達美航空 (DAL) 2026 Q1 法說會逐字稿

Good morning, everyone, and welcome to the Delta Air Lines March quarter 2026 financial results 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)

各位早安，歡迎參加達美航空 2026 年 3 月季度財務業績電話會議。我叫 Matthew，將擔任本次會議的協調人。(接線員指示) 提醒各位，今天的電話會議將被錄音。(接線員指示)

I would now like to turn the conference over to Julie Stewart, Vice President of Investor Relations and Corporate Development. Please go ahead.

現在我想把會議交給投資人關係與企業發展副總裁 Julie Stewart。請開始。

Thank you, Matthew. Good morning, everyone, and thanks for joining us for our March quarter 2026 earnings call. Joining us from Atlanta today are our CEO, Ed Bastian; our Chief Commercial Officer, Joe Esposito; and our CFO for the March quarter and recently named Chief Operating Officer, Dan Janki. We're also joined by our recently named CFO, Erik Snell; and President, Peter Carter. Ed will open the call with an overview of Delta's performance and strategy.

謝謝你，Matthew。各位早安，感謝各位參加我們 2026 年 3 月季度的法說會。今天在亞特蘭大與我們一同出席的有：執行長 Ed Bastian；首席商務長 Joe Esposito；以及本季度財務長、並新近獲任命為營運長的 Dan Janki。我們也有新近獲任命的財務長 Erik Snell，以及總裁 Peter Carter 一同參與。Ed 將以達美的表現與策略概述為本次電話會議開場。

Joe will provide an update on the revenue environment. And Dan will discuss costs and our balance sheet. After the prepared remarks, we'll take analyst questions. (Operator Instructions) And after the analyst Q&A, we'll move to our media questions.

Joe 將就營收環境提供最新進展。Dan 將討論成本與我們的資產負債表。在事先準備的發言之後，我們將開放分析師提問。(接線員指示) 分析師問答結束後，我們將進入媒體提問。

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 actual results to differ materially from the forward-looking statements. Some of the factors that may cause such differences are described in Delta's SEC filings.

提醒各位，今天的討論包含前瞻性陳述，代表我們對未來事件的信念或預期。所有前瞻性陳述均涉及風險與不確定性，可能導致實際結果與前瞻性陳述存在重大差異。可能造成此類差異的部分因素已在達美向美國證券交易委員會（SEC）提交的文件中說明。

And we'll also discuss non-GAAP financial measures. 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.

我們也將討論非 GAAP 財務衡量指標。除非另有說明，所有結果均排除特殊項目。您可在 ir.delta.com 的投資人關係頁面找到我們非 GAAP 指標的調節表。

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

接下來，我把電話交給 Ed。

Thank you, Julie, and good morning, everyone. Thank you for joining us. Before we begin, I want to acknowledge the ongoing conflict in the Middle East. Our thoughts are with all those affected and we remain hopeful for a peaceful resolution.

謝謝你，Julie，各位早安。感謝各位加入我們。在開始之前，我想先提及中東持續的衝突。我們的心與所有受影響的人同在，並仍然期盼能和平解決。

Turning to our performance for the March quarter. Our results underscore the power of Delta's brand and the durability of our financial foundation. We delivered earnings that were 40% higher than last year and consistent with our January guidance even with the significant step-up in fuel and several external headwinds.

接著談我們 3 月季度的表現。我們的結果凸顯了達美品牌的力量，以及我們財務基礎的韌性。即使燃油成本大幅上升且面臨多項外部逆風，我們仍交出較去年高出 40% 的獲利，並符合我們 1 月的指引。

Our strong results were driven by record revenue, which grew nearly 10%, increasing more than $1 billion over last year. Demand was broad-based across corporate and leisure, with continued momentum in high-margin, diverse revenue streams. As a result, we delivered a pretax profit of $530 million and earnings of $0.64 per share, with $1.2 billion of free cash flow and a 12% return on invested capital.

我們的強勁表現來自創紀錄的營收，成長近 10%，較去年增加超過 10 億美元。需求在商務與休閒兩端皆呈現廣泛成長，高毛利、多元化的營收來源持續展現動能。因此，我們實現稅前獲利 5.30 億美元、每股盈餘 0.64 美元，自由現金流 12 億美元，投入資本報酬率達 12%。

Our results are powered by the Delta people who will always be our greatest competitive advantage, and I want to thank all 100,000 members of the Delta team for their commitment to delivering for our customers each and every day. For the seventh year, Delta's people-first culture has earned a place on the Fortune 100 Best Companies to Work For list, moving into the top 10 for the first time.

我們的成果來自達美的同仁，他們永遠是我們最大的競爭優勢；我也要感謝 10 萬名達美團隊成員每天致力於為客戶交付服務。連續第七年，達美以「以人為本」的文化入選《財富》雜誌「100 家最佳雇主」榜單，並首次進入前 10 名。

When Delta succeeds, so do our people. In February, we celebrated $1.3 billion in profit-sharing payouts. Similar to last year, this was more than the rest of the industry combined.

達美成功，我們的同仁也會受益。2 月，我們慶祝發放 13 億美元的利潤分享獎金。與去年相同，這一金額超過了整個產業其他公司合計。

Looking at the current environment, demand remains strong. The acceleration we saw in March is carrying forward into the June quarter. Over the last month, cash sales, which are the clearest indicator of demand, are up double digits, with strength across the booking curve, geographies, and products.

就目前環境而言，需求仍然強勁。我們在 3 月看到的加速成長正延續到 6 月季度。過去一個月，現金銷售（最能清楚反映需求的指標）呈現兩位數成長，且在訂位曲線、地理區域與產品面皆表現強勁。

Our consumers are continuing to prioritize experiences, with travel among the top spending categories. We are seeing this in continued double-digit spend growth on the Delta American Express Card portfolio, building on last year's double-digit growth.

我們的消費者持續將體驗置於優先，旅遊仍是主要支出類別之一。我們從達美美國運通卡（Delta American Express Card）產品組合的刷卡金額持續兩位數成長中看見這一點，並在去年兩位數成長的基礎上再度提升。

Combined with strong corporate trends, our customer base is showing greater resilience to macro and geopolitical uncertainty. The war in the Middle East has driven an unprecedented spike in jet fuel with prices roughly double what they were earlier in the year. In this environment, our focus is on what we can control, running a reliable operation, taking care of our people and customers, and protecting our margins and cash flow.

再加上強勁的商務趨勢，我們的客群對總體經濟與地緣政治不確定性的承受力更強。中東戰事導致航空燃油出現前所未見的飆升，價格約為今年稍早的兩倍。在此環境下，我們專注於可控事項：維持可靠營運、照顧同仁與客戶，並守住我們的利潤率與現金流。

As part of that, we are meaningfully reducing capacity in the current quarter with a downward bias until we see the fuel situation improve. At the same time, we're moving quickly to recapture higher fuel prices. With much of the industry still struggling to earn its cost of capital, there's a high sense of urgency to address higher fuel and reduce unprofitable flying.

作為其中一環，我們在本季度將大幅下調運能，並在燃油情勢改善前維持偏向下調的策略。同時，我們也正迅速採取行動以回收更高的燃油價格成本。在產業多數同業仍難以賺取資本成本之際，因應燃油上升並減少虧損航班具有高度急迫性。

Over my career, I've seen many periods of disruption in this industry. And time and again, high fuel prices have been the most powerful catalyst for change, separating the winners and forcing weaker players to rationalize, consolidate or be eliminated.

在我的職涯中，我見過這個產業多次遭遇干擾。一次又一次，高油價一直是最強而有力的變革催化劑，能夠區分贏家，並迫使較弱的業者進行合理化、整併，或被淘汰。

Delta is navigating from an advantaged position. We have the best-in-class brand with a loyal, resilient and financially healthy customer base. Our financial foundation transcends the industry, built on double-digit returns, durable cash flow and an investment-grade balance sheet. And we own a refinery that provides a partial offset to elevated refining margins.

達美正以更具優勢的位置應對。我們擁有同級最佳的品牌，以及忠誠、具韌性且財務健康的客戶基礎。我們的財務基礎超越產業水準，建立在兩位數報酬、穩健的現金流與投資等級資產負債表之上。此外，我們擁有一座煉油廠，可在一定程度上抵銷偏高的煉製利差。

Based on current demand trends, we expect low-teens revenue growth in the June quarter, recapturing 40% to 50% of the more than $2 billion of fuel headwind in the quarter. With that, we expect to deliver 6% to 8% operating margin with a pretax profit of $1 billion. Dan will talk more about the components of our outlook.

基於目前的需求趨勢，我們預期 6 月季度營收將呈現低十位數成長，並在該季度超過 20 億美元的燃油逆風中回收 40% 至 50%。因此，我們預期可達成 6% 至 8% 的營業利益率，稅前獲利 10 億美元。Dan 將進一步說明我們展望的各項組成。

And while it's still early to update the full year outlook, our structural advantages and execution keep us on track to achieve our long-term financial targets. So while higher fuel is a current impact to earnings, I'm confident this environment ultimately reinforces Delta's leadership and accelerates our long-term earnings power. '26 will be another opportunity to demonstrate how much we have structurally improved our business and reduced earnings volatility relative to prior cycles and to the industry.

雖然現在更新全年展望仍為時尚早，但我們的結構性優勢與執行力使我們仍按計畫達成長期財務目標。因此，儘管高油價目前對獲利造成影響，我有信心這樣的環境最終將強化達美的領導地位，並加速我們長期的獲利能力。2026 年將再次成為一個機會，展現我們在結構上已大幅改善業務，並相較於過去景氣循環及相較於同業，降低獲利波動。

That also shows up in how we operate and serve our customers. We've long been recognized as the industry leader in reliability. In this quarter, Cirium named Delta The Most On-Time Airline in North America, for the fifth consecutive year. That reflects the strength of our operation and the pride that our teams take in delivering for customers.

這也反映在我們的營運方式與服務客戶的表現上。我們長期以來被公認為業界可靠性領導者。在本季度，Cirium 連續第五年將達美評為北美最準點航空公司。這反映了我們營運的實力，以及團隊以為客戶交付服務為榮的精神。

At the same time, over the past several months, particularly following severe weather, our reliability and recovery haven't met consistently enough our high standards. We understand the drivers, and this has our full attention. Teams are taking targeted actions to improve resilience and recovery as well as addressing challenges that have resulted from contractual changes to our pilot working agreement that came into effect over the past year. While this will take a little bit of time to work through, we're partnering with our pilots and union leadership to ensure we deliver the reliability that Delta is known for.

同時，在過去幾個月，特別是在惡劣天氣之後，我們的可靠性與復原表現未能以足夠一致的程度達到我們的高標準。我們了解背後的驅動因素，並已全力關注此事。各團隊正採取具針對性的行動，以提升韌性與復原能力，同時也在處理由於過去一年生效的飛行員工作協議合約變更所帶來的挑戰。雖然這需要一些時間才能完全理順，但我們正與飛行員及工會領導層合作，確保我們能交付達美一向以之聞名的可靠性。

Reliability and experience go hand in hand, and we're continuing to invest for our customers. During the quarter, we placed firm orders for 95 additional aircraft, accelerating our fleet renewal and supporting international growth in the years ahead. We also expanded our industry-leading lounge network, opening a new Sky Club in Denver and completing three newly renovated clubs here in Atlanta.

可靠性與經驗相輔相成，我們也持續為客戶加大投資。本季期間，我們已下達95架新增飛機的確定訂單，加速機隊汰舊換新，並支持未來數年的國際成長。我們也擴展業界領先的貴賓室網絡，在丹佛開設新的 Sky Club，並在亞特蘭大完成三間全新翻修的貴賓室。

And as we invest in the physical experience on the ground and in the air, we're also continuing to set the standard for the digital travel experience. Fast free WiFi is already available to members on our 1,200 aircraft, enabling more personalized seatback, and in-flight entertainment than any carrier in the sky. Last week, we took another strong step forward by announcing a game-changing partnership with Amazon Leo, to bring the next generation of satellite connectivity to our aircraft.

在我們投資於地面與空中的實體體驗之際，也持續為數位旅行體驗樹立標竿。快速且免費的 WiFi 已提供給我們1,200架飛機上的會員使用，帶來比任何航空公司都更個人化的座椅背後與機上娛樂體驗。上週，我們宣布與 Amazon Leo 建立具顛覆性的合作夥伴關係，為機隊導入下一代衛星連線，邁出另一大步。

Enhanced capabilities and our growing partnerships create meaningful opportunities as we continue to build Delta Sync into a powerful platform for onboard digital engagement. This year, we expect to cross 110 million customer log-ins, reflecting strong adoption and growing engagement. With partners like the New York Times joining YouTube Premium, Paramount+, American Express, and T-Mobile, Delta Sync is delivering differentiated experiences that deepen customer engagement and strengthen our brand, and much more to come.

強化的能力與持續擴大的合作夥伴關係，為我們將 Delta Sync 打造成強大的機上數位互動平台帶來重要機會。今年我們預期客戶登入次數將突破1.10億次，反映出強勁的採用率與持續提升的互動程度。隨著《紐約時報》加入 YouTube Premium、Paramount+、American Express 與 T-Mobile 等合作夥伴行列，Delta Sync 正提供差異化體驗，深化客戶互動並強化我們的品牌，未來還有更多值得期待。

So in closing, the March quarter reinforces the strength and durability of the Delta model and our investment thesis: strong demand, disciplined execution, and the benefits of the strategic choices that we've made to build a more resilient business. Most importantly, we have the best people in the industry, and that advantage cannot be replicated.

總結而言，3月季度再次印證 Delta 模式與我們投資論點的強度與韌性：強勁需求、紀律執行，以及我們所做策略選擇帶來的效益，打造更具韌性的企業。最重要的是，我們擁有業界最優秀的人才，而這項優勢無法被複製。

With that, I'll turn it over to Joe to walk through revenue.

接下來我把時間交給 Joe，請他說明營收。

Thank you, Ed. I want to start by thanking the Delta people. In a quarter with strong demand and a dynamic backdrop, our people delivered for our customers. As I step into the Chief Commercial Officer role, our focus is accelerating the integrated strategy that has consistently delivered a sustained unit revenue premium.

謝謝你，Ed。我想先感謝 Delta 的同仁。在需求強勁且外部環境多變的一季，我們的同仁為客戶交出成果。我接任首席商務長一職後，我們的重點是加速推進整合式策略，該策略一向能持續帶來單位營收溢價。

Commercially, we're building on our strength, leveraging a leading global network, scaling best-in-class domestic hubs and growing our international reach. For customers, we are continuing to invest across the travel journey and expanding choice, enabled by better retailing and technology that improves how we sell and serve. Customers are responding by flying us more often and spending more within our loyalty ecosystem, deepening their engagement with Delta. And through continued fleet renewal, we are driving incremental margin improvement with more premium seating, lower unit costs, and improved fuel efficiency.

在商務面，我們正延續既有優勢，運用領先的全球航網，擴大一流的國內樞紐規模，並拓展國際版圖。對客戶而言，我們持續在整段旅程中投資並擴大選擇，透過更佳的零售能力與科技，改善我們的銷售與服務方式。客戶的回應是更常搭乘我們的航班，並在我們的忠誠生態系中增加消費，進一步加深與 Delta 的互動。同時，透過持續更新機隊，我們以更多高端座位、更低單位成本與更佳燃油效率，推動利潤率的增量改善。

March quarter results demonstrate the power of this model. Total revenue of $14.2 billion was a first quarter record and 9.4% higher than last year, several points above our initial outlook. Total unit revenue grew by 8.2%, with a nearly 2-point contribution from MRO. Passenger unit revenue growth was healthy across the board with sequential improvement from the fourth quarter in all regions.

3月季度的成果展現了此模式的威力。總營收達142億美元，創第一季新高，較去年成長9.4%，比我們最初展望高出數個百分點。總單位營收成長8.2%，其中 MRO 貢獻接近2個百分點。各區域的旅客單位營收成長全面健康，且相較第四季在所有地區皆呈現逐季改善。

Domestic and international unit revenue grew mid-single digits and improved through the quarter, with strong performance in both premium and main cabin. Importantly, we saw an inflection in main cabin with the first full quarter of positive unit revenue growth since the end of 2024.

國內與國際單位營收皆以中個位數成長，並在季度內逐步改善；高端艙等與主艙等表現同樣強勁。重要的是，我們在主艙等看到轉折點，這是自2024年底以來首次出現單位營收正成長的完整季度。

Diverse revenue streams represented 62% of total revenue in the quarter, with premium and loyalty growing mid-teens. Remuneration from American Express grew 10% to over $2 billion, led by 12% spend growth on strong acquisitions. Corporate sales grew double digits and set a quarterly record. Performance improved throughout the quarter with positive growth across all sectors.

本季多元收入來源占總營收的62%，其中高端與忠誠業務以十幾%的幅度成長。來自 American Express 的報酬成長10%至超過20億美元，主要由強勁獲客帶動的12%刷卡消費成長所驅動。企業銷售以雙位數成長並創下單季新高。整體表現於季度內持續改善，各部門皆呈現正成長。

Turning to our June quarter outlook, we are reducing capacity and taking steps to recapture higher fuel. Our strong brand preference, premium product focus, and actions on capacity position us well to do so. While historically, fuel recapture has lagged 60 to 90 days, we are seeing a quicker response with real-time traction in the industry given the pace and magnitude of the move up in fuel.

接著談6月季度展望，我們將降低運能，並採取措施以回收較高的燃油成本。我們強勁的品牌偏好、高端產品聚焦，以及在運能上的作為，使我們具備良好條件達成目標。過去燃油回收通常落後60至90天，但鑑於燃油上漲的速度與幅度，我們看到更快的反應，且在產業中已出現即時的進展。

Corporate and consumer demand continues to be strong even as we pass through higher fuel. Cash sales grew mid-teens in March, with momentum extending into April across the booking curve and in both premium and main cabin. With these dynamics, we expect second quarter total revenue growth of low-teens on flat capacity growth, reflecting double-digit passenger unit revenue growth. This is a meaningful acceleration from mid-single-digit unit revenue growth in the March quarter. As with any environment, we will remain nimble, prioritizing margins and return over both the near and long term.

即使我們逐步轉嫁較高燃油成本，企業與消費者需求仍然強勁。3月現金銷售以十幾%的幅度成長，動能延伸至4月，涵蓋整個訂位曲線，且高端與主艙等皆然。在這些動態下，我們預期第二季在運能成長持平的情況下，總營收將以十幾%低段成長，反映旅客單位營收的雙位數成長。這相較於3月季度中個位數的單位營收成長，是一項顯著加速。在任何環境下，我們都將保持靈活，無論短期或長期皆以利潤率與報酬為優先。

In closing, the March quarter demonstrates our commercial advantages, and we are focused on investing to extend our leadership over time. With that, I'll turn it over to Dan to go through the financials.

最後，3月季度展現了我們在商務面的優勢，我們也將專注投資，以隨時間推進延伸領導地位。接下來我把時間交給 Dan，請他說明財務狀況。

Thank you, Joe, and good morning to everyone. I also want to recognize and thank our people. This quarter demanded a lot from our teams across the operations. They responded with commitment, teamwork, and an unwavering focus on our customers.

謝謝你，Joe，也向各位道早安。我也要表揚並感謝我們的同仁。本季對我們各營運團隊提出很高要求。他們以承諾、團隊合作，以及對客戶堅定不移的專注作出回應。

In the first quarter, we delivered record March quarter revenue with an operating margin of 4.6% and earnings per share of $0.64, within our initial guidance range. Fuel prices averaged $2.62 per gallon, including a $0.06 benefit from our refinery. This was nearly $0.40 higher than we expected at the start of the quarter, driven by the sharp run-up in March. Nonfuel unit costs grew 6% over prior year, reflecting lower capacity growth than planned and higher recovery costs.

第一季我們創下3月季度營收新高，營業利益率為4.6%，每股盈餘為0.64美元，落在我們最初指引區間內。燃油價格平均每加侖2.62美元，其中包含我們煉油廠帶來的0.06美元效益。這比我們在季度初預期高出近0.40美元，主要受3月燃油價格急升所致。非燃油單位成本較去年成長6%，反映運能成長低於原先規劃以及較高的復原成本。

On cash, we generated $2.4 billion of operating cash flow, after $1.3 billion profit-sharing payment for our people. After reinvestment of $1.2 billion, we delivered $1.2 billion of free cash flow for the quarter.

在現金方面，我們創造24億美元的營運現金流，已扣除支付給同仁的13億美元利潤分享。在再投資12億美元後，本季我們實現12億美元的自由現金流。

Strong cash generation enables further balance sheet progress. We ended the quarter with adjusted net debt of $13.5 billion, down 20% from last year, and gross leverage of 2.4 times.

強勁的現金創造能力使我們得以進一步改善資產負債表。本季結束時，調整後淨負債為135億美元，較去年下降20%，總槓桿倍數為2.4倍。

Now turning to the June quarter outlook. Our outlook is based on a fuel assumption using the forward curve as of April 2, resulting in an average price of approximately $4.30 per gallon, approximately double the price we were paying last year. This includes an estimated $300 million benefit from our refinery. Relative to the start of the year, this fuel price adds more than $2 billion of additional fuel expense in the quarter.

接著談6月季度展望。我們的展望以4月2日的遠期曲線作為燃油假設，推算平均價格約為每加侖4.30美元，約為去年我們支付價格的兩倍。其中包含估計來自我們煉油廠的3億美元效益。相較年初，這一燃油價格使本季燃油費用增加超過20億美元。

With these fuel assumptions, the actions we are taking and continued strength in demand and we expect total revenue to grow in the low teens on flat capacity to prior year. With this, nonfuel unit costs are expected to grow similar to the rate in first quarter, reflecting the impact of our capacity reductions and the continuation of higher crew-related costs.

在上述燃油假設下，結合我們正在採取的行動以及需求持續強勁，我們預期在運能與去年持平的情況下，總營收將以十幾%低段成長。在此情況下，非燃油單位成本預期將以與第一季相近的速度成長，反映我們降低運能的影響，以及較高的機組人員相關成本持續存在。

As Ed discussed, improving operational resilience is a top focus, and we are confident in delivering improvement in both operational and cost performance in the second half of the year. Based on those components, we expect a second quarter operating margin of 6% to 8%, with earnings per share of $1 to $1.50.

如同 Ed 所討論的，提升營運韌性是最重要的焦點之一，我們有信心在今年下半年同時在營運與成本表現上交出改善成果。基於這些構成要素，我們預期第二季營業利益率為 6% 至 8%，每股盈餘為 1 美元至 1.50 美元。

With structural advantages and the actions we are taking, we are best positioned to navigate this evolving environment. The strength of the brand, the resilience of our customers and a more diversified revenue base provide greater financial durability.

憑藉結構性優勢以及我們正在採取的行動，我們處於最佳位置以因應這個不斷演變的環境。品牌的強勁、客戶的韌性以及更為多元化的營收基礎，帶來更高的財務耐久性。

Our balance sheet is the best in our history. We are investment grade at all three credit rating agencies, have reduced our adjusted net debt below 2019 levels, and we have a well-laddered maturity profile supported by a substantial base of unencumbered assets and secured borrowing capacity.

我們的資產負債表是公司史上最佳。我們在三家信用評等機構皆為投資等級，已將調整後淨負債降至低於 2019 年水準，並且我們擁有期限分布良好的到期結構，背後有可觀的未設擔保資產基礎與擔保借款額度作為支撐。

Our vertically integrated fuel strategy is a unique differentiator. The refinery directly supplies a portion of our jet fuel needs and its economics partially offset higher cracks, reducing the all-in price we pay for jet fuel. Before we move to Q&A, I want to highlight the performance of our third-party maintenance, repair, and overhaul business.

我們的垂直整合燃油策略是獨特的差異化優勢。煉油廠直接供應我們部分航空燃油需求，其經濟效益可部分抵銷較高的裂解價差（crack spreads），降低我們支付的航空燃油總體價格。在進入問答之前，我想強調我們第三方維修、修理與大修（MRO）業務的表現。

As we discussed in January, with increased financial disclosure in MRO, breaking out both revenue and costs in the P&L. The MRO revenue in the first quarter more than doubled over the prior year to $380 million on execution by the Delta Tech Ops team. For the remaining quarters of the year, we expect a healthy but more normalized rate of MRO growth, supporting a full year revenue output -- outlook of $1.2 billion, representing nearly a 50% improvement over last year, with expanding margins.

如同我們在一月所討論的，MRO 的財務揭露已增加，並在損益表中分別列示營收與成本。在達美技術營運（Delta Tech Ops）團隊的執行下，第一季 MRO 營收較去年同期增加逾一倍，達到 3.8 億美元。對於今年剩餘季度，我們預期 MRO 將維持健康但更為常態化的成長速度，支撐全年營收產出—展望為 12 億美元，較去年提升近 50%，且利潤率擴張。

In closing, Delta's financial strength transcends the industry and positions us to extend our leadership through times of volatility, reinforcing our advantages, and improving the long-term earnings power of the business.

最後，達美的財務實力超越同業，使我們得以在波動時期延續領導地位，強化我們的優勢，並提升公司長期的獲利能力。

Now with that, I hand it back to Julie for Q&A.

接下來，我把時間交回給 Julie 進行問答。

Thank you, Dan. Matthew, can you please remind the analysts how to enter the question queue?

謝謝你，Dan。Matthew，你可以提醒分析師如何加入提問隊列嗎？

(Operator Instructions) Savi Syth, Raymond James.

（接線員指示）Savi Syth，Raymond James。

Maybe the industry, as you pointed out, has been quick here to raise fares and bag fees. I was curious if the mid-teens revenue outlook reflects what you're seeing on the books today or if you have an assumption that some of those fares and fees will drive acceleration in the back half of the quarter?

也許如你所指出的，產業這邊很快就調高票價與行李費。我想了解一下，營收展望的「十幾％」增幅，反映的是你們今天在訂位帳上看到的情況，還是你們假設其中部分票價與費用調升會在本季後半段帶來加速？

Well, Savi, are you on speakerphone? We barely could hear what you were saying. It came across mumbled.

Savi，你是在用擴音通話嗎？我們幾乎聽不清楚你在說什麼。聽起來有點含糊不清。

Yes. Let me try this, Ed. Sorry about that. Yes. So related to kind of the -- kind of this quick action on fees and bag fees here, I was curious if the mid-teens revenue outlook reflects what you're seeing in the book today or if that includes an assumption that some of those fare increases and fees will drive kind of acceleration in the back half of the quarter.

是的。Ed，我再試一次。抱歉。是的。所以，關於這次費用與行李費的快速調整，我想了解一下，營收展望的「十幾％」增幅，反映的是你們今天在訂位帳上看到的情況，還是其中包含你們假設部分票價上調與費用會在本季後半段帶來某種加速？

While we are -- what we are seeing over the current term, clearly, we assumed in that analysis that oil prices were going to stay very high through the quarter, consistent with our fuel assumption, and so there would be more growth anticipated in terms of improved RASM going forward throughout the quarter.

就我們在近期所看到的情況而言，很明顯地，我們在那個分析中假設油價會在整個季度維持在非常高的水準，與我們的燃油假設一致，因此預期在本季接下來的期間，改善後的 RASM 會帶來更多成長。

Makes sense. And maybe just a follow-up on that. You showed kind of really strong RASM across the four entities in 1Q. I was curious what the general expectations are in 2Q, and if there was any differences in demand strength or ability to pass through higher costs across those entities?

了解。那我再追問一下。你們展示了第一季四個業務單元的 RASM 都相當強勁。我想了解第二季的一般預期為何，以及在這些業務單元之間，需求強度或轉嫁較高成本的能力是否有任何差異？

Savi, this is Joe. No, we see actually really good demand right now across all entities, going into peak summer for Transatlantic, and that looks very good right now, Transatlantic was a bright spot for the first quarter. So now, across all the booking curves and across all the booking periods, we're seeing strong demand.

Savi，我是 Joe。不，我們目前在所有業務單元其實都看到非常好的需求，跨大西洋航線即將進入夏季旺季，目前看起來非常好；跨大西洋在第一季就是亮點。所以現在，無論是各條訂位曲線或各個訂位期間，我們都看到強勁需求。

Conor Cunningham, Melius Research.

Conor Cunningham，Melius Research。

Just again, I totally appreciate you're not speaking to the 2026 earnings at this point. But only like maybe play back last year, it was a much different circumstance when you did full guidance. So I was hoping you could just level-set a little bit to how you view the year. Clearly, demand is where you think it is. Is it just like where jet fuel settles to see where you can start to potentially get back to growing earnings again this year?

我再次完全理解你們目前不談 2026 年的獲利。但如果回看去年，當你們提供完整指引時，情況非常不同。所以我希望你們能稍微重新校準一下你們對今年的看法。顯然，需求如你們所認為的那樣。是否就是要看航空燃油最終落在什麼水準，才能開始可能在今年重新回到獲利成長？

Conor, yes, exactly. We woke up this morning with a very different set of fuel assumptions than we had before we went to bed. And in this environment with this level of volatility, which we don't expect the volatility to stay at this pace day by day as this conflict progresses one way or the other, and so until we have a better sense for where structurally we see oil landing, which we do believe will be higher for longer, not to say at the levels we modeled, we'll be in a better opportunity to guide, which I think is a little different than the situation where we were a year ago where that was more revenue based, and that was a much more difficult wildcard.

Conor，是的，完全正確。我們今天早上醒來時，燃油假設與我們昨晚入睡前相比已經非常不同。在這種波動程度的環境下，我們不預期隨著衝突朝某個方向發展，波動會每天都維持在這樣的速度；因此，在我們更清楚結構性地看見油價將落在何處之前——我們確實相信油價會在較長時間維持較高水準，但不一定是我們模型所假設的那些水準——我們才會有更好的條件提供指引。我認為這與一年前的情況有些不同，當時更多是以營收為主，而那是一個更難掌握的變數。

Fair. Okay. Just on the long-term EPS, your confidence there, I mean, I tend to agree with you. I think that obviously, there's a clear foundation for strong earnings quality going forward. In the past, you've seen oil spike, fares follow, and then oil kind of normalize and then fares kind of follow that.

合理。好。再談長期 EPS，你們的信心——我想我傾向同意你們。我認為很明顯地，未來確實有強勁獲利品質的清楚基礎。過去你們看到油價飆升、票價跟著上調，然後油價某種程度回歸常態，票價也會跟著回落。

But it seems like it's a bit different as we start to look towards '27. So if you could just walk through the puts and takes of how you see the industry kind of playing out. What do you see for Delta to continue to take share and drive margins and durability in cash flows?

但看起來，當我們開始展望 2027 年時，情況似乎有些不同。所以如果可以，請你們說明一下你們如何看待產業的拉鋸因素與走向。你們認為達美要如何持續擴大市占、推升利潤率並提升現金流的耐久性？

Well, I think I mentioned it in my prepared remarks, you have a considerable portion of the industry that has not returned its cost of capital, has not made a profit in years. And going back over the last decade, when we saw consolidation happen, we forget what drove consolidation. What drove consolidation was higher fuel prices back in 2009, '10, '11, and we were the leaders in that with the acquisition of Northwest in 2008. So I anticipate higher fuel prices will cause much more significant structural reform than we've seen over this period.

我想我在事先準備的發言中提到過，產業中有相當大一部分至今未能賺回資本成本，也已多年未獲利。回顧過去十年，當我們看到整併發生時，我們往往忘了是什麼驅動了整併。驅動整併的是 2009、2010、2011 年較高的燃油價格，而我們在其中扮演領導角色，於 2008 年收購 Northwest。因此我預期較高的燃油價格將引發比這段期間所見更為顯著的結構性改革。

COVID, I think, was a different animal where every -- no one was strong enough to engage in the type of rationalization that was necessary. And as we look forward to building a healthier business for the future, there's a number of business models that their owners are going to start questioning whether they continue to commit capital to. And however that plays out, it's going to be a benefit to Delta.

我認為 COVID 是另一種情況，當時每一家——沒有任何一家強到足以進行必要的那種理性化調整。而當我們展望打造更健康的未來業務時，有一些商業模式的所有者將開始質疑是否要繼續投入資本。不論最終如何發展，這都將有利於達美。

Tom Fitzgerald, TD Cowen.

Tom Fitzgerald，TD Cowen。

Really encouraging set of results. Just kind of curious if there's any kind of places where you've seen other geographies or customer segments or parts of the cabin where you've seen more demand elasticity, or so far, so good and pretty much just [broad banked] and no pushback against higher fares?

這是一組非常令人鼓舞的業績。我只是有點好奇，你們是否在某些地方看到其他地區、客戶族群或機艙的某些區域出現較高的需求彈性？或者到目前為止一切都很好，基本上是[broad banked]，對較高票價也沒有任何反彈？

Tom, this is Joe. Across our network, we've got a very strong bookings right now for the second quarter and summer. So in a broad view, we've seen very strong demand and especially still in the premium and corporate space.

Tom，我是Joe。就我們整個航網而言，目前第二季與夏季的訂位非常強勁。所以從整體來看，我們看到非常強的需求，尤其是在高端與商務市場仍然很強。

A couple of places that we've talked about before is point-of-sale Europe has been a little bit weaker. We've seen a little bit of weakness in Mexico leisure. Just with the incidents that occurred in point of origin, we've taken capacity actions there. So a couple of hotspots around our network, but overall, very broad and -- broad strength in what we're seeing.

我們之前談過的幾個地方是，歐洲銷售點（point-of-sale）一直稍微偏弱。我們也看到墨西哥休閒市場有些疲弱。由於出發地發生的事件，我們已在那裡採取了運能調整措施。所以在我們的航網中有幾個熱點，但整體而言，需求非常廣泛，而且——我們所看到的是廣泛的強勁。

Okay. That's really helpful. And then just maybe sticking with international over the long term here, how you're thinking about international margins and then just maybe the mix shift within international in terms of premium versus main?

好的。這很有幫助。接著可能回到長期的國際業務，你們如何看待國際航線的利潤率？以及國際航線內部在高端艙等相對於主艙（main）的組合變化？

Yes. As we -- on our journey, as we expand our international footprint, we're really pleased with the results and what it does for our total network to ensure we're in the right economies around the world. Our premium demand comes from how we're redoing the interiors of our airplanes with seating, with our D1 seats, our DPS. If you look at the aircraft we're taking, closer to 50% of that cabin now is premium seating. And what we're retiring is aircraft that are 30% premium.

是的。在我們的旅程中，隨著我們擴大國際版圖，我們對成果以及它對整體航網的作用感到非常滿意，確保我們在全球各地正確的經濟體中布局。我們的高端需求來自於我們重新打造機艙內裝：座椅、我們的D1座椅、我們的DPS。如果你看我們正在引進的機型，現在那個機艙接近50%是高端座位。而我們正在汰換的機型，高端座位占比是30%。

And we're actually able to carry a lot more cargo. If you look at our cargo numbers, this quarter, we were up 8%. And that continues to grow and a lot from Asia as we've invested in the product. So as we invest in the product, fuel-efficient airplanes, the strength of our domestic network, that feeds international. And more importantly, the hubs that we use around the world with our partners really gives us that insulation and our strength.

而且我們實際上也能運載更多貨物。如果你看我們本季的貨運數據，年增8%。而且這還在持續成長，其中很大一部分來自亞洲，因為我們在產品上做了投資。因此，當我們投資於產品、燃油效率更高的飛機，以及我們強勁的國內航網（為國際航線導流）。更重要的是，我們與合作夥伴在全球使用的樞紐，確實為我們提供了那種緩衝與優勢。

Mike Linenberg, Deutsche Bank.

Mike Linenberg，德意志銀行。

Good results, nice to see in a difficult environment. Joe, your predecessor had floated the idea of segmentation in the premium cabin. It looks like one of your competitors is going down that path. Where are you with respect to that? What are some of the gating issues in launching that?

在艱難的環境下交出不錯的成績，很高興看到。Joe，你的前任曾提出在高端艙等做進一步分層（segmentation）的想法。看起來你們的一家競爭對手正在走這條路。你們在這方面進展如何？推出這項措施有哪些關鍵的門檻或待解決的問題？

Mike, we're -- as we talked about this over the past couple of years, of further segmentation, we're well on our journey, and we're on target for where we want to be by the end of the year with the premium segmentation. So for us, we're full speed ahead on that, and we like what we see so far in the segmentation. So you can expect more for us in the next couple of quarters.

Mike，正如我們過去幾年談到的，關於進一步分層，我們的旅程進展順利，而且我們正按計畫在年底前達到我們希望的高端艙等分層目標。所以對我們而言，我們正全速推進，而且目前看到的分層效果我們很喜歡。因此，接下來幾個季度你可以期待我們會有更多動作。

Great. And then second question, just maybe to Dan, this probably falls under your role, notwithstanding the Strait of Hormuz maybe now open, we had been hearing about jet fuel shortages in parts of the world, Asia Pacific, maybe Australia, down to 25, 30 days. Do you have any issues with sourcing jet fuel? Any issues on the horizon, anything that you're hearing?

很好。第二個問題，可能給Dan，這大概屬於你的職責範圍。撇開荷姆茲海峽現在可能已經開放不談，我們之前聽到世界某些地區有航空燃油短缺的情況，像是亞太地區、也許澳洲，庫存天數降到25到30天。你們在採購航空燃油方面有任何問題嗎？未來是否有任何風險或你們聽到的狀況？

Yes, Mike, thank you. No, we have no issues today, and we don't see any over the next 30 days or so.

是的，Mike，謝謝。沒有，我們目前沒有任何問題，而且我們也不認為未來30天左右會有問題。

John Godyn, Citigroup.

John Godyn，花旗集團。

I was hoping to just maybe explore the conversation around capacity reduction a bit more. Is there anything you guys can just help us with kind of putting some bookends or some dimensions around back-half capacity growth, what the pivot points are? Are you guys managing to EPS neutrality or other metrics? Just help us think through that and what the puts and takes might be.

我想再多探討一下關於削減運能的討論。你們能否協助我們，為下半年運能成長提供一些上下限或範圍、以及關鍵的轉折點是什麼？你們是在以每股盈餘（EPS）中性或其他指標來管理嗎？請幫我們梳理一下你們的思考，以及可能的取捨因素。

John, this is Ed. As you can appreciate, it's a pretty dynamic environment. I'd say with fuel moving around, that's the biggest driver of some of our decision making. We have good line of sight, and Joe can add color as to what we see happening in the second quarter where the capacity is falling out to take out the growth.

John，我是Ed。你也能理解，這是一個相當動態的環境。我會說，燃油價格的波動是我們做出部分決策的最大驅動因素。我們有相當清晰的能見度，Joe也可以補充第二季我們看到的情況：哪些運能會退出，以便把成長拿掉。

But as you -- as we watch the events over the course of the next month or so, and when we set our summer schedule or finalize the summer schedule, there will be opportunities. And I think it will be heavily dependent on what's happening in the economy, what's happening with respect to demand elasticity as people have been asking, as well as where fuel prices are.

但隨著我們在接下來一個月左右觀察事態發展，並在制定或最終敲定夏季班表時，會有一些機會。而我認為這將高度取決於經濟狀況、如大家一直在問的需求彈性，以及燃油價格走勢。

Yes. And I think, John, when you see $4 to $5, we're targeting capacity in off-peak times. Off-peak for us, if you think about our unit revenue basis, is 15% to 20% less valuable than peak time flying. So when you think about edge-of-day, red-eye flying, those are all, when you think $4 to $5 of fuel, those markets will be under the most amount of pressure. So what you'll see from us is utilization flying, edge-of-day flying.

是的。而且我想，John，當你看到燃油價格在4到5美元時，我們會把運能調整的重點放在離峰時段。對我們而言，如果以單位營收的角度來看，離峰航班的價值比尖峰時段飛行低15%到20%。所以當你考慮一天邊緣時段（edge-of-day）、紅眼航班（red-eye）等，在燃油4到5美元的情境下，這些市場會承受最大的壓力。因此你會看到我們在使用率型飛行（utilization flying）、一天邊緣時段的航班上做調整。

We've done this over and over again when you have situations like this. So it's a very easy amount of capacity to come in and out, and it's one where you want to be more conservative in an environment like this.

在遇到這種情況時，我們已經一再這麼做。所以這是一種非常容易進出調整的運能，而且在這樣的環境下，你會希望採取更保守的做法。

As Ed said, we'll see where the rest of the year goes, but I think we'll probably take a downward bias and continue to look at the summer for opportunities.

如同Ed所說，我們會看看今年剩餘時間的走勢，但我認為我們可能會偏向下修，並持續在夏季尋找機會。

And to state the obvious, the best type of fuel recapture is not to purchase the fuel in the first place if it's not going to be profitable. So that's my bias here.

而且說句顯而易見的話，最好的燃油回收方式，就是如果不會獲利，那一開始就不要去買燃油。所以這是我在這裡的傾向。

Yes. I would just add, from working closely with the commercial teams over time, they just always have this eye to profitability, margins and returns. And they know where to draw the line and they adjust accordingly.

是的。我只想補充，長期以來我與商務團隊密切合作，他們一直都把獲利能力、利潤率與報酬放在眼裡。而且他們知道界線該畫在哪裡，並會相應調整。

That makes a lot of sense. I appreciate that color. It's certainly the right tactical playbook. I'm curious if there's a point where it becomes more of a strategic question about the fleet plan, accelerating retirement, getting out of an aircraft type, something like that. Should we be brainstorming the possibility of moves like that? Or are we just far away from that?

這很合理。感謝你們提供這些補充說明。這確實是正確的戰術操作手冊。我好奇是否存在某個點，讓這變成更偏策略性的問題，例如機隊規劃、加速汰舊、退出某一種機型之類的事情。我們是否應該腦力激盪這類動作的可能性？還是說我們離那一步還很遠？

We are doing that, and you're right, John, on the margin. We lean more heavily into making some of those decisions maybe a little sooner. But I'd say it's probably a bit early for us to announce a new strategic direction. But that's on the table.

我們正在這麼做，你說得對，John，就利潤率而言。我們會更傾向於把其中一些決策可能稍微提早做出。但我會說，現在對我們來講可能還有點早，還不適合宣布新的策略方向。不過這確實在考量範圍內。

Duane Pfennigwerth, Evercore ISI.

Duane Pfennigwerth，Evercore ISI。

I wonder if you could frame a yield improvement you may be seeing in Pacific ex China as long-haul flows avoid connecting through the Middle East for a period of time. Are you seeing a surge or maybe still seeing a surge in close-in premium?

我想請你談談，當長程航班的旅客在一段時間內避免經由中東轉機時，你們在「不含中國的太平洋航線」是否看到收益率（yield）有所改善。你們是否看到臨近出發日的高價（close-in premium）需求激增，或仍然維持在高檔？

Duane, this is Joe. Asia has been a very, I'd say, very durable for the past several quarters. Japan has been an outlier. China has been strong, in chime with our partner, has been very strong. We have seen demand avoiding the Middle East for connections.

Duane，我是Joe。亞洲在過去幾個季度一直非常——我會說非常有韌性。日本是個例外。中國表現強勁，配合我們的合作夥伴，也一直非常強勁。我們確實看到有需求在轉機時避開中東。

I'd say our partners probably see more of that as they go through Europe -- as they connect more through Europe or connect through Asia. But we can see it as well, and the close-in yields and bookings have been very strong on the business and corporate side.

我會說，我們的合作夥伴可能看到更多這種情況，因為他們會經由歐洲——也就是更多透過歐洲轉機或透過亞洲轉機。但我們也看得到，而且在商務與企業端，臨近出發日的收益率與訂位一直非常強勁。

And for my follow-up, just on MRO, hoping you can shed some light on the drivers of the pickup in revenue growth there. Can you just remind us how much of your own engine work your own MRO does? And is the revenue growth acceleration a function of increased capacity investments that you've made over the last couple of years?

我的追問是關於MRO（維修、修理與大修），希望你能說明那邊營收成長回升的驅動因素。你能否提醒我們，你們自家MRO承接了多少自家引擎的維修工作？另外，營收成長加速是否與你們過去幾年所做的產能投資增加有關？

Yes. A few items I'll talk about. First quarter was our lowest quarter last year. So we only used the one quarter, I guess, it was a low watermark, it was $140 million. So low benchmark.

是的。我會談幾點。去年第一季是我們最低的一季。所以如果只看那一季，我想那是低點，約1.4億美元。因此基期很低。

It relates to a strong backlog that the team had built throughout 2025 for not only '26 but '26 and beyond. And it's a balance of what the customers' needs are versus our shop capacity. And those things aligned and allowed the team to execute. The work scopes that we worked on were heavier work scopes and had more content associated with them, and it drove the revenue growth.

這與團隊在2025年期間建立的強勁待執行訂單（backlog）有關，不僅涵蓋2026年，也涵蓋2026年及之後。這是在客戶需求與我們廠房（shop）產能之間取得平衡。而這些因素剛好對上，使團隊得以順利執行。我們承接的工作範圍（work scopes）較重、內容更多，進而帶動營收成長。

That's why you'll see it sometimes be a little bit lumpy. It's not like just clocking in at 20% a quarter type thing. You'll see it move around. So that's why the annual growth rate in working towards a $1.2 billion and about just over 20%, you'll see for the remaining set of the quarters.

這也是為什麼你會看到它有時會比較不平滑、呈現波動。它不是那種每季都固定成長20%的模式。你會看到它上下變動。因此，當我們朝向12億美元、年增率約略略高於20%的目標前進時，你會在接下來幾季看到這樣的走勢。

Jamie Baker, JPMorgan.

Jamie Baker，摩根大通（JPMorgan）。

One for Joe. So we all know that the traditional discount airline model is impaired, and there are a lot of drivers for that. But one of them is clearly the absence -- I'm sorry, the advent of basic economy. On CNBC this morning, Ed declared corporate is back. So that's the basis of my question.

有一題給Joe。我們都知道傳統的折扣航空公司模式已經受損，背後有很多原因。但其中一個原因很明顯是——抱歉，是基本經濟艙（basic economy）的出現。今天早上在CNBC上，Ed表示企業客戶回來了。所以我的問題基於此。

As corporate volumes increase, do you have the capacity to manage that without decreasing basic economy inventory? Or should we assume that corporate recovery for Delta may actually advertently rejuvenate some of those smaller competitors that can't earn their cost of capital? I mean, obviously, it's great news for Delta, I'm just trying to take a bigger picture for the industry.

隨著企業客量增加，你們是否有能力在不降低基本經濟艙庫存（inventory）的情況下管理這些需求？或者我們是否應該假設，達美的企業需求復甦，反而可能在無意間讓一些較小、無法賺到資本成本的競爭對手重新獲得生機？我的意思是，這對達美當然是好消息，我只是想從產業更宏觀的角度來看。

Jim, yes, when I look at our corporate customers and where they book, I think we have plenty of seats for where in the booking curve those customers want to book in all cabins. So I don't think main cabin -- and basic is flexible depending on the market that we're in, right? Basic is not the same in every market and where we compete. So our inventory teams can change those strategies based on what we see for where the customers are on that yield curve. So I think those are flexible, but we generally always have seats for our closer-in, higher demand consumers.

Jim，是的，當我看我們的企業客戶以及他們的訂位位置時，我認為在訂位曲線上、這些客戶希望訂位的時間點，我們在所有艙等都有足夠座位。所以我不認為主艙——而基本經濟艙會依我們所在市場而有彈性，對吧？基本經濟艙在每個市場、以及我們競爭的環境中都不一樣。因此，我們的庫存團隊可以根據我們在收益率曲線上看到的客戶位置，調整這些策略。所以我認為這些是有彈性的，但一般而言，我們總是會為臨近出發日、需求較高且願付較高價格的消費者保留座位。

And as a follow-up on that, any geographies where you think your corporate share maybe, I don't know, a deficit to where it otherwise should be at this point? I mean any meaningful difference between the coasts and the interior, that sort of thing?

再追問一下，有沒有任何地區你覺得你們的企業市占可能——我不知道——低於此時點理應達到的水準？例如沿海與內陸之間是否有任何顯著差異之類？

I wouldn't say -- I would think on a year-over-year basis, we look at where our RASM grew for the first quarter, our coastals were stronger than our core because that's where corporate last year on the revenue side was more impaired. So we've seen the coastals actually very strong for the first quarter, which we were really pleased to see. Those are the biggest corporate markets. Some of our biggest clients are in the New York, Los Angeles, Boston, Seattle type market. So that's been really good to see on the -- on where that demand came from in the first quarter, kind of showing the resurgence and the durability of corporate.

我不會說——我會認為以年對年來看，我們看第一季RASM（每可用座位英里收入）的成長來源，沿海市場比我們的核心市場更強，因為去年沿海在營收端的企業需求受損更嚴重。所以我們看到沿海市場在第一季其實非常強勁，這讓我們很高興。那些是最大的企業市場。我們一些最大的客戶在紐約、洛杉磯、波士頓、西雅圖這類市場。因此，很高興看到第一季需求來源在這些地方，某種程度上顯示企業需求的回升與韌性。

And to be clear, Jamie, we have gained share over this past year as well -- this past quarter corporately. So we're not -- to echo Joe's point, we're not seeing any signs of weakness at all. If anything, that's been double digit just about every sector we follow.

而且要說清楚，Jamie，我們在過去一年——也就是過去這一季——在企業端也提升了市占。所以我們——呼應Joe的觀點——完全沒有看到任何疲弱跡象。如果有的話，我們追蹤的幾乎每個區隔都是雙位數成長。

Atul Maheswari, UBS.

Atul Maheswari，瑞銀（UBS）。

Are you able to provide more color on the second quarter revenue expectations or RASM expectations by yield and load factors? And then related to that, any second quarter expectations for various geographies would be helpful.

你們能否就第二季營收預期或RASM預期，從收益率（yield）與載客率（load factor）的角度提供更多說明？另外，若能提供第二季各地區的預期也會很有幫助。

Yes. I think the yield and load factor as we go to our flat capacity plan for the quarter, you're going to see -- you'll see some load factor improvement, and probably in all cabins. But mostly, it will come from yield. We've got a recovery from last year at this time where we were the hardest hit on revenue from the tariffs and other various events, and still recapture. So those are the biggest pieces of where we see yield versus load factor for the second quarter.

可以。我認為，當我們本季採取運能持平（flat capacity）的計畫時，你會看到——你會看到載客率有所改善，可能在所有艙等都是如此。但主要貢獻會來自收益率。相較去年同期，我們當時在關稅與其他各種事件下，營收受衝擊最嚴重，現在正在復原並持續收復。所以這些是我們看第二季收益率相對於載客率的主要因素。

And around the world, we're still seeing strength, I would say, equally around our system. You've seen the -- anything that's really been dragging is Mexico leisure, as we talked about. But we've moved that capacity out very quickly after the events, and that capacity is down for the foreseeable future. And those customers have actually just moved to different entities of leisure destinations, whether it's Caribbean or Florida. So we'll recapture them somewhere else.

至於全球，我會說我們在整個航網上仍然看到相當平均的強勁表現。真正拖累的部分是墨西哥的休閒需求，如同我們提到的。但在事件發生後，我們很快就把那部分運能移出，而且在可預見的未來，那邊的運能都會下降。而那些旅客其實只是轉往其他休閒目的地，不論是加勒比海或佛羅里達。所以我們會在其他地方把他們重新吸收回來。

But no, but I've seen -- I think we'll see the strength across the board.

不過沒有，我看到——我認為我們會看到全面性的強勁。

That's helpful. And as my follow up, if oil were to move, if the ceasefire goes permanent, oil moves sustainably lower from here and maybe price increases are not fully rolled back, in that scenario, do you think Delta can drive enough back half upside such that it enables you to achieve your previous full year outlook? Or do you think enough damage has already been done with the $2 billion incremental fuel cost this quarter that basically makes achieving the previous full year outlook outside any reasonable realm of possibility?

這很有幫助。我的追問是，如果油價出現變動——如果停火變成永久，油價從這裡開始持續性地下行，而且票價上調未必完全回吐——在那種情境下，你認為達美是否能在下半年帶來足夠的上行空間，使你們有機會達成先前的全年展望？或者你認為本季額外增加的20億美元燃油成本造成的損害已經太大，使得在任何合理範圍內都幾乎不可能達成先前的全年展望？

Atul, this is Ed. We're not in a position given how dramatic the fuel swings have been to really answer that. We do expect, hopefully, that fuel settles down. Now it will settle down, I think, at a higher level than where we have in the plan. So fuel recapture is going to be important no matter what we do.

Atul，我是 Ed。鑑於燃油價格波動如此劇烈，我們目前確實無法回答這個問題。我們確實希望、也希望燃油價格能夠趨於穩定。不過我認為它會在比我們計畫中假設的更高水準上趨於穩定。因此，不論我們採取什麼作法，燃油成本回收都將非常重要。

And the degree in which we can retain any of the pricing strength that we talked about from industry rationalization, that will certainly help us boost our margins this year and clearly into next year as well.

而且，我們能在多大程度上保留先前談到的、來自產業理性化所帶來的任何定價力，這當然會幫助我們在今年提升利潤率，並且明顯延續到明年。

Andrew Didora, Bank of America.

Andrew Didora，美國銀行。

So the 40% to 50% fuel recapture in 2Q was pretty similar to how we were thinking about it. But I guess what we've debated here is how this trends into back half of the year if we're in a higher for longer fuel environment. We would think this pass-through should continue to accelerate in that scenario. Is that a fair way to think about it? Or can you help us understand how you would think about the fuel recapture as we move into the back half of the year?

所以，第二季 40% 到 50% 的燃油回收率，與我們原先的想法相當接近。但我想我們在這裡討論的是，如果燃油處於「更高且維持更久」的環境，這個趨勢在下半年會如何發展。我們會認為在那種情境下，這種轉嫁應該會持續加速。這樣理解合理嗎？或者你能幫我們理解，當我們進入下半年時，你們會如何看待燃油回收？

Yes, our goal is to recapture all the fuel. Given the level at which we snapped it, it's going to take more than the current quarter. But we would expect if that fuel level stays intact, that we're going to continue to see a much higher percent as we move into summer.

是的，我們的目標是把所有燃油成本都回收回來。以我們鎖定的燃油水準來看，這會需要超過目前這一季的時間。但我們預期，如果燃油水準維持不變，隨著進入夏季，我們將持續看到更高的回收比例。

Okay. And then just, I guess, on the -- to touch up on the cost side, I think you've been highlighting some of these pilot recovery issues certainly lingering here into 2Q. I guess how do you fix that? And is there any kind of concern on those costs maybe being higher as we head into peak summer when the operation is a little more tightly wound?

了解。另外，我想在成本面再追問一下——你們一直強調一些飛行員復原相關的問題，顯然在第二季仍在延續。你們要如何解決？以及在旺季夏季、營運更緊繃時，是否擔心這些成本可能會更高？

Yes. As we talked about, we don't have the resilience that we're known for related to that. We know what the drivers of that are. As Ed mentioned, it definitely has the full team's attention and focus. We're working on those things.

是的。如同我們所談到的，我們在這方面並沒有展現出我們一向以之聞名的韌性。我們知道驅動因素是什麼。如 Ed 所提到的，這件事確實已獲得整個團隊的高度關注與聚焦。我們正在處理這些事項。

It's a broad set of changes that we've got to go put in place. It will take us a little bit of time here as we work through it through the summer. And there's no doubt when you're flying more intensive operation, and as you see with weather, some of that will be highlighted more. But we expect to make progress on it as we progress through the summer and through the back half of the year.

這是一套我們必須落實的廣泛變革。在我們於夏季期間逐步推進的過程中，會需要一些時間。毫無疑問，當你執行更密集的航班營運時，再加上天氣因素，其中一些問題會更容易被凸顯。但我們預期，隨著夏季推進以及進入下半年，我們會在這方面取得進展。

Catherine O'Brien, Goldman Sachs.

Catherine O'Brien，高盛。

I guess just on demand, despite quite a bit of geopolitical and macro uncertainty, demand is just holding in remarkably well even in the face of higher fares to help offset fuel. This just feels really different than what we saw happened last year on macro and geopolitical uncertainty. What do you think is driving that difference?

我想就需求面來看，儘管地緣政治與總體環境存在相當多不確定性，需求仍然維持得非常好，甚至在票價上調以抵消燃油成本的情況下也是如此。這感覺與我們去年在總體與地緣政治不確定性下看到的情況非常不同。你認為造成這種差異的原因是什麼？

Catie, this is Ed. I said this publicly over the last number of months, I think the higher-end consumer, the premium consumer is candidly immune or becoming more immune to the headlines and not delaying their investment in the experience economy, waiting to see what the next headline is going to be, on the margin.

Catie，我是 Ed。過去幾個月我在公開場合也說過，我認為高端消費者、也就是高價位/高端客群，坦白說對新聞標題是免疫的，或正在變得更免疫；他們不會因為想看看下一個標題是什麼，而在邊際上延後對「體驗經濟」的投入。

I think a year ago at this time, I think people, and not just people, individual, importantly, corporates, were stalled, were a bit frozen by the dramatic nature of the tariff uncertainty. And we hear about tariffs now every day. And sometimes they go up, sometimes they go down. But it's not affecting individuals' lives in a meaningful way. And I think you -- as difficult as it is to see what's going on with the conflict in the Middle East, I'm not sure that our premium customers are feeling affected by that.

我認為一年前的這個時候，人們——而且不只是個人，重要的是企業——都停滯了，有點被關稅不確定性的劇烈程度凍住了。而現在我們每天都在聽到關稅。有時上調，有時下調。但它並沒有以有意義的方式影響個人的生活。而且我想——儘管中東衝突的情況令人難以目睹——我不確定我們的高端客戶是否覺得自己受到影響。

Okay. So maybe volatilities are a new normal. Got you. Maybe I realize that it's really tough to call what's going to happen in the back half of the year and totally understand that. But maybe just taking the $1.2 billion of free cash flow you produced in the first quarter, and I'm not sure what the free cash flow outlook is underlying your 2Q, but I'm sure you've got something penciled in there, how is first half free cash flow tracking versus your original $3 billion to $4 billion full year target?

了解。所以也許波動性已成為新常態。明白了。我也理解要預測下半年會發生什麼真的很難，完全可以理解。但或許以你們第一季產生的 12 億美元自由現金流來看——我不確定你們在第二季指引背後的自由現金流展望是什麼，但我相信你們內部一定有估算——上半年自由現金流相較於你們原先全年 30 億到 40 億美元目標的進度如何？

It's on track through the first quarter. The second quarter will be impacted from where we expect the quarter is versus our current guide. But that -- you would expect that with the loss in earnings.

截至第一季為止是符合進度的。第二季會受到影響，因為我們預期本季表現相較於目前指引會有所差異。但——考量到獲利下滑，你也會預期會有這樣的影響。

Michael Goldie, BMO Capital.

Michael Goldie，BMO Capital。

Your release noted that you're seeing particular strength in corporate demand for premium products. Is this a general market trend? Or are there specific Delta initiatives such as merchandising and working with your corporate clients to improve that premium uptake?

你們的新聞稿提到，你們看到企業對高端產品的需求特別強勁。這是整體市場趨勢嗎？還是因為達美有特定的措施，例如商品化（merchandising）以及與企業客戶合作，以提升高端艙等的採用率？

Mike, this is Joe. Well as you know, overall, the economy is strong. And so corporate customers were moving and it's been -- first quarter had been a step-up from what we saw exiting last year. And so customers are back on the road. Remember, last year at this time, we really had a very slow corporate growth as we got into the March and April time period.

Mike，我是 Joe。嗯，如你所知，整體而言經濟很強勁。因此企業客戶在出行，而第一季相較於去年底我們看到的情況有所提升。所以客戶又回到出差路上了。記得去年這個時候，當我們進入 3 月與 4 月期間，企業成長其實非常緩慢。

So it's a great, year over year, it's a good confidence in the business, and everything that we hear from our clients is that they're going to continue to travel and travel even more than they did last year. So I think those are good. Most of those do -- are in premium type cabins and merchandising. They're not in the basic products that we have, but -- so they're more in our full fare or for premium products. And that's been like, as I said, all of our -- all of the areas of corporate are up double -- or almost all up double digits.

所以從年對年來看，這代表企業對景氣有很好的信心；而我們從客戶那裡聽到的所有訊息都是，他們會持續旅行，而且旅行會比去年更多。所以我認為這些都是正向的。其中大多數——確實——都在高端艙等與商品化方面。它們不在我們的基本產品上，而是——所以更多是在我們的全票價或高端產品上。而且就像我說的，我們所有——企業相關的各個領域都呈現雙位數成長——或幾乎都是雙位數成長。

And then as my follow up, the strength that you're seeing in demand, can you help us understand as we look forward, like how much of that is coming from customers accepting higher fares versus actual momentum on the number of bookings?

接著追問一下，你們看到的需求強勁，能否幫我們理解一下：往前看，其中有多少是來自客戶接受更高票價， versus 實際訂位量（booking 數量）的動能？

Well, I think you've got it on both, right? You've got great momentum in -- we had great momentum in the first quarter that's carrying in. And when you look at the cash sales, that we said were up 10% and actually up 15% for March, that went out both in short-term periods of booking as well as long term that people were working on their travel for summer and Transatlantic and areas like that.

嗯，我想兩者都有，對吧？你看到很強的動能——我們第一季的動能非常好，而且延續到現在。而當你看我們提到的現金銷售（cash sales）成長 10%，且 3 月實際成長 15%，那同時反映在短期訂位期間以及較長期的訂位上，人們也在規劃夏季與跨大西洋等區域的旅行。

So you've seen it across all areas. And what was really good to see is the close-in build, which is very strong. So the revenue that's on the books is -- also takes into consideration what we've seen in increases just recently.

所以你已經在各個領域都看到了。而真正令人欣慰的是，臨近出發日的訂位增量非常強勁。因此，目前帳上已入帳的營收——也把我們最近看到的增幅納入考量。

Sheila Kahyaoglu, Jefferies.

Sheila Kahyaoglu，Jefferies。

Maybe similar to, I think, Jamie asked on the coastal hubs, but post-COVID, you took share. How do you think about higher fuel and how it changes the competitive landscape, but specifically focusing on international, how do you think about market share opportunities where you're investing the most?

也許類似於我記得 Jamie 問到沿海樞紐的問題，但在 COVID 之後，你們拿到了市占。你們如何看待燃油成本上升以及它如何改變競爭格局；但特別聚焦在國際市場，你們在投資最多的地方，如何看待市占機會？

And maybe my follow-up would be on how we think about price increases internationally and domestic. Were they different? And what are you seeing thus far?

另外我想追問的是，我們如何看待國際與國內的漲價。它們有不同嗎？到目前為止你們看到了什麼？

Yes. So on the share side, I think we've -- we look at the past year, we've done very well on not just maintaining but increasing our share across all entities as we continue to expand into the international regions. I think the fare changes on fuel are different for domestic and international, but both have to meet their returns, is what we're really guiding towards. So whether you're in domestic or international, it's different for both of those entities, but the same intent, is to recapture the cost of fuel.

是的。就市占而言，我想我們——回顧過去一年，我們不僅維持，且隨著持續擴展到國際區域，在所有業務體系中都做得很好、並提升了市占。我認為燃油導致的票價調整在國內與國際之間有所不同，但兩者都必須達到其報酬率，這是我們真正要引導的方向。所以不論是在國內或國際，兩個業務體系的情況不同，但意圖相同：把燃油成本收回來。

Matthew, we'll now go to our final analyst question.

Matthew，我們現在進入最後一位分析師提問。

Chris Stathoulopoulos, Susquehanna.

Chris Stathoulopoulos，Susquehanna。

I want to go back, Ed, to the differentiated and durable theme. I think it was a quarter or two ago, you spoke about emphasizing or growing your loyalty presence or ecosystem in your focus cities. And maybe, I guess, if you could talk about how you're thinking about your brand-loyal market share as it relates to your core in coastal hubs. I'm not asking about profitability, I realize the competitor or competitors of yours spend a lot of time debating that. But given where fuel prices are and then contextualizing what you said a quarter or two ago about growing the loyalty piece within the focus, how you're thinking about this concept of brand-loyal share as it relates to your core and coastal hubs in this environment?

Ed，我想回到「差異化且可持續」這個主題。我記得在一季或兩季前，你談到在重點城市強化或擴大你們的忠誠度布局或生態系。也許你可以談談，當這與你們在沿海樞紐的核心市場相關時，你們如何看待品牌忠誠的市占。我不是在問獲利能力，我知道你們的競爭對手或競爭對手們花很多時間在辯論那件事。但在燃油價格的背景下，再結合你一兩季前提到在重點城市內擴大忠誠度這一塊，你們在這個環境下如何看待「品牌忠誠市占」這個概念，並把它與你們的核心與沿海樞紐連結起來？

Chris, this is Joe. I'll take that. We've been very purposeful in how we put our -- where we put our capacity and how we build that brand loyalty in a city. And I think we're very fortunate that we have a very loyal following, and the Delta brand is loved in actually the hubs and the cities that we choose to compete. So a lot is how much more we can offer our customers and how much more they pay us.

Chris，我是 Joe。我來回答。我們在如何配置運能、以及如何在一座城市建立品牌忠誠度方面，一直非常有目的性。而且我想我們很幸運，因為我們擁有非常忠誠的支持者；Delta 品牌在我們選擇競爭的樞紐與城市裡，確實深受喜愛。所以很大一部分在於，我們能為客戶提供更多什麼，以及他們願意多付多少給我們。

And I think that's been, on the loyalty side as well as you think about segmentation, the ground products we've put in, not only the air products, we've been upgrading the fleet in our coastal and our focus cities as well as our core hubs, but the investment we've made in all of our cities is a testament to the -- what we get back in that brand loyalty from our customers.

我認為這也體現在忠誠度面向，以及你談到客群分層時：我們投入的地面產品，不僅是空中產品；我們在沿海與重點城市以及核心樞紐都在升級機隊；而我們在所有城市所做的投資，都證明了——我們從客戶那裡獲得的品牌忠誠回報。

So we're going to continue on that path. I think that's, in my opening comments, that was one that we're really focused on is how to deliver more of that brand strength in a city, which also gets more loyalty and also allows customers to be able to spend more on Delta.

所以我們會繼續走這條路。我想在我開場的評論中，這也是我們真正聚焦的一點：如何在一座城市交付更強的品牌力，進而帶來更多忠誠度，也讓客戶能夠在 Delta 上花更多錢。

That will wrap up the analyst portion of our Q&A. And I'll now turn it over to Tim Mapes to open the media portion of the call.

以上結束分析師的問答部分。接下來我把電話交給 Tim Mapes，開始媒體提問部分。

Thank you, Julie. Matthew, if you would, please, as we transition to the members of the media, if we have any, would you please remind people how to access the call queue, please?

謝謝你，Julie。Matthew，如果可以的話，當我們轉到媒體成員（如果有的話）之前，請你提醒大家如何進入提問佇列，好嗎？

(Operator Instructions) Leslie Josephs, CNBC.

(接線員指示) Leslie Josephs，CNBC。

Wondering if the capacity plans that you have now, or flat capacity rather, is affecting your hiring at all for 2026 and maybe into 2027? And then also United has made -- the executives have made some comments about trying to catch up to Delta in terms of profit and including getting some more customers and more up-for-grab markets like LA. And just wondering if you could talk about some of the initiatives Delta has in the hopper over the next few months and years that you think will keep your competitive advantage going?

想請問你們目前的運能規劃——或者說運能持平——是否會影響你們在 2026 年、以及可能延伸到 2027 年的招募？另外，United 的高層發表了一些評論，談到想在獲利能力上追趕 Delta，包括爭取更多客戶、以及像洛杉磯這類更「可爭取」的市場。想請你談談，未來幾個月到幾年，Delta 有哪些正在醞釀中的措施，你認為能讓你們的競爭優勢持續下去？

Leslie, you squeezed in like eight questions in one sentence, I'm impressed, No, we have not adjusted our hiring plans. Again, as I said, the situation is fairly fluid. We've largely completed hiring on the frontline side for the summer season anyway. So no changes there. We love competition.

Leslie，你在一句話裡塞了大概八個問題，我很佩服。沒有，我們沒有調整招募計畫。同樣地，如我所說，情勢相當多變。我們在第一線人力方面，基本上已完成夏季旺季的招募。所以那邊沒有變動。我們喜歡競爭。

And I think it's good, as I mentioned to you yesterday, that we have other carriers that are replicating our model, and we will continue to do well. We know the Delta brand is the strongest brand in our industry. We know our market share in places where we compete heavily, including, most importantly, the coast, continues to take an outsized share. And we'll continue to keep our investments going strong to keep those customers happy, particularly our premium customers.

而且我認為這是好事，正如我昨天跟你提到的，有其他航空公司在複製我們的模式，而我們會持續表現良好。我們知道 Delta 品牌是本產業最強的品牌。我們也知道，在我們競爭最激烈的地區——包括最重要的沿海地區——我們的市占持續取得超比例的份額。我們也會持續加大投資力道，讓那些客戶保持滿意，特別是我們的高端客戶。

(Operator Instructions) Thank you. There are no further media questions.

(接線員指示) 謝謝。沒有其他媒體問題。

Great, Matthew. Thank you very much. That will conclude today's call then.

太好了，Matthew。非常感謝。那麼今天的電話會議就到此結束。

Thanks, everyone, for joining.

謝謝各位參與。

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

謝謝。今天的電話會議到此結束。謝謝各位今天的參與。