Delta cargo revenue jumps 19% YoY

Delta Air Lines today reported $233 million in cargo revenue for the third quarter of 2025, an increase of 18.9% from Q3 2024. The increased cargo revenue was driven by operations in the Pacific, President Glen Hauenstein said on today’s earnings call. [caption id="attachment_416650" align="aligncenter" width="1625"] (Courtesy/Delta)[/caption] “We have seen some, I'd say, choppiness as we enter the fourth quarter,” he said. “I wouldn't expect that the 19% would be sustainable into Q4. It's probably going to come down from there. But we'll still probably see growth in cargo.” The carrier’s Q3 adjusted operating revenue increased 4.1% year over year to a record $15.2 billion. The carrier also reported in Q3: Net income of $1.4 billion, up 11.4% YoY; Adjusted operating income of $1.7 billion, up 23.5% YoY; Adjusted diluted earnings per share of $1.71, up 14% YoY; and Adjusted pre-tax income of $1.5 billion, up 18.3% YoY. The quarter’s YoY comparisons benefited from the negative effects of last year’s CrowdStrike outage that affected Windows hosts. From July 19 through July 23, 2024, Delta canceled about 7,000 flights. The carrier reported a revenue loss of about $380 million from the outage. Fleet modernization Delta, which only moves cargo via belly capacity on passenger aircraft, took delivery of twelve aircraft in Q3, according to the earnings report. According to Airbus’ 2025 deliveries report through Sept. 30, Delta received in Q3: Three A330-900s; Eight A321neos; and One A220-300. Airbus delivered nine aircraft to Delta in Q1 and ten aircraft to the carrier in Q2. The carrier has outstanding orders with Airbus for 163 aircraft as of Sept. 30, according to the Airbus report. Delta also retired six aircraft in Q3, bringing the year-to-date total to twenty retirements, according to the earnings report. Jet fuel Delta had a Q3 adjusted fuel expense of $2.6 billion, down 7.7% YoY. Adjusted average fuel price was $2.25 per gallon, down 11.1% YoY, Delta reported. The carrier consumed 4% more fuel YoY in Q3. Jet fuel spot prices in the United States in July, August and September fell YoY. The average spot price for U.S. Gulf Coast jet fuel in Q3 was $2.12 per gallon , down 3.3% YoY, according to the Energy Information Administration . Outlook Delta anticipates revenue growth of 2% to 4% YoY with positive unit revenue in Q4, Chief Financial Officer Dan Janki said on the call. The carrier expects Q4 earnings of $1.60 to $1.90 per share. For the full year, Delta expects earnings per share of approximately $6, Janki said. However, there may be negative effects from the U.S. government shutdown , which began Oct. 1. “While we are monitoring potential impacts from the U.S. government shutdown, we have not seen a material effect to date,” Hauenstein said. Shares of Delta Air Lines ( NYSE: DAL ) were up 4.25% from market open to $59.55 at market close today. Delta has a market capitalization of $39 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 attend this key industry event. Cargo Facts LATAM 2026, the essential event for stakeholders in Latin America, will take place Feb. 10-12 at the Marquis Reforma in Mexico City. Learn more and register by Dec. 19 to take advantage of early-bird pricing.

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