Delta Air Lines, Inc.

And with that, I'll turn the call over to Ed.

Thank you, Julie, and good morning, everyone. The Delta team delivered a strong close to our centennial year with results that are a clear proof point of the differentiation earnings that were consistent with our expectations outside of the impact of the government shutdown. For the full year, we recorded record revenue of $58.3 billion, an operating margin of 10%, pre-tax income of $5 billion, and earnings of $5.82 per share. A key highlight is free cash flow. We delivered $4.6 billion at the top end of our long-term financial framework, and the highest in Delta's history. Over the past three years, we've generated $10 billion in free cash flow, allowing us to strengthen our investment-grade balance sheet and reduce leverage by more than 50%. Our return on invested capital of 12% is well above our cost of capital, placing us in the upper half of the S&P 500 and leading the industry. These results underscore the strength of our brand and the resilience of our competitive advantages. It would not be possible without the dedication of our people. To all 100,000 members of the Delta team, we thank you for your unwavering commitment. Your care and professionalism, especially through a busy holiday season, are the reason customers choose Delta and why our results lead the industry. At Delta, sharing success is at the heart of our culture. That's why in 2025, we awarded a 4% pay increase, and I'm pleased to announce that we'll celebrate with our team with $1.3 billion in well-earned profit sharing this February. This is one of the largest profit sharing payouts in Delta's history, a testament to the extraordinary efforts of our people who set us apart from the rest of the industry. Turning to our outlook, the year is off to a strong start. Last week, We set a new record for bookings with cash sales of double digits on top of the strength that we saw last year. Top line growth is accelerating on consumer and corporate demand, supporting an outlook for revenue growth of 5% to 7% in the March quarter. The US economy remains on firm footing, and consumers continue to prioritize experiences with travel among the top spending categories. Business travel is showing signs of improvement as corporate confidence grows, with the most recent survey of corporate customers indicating that they expect to grow their travel spend this year. Structural changes are taking hold across the industry as unprofitable flying is rationalized, supporting a healthy balance between supply and demand. And against this backdrop, and with continued benefits from Delta's strategic initiatives, We expect to deliver earnings per share growth of 20% year-over-year in 2026, ahead of our long-term target. Cash generation remains a key differentiator for Delta. And in 2026, we expect to generate free cash of $3 to $4 billion, supporting further debt reduction and growth in shareholder returns. Our teams are executing our bold vision of reshaping the end-to-end travel experience and cementing Delta as the world's most loved airline. We're elevating every phase of the customer journey, making travel simpler, faster, and even more enjoyable. This includes expanding our premium lounge network, delivering a connected experience for SkyMiles members with more than 1,100 aircraft already equipped with fast and free Wi-Fi, and introducing innovative digital tools like Delta Concierge. Our exclusive partnerships with leading brands such as American Express, Uber, and YouTube further enhance the experience. We're leveraging technology and personalization at scale with over 115 million annual logins to our industry-leading Delta Sync platform, creating new opportunities for personalized engagement and partnerships. At the same time, we're streamlining the travel experience with initiatives like Uber Airport Express drop-off at LaGuardia and Atlanta, offering customers curbside hospitality and a direct path to security, saving time and reducing congestion. The response to our Delta Uber partnership has been tremendous, with over 1.5 million SkyMiles members linking their accounts since launch, demonstrating the power of our loyalty strategy to engage members beyond the flight and drive high-margin, diverse revenue streams. Our Delta Amex co-brand card portfolio continues to deliver double-digit spend growth, outpacing the broader consumer credit card industry. Co-brand cardholders are among our most valuable and satisfied customers, traveling more often and spending more on Delta. Building on our strong domestic foundation and loyalty success, we're expanding Delta's international footprint in 2026 and beyond, while continuing to grow our margins. To support profitable growth, for leveraging best-in-class joint ventures and investing in the renewal and expansion of our wide-body fleet. This morning, we announced an order for 30 Boeing 787-10s with options for 30 more, separate delivery starting in 2031. These aircraft will enhance our international network, deliver superior economics, and extend our long-haul capabilities. As we look ahead to our next century of flight, my optimism for Delta's future has never been brighter. Much of our strong positioning today is thanks to the leadership and the vision of Glenn Hauenstein. Glenn has not only transformed our commercial strategy, but he has been an incredible co-pilot throughout our journey to make Delta the world's best and most profitable airline. His unwavering customer focus and strategic discipline have built a world-class global network firmly establishing Delta as the airline of choice for premium travelers. Glenn's legacy is woven into the fabric of our company, and his vision will continue to guide us. Thanks to Glenn's leadership and the talented team that he has built, we have a deep bench to support a seamless transition. With Glenn's retirement next month, Joe Esposito has been elevated to Chief Commercial Officer. With 35 years at Delta, much of it spent working very closely with Glenn, Joe has led the teams behind our global network planning and revenue management. This continuity ensures our commercial organization remains in excellent hands. Glenn, it's been an honor and a privilege to work with you over these past two decades. On behalf of the Delta family, thank you for your incredible leadership and your friendship. You'll always be part of Delta and your impact on our company and our industry cannot be overstated. Now I'm pleased to hand it over to Glenn for one last earnings call update. Glenn?

Well, thank you, Ed, and thank you so much for those kind words. I am really, truly grateful to have worked by your side for these last 20 years, and I'm deeply proud of what we've accomplished together. Our strategy is proven, our culture is strong, and our team is truly the best in the business. Looking to the future, I'm confident that Delta's commercial team will continue to extend our leadership. As you mentioned, Joe and I have worked closely together for the past 20 years, and he'll be supported by an exceptional team of senior executives that our investors know well. Paul Baldoni in Network Planning, Roberto Ioriatti in Revenue Management, and Dwight James in Loyalty, and Steve Cyr in Global Sales and Distribution have combined more than 100 years of experience at Delta. Together, we've re-engineered Delta's global network and built a customer-focused airline while diversifying revenue into higher margin sources. We've expanded our premium products and services, aligned customer value to price paid, and made generational investments in our airport facilities and lounge networks. At the same time, we've created an incredibly powerful loyalty program that extends beyond the flight and provides a more durable financial foundation. This consistent and integrated strategy positions Delta with a sustained unit revenue premium of nearly 115% relative to the industry. Last year's performance truly showcased Delta's differentiation and industry leadership. In 2025, we delivered record revenue of $58.3 billion, up 2.3% year-over-year, with diversified revenue streams now representing 60% of total revenue. Premium revenue grew 7%, reflecting a robust demand for our most popular products, while cargo revenue increased 9%, and maintenance repair and overhaul revenue grew 25%. Total loyalty revenue improved 6%, and travel products continued to grow at double-digit rates. Our loyalty ecosystem remains a powerful engine of enterprise value, anchored by the strength of the SkyMiles program, a highly engaged member base, and our exclusive co-brand partnership with American Express. For the year, American Express remuneration grew 11% to $8.2 billion, driven by a fourth consecutive year of more than one million new card acquisitions and double-digit year-over-year co-brand spend growth in every quarter. This impressive performance underscores the power of the Delta brand and the success of our integrated commercial and customer strategy. Roughly one-third of ACTA SkyMiles members carry a co-brand card, and we see significant runway ahead as member engagement and penetration continues to rise. In 2026, we expect high single digit growth and co-brand remuneration, keeping us on track to achieve our $10 billion goal within the next few years. For the December quarter, Delta delivered a record revenue of $14.6 billion, 1.2% higher than in 2024, including about two points of impact from the government shutdown on capacity growth of 1%. Consistent with the full year, diverse revenue streams led with high single digit growth over year. Demand trends were healthy outside of the temporary impact from the FAA-mandated flight reductions, with premiums showing continued strength and consumers demonstrating resilience through the holiday season. Corporate sales grew by 8% with growth across all sectors led by banking, consumer services, and media. International performance improved significantly from the September quarter with unit revenue growth improving five points driven by transatlantic and Pacific. Turning to our outlook, Delta is well positioned to deliver a positive unit revenue growth throughout 2026, building on the strength of our premium brand, deep loyalty engagement, and continued progress on commercial initiatives. We are heading into 2026 with robust demand and a balanced industry supply and demand environment. with March quarter revenue expected to increase 5% to 7% year over year, several points ahead of capacity growth. As Ed mentioned, the year has started off with great momentum. Last week, cash sales were the highest in our 100-year history, with strength across the booking curve and in all geographies. Historically, March has been the strongest period for booking, so it is very encouraging to be setting new records here in early January. Aligned with US GDP expectations, we plan to grow capacity by 3% for the full year, with all new seat growth concentrated in premium cabins, driven by interior upgrades and new aircraft deliveries. Domestically, we have balanced growth across our core and coastal hubs and are leveraging our integrated strategy to strengthen our industry-leading position. Internationally, we will build on our leading domestic foundation to expand into high-growth Asia and Middle East markets, while continuing to renew our wide-body fleet with larger, more capable, and more efficient aircraft. Beyond network and fleet initiatives, we are focused on better aligning products and price to the value delivered. This expands our ability to sell and service segmented products across every channel and leverages digital platforms to unlock incremental revenues from travel products and partnerships. With this plan, our diverse revenue streams, premium loyalty, cargo, MRO and travel products are expected to continue to lead the growth, further differentiating Delta and positioning us for long-term success. In closing, I am proud of what we have built together and excited to watch this very experienced leadership team carry our momentum forward. I have never been more confident of Delta's future. To the Delta people, Thank you for your passion and commitment to our customers and to one another. It's been the honor of my life to work alongside you. And to our analysts and investment community, thank you so much for your engagement and support throughout the years. I appreciate the confidence you have placed in Delta. And with that, thank you all again, and I'll turn it over to Dan.