5 Must-Read Analyst Questions From Delta's Q4 Earnings Call

Delta’s fourth quarter results were met with negative market reaction, as margin compression and stagnant main cabin demand weighed on investor sentiment despite headline revenue and profit exceeding Wall Street expectations. Management pointed to robust performance in premium cabins, continued loyalty program strength, and record cash sales as key drivers, but acknowledged nonfuel costs rose due to weather disruptions and a government shutdown. President Glen Hauenstein described the period as “choppy,” with booking trends normalizing only after a turbulent start caused by external events.

Is now the time to buy DAL? Find out in our full research report (it’s free for active Edge members).

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From Delta’s Q4 Earnings Call

• Jamie Baker (JPMorgan) asked about potential regulatory caps on credit card rates and their impact on loyalty economics; CEO Ed Bastian said Delta’s premium card positioning would mitigate some effects but implementation remains highly uncertain.
• Mike Linenberg (Deutsche Bank) pressed on whether booking acceleration reflected stronger main cabin demand; President Glen Hauenstein confirmed booking trends normalized but main cabin recovery had not materialized.
• John Gordon (Citi Research) questioned if current booking trends were sufficient to hit the high end of guidance; CEO Ed Bastian replied that ongoing momentum would suffice, but volatility warranted caution, and Hauenstein added main cabin movement is key for upside.
• Duane Pfennigwerth (Evercore ISI) inquired about Maintenance, Repair, and Overhaul (MRO) growth; CFO Dan Janki highlighted strong backlog, optimistic revenue targets, and incremental capital investment in MRO shop capacity.
• Michael Goldie (BMO Capital Markets) asked if non-main cabin revenue mix could reach 65–70% over time; Hauenstein said there was no specific target and mix would adjust with customer behavior and broader industry trends.

Catalysts in Upcoming Quarters

Looking forward, our analysts will closely monitor (1) signs of main cabin demand recovery and whether pricing in this segment improves, (2) execution of international network expansion and the impact of new wide-body aircraft on margins, and (3) the continued ramp of loyalty and co-brand initiatives, including digital engagement and lounge enhancements. Developments in industry consolidation and regulatory actions around credit card partnerships will also be key themes to watch.

Delta currently trades at $70.46, in line with $70.85 just before the earnings. At this price, is it a buy or sell? Find out in our full research report (it’s free).

High-Quality Stocks for All Market Conditions

If your portfolio success hinges on just 4 stocks, your wealth is built on fragile ground. You have a small window to secure high-quality assets before the market widens and these prices disappear.

Don’t wait for the next volatility shock. Check out our Top 5 Strong Momentum Stocks for this week. This is a curated list of our High Quality stocks that have generated a market-beating return of 244% over the last five years (as of June 30, 2025).

Stocks that have made our list include now familiar names such as Nvidia (+1,326% between June 2020 and June 2025) as well as under-the-radar businesses like the once-small-cap company Exlservice (+354% five-year return). Find your next big winner with StockStory today.