Delta sees wealthy high fliers leading to another record year—but its CEO sees the main cabin ‘struggling greatly’

Delta Air Lines just capped its centennial year with record revenue, record free cash flow, and a fresh jet order, even as its CEO warns that the “bottom end” of the industry is “struggling greatly” and Wall Street remains on edge over tariffs and the fragile economics of budget flying.

America’s most profitable airline used its fourth‑quarter 2025 earnings call on Tuesday to argue that premium-seeking, high‑income travelers—and the loyalty ecosystem built around them—are insulating...