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Airline expects less geopolitical and macroeconomic uncertainty in second half of 2025, with demand inflection beginning in early July with a 6 point acceleration in booking demand

Published industry schedules show a supply inflection beginning in mid-August, similar to schedule changes in 2024

Updated full-year adjusted diluted earnings per share¹ guidance of $9.00 to $11.00

Q2 diluted earnings per share of $2.97; adjusted diluted earnings per share² of $3.87 versus guidance range of $3.25 to $4.25 — United grew both earnings and pre-tax margin in the first half of 2025 compared to the first half of 2024

United’s operation continues to execute strongly: Q2 consolidated on-time departures and seat cancellation rate were its best post-pandemic scores for a second quarter; In June, United at EWR led all other major airlines in on-time performance and lowest seat cancellation rate at all New York City area airports

CHICAGO, July 16, 2025 /PRNewswire/ — United Airlines (UAL) today reported a second-quarter profit, ahead of Wall Street expectations, and grew both earnings and pre-tax margin in the first half of 2025 versus the first half of 2024.

The company had second-quarter pre-tax earnings of $1.2 billion, with a pre-tax margin of 8.2%; and adjusted pre-tax earnings² of $1.7 billion, with an adjusted pre-tax margin² of 11.0%. The company also achieved diluted earnings per share of $2.97 and adjusted diluted earnings per share² of $3.87, compared to guidance of $3.25 to $4.25. Total operating revenue grew 1.7% compared to the year-ago period to $15.2 billion.

Beginning in early July, United has seen a sequential 6 point acceleration in demand and a double-digit acceleration in business demand versus the second quarter. The airline attributes this to less geopolitical and macroeconomic uncertainty and has updated its full-year adjusted diluted earnings per share¹ guidance to $9.00 to $11.00, underscoring the resilience of United’s brand-loyal, revenue-diverse business model.

United’s diverse sources of revenue contributed to its second-quarter results: Premium cabin revenue rose 5.6% year-over-year; revenue from Basic Economy rose 1.7% year-over-year; cargo revenue rose 3.8% year-over-year and loyalty revenue rose 8.7% year-over-year.

United’s operational performance during the second quarter continued to lay a foundation for its overall success. Its consolidated on-time departures (D:00) were highest and seat cancellation rates were the airline’s lowest for a second quarter since the pandemic, and hubs in Newark, Los Angeles, and San Francisco all achieved their best on-time departure for a second quarter since the pandemic. In June, United posted a better on-time arrival rate at Newark Liberty International Airport (EWR) than all other major airlines at LaGuardia International Airport (LGA) and John F. Kennedy International Airport (JFK).

“Our second-quarter performance was more proof that the United Next strategy is working. I am extremely proud of the team for executing a strong operation and navigating through a volatile macroeconomic period, while still growing earnings and pre-tax margin for the first half of the year,” said United CEO Scott Kirby. “Importantly, United saw a positive shift in demand beginning in early July, and, like 2024, anticipates another inflection in industry supply in mid-August. The world is less uncertain today than it was during the first six months of 2025 and that gives us confidence about a strong finish to the year.”

United’s proactive schedule adjustments and close coordination with the FAA and the Port Authority of New York and New Jersey have restored Newark to its leading place in our operation, and customer demand there has returned to its historic range. The airline looks forward to resuming Tel Aviv service on July 21.

As part of the airline’s broader strategy to pay down high-cost debt and strengthen its balance sheet, in July United repaid, solely using cash on hand, the remaining debt from a July 2020 transaction when it secured financing of $6.8 billion against its MileagePlus assets. This now leaves one of the most valuable loyalty programs in the world unencumbered. At the end of the second quarter, United’s trailing twelve months net leverage³ was 2.0x. The company remains focused on further strengthening its balance sheet and growing margins.

Second-Quarter Financial Results

• Capacity up 5.9% compared to second-quarter 2024.
• Total operating revenue of $15.2 billion, up 1.7% compared to second-quarter 2024.
• TRASM down 4.0% compared to second-quarter 2024.
• CASM up 0.6%, and CASM-ex² up 2.2%, compared to second-quarter 2024.
• Pre-tax earnings of $1.2 billion, with a pre-tax margin of 8.2%; adjusted pre-tax earnings² of $1.7 billion, with an adjusted pre-tax margin² of 11.0%.
• Net income of $1.0 billion; adjusted net income² of $1.3 billion.
• Diluted earnings per share of $2.97; adjusted diluted earnings per share² of $3.87.
• Average fuel price per gallon of $2.34.
• Generated $2.2 billion of operating cash flow.
• Generated $1.1 billion of free cash flow⁴.
• Ending available liquidity⁵ of $18.6 billion.
• Total debt, finance lease obligations and other financial liabilities of $27.1 billion at quarter end.
• Trailing twelve months net leverage³ of 2.0x.
• Repurchased $0.2 billion of shares in the second quarter 2025, and have repurchased approximately $0.6 billion of shares year-to-date⁶.

Key Highlights

• Announced Blue Sky, a unique collaboration with JetBlue that streamlines booking across the two airlines and allows customers to use MileagePlus® miles and TrueBlue points across both loyalty programs.
• Flew the airline’s largest schedule for a quarter in company history, as measured by available seat miles, growing domestic and Canada capacity by 6.6% and international capacity by 5.3% in available seat miles compared to last year.
• United’s Newark operation regained the position of best on-time performance among New York City-area airports in the month of June, thanks in part to the early re-opening of the airport’s second runway, strong execution from the Newark team, technology upgrades and hourly flight caps by the FAA.
• Continued the expansion of United’s premium footprint, offering a record-high 6.9 million premium seats in the quarter and announcing United Elevated, the airline’s newest interior for Boeing 787-9, featuring new United Polaris Studio℠ suites that are 25% larger than United Polaris® with privacy doors, extra ottoman for companions, 27-inch screens, and exclusive food and beverage offerings to elevate premium air travel.
• Launched Starlink WiFi on some regional flights, marking the first time customers can use the airline’s industry-leading, free WiFi.
• Announced a first-of-its-kind collaboration with Spotify that brings 450+ hours of content to United’s seatback screens, including the first time Spotify is bringing both video podcasts and audiobooks onboard an airline.

Customer Experience 

• Achieved the company’s highest second-quarter Net Promoter Score measure of customer satisfaction since 2021, setting record rates for customer experience with baggage, cabin cleanliness and condition, boarding, the check-in process, gate experience, inflight entertainment, pilot communication, and seat comfort.
• Opened the United Polaris lounge dining room at Newark, expanding the lounge size to over 30,000 square feet and becoming the only major airline dining room at Newark to offer a la carte meals.
• Achieved a company high use rate of bag drop shortcut, with 600,000 more customers using it during the quarter compared to last year, enabling a more seamless travel experience.
• Digital check-in rate reached 83% for the quarter, a 5 percentage point increase year over year.
• Expanded TSA PreCheck Touchless ID to San Francisco, and announced plans to expand it to Denver, Newark, Seattle and Portland in August.
• Expanded ConnectionSaver with app notifications when flights are being held, and a centralized hub for turn-by-turn gate directions with walk times at all hubs, layover tips, flight status updates, and a self-service rebooking option for missed connections.
• Onboarded an exclusive Aperol Spritz cocktail for United Polaris travelers and an improved onboard dining collection for first class travelers on United Express® flights, contributing to a record Net Promoter Score for food and beverage for the quarter.

Operations 

• Achieved the airline’s best on-time departure rate for consolidated and mainline flying since 2021, with the second best on-time departure rate amongst the eight largest U.S. carriers for a second quarter and best performance at Denver, Los Angeles, San Francisco and Houston hubs.
• United was granted five additional gates at Chicago O’Hare, given the airline’s increased flying out of the hub.
• Achieved a 100% completion day on April 22nd across mainline and express flying, with United Express operating 28 days of total completion across the second quarter.
• Recorded the second best on-time arrival performance for a second quarter at Newark, Houston and Chicago hubs since 2021, and the best at Los Angeles.
• Saw the lowest second-quarter seat cancel rate since 2021 and the third lowest in company history.

Network

• United launched the largest international expansion in its history, inaugurating service to eight new destinations: Nuuk, Greenland; Ulaanbaatar, Mongolia; Faro, Portugal; Puerto Escondido, Mexico; Palermo, Italy; Dakar, Senegal; Bilbao, Spain; and Madeira Island, Portugal.
• Announced three new international destinations and two new routes to existing destinations, making United the only U.S. airline with service to Bangkok, Thailand; Ho Chi Minh City, Vietnam; and Adelaide, Australia, all subject to government approval. United also plans to inaugurate routes from Denver to Mexico City and Denver to Punta Cana, Dominican Republic.
• United added seven new international routes to existing destinations, including Denver to Rome; Washington-Dulles to Venice, Italy; Washington-Dulles to Nice, France; Los Angeles to Beijing; San Francisco to Panama City, Panama; San Francisco to San Jose, Costa Rica; and Guam to Taipei.
• Launched 12 domestic and four Canada routes in the quarter, including new routes to popular outdoor destinations such as Washington D.C. to Albuquerque, N.M.; Houston to Portland, Maine; Chicago to Billings, Mont.; and Denver to Wilmington, N.C.

Employees and Communities

• United supported the transport of 136 responders to response and recovery efforts to nearly 20 different disaster events in partnership with Airlink in the second quarter, including the Myanmar-Thailand earthquakes and the Los Angeles wildfires that impacted more than 150,000 people worldwide.
• Nearly 2,000 employees volunteered more than 10,000 hours during the quarter in local community activities including beach clean-up, care kit creation, food security and other events.
• United transported 327 million pounds of cargo, including approximately 9.8 million pounds of medical shipments and over 440,000 pounds of military shipments.
• Graduated United’s first cohort of Innovate apprentices, a two-year digital technology and cybersecurity pathway to full-time employment at United.
• United and the Association of Flight Attendants (AFA) announced they reached an agreement that, if ratified, will deliver industry-leading pay, signing bonuses and scheduling improvements.
• United was named Global Traveler’s Best Eco-Friendly Airline for the fourth consecutive year, and won the Outstanding Innovation category for its commitment to scaling sustainable aviation fuel.
• Kate Gebo, executive vice president of Human Resources and Labor Relations, was appointed to the Make-A-Wish Foundation’s national board of directors.

Earnings Call

UAL will hold a conference call to discuss second-quarter 2025 financial results, as well as its financial and operational outlook for the third-quarter 2025 and beyond, on Thursday, July 17, 2025 at 9:30 a.m. CST/10:30 a.m. EST. A live, listen-only webcast of the conference call will be available at ir.united.com. The webcast will be available for replay within 24 hours of the conference call and then archived on the website.

Outlook

This press release should be read in conjunction with the company’s Investor Update issued in connection with this quarterly earnings announcement, which provides additional information on the company’s business outlook (including certain financial and operational guidance) and is furnished with this press release to the U.S. Securities and Exchange Commission on a Current Report on Form 8-K. The Investor Update is also available at ir.united.com. Management will also discuss certain business outlook items, including providing certain third quarter and full year 2025 financial targets, during the quarterly earnings conference call.

The company’s business outlook is subject to risks and uncertainties applicable to all forward-looking statements as described elsewhere in this press release. Please see the section entitled “Cautionary Statement Regarding Forward-Looking Statements.”

About United

At United, Good Leads The Way. With hubs in Chicago, Denver, Houston, Los Angeles, New York/Newark, San Francisco and Washington, D.C., United operates the most comprehensive global route network among North American carriers, and is now the largest airline in the world. For more about how to join the United team, please visit www.united.com/careers and more information about the company is at www.united.com. United Airlines Holdings, Inc., the parent company of United Airlines, Inc., is traded on the Nasdaq under the symbol “UAL”.

Website Information

We routinely post important news and information regarding United on our corporate website, www.united.com, and our investor relations website, ir.united.com. We use our investor relations website as a primary channel for disclosing key information to our investors, including the timing of future investor conferences and earnings calls, press releases and other information about financial performance (including financial guidance), reports filed or furnished with the U.S. Securities and Exchange Commission, information on corporate governance and details related to our annual meeting of shareholders. We may use our investor relations website as a means of disclosing material, non-public information (including financial guidance) and for complying with our disclosure obligations under Regulation FD. We encourage investors, the media and others interested in the company to visit this website from time to time, as information is updated and new information is posted. We may also use social media channels to communicate with our investors and the public about our company and other matters, and those communications could be deemed to be material information. The information contained on, or that may be accessed through, our website or social media channels are not incorporated by reference into, and are not a part of, this document.

Cautionary Statement Regarding Forward-Looking Statements: 
This press release and the related attachments and Investor Update (as well as the oral statements made with respect to information contained in this release and the attachments) contain certain “forward-looking statements,” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, relating to, among other things, goals, plans and projections regarding the company’s financial position, results of operations, market position, airline capacity, fleet plan strategy, fares, announced routes (which may be subject to government approval), booking trends, product development, corporate citizenship-related strategy initiatives and business strategy. Such forward-looking statements are based on historical performance and current expectations, estimates, forecasts and projections about the company’s future financial results, goals, plans, commitments, strategies and objectives and involve inherent risks, assumptions and uncertainties, known or unknown, including internal or external factors that could delay, divert or change any of them, that are difficult to predict, may be beyond the company’s control and could cause the company’s future financial results, goals, plans, commitments, strategies and objectives to differ materially from those expressed in, or implied by, the statements. Words such as “should,” “could,” “would,” “will,” “may,” “expects,” “plans,” “intends,” “anticipates,” “indicates,” “remains,” “believes,” “estimates,” “projects,” “forecast,” “guidance,” “outlook,” “goals,” “targets,” “pledge,” “confident,” “optimistic,” “dedicated,” “positioned,” “on track”, “path” and other words and terms of similar meaning and expression are intended to identify forward-looking statements, although not all forward-looking statements contain such terms. All statements, other than those that relate solely to historical facts, are forward-looking statements.

Additionally, forward-looking statements include conditional statements and statements that identify uncertainties or trends, discuss the possible future effects of known trends or uncertainties, or that indicate that the future effects of known trends or uncertainties cannot be predicted, guaranteed or assured. All forward-looking statements in this release are based upon information available to us on the date of this release. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise, except as required by applicable law or regulation.

Our actual results could differ materially from these forward-looking statements due to numerous factors including, without limitation, the following: execution risks associated with our strategic operating plan; changes in our fleet and network strategy or other factors outside our control resulting in less economic aircraft orders, costs related to modification or termination of aircraft orders or entry into aircraft orders on less favorable terms, as well as any inability to accept or integrate new aircraft into our fleet as planned, including as a result of any mandatory groundings of aircraft; any failure to effectively manage, and receive anticipated benefits and returns from, acquisitions, divestitures, investments, joint ventures and other portfolio actions, or related exposures to unknown liabilities or other issues or underperformance as compared to our expectations; adverse publicity, increased regulatory scrutiny, harm to our brand, reduced travel demand, potential tort liability and operational restrictions as a result of an accident, catastrophe or incident involving us, our regional carriers, our codeshare partners or another airline; the highly competitive nature of the global airline industry and susceptibility of the industry to price discounting and changes in capacity, including as a result of alliances, joint business arrangements or other consolidations; our reliance on a limited number of suppliers to source a majority of our aircraft, engines and certain parts, and the impact of any failure to obtain timely deliveries, additional equipment or support from any of these suppliers; disruptions to our regional network and United Express flights provided by third-party regional carriers; unfavorable economic and political conditions in the United States and globally; reliance on third-party service providers and the impact of any significant failure of these parties to perform as expected, or interruptions in our relationships with these providers or their provision of services; extended interruptions or disruptions in service at major airports where we operate and space, facility and infrastructure constraints at our hubs or other airports; geopolitical conflict, terrorist attacks or security events (including the suspension of our overflying in Russian airspace as a result of the Russia-Ukraine military conflict and interruptions of our flying as a result of the military conflicts in the Middle East, as well as any escalation of the broader economic consequences of any conflicts beyond their current scope or a delay in any planned resumption of service to area impacted by conflict); any damage to our reputation or brand image; our reliance on technology and automated systems to operate our business and the impact of any significant failure or disruption of, or failure to effectively integrate and implement, these technologies or systems; increasing privacy, data security and cybersecurity obligations or a significant data breach; increased use of social media platforms by us, our employees and others; the impacts of union disputes, employee strikes or slowdowns, and other labor-related disruptions or regulatory compliance costs on our operations or financial performance; any failure to attract, train or retain skilled personnel, including our senior management team or other key employees; the monetary and operational costs of compliance with extensive government regulation of the airline industry; current or future litigation and regulatory actions, or failure to comply with the terms of any settlement, order or agreement relating to these actions; costs, liabilities and risks associated with environmental regulation and climate change; high and/or volatile fuel prices or significant disruptions in the supply of aircraft fuel; the impacts of our significant amount of financial leverage from fixed obligations and the impacts of insufficient liquidity on our financial condition and business; failure to comply with financial and other covenants governing our debt; limitations on our ability to use our net operating loss carryforwards and certain other tax attributes to offset future taxable income for U.S. federal income tax purposes; our failure to realize the full value of our intangible assets or our long-lived assets, causing us to record impairments; fluctuations in the price of our common stock; the impacts of seasonality, and other factors associated with the airline industry; increases in insurance costs or inadequate insurance coverage; risks relating to our repurchase program for shares of common stock and certain warrants exercisable for common stock; and other risks and uncertainties set forth in Part I, Item 1A. Risk Factors of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and under “Economic and Market Factors” and “Governmental Actions” in Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, of our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, as well as other risks and uncertainties set forth from time to time in the reports we file with the U.S. Securities and Exchange Commission.

Middle Georgia gains first-ever flights to Fort Lauderdale (FLL) with fares as low as $49.99* one way

DANIA BEACH, Fla., July 17, 2025 /PRNewswire/ — Travelers in the heart of Georgia can soon enjoy convenient, high-value flights to Florida and beyond. Spirit Airlines (NYSE American: FLYY) today announced it will launch new service at Middle Georgia Regional Airport (MCN) in Macon beginning Oct. 16, 2025, as part of its new strategic partnership with Contour Airlines. Spirit will offer the first nonstop flights between MCN and Fort Lauderdale-Hollywood International Airport (FLL), providing easy and affordable options for Guests to soak up the sun in South Florida or take advantage of one-stop connections to destinations across the United States, Latin America and the Caribbean.

“We look forward to offering travelers in Middle Georgia new non-stop flights and affordable fares to our FLL gateway, expanding their travel options to the Sunshine State and other destinations,” said John Kirby, Vice President of Network Planning at Spirit Airlines. “We’re grateful to Contour for their partnership and collaboration as we work to create exciting new connections between communities across our networks.”

Spirit Airlines Macon (MCN) Service
Destination:	Frequency:	Launch Date:	Introductory Fare:
Fort Lauderdale (FLL)	2x Weekly	Oct. 16, 2025	Starting at $49.99* one way

“South Florida has consistently been one of the most popular destinations for travelers in our region, and we’re excited to offer nonstop service to this top destination through Spirit Airlines,” said Doug Faour, Macon-Bibb County Director of Aviation. “This new route reflects our ongoing commitment to providing convenient and affordable travel options for the communities we serve.”

Introductory Fare
Guests traveling between Macon (MCN) and Fort Lauderdale (FLL) can save on their getaway with special introductory fares starting at just $49.99* one way. The introductory fares are available for booking now on spirit.com, where travelers can browse flight details.

Increasing Connectivity 
Macon is the first market announced as part of Spirit’s strategic partnership with Contour Airlines, which will increase connectivity to the national air transportation system and bring affordable travel options to underserved communities across the country. Spirit expects to announce additional new markets in partnership with Contour later this year.

“We are excited to partner with Spirit in their introduction of service to Macon,” said Ben Munson, President of Contour Airlines. “Spirit’s nonstop and low fare service to Florida will perfectly complement our existing flights in Macon and provide new value to travelers.”

Middle Georgia Regional Airport will become Spirit’s third destination in Georgia. The airline first launched service at Hartsfield-Jackson Atlanta International Airport (ATL) in 2006 and will celebrate its inaugural service at Savannah/Hilton Head International Airport (SAV) on Aug. 14, 2025.

Spirit’s Guest Experience Enhancements
Macon Guests can expect a more comfortable and seamless travel experience with Spirit following its recent transformation. The airline offers three travel options, ranging from premium to economical, that offer more choice and empower Guests to choose how they want to fly:

• Spirit First provides enhanced comfort with a Big Front Seat^®, a carry-on and first checked bag, no change or cancel fees, Priority Check-In and Boarding, reserved overhead bin space, complimentary snacks and drinks, including alcoholic beverages, and streaming access to fast Wi-Fi.
• Premium Economy allows Guests to stretch out with more space in a Premium Seat with extra legroom or a blocked middle seat and includes one carry-on bag, no change or cancel fees, Priority Boarding and reserved overhead bin space.
• Value maximizes affordability and flexibility with the option for travelers to select only the extras they need. Seat selection, one carry-on bag, checked bags and other options can be purchased separately.

Frankfurt — July 17, 2025 – Continuing on its growth strategy: Condor Airlines has placed an order for four more long-haul A330-900neo aircraft with the European aircraft manufacturer Airbus. The Supervisory Board approved the order this week. Currently, Condor is operating 18 A330neo aircraft with three more expected by the end of 2027. Thus, this summer Condor will be flying its long-haul routes exclusively with brand-new aircraft that offer guests maximum comfort above the clouds. With the four additional aircraft, the Condor fleet will grow to a total of 25 highly efficient and modern A330neo aircraft by 2031.

“By ordering additional long-haul aircraft, we intend to open up new opportunities in international business and continue our successful strategy of growth seen in recent years,” says Peter Gerber, CEO Condor. “With this summer flight schedule, we are offering our customers a completely standardized product to all long-haul destinations for the first time. The consistently positive customer feedback and the operational stability prove that we are on the right track to continue to count on the A330neo in the future.”

Condor has also agreed an option for four further A330neo aircraft. A decision on further orders has not yet been made. The expansion of the fleet supports the commitment in the long-haul segment, which also benefits from the new Condor city flight destinations introduced earlier this year. The city destinations not only offer guests more options for travel throughout Europe but also easily connect with Condor’s long-haul network at Condor’s Frankfurt hub.

Maximum Levels of Customer Comfort on All Long-Haul Routes

Condor completed the renewal of its long-haul fleet in 2024. Since then, travelers on long-haul routes have enjoyed a consistent product that offers maximum customer comfort, significantly more space, connectivity and free in-flight entertainment in a class of its own. In addition, thanks to state-of-the-art Trent 7000 engines from Rolls Royce, the aircraft can be operated with up to 50 percent sustainable aviation fuels.

https://www.koreheadset.com?sca_ref=9207681.Hp9XQi8d8qgNkpA.

• Enhanced partnership unlocks more than 30 one-stop itineraries with seamless connections
• Each airline’s code will be added to 10 routes beyond their respective hubs in Rome and Toronto
• Activating codeshare is a significant milestone as ITA Airways’ prepares for entry into Star Alliance

MONTREAL and ROME, July 14, 2025 /CNW/ – Air Canada and ITA Airways today announced a significant milestone in their partnership with a codeshare agreement that provides customers more convenient travel options when flying between Canada and Italy, and beyond.

“We’re thrilled to expand our partnership with ITA Airways through our new codeshare agreement that complements our robust network to Italy. This deepening of ties will allow customers travelling on Air Canada to Rome-Fiumicino to conveniently book and seamlessly connect to ten popular destinations across Italy, Africa, Israel and Albania. Likewise, ITA Airways customers arriving in Toronto will benefit from access to 10 key Canadian and U.S. cities across our network,” said Mark Galardo, Executive Vice President and Chief Commercial Officer, and President, Cargo at Air Canada.

“With work underway to facilitate ITA Airways’ entry into Star Alliance, we are developing significant partnership synergies. This will form the foundation for a strong, long-term relationship between our two flag-carrying airlines.”

“The codeshare agreement with Air Canada is a great step forward for our growth strategy,” said Joerg Eberhart, Chief Executive Officer and General Manager of ITA Airways. “This partnership improves connectivity for our passengers traveling between Italy and North America, our first market beyond Italy, serving both leisure and business travelers. Moreover, it enables us to offer seamless connections for passengers of Italian origin residing in Canada and the United States, facilitating their journeys to Italy and beyond, while providing them the opportunity to fully experience the excellence of Made in Italy — a heritage that ITA Airways proudly represents as an ambassador worldwide.”

Under the agreement, Air Canada will place its AC code on select routes operated by ITA Airways from Rome-Fiumicino. These include five popular destinations in Italy: Lamezia Terme, Palermo, Catania, Florence and Bari; three points in Africa, including Cairo, and Tunis and Algiers; as well as Tirana and Tel Aviv (the latter temporarily suspended). ITA Airways will place its AZ code on selected routes operated by Air Canada from Toronto Pearson, these include: Montreal, Ottawa, Vancouver, Edmonton, Calgary and St. John’s; and selected services from Canada to the United States: Boston, Orlando, Dallas, and Fort Lauderdale.

^*Routes to/from Tunis and Algiers are subject to governmental approval

Sales of codeshare tickets are available as of today, for travel starting on July 21^st.

The airlines are working towards implementing reciprocal earning and redemption capabilities for their respective loyalty programs. ITA Airways is also in the process of joining the Star Alliance network as a full member, with work underway to facilitate full membership expected in early 2026.

This partnership complements Air Canada’s growing network to Italy. This summer, Air Canada will operate up to 39 weekly flights and over 13,000 weekly seats to Italy. In May, it launched a new route between Montreal and Naples, the gateway to the Amalfi coast. Naples is the airline’s fourth non-stop connection between Canada and Italy in addition to Rome, Milan, and Venice. As well, Air Canada offers intermodal rail connections with Trenitalia, the largest train operator in Italy, with high-speed, regional, overnight and international train routes. Through these intermodal connections, customers will be able to travel to up to 30 onward destinations within Italy.

In the current summer season, ITA Airways operates a total of 59 destinations, including 16 intercontinental, 27 international and 16 domestic routes. During the summer peak, the airline flies to 12 additional seasonal destinations in the Mediterranean — 3 domestic and 9 international — from Rome Fiumicino and Milan Linate. These seasonal destinations include the Balearic Islands (Ibiza, Majorca, Menorca), several Greek islands (Rhodes, Heraklion, Corfu, Zakynthos, Kefalonia), as well as the Italian islands of Lampedusa and Pantelleria. Furthermore, in addition to seasonal routes, ITA Airways has recently enhanced its offering to passengers, providing them with connections to over 100 additional destinations — both across Europe and on intercontinental routes—through codeshare agreements with five Lufthansa Group airlines: Lufthansa, SWISS, Austrian Airlines, Brussels Airlines, and Air Dolomiti.

Delta announces first-ever nonstop service from Salt Lake City to Lima, connecting the Mountain West to South America starting December 2025.

Delta is expanding its global network with a historic milestone: The launch of its first-ever nonstop service from Salt Lake City (SLC) to South America. From December 4, 2025, through January 25, 2026, Delta will operate daily flights to Lima, Peru (LIM), offering customers in the region direct access to one of South America’s most vibrant capital cities. 

“This new route is a significant milestone for Delta and our customers in Salt Lake City and throughout the Mountain West,” said Paul Baldoni, Senior Vice President of Network Planning. “With this expanded connectivity through our Salt Lake City hub, we’re proud to offer a faster, more convenient way to reach Lima and other major cities across South America.” 

A new gateway to Peru and throughout South America  

Lima is Salt Lake City’s most in-demand South American destination, and this new nonstop Delta service marks the first direct connection between the two cities. The route will also provide convenient one-stop access to Peru for travelers across the Western U.S., including from San Francisco, Seattle, Portland, Denver, Las Vegas, Sacramento, and Boise.  

Once in Lima, travelers will enjoy a vibrant mix of world-class cuisine, rich history, and coastal culture. For outdoor enthusiasts, Peru is a gateway to high-altitude treks in the Andes, Machu Picchu, Pacific surfing and Amazon rainforest adventures.   

This route strengthens Delta’s partnership with LATAM, offering customers convenient one-stop connections from SLC to major South American cities including  São Paulo, Buenos Aires, Santiago de Chile and numerous other destinations. Travelers connecting in Lima will now enjoy a dramatically improved airport experience, thanks to Jorge Chávez International Airport’s new state-of-the-art terminal, designed to streamline international transfers and elevate the customer journey from arrival to departure.   

“The creation of this first-ever nonstop gateway between Utah and South America is an exciting opportunity to build upon Utah’s growing importance on the world stage and it underscores Delta’s commitment to our state,” said Utah Gov. Spencer J. Cox. “As this new global connection to Utah begins, we’ll continue to look for more ways to open new doors for business development, economic trade, tourism and culture exchange for our state.” 

“As two capital cities both nestled among iconic mountain ranges, it feels especially fitting that Salt Lake City and Lima will now share this direct connection,” said Salt Lake City Mayor Erin Mendenhall. “This nonstop route will strengthen ties across our continents, spark new opportunities for residents and visitors alike, and continue Salt Lake City’s emergence as a global destination.” 

Elevated Travel Begins at Salt Lake City 

Salt Lake City is a key Delta hub, with up to 265 peak-day departures to 96 destinations. Delta continues to invest in the airport’s future, including the 2020 opening of the 900,000-square-foot Concourse A, which features 50 Delta gates and 19 new restaurants and shops. By 2027, additional gates will be added to support continued growth.  

“This nonstop service from Salt Lake City to Lima will be embraced by Utah passengers and the state’s growing Latin American community,” said Bill Wyatt, executive director, Salt Lake City Department of Airports. “The route not only connects the state to 30 destinations throughout South America but will be the fourth continent our passengers will have nonstop access to, which further advances Salt Lake’s position as the crossroads of the world.” 

The flight will be operated on a widebody Boeing 767-300ER featuring four product experiences: Delta One, Delta Premium Select, Delta Comfort and Delta Main.  

Delta One customers can take advantage of lie-flat seats and premium amenities like the luxurious new Missoni-designed bedding, amenity kits, and in-flight accessories that elevate the travel experience with comfort, elegance and signature Missoni style.   

Eligible customers traveling through SLC can also enjoy the 28,000-square-foot Delta Sky Club on Concourse A, which includes a Sky Deck overlooking panoramic mountain views and a 360-degree fireplace offering a premium experience before embarking on flights to Lima and beyond. Later this year, Delta will welcome a second Delta Sky Club on Concourse B in SLC, further elevating the journey for customers. 

Subject to foreign government approval. 

• Expands reach to 45 U.S. cities in partnership with Amazon Air Cargo
• Reduces transit time and costs by up to 20% via Honolulu transshipment

SEOUL, South Korea, July 11, 2025 /PRNewswire/ — Air Premia, South Korea’s premier hybrid airline, has announced the signing of an interline agreement with Amazon Air Cargo, the largest cargo carrier in the United States, marking a major step forward in its expansion into the American air cargo market.

Under the agreement, Air Premia will operate cargo services on the Incheon–Honolulu route, with Amazon Air Cargo handling the onward distribution from Honolulu to 45 cities across the U.S., including Atlanta, Orlando, Miami, Houston, and New York (JFK). This newly launched service, branded as “Aloha Express,” officially commenced operations on July 9.

Strategically positioned as a trans-Pacific logistics hub, Honolulu enables more efficient cargo transfers between Asia and the U.S. mainland. The transshipment through Honolulu is expected to reduce both delivery times and logistical costs by as much as 20%, compared to existing direct routes.

Air Premia is utilizing its proprietary Valley Cargo service for the Incheon–Honolulu segment, leveraging Amazon Air’s extensive domestic network for final delivery throughout the U.S. This collaboration significantly enhances Air Premia’s cargo capabilities beyond its current bases at Los Angeles (LAX), Newark (EWR), and San Francisco (SFO), and positions the airline to serve a broader range of logistics needs—from global e-commerce and corporate freight to third-country transshipments.

“This partnership has expanded our cargo network across the Americas,” said an Air Premia official. “Leveraging our strong routes between Asia and the U.S., we are reinforcing our competitiveness in the global logistics market.”

In April, Air Premia demonstrated its capabilities in high-value and specialized cargo by becoming the only South Korean airline outside of the nation’s two flag carriers to handle pharmaceutical shipments. The airline continues to diversify its cargo services, strengthening its presence in the premium logistics sector.

Addis Ababa, 10 July 2025

Ethiopian Airlines, Africa’s largest airline and one of the fastest-growing airline brands
in the world, is pleased to announce the commencement of its new four-times-weekly
passenger service to Hanoi, the vibrant capital of the Socialist Republic of Vietnam.
To mark this significant milestone, Ethiopian Airlines hosted an inaugural ceremony at
the Ethiopian Skylight Hotel, attended by high-level government officials, diplomatic
representatives, and executives of the airline, including Mr. Mesfin Tasew, Group CEO
of Ethiopian Airlines.
The launch of the Hanoi route marks Ethiopian Airlines’ first passenger gateway into
Vietnam and its 20th destination in Asia, strengthening the airline’s strategic expansion
in Southeast Asia and deepening ties between the region and Africa.
Mr. Mesfin Tasew, Group Chief Executive Officer of Ethiopian Airlines, commented on
the new service saying, “We are truly delighted to start passenger services to Hanoi, a city of great cultural and economic significance. This new route not only supports our vision of connecting Africa to the world but also serves as a bridge for enhanced cooperation between Africa and Southeast Asia. With our modern fleet, award-winning service, and vast global network, we are confident that this route will facilitate growing tourism, business, and people-to-people ties between Vietnam and the African continent.”

Currently, Ethiopian Airlines operates flights to 28 passenger and cargo destinations in
Asia, with over 190 weekly frequencies, making it one of the most connected African
carriers in the region. The new Addis Ababa–Hanoi route, operated with a one-stop in
Dhaka, Bangladesh, provides travelers with even greater access between the two
continents.
Hanoi, known for its rich architectural heritage and historical landmarks offers Ethiopian passengers access to one of Asia’s most culturally significant cities. With the launch of this new service, Ethiopian Airlines further solidifies its position as a key player in intercontinental air travel by bridging continents, cultures, and communities through seamless connectivity.

In my opinion, perhaps no other aircraft type wore Trans World Airline’s (TWA’s) classic 1961-75 “double-globe” livery better than the Boeing 747-131. The look just seemed perfect on the original “Queen of the Skies” and from the first TWA 747 roll-out in late 1969 until 1979/80 when the last aircraft received the completely redesigned 1975 paint scheme it was always a pleasure to see one of these airplanes, whether at rest or in motion. Such views were readily available as TWA was a major operator of Boeing’s “Jumbo Jet,” with the airline being second only to launch customer Pan American World Airways in putting the type into service, inaugurating the first U.S. transcontinental 747 flights beginning in February of 1970 (the company actually flew 747’s from that year until retiring the last aircraft in 1998). One of those original -131’s, “N93107” is seen here at Paris-Charles De Gaulle Airport, apparently just after a rainstorm, sometime in the 1970’s. The airline flew a total of 36 747’s during 28 years including the Special Performance (SP) model and a number of “second-hand” -200 variants. Also included among the -100 series aircraft were four 747-125’s originally ordered by Eastern Air Lines in 1967. These aircraft were under construction in Seattle in early 1970 when EAL decided to go exclusively with the Lockheed L-1011 TriStar as its widebody flagship for the 1970s. All four aircraft were sold to Trans World instead.

National Airlines possessed one of the more striking and expessive liveries of the late 1960’s and 1970’s. The orange and yellow stripes and “Sun King” logo (in my opinion one of the best ever designed for an airline) made it crystal clear that NAL was very much “Florida’s Own Airline,” based in Miami for many years before arch-competitor Eastern moved its corporate headquarters there in 1975. Late in 1971 National launched its famous (or, for some, infamous) “Fly Me” advertising campaign which included virtually every NAL aircraft receiving a female name painted somewhere near their jet’s forward passenger loading doors. Boeing 727-25 “N4614” was no exception, being christened “Ann.” This practice continued until 1977 when “Fly Me” was finally replaced by “Watch us Shine” as the offical corporate slogan and by 1979 most, if not all, of the names had been removed. This photograph depicts Ann at Miami, possibly undergoing some line maintenance, and looking like she has just received a repaint. Time is unknown, but it is quite possible this image dates to the period shortly after “Fly Me” ads began appearing in October of 1971. N4614 continued to fly National’s domestic routes until the airline’s ill-fated merger with Pan American in January of 1980. At that time the Boeing trijet received a new name: “Clipper Reporter.” After passing through periods of ownership by several other operators the 727 was reported as being scrapped in Ottawa, Ontario in 1995.

A perennial “crowd favorite,” especially in the United Kingdom, are Court Line’s two Lockheed L-1011 TriStars. G-BAAA “Halcyon Days” is seen here taxiing at London-Gatwick sometime in 1973 or 1974. Sadly, these were the only two years G-BAAA and her sistership “G-BAAB” (also known as “Halcyon Breeze”) operated before the worldwide slowdown in world air travel in the aftermath of the 1973/74 OPEC Oil Embargo put Court under for good. For some reason the multi-shaded pink hues of -BAAA seem to show up in the few good color photographs of these ships quite a bit more often than -the yellow/oranges of -BAAB. That is what makes this gorgeously well-lit shot of “Halcyon Days” so special, in my opinion. Court was also famously known for its single-class, nine-across seating, L-1011 charters, making the 400-passenger TriStars the most densely configured of this era. As for the gloriously colorful liveries the only thing that came close on an L-1011 were found in the mid-1970’s livery of Pacific Southwest Airline’s (PSA’s) two examples, which wore multiple pinks and reds with a white crown.

While undated, this photograph of United Airlines McDonnell Douglas DC-10-10 Friend Ship “N1825U” at San Francisco likely was shot in the mid- to late-1970’s. Many people know and love United’s “pre-Saul Bass” four-star livery. What many do not know is that there are actually two distinct versions of the “Star’s and Bar’s” color scheme. Starting in late 1973, just a year before United introduced the also very popular “Tulip” design, a decision was made to change all the “United” titles on the company’s aircraft from black to a thicker blue lettering style. Print advertising featuring the new font began to appear in the spring of 1973, but it appears the modification on existing aircraft in the fleet (several new aircraft were delivered this way) did not appear until very late that year. One thing this livery wasn’t was subtle. Like many 1970’s-era colors on U.S. carriers the “Blue Friend Ship” look really jumped out at you and was quite distinctive. When a United aircraft flew over your head or taxied by your gate there was no way you were not going to know what airline that airplane belonged to! Even after the Saul Bass-designed “Tulip” look was introduced with great fanfare in 1974 the sheer size of United’s fleet (it was the largest airline in the “Free World” at the time) meant that it took several years for the “Friend Ships” to disappear. Several were still carrying this old livery well into the late 1970’s.

Photographs of Delta Air Lines Douglas DC-8-11’s in the 1959 “pre-widget” delivery livery, particularly in color, are almost non-existent. That is what makes this shot of “N803E” at Atlanta truly a rare gem. Delta beat United Air Lines by just a few hours in inaugurating the world’s first service with this pioneering first generation jetliner on 9/18/59 from NY-Idlewild to Atlanta (where the aircraft used the one and only “Jetway” in use at the destination airport at the time). Delta would go on to fly not only these very early -11’s, but also the DC-8-33/-51/-61/-71 variants (with the last stretched, re-engined DC-8-71 not being retired until 1989, thirty years after service start with the aircraft type). The original JT3C powered -11’s, such as N803E, were eventually converted to JT3D turbofan equipped -51’s during the early 1960’s, at which time the earliest version of the still in use triangular “widget” logo was applied to the aircraft.

While Braniff International Airways (BI) awaited the factory delivery of several Boeing 747-227’s and 747SP-27’s for their rapidly expanding international route system (including new services across both the Atlantic and Pacific), they needed more than just their single owned “Jumbo Jet” 747-127 “N601BN.” So, ironically, they leased one in the early spring of 1978 from American Airlines (AA), the company that would be most responsible for BI’s demise four short years later. Needing to press 747-123 “N9666” into operation as quickly as possible upon delivery, Braniff decided to forego the usual solid color covering the entire fuselage and simply painted a single wide orange stripe over American’s triple stripe of red, white, and blue. They also left AA’s overall bare metal fuselage and simply added their “BI” tail logo and “Braniff international” fuselage titles to create a one-off design never seen on any other Braniff aircraft in the company’s history. Chances are the American interior was left untouched as well (although BN had installed leather seats in both coach and first class sections of N601BN by this time). BTW, N601BN was known informally inside the company as “Big Orange” since 1971. What was the nickname for partially bare-aluminum N9666, seen here at DFW, during her two-year stint with Braniff? “Big Alcoa,” of course!

Eastern Air Lines tried out a number of experimental schemes in 1964 before settling on the famous “hockey-stick” livery which endured, in one form or another, until the shut-down in 1991. This, however, is the ONLY color photograph I have ever encountered showing this design, where the lower “Ionosphere Blue” stripe diverges from the lighter “Caribbean Blue” stripe towards the front of the aircraft. When I recently discovered this Nassau, Bahamas-shot of DC-8-51 “N8781R” I actually paid to have a print made up for my own EAL collection. I suspect she was the only one of the legendary carrier’s aircraft painted up this way and this look wasn’t around for long. Eastern’s factory-delivered DC-8’s, by the way, were mostly the -21/-61/-63 variants. Four of the company’s five -51’s were second-hand aircraft. In this rare photo please also notice the lack of painted outlines for doors and emergency exits. These outlines on U.S. transport aircraft would not be mandated by the FAA until July of 1966.

• American Airlines will launch service this winter on three new routes to Mexico City (MEX); Queretaro, Mexico (QRO); and Santo Domingo, Dominican Republic (SDQ).
• The airline will also add more flights to popular destinations including Dominica (DOM); St. Maarten (SXM); Tortola, British Virgin Islands (EIS); and more.
• American offers more flights from the U.S. to Mexico, the Caribbean and Latin America than any airline, giving travelers more ways to catch some sun or head to the beach.

FORT WORTH, Texas — American Airlines is giving travelers the perfect gift for Christmas in July with new routes and more flights to popular destinations in Mexico, the Caribbean and Latin America this winter. Starting later this year, American will launch service from Chicago (ORD) to Mexico City (MEX) and Queretaro (QRO) in Mexico and will also begin service from Philadelphia (PHL) to Santo Domingo, Dominican Republic (SDQ).

“As the leading U.S. airline in Mexico, the Caribbean and Latin America, at American we’re focused on growing our network, giving our customers access to their favorite destinations in the region — from the tropical paradise of Puerto Rico to the dynamic and cosmopolitan city of Mexico City, and beyond,” said José A. Freig, Vice President of International and Inflight Dining Operations. “With these new routes and additional flying, next winter we’ll operate 10% more seats than the previous year, a testament to our commitment to the region and our customers.”

American will operate more than 430 peak daily departures to 97 destinations in Mexico, the Caribbean and Latin America this winter. During the December holiday season, American will offer more than 2.3 million roundtrip seats to the region from the U.S., nearly one million more seats than the closest competitor airline.^*

“Summer travel is in full swing, but American is giving travelers a head start on planning winter vacations,” said Philippe Puech, American’s Director of International Network Planning. “American is giving travelers more options to get away this winter, and we are thrilled to offer customers more new routes and flights to popular destinations.”

Tickets for the new service will be available for sale starting July 14 at aa.com or on American’s mobile app.

From the Windy City to fun-in-the-sun

Chicagoans looking for sun this winter will have two new options on American. Starting Oct. 26, American will launch new daily service from ORD to MEX. Travelers can immerse themselves in the vibrant capital of Mexico with world-renowned restaurants, a rich history, outdoor parks and shopping.

Jetsetters can also fly from ORD to QRO beginning Dec. 18. In addition to the city’s historic center and unique experiences for travelers, a visit to Queretaro also offers travelers convenient access to nearby attractions, including one of Mexico’s best wine regions and the charming town of San Miguel de Allende.

Earlier this year, American called “dibs” on the beach from ORD with five new international destinations and more flights to Mexico, the Caribbean and Central America. Now, the airline is expanding that schedule, giving Chicagoans a network for sunseekers featuring more than 20 destinations.

American’s new routes from Chicago
Destination	Service notes
Mexico City (MEX)	Daily service from Oct. 26
Queretaro, Mexico (QRO)	Daily holiday service from Dec. 18 to Jan. 5

Providing more choices for Philadelphia

American serves more destinations from PHL than any other airline, and this winter, the airline is adding one new destination and expanding frequencies on three other routes. During the holiday season from Dec. 18 through Jan. 5, American will offer service to 14 destinations to Mexico, the Caribbean and Latin America from PHL with more than 20 peak-day departures.

New service from PHL to SDQ will begin Dec. 18. This tropical city provides visitors the chance to relax on nearby beaches, enjoy new cultural experiences and learn about the Dominican Republic’s history.

American’s expanded holiday service from Philadelphia
Destination	Service notes
Aruba (AUA)	Increase to two daily flights
San Juan, Puerto Rico (SJU)	Increase to three daily flights
Santo Domingo, Dominican Republic (SDQ)	New daily service
St. Maarten (SXM)	Increase from one weekly to one daily flight

More, more, more from Miami

Miami (MIA) is American’s gateway to Mexico, the Caribbean and Latin America. This winter, American will grow the hub to a record 415 peak daily departures and expanded holiday service to popular beach destinations.

From Dec. 18 to Jan. 5, American will increase its operations from MIA on eight routes. In total, American will offer more than 170 daily departures from MIA to 73 destinations in Mexico, the Caribbean and Latin America during the holiday season.

American’s expanded holiday service from Miami
Destination	Service notes
Dominica (DOM)	Increase to two daily flights
Kingston, Jamaica (KIN)	Increase to four daily flights
Marsh Harbour, Bahamas (MHH)	Increase to three daily flights
North Eleuthera, Bahamas (ELH)	Increase to three daily flights
Ocho Rios, Jamaica (OCJ)	Increase to two daily flights
San Juan, Puerto Rico (SJU)	Increase to seven daily flights
Santiago, Dominican Republic (STI)	Increase to three daily flights
Tortola, British Virgin Islands (EIS)	Increase to five daily flights

^*Based on current published schedules

Delta Air Lines today reported financial results for the June quarter and provided its outlook for the September quarter and full year 2025.  

---

Delivered June quarter results in line with April guidance, with continued strength in diverse revenue streams driving double-digit margins

Expect September quarter earnings per share of $1.25 to $1.75 with a 9 to 11 percent operating margin

Restoring full year guidance with expectation for earnings per share of $5.25 to $6.25 and free cash flow of $3 to $4 billion

Announced a 25 percent increase to dividend payment beginning in September quarter

ATLANTA, July 10, 2025 /PRNewswire/ — Delta Air Lines (NYSE: DAL) today reported financial results for the June quarter and provided its outlook for the September quarter and full year 2025.  Highlights of the June quarter, including both GAAP and adjusted metrics, are on page five and incorporated here.

“In the June quarter, Delta delivered record revenue on a 13 percent operating margin, generating $1.8 billion in pre-tax profit and leading network peers across key operational metrics.  This strong performance is a direct reflection of the outstanding contributions of our people, who continue to set the bar for industry performance,” said Ed Bastian, Delta’s chief executive officer.

“As we look to the second half of our centennial year, we remain focused on executing our strategic priorities and managing the levers within our control to deliver strong earnings and cash flow.  Reflecting our confidence in the business, we are restoring financial guidance with an expectation for earnings per share of $5.25 to $6.25 and free cash flow of $3 to $4 billion, consistent with our long-term free cash flow targets.”

June Quarter 2025 GAAP Financial Results

• Operating revenue of $16.6 billion
• Operating income of $2.1 billion with an operating margin of 12.6 percent
• Pre-tax income of $2.6 billion with a pre-tax margin of 15.5 percent
• Earnings per share of $3.27
• Operating cash flow of $1.9 billion
• Payments on debt and finance lease obligations of $2.9 billion
• Total debt and finance lease obligations of $15.1 billion at quarter end

June Quarter 2025 Non-GAAP Financial Results

• Operating revenue of $15.5 billion
• Operating income of $2.0 billion with an operating margin of 13.2 percent
• Pre-tax income of $1.8 billion with a pre-tax margin of 11.6 percent
• Earnings per share of $2.10
• Operating cash flow of $1.8 billion

Financial Guidance¹

	FY 2025
Earnings Per Share	$5.25 – $6.25
Free Cash Flow ($B)	$3 – $4
Gross Leverage2	Less than 2.5x
	3Q25
Total Revenue YoY	0% – 4%
Operating Margin	9% – 11%
Earnings Per Share	$1.25 – $1.75

1Non-GAAP measures; Refer to Non-GAAP reconciliations for historical comparison figures

2Adjusted debt to EBITDAR

Revenue Environment and Outlook

“Delta generated record June quarter revenue of $15.5 billion, approximately 1 percent higher than prior year.  Through the quarter, demand trends stabilized at levels that are flat to last year and we continued to see resilience in our diverse, high-margin revenue streams.  The team did a great job leveraging Delta’s structural advantages to optimize performance in this environment,” said Glen Hauenstein, Delta’s president.

“For the September quarter, we expect total revenue to be flat to up 4 percent compared to the prior year, with unit revenue trends expected to improve through the second half of the year as we continue to adjust capacity and the industry further rationalizes supply.”

• Record quarterly revenue: Delta’s total revenue was a record $15.5 billion, approximately 1 percent higher than the June quarter of 2024 on 4 percent capacity growth. Adjusted total unit revenue (TRASM) was down 3 percent compared to prior year, consistent with expectations.
• Diversified revenue streams remain resilient: Diverse, high margin revenue streams contributed 59 percent of total revenue, underpinning Delta’s differentiated business model. Premium revenue continued to outpace main cabin, growing 5 percent on a year-over-year basis. Loyalty revenue was up 8 percent, driven by co-brand spend growth and card acquisitions. American Express remuneration was $2 billion, up 10 percent year-over-year. Cargo and MRO revenue grew 7 percent and 29 percent, respectively.
• International performed well through peak summer period: International revenue grew 2 percent during the quarter. Continued restoration of the Transpacific network supported by double-digit capacity growth in the region drove record Pacific revenue, up 11 percent compared to the second quarter of 2024. Strong demand for Transatlantic travel continued as Delta expanded service to European destinations for the peak summer period with revenue growing 2 percent above record 2024 levels.
• Corporate demand environment remains steady: Corporate sales* in the June quarter were up low-single digits over the prior year, led by Domestic.

*Corporate sales represent the revenue from tickets sold to corporate contracted customers, including tickets for travel during and beyond the referenced time period

Cost Performance and Outlook

“Cost execution continues to be an important focus across the enterprise.  June quarter non-fuel unit cost growth of 2.7 percent was similar to the March quarter and in line with expectations,” said Dan Janki, Delta’s chief financial officer.  “We expect the September quarter will be our best non-fuel unit cost performance of the year, with non-fuel unit costs flat to down compared to 2024.  For the full year, we remain on track to deliver non-fuel unit cost growth in the low-single digits year-over-year, consistent with our long-term target.”

June Quarter 2025 Cost Performance

• Operating expense of $14.5 billion and adjusted operating expense of $13.5 billion
• Adjusted non-fuel costs of $10.5 billion
• Non-fuel CASM was 13.49¢, an increase of 2.7 percent year-over-year
• Adjusted fuel expense of $2.5 billion was down 11 percent year-over-year
• Adjusted fuel price of $2.26 per gallon decreased 14 percent year-over-year with a refinery loss of 1¢ per gallon

Balance Sheet, Cash and Liquidity

“During the first half of the year, we generated free cash flow of $2 billion, supporting our full year expectation for $3 to $4 billion of free cash flow,” Janki said.  “With strong cash generation, we are well-positioned to deliver on our capital allocation priorities as we reinvest in the business, pay down $3 billion of debt this year, and return cash to shareholders, including a 25 percent increase to our quarterly dividend beginning in the September quarter.”

• Adjusted net debt of $16.3 billion at June quarter end, a reduction of $1.7 billion from the end of 2024
• Payments on debt and finance lease obligations for the June quarter of $2.9 billion
• Weighted average interest rate of 4.6 percent with 95 percent fixed rate debt and 5 percent variable rate debt
• Adjusted operating cash flow in the June quarter of $1.8 billion, and with gross capital expenditures of $1.2 billion, free cash flow was $733 million
• Air Traffic Liability ended the quarter at $8.9 billion
• Liquidity* of $6.4 billion at quarter-end, including $3.1 billion in undrawn revolver capacity

June Quarter 2025 Highlights

Operations, Network and Fleet

• Recognized as the Best U.S. Airline by The Points Guy for the seventh consecutive year based on operational reliability, customer experience, cost, reach and loyalty
• Operated the most on-time airline in the June quarter, leading competitive set in on-time departures and arrivals and network peers in completion factor¹
• Took delivery of 10 aircraft during the June quarter, bringing the total year-to-date to 19, including the A350-900, A330-900, A321neo and A220-300
• Retired 10 aircraft during the June quarter, bringing the total to 14 retirements year-to-date
• Announced strengthened partnership with WestJet through a minority equity stake, supporting future benefits for travelers, including an elevated, more seamless travel experience for customers worldwide, subject to regulatory approvals and satisfaction of other customary closing conditions
• Announced plans to build global partnership with IndiGo, Air France-KLM and Virgin Atlantic, connecting India with Europe and North America in the future, subject to regulatory approvals
• Expanded joint venture with LATAM to Argentina, enhancing connectivity with the U.S. and Canada
• Launched nonstop flights from SLC to Seoul-Incheon, opening a new gateway between the U.S. and Asia
• Announced nonstop service from SEA to Barcelona and Rome beginning May of 2026
• Began operating Delta’s most expansive Transatlantic schedule ever, including new and increased service to Barcelona, Sicily, Copenhagen, Dublin, Milan, Naples and more European destinations

Culture and People

• Accrued $470 million toward profit sharing in the June quarter, resulting in $594 million accrued year-to-date
• Provided a 4 percent base pay increase for eligible employees worldwide, the fourth consecutive annual increase since 2022, reflecting Delta’s commitment to industry-leading pay for industry-leading performance
• Named No. 3 in the Fortune ReturnOnLeadership® ranking of the top 100 companies in the Fortune 500 based on strong leadership, strategic alignment and clear vision for the future, the highest-ranked airline
• Recognized as one of the 50 most community-minded companies in the U.S. for the eighth consecutive year by Points of Light
• Partnered with the Best Defense Foundation for the Normandy Legacy Flight for the fourth year, chartering over 20 WWII veterans to Normandy, France to commemorate the 81st anniversary of D-Day
• Recognized as the No. 1 corporate blood drive sponsor with the American Red Cross for the eighth consecutive year with a record 16,178 units of blood collected at 386 blood drives in the last 12 months
• Over 4,400 Delta volunteers completed 155 community service events and contributed over 8,600 hours of service across 8 countries during Global Volunteer Month in April

Customer Experience and Loyalty

• Ranked No. 1 in J.D. Power’s Premium Economy Satisfaction survey for the third consecutive year
• Awarded Best Airline Staff in North America for fourth consecutive year at the Skytrax World Airline Awards
• Launched Fly Delta app 7.0, enhancing the customer experience with real-time updates and seamless upgrade redemptions
• Opened the Delta One Lounge in SEA with seating for over 200 customers, complementing the new Delta Sky Club one level below with the two spaces totaling 24,000 square feet
• Opened eighth and largest Delta Sky Club in ATL located in Concourse D, with seating for over 500 guests
• Empowering customers with choice through the announcement of new product experiences tailored to individual budgets and priorities on flights starting October 1
• Named Best Global Airline for the Americas by the Airline Passenger Experience Association (APEX), further strengthening Delta’s position as a global leader in premium travel
• Launched Uber partnership enabling SkyMiles members to earn miles on select rides and deliveries; expanded to offer 6-12 months of complimentary Uber One for select Delta American Express cardholders
• Expanded partnership with Missoni to include a Delta One bedding set and a refreshed amenity kit
• Continued the roll out of fast, free Wi-Fi for SkyMiles Members with 925 aircraft equipped and 95 percent of the mainline fleet expected to be equipped by the end of 2025

Environmental Sustainability

• Issued the 2024 Delta Difference Report, highlighting Delta’s continued commitment to a more sustainable future of travel while investing in its people and supporting local communities
• Achieved 1 percent fuel burn savings from operational improvements, equating to 45 million gallons² of jet fuel savings, as a part of Delta’s decarbonization journey

1FlightStats preliminary data for Delta flights system wide, Delta’s competitive set (AA, UA, B6, AS, WN, and DL) and Delta’s network peers (AA, UA, and DL) from April 1 – June 30, 2025.  On-time is defined as A0

2Compared to 2019, and relative to what we would have used if Delta had not undertaken any fuel efficiency efforts, not including fleet renewal

June Quarter 2025 Results

June quarter results have been adjusted primarily for third-party refinery sales and gains/losses on investments as described in the reconciliations in Note A.

	GAAP		$ Change	% Change
($ in millions except per share and unit costs)	2Q25	2Q24
Operating income	2,102	2,267	(165)	(7) %
Operating margin	12.6 %	13.6 %	(1.0) pts	(7) %
Pre-tax income	2,574	1,773	801	45 %
Pre-tax margin	15.5 %	10.6 %	4.9 pts	46 %
Net income	2,130	1,305	825	63 %
Diluted earnings per share	3.27	2.01	1.26	63 %
Operating revenue	16,648	16,658	(10)	— %
Total revenue per available seat mile (TRASM) (cents)	21.44	22.31	(0.87)	(4) %
Operating expense	14,546	14,391	155	1 %
Cost per available seat mile (CASM) (cents)	18.73	19.28	(0.55)	(3) %
Fuel expense	2,458	2,813	(355)	(13) %
Average fuel price per gallon	2.21	2.64	(0.43)	(16) %
Operating cash flow	1,856	2,450	(594)	(24) %
Capital expenditures	1,209	1,308	(99)	(8) %
Total debt and finance lease obligations	15,056	17,983	(2,927)	(16) %
	Adjusted		$ Change	% Change
($ in millions except per share and unit costs)	2Q25	2Q24
Operating income	2,048	2,269	(221)	(10) %
Operating margin	13.2 %	14.7 %	(1.5) pts	(10) %
Pre-tax income	1,805	2,002	(197)	(10) %
Pre-tax margin	11.6 %	13.0 %	(1.4) pts	(11) %
Net income	1,370	1,528	(158)	(10) %
Diluted earnings per share	2.10	2.36	(0.26)	(11) %
Operating revenue	15,507	15,407	100	1 %
TRASM (cents)	19.97	20.64	(0.67)	(3) %
Operating expense	13,458	13,138	320	2 %
Non-fuel cost	10,476	9,808	668	7 %
Non-fuel unit cost (CASM-Ex) (cents)	13.49	13.14	0.35	2.7 %
Fuel expense	2,512	2,811	(299)	(11) %
Average fuel price per gallon	2.26	2.64	(0.38)	(14) %
Operating cash flow	1,844	2,458	(614)	(25) %
Free cash flow	733	1,274	(541)	(42) %
Gross capital expenditures	1,168	1,216	(48)	(4) %
Adjusted net debt	16,316	18,803	(2,487)	(13) %

About Delta Air Lines  Through exceptional service and the power of innovation, Delta Air Lines (NYSE: DAL) never stops looking for ways to make every trip feel tailored to every customer.   

There are 100,000 Delta people leading the way to deliver a world-class customer experience on up to 5,000 peak day Delta and Delta Connection flights to more than 290 destinations on six continents, connecting people to places and to each other. 

Delta served more than 200 million customers in 2024 – safely, reliably and with industry-leading customer service innovation – and was recognized by J.D. Power this year for being No. 1 in First/Business and Premium Economy Passenger Satisfaction. The airline also was recognized as the top U.S. airline by the Wall Street Journal and as North America’s most on-time airline in 2024 and our people earned the Platinum Award for Operational Excellence from Cirium.

We remain committed to ensuring that the future of travel is connected, personalized and enjoyable. Our people’s genuine, enduring motivation is to make every customer feel welcomed and cared for across every point of their journey with us.

Headquartered in Atlanta, Delta operates significant hubs and key markets in Amsterdam, Atlanta, Bogota, Boston, Detroit, Lima, London-Heathrow, Los Angeles, Mexico City, Minneapolis-St. Paul, New York-JFK and LaGuardia, Paris-Charles de Gaulle, Salt Lake City, Santiago (Chile), Sao Paulo, Seattle, Seoul-Incheon and Tokyo.

As the leading global airline, Delta’s mission to connect the world creates opportunities, fosters understanding and expands horizons by connecting people and communities to each other and to their own potential. 

A founding member of the SkyTeam alliance and powered by innovative and strategic partnerships throughout the world with Aeromexico, Air France-KLM, China Eastern, Korean Air, LATAM, Virgin Atlantic and WestJet, Delta brings more choice and competition to customers worldwide. Delta’s premium product line is elevated by its unique partnership with Wheels Up Experience.

Delta is America’s most-awarded airline thanks to the dedication, passion and professionalism of its people. In addition to the awards from J.D. Power and Cirium, Delta has been recognized among Fast Company’s Most Innovative Companies; the World’s Most Admired Airline and one of the Best 100 Companies to Work For according to Fortune; one of Glassdoor’s Best Places to Work; the top carrier for business travelers by Business Travel News; and topped 5 categories, including the Best U.S. Airline award, in Forbes Travel Guide’s Verified Air Travel Awards. In addition, Delta has been named to the Civic 50 by Points of Light as one of the most community minded companies in the U.S. and the best U.S. airline by the Points Guy for the past seven years.