Delta Air Lines Inc (NYSE:DAL) stock fell almost 3% as the airline reported mixed earnings for the fourth quarter, driven in part by a government shutdown, which impacted travel by 2 points.
For the December quarter, earnings per share (EPS) came in at $1.55, slightly above the Wall Street consensus of $1.53.
However, adjusted revenue of $14.61 billion fell short of the expected $14.72 billion, and passenger revenue totaled $12.92 billion, underperforming the $13.07 billion forecast.
Delta reported operating revenue of $16 billion and operating income of $1.5 billion, yielding an operating margin of 9.2%.
For the full year, Delta posted record revenue and achieved a double-digit return on invested capital.
“The Delta team delivered a strong close to our Centennial year, demonstrating the differentiation and durability we’ve built,” Delta CEO Ed Bastian said in a statement. “Our industry-leading performance delivered for our customers and our employees, while creating value for our owners, consistent with our long-term financial framework.”
Looking ahead, Delta expects 2026 earnings to grow about 20% year-over-year. For the March quarter, the airline projects revenue growth of 5% to 7% compared with the same period in 2025.