A：For the March quarter, Delta expects revenue growth of 5 to 7% year over year, with positive unit revenue growth and first quarter earnings of $1.50 to $1.75 per share and an operating margin of 4.5 to 6%. For the full year, the forecasted EPS is between $6.50 to $7.50, representing a 20% year-over-year growth at the midpoint.

A：Delta plans to grow its capacity by 5% for the full year, which is new and is an indication of robust demand and balanced industry supply and demand environment.

A：Delta's strategy to strengthen its industry leading position internationally includes expanding into high growth Asia and Middle East markets and continuing to renew its wide-body fleet with more capable and efficient aircraft. It will also focus on aligning products and price to the value delivered, and using digital platforms to unlock incremental revenues from travel products and partnerships.

A：The government shutdown reduced Delta's pre-tax profit by $225 million and impacted capacity and costs by about one point for the quarter. However, Delta was able to maintain non-fuel unit cost growth at 2%, in line with its long-term target of low single digits, and delivered a full-year operating margin of 15% and a return on invested capital of 12%.

A：Delta is entering 2026 with momentum, projecting earnings growth of 5 to 7% year over year and first quarter earnings of $1.50 to $1.75 per share. The full-year forecasted EPS is between $6.50 to $7.50, showing a 20% year-over-year growth at the midpoint. Delta also expects free cash flow of $3 to $4 billion and leverage of two times by year-end.

A：Delta's approach to capital allocation prioritizes reinvestment in the business, including 5.5 billion dollars in CapEx for around 50 aircraft deliveries and ongoing investments in customer experience and technology. Delta's fleet strategy focuses on high-margin, large narrow-body aircraft, retiring older fleets, and building scale across its fleet types, which enhances the customer experience and improves fuel efficiency.

A：Delta's position is that a 10% rate cap, if codified and enforced, would be challenging to implement and would likely require legislation. The potential cap would restrict lower-end consumer access to credit and upend the credit card industry. Delta values its premium card and the distinction it provides, and while they have strong partnerships with major airlines, the company is concerned about the implications of such a cap and would work with American Express to oppose it.

A：Revenue has definitely accelerated and the booking curve has returned to a more normal level across all entities and geographies. While the fourth quarter was volatile due to various global events, bookings in October were fantastic and the company is optimistic about the return of business as it heads into the summer season.

A：Corporate demand is contributing to the revenue growth with strong numbers at the beginning of the year. The market share has never been higher for Delta, and there is an optimistic outlook on travel plans for the future within the corporate environment.

A：It's still early to make conclusions based on a few weeks of bookings, but the current momentum is encouraging. If the current momentum continues, it's expected to do well within the guidance range; however, there is a reminder of industry volatility from the previous year and the need to remain cautious in projections.

A：Main cabin revenue has not yet shown significant movement, but it is expected to start moving as the script progresses. The higher end of the guidance would be driven by main cabin revenue starting to move up.

A：Joe will be focusing on further integrating strategies for a complete commercial approach, shifting from traditional network and price focus to consumer-centric strategies, including partnerships with American Express and enhancing the in-product experience and merchandising. There is an emphasis on innovation and product development with the new fleet and continued focus on customer experience.

A：The transatlantic and Pacific markets have shown resilience and are expected to continue to be areas of innovation and growth, especially with fleet efficiency and replacing older wide-body aircraft with more modern models that offer better product and incremental margin.

A：The 787 was chosen as a natural evolution of the fleet due to its financial strength, its capability for premium seating, cargo capacity, and diversification benefits. It will replace the 767-400, offering significant efficiency and margin improvement. The 787s are expected to be deployed on specific routes to leverage its design for growth and replacement, particularly due to the powerful step function change it represents.

A：Delta's three global fleets include one with long range capabilities, another with a lot of capabilities and a specific focus on handling 'category killer' operations on the chasm, and a third 'Milk Run' airplane that will predominantly serve spoke services out of core hubs.

A：Delta has faced challenges in maintaining the same level of operational reliability and recoverability post-Covid due to changes, including in their pilot contract, but remains committed to improving recovery from irregular operations. Delta has been recognized as the most on-time airline in North America by Cium.

A：Delta considers itself number one across most metrics in the industry and believes that while it has not lost its leadership, the industry as a whole is improving in quality and reliability. Delta has raised the industry standard and hopes for a healthier and higher quality experience for customers.

A：Glenn is surprised by Delta's ability to emerge from its challenges and return to a leading position in the U.S. aviation industry. He emphasizes the importance of continuing to be bold and looking beyond immediate goals to maintain Delta's leadership in the future.

A：Delta is optimistic about the MRO business, which had a great year in 2022 and is on track to grow significantly. The segment is expected to cross the billion-dollar mark, maintain high single-digit margins, and reach mid-teens growth. Delta has robust maintenance capabilities and is investing in repair capability. However, risks include potential macro challenges and the need to ensure the MRO business maintains its uniqueness and differentiation.

A：The revenue growth spread between Delta's premium and main cabin services has been very wide in the back half of 2025. While Delta has not quantified what 'normal' looks like for this spread, it anticipates an improvement in 2026 as the industry recovers and revenue growth becomes more balanced.

A：Potential risks to Delta's financial guidance include the recent challenges faced in the industry, particularly with Spirit Airlines, and the need for that sector to increase its revenue base. Delta has taken a conservative approach to its guidance, recognizing the unpredictability of the industry and the macro environment.

A：Ancillary businesses have a significant impact on free cash flow generation, particularly the loyalty premium due to its margin profile. Cargo and MRO have less impact than the core operations.

A：Delta has a very strong leverage ratio and continues to generate significant free cash flow. It has been at the top of the industry, especially in terms of profitability as a percentage of the industry's total profits.

A：Delta has been consistent in its CapEx spending, usually ranging around $5 billion, with occasional fluctuations. However, a new order for Boeing aircraft could lead to a potential step-up in CapEx over the next few years.

A：Delta's focus on diversifying revenue streams and enhancing premium products has allowed it to chart a unique path. This approach, along with industry challenges, has positioned Delta as a leader with greater control over its decisions.

A：Delta views competitive capacity as being in a good place at the start of the year. Many carriers are rationalizing their capacity, which is leading to positive outcomes for Delta. The carrier remains competitive in all its hubs, offering great products.

A：Delta expects the non-main cabin revenue mix to grow to 65-70% in the coming years. This growth is anticipated due to a shift in industry dynamics, including capacity reductions and consolidation, which should eventually lead to an increase in main cabin returns.

A：Delta acknowledges that industry rationalization will likely continue through various forms such as consolidation, liquidation, or restructuring. This is especially relevant for carriers that are not earning their costs, with significant distress among their ownership bases.

A：Delta anticipates that both domestic and international sequential trends in revenue are positive for 2026, with stronger sequential growth expected in international revenue from third to fourth quarter due to improvements and new destination options in its loyalty program votes.

A：Delta's revenue segmentation and merchandising strategy will offer customers more choices based on their willingness to pay. This approach allows for a range of products with varying prices and attributes, such as refundability and seat selection, which should lead to customer satisfaction and increased value.