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Delta Air Lines (DAL) 2Q 2025 earnings

A Boeing 767-332(ER) from Delta Air Lines takes off from Barcelona El Prat Airport in Barcelona on Oct. 8, 2024.
Joan Valls | Nurphoto | Getty Images
Delta Air Lines cut its 2025 profit forecast as it deals with lower-than-expected demand this year and the industry manages a glut of flights, but the carrier’s outlook for summer travel beat Wall Street’s expectations.
Bookings have since stabilized, CEO Ed Bastian said in an interview, though at lower levels than the airline expected at the start of the year.
“People are still traveling,” Bastian said. “What they’ve done is they’ve shifted their booking patterns a little bit. They’re holding off making plans until they have they’re a little closer in to their to their travel dates. And so that’s shifted some of our bookings and yield management strategies.”
Delta, the first of the U.S. airlines to report results, expects adjusted earnings per share of between $1.25 and $1.75 in the third quarter, compared with Wall Street analysts’ forecast for $1.31 a share. It also said it expects revenue that’s flat to up 4%, topping forecasts for a 1.4% sales increase.
Delta shares jumped more than 10% in premarket trading after releasing results. Other airlines’ shares also rose after Delta’s report.
Delta expects adjusted full-year earnings of $5.25 to $6.25 a share, down from a forecast in January of more than $7.35 a share, when Bastian predicted 2025 would be the carrier’s best year ever.
In April, Delta said it couldn’t reaffirm that forecast as on-again-off-again tariffs and hesitant consumers dented bookings. Rival U.S. carriers also pulled their guidance, and Delta and other airlines have announced plans to cut flights after the summer peak.
That includes trimming capacity outside of top travel periods, including what Bastian described as “surgical” cuts after the peak summer travel season ends around mid-August.
Here’s how the company performed in the three months ended June 30, compared with what Wall Street was expecting, based on consensus estimates from LSEG:
- Earnings per share: $2.10 adjusted vs. $2.05 expected
- Revenue: $15.51 billion adjusted vs. $15.48 billion expected
Delta posted strong growth from sales of higher-priced seats like first-class and from its lucrative American Express partnership, which increased 10% in the second quarter from the same period last year to $2 billion. Airlines have become more reliant on travelers who are willing to spend more to fly rather than more price-sensitive consumers.
While fares have dropped across the U.S., Delta’s premium-product revenue rose 5%, while sales from the main cabin fell 5% from last year. Its total revenue per seat mile, a measure of how much an airline is bringing in for the amount it flies, fell 4% in the quarter.
Bastian said Delta is prepared to continue updating its premium products.
“Whether it’s the Delta lounges or the quality of the product on board, the premium products have had life cycles … and what we thought was state of the art six or seven years ago no longer is,” he said. “We’re continuing to upgrade and update it.”
Corporate travel has also stabilized, but it’s in line with last year, not the 5% to 10% growth Delta expected at the start of the year, Bastian said.
In the second quarter, Delta posted adjusted revenue of nearly $15.51 billion, up 1% from a year ago. Its net income in the three months ended June 30 totaled $2.13 billion, or $3.27 a share, up 63% on the year. That compares with net income of $1.3 billion, or $2.01 a share, in the same period last year. Adjusting for one-time items, its per-share net income was $1.37 billion, or $2.10 a share.
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A Labor Day look at Trump’s policies for American workers : NPR

Good morning. You’re reading a special Labor Day edition of the Up First newsletter. Subscribe here to get the newsletter delivered to your inbox, and listen to the Up First podcast for all the news you need to start your day.
Checking in with the labor movement
by Andrea Hsu, NPR labor and workplace correspondent
At this time last year, President Trump was courting America’s workers, promising them a renaissance if they helped send him back to the White House. Now seven months into his second term, he says he’s on track to keep that promise.
“Every policy of the Trump administration is designed to lift up the American worker, promote great-paying blue-collar jobs and to rebuild the industrial bedrock of our nation,” Trump said at a meeting of his Cabinet last week.
Many labor leaders could not disagree more.
Protesters gather on the National Mall for the nationwide “Hands Off!” protest against President Donald Trump and his advisor, Tesla CEO Elon Musk, in Washington, D.C., on April 5, 2025.
Roberto Schmidt/AFP via Getty Images
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Roberto Schmidt/AFP via Getty Images
“By every measure, this has been the most hostile administration to workers in our lifetimes,” AFL-CIO President Liz Shuler told me in an interview ahead of Labor Day. “Working people are really not feeling secure in this economy.”
If you simply look at the numbers, workers appear to be in pretty decent shape. As of July, average wages were up 3.9% over the last year, outpacing inflation. Unemployment remains low, at just over 4%. Most people in America who want a job are working.
But behind these numbers, there’s a lot of uncertainty and tension.
On the campaign trail, Trump often warned American workers that immigrants were taking their jobs. The Trump administration is now not only cracking down on people who are in the U.S. illegally, it has also ended programs that provided hundreds of thousands of people relief from unsafe conditions in their home countries. People who were previously allowed to stay and work in the U.S., sometimes for decades, have suddenly had their legal status revoked.
These new immigration policies are affecting workers and employers, forcing people out of jobs on farms in rural America, in factories in the Midwest, and in the homes of elderly people who need help – places that have long welcomed immigrants. In agriculture and long-term health care, Americans are not exactly lining up for jobs. Workers who are left behind after immigrant colleagues leave say they’re now working longer hours or having to train inexperienced newcomers.
Unions representing blue-collar workers, including those Trump considers his base, have additional concerns. They fear that big infrastructure projects launched when Joe Biden was president will be deprived of federal funds or even stopped all together.
“It’s chaos, it’s uncertainty, it’s unpredictability,” Brent Booker, general president of the Laborers’ International Union of North America, told me.
Booker is especially riled up right now about the Trump administration’s stop-work order on Revolution Wind, a wind farm under construction off the coast of Rhode Island. The administration paused the project last month, citing national security concerns. Booker points out that the project was permitted long ago, and it is 80% done. But now, several hundred workers who were out over the water, working to get it up and running, have been idled.
Booker worries about what this signals to the entire renewable energy industry – and moreover, what it means for American workers who were counting on those jobs. “It runs contrary to everything that [Trump] promised to our members and to the American people,” he says.
There’s another topic I’ve spent a lot of time covering since January: the upheaval in the federal workforce. The Office of Personnel Management recently revealed that by year’s end, the government will have shed about 300,000 federal employees, most of them voluntary departures.
In an interview on CNBC, OPM director, Scott Kupor, described this as an opportunity — a chance to change the government to reward efficiency. This is something I’ve heard even Trump’s staunchest critics say is needed. But others warn that the mass exodus of federal employees, including several senior leaders at the CDC just last week, is leaving agencies ill-positioned to deliver the services Americans need. We have the next three-plus years to see who’s right.
Labor Day reads and listens

When you’re stuck at the airport, you need the right soundtrack.
Alex Wong/Getty Images
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Alex Wong/Getty Images
When you’re stuck at the airport, you need the right soundtrack.
Alex Wong/Getty Images
If you took advantage of the holiday weekend to travel, I hope your return trip goes off without a hitch. But if you find yourself dealing with a flight delay, don’t fret — Pop Culture Happy Hour has three songs to help you through those stressful travel moments.
Missouri workers are campaigning to reinstate mandated sick leave after state lawmakers repealed part of a voter-approved law. Proposition A, the voter-approved measure, was set to increase the minimum wage and allow workers to earn sick days. Since it was a statutory change, lawmakers were able to overturn the paid sick leave portion, with many citing the cost it would add to businesses. This time around, voters want it back as a constitutional amendment lawmakers can’t repeal. (via KCUR)
Visitation at all of Utah’s national parks has decreased this summer after a couple of record-setting years. The slump reflects a broader travel trend. International tourism has taken a dip due to economic uncertainty, fluctuating tariffs, and political rhetoric, which has led some foreign travelers to reconsider plans to visit the U.S. This shift could have big implications for local economies that rely heavily on tourism. (via KUER)
Movie-goers will get a chance to revisit a classic with fresh eyes when Jaws returns to theaters for its 50th anniversary this year. The movie takes place on Amity Island. To prepare for the event, NPR network station WBUR produced a three-part series called Jaws Island. The podcast brings the listeners to the real-life “Amity Island” at Martha’s Vineyard and explores the legacy of the blockbuster movie. Check out all three episodes here and photos of the “finatics” who ventured to the island for the anniversary.
U.S.-made sunscreens have not been updated for decades, which is a reason why Korean and European sunscreens are hyped for their superior protection against UV radiation. But are U.S.-made sunscreens really subpar? Chemist and science communicator Michelle Wong joins Short Wave to discuss the research on UVA and UVB rays and provide advice on how to maximize your sun protection, regardless of which sunscreen you use.
This newsletter was edited by Suzanne Nuyen.
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Xi, Putin and Modi are grinning and smiling, but at whom?

As the three leaders mingled, one interpreter translated Putin’s words, which began with “We three friends …”, before a broadcast signal provided by the summit press centre drowned out the rest of the translation.
Modi laughed several times during the conversation and clasped Putin’s hands a second time.
Earlier, Modi and Putin embraced on the red carpet and exchanged greetings before walking hand in hand towards a smiling Xi, who was waiting to greet them.
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Warwick Davis Returns as Professor Flitwick

HBO’s “Harry Potter” TV series is filling out Hogwarts’ staff and students.
“Harry Potter” alum Warwick Davis, who played Charms Professor Filius Flitwick across all eight original films, is reprising the role for the HBO series. While Davis was double-billed in the Potter films as both Flitwick and Griphook, he’ll only play the former this time around. The goblin banker will instead be played by Leigh Gill.
Joining the Hogwarts staff alongside Davis are Sirine Saba as Herbology Professor Pomona Sprout, Richard Durden as the ghostly Professor Cuthbert Binns and Bríd Brennan as Madam Poppy Pomfrey.
As for the students, Elijah Oshin joins the cast as half-blood Dean Thomas, while Finn Stephens and William Nash join as Draco Malfoy’s cronies, Vincent Crabbe and Gregory Goyle, respectively.
Production is now underway at Warner Bros.’ Leavesden Studios in the U.K., and HBO has been slowly rolling out its expansive cast for the Wizarding World. The most recent casting announcement was for Ron Weasley’s siblings: Fred, George, Percy and Ginny. Twins Tristan and Gabriel Harland will star as Fred and George Weasley, Ruari Spooner is Percy Weasley and Gracie Cochrane is Ginny Weasley.
Leading HBO’s “Harry Potter” series are Dominic McLaughlin as the titular boy wizard, Arabella Stanton as Hermione Granger and Alastair Stout as Ron Weasley. Other cast members include John Lithgow as Albus Dumbledore, Nick Frost as Hagrid, Janet McTeer as Minerva McGonagall, Paapa Essiedu as Severus Snape, Katherine Parkinson as Molly Weasley, Lox Pratt as Draco Malfoy, Johnny Flynn as Lucius Malfoy, Leo Earley as Seamus Finnigan, Alessia Leoni as Parvati Patil, Sienna Moosah as Lavender Brown, Bertie Carvel as Cornelius Fudge. Bel Powley as Petunia Dursley and Daniel Rigby as Vernon Dursley. Additional names revealed on Monday were Rory Wilmot as Neville Longbottom, Amos Kitson as Dudley Dursley, Louise Brealey as Madam Rolanda Hooch and Anton Lesser as Garrick Ollivander.
HBO’s “Harry Potter” series is set to premiere in 2027 on HBO and HBO Max. The production is led by showrunner and writer Francesca Gardiner (“His Dark Materials,” “Killing Eve”) and director Mark Mylod (“Succession”). Gardiner and Mylod also serve as executive producers alongside series author J.K. Rowling, Neil Blair and Ruth Kenley-Letts of Brontë Film and TV, and David Heyman of Heyday Films.
See headshots for Oshin, Stephens, Nash, Saba, Durden, Brennan and Gill below.
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