Delta’s cargo revenue rises 6.5%

Delta Air Lines today reported $212 million in cargo revenue for the second quarter of 2025, an increase of 6.5% from Q2 2024. Delta “continued to see resilience in our diverse, high-margin revenue streams,” including cargo, President Glen Hauenstein said in today’s earnings release. [caption id="attachment_416650" align="aligncenter" width="1625"] (Courtesy/Delta)[/caption] The carrier’s Q2 adjusted operating revenue increased 0.6% year over year to a record $15.5 billion. The carrier also reported in Q2: Adjusted operating income of $2 billion, down 9.7% YoY; Adjusted diluted earnings per share of $2.10, down 11% YoY; and Adjusted income before taxes of $1.8 billion, down 9.8% YoY. Fleet modernization Delta, which only moves cargo via belly capacity on passenger aircraft, took delivery of ten aircraft in Q2, according to the earnings report. According to Airbus’ 2025 deliveries report through June 30, Delta received in Q2: Two A220-300s; Three A321neos; Three A330-900s; and Two A350-900s. Airbus delivered nine aircraft to Delta in Q1. The carrier has outstanding orders with Airbus for 175 aircraft as of June 30, according to the Airbus report. Chief Executive Ed Bastian reaffirmed that Delta does not intend to pay tariffs on aircraft deliveries, as the airline also stated in its Q1 earnings call on April 9. “That's a pretty strong point of view here on the Delta side,” Bastian said on today’s earnings call. Delta also retired ten aircraft in Q2, after retiring four in Q1. Routes Delta launched routes in Q2 to expand its connectivity with Asia and Europe, including nonstop flights from: Salt Lake City (SLC) to Seoul (ICN) seven times each week; Seattle (SEA) to Barcelona (BCN) three times each week; and SEA to Rome (FCO) four times each week. The carrier has also worked to increase partnerships with other airlines. Delta announced in May that it would acquire a 15% stake in WestJet for $330 million and that Korean Air would acquire a 10% stake in the Calgary, Alberta-based airline for $220 million, pending regulatory approval. LATAM Group and Delta expanded their joint venture in April, which “strengthens the cargo offering between Argentina, the United States and Canada,” Delta said in an April 23 release. Additionally, IndiGo, Delta, Air France-KLM and Virgin Atlantic signed a memorandum of understanding in June to create a partnership connecting India with Europe and North America, Delta said in a June 1 release. Jet fuel Delta had a Q2 adjusted fuel expense of $2.5 billion, down 10.6% YoY. Adjusted average fuel price was $2.26 per gallon, down 14.4% YoY, with a refinery loss of 1 cent per gallon, Delta reported. Jet fuel spot prices in the United States in April, May and June fell YoY. The average spot price for U.S. Gulf Coast jet fuel in Q2 was $1.98 per gallon , down 19.5% YoY, according to the Energy Information Administration . As part of its decarbonization efforts , Delta achieved 1% fuel burn savings from operational improvements, equating to 45 million gallons of jet fuel savings, it reported. Outlook Delta expects Q3 revenue to be between flat YoY and up 4% YoY, with earnings per share between $1.25 and $1.75. The full-year 2025 outlook is for earnings per share to be between $5.25 and $6.25. Shares of Delta Air Lines ( NYSE: DAL ) were up 12.01% from market open to $56.79 at market close today. Delta has a market capitalization of $37 billion. Cargo Facts Symposium, the quintessential event for stakeholders and key leaders in the global freighter and air cargo industries, will take place Oct. 22-24 at the Grand Hyatt in Nashville . Learn more and register today to take advantage of the early-bird rate.

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