delta said it expects adjusted earnings of between $1.60 and $1.90 per share. That midpoint, $1.75, is higher than analyst estimates of $1.65 per share. Delta also narrowed its full-year earnings outlook to $6, from a range of $5.25 to $6.25 per share. That range was down from the more than $7.35 per share it guided for in January, when it said 2025 had the potential to be its best fiscal year in a century.

Non-GAAP revenue climbed to $15.2 billion, up 4% from last year’s $14.6 billion and roughly 1% ahead of Wall Street estimates of $15.1 billion. Last month, Delta said demand trends had improved and boosted its sales forecast for the third quarter. In the same month, the carrier was dinged by the Trump administration’s order that it dissolve its nine-year joint venture with Aeromexico by the end of the year.

Premium tickets continued to be Delta’s primary growth driver, rising 9% from last year to $5.8 billion. Main cabin ticket sales, meanwhile, fell 4% to $6.1 billion.

On the ongoing government shutdown that has impacted travel times at several major airports across the country, Delta CEO Ed Bastian told CNBC that the airline hasn’t seen “any impacts at all” at this point.

Delta’s credit card partnership with American Express has continued to pay off. The business scored $2 billion for the third straight quarter, up 12% from last year. Industry experts pin airline credit card profit margins at about 50%.

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American Airlines joins the flock, hiking bag fees amid higher jet fuel prices

American Airlines on Thursday announced that it, too, will be hiking the fees it charges customers to check luggage.

With the move, all four of the major US airlines, which together control about 80% of the US market, have now hiked their baggage fees in recent days amid surging jet fuel prices.

The change will go into effect on tickets bought on or after Thursday, the same day Southwest’s hike begins.

Since late March, JetBlue, Delta Air Lines, United Airlines, Canada’s WestJet, and Southwest have hiked their fees. Experts expect more major carriers to follow, and to potentially tweak the pricing of other ancillary revenue sources like seat assignments and carry-on luggage.

American Airlines updates bag fees and Basic Economy fares

The change will go into effect on tickets bought on or after Thursday, the same day Southwest’s hike begins.

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Less than a year after implementing them, Southwest is also hiking its bag fees

Southwest Airlines has joined the growing list of airlines opting to hike their bag fees amid sustained higher jet fuel costs.

Starting today, the first checked bag at the carrier — which implemented bag fees less than a year ago — will jump from $35 to $45, and the second from $45 to $55. Southwest quietly disclosed the change Tuesday.

Southwest assigned the decision to “part of an ongoing analysis of the business and against the evolving global backdrop.”

As of Wednesday, jet fuel prices dropped to $4.16 a gallon, per the Argus US Jet Fuel Index, down from $4.81 on Tuesday following President Trump’s ceasefire announcement, which sent travel stocks soaring. Major airlines have shed some of those gains in premarket trading Thursday.

With the move to hike bag fees, Southwest joins JetBlue, United Airlines, Delta Air Lines, and Canada’s WestJet, all of which also boosted fees this month. Experts expect more major carriers to follow, and to potentially tweak the pricing of other ancillary revenue sources like seat assignments and carry-on luggage.

Three US airlines have already hiked baggage fees. More are likely on the way.