達美航空 (DAL) 2025 Q4 法說會逐字稿

Good morning, everyone, and welcome to the Delta Air Lines fourth-quarter fiscal year 2025 earnings conference call. My name is Matthew, and I will be your coordinator. (Operator Instructions) As a reminder, today's call is being recorded. (Operator Instructions) I would now like to turn the conference over to Julie Stewart, Vice President of Investor Relations and Corporate Development. Please go ahead.

各位早安，歡迎參加達美航空2025財年第四季財報電話會議。我叫馬修，我將擔任你們的協調員。（操作員說明）提醒您，今天的通話將會被錄音。（操作員指示）現在我將把會議交給投資者關係和企業發展副總裁朱莉·斯圖爾特女士。請繼續。

Thank you, Matthew. Good morning, everyone, and thanks for joining us for our December quarter and full year 2025 earnings call. Joining us from Atlanta today are our CEO, Ed Bastian; our President, Glen Hauenstein; our CFO, Dan Janki; and our Chief Commercial Officer, Joe Esposito. Ed will open the call with an overview of Delta's performance and strategy, Glen will provide an update on the revenue environment, and Dan will discuss costs and our balance sheet.

謝謝你，馬修。各位早安，感謝各位參加我們2025年12月季度及全年業績電話會議。今天從亞特蘭大連線的有：執行長 Ed Bastian；總裁 Glen Hauenstein；財務長 Dan Janki；以及首席商務長 Joe Esposito。Ed 將首先概述達美航空的業績和策略，Glen 將介紹收入環境的最新情況，Dan 將討論成本和我們的資產負債表。

After the prepared remarks, we'll take analysts' questions. We ask you please limit yourself to one question and a brief and related follow-up so we can get to as many of you as possible. After the analyst Q&A, we'll move to our media questions. As a reminder, today's discussion contains forward-looking statements that represent our beliefs or expectations about future events. All forward-looking statements involve risks and uncertainties that could cause the actual results to differ materially from the forward-looking statements.

在事先準備好的發言結束後，我們將回答分析師的問題。請您盡量只提一個問題，並附上簡短的相關後續問題，以便我們可以回覆盡可能多的人。分析師問答環節結束後，我們將進入媒體提問環節。再次提醒，今天的討論包含前瞻性陳述，這些陳述代表了我們對未來事件的看法或預期。所有前瞻性陳述都涉及風險和不確定性，可能導致實際結果與前瞻性陳述有重大差異。

Some of the factors that may cause such differences are described in Delta's SEC filings. We'll also discuss non-GAAP financial measures, and all results exclude special items unless otherwise noted. You can find a reconciliation of our non-GAAP measures on the Investor Relations page at ir.delta.com. And with that, I'll turn the call over to Ed.

導致這些差異的一些因素在達美航空提交給美國證券交易委員會的文件中有所描述。我們也將討論非GAAP財務指標，除非另有說明，所有結果均不包括特殊項目。您可以在 ir.delta.com 的投資者關係頁面上找到我們非GAAP財務指標的調節表。接下來，我將把電話會議交給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 and the durability that we built. I'm incredibly proud of our performance. We delivered for our customers and our employees, while also creating value for our owners, all through a challenging environment.

謝謝你，朱莉，大家早安。Delta 團隊為我們的百年慶典年畫上了圓滿的句號，所取得的成果清楚地證明了我們所建立的差異化優勢和持久發展能力。我對我們的表現感到無比自豪。在充滿挑戰的環境下，我們為客戶和員工創造了價值，同時也為所有者創造了價值。

Operationally, Delta continues to set the standard for reliability and customer experience. We have the number one Net Promoter Score among major airlines, and Cirium recently recognized our employees for the fifth consecutive year naming Delta in the US industry's most on-time airline. Financially, we continue to extend our industry leadership and delivered on key elements of our long-term framework.

在營運方面，達美航空繼續保持可靠性和客戶體驗的標竿地位。我們在主要航空公司中擁有排名第一的淨推薦值，Cirium 最近連續第五年表彰了我們的員工，並將達美航空評為美國航空業最準時的航空公司。在財務方面，我們繼續鞏固了行業領先地位，並實現了長期框架的關鍵要素。

In the December quarter, we achieved record revenue, maintained a double-digit operating margin, and delivered 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%, pretax 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.

在 12 月季度，我們實現了創紀錄的收入，保持了兩位數的營業利潤率，並且在不考慮政府停擺的影響的情況下，實現了符合我們預期的收益。全年來看，我們錄得創紀錄的收入 583 億美元，營業利益率為 10%，稅前收入為 50 億美元，每股收益為 5.82 美元。其中一個關鍵亮點是自由現金流。我們在長期財務框架的上限實現了 46 億美元的收入，這是達美航空史上最高的收入。

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.

過去三年，我們創造了 100 億美元的自由現金流，這使我們能夠加強投資等級資產負債表，並將槓桿率降低 50% 以上。我們的投資資本回報率為 12%，遠高於我們的資本成本，使我們躋身標準普爾 500 指數的上半部分，並引領業界。這些結果凸顯了我們品牌的實力和我們競爭優勢的韌性。如果沒有我們人民的奉獻，這一切都不可能實現。感謝達美航空全體10萬名員工的堅定奉獻。

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 will 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 that set us apart from the rest of the industry.

尤其是在繁忙的假日期間，你們的細緻關懷和專業精神，正是客戶選擇達美航空的原因，也是我們業績領先業界的原因。在達美航空，分享成功是我們文化的核心。因此，我們在 2025 年給予員工 4% 的加薪，我很高興地宣布，我們將在今年 2 月與我們的團隊一起慶祝，分享 13 億美元來之不易的利潤。這是達美航空史上規模最大的利潤分成之一，證明了我們員工的卓越努力使我們從業內其他公司中脫穎而出。

Turning to our outlook. The year is off to a strong start. Last week, we set a new record for bookings with cash sales up 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.

展望未來。今年開局強勁。上週，我們的預訂量創下新紀錄，現金銷售額在去年強勁成長的基礎上實現了兩位數的成長。受消費者和企業需求的推動，營收成長加速，預計3月季度營收成長將達到5%至7%。美國經濟依然保持穩健，消費者繼續將體驗放在首位，其中旅行是消費支出的主要類別之一。

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.

隨著企業信心增強，商務旅行呈現出好轉的跡象，最近一項針對企業客戶的調查顯示，他們預計今年的差旅支出將會增加。整個產業正在發生結構性變化，無利可圖的航班被合理化，從而支持供需之間的健康平衡。在此背景下，並受益於達美航空的策略性舉措，我們預計 2026 年每股收益將年增 20%，超過我們的長期目標。

Cash generation remains a key differentiator for Delta. And in 2026, we expect to generate free cash of $3 billion 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 faster free WiFi, 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.

現金流仍然是達美航空的關鍵競爭優勢。預計到 2026 年，我們將產生 30 億至 40 億美元的自由現金流，進一步減少債務並提高股東回報。我們的團隊正在執行我們大膽的願景，即重塑端到端的旅行體驗，並將達美航空打造成為全球最受歡迎的航空公司。我們正在提升顧客旅程的每個環節，讓旅程更簡單、更快速、更愉快。這包括擴大我們的高級貴賓休息室網絡，為 SkyMiles 會員提供互聯體驗（已有超過 1100 架飛機配備了更快的免費 WiFi），並推出創新的數位工具，例如 Delta Concierge，我們與美國運通、Uber 和 YouTube 等領先品牌的獨家合作進一步提升了體驗。

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 in Atlanta, offering customers curbside hospitality and a direct path to security, saving time, and reducing congestion.

我們正在大規模地利用技術和個人化，我們領先業界的 Delta Sync 平台每年登入量超過 1.15 億次，為個人化互動和合作創造了新的機會。同時，我們正在透過 Uber Airport Express 在亞特蘭大拉瓜迪亞機場的下客點等舉措來簡化旅行體驗，為乘客提供路邊服務和直達安檢的通道，從而節省時間並減少擁堵。

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.

我們與達美航空和優步的合作取得了巨大的成功，自合作推出以來，已有超過 150 萬 SkyMiles 會員關聯了他們的帳戶，這充分證明了我們的忠誠度策略能夠吸引會員參與到飛行之外的活動中，並帶來高利潤的多元化收入來源。我們的達美航空美國運通聯名卡產品組合持續保持兩位數的消費成長，超過了整個消費信用卡產業的平均水準。聯名卡持卡人是我們最有價值、最滿意的客戶群之一，他們出遊更頻繁，在達美航空的消費也更高。

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, we're 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 capabilities.

憑藉我們強大的國內基礎和客戶忠誠度優勢，我們將在 2026 年及以後擴大達美航空的國際商業版圖，同時繼續提高利潤率。為了支持獲利成長，我們正在利用一流的合資企業，並投資於寬體機隊的更新和擴張。今天上午，我們宣布訂購 30 架波音 787-10 飛機，並可選擇再訂購 30 架，分批交付，從 2031 年開始。這些飛機將增強我們的國際網絡，帶來更優的經濟效益，並擴展我們的遠程作戰能力。

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 Glen Hauenstein. Glen has not only transformed our commercial strategy, but he has been an incredible copilot 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.

展望下一個百年的航空發展，我對達美航空的未來從未如此充滿信心。我們今天強大的市場地位很大程度上要歸功於格倫·豪恩斯坦的領導和遠見。Glen 不僅改變了我們的商業策略，而且在我們努力將達美航空打造成為世界上最好、最賺錢的航空公司的旅程中，他一直是一位了不起的副駕駛。他始終堅持以客戶為中心，並採取策略性措施，打造了世界一流的全球網絡，使達美航空穩固地成為高端旅客的首選航空公司。

Glen's legacy is woven into the fabric of our company and his vision will continue to guide us. Thanks to Glen's leadership and the talented team that he has built, we have a deep bench to support a seamless transition. With Glen'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 Glen, Joe has led the teams behind our global network planning and revenue management. This continuity ensures our commercial organization remains in excellent hands.

Glen 的精神遺產已融入我們公司的肌理，他的遠見卓識將繼續指引我們前進。感謝格倫的領導和他所組成的優秀團隊，我們擁有強大的後備力量，能夠支持平穩過渡。隨著格倫下個月退休，喬·埃斯波西托被提拔為首席商務官。Joe 在達美航空工作了 35 年，其中大部分時間都與 Glen 密切合作，他領導了我們全球網路規劃和收益管理背後的團隊。這種延續性確保了我們的商業機構始終處於優秀管理者的掌控之中。

Glen, 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.

格倫，過去二十年能與你共事是我的榮幸。我謹代表達美航空全體員工，感謝您卓越的領導能力和真摯的友誼。你將永遠是達美航空的一份子，你對我們公司和我們產業的影響怎麼強調都不為過。

Now I'm pleased to hand it over to Glen for one last earnings call update. Glen?

現在我很高興將麥克風交給格倫，讓他做最後一次財報電話會議更新。格倫？

Well, thank you, 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 has proven, our culture is strong, and our team is truly the best in the business.

謝謝你，也非常感謝你的這些鼓勵的話語。我非常感激過去20年能與您並肩工作，我為我們共同取得的成就感到無比自豪。我們的策略已被證明是正確的，我們的企業文化非常強大，我們的團隊也是業內最優秀的。

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 will 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 Sear, Global sales and distribution have combined more than 100 years of experience at Delta.

展望未來，我相信達美航空的商業團隊將繼續鞏固我們的領先地位。正如您所提到的，我和喬在過去的 20 年裡一直密切合作，他將得到一支傑出的高級管理團隊的支持，我們的投資者都非常了解他們：網絡規劃的 Paul Baldoni、收益管理的 Roberto Ioriatti、忠誠度計劃的 Dwight James 以及全球銷售和分銷的 Steve Sear，他們在達美航空的經驗加起來超過 100 年。

Together, we've reengineered Delta's global network and building customer-focused airline, while diversifying revenue into higher-margin sources. We've expanded our premium products and services, align 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.

我們共同對達美航空的全球網路進行了重新設計，打造以客戶為中心的航空公司，同時將收入來源多元化，轉向利潤更高的領域。我們擴大了高端產品和服務範圍，使客戶價值與支付價格相匹配，並對我們的機場設施和貴賓休息室網路進行了世代投資。同時，我們創建了一個功能強大的忠誠度計劃，不僅限於航班本身，還能提供更持久的財務基礎。這一連貫且一體化的策略使達美航空的單位收入相對於行業平均水平保持了近 115% 的持續溢價。

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%.

去年的業績充分展現了達美航空的差異化優勢和產業領導地位。2025 年，我們實現了創紀錄的 583 億美元收入，年增 2.3%，多元化的收入來源目前佔總收入的 60%。高端產品收入成長了 7%，反映出市場對我們最受歡迎的產品有著強勁的需求；貨運收入成長了 9%；維修和大修收入成長了 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 1 million new card acquisitions and double-digit year-over-year co-brand spend growth in every quarter.

會員忠誠度總收入成長了 6%，旅遊產品繼續以兩位數的速度成長。我們的忠誠度生態系統仍然是企業價值的強大引擎，其核心是 SkyMiles 計劃的強大實力、高度活躍的會員基礎以及我們與美國運通的獨家聯名合作關係。今年，美國運通的薪資成長了 11%，達到 82 億美元，這主要得益於連續第四年新增信用卡用戶超過 100 萬張，以及每個季度聯名卡消費額都實現了兩位數的同比增長。

This is an impressive performance underscores the power of the Delta brand and the success of our integrated commercial and customer strategy. Roughly one-third of active 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 in co-brand remuneration, keeping us on track to achieve our $10 billion goal within the next few years.

這一令人矚目的成績凸顯了達美航空品牌的強大實力以及我們整合商業和客戶策略的成功。大約三分之一的活躍 SkyMiles 會員持有聯名卡，隨著會員參與度和滲透率的持續上升，我們看到了巨大的發展空間。預計到 2026 年，聯名品牌佣金將實現高個位數成長，這將使我們有望在未來幾年內實現 100 億美元的目標。

For the December quarter, Delta delivered a record revenue of $14.6 billion, 1.2% higher than in 2024, including about 2 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 period year over year. Demand trends were healthy outside of the temporary impact from the FAA mandated flight reductions with Premium showing continued strength and consumers demonstrating resilience through the holiday season.

達美航空在 12 月季度實現了創紀錄的 146 億美元收入，比 2024 年增長了 1.2%，其中包括政府停擺對運力增長 1% 造成的約 2 個百分點的影響。與全年一致，多元化的收入來源實現了高個位數同比增長。除美國聯邦航空管理局強制減少航班的暫時影響外，需求趨勢依然健康，高端市場持續強勁，消費者在假期期間也展現了韌性。

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 5 points driven by transatlantic and Pacific.

企業銷售額成長 8%，所有產業均實現成長，其中銀行業、消費者服務和媒體產業表現最為突出。國際業務表現較 9 月季度顯著改善，單位收入成長 5 個百分點，主要得益於跨大西洋和太平洋地區的業務成長。

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-demand environment with March quarter revenue expected to increase 5% to 7% year over year, several points ahead of capacity growth.

展望未來。憑藉我們強大的高端品牌、深厚的客戶忠誠度以及在商業舉措方面取得的持續進展，達美航空已做好充分準備，在 2026 年實現單位收入的積極增長。2026 年，市場需求強勁，產業供需環境平衡，預計 3 月季度營收將年增 5% 至 7%，比產能成長高出幾個百分點。

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 bookings, 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.

正如艾德所說，今年開局勢頭強勁。上週，現金銷售額創下我們 100 年歷史上的最高紀錄，預訂曲線和所有地區均表現強勁。從歷史數據來看，3 月是預訂量最高的月份，因此在 1 月初就創下新紀錄是非常令人鼓舞的。與美國GDP預期一致，我們計劃全年運能成長3%，所有新增座位數將集中在高階艙位，主要由內裝升等和新飛機交付推動。

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.

在國內，我們在核心樞紐和沿海樞紐實現了均衡成長，並正在利用我們的一體化策略來鞏固我們行業領先的地位。在國際上，我們將鞏固國內領先地位，拓展高成長的亞洲和中東市場，同時繼續更新我們的寬體機隊，引進更大、性能更強、效率更高的飛機。

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.

除了網路和車隊計劃之外，我們還致力於更好地使產品和價格與所提供的價值相匹配。這擴大了我們透過各種管道銷售和服務細分產品的能力，並利用數位平台從旅遊產品和合作夥伴關係中釋放增量收入。透過這項計劃，我們多元化的收入來源、高端忠誠度計劃、貨運、MRO（維護、維修和大修）以及旅遊產品預計將繼續引領成長，進一步凸顯達美航空的差異化優勢，並為我們的長期成功奠定基礎。

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.

最後，我為我們共同取得的成就感到自豪，並很高興看到這支經驗豐富的領導團隊繼續保持我們的發展勢頭。我對達美航空的未來從未如此充滿信心。致達美航空的全體員工，感謝你們對顧客和彼此的熱情和奉獻。能與您共事是我畢生的榮幸。感謝各位分析師和投資界人士多年來的參與與支持。

I appreciate the confidence you have placed in Delta. And with that, thank you all again, and I'll turn it over to Dan.

感謝您對達美航空的信任。那麼，再次感謝大家，接下來我將把麥克風交給丹。

Thank you, Glen. And good morning, all. I want to start by recognizing the Delta team for their outstanding work through a demanding holiday season. In the fourth quarter, we delivered pretax profit of $1.3 billion, an operating margin of 10%, and earnings of $1.55 per share.

謝謝你，格倫。各位早安。首先，我要表揚達美航空團隊在繁忙的假期期間所做出的傑出貢獻。第四季度，我們實現了稅前利潤 13 億美元，營業利潤率為 10%，每股收益為 1.55 美元。

As previously disclosed, the government shutdown reduced pretax profit by $200 million or $0.25 per share. The FAA-mandated flight reduction and weather disruption impacted capacity and nonfuel unit cost growth by about 1 point. For the quarter, nonfuel CASM increased 4% year over year on 1% higher capacity.

正如先前披露的那樣，政府停擺導致稅前利潤減少了 2 億美元，即每股 0.25 美元。美國聯邦航空管理局強制減少航班和天氣幹擾導致運能和非燃料單位成本增長下降約 1 個百分點。本季度，非燃料CASM年增4%，產能成長1%。

For the full year, disciplined execution kept nonfuel unit cost growth at 2%, in line with our long-term target of low single digits. Combined with revenue performance, we delivered a full year operating margin of 10%, EPS of $5.82 and a return on invested capital of 12%. Strong cash generation is a key highlight of our performance. We reinvested $4.3 billion in the business, including 38 new aircraft deliveries and continued enhancement to the customer experience and technology.

全年來看，嚴格的執行力使非燃料單位成本成長維持在 2%，符合我們長期設定的低個位數目標。結合營收表現，我們實現了全年10%的營業利潤率、每股收益5.82美元以及12%的投資資本回報率。強勁的現金流是我們業績的一大亮點。我們向公司再投資了 43 億美元，其中包括交付 38 架新飛機，以及持續提升客戶體驗和技術。

Free cash flow of $4.6 billion supported debt reduction of $2.6 billion, and we ended the year with gross leverage of 2.4 times. We closed the year with adjusted net debt of approximately $14 billion and unencumbered assets of $35 billion, positioning Delta with the strongest balance sheet and the highest credit quality in our history. I'm proud of how the team navigated 2025 staying focused on what we control and extending Delta's leadership even in the year of unexpected challenges.

46億美元的自由現金流支持了26億美元的債務削減，我們年底的總槓桿率為2.4倍。年底，我們調整後的淨債務約為 140 億美元，未抵押資產為 350 億美元，使達美航空擁有了公司歷史上最強勁的資產負債表和最高的信用評級。我為團隊在 2025 年的表現感到自豪，他們始終專注於我們能夠掌控的事情，即使在充滿意想不到的挑戰的一年中，也鞏固了達美航空的領先地位。

Looking ahead, we are entering 2026 with momentum. For the March quarter, as Glen shared, we expect revenue growth of 5% to 7% year over year, with positive unit revenue growth. With that, we expect first quarter earnings of $0.50 to $0.90 per share and an operating margin of 4.5% to 6%, both improving year over year. For the full year, we expect EPS of $6.50 to $7.50, representing 20% year-over-year growth at the midpoint. Free cash flow of $3 billion to $4 billion and leverage of 2 times by year-end.

展望未來，我們將帶著強勁勢頭邁入2026年。正如 Glen 所說，我們預計 3 月季度的營收將年增 5% 至 7%，單位收入也將實現正成長。據此，我們預計第一季每股收益為 0.50 至 0.90 美元，營業利潤率為 4.5% 至 6%，均較上年同期增加。我們預計全年每股收益為 6.50 美元至 7.50 美元，以中間值計算，年增 20%。到年底，自由現金流將達到 30 億至 40 億美元，槓桿率為 2 倍。

This outlook reflects margin expansion from growing high-margin diverse revenue streams while maintaining disciplined cost management.

這一前景反映了透過增加高利潤率的多元化收入來源來擴大利潤率，同時保持嚴格的成本控制。

On nonfuel costs, we expect another year within our long-term framework of low single digit. And as we prepare the fleet for peak summer, the first quarter nonfuel CASM growth is expected to be modestly above the full year average. We are driving efficiencies across the operation, improving aircraft availability, scaling into our resources, and deploying new technology, which enables continued investment in our people and in the customer experience while delivering on a competitive cost performance.

在非燃料成本方面，我們預計未來一年將繼續保持在個位數低點的長期框架內。隨著我們為夏季高峰期做好機隊的準備，預計第一季非燃料 CASM 成長將略高於全年平均水準。我們正在提高營運效率，改善飛機可用性，擴大資源規模，並部署新技術，從而能夠繼續投資於我們的員工和客戶體驗，同時實現具有競爭力的成本績效。

Strong earnings growth will drive higher operating cash flow supporting reinvestment and higher return opportunities. In 2026, we plan CapEx of $5.5 billion, including around 50 aircraft deliveries and ongoing investment in customer experience and technology. Our free cash flow outlook of $3 billion to $4 billion remains within our long-term target, though lower than 2025 due to increased capital investment and our transition to becoming a partial taxpayer.

強勁的獲利成長將推動更高的經營現金流，從而支持再投資和更高的回報機會。2026 年，我們計劃投入 55 億美元資本支出，其中包括交付約 50 架飛機，以及持續投資於客戶體驗和技術。儘管由於資本投資增加以及我們向部分納稅人過渡，2025 年的自由現金流預期將低於 2025 年的預期，但我們 30 億至 40 億美元的自由現金流預期仍然符合我們的長期目標。

Debt reduction remains our top capital allocation priority, with opportunity to grow shareholder returns as we continue to reduce leverage. With today's aircraft order, I'd like to highlight how our fleet strategy is positioning Delta for the future, enhancing the customer experience, driving operational improvement, and supporting higher margin expansion.

降低債務仍然是我們最重要的資本配置優先事項，隨著我們不斷降低槓桿率，股東回報也有機會增加。透過今天的飛機訂單，我想重點介紹我們的機隊策略如何使達美航空面向未來，提升客戶體驗，推動營運改進，並支持更高的利潤成長。

Domestically, prioritizing flying on high-margin, large narrow-body aircraft, retiring older fleets, and building scale across our fleet types. This unlocks maintenance and crew efficiencies, elevates customer experience, and improve fuel burden. For our international franchise, our growing next-generation wide-body fleet, strong domestic foundation, and leading joint ventures will enable further global expansion.

在國內，優先使用高利潤的大型窄體飛機，淘汰老舊機隊，並擴大我們各種類型機隊的規模。這提高了維護和機組人員效率，提升了客戶體驗，並減輕了燃油負擔。對於我們的國際特許經營權而言，我們不斷成長的下一代寬體機隊、強大的國內基礎和領先的合資企業將使我們能夠進一步拓展全球業務。

New wide-body aircraft deliver up to 10 points margin advantage over aircraft they replace, offering more premium seating, 25% better fuel efficiency and expanded cargo capability. Today's Boeing 787 order enhances diversity of our wide-body order book while creating cost-efficient scale, across all wide-body fleets.

新型寬體飛機比被其取代的飛機可帶來高達 10 個百分點的優勢，提供更多高級座位、提高 25% 的燃油效率和更大的貨運能力。今天的波音 787 訂單增強了我們寬體飛機訂單的多樣性，同時在所有寬體飛機機隊中實現了成本效益的規模化。

Before we move to Q&A, I want to highlight our ongoing commitment to financial reporting as the business evolves. We're providing additional detail on third-party maintenance, repair and overhaul business, including revenue and cost. MRO is a unique Delta capability with strong growth potential furthering the differentiation and durability. (inaudible) growth profile will separate MRO from our nonfuel unit cost metrics for preserving visibility into the core airline cost trends, while also realigning loyalty-related revenue components to better match our reporting of how we operate.

在進入問答環節之前，我想強調隨著業務的發展，我們對財務報告的持續承諾。我們將提供有關第三方維護、維修和大修業務的更多詳細信息，包括收入和成本。MRO（維修、維修和大修）是達美航空獨有的能力，具有強勁的成長潛力，能夠進一步提升差異化優勢和持久性。 （聽不清楚）成長模式將把MRO與我們的非燃油單位成本指標區分開來，從而保持對核心航空公司成本趨勢的可見性，同時重新調整與忠誠度相關的收入構成，使其更好地反映我們的營運情況。

Finally, I want to recognize Glen. Over the past five years, he's been an invaluable mentor offering guidance, wisdom, and partnership, which I will greatly, deeply grateful for. Glen's impact and vision have redefined success in our industry and the world-class team he built will continue to extend Delta's leadership well into the future. Thank you, Glen. And with that, I'll hand it back to Julie for Q&A.

最後，我想稱讚格倫。在過去的五年裡，他一直是我的良師益友，給予我指導、智慧和合作，我將無比感激。Glen 的影響力和遠見重新定義了我們行業的成功，他打造的世界一流團隊將繼續鞏固達美航空的領先地位，並將其延續到未來。謝謝你，格倫。接下來，我會把問題交還給朱莉，由她來回答大家的問題。

Matthew, we're now ready to open it up to analysts' questions.

馬修，我們現在可以開始回答分析師的問題了。

(Operator Instructions) Jamie Baker, JPMorgan.

（操作說明）Jamie Baker，摩根大通。

Look, nothing but accolades from the JPMorgan team. Glen, you've always been so gracious and patient with us. We're really going to miss these interactions. First question for Ed. I know it's early innings, but if this 10% rate [cap is codified] and becomes reality and withstands legal scrutiny and all that kind of stuff, where does that leave Delta relative to your competitors?

你看，摩根大通團隊全是讚揚之詞。格倫，你一直對我們如此寬容和耐心。我們真的會很懷念這些交流。第一個問題問艾德。我知道現在下結論還為時過早，但如果這10%的費率上限被正式確立，並最終成為現實，經受住了法律審查等等，那麼達美航空相對於你的競爭對手來說會處於什麼位置？

I mean you have higher card fees. You lean into premium. If industry loyalty does take a hit, is the natural conclusion that higher-end loyalty outperforms lower end? Or should we be thinking about it differently?

我的意思是，你的信用卡手續費更高。你傾向於選擇高端產品。如果產業忠誠度確實受到打擊，那麼自然的結論是，高端客戶的忠誠度會優於低端客戶嗎？或者我們應該換個角度思考這個問題？

Well, thanks, Jamie, and I could not agree with you more about your comments about Glen. As you said and prefaced, it's way early innings. And so it's really, really hard to speculate. And candidly, the challenges to having that comment of whatever the President is looking to do here brought into actual delivery (inaudible) would likely require legislation. And I believe your company was out this morning with some pretty strong comments in terms of their disagreement and willingness to fight that potential order.

謝謝你，傑米，我完全同意你對格倫的評價。正如你之前所說和提到的，現在還只是比賽的早期階段。所以真的很難進行推測。坦白說，要將總統在這裡想做的事情（聽不清楚）付諸實踐，很可能需要立法。我相信貴公司今天早上也發表了一些相當強烈的聲明，表達了他們的反對意見以及對抗這項潛在命令的意願。

That all said, we, at Delta, have the premium card in the industry. No question, the value of what we created distinction differentiation. If it did come to pass, it would be greater.

綜上所述，我們達美航空擁有業界最優質的信用卡。毫無疑問，我們所創造的價值在於其獨特性和差異化。如果真能實現，那將會更加美好。

I think one of the big issues and challenges with the potential order is the fact that it would actually restrict the lower end consumer from having access to any credit, not just what the interest rate they're paying, which would upend the whole credit card industry. So from our standpoint, we'll be working closely with American Express, but I don't see any way we could even begin to contemplate how that would be implemented.

我認為這項潛在法令的一大問題和挑戰在於，它實際上會限制低端消費者獲得任何信貸，而不僅僅是他們正在支付的利率，這將顛覆整個信用卡產業。所以從我們的角度來看，我們將與美國運通密切合作，但我認為我們甚至無法開始考慮如何實施。

Okay. And then a follow-up for Glen. And this is actually a retirement-related question. And look, maybe you don't think of these terms, but is there anything about the industry's evolution or Delta's evolution that maybe you, let's say, regret that you won't be at the table for. I mean you obviously have a strong view on what Delta can accomplish going forward but is there anything in particular that you're just personally disappointed to be missing?

好的。然後是格倫的後續報道。這其實是一個與退休有關的問題。也許你不會想到這些術語，但是，就產業發展或達美航空的發展而言，有沒有什麼事情是你遺憾自己無法參與其中的呢？我的意思是，你顯然對達美航空未來的發展有很強的見解，但有沒有特別讓你個人感到遺憾的遺憾？

I think there's a couple of things I'll mention here. One is the continued evolution of our partnerships. And I think these are the strongest partnerships in the world with the strongest airlines in the world. So whether it's LATAM or whether it's Korean, these are very, very deep relationships, which I think are still in their infancy.

我想在這裡提幾點。一是我們合作關係的持續發展。我認為這是世界上最強大的合作夥伴關係，合作方都是世界上最強大的航空公司。所以無論是拉丁美洲還是韓國，這些都是非常非常深厚的關係，我認為這些關係仍處於起步階段。

And I think one of the things that's underappreciated is also we have equity stakes in all of them. And so we are at the table with them. And I do think that one of my counsels to Julie continue to highlight that because those are winning carriers and their stocks are appreciating well as well. And I think that's undervalued in our valuation. So I think that the international -- continued expansion of international, the new fleets, like if you're an airline nerd like I am, who doesn't like to see how the new fleets perform once they get here.

我認為被低估的一點是，我們也持有所有這些公司的股權。所以，我們和他們坐在了同一張桌子旁。而且我認為，我給朱莉的建議之一是繼續強調這一點，因為這些都是成功的航空公司，它們的股票也升值良好。我認為在我們的估值中，它被低估了。所以我認為，國際航線的持續擴張，以及新機隊的引進，如果你像我一樣是個航空迷，你肯定很想看看新機隊抵達後的表現如何。

The continue -- another thing I think is undervalued at Delta is the fact that we've made these generational builds that can really sustain growth for Delta over the next 15 to 20 years without incremental CapEx into facility. So seeing those -- seeing the Salt Lake City facility that we've just built get used over the next 10 to 15 years, there's so much I'm going to miss. There's so much I'm not going to miss too. Controlling our own calendar is key at this age, as you realize you don't have infinity left in the world. So there are so many exciting things at Delta.

繼續——我認為達美航空被低估的另一件事是，我們已經完成了這些世代性的建設，這些建設可以在未來 15 到 20 年內真正維持達美航空的增長，而無需對設施進行額外的資本支出。所以看到我們剛剛建成的鹽湖城設施在未來 10 到 15 年裡得到充分利用，我有很多不捨之情。也有很多東西我不會懷念的。在這個年紀，掌控自己的時間安排至關重要，因為你會意識到，你擁有的時間是有限的。所以達美航空有很多令人興奮的事情。

And the team is really an extraordinary team and the people of Delta have just been amazing to get to know over the past 20 years. So there's tons I'll miss. Thanks to that interesting question.

這支團隊真的非常出色，在過去的 20 年裡，能夠認識達美航空的各位員工，我感到非常榮幸。所以我會想念很多事。謝謝你提出的這個有趣的問題。

Mike Linenberg, Deutsche Bank.

德意志銀行的麥克‧林恩伯格。

I want to echo Jamie's words. I mean, Glen, you're an industry thought leader and innovator. I mean always willing to push the envelope. I mean I just -- I feel privileged to have had the opportunity to have learned from you for all these years. So thank you.

我想附和傑米的話。我的意思是，格倫，你是行業思想領袖和創新者。我的意思是，總是願意挑戰極限。我的意思是，我感到非常榮幸，這麼多年有機會向您學習。所以，謝謝你。

Thank you for the kind words.

謝謝你的鼓勵。

And I guess with that, you'll get my last question. I have really only one question here and just sort of drilling down. I mean this acceleration that we are seeing on demand from the fourth quarter into the March quarter, I mean, you talked about all groups and all geographies. But as I recall, in the past, you did talk about that the leverage was maybe going to be in main cabin in 2026. And I wonder whether or not you are seeing that the lower end of the fare structure is truly moving up and that's helping to drive that acceleration.

我想，接下來就是我的最後一個問題了。我其實只有一個問題，想深入探討。我的意思是，我們看到從第四季度到第三季度，需求出現了加速成長，你剛才也談到了所有群體和所有地區。但我記得，過去你確實說過，到 2026 年，槓桿作用可能會體現在主艙上。我想知道您是否注意到，票價結構的低端部分確實在上漲，而這正在推動票價的加速上漲。

And combined with that, just the booking curve? I mean, is there any -- have we seen the booking curve really shift back to normality? Or are there any sort of idiosyncrasies about that curve that are maybe helping that acceleration. So just the revenue down.

再加上預訂曲線？我的意思是，我們是否已經看到預訂曲線真正恢復正常了？或者說，這條曲線是否存在某種特殊性，可能有助於加速？所以收入下降了。

Sure. The revenue has definitely accelerated here, and we're very excited about it, and it's across all entities. It's across all geographies. And the booking curve really hasn't moved out that far. It's just kind of returned to a more normal level.

當然。這裡的收入成長速度明顯加快，我們對此感到非常興奮，而且所有實體都是如此。它遍及所有地區。預訂曲線實際上並沒有延伸到那麼遠。情況已經基本恢復到正常水準了。

I think what happened in the fourth quarter, it was all over the place, right, is that by the time we got to the shutdown in November and we had the Secretary of Transportation questioning the safety of Air Traffic Control. There was a lot of noise in fourth quarter.

我認為第四季度發生的事情非常混亂，對吧？到了 11 月政府停擺的時候，交通部長甚至質疑空中交通管制的安全性。第四節比賽時噪音很大。

And so -- but I do think if we took out that noise and saw where we were in October and see where we are sitting today, we are a step above where we were in October, which was a fantastic month for the company. And what's really exciting about the return of business as we head into '26 is '25 grew. I think it's 8% it grew. But it was mostly unfair. And right now, we're seeing both fair and traffic.

所以——但我認為，如果我們排除這些幹擾因素，看看我們在十月份的狀況，再看看我們今天所處的位置，我們比十月份的情況要好得多，而十月份對公司來說是一個非常棒的月份。而真正令人興奮的是，隨著我們邁入 2026 年，商業的復甦在 2025 年實現了成長。我認為增長了 8%。但這大多是不公平的。現在，我們看到了市集和交通狀況。

And so seeing that traffic come back is, I think they're really good start to 2026.

因此，看到交通流量回升，我認為這對2026年來說是一個非常好的開始。

John Godyn, Citi Research.

John Godyn，花旗研究部。

I wanted to kind of follow up on the concept of accelerating trends as well, but specifically on corporate demand and what you're seeing there. It sounds like the numbers to start the year are quite good. And I was curious, is that the broader environment? Is that market share gains? Anything you can say to help us to unpack that would be fantastic.

我還想進一步探討加速發展趨勢的概念，特別是企業需求以及你在那裡看到的情況。聽起來年初的數據相當不錯。我很好奇，這是更廣大的環境嗎？這是市場佔有率的成長嗎？如果您能提供任何有助於我們理解的信息，那就太好了。

Well, I think it is the broader market. I do think that Delta's market share has never been higher. But that's a gradual -- that's year after year, knocking away 0.5 point, 0.5 point, 0.5 point. So I think our market share is in a fantastic position, but -- and it's at all-time highs, but I do think it's a much broader than just Delta at this point. Joe, do you have any comments?

嗯，我認為這是一個更廣泛的市場因素。我認為達美航空的市場份額從未如此之高。但這是一個漸進的過程——一年又一年，一點一點地減少 0.5 分，0.5 分，0.5 分。所以我認為我們的市場份額處於非常有利的位置，而且——它正處於歷史最高水平，但我認為在這一點上，它的影響範圍遠不止達美航空。喬，你有什麼要補充的嗎？

No, I think we're setting up for a really good economy, and everybody can feel that. And the corporate environment is optimistic about their travel plans for the future. So I think those things are lining up for a positive 2026.

不，我認為我們正在為非常好的經濟狀況做好準備，每個人都能感受到這一點。企業界對未來的差旅計畫持樂觀態度。所以我認為這些因素都在預告2026年會是個好年。

Got it. And if I could just ask a follow-up on that. Just broadening up and linking it to the guidance a little bit. Obviously, an accelerating environment is fantastic. Are we in a situation where things need to accelerate even further and step even higher to get us to the high end of the annual guidance or even exceed it or if we just saw these trends continue that you're observing right out of the gate, that's enough to get us there.

知道了。我可否再問一個後續問題？只是稍微拓寬一下範圍，並把它和指導方針稍微連結起來。顯然，加速發展的環境非常棒。我們是否需要進一步加速發展，踏出更高步伐，才能達到甚至超過年度業績預期上限？或者，如果我們看到您從一開始就觀察到的這些趨勢持續下去，就足以讓我們實現目標？

I'm just trying to sensitize the guidance.

我只是想讓指導意見更加清晰易懂。

John, it's Ed, I appreciate that question. And it's the second week in January. It's really hard to take a few weeks of bookings and reach any kind of early conclusion. We're encouraged by what we saw. And absolutely, if the momentum that we currently see continues will be fine, we'll do well on our guidance range.

約翰，我是艾德，感謝你的提問。現在是1月的第二週。僅僅幾週的預訂就想得出任何早期結論，這真的很難。我們所看到的令我們感到鼓舞。當然，如果目前的發展動能能夠持續下去，我們將會很好地實現預期目標。

That said, we also learned the volatility. We're reminded of the volatility of the industry this past year. And we want to make certain that we have a bit of caution as we project how we'll do.

話雖如此，我們也體會到了波動性。過去一年，該行業的波動性給我們留下了深刻的印象。所以，在預測我們的表現時，我們希望保持一定的謹慎態度。

Let me just add one thing because I didn't -- in respect, I didn't really answer Mike Linenberg's question about Main Cabin. And we have not really seen Main Cabin move yet. So I think when you think about the higher end of our guide, that would definitely be the Main Cabin starting to move. And I do think that it will move in '26, we just have not seen it yet.

我還要補充一點，因為我沒有——恕我直言，我並沒有真正回答麥克·林恩伯格關於主艙的問題。我們還沒有真正看到主艙的動靜。所以我覺得，當你想到我們導遊的高端服務時，那肯定就是主艙開始移動了。而且我認為它會在 2026 年有所進展，只是我們還沒看到而已。

Conor Cunningham, Melius Research.

康納‧坎寧安，梅利烏斯研究公司。

Echoing everyone else, Glen, congrats on the retirement. We've learned a ton from you over the years. So thanks again. Maybe I could -- maybe I can kick it over to Joe actually. So I mean, I was hoping you could just talk about your priorities as you take on the new role.

和大家一樣，恭喜格倫光榮退休。這些年來，我們從你身上學到了很多。再次感謝。或許我可以──或許我可以把它轉交給喬。所以，我的意思是，我希望你能談談你上任後的工作重點。

You've obviously helped mold the Delta network for a long time. But just curious how you approach things with the commercial hat on and if the strategy changes at all? Just any thoughts there would be helpful.

顯然，你長期以來為塑造達美航空的網絡做出了貢獻。我只是好奇，如果從商業角度來看，你會如何處理這些問題，策略是否會有所改變？大家有什麼想法嗎？

Yes. Thanks, Conor. Overall, I feel very fortunate and grateful for working with Glen for 20-plus years now. And we've learned so much, and we've been there from the beginning of transforming Delta. I think that theme though carries over into consistency and continuity.

是的。謝謝你，康納。總而言之，我非常幸運和感激能與格倫共事二十餘年。我們從中學到了很多，而且我們從一開始就參與了達美航空的轉型。我認為這個主題也體現在一致性和連貫性上。

Our strategies aren't changing. In fact, I mean, we're going to be digging even deeper into those strategies for further integration. I think the integration is still in the early innings of how we go to market from a complete commercial perspective. It used to be network and price, now it's so much more with the consumer and Amex and what we do for the customer and club.

我們的策略不會改變。事實上，我的意思是，我們將更深入地研究這些策略，以實現進一步的整合。我認為，從完整的商業角度來看，我們進入市場的整合仍處於早期階段。過去只關注網路和價格，現在關注的更多是消費者、美國運通以及我們為客戶和俱樂部所做的一切。

So I mean there's lots of runway ahead for us in product deployment. We've been doing this for over 15 years, and I think there's still a lot more runway to go in where we're going on the product side.

所以我的意思是，我們在產品部署方面還有很大的發展空間。我們從事這項工作已經超過 15 年了，我認為在產品方面我們還有很大的發展空間。

We're in the early stages of merchandising. There's more to do with Amex, premium products and the fleet that we're getting for the future is really exciting. So I think there's a lot to look forward to. There's a lot to build off of what we've already done. And I'm honored to lead the commercial team and proud to work with a really talented group of people that support us, both not only within the commercial organization, but operationally.

我們正處於商品銷售的早期階段。Amex 還有更多發展空間，高端產品以及我們未來將擁有的車隊都令人興奮不已。所以我覺得有很多值得期待的事。我們已經取得的成就還有很多可以參考的地方。我很榮幸能夠領導商業團隊，也很自豪能夠與一群才華橫溢的人一起工作，他們不僅在商業組織內部，而且在營運方面都給予我們支持。

So again, I want to thank Glen for all we've done together. And I think there's a lot more to do.

所以，我再次感謝格倫，感謝我們一起完成的一切。我認為還有很多事情要做。

Great. And maybe I can, Glen, maybe you want to jump into, it's up to you. But like just on the geographies in general, as you look about -- you talked a little bit about Main Cabin on the US side. And I think the overall assumption from a lot of us is that there's a lot of opportunity in the US domestic market, but international has been wildly resilient and obviously picked up again in the fourth quarter. So if you could just talk about your expectations for transatlantic in Asia and so on, that would be super helpful.

偉大的。也許我可以，格倫，也許你想加入，這取決於你。但就整體地理情況而言，當你環顧四周——你剛才稍微談到了美國方面的主艙。我認為我們許多人的總體假設是，美國國內市場有很多機會，但國際市場表現出了極強的韌性，顯然在第四季度再次回升。所以，如果您能談談您對跨大西洋航線在亞洲及其他地區的期望，那就太好了。

Do you want to take a shot?

你想試試嗎？

Yes, I'll take it. The transatlantic and specific resiliency come from I think years of building the domestic network to have that strong foundation to launch from. You take the loyalty of cities, you think about New York, Los Angeles, Boston and new gateways, we've been able to expand with. You layer on top of that new airplanes being able to monetize that premium cabin.

是的，我要了。我認為，這種跨大西洋的特殊韌性源自於多年來建構國內網絡，因而擁有了強大的發展基礎。考慮到城市的忠誠度，想想紐約、洛杉磯、波士頓以及我們得以擴張的新門戶城市。在此基礎上，新飛機還可以透過高級艙位實現盈利。

So I think the -- a lot of it is coming together and the order of the 787 is just another future marker out there for innovation and especially when you think about in the widebody space, fleet efficiency is really what wins the day. If you think about taking a 767 and replacing it with a 350 or 787 drives that incremental margin, drives better product and drives incremental margin.

所以我認為——很多事情正在朝著好的方向發展，787 的訂單只是未來創新的另一個標誌，尤其是在寬體客機領域，機隊效率才是真正決定勝負的關鍵。如果你考慮用350或787替換767，就能帶來增量利潤，從而帶來更好的產品，並帶來增量利潤。

Ravi Shanker, Morgan Stanley.

拉維‧香克爾，摩根士丹利。

Glen, obviously, congratulations on an incredible career. You will be tremendously missed. But I'm also very envious of your upcoming travel plans. Maybe a couple of -- maybe I'll start with my follow-up here. Obviously, a lots of questions and a strong start in January.

格倫，當然要祝賀你擁有如此輝煌的職業生涯。我們會非常想念你。但我非常羨慕你即將到來的旅行計畫。或許有幾個——或許我應該從這裡開始我的後續報道。顯然，有很多問題需要解答，而且一月份開局強勁。

Glen, do you have any indication that there's been maybe some pent-up demand from 3Q or 4Q? That's now coming on maybe in corporate or international, which maybe question of the sustainability of the strength or do you (inaudible)?

Glen，你有沒有跡象顯示第三季或第四季可能存在一些被壓抑的需求？現在這種情況可能出現在企業或國際層面，這或許會引發人們對這種優勢能否持續存在的問題，或者你是否…（聽不清楚）？

Well, as Ed mentioned in his opening remarks, '25 had some very choppy points in it. And I think there was a lot of reason for people to hesitate to travel at different points in the year for different reasons. And so as we look at '26, assuming that the core demand stabilizes, there is huge upside for us across all entities, I think.

正如艾德在開場白中提到的那樣，25 年有一些非常坎坷的時刻。我認為人們在一年中的不同時間出於各種原因而猶豫是否出行，這其中有許多原因。因此，展望 2026 年，假設核心需求趨於穩定，我認為我們所有實體都有龐大的成長空間。

So especially as you get to the latter part of the first quarter and into the second quarter where the tariff uncertainty and the economic uncertainty was kind of hitting the crescendo, I think that's what gives us confidence that '26 is going to be a great year.

因此，尤其是在第一季後半段和第二季度，關稅不確定性和經濟不確定性達到了頂峰，我認為這讓我們有信心，2026 年將是偉大的一年。

Understood. That's helpful. And maybe also if you guys could unpack the previous response on the 787s, again, what was the rationale for that aircraft versus 350 or maybe some others. And also, it almost sounds like you're planning to deploy them differently than your existing wide-bodies or on very specific routes? So any clarity there would be helpful even though I know that's [some way off].

明白了。那很有幫助。另外，你們能否再詳細解釋一下先前關於 787 的回應？為什麼選擇這架飛機而不是 350 或其他機型？而且，聽起來你們似乎計劃以不同於現有寬體飛機的方式部署它們，或者只在非常特定的航線上部署？所以，即使我知道那是什麼，任何澄清都會很有幫助。[還有一段距離]。

Yes. Thanks, Ravi. I think it's a natural evolution in our fleet. When you think about -- I think our priorities up into this point was to get critical mass into the 350 and the 339 and we're well on our way to do that, and that drives great efficiency and that efficiency is needed in the widebody category.

是的。謝謝你，拉維。我認為這是我們艦隊發展的自然過程。仔細想想——我認為我們目前的首要任務是讓 350 和 339 達到臨界規模，我們正朝著這個目標穩步前進，這將帶來巨大的效率，而這種效率在寬體車型類別中是必需的。

When we look out to the future, the 787 is a great airplane, financially, a great airplane. We're able to do a lot with the (inaudible) version of this on the premium seating. It's a great cargo airplane. And it also drives diversification within our fleet, both not only on the airframe but on the engine side. So it's a natural fit, especially when that starts to replace the 767-400s, which is slated to do. It's designed for growth and replacement. And when you think about swapping a 764 or 763 to a 787-10, it's a very powerful change in a step function improvement in margin.

展望未來，787 是一架非常棒的飛機，從經濟角度來看，它是一架非常棒的飛機。我們能夠利用高級座位上的（聽不清楚）版本做很多事情。這是一架很棒的貨運飛機。這也推動了我們機隊的多元化發展，不僅體現在機身方面，也體現在引擎方面。所以這是一個很自然的選擇，尤其是在它開始取代 767-400 的時候，而 767-400 的取代也是計劃之中的事。它專為增長和更新而設計。當你考慮將 764 或 763 換成 787-10 時，你會發現這是一個非常強大的變化，利潤率有了階躍式的提升。

Since it's my last call, I can be a little [flippant] and say, this one's too soft. This one is just right. If you remember, I think that was Goldilocks, we have three fleets and one has long range. One has a lot of capabilities. One is a category killer on CASM.

因為這是我最後一次發言，我可以稍微（輕率地）說，這個太軟了。這個正合適。如果你還記得的話，我想那是金髮女孩的故事，我們有三支艦隊，其中一支航程很遠。他擁有很多能力。其中一款是 CASM 領域的佼佼者。

And one is kind of our [milk run] airplane that's going to do most of the spoke services out of our core hubs. So I think we've got a really good array just like we do domestically, where we can go all the way from the '76 year up to. And so I think this gives us a lot of versatility moving forward and best in class for economics.

其中一架是我們的[日常航班]飛機，它將從我們的核心樞紐機場出發，執行大部分支線服務。所以我覺得我們擁有非常豐富的收藏，就像我們在國內一樣，我們可以一直收藏到 1976 年的收藏。因此我認為這賦予了我們未來發展很大的靈活性，並且在經濟學領域中處於領先地位。

Savi Syth, Raymond James.

薩維·賽斯，雷蒙德·詹姆斯。

And I'd like to echo all the kind of glowing commentary on Glen and congratulations to both Glen here and what would like to actually maybe ask a 2-part question that's very similar on the operations side. Can Delta really differentiated itself in terms of kind of reliability and recoverability historically. It was kind of once described to me but I know your time at [Swatch] that was dismantled here in COVID and [had to put back] together. So first, I was wondering if you could provide an assessment on how operational reliability and recoverability stacks up today compared to where it was during COVID.

我非常同意大家對 Glen 的讚揚之詞，並向 Glen 表示祝賀。另外，我還想問一個與 Glen 在營運方面非常相似的兩部分問題。從歷史數據來看，達美航空在可靠性和可恢復性方面真的有顯著優勢嗎？有人曾經跟我描述過類似的情況，但我知道你在 [Swatch] 的經歷，因為新冠疫情而被迫解散，[不得不重新] 重建。首先，我想知道您能否評估一下，與新冠疫情期間相比，目前的營運可靠性和可恢復性如何。

And second, with kind of many of your competitors looking to kind of meet the standards that you have set, what's your assessment on how your relative performance has evolved? And is that still a strong differentiator, especially as you have (inaudible) discussions?

其次，鑑於您的許多競爭對手都在努力達到您設定的標準，您如何評價您的相對錶現發生了怎樣的變化？那它仍然是一個強大的差異化優勢嗎，尤其是在你們進行（聽不清楚）討論的時候？

Savi, this is Ed. Let me take a stab at that. There's no question that we have work to do with respect to the resiliency of our recovery from irregular operations. We're working off of a great foundation. We just were named last week by Cirium as the most on-time airline in North America.

薩維，我是艾德。讓我來試著回答一下。毫無疑問，我們在提高從突發事件中恢復的韌性方面還有很多工作要做。我們擁有一個非常好的基礎。就在上週，我們被Cirium評為北美最準點的航空公司。

So it's not as if we're -- we've got a big hole to fill. . But that said, with a lot of the change post COVID, including some pretty significant changes in our pilot contract in terms of how we route and reroute and schedule pilots, particularly at times of change, have caused some difficulties in providing the level of reliability that we like in the recovery aspect. So we're all hands on deck in that regard.

所以並不是說我們——我們有一個很大的空缺需要填補。。但話雖如此，新冠疫情後發生的諸多變化，包括我們在飛行員合約中關於航線規劃、改簽和飛行員排班等方面的一些重大變化，尤其是在變化時期，都給我們在恢復方面提供我們所期望的可靠性水平帶來了一些困難。所以在這方面，我們都全力以赴。

We know what the factors are. That's been driving us. It's just going to take us a little bit of time to get after, but we're working very, very closely with our flight ops team, our maintenance team, our technology team, our ops control team as well as with the pilots union to insure because our pilots don't like some of the recovery challenges with that either to make certain that we return to the top, not just in on time, but also an overall recovery.

我們知道影響因素是什麼。這就是我們前進的動力。我們需要花點時間才能恢復正常，但我們正在與飛行運行團隊、維護團隊、技術團隊、運行控制團隊以及飛行員協會密切合作，以確保我們不僅能夠按時恢復到最佳狀態，而且能夠全面恢復，因為我們的飛行員也不喜歡恢復過程中遇到的一些挑戰。

And can I -- just a follow-up on that. As you think about your comparison and your competitors really trying to kind of meet that standard that you've set? Like is there something in how Delta approaches this that maintains your leadership? Or how should we think about that? And how is that in terms of all the corporate discussions that you're having?

我可以──就此問題再補充一點嗎？當你思考如何與競爭對手比較時，你會發現他們也在努力達到你所設定的標準？達美航空處理此事的方式中是否存在某種特質，使你們得以保持領先地位？我們該如何看待這個問題？那麼，就你們正在進行的所有公司內部討論而言，情況如何呢？

Well, I think we're number one across the board in almost every metric in this industry that you can look at. So I don't believe we've lost our leadership in total. But yes, I think that -- listen, we said all along, I've said all along, we want there to be a healthier industry, a higher-quality form of experience for customers that forget Delta, everyone can see the industry in a much better more reliable light. And I think one of the great things that Delta has done for the industry has raised the bar in the spotlight on what can be done collectively on many levels. And this will be the next opportunity for us.

我認為，在這個行業裡，我們幾乎在所有你能看到的指標上都排名第一。所以我認為我們還沒有完全失去領導地位。是的，我認為——聽著，我們一直都說，我也一直說，我們希望航空業更加健康，為客戶提供更高品質的體驗，讓客戶忘記達美航空，每個人都能以更好、更可靠的眼光看待航空業。我認為達美航空為航空業做出的偉大貢獻之一，就是提高了各層面集體行動的標準，讓人們更加關注我們可以在哪些方面共同努力。這將是我們的下一個機會。

I just want to Echo what Ed said is that a better industry makes for selling more tickets at an industry level, not just at A delta level that and so raising the bar is a great thing for the industry.

我只想附和艾德的說法，那就是一個更好的行業能夠帶來更多的行業層面的門票銷售，而不僅僅是A級或Delta級的門票銷售，因此提高標準對整個行業來說是一件好事。

Duane Finningworth, Evercore ISI.

杜安·芬寧沃斯，Evercore ISI。

Glen, I was struggling with what to get you. I thought I'd ask you one last question as a parting gift, but congratulations. If we go back into the archives of your early career, maybe back to the days trying to restructure Alitalia. What are the biggest surprises in how the industry and how Delta evolved relative to what you might have thought at that point in your career?

格倫，我一直糾結該送你什麼禮物。我想臨別前再問你最後一個問題，不過還是要恭喜你。如果我們回顧你早期的職業生涯，例如回到你試圖重組義大利航空的日子。在你職涯的這個階段，與你當時的設想相比，產業和達美航空的發展歷程中最大的驚喜是什麼？

I think Ed and I have shared this journey together. And when you think about where we enter Delta, I think a lot of people would look and say, well, why do you go there? Because it was in such trouble at the time we joined. And so I remember to this day that I wrote [jerry Greenstein] a note saying that I wanted to help restore Delta back to its rightful place at the top of the US aviation industry.

我認為我和艾德一起走過了這段旅程。當你想到我們進入三角洲的入口時，我想很多人會看著說，那麼，你們為什麼要去那裡呢？因為我們加入的時候，它正處於非常困難的境地。所以直到今天，我仍然記得我給[傑瑞·格林斯坦]寫了一張便條，說我想幫助達美航空恢復到它在美國航空業的頂峰地位。

And I think not to sound bold or arrogant, but I think we could say mission accomplished on that. And I think it's underappreciated how much hard work it was and how many bold things we had to do to get here. And I think that's what I would impart on you and our team is in order to stay here now, you have to continue to be bold. You have to continue to look beyond what the next quarter is or what the next year is and look what the next decade looks like and where do you want this company to be 10 years from now. And I think this team does that every day.

我不想顯得大膽或傲慢，但我認為我們可以說這項任務已經完成了。我認為人們低估了我們為此付出的艱辛努力以及我們為了走到今天這一步所做的諸多大膽嘗試。我想傳達給你們和我們團隊的就是，要留在這裡，你們必須繼續保持大膽進取的精神。你必須放眼未來，不要只專注於下一個季度或明年，而是著眼於未來十年，思考你希望這家公司在十年後發展成什麼樣子。我認為這個團隊每天都在做這件事。

And I'm really proud to be a part of that, and I know the future is going to be super exciting.

我非常自豪能成為其中的一份子，我知道未來一定會非常精彩。

Congratulations again. And then just to switch gears on MRO, Maybe, Dan, you're providing increased transparency. Can you speak a little bit about the outlook for that segment, revenue growth, margin expansion and if there are any capital commitments embedded in the CapEx outlook for this year.

再次恭喜。然後，讓我們換個話題談談MRO（維護、維修和大修），丹，也許你正在提高透明度。您能否談談該業務板塊的前景，包括收入成長、利潤率擴張，以及今年的資本支出展望中是否包含任何資本承諾？

Sure, Duane. Thank you. Quite optimistic about the MRO business. I think they had a really good 2025 great commercial wins building the backlog. I think this is a business that we're excited to see across the $1 billion mark and one that we continue to hold out and see it as a two -- then getting to $2 billion, then getting to $3 billion of top line that it can continue to grow.

當然可以，杜安。謝謝。我對MRO（維修、維修和大修）業務相當樂觀。我認為他們在 2025 年取得了非常好的商業成功，累積了大量訂單。我認為我們很興奮地看到這家公司突破 10 億美元的營收大關，我們繼續堅持它會先達到 20 億美元，然後達到 20 億美元，再達到 30 億美元的營收，並繼續成長。

This is a business that where it's positioned, it's high single-digit margins today, it should be mid-teens and oen that we have (inaudible) capital, but it's one of those things that you just have to consistently stay after as it relates to both shop capacity, but also repair capability.

這個產業的利潤率目前只有個位數，如果資金充足，應該可以達到十幾甚至更多。但有些事情，你必須持續關注，這不僅關係到店舖的產能，也關係到維修能力。

And how you think about it. It's something that Delta team is pulling off a really strong maintenance capability and that we can extend to third party. So we're quite excited about it. We do think it is one of those elements that truly is unique to Delta and related to our differentiation and durability, and that's why we want to make sure that we provide you that our investors with that transparency over time.

以及你是如何看待這件事的。這是 Delta 團隊展現出的非常強大的維護能力，我們可以將其擴展到第三方。所以我們對此感到非常興奮。我們認為這是達美航空獨有的要素之一，與我們的差異化和持久性息息相關，因此我們希望確保隨著時間的推移，為我們的投資者提供這種透明度。

Chris Wetherbee, Wells Fargo.

克里斯‧韋瑟比，富國銀行。

And congrats, Glen. Obviously, we haven't got to spend a lot of time together, but your reputation certainly transcends. And enjoy the next leg of the journey here. I guess I wanted to ask a question about premium versus main cabin. Obviously, the revenue growth spread has been very wide here in the back half of '25.

恭喜你，格倫。顯然，我們沒有太多時間相處，但你的名聲確實遠播四方。接下來，盡情享受旅程的下一段吧。我想問的是高級艙和普通艙的差別。顯然，2025 年下半年的營收成長幅度非常大。

So as we think about sort of a normalization and maybe improvement as we go through '26 what can that sort of spread look like? Obviously, capacity is going to be weighted towards premium, but what do you think normal looks like in that relationship?

因此，當我們考慮在 2026 年實現某種程度的正常化和改進時，這種分佈會是什麼樣子呢？顯然，產能會向高端市場傾斜，但你認為在這種關係中，正常情況是什麼樣的？

Well, the margin spreads, as you indicated, have never been greater. And as you know, the bottom end of the industry and the commodity side of the business has been struggling greatly. And so I do think there's -- we saw consolidation earlier in the week. We're waiting to see what happens with Spirit here as it continues to try and restructure. But that sector has been unable to grow here for the last several years.

正如您所指出的，利潤率差額從未如此之大。如您所知，該行業的低端領域和商品業務一直舉步維艱。所以我認為確實存在——我們在本週早些時候看到了市場盤整。我們正在觀望Spirit航空在重組過程中會發生什麼事。但過去幾年，該行業在這裡一直未能發展壯大。

And when that sector is not growing, it can't continue its CASM, CASM goes up significantly every quarter, more than ours. And so that's become a real challenge for that sector and the industry. I don't -- Scott Kirby would say, it's only math, but I think that challenge continues to haunt that side of the industry, and it has to rebalance itself at some point. And the only way I can do that is to get their revenue basis up because their costs aren't going down. And so it's taken longer than I would have thought to be quite honest.

當該行業沒有成長時，它就無法繼續維持 CASM 的成長，CASM 每個季度都會大幅成長，比我們的成長幅度還要大。因此，這已成為該領域和行業面臨的真正挑戰。我不這麼認為——斯科特·柯比會說，這只是數學問題，但我認為這種挑戰一直困擾著這個行業的這一方面，它遲早需要重新調整自身。我唯一能做的就是提高他們的收入基礎，因為他們的成本並沒有下降。說實話，這比我預想的要花更久。

But I believe it's still to come, and that has pure upside to us.

但我相信它尚未到來，這對我們來說絕對是件好事。

Okay. That's super helpful. And then I guess a quick follow-up. Just as you think about the guidance ranges that you guys have given. It seems like there's a path towards the upside of that.

好的。這太有幫助了。然後我想再補充一點。就像你們思考你們給的指導範圍。看起來事情似乎有正面的一面。

I guess what are the things that we should be thinking about as risk to the downside? Outside of obvious macro challenges that may arise. But I guess in terms of the trends that you're seeing so far, they're relatively robust. Anything we should be thinking about it would be 1Q or we think out a little bit further into 2026.

我想我們應該考慮哪些下行風險？除了可能出現的顯而易見的宏觀挑戰之外。但就目前看到的趨勢而言，我認為它們相對穩健。我們應該考慮的事情要么是第一季度，要么是我們將目光放得更遠一些，直到 2026 年。

This is Ed. So the risks -- you don't have to go too far to think about what the risk could be. Just look at last year, and where we were a year ago, we thought we were going to have a banner year and gave guidance kind of similar to what we're giving today, and it got derailed a little bit. So I think the new year offers optimism for a different outlook than we were a year ago. I think relative to the administration and their priorities, I think -- we're all one year smarter and more conditioned to expect maybe the unexpected in some of the policy approach.

這是艾德。所以風險——你不用想太多就能想到可能的風險。看看去年，看看我們一年前的情況，我們原本以為會迎來輝煌的一年，並給出了與今天類似的指導意見，但結果卻有點偏離了軌道。所以我認為，新的一年為我們帶來了與一年前截然不同的樂觀前景。我認為，相對於本屆政府及其優先事項而言，我們都比前一年更聰明、更有準備地去預料某些政策方針中可能出現的意外情況。

And I think we're -- if you look at the economy, if you look at strength of the market and you look at how not just airlines are looking at, you're looking at high-end consumers are feeling about their opportunities. They're quite bullish. And so that's how I frame it.

我認為，如果你看看經濟形勢，看看市場的強勁程度，看看不只是航空公司，還有高端消費者對他們所面臨的機會的感受，我們就會明白這一點。他們相當看好市場。這就是我的看法。

Andrew Didora, Bank of America.

安德魯·迪多拉，美國銀行。

Actually, just wanted to touch upon the free cash flow generation here. I think it's obviously very unique in Delta. But Dan, today, you you're giving us all a closer look at MRO, loyalty and the like. When you look at the drivers of this free cash flow generation year in, year out, how much of this comes from these ancillary businesses versus the core airline? Does it over index -- is it a bigger percentage of free cash flow then as a percentage of your revenues?

其實，我只是想簡單談談自由現金流的產生。我認為這在達美航空顯然是獨一無二的。但丹，今天，你讓我們更深入地了解了MRO、忠誠度等等。當你逐年檢視這些自由現金流的驅動因素時，你會發現其中有多少是來自這些輔助業務，又有多少是來自核心航空公司？它是否高估了自由現金流佔比——它佔自由現金流的比例是否高於其收入的比例？

The -- when you think about it, free cash flow is ultimately driven by your margins and drive your operating cash flow. So I would say the loyalty premium, certainly, given its margin profile, has an outsized impact on it, things like MRO that are smaller things like cargo have less impact than the core, but premium would be outsized related to it.

仔細想想，自由現金流最終是由利潤率驅動的，並驅動你的經營現金流。所以我認為，考慮到其利潤率，忠誠度溢價肯定會對其產生巨大的影響，像MRO這樣的小項目，例如貨運，對核心業務的影響較小，但與之相關的溢價也會非常高。

That makes sense. And when we think about kind of this free cash flow going forward, when we think about the CapEx side of the equation, any step-up in CapEx coming over the next few years, maybe particularly because of the new Boeing order this morning. Anything there to think about?

這很有道理。當我們考慮未來的自由現金流，以及資本支出方面的情況時，未來幾年資本支出的任何成長，可能特別會因為今天早上波音公司的新訂單而增加。有什麼需要考慮的嗎？

Andrew, this is Ed. No. We've been very consistent over the last decade of CapEx in that $5 billion, some years a little lower, some years a little higher range. And while clearly, there could be a one-off, maybe a year with a little bit more, broadly speaking, that we're very disciplined about that. And I have one of the real exciting opportunities for Delta.

安德魯，我是艾德。過去十年，我們的資本支出一直維持在 50 億美元左右，有些年份略低一些，有些年份略高一些。當然，偶爾可能會出現一次特殊情況，例如某一年出現一些特殊情況，但總的來說，我們在這方面非常自律。我手握達美航空一個非常令人興奮的機會。

When you look at where our leverage ratio is, where it's going, the continued free cash flow generation. And I said on CNBC this morning, I think the most tangible return we can generate for our shareholders is that free cash flow opportunity. And as the balance sheet continues to be delivered, there's going to be even more return possibilities for our shareholders. It's not going to go into starting to try to get on a big growth spurt. That's not an answer that we've seen people try that in the past that never ends up well.

當你觀察我們的槓桿率現狀、發展趨勢以及持續的自由現金流時，你會發現…我今天早上在CNBC節目中說過，我認為我們能為股東創造的最切實的回報就是自由現金流的機會。隨著資產負債表的持續改善，我們的股東將獲得更多回報機會。它不會開始嘗試快速成長。這不是我們以前見過有人嘗試過的答案，因為過去從來沒有好結果。

David Vernon, Bernstein.

大衛‧佛農，伯恩斯坦。

Glen, all the best for the future. Just kind of looking at the bigger picture around the commentary that you guys have provided today, it sounds like Delta revenue is accelerating, but the Main Cabin isn't. And I'm just wondering if that more plainly, just means that this is about Delta and the strategies you guys put in place kind of working for Delta and maybe the industry outlook is a bit more mixed. And if that's right, what does that mean for like kind of competitive capacity as you're looking out at the market for 2026, particularly in relation to your hubs and where capacity is shifting in the marketplace. Is it right to think that maybe you guys have started to carve out a path that's a little bit easier to glide to a more mixed sort of industry outlook?

格倫，祝你未來一切順利。從你們今天提供的評論來看，似乎達美航空的收入正在加速成長，但主艙的收入卻沒有。我只是想更直白地問一下，這是否意味著這僅僅是指達美航空以及你們制定的策略對達美航空有效，而行業前景可能則更加複雜多變。如果情況屬實，那麼在展望 2026 年市場時，特別是考慮到你的樞紐以及市場產能的轉移，這對競爭能力意味著什麼？你們是否已經開始開闢一條更容易滑向更多元化的產業前景的道路？

Well, I think that's what '25 was a proof point on is that the industry, if you look at it, was very challenged in '25. And Delta was at the very top of the industry. And I believe when everybody reports, this is my hypothesis that we will never have been in our past a higher percentage of the industry's total profits than we were in '25.

我認為，2025 年就證明了這一點，那就是，如果你仔細觀察，你會發現 2025 年電影產業面臨巨大的挑戰。而達美航空當時處於業界頂峰。我相信，當大家都報告結果時，我的假設是，我們過去在產業總利潤中所佔的比例永遠不會比 2025 年更高。

And so as you think about what's working here at Delta, the diversification of the revenue streams, the continued focus on premium products and services, I think, yes, we have charted a different path. And we don't control what decisions are made at other airlines, but I do think that those who cater to more commoditized, you've seen them trying to change, right?

所以，當你思考達美航空的成功之處，例如收入來源多元化、持續專注於高端產品和服務時，我認為，是的，我們已經開闢了一條不同的道路。我們無法控制其他航空公司所做的決定，但我認為那些迎合更趨同化消費的航空公司，你已經看到他們正在嘗試改變，對吧？

You've seen Southwest going in a very different direction, talking about clubs, talking about international. So I do think we have charted our own path, and I do think there's a lot of ups. The tremendous upside for us when the industry finally does reckon with the fact that the commodities are not making any money, and they either have to be removed or they have to be upgraded.

你已經看到西南航空朝著完全不同的方向發展，談論俱樂部，談論國際化。所以我認為我們已經走出了自己的道路，而且我認為這條路上有很多機會。當產業最終意識到大宗商品不賺錢，要么淘汰要么升級時，對我們來說將是巨大的利好。

And this kind of competitive capacity as you -- like last year, we were talking about how competitive capacity a little more subdued in your core hubs. Obviously, the industry entered in a very different position in terms of what I thought it's growth aspirations are going to be last year. But I'm just wondering, is there also a little bit of a (inaudible) you guys around some of your core hubs?

而這種競爭能力就像你們——就像去年一樣，我們討論過你們核心樞紐的競爭能力是如何略顯疲軟的。顯然，就我去年對產業成長目標的預期而言，該產業當時的處境截然不同。但我只是好奇，在你們的一些核心樞紐附近，是否也存在一些（聽不清楚）你們的情況？

Well, I think -- this is Joe. Looking at competitive capacity, it's in a really good place for us as we start the year. I think the -- to your earlier comments, the bottom side of the industry has got -- has been and will continue to rationalize that capacity. And you've seen a lot of the unprofitable part coming out. But if they're only -- when you look at how they are going to come out of this, it's either going to be an internal, external restructuring.

嗯，我想──我是喬。從競爭格局來看，就我們年初的情況而言，我們處於非常有利的位置。我認為——針對你先前的評論，該行業的底層已經並將繼續進行產能合理化。你已經看到很多不獲利的部分被推出了。但如果他們只是——當你審視他們將如何擺脫困境時，你會發現要么是內部重組，要么是外部重組。

So the competitive capacity is good today. We offer our customers great products in our own hubs, and we're very competitive in all of our hubs.

所以，目前的競爭力很強。我們在自己的配送中心為客戶提供優質產品，並且在所有配送中心都極具競爭力。

Michael Goldie, BMO Capital Markets.

Michael Goldie，BMO資本市場。

Revenue diversification continues with non-main cap and CapEx kind of getting to that 61%, 61.5% this quarter. Seat growth is really concentrated in premium going forward. Where do you see this non-Main Cabin revenue mix over the longer term? Is it 65%, 70% in the coming years?

收入多元化持續推進，非主要資本支出和資本支出在本季達到了 61% 到 61.5% 的目標。未來座位市場的成長將主要集中在高端市場。長遠來看，您認為非主艙收入組成會如何改變？未來幾年會達到 65% 還是 70%？

I don't think we're seeking out a number here. We're reacting to how customers behave and how the industry construct it. So again, as we talked about the margins being in the premium products right now, at some point, this is going to shift, and it will shift to have, hopefully, the premiums not go down, but the Main Cabin go up because that's just how the math has to work.

我認為我們在這裡並不是在尋找一個具體的數字。我們正在根據客戶的行為方式以及行業建立方式做出反應。所以，正如我們之前討論的，目前利潤主要集中在高端產品上，這種情況遲早會發生變化，希望高端產品的利潤不會下降，而主艙產品的利潤會上升，因為這是數學規律決定的。

And so I think as you look forward to (inaudible) it's clearly upside for Delta, but some place the industry has to go. And I think we thought that it would happen before now. But it's taken a long time. But it's happening. It's happening with capacity reductions, it's happening with consolidation, and it will continue to happen around us until Main Cabin returns accelerate.

所以我認為，展望未來（聽不清楚），對達美航空來說顯然是好消息，但也是整個產業必須努力的方向。我想我們之前就預料到這件事會發生。但這花了很長時間。但這正在發生。隨著運力削減和產業整合，這種情況正在發生，而且這種情況還會持續下去，直到主艙復甦加速。

As a follow-up on the industry consolidation, we saw this week, you've had Hawaiian, a year or two ago Spirit. When you step back, do you think the landscape will see further consolidation in the coming years or eventually find a plateau?

作為行業整合的後續，我們本週看到了夏威夷航空的合併，以及一兩年前的精神航空的合併。長遠來看，你認為未來幾年產業格局會進一步整合，還是最終趨於穩定？

I think it's very clear that you're going to see further rationalization, can come in lots of forms. It could be in consolidation, it could be liquidation, could be internal, can be the external drivers as we've seen in the industry with activists involved. But I think you're going to see rationalization in any carrier that's not earning its cost of capital is already experiencing significant duress and distress amongst their ownership base and they need to continue to work to enhance their business models.

我認為很明顯，你會看到進一步的合理化，而且這種合理化可以以多種形式出現。可能是整合，可能是清算，可能是內部因素，也可能是外部因素，就像我們在行業中看到的那樣，有激進投資者的介入。但我認為，任何無法收回資本成本的航空公司都會進行合理化調整，這些航空公司的股東基礎已經面臨巨大的壓力和困境，他們需要繼續努力改善其商業模式。

Catherine O'Brien, Goldman Sachs.

凱瑟琳‧歐布萊恩，高盛集團。

And Glen, another congratulations on such an amazing career. It's really been a pleasure getting to work with you. And I hope you're looking forward to a lot more time in Italy in 2026. And maybe just speaking of international destinations, maybe a shorter-term one. But could you walk us through how you're thinking through sequential trends across each of your geographies in 1Q on a RASM basis.

格倫，再次恭喜你擁有如此輝煌的職業生涯。能與您共事真是我的榮幸。我希望您期待在 2026 年能在義大利度過更多的時光。或許就說說國際目的地吧，也許是短期旅行。但您能否向我們詳細介紹一下，您是如何根據 RASM 計算出 1Q 各個地區的連續趨勢的？

It all sounded positive in the prepared remarks. So just I guess any bright spots that stand out in particular?

從準備好的發言稿來看，一切都顯得非常正面。所以我想問的是，有沒有特別突出的亮點？

I'll let Joe take that question because I'm easing out of this reading these reports every morning. So he's probably more up-to-date than I am.

這個問題就讓喬來回答吧，因為我每天早上都要閱讀這些報告，現在我打算慢慢淡出人們的視線。所以他可能比我更了解最新情況。

I think our sequential trends in international and domestic are both really positive as we go into 2026. So we've seen the most sequential trends international from third quarter to fourth quarter. We had identified more of a blip for the summer of 2025, and that played out the way we wanted to, as improving those trends as we went along. And I think that's going to continue, especially with -- as we go into 2026. If you look at the transatlantic competitive capacity looks really good as we go forward in the summer.

我認為，展望 2026 年，我們在國際和國內市場的連續發展趨勢都非常積極。因此，我們已經看到國際市場從第三季到第四季呈現最連續的趨勢。我們預計 2025 年夏季會出現一些波動，而實際情況也正如我們所希望的那樣，隨著我們不斷改進這些趨勢，情況也得到了改善。我認為這種情況還會繼續下去，尤其是在我們進入 2026 年之後。從跨大西洋航線的競爭力來看，隨著夏季的到來，運能狀況看起來非常好。

And looking forward, our partners are well positioned. I think we're expanding conservatively, but from a position of strength. And the traveling public is very excited about new destinations. When you look at where we've added this year into -- and we've put that out to our loyalty program for a vote. So we're doing some kind of unique things, some exciting things.

展望未來，我們的合作夥伴已做好充分準備。我認為我們正在以穩健的方式擴張，但我們擁有強大的實力。廣大遊客對新的旅遊目的地感到非常興奮。看看我們今年新增了哪些項目——我們已經把這些項目提交給我們的會員計劃進行投票表決。所以我們正在做一些獨特的事情，一些令人興奮的事情。

On the Pacific side, our cornerstone with the Pacific is Korean Air, and they're a great partner. And we've built our foundation around the [Incheon Hub]. And also now expanding a little bit beyond into the biggest economy.

在太平洋地區，我們與太平洋地區的基石是大韓航空，他們是我們非常棒的合作夥伴。我們的基礎正是建立在…之上[仁川中心]現在，它也開始向全球最大的經濟體拓展業務。

So we've seen really good progression as Korean work through their merger. The Incheon Hub has been a fantastic hub to connect through. So there's only greater upside into pushing our traffic through Incheon and also making sure we have access to some of the biggest economies out there like Taipei, Hong Kong and there will be a few others later in the next couple of years. And finally, in Latin America, it's kind of two different entities. You've got the short haul, which acts very much like domestic, short-haul in the Caribbean, Central America and that moves with domestic and is much more of a leisure operation for us. And we've had a very good Christmas. We've got really good strength in the Christmas bookings, good strength in spring break. And so some of which you're seeing in [close-in bookings] and cash sales really goes to the leisure side of spring break, you've got March, April, and Easter and that also includes the short-haul Latin America.

所以我們看到，隨著韓國完成合併，他們的工作取得了非常好的進展。仁川樞紐一直是連結各方的絕佳樞紐。因此，將我們的流量引導至仁川機場，並確保我們能夠進入一些最大的經濟體（如台北、香港），以及未來幾年內還會進入的其他一些經濟體，只有更大的好處。最後，在拉丁美洲，這其實是兩個不同的實體。短程航線與國內航線非常相似，加勒比海和中美洲的短程航線也與國內航線並行，對我們來說更像是一種休閒營運。我們度過了一個非常愉快的聖誕節。我們在聖誕節和春假期間的預訂量都非常強勁。因此，您在[接近預訂]和現金銷售中看到的一些情況實際上都與春假的休閒方面有關，包括三月、四月和復活節，其中也包括拉丁美洲的短途旅行。

And then with our partner, LATAM in South America, further integration into their hubs. They just opened up, the Lima Airport is fairly new and how we move traffic efficiently through South America, and they've got fantastic hubs that they continue to develop, which is only a positive for us for the future.

然後，我們將與南美合作夥伴 LATAM 進一步整合到他們的樞紐中。利馬機場剛剛啟用，它相當新，是我們高效地在南美洲疏導交通的方式，而且他們擁有非常棒的樞紐，並且還在不斷發展，這對我們來說只有好處。

Okay. Got it. And maybe just like -- sorry, I just want to make sure that international, you're expecting a bigger sequential improvement versus domestic into the first quarter is that what you said?

好的。知道了。還有，不好意思，我只是想確認一下，您是說國際業務預計第一季環比成長幅度會比國內業務更大嗎？

They're both moving at the same rate, I would say, as we go into the first quarter. I think with international, we have good margin upside. We've closed a lot of those gaps over the years from international to domestic. And there's more, especially when you think about using the fleet and premium products for international.

我認為，進入第一季後，它們的進展速度基本上相同。我認為國際業務方面，我們有很好的利潤成長空間。多年來，我們已經彌合了許多國際和國內的差距。還有更多優勢，尤其是在考慮使用車隊和高級產品進行國際業務時。

Okay. And if you guys will allow it, maybe just a bit of a follow-up to your answer to Andrew, Dan. As you work towards your 2 [turn] leverage this year on our way to 1 [turn], can you remind us how increasing shareholder returns puts into your capital allocation priorities? I think back at Investor Day, Ed might have noted that you wouldn't necessarily need to be at 1.0 turns of gross leverage to consider share repurchases. What factors that calculus?

好的。如果你們允許的話，丹，我想對你們回答安德魯的問題補充一點。在您努力實現今年 2 次槓桿率並最終達到 1 次槓桿率的過程中，您能否提醒我們，提高股東回報在您的資本配置優先事項中扮演著怎樣的角色？我記得在投資者日上，艾德可能指出，你不一定需要達到 1.0 倍的總槓桿率才能考慮股票回購。微積分包含哪些因素？

Thanks, Katie. You're right. We don't have to be exactly at onetime gross leverage in order to expand the range of shareholder return capabilities and opportunities to create. And every step that we take getting closer to that time continues to afford us those opportunities. First, starting with, as we've done the growth of the dividend rate, which we hopefully will continue.

謝謝你，凱蒂。你說得對。我們不必非得達到某一時刻的總槓桿率才能擴大股東回報能力和創造機會的範圍。我們每向前邁進一步，就越能獲得這樣的機會。首先，正如我們一直以來所做的那樣，我們將提高股息率，希望能夠繼續保持這一趨勢。

Last year, we put a shelf on the table for repurchase. And it was a three year, and I certainly expect we'll be utilizing that over the course of that time frame. And obviously, looking at the multiple and where it's headed. Our priority is very clear for this year. It's continued to pay down debt.

去年，我們在桌上放了一個貨架，用於補貨。那是三年時間，我當然希望我們能在這段時間內充分利用它。顯然，也要看看倍數及其走向。我們今年的首要任務非常明確。它一直在償還債務。

But as the year and the next couple of years ago, you're going to see more opportunities explored, and I'll leave it at that.

但就像過去一年以及接下來的幾年一樣，你會看到更多機會被探索，我就說到這裡吧。

Matthew, we'll now go to our final analyst question, Tom Fitzgerald at Cowen.

馬修，接下來我們將進入最後一個分析師提問環節，來自 Cowen 公司的湯姆·菲茨杰拉德。

Certainly, Tom Fitzgerald,

當然，湯姆·菲茨杰拉德

Congrats, Glen. Just Curious on -- at Investor Day, you talked a lot about the revenue segmentation and further aligning value with price. So I'd love to hear what's next for that this year. And then on the technology side, just curious with all the advances we're seeing every day. Where do you guys see some low hanging fruit as we move through 2026.

恭喜你，格倫。只是好奇——在投資者日上，您談了很多關於收入細分以及如何進一步將價值與價格相匹配的問題。我很想知道今年接下來會有什麼進展。在科技方面，我對我們每天都能看到的各種進步感到非常好奇。你們覺得在2026年之前，哪些方面比較容易實現？

I think we've talked about really having three categories for every product, which is basic, main and extra. And that continues to evolve. I think we put those products in place for Comfort+ earlier in the year, and that implementation is producing results that are actually slightly above our internal projections. So as you see us continue to bring that and move that up the ladder to give customers choice not only of the seat, but the actual product that they want to buy with that seat.

我認為我們已經討論過將每種產品分為三個類別，即基本款、主款和附加款。而且這種情況還在不斷演變。我認為我們在今年稍早為 Comfort+ 部署了這些產品，而該部署所產生的結果實際上略高於我們的內部預期。所以，正如您所看到的，我們不斷推進並提升這一理念，讓顧客不僅可以選擇座椅，還可以選擇與座椅一起購買的實際產品。

And really disaggregating that out. And that should be rolled out pretty much throughout '26 and as part of our initiatives and our Delta initiatives in our plan and hopefully, those exceed our own expectations of how people select because I think that -- if you were to offer a $500 ticket, there was no reason for you to ever want to pay more than $500 because it was fully loaded. Now we have -- that seat is $500, but you can buy it for $450, if you're willing to get the seat assignment at 48 hours, if you're going to have it refundable and then all the way up to extra where it's fully refundable and you get the best seats unlocked at that time.

並真正地將其分解開來。這項計劃應該在 2026 年全面實施，作為我們計劃中各項舉措和達美航空舉措的一部分，希望這些舉措能夠超出我們預期，讓人們選擇，因為我認為——如果你提供一張 500 美元的機票，你沒有任何理由想支付超過 500 美元，因為它已經包含了所有服務。現在我們有——那個座位是 500 美元，但如果你願意在 48 小時內獲得座位分配，並且希望可以退款，那麼你可以以 450 美元的價格購買；而最高級別的套餐則可以完全退款，並且屆時你將解鎖最好的座位。

So I think -- it's the seat and then it's the product attributes, and we'll be bringing that in '26. That's one of our '26 initiatives. Joe, do you want to add anything?

所以我認為——關鍵在於座椅，然後是產品特性，我們將在 2026 年推出這些特性。這是我們2026年計畫之一。喬，你還有什麼要補充的嗎？

No. No, that's exactly right. And we've been incredibly thoughtful about not going too fast, making sure that we're measured in that approach. We're still testing Comfort basic right now. We're going to expand that for the rest of this year.

不。沒錯，完全正確。我們一直非常謹慎地避免操之過急，確保採取穩健的方式。我們仍在測試 Comfort 基本版。今年剩餘時間裡，我們將繼續擴大這一規模。

The great thing is when you think about merchandising is the products you're able to put in there we've got a lot of products. We're innovating with more products, and there's just more we can offer the customer based on what they're willing to pay.

最棒的是，當你考慮商品銷售時，你會發現你可以把各種各樣的產品放進去，我們有很多產品。我們正在不斷創新，推出更多產品，並且可以根據客戶的支付意願為他們提供更多選擇。

And I think that's the key to merchandising in the future. This is -- if you look further out, this continues to be multibillion dollars opportunities (inaudible) to add high-value, lower cost, lower margin -- higher-margin products that we don't have on the shelf today. And that's really what our retailing tools are going to enable over the next several years.

我認為這是未來商品銷售的關鍵。從長遠來看，這仍然是數十億美元的機會（聽不清楚），可以增加我們目前貨架上沒有的高價值、低成本、低利潤——高利潤的產品。而這正是我們的零售工具在未來幾年內將要實現的。

Okay. That will wrap up the analyst portion of our call. I'll now turn it over to Trebor Banstetter to open the media potion.

好的。本次電話會議的分析師部分到此結束。現在我把麥克風交給特雷伯·班斯特特，讓他打開媒體藥水。

Thank you, Julie. Matthew, if you could read the instructions to the media for queuing up for questions, and then we'll get into the final part of the call.

謝謝你，朱莉。馬修，如果你能讀媒體排隊提問的說明，我們就可以進入通話的最後部分了。

Certainly. At this time, we'll be conducting a Q&A session for media questions. (Operator Instructions)

當然。屆時，我們將舉辦媒體問答環節。（操作說明）

There are no media questions in the queue at this time.

目前暫無媒體提問。

All right. Well, thank you, everyone, for joining us today, and we look forward to talking with you again in April.

好的。謝謝大家今天參加我們的節目，我們期待四月再次與大家交流。

Thank you. That concludes today's conference. Thank you for your participation today.

謝謝。今天的會議到此結束。感謝各位今天的參與。