Delta Air Lines, Inc. reported its financial results for the first quarter of 2025, revealing an operating income of $569 million, a decrease of $45 million compared to the same period in 2024. Total operating revenue increased by $292 million, or 2%, reaching $14.04 billion, driven by strong demand for premium products and long-haul international travel, alongside a 4% increase in capacity. Passenger revenue specifically rose by $349 million to $11.48 billion, reflecting growth in premium offerings and loyalty travel awards. Adjusted total revenue, which excludes third-party refinery sales, increased by 3.3% year-over-year.
Operating expenses for the quarter rose by $337 million, or 3%, totaling $13.47 billion. This increase was primarily attributed to higher employee costs due to wage increases and increased landing fees, partially offset by a decrease in aircraft fuel costs. The total operating cost per available seat mile (CASM) decreased by 2%, while the non-fuel unit cost (CASM-Ex) increased by 2.6%. Delta's cash flow from operations remained stable at $2.4 billion, with free cash flow for the quarter reported at $1.3 billion.
In terms of operational metrics, Delta's revenue passenger miles (RPM) increased by 3% to 55.68 billion, while available seat miles (ASM) rose by 4% to 68.40 billion. The passenger load factor decreased by 1.3 percentage points to 81.4%. The airline's loyalty program continued to perform well, generating $807 million in revenue, a 12% increase from the previous year, largely driven by customer spending on American Express cards.
Delta's financial position remains strong, with $6.8 billion in cash, cash equivalents, and undrawn credit facilities as of March 31, 2025. The company is committed to maintaining liquidity through operational cash flows and has plans for significant capital expenditures, primarily for aircraft purchases, totaling approximately $5 billion for 2025. Looking ahead, Delta anticipates continued demand for air travel, although it acknowledges potential challenges from macroeconomic conditions and fluctuating fuel prices. The company remains focused on optimizing its operations and managing costs effectively to navigate these uncertainties.
About DELTA AIR LINES, INC.
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