Delta raised its revenue outlook (guidance) on demand momentum, the company said. Revenue growth year over year was given as +HSD in the updated outlook, versus an initial outlook of +5-7% that was announced on January 13, 2026. 1Q26

1. 01

   Delta raised its revenue outlook (guidance) on demand momentum, the company said. Revenue growth year over year was given as +HSD in the updated outlook, versus an initial outlook of +5-7% that was announced on January 13, 2026. 1Q26

2. 02

   Delta said it expects non-fuel unit costs for the March quarter to rise mid-single digits year over year. The company cited the effect of winter storms on capacity growth, as well as lower capacity and higher operating costs.

3. 03

   Delta said free cash flow for 2025 was $4.6B, and after-tax return on invested capital (ROIC) was 12%. Free cash flow for the Industry Peers (AAL, LUV, UAL) combined was less than $0B, and their average ROIC was mid-single digits.

4. 04

   Delta said its adjusted debt to EBITDAR (gross leverage) was 2.2x as of December 31, 2025, and its adjusted debt less cash to EBITDAR (net leverage) was 1.9x. The company said adjusted debt less cash was $18,975 (in millions).

Analysis scope · Filing body and confirmed press-release exhibitWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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