Delta Air Lines just capped its centennial year with record revenue, record free cash flow, and a fresh jet order, even as its CEO warns that the “bottom end” of the industry is “struggling greatly” and Wall Street remains on edge over tariffs and the fragile economics of budget flying.
America’s most profitable airline used its fourth‑quarter 2025 earnings call on Tuesday to argue that premium-seeking, high‑income travelers—and the loyalty ecosystem built around them—are insulating it from the turbulence battering lower‑cost rivals and jittery investors. CEO Ed Bastian also talked openly about the struggles elsewhere in the industry. “The bottom end of the industry on the commodity side of the business has been struggling greatly,” he told analysts on the earnings call. The economic woes of average Americans don’t seem to be hitting Delta’s profits, though.
Delta said it expects adjusted earnings per share to come in between $6.50 to $7.50 in 2026, versus $5.82 for 2025. Those are impressive numbers, and would be a record for Delta, but the airline guided to $6 per share in October 2025 and guided to more than $7.35 per share for 2025 before tariffs started to bite. Traders sent Delta shares down more than 3% because even another year of high profits aren’t matching the Atlanta flagship carrier’s pre-tariff guidance.
