達美航空 (DAL) 2026 Q2 法說會逐字稿

Good morning, everyone, and welcome to the Delta Air Lines June 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（Delta Air Lines）2026 年 6 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.

現在我想將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 June quarter 2026 earnings call. Joining us from Atlanta today are our CEO, Ed Bastian; our Chief Operating Officer, Dan Janki; our Chief Commercial Officer, Joe Esposito; and our Chief Financial Officer, Erik Snell.

謝謝你，Matthew。各位早安，感謝各位參加我們 2026 年 6 月季度的財報電話會議。今天在亞特蘭大與我們一同出席的有：執行長 Ed Bastian；營運長 Dan Janki；商務長 Joe Esposito；以及財務長 Erik Snell。

Ed will open the call with an overview of Delta's performance and strategy. Dan will cover the operations. Joe will provide an update on the revenue environment. And Erik will discuss costs and our balance sheet.

Ed 將以達美的表現與策略概述作為開場。Dan 將說明營運狀況。Joe 將就營收環境提供最新進展。Erik 則將討論成本與我們的資產負債表。

After the prepared remarks, we'll also -- we'll take analyst questions, and we ask that you please limit yourself to one question with a brief follow-up so that we can get to as many of you as possible.

在事先準備的發言之後，我們也——我們將接受分析師提問；並請各位每人限問一題，並可簡短追問一次，以便我們能盡可能回答更多人的問題。

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 materially differ from forward-looking statements. 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.

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載於達美向 SEC 提交的文件中。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. Good morning, everyone. We appreciate you joining us today. This morning, we reported our June quarter results, and it's clear that Delta's brand and industry position are stronger than ever. We generated record revenue, which grew 14%, increasing more than $2 billion over last year. This reflects sustained strength in demand and momentum across our diversified business.

謝謝你，Julie。各位早安。感謝各位今天加入我們。今天早上，我們公布了 6 月季度的業績，顯示達美的品牌與產業地位比以往任何時候都更強。我們創下營收新高，營收成長 14%，較去年增加超過 20 億美元。這反映出需求持續強勁，以及我們多元化業務的全面動能。

We delivered pretax profits of $1.4 billion, earnings of $1.56 per share and an operating margin of 9%, all better than the guidance that we provided at the start of the quarter. Return on invested capital was 11%, well above our cost of capital. So through the first half, we've generated $1.4 billion of free cash flow, fortified our investment-grade balance sheet and announced a 15% increase to the dividend. And most importantly, we kept investing to make travel safer, easier and more enjoyable for our customers.

我們實現稅前獲利 14 億美元、每股盈餘 1.56 美元，以及 9% 的營業利益率，均優於我們在季度初提供的指引。投入資本報酬率為 11%，明顯高於我們的資本成本。因此在上半年，我們產生了 14 億美元的自由現金流，強化了投資等級的資產負債表，並宣布股利提高 15%。最重要的是，我們持續投資，讓旅程對客戶而言更安全、更便利、也更愉快。

Our people are what truly set Delta apart. Their efforts delivered industry-leading performance across key operational metrics and also earned Delta recognition from The Points Guy as the best US airline for the eighth consecutive year. Our people are our number 1 competitive advantage, and I want to thank the Delta team for their commitment to delivering for our customers every day, particularly during the busy summer travel season.

真正讓達美與眾不同的是我們的員工。他們的努力在關鍵營運指標上帶來業界領先的表現，也讓達美連續第八年獲 The Points Guy 評選為美國最佳航空公司。我們的員工是我們最重要的競爭優勢；我要感謝達美團隊每天致力於為客戶交付成果，尤其是在繁忙的暑期旅遊旺季期間。

In May, we announced a 4% pay increase, and we've accrued nearly $500 million towards next year's profit-sharing payout through the first half of the year, both reflect our long-standing commitment to sharing success with the people who drive it.

5 月，我們宣布加薪 4%；而在今年上半年，我們也已提列接近 5 億美元，用於明年利潤分享的發放。這兩項都反映我們長期以來的承諾：與推動成功的人共享成果。

Turning to the current environment. The US economy remains resilient, supported by strong employment, rising household incomes and strong -- significant wealth accumulation. Our customers are prioritizing experiences and investing in the moments and connections that matter most to them, driving sustained strength in demand for air travel. These trends align well with Delta's strategy, demonstrating the loyalty that we are seeing across customer segments and powering high-margin, diverse revenue streams that enhance the resilience of our business.

接著談談目前的環境。美國經濟仍具韌性，受強勁就業、家庭收入上升以及——顯著的財富累積所支撐。我們的客戶正優先選擇體驗，並投資於對他們最重要的時刻與連結，帶動航空旅行需求持續強勁。這些趨勢與達美的策略高度契合，展現我們在各客群所看到的忠誠度，並驅動高毛利、多元的營收來源，提升我們業務的韌性。

Our Delta-American Express partnership is a clear example of the strength of our loyalty ecosystem. Card spend has grown double digits for the past seven quarters with particular strength among our premium Reserve cardholders. With continued momentum in both new card acquisitions and spend, we expect remuneration of $9 billion this year, up 10% over 2025.

我們與美國運通（American Express）的達美合作夥伴關係，就是我們忠誠生態系實力的明確例證。過去七個季度，刷卡消費額皆呈雙位數成長，其中以高端 Reserve 卡持卡人的表現尤為強勁。隨著新卡招募與消費動能持續，我們預期今年的報酬（remuneration）將達 90 億美元，較 2025 年成長 10%。

As I stated in April, high fuel prices have proven to be the most powerful catalyst for change in our industry, and this year, that has once again been the case. Coming into the recent fuel spike, most US carriers were already struggling to earn their cost of capital against a backdrop where industry airfares have meaningfully trailed inflation, costs have reset higher and consumer preferences have evolved. And as we predicted, structural change has accelerated, enabling the industry to recapture this year's fuel cost inflation at the fastest pace of any recent cycle.

如我在 4 月所說，高油價已被證明是推動本產業變革最強而有力的催化劑，而今年再次如此。在近期燃油價格飆升之前，多數美國航空公司在產業票價明顯落後通膨、成本水準重新上移、且消費者偏好演變的背景下，已難以賺取其資本成本。正如我們所預期，結構性變革已加速，使產業得以在近年任何一個循環中，以最快速度回收今年燃油成本通膨的影響。

Even after recent fare increases, airfares remain 10 to 15 points below overall inflation since COVID. With continued fuel volatility and much of the industry still earning returns below its cost of capital, we believe current revenue momentum should remain sustainable even if fuel prices moderate. That is an important step towards improving the industry's financial health and earning sustainable returns over time.

即使在近期票價上調之後，自 COVID 以來，機票價格相較整體通膨仍低 10 到 15 個百分點。在燃油持續波動、且產業多數仍低於資本成本報酬的情況下，我們相信即便油價回落，目前的營收動能仍可維持。這是改善產業財務健康、並隨時間推進取得可持續報酬的重要一步。

For Delta, we are executing on our strategy from a position of strength. And with continued revenue momentum, measured capacity and a more stable fuel environment, we expect to return to earnings growth on double-digit operating margins in the second half of this year. For the full year, we are affirming the guidance that we set at the start of the year, even with a multibillion-dollar fuel headwind.

對達美而言，我們正以強勢地位執行策略。在營收動能持續、運能投放審慎，以及燃油環境更趨穩定的情況下，我們預期今年下半年將在雙位數營業利益率下，回到獲利成長軌道。就全年而言，即使面臨數十億美元的燃油逆風，我們仍重申年初所設定的指引。

Our outlook for earnings of $6.50 to $7.50 per share represents growth of 20% year-over-year, and our free cash flow outlook of $3 billion to $4 billion brings our three-year cumulative total to over $11 billion. Looking beyond 2026, we are confident in our long-term financial framework and path to mid-teens margins and return on invested capital.

我們對每股盈餘 6.50 至 7.50 美元的展望，代表年增 20%；而自由現金流 30 億至 40 億美元的展望，將使我們三年累計總額超過 110 億美元。展望 2026 年之後，我們對長期財務框架以及邁向約 15% 左右的利潤率與投入資本報酬率的路徑充滿信心。

The strength and consistency of our results give us the ability to keep investing and innovating to extend Delta's lead, elevating the experience and creating a more seamless and personalized travel journey. As we invest in the areas that customers value the most, loyalty to Delta continues to grow.

我們業績的強勁與一致性，使我們能持續投資與創新，進一步擴大達美的領先優勢，提升體驗，並打造更無縫且更個人化的旅程。隨著我們投資於客戶最重視的領域，客戶對達美的忠誠度持續提升。

Last month, we opened our second Delta One Lounge at LAX, bringing the Delta One Lounge network to 5 locations and expanding the industry's largest club and lounge footprint. Our Delta Amex co-brand card continues to lead the industry, and our recent portfolio enhancements are strengthening the value proposition for both existing and prospective cardholders. We are also making the journey more seamless through Delta Concierge, our AI-powered digital assistant, which is now available to more than half of Fly Delta app users, with a full rollout later this month.

上個月，我們在洛杉磯國際機場（LAX）開設第二間 Delta One 貴賓室，使 Delta One 貴賓室網路擴展至 5 個據點，並擴大業界最大的俱樂部與貴賓室版圖。我們的達美 Amex 聯名卡持續領先業界，而近期的產品組合強化也正在提升現有與潛在持卡人的價值主張。我們也透過 Delta Concierge——我們以 AI 驅動的數位助理——讓旅程更無縫；目前已提供給超過一半的 Fly Delta App 使用者，並將於本月稍晚全面上線。

In the air, we continue to set the standard on connectivity. Fast, free WiFi is already available to members across nearly our entire fleet with satellite upgrades coming online in the months ahead to deliver even faster speeds and broader global coverage. And starting in '28, Amazon Leo will unlock the next generation of onboard connectivity, reach and personalization.

在機上，我們持續在連線能力方面樹立標準。快速、免費的 WiFi 已提供給會員，涵蓋我們幾乎整個機隊；未來數月衛星升級將陸續上線，以提供更快速度與更廣泛的全球覆蓋。並且自 2028 年起，Amazon Leo 將開啟新一代機上連線、覆蓋範圍與個人化體驗。

In closing, our performance and outlook reinforce the durability and the differentiation of the Delta business model and our investment thesis. Looking ahead, I am incredibly optimistic about Delta's future and our opportunities to deliver even better performance for our employees, our customers and our owners.

最後，我們的表現與展望再次印證達美商業模式的耐久性與差異化，以及我們的投資論點。展望未來，我對達美的前景以及我們為員工、客戶與股東帶來更佳表現的機會感到非常樂觀。

Now Dan will cover off on our operational results.

現在由 Dan 來說明我們的營運成果。

Thank you, Ed. And I want to begin by thanking the Delta team for the outstanding service they provide our customers every day. Operational excellence is core to the Delta brand and it's an experience our customers expect. Our culture of continuous improvement, that spirit of keep climbing, drives us to get better every day. This, combined with the continued investment in technology and data, better positions our people to run a great operation, improving reliability and efficiency.

謝謝你，Ed。我想先感謝 Delta 團隊每天為我們的客戶提供卓越服務。營運卓越是 Delta 品牌的核心，也是我們客戶所期待的體驗。我們持續改善的文化，以及「持續攀登」的精神，驅動我們每天都變得更好。再加上持續投資科技與數據，能讓我們的同仁更有條件把營運做得更出色，提升可靠性與效率。

During the quarter, we extended our industry leadership in on-time arrival and departure performance, while strengthening operational metrics across our system. Completion factor improved through the quarter. We expect continued progress into the second half as targeted actions we have taken to improve resilience gain further traction. We delivered record baggage performance led by our largest hub in Atlanta, where performance has improved meaningfully from last year's strong baseline, supported by enhancements to our baggage handling system and processes and our patented baggage AI technology.

本季我們在準點抵達與起飛表現方面持續擴大產業領先優勢，同時強化全系統的營運指標。航班完成率在本季逐步改善。我們預期隨著我們為提升韌性所採取的重點行動進一步發揮效果，下半年仍將持續進步。我們交出創紀錄的行李表現，主要由我們最大的樞紐亞特蘭大帶動；在去年已具強勁基礎的情況下，表現仍有顯著提升，這得益於我們對行李處理系統與流程的強化，以及我們具專利的行李 AI 技術。

Delta's continued to lead large US carriers in domestic Net Promoter Scores, improving over last year. This was driven by outstanding service of the Delta team, with people interaction scores reaching all-time records across this global system. This includes year-over-year improvement across airport customer service, reservations and care, flight attendants and our pilots. This performance reflects the focus of our people, reinforces how we're making travel easier and more reliable to every customer.

Delta 持續在美國大型航空公司中領先國內淨推薦值（NPS），且較去年提升。這主要由 Delta 團隊的卓越服務所帶動，與人員互動相關的評分在這個全球系統中創下歷史新高。其中包括機場客戶服務、訂位與關懷、空服員以及飛行員等面向，皆較去年改善。這些表現反映出同仁的專注，也強化了我們如何讓每位客戶的旅程更輕鬆、更可靠。

We are continuing to invest in technology while empowering our people to deliver more proactive communication directly to customers. We're also enhancing digital tools with a simplified rebooking process, expanded self-service and continued rollout of Delta Concierge. Our customers are noticing. This has driven more than a 25-point improvement in NPS during periods of irregular operations.

我們持續投資科技，同時賦能同仁，讓他們能更主動地直接向客戶溝通。我們也在強化數位工具，包括簡化改訂流程、擴大自助服務，以及持續推廣 Delta Concierge。客戶已經感受到差異。這使得在營運不正常期間的 NPS 提升超過 25 點。

A more reliable customer experience starts with a more reliable fleet, and our Delta TechOps team is central to that. Key fleet reliability metrics, including aircraft out-of-service levels, maintenance-related delays and cancellations, all improved versus prior year, benefiting from predictive maintenance capabilities and the investments we've made in fleet resilience over the last few years.

更可靠的客戶體驗始於更可靠的機隊，而我們的 Delta TechOps 團隊在其中扮演關鍵角色。包括飛機停飛水準、維修相關延誤與取消等關鍵機隊可靠性指標，皆較去年改善，受益於預測性維修能力，以及我們過去幾年在機隊韌性上的投資。

Beyond supporting our own operation, TechOps represents an exciting operation to further diversify our revenue through growing our third-party MRO business. This year, we remain on track to generate approximately $1.2 billion of revenue, up nearly 50% from last year with low double-digit margins. And over the next several years, our technical capabilities, coupled with our strong customer relationships and record backlog position us to more than double MRO revenue while expanding margins.

除了支援自家營運外，TechOps 也代表一項令人振奮的業務，能透過擴大第三方 MRO（維修、修理與大修）業務來進一步分散營收來源。今年我們仍按計畫可創造約 12 億美元營收，較去年成長近 50%，且具低雙位數利潤率。未來幾年，我們的技術能力結合穩固的客戶關係與創紀錄的在手訂單，使我們有條件將 MRO 營收增加至兩倍以上，同時擴大利潤率。

Now I'll turn it over to Joe to cover our commercial results and outlook.

接下來我把時間交給 Joe，說明我們的商務成果與展望。

Thank you, Dan. June quarter results reflect strong execution and our clear prioritization of managing for margins. Total revenue of $17.7 billion was at the high end of our expectations, up 14% over prior year on approximately 1% capacity growth, driving total unit revenue growth of 12.4%. We are focused on continuing this revenue momentum to fully recover this year's fuel cost pressure and improve margins as we move through the back half of the year.

謝謝你，Dan。6 月季度的結果反映出強勁的執行力，以及我們明確將利潤率管理列為優先事項。總營收 177 億美元達到我們預期的高端，在運能約成長 1% 的情況下，較去年成長 14%，帶動總單位營收成長 12.4%。我們將持續推進這股營收動能，以完全抵銷今年燃油成本壓力，並在下半年逐步提升利潤率。

Domestic-led unit revenue growth, up 12.4%, driven by higher yield with international growing 8% over prior year, led by Latin. Importantly, Main Cabin trends improved through the quarter with Main Cabin unit revenue growing mid-teens in the month of June. Across corporate sales, all sectors posted double-digit growth. Performance was strong across core and coastal hubs, where sales rose more than 20% versus prior year.

單位營收成長 12.4% 主要由國內市場帶動，受益於更高的收益率；國際市場較去年成長 8%，以拉丁美洲領先。重要的是，主艙（Main Cabin）趨勢在本季逐步改善，6 月主艙單位營收成長達到十幾個百分點。在企業銷售方面，各產業別皆呈現雙位數成長。核心與沿海樞紐表現強勁，銷售額較去年成長超過 20%。

Diverse revenue streams represented 61% of total revenue in the quarter, up 2 points over last year, with premium and loyalty revenue both up nearly 20%. Cargo revenue grew 39%, primarily on volume and MRO delivered revenue growth of more than 30% year-over-year, driven by legacy engine platforms.

本季多元化營收來源占總營收 61%，較去年提高 2 個百分點；高端產品與忠誠度營收皆成長近 20%。貨運營收成長 39%，主要由運量帶動；MRO 交付營收年增超過 30%，由傳統引擎平台所驅動。

Now turning to outlook. Demand remains strong and broad-based. Cash sales improved through the quarter across the entire booking curve in both Premium and Main Cabin products. These trends, combined with our measured approach to capacity growth, support the sustainability of yield strength. We expect September quarter revenue to grow mid-teens versus last year.

接著談展望。需求仍然強勁且涵蓋面廣。本季在高端與主艙產品的整個訂位曲線上，現金銷售皆逐步改善。這些趨勢，加上我們對運能成長採取審慎的策略，有助於支撐收益率強勢的可持續性。我們預期 9 月季度營收將較去年成長約十幾個百分點。

Total unit revenue growth is expected to improve sequentially even against more challenging prior year comparisons. And while it remains early, December quarter bookings are coming in strong, giving us confidence that this revenue strength will extend through the fourth quarter. Capacity for the third quarter is up 1%, while fourth quarter planned 2% to 3%, led by international.

即使面對去年更具挑戰性的比較基期，總單位營收成長預期仍將逐季改善。且雖然目前仍偏早，12 月季度的訂位表現強勁，讓我們有信心這股營收強勢將延續至第四季。第三季運能成長 1%，第四季規劃成長 2% 至 3%，主要由國際航線帶動。

Our integrated commercial strategy is how we will continue to deliver a revenue and margin premium to the industry. We are expanding our global network through new routes and JV partnerships while continuing to renew our fleet, enabling us to grow the network more profitably. We are also improving the product and giving customers more choice. The rollout of Basic, Classic and Extra offerings in Delta Comfort is now complete and will be expanded across all premium cabins this quarter. These offerings increase flexibility for customers, while driving improved revenue performance.

我們的整合式商務策略，將使我們持續為產業帶來營收與利潤率的溢價。我們透過新航線與合資（JV）夥伴關係擴大全球航網，同時持續汰換更新機隊，使我們能以更高獲利能力擴張航網。我們也在改善產品，提供客戶更多選擇。Delta Comfort 的 Basic、Classic 與 Extra 方案已完成上線，並將於本季擴展至所有高端艙等。這些方案提升客戶彈性，同時帶動更佳的營收表現。

Loyalty remains one of Delta's most valuable assets. SkyMiles membership growth is outpacing capacity, led by double-digit gains among Gen Z members. That engagement is translating into durable revenue, best illustrated by our industry-leading co-brand performance.

忠誠度仍是 Delta 最有價值的資產之一。SkyMiles 會員成長速度超越運能成長，其中以 Z 世代會員的雙位數增長領先。這種參與度正轉化為持久的營收，最能體現在我們業界領先的聯名卡表現上。

In closing, these investments reinforce our competitive advantage and give us more ways to grow revenue, deepen loyalty and expand margins over time.

最後，這些投資強化了我們的競爭優勢，並讓我們有更多方式來提升營收、深化忠誠度，並隨時間推進擴大利潤率。

I'll now hand it to Erik to discuss our financial performance.

我現在把時間交給 Erik，討論我們的財務表現。

Thank you, Dan. June quarter results reflect strong execution and our clear prioritization of managing for margins. Total revenue of $17.7 billion was at the high end of our expectations, up 14% over prior year on approximately 1% capacity growth, driving total unit revenue growth of 12.4%. We are focused on continuing this revenue momentum to fully recover this year's fuel cost pressure and improve margins as we move through the back half of the year.

謝謝你，Dan。6 月季度的結果反映出強勁的執行力，以及我們明確將利潤率管理列為優先事項。總營收 177 億美元達到我們預期的高端，在運能約成長 1% 的情況下，較去年成長 14%，帶動總單位營收成長 12.4%。我們將持續推進這股營收動能，以完全抵銷今年燃油成本壓力，並在下半年逐步提升利潤率。

Domestic-led unit revenue growth, up 12.4%, driven by higher yield with international growing 8% over prior year, led by Latin. Importantly, Main Cabin trends improved through the quarter with Main Cabin unit revenue growing mid-teens in the month of June. Across corporate sales, all sectors posted double-digit growth. Performance was strong across core and coastal hubs, where sales rose more than 20% versus prior year.

單位營收成長 12.4% 主要由國內市場帶動，受益於更高的收益率；國際市場較去年成長 8%，以拉丁美洲領先。重要的是，主艙（Main Cabin）趨勢在本季逐步改善，6 月主艙單位營收成長達到十幾個百分點。在企業銷售方面，各產業別皆呈現雙位數成長。核心與沿海樞紐表現強勁，銷售額較去年成長超過 20%。

Diverse revenue streams represented 61% of total revenue in the quarter, up 2 points over last year, with premium and loyalty revenue both up nearly 20%. Cargo revenue grew 39%, primarily on volume and MRO delivered revenue growth of more than 30% year-over-year, driven by legacy engine platforms.

本季多元化營收來源占總營收 61%，較去年提高 2 個百分點；高端產品與忠誠度營收皆成長近 20%。貨運營收成長 39%，主要由運量帶動；MRO 交付營收年增超過 30%，由傳統引擎平台所驅動。

Now turning to outlook. Demand remains strong and broad-based. Cash sales improved through the quarter across the entire booking curve in both Premium and Main Cabin products. These trends, combined with our measured approach to capacity growth, support the sustainability of yield strength. We expect September quarter revenue to grow mid-teens versus last year.

接著談展望。需求仍然強勁且涵蓋面廣。現金銷售在本季逐步改善，涵蓋高端與主艙產品的整個訂位曲線。這些趨勢，加上我們對運能成長採取審慎的策略，有助於支撐收益率強勢的可持續性。我們預期 9 月季度營收將較去年成長約十幾個百分點。

Total unit revenue growth is expected to improve sequentially even against more challenging prior year comparisons. And while it remains early, December quarter bookings are coming in strong, giving us confidence that this revenue strength will extend through the fourth quarter. Capacity for the third quarter is up 1%, while fourth quarter planned 2% to 3%, led by international.

總單位營收成長預期將逐季改善，即使面對去年更具挑戰性的比較基期亦然。且雖然目前仍偏早，12 月季度的訂位表現強勁，讓我們有信心這股營收強勢將延續至第四季。第三季運能成長 1%，第四季規劃成長 2% 至 3%，主要由國際航線帶動。

Our integrated commercial strategy is how we will continue to deliver a revenue and margin premium to the industry. We are expanding our global network through new routes and JV partnerships while continuing to renew our fleet, enabling us to grow the network more profitably. We are also improving the product and giving customers more choice. The rollout of Basic, Classic and Extra offerings in Delta Comfort is now complete and will be expanded across all premium cabins this quarter. These offerings increase flexibility for customers, while driving improved revenue performance.

我們整合式的商業策略，將使我們得以持續為產業帶來更高的營收與利潤率溢價。我們透過新航線與合資（JV）夥伴關係擴大全球網路，同時持續汰換更新機隊，使我們能以更高的獲利能力擴張網路。我們也在改善產品，並提供客戶更多選擇。Delta Comfort 中 Basic、Classic 與 Extra 方案的推行現已完成，並將於本季擴展至所有高端客艙。這些方案在提升客戶彈性的同時，也帶動更佳的營收表現。

Loyalty remains one of Delta's most valuable assets. SkyMiles membership growth is outpacing capacity, led by double-digit gains among Gen Z members. That engagement is translating into durable revenue, best illustrated by our industry-leading co-brand performance.

忠誠度仍是達美最有價值的資產之一。SkyMiles 會員成長速度超過運能成長，其中以 Z 世代會員的雙位數增長領先。這種參與度正轉化為具持久性的營收，最能體現於我們業界領先的聯名卡表現。

In closing, these investments reinforce our competitive advantage and give us more ways to grow revenue, deepen loyalty and expand margins over time.

最後，這些投資強化了我們的競爭優勢，並讓我們在時間推移下有更多方式提升營收、深化忠誠度並擴大利潤率。

I'll now hand it to Erik to discuss our financial performance.

接下來我把時間交給 Erik，請他說明我們的財務表現。

Matthew, can you please remind the analysts how to enter the call, please?

Matthew，你能否請再提醒分析師如何加入本次電話會議？

(Operator Instructions)

(接線員指示)

Connor Cunningham, Mellius Research.

Connor Cunningham，Mellius Research。

Hi, everyone. Thank you. Joe, I was hoping to start with you. Can we just talk a little bit about the progression in unit revenue throughout the second quarter? I'm just trying to get a sense from the difference between the revenue production that you saw in April versus June, just given the mix dynamic as you were more exposed to the higher fares. Again, not asking for monthly. Just trying to understand the spread a little bit as we get a little bit more comfortable with the second half outlook on revenue. Thank you.

各位好。謝謝。Joe，我想先從你開始。我們能否談談第二季整體單位營收的變化走勢？我想了解你們在 4 月與 6 月所看到的營收產出差異，考量到組合動態，因為你們更曝險於較高票價。我不是在問每月數據。只是想更理解其中的差距，讓我們在看待下半年營收展望時更有把握。謝謝。

Yeah, good morning, Conor, it's one of the things that gives us confidence as we go into the back half and especially the third quarter. Our exit rate on TRASM was significantly higher than our entry rate. And that goes to how our fuel recapture strategy moved through the quarter. Don't forget, we started it in March. And in April, we were already 70% booked.

是的，早安，Conor，這正是讓我們在進入下半年、尤其是第三季時更有信心的因素之一。我們在 TRASM 的期末水準顯著高於期初水準。這與我們的燃油回收策略在本季的推進方式有關。別忘了，我們在 3 月就開始了。而在 4 月時，我們已經有 70% 的訂位。

And so each month, you get more and more of new revenue -- new priced revenue that comes through the system. So again, it was significantly higher as the exit rate for both Premium and Main Cabin. And that's what gives us towards our guide for third quarter and our confidence in the back half of the year.

因此每個月，系統中會進來越來越多的新營收——以新價格計算的營收。所以同樣地，無論是高端艙等或主客艙，期末水準都顯著更高。這也支撐我們對第三季指引以及對今年下半年的信心。

Okay. And then, Ed, maybe bigger picture, a lot of comments around -- if we boil it down, it seems like you guys view the industry being a little bit different on how they price going forward, just given the changes that we've seen out there. So I mean, you didn't explicitly guide to fourth quarter, but rough math suggests that you expect pricing to remain firm from here. So just -- I'm just trying to understand what gives you confidence in that? I know you've talked a little bit about it, but I was hoping to broaden out the conversation a little bit more.

了解。接著 Ed，從更宏觀的角度來看，外界有很多評論——如果我們簡化來說，似乎你們認為產業未來的定價方式會有所不同，因為我們已看到一些變化。所以你們雖然沒有明確給出第四季指引，但粗略推算顯示你們預期從現在起票價仍將維持強勢。我想了解是什麼讓你們對此有信心？我知道你們已談到一些，但我希望把討論再拉大一點。

Yes. Conor, I think it gives us a lot of confidence in the back that we're going to hold on to the pricing environment and the revenue momentum. The industry has no other choice. I mean we -- the inflation that's going through both on fuel and nonfuel is significant. And fuel prices are still elevated. So that's why we have confidence in holding on to the revenue under a modest capacity increase as well.

是的。Conor，我們對於能維持目前的定價環境與營收動能、延續到下半年後段非常有信心。產業別無選擇。我的意思是——無論燃油或非燃油，通膨壓力都相當顯著。而燃油價格仍處於高檔。因此，即便運能僅小幅增加，我們也有信心能守住營收。

So that would imply good confidence in the back half. Our forward cash sales, when you look at both cash and bookings are higher than our close-in. And that's what we want to see when we think about confidence for the back half for the greater than 90, greater than 120 days. And then as you get into the fall for Delta's network, we're much more of a business-oriented network in a post-summer environment, not only for domestic, but for international. So that's where we -- that's where our confidence comes from in the back half.

所以這意味著對下半年有相當不錯的信心。我們的遠期現金銷售，無論看現金或訂位，都高於臨近出發日的表現。當我們評估下半年、尤其是超過 90 天、超過 120 天的信心時，這正是我們希望看到的狀況。此外，進入秋季後，對達美的航網而言，在夏季之後的環境中，我們更偏向商務導向的航網，不僅在國內，也包括國際。因此，這就是——這就是我們對下半年後段的信心來源。

Great. Thanks.

很好。謝謝。

Mike Linenberg, Deutsche Bank.

Mike Linenberg，德意志銀行。

Yeah. Hey, good morning, everyone. Hey, Ed, this one is for you. I think by all measures of market share, it does look like the low-cost, low-fare carrier group, I guess, is what I would call it, is in a bit of a secular decline.

是的。各位早安。Ed，這題想請教你。以各種市占衡量來看，低成本、低票價的航空公司族群——我姑且這麼稱呼——似乎正處於某種結構性下滑。

Look, you've been around for some time, sort of thoughts about that. And the reason I'm also bringing it up is that as we think about the industry's ability to hold on to fare increases, I think one of the concerns among investors is that it's going to be carriers from that group that come in and undermine the structure as -- maybe as energy prices come off. Just your thoughts around that.

你在這個產業也有一段時間了，想聽聽你的看法。我之所以提這點，也因為當我們思考產業維持票價上調的能力時，我認為投資人其中一個擔憂是：當能源價格回落時，可能會是那個族群的航空公司進場並破壞既有結構。想聽聽你對此的看法。

Sure, Mike. Thanks for that. The -- what we've seen, and it's not just this quarter, it's been building for the last several years, is that we've seen some fairly significant structural changes to the overall industry landscape. Probably the last time that we saw the element of fuel moving around with a lot of volatility was maybe 9, 10 years ago. And back then, the low-cost carriers were the darlings of the industry. They had the highest margins.

當然，Mike。謝謝你的提問。我們所看到的——而且不只是這一季，這是過去幾年逐步累積的——是整體產業版圖出現了一些相當顯著的結構性變化。上一次我們看到燃油以高度波動的方式大幅變動，可能是 9、10 年前。而在當時，低成本航空是產業的寵兒。它們的利潤率最高。

They had the highest growth rates. They looked at fuel as a competitive advantage because they had lower cost in other areas. Some of them such as Southwest had fuel hedges in place, which they used to try to take market share. None of that exists any longer. All of that world has changed completely, entirely. No one has fuel hedges of any note. The cost of production, not just for fuel, is up. But the cost for labor is up, the cost for airports are up. The cost for technology is up. Planes, you can't get. And if you can get them, their costs are higher.

它們的成長率最高。它們把燃油視為競爭優勢，因為它們在其他領域的成本更低。其中一些公司，例如 Southwest，當時有燃油避險，並用來嘗試搶市占。如今這些都不復存在。那個世界已經完全、徹底改變了。沒有人還有任何值得一提的燃油避險。生產成本上升的不只是燃油。勞動成本上升、機場成本上升。科技成本上升。飛機買不到。就算買得到，成本也更高。

And so what that tells you is that you need to figure out a change to the business model that will enable you to build resilience in your pricing durability. And that's what we've done over time. And that includes not just getting higher airfares, that includes the diversification of the revenue stream. That's why our American Express relationship is so important to us. It's why our corporate as the leader for the last 15 years in business travel across the United States is important to us. It's why our international growth has been important to us. That's why the MRO and cargo are important to us, all of which are growing double digits.

因此，這告訴你必須找出一種商業模式的改變，讓你能在定價的持久性上建立韌性。而這正是我們長期以來所做的。這不僅包括取得更高的票價，也包括營收來源的多元化。這就是為什麼我們與 American Express 的合作關係對我們如此重要。這也是為什麼我們在美國商務旅行領域連續 15 年作為領導者的企業客戶業務對我們很重要。這也是為什麼我們的國際成長對我們很重要。這也是為什麼 MRO 與貨運對我們很重要——而這些業務全都以雙位數成長。

So we've been building this. And you wrap that around an experience that is substantially better in terms of the premium experience that we offer today versus 10 years ago, and the opportunity now that we have with technology to become true world-class merchandisers and retailers. 10 years ago, we were a blunt instrument. We had just a couple -- a handful of price categories on the shelf. Today, we're continuing to add to that.

所以我們一直在打造這個。而你把它包裹在一個體驗之上——就我們今天所提供的高端體驗而言，相較於10年前有了顯著提升——再加上我們如今藉由科技所擁有的機會，能夠成為真正世界級的商品策劃者與零售商。10年前，我們是一個粗糙的工具。貨架上只有幾個——少數幾個票價類別。今天，我們仍在持續增加。

So what we're seeing here is no surprise to Delta. The fact that you've got others in the industry following our lead is no surprise as well. But I mentioned a point on the call this morning that even with the improvements we've seen in pricing for the industry, the low end of the market still has to increase fares by another 5%, by our estimate, just to get to breakeven at today's fuel environment. And there's nothing to be gained by trying to grow in that environment. The opportunity has to be in finding ways to secure higher revenues, not higher market share.

所以我們在這裡看到的情況，對達美而言並不意外。看到產業內其他人跟隨我們的做法，也同樣不意外。但我今天早上在電話會議上提到一點：即便我們看到產業票價有所改善，依我們估算，在當前燃油環境下，市場低端仍必須再把票價提高5%，才能達到損益兩平。而在那樣的環境下，試圖成長並沒有任何好處。機會必須在於找到方法確保更高的營收，而不是更高的市占率。

Very helpful. Just a quick one on to Dan. Dan, you talked about targeted actions that you were taking to improve the ops, and you talked about how the numbers have improved through the quarter. I know I saw that there was some talk about maybe on the staffing side. Anything there or on the fleet side, any particular fleet giving you problems this quarter?

非常有幫助。我再快速問Dan一個問題。Dan，你談到你們為改善營運所採取的針對性行動，也提到本季數字如何改善。我知道我看到有些討論可能在用人配置方面。在那方面或機隊方面，有沒有哪一個特定機型在本季讓你們遇到問題？

I would say the -- Mike, thanks for that. I would say on the fleet elements, you just have to be systematic across the board about continuing to invest and put resiliency in it. And our teams have gotten -- continue to get better. We have opportunity to get better on that front. A lot of that is just capturing your data, more predictive maintenance, staying out in front of it and continuing to work it. And we've seen that, and I talked a little bit about those stats that we're seeing improvements in, but we want to continue to make progress there.

我會說——Mike，謝謝你。在機隊層面，你必須在全盤上有系統地持續投資，並把韌性建立進去。而我們的團隊已經變得——也持續變得更好。我們在這方面仍有進一步改善的空間。其中很大一部分就是把資料掌握好、做更多預測性維修、提前預防並持續推進。我們已經看到這點，我也稍微談到我們看到的那些統計數據正在改善，但我們希望在這方面持續取得進展。

And then the other one that we've talked about is the actions that we're taking around the resiliency and capability around our crew resourcing and continuing to put more people, process technology around that and get better utilization out of those resources, and we continue to make progress on that front.

另外一項我們談到的是：我們正在採取行動，提升在機組人員資源配置方面的韌性與能力，並持續投入更多人力、流程與科技，讓這些資源的使用效率更高；我們也在這方面持續取得進展。

Great, Thank you.

很好，謝謝。

David Vernon, Bernstein.

Bernstein的David Vernon。

Hey, good afternoon or good morning and thanks for fitting me in here. So I guess the one question I had for you with regards to the CASM ex outlook. Obviously, you made some comments in the prepared statements around unit cost moderating as you get to more normalized growth.

嗨，下午好或早安，謝謝讓我插進來提問。我想我有一個關於CASM（不含燃油）展望的問題。顯然你們在事先準備的發言中提到，當成長回到較正常水準時，單位成本會趨於緩和。

Can you just talk about what that means kind of for 4Q, maybe beginning of next year ASM growth, where in the network you're looking to maybe add capacity? And maybe just stepping back from that, where do you see in the marketplace an opportunity to put capacity to work that is compensatory just given the state of affairs and where oil is?

你能談談這對第四季、也許到明年初的ASM成長意味著什麼嗎？在航網中你們可能會在哪些地方增加運能？另外再退一步看，考量目前的情勢以及油價水準，你們在市場上看到哪些能把運能投入、且能帶來相應報酬的機會？

Yeah, David, it's premature to be out giving guideposts for '27, and I know that's not what you're asking. But we've come through a period here over the last -- this quarter, certainly the third quarter looking forward with muted capacity. It was an obvious response to the fairly dramatic fuel spike that we saw. Fuel continues to stay elevated. Fuel today is 50% higher than where we started the year at.

是的，David，現在就對27年給出指引性的路標還太早，我知道你不是在問那個。但我們剛走過一段期間——尤其是本季、以及展望第三季往前看——運能相對保守。那是對我們看到相當劇烈的燃油飆升所做出的明顯回應。燃油仍然維持在高檔。今天的燃油價格比我們年初時高出50%。

I think you're going to find the crack spreads are going to continue to be sticky. I think they will come down, but I think it's going to be sticky coming down given the questions that sit out there in the Middle East and other parts of the world about what kind of damage was done to the refineries and the value -- the amount of production capability that you can find.

我認為你會發現裂解價差（crack spreads）將持續黏著在高位。我認為它們會下來，但在下行過程中會相當黏著，因為中東及世界其他地區仍存在疑問：煉油廠到底受到了多大損害，以及你能找到的產能——可供生產的能力有多少。

So I would anticipate that in the fourth quarter for Delta, you'll see us kind of return to a little bit more of a normalized capacity run rate, that 2% to 3% that we've historically looked at. It kind of keeps us around in par with where economic growth is. And then as we go forward to '27, there's probably the mindset that we've had. You guys follow us well, and you've seen how this team thinks about this stuff. We try to stay in our lane in terms of our strategy. We're not out there trying to compete on someone else's strategy. We're focused on Delta's strategy.

所以我預期在第四季，對達美而言，你會看到我們回到較正常的運能運行速度，也就是我們歷來所看的2%到3%。這大致讓我們與經濟成長保持一致。然後當我們往27年走，可能也會延續我們一貫的思維。你們很了解我們，也看過這個團隊如何思考這些事情。我們會盡量在自身策略的跑道上前進。我們不會去用別人的策略來競爭。我們專注於達美的策略。

The growth that we're seeing here for the back end of the year going into the next couple of years will largely be in two areas. It will first of all, obviously, be focused on profitable growth, but it will be upgauging. We've taken a holiday over the last couple of years from upgauging as we've had some fleet resets here. We'll get back in the next year or two as we take delivery of the MAX 10 and some additional narrowbody opportunities to get an upgauge going. That's a very efficient way to grow.

我們看到今年後段、以及接下來幾年的成長，主要會在兩個領域。首先，當然會聚焦在獲利性成長，但會以「放大機型」（upgauging）為主。過去幾年因為我們進行了一些機隊重整，我們在放大機型上算是暫停了一段時間。接下來一兩年，隨著MAX 10交付，以及一些額外的窄體機機會，我們會重新推動放大機型。這是一種非常有效率的成長方式。

And secondly, international. And the international areas we are going are in line with our strategies going into some new markets in the Middle East, such as Riyadh, bringing Tel Aviv back as well as expanding in Asia. But that's kind of the outlook for growth as I see it for the next year or so.

第二是國際市場。而我們前往的國際區域也與我們的策略一致：進入中東一些新市場，例如利雅德；讓特拉維夫復航；以及擴大亞洲市場。這大致就是我對未來一年左右成長展望的看法。

All right. That's helpful. And then maybe just a quick follow-up. You mentioned the MAX 10 being out there and MAX 7. It sounds like we're getting a little bit closer to the end of the tunnel. Do you think that the delivery of some of those aircraft that have been constrained can offset kind of what is a better structural environment? Or does that not factor into your consideration?

好的。這很有幫助。再快速追問一下。你提到MAX 10以及MAX 7。聽起來我們離走出隧道又近了一點。你認為那些受限的飛機交付，是否可能抵消目前較佳的結構性環境所帶來的影響？還是這不會納入你們的考量？

It absolutely does add to the structural changes. One of it is that the fuel that powered the low-cost evolution was being able to grow faster than your costs were, where all the -- with all the aircraft availability from both Airbus and Boeing on the narrowbody side. That has dramatically changed.

這絕對會影響結構性變化。其中一點是：推動低成本演進的燃料之一，是能在成本上升之前更快擴張——因為空巴與波音在窄體機供給上有大量可用飛機。那已經發生了劇烈改變。

And by the way, it's not the question whether Boeing and Airbus can even produce the aircraft as much as the engine producers and the lack of durability that we've seen in the quality of the new engine technologies isn't anywhere close to the pre-existing technologies that we had previously.

而且順帶一提，問題甚至不在於波音和空巴能不能生產那麼多飛機；更在於引擎製造商，以及我們在新一代引擎技術品質上看到的耐久性不足，遠遠比不上我們先前既有的技術。

So I think availability of aircraft is a fairly significant constraint as well. And for us, we're looking forward to getting the MAX 10. We expect to see that in Delta colors next year, which will be great to have, but it's also going to enable us to release some older narrowbodies, whether it's 717s and 757s that -- it'll be a replacement.

所以我認為飛機可得性也是一個相當重要的限制。對我們而言，我們很期待拿到MAX 10。我們預期明年會看到它披上達美塗裝投入營運，這會很棒；但它也將讓我們能汰換一些較老的窄體機，不論是717或757——它將作為替換。

Thanks a lot.

非常感謝。

Andrew Didora, Bank of America.

美國銀行的Andrew Didora。

Hi, good morning, everyone. So Joe, just a question on international. Just curious if we were sitting here in March, how much of your 2Q international was on the books versus 3Q? Because -- I just asked because international and particularly the Atlantic may be a little bit below what we had thought, but I feel like it could be something with the booking curve. So should we be expecting a better sequential improvement internationally because of that dynamic? And any thoughts you can provide on the international geographies would be helpful.

嗨，各位早安。Joe，我想就國際航線問一個問題。我只是好奇，如果我們回到三月坐在這裡，你們第二季國際航線的訂位有多少已經在帳上，相較於第三季呢？我之所以問，是因為國際、尤其是跨大西洋的表現可能比我們原先想的略低，但我覺得可能與訂位曲線有關。所以基於這個動態，我們是否應該預期國際航線會有更好的連續改善？另外，若能分享一些對各國際區域市場的看法也會很有幫助。

Yes, that's exactly right. Typically, your long-haul international has about 15 points of bookings more than domestic does. So when you were in March, April was very much booked and customers booked their travel, especially transatlantic for the summer. They actually start in January and February with that booking curve where domestic is closer in.

是的，完全正確。通常長程國際航線的訂位會比國內線多大約15個百分點。所以在三月時，四月的訂位其實已經非常明確，客戶也已經預訂行程，尤其是暑期的跨大西洋航班。他們其實從一月、二月就開始依照那樣的訂位曲線預訂，而國內線則更偏向臨近出發才訂。

So yes, you will see sequential improvements as we go through the next quarter and into the fall in terms of that. So that's a good thing. And then also business improved significantly in the transatlantic as you get into September and October in the off-season.

所以是的，隨著我們進入下一季並延伸到秋季，你會看到連續性的改善。這是好事。另外，當進入九月、十月的淡季時，跨大西洋的商務需求也會顯著改善。

So around the world, transatlantic for us will still have a very solid summer. Demand has been very strong as we've been talking about for the past. In the past, our foreign point of sale has been a little bit softer, but we've transitioned to more of a US point of sale, where we're over 80% now for US point of sale in the transatlantic, and that falls back to our strengths.

就全球而言，對我們來說跨大西洋在今年夏季仍會非常穩健。如同我們過去一段時間一直在談的，需求一直非常強勁。過去我們的海外銷售點（POS）稍微偏弱，但我們已轉向以美國銷售點為主；目前跨大西洋超過80%來自美國銷售點，這更符合我們的強項。

The fares are higher and the strength of our brand in the US is much higher. So the transatlantic will have a great summer. The good thing about the transatlantic is it's smoothing out. The seasonality has been flattening, which is good for us, and people are moving their trips more into the shoulders and the traditional off-season.

票價更高，而我們品牌在美國的強度也高得多。因此跨大西洋會有一個很棒的夏季。跨大西洋的好消息是，它正在變得更平滑。季節性正在趨於平坦，這對我們有利；人們也把旅行更多移到肩季以及傳統淡季。

Pacific has kept up with capacity. We're actually growing the Pacific. So unit revenues were up about 8% on similar capacity. And you've seen us with two new markets this year, Hong Kong, and we're annualizing Melbourne and Los Angeles, Shanghai and Salt Lake City, Incheon, Asia and the Middle East will be the focus for the next couple of years. Latin is a little bit of two different stories. South America has been very strong this year and for the past really 18 months and the forwards look really good.

太平洋航線的需求一直跟得上運能。我們其實正在擴張太平洋航線。因此在相近運能下，單位營收約成長8%。你也看到我們今年新增了兩個市場：香港；另外我們也把墨爾本與洛杉磯、上海與鹽湖城、仁川等航線做年度化配置；未來幾年，亞洲與中東將是重點。拉丁美洲則有點像兩個不同的故事。南美今年以及過去大約18個月都非常強勁，而遠期訂位看起來也很好。

Based on our partnership with LATAM, aligning ourselves with their connecting bank structures in South America. Mexico had been a little bit weaker as the incidence -- the violence earlier this year. So Mexico had been a little bit softer as well as short haul, but we'll expect to see improvements in that as we get into the fourth quarter of this year. And our capacity also reflects that.

這要歸功於我們與LATAM的合作夥伴關係，讓我們能與他們在南美的轉機波（bank）結構對齊。墨西哥則因為今年稍早暴力事件的發生率——所以墨西哥相對偏弱，短程航線也較疲弱；但我們預期在今年第四季會看到改善。我們的運能配置也反映了這一點。

We were down 7% in Latin America with mostly -- most of that is in the short-haul category. And we'll bring that capacity back based on demand. And it's not assured it comes back. It's slowly coming back, but we'll see -- we should see a strong winter for leisure travel. And again, South America has really been the bright spot.

我們在拉丁美洲的運能下滑了7%，其中大部分——多數都在短程類別。我們會依需求把運能加回來。但不保證一定會加回來。它正在緩慢回升，不過我們應該會看到一個強勁的冬季休閒旅遊季。再一次，南美確實一直是亮點。

Just getting back to domestic. Again, that had been the lead in unit revenue performance and really strong performance as you exited the quarter on unit revenue versus when you enter. And it's good for the participation of all the carriers that have come in on fuel recovery, the fastest in the domestic system and the fastest we've ever seen historically.

回到國內線。同樣地，國內線一直是單位營收表現的領先者，而且你在季度末退出時的單位營收表現，相較於季度初進入時，表現非常強勁。也要肯定所有航空公司在燃油回收方面的參與；這是國內系統中最快的，也是我們歷史上所見最快的一次。

So domestic is on a really good trajectory, especially with corporate sales traveling in the US and a couple of bright spots that, while we said 20% for corporate, big cities like Los Angeles and Boston were actually closer to 30%. So really good progression in the domestic system.

因此國內線的走勢非常好，尤其是美國境內的企業銷售旅行；另外也有幾個亮點：雖然我們說企業客約20%，但像洛杉磯、波士頓這些大城市其實更接近30%。所以國內系統的進展真的很不錯。

That's great. Very helpful. And then as a follow-up, actually, I just wanted to ask about the cabin segmentation you announced earlier this week. I know you've teased a bit about wanting to give your customers a little further choice. But I'm just curious on like how far you think this can go. So are there further opportunities to continue to maybe expand this a la carte option? And just any comments on how you view those options over the next three to five years could be helpful.

太好了。非常有幫助。接著追問一下，我想問你們本週稍早宣布的客艙分級（segmentation）。我知道你們之前稍微提到想給客戶更多選擇。但我好奇你們覺得這能走多遠。所以是否還有進一步機會，持續擴大這種加購（a la carte）選項？以及你們如何看待未來三到五年這些選項的發展，若能分享也會很有幫助。

Yeah, Thanks. I mean we're really still in the early stages of segmentation, and we've gone through main cabin several years ago. We just recently expanded into Comfort+. And right now, we're launching into our premium products. I think there's lots -- it's a great benefit for the consumer. It's a great benefit for revenue upgrades. It gives the choice to the customer.

好的，謝謝。我的意思是，我們其實還在分級的早期階段；幾年前我們已在主客艙（Main Cabin）做過。我們最近才擴展到Comfort+。而現在我們正要推進到高端產品。我認為空間很大——這對消費者是很大的好處。對營收升艙也很有利。它讓客戶有選擇。

And I think what you can see -- and I think you're in the early stages because I think what you can see for the future is how do we retail all of our products in those categories and actually reward our best customers, put better and better products into those categories for the future. Today, it looks very much like a typical revenue management type merchandising. But I think with all the great brands that we're associated with, you can see a world where you're merging the retailing with it.

我認為你可以看到——而且我覺得仍在早期階段，因為你未來可以看到的是：我們要如何在這些類別中零售化（retail）我們所有產品，並且真正回饋我們最好的客戶，未來在這些類別中放入越來越好的產品。今天看起來很像典型的收益管理式商品化（merchandising）。但我認為，憑藉我們所合作的眾多優秀品牌，你可以想像一個把零售與之融合的世界。

Thanks so much.

非常感謝。

Thomas Fitzgerald, TD Cowen.

Thomas Fitzgerald，TD Cowen。

Hi, everyone. Thanks very much for the time. I'm just curious on cargo. I was wondering if you could unpack some of the strength in 2Q. I don't know if that was just -- obviously, spot prices have surged and there's fuel charges, but I know with some of your fleet investments, there's a cargo angle to that as well. And then, I don't know if we should expect that cargo number to decelerate into the back half or kind of continue to show some pretty good strength.

各位好。非常感謝撥冗。我想請教貨運。想請你們拆解一下第二季貨運強勁的原因。我不確定那是否只是——顯然現貨價格大幅上漲，還有燃油附加費，但我知道你們在機隊投資上也有貨運面的考量。另外，我不確定我們是否應該預期下半年貨運數字會放緩，或是仍會持續展現相當不錯的強度。

Yeah, Thanks, Tom. Most of what we saw for cargo revenue, it was a great quarter and we're really proud of the team, was on volume. And you've had some rerouting of cargo that typically goes through the Middle East and other areas that we've been able to recapture. But it's also the structural improvements we've made internally, which depending on where we're expanding, Asia is one of the largest cargo markets from the US, and we've been expanding in the Asian market. We've been getting greater capability of our airplanes that we've been investing in. And we've done a lot of internal restructuring and how we approach cargoes and made it much more of a priority.

好的，謝謝，Tom。我們看到的貨運營收多數來自量的成長；這是一個很棒的季度，我們也為團隊感到非常自豪。有一些貨物原本通常會經由中東及其他地區轉運，現在改道後我們得以重新爭取回來。但同時也來自我們內部所做的結構性改善；視我們擴張的方向而定，亞洲是美國出發最大的貨運市場之一，而我們一直在擴張亞洲市場。我們投資的飛機也帶來更強的運載能力。此外，我們也做了許多內部重整，調整我們處理貨運的方式，並把它提升為更高的優先事項。

So we'll see strength throughout the year in cargo, probably not the 39%, but we're going to have a really strong back half in our cargo sector. And that will play a bigger role as we continue to invest in international. Cargo is a big part of international and goes towards the profitability of our international entities.

因此我們全年都會看到貨運的強勢，可能不會再有39%那麼高，但我們下半年的貨運部門會非常強勁。而隨著我們持續投資國際航線，貨運將扮演更重要的角色。貨運是國際業務的重要組成，也有助於我們國際業務單元的獲利能力。

Okay. Great. That's really helpful to hear, really encouraging. And then I guess just maybe on the MRO side, would you mind just providing us your latest thinking on the kind of margin trajectory of that business in the back half and the next couple of years? I know you longer term have a target of mid-teens, but seeing some nice growth year-over-year in the first half. Thanks again for your time.

好的。很好。這真的很有幫助，聽起來也很令人鼓舞。接著我想可能在 MRO 這一塊，您介意跟我們分享一下您最新的看法嗎：關於該業務在下半年以及未來幾年利潤率走勢大概會是怎樣？我知道你們長期目標是中十幾%的水準，但上半年同比看到不錯的成長。再次感謝您撥冗。

Sure, Tom. What we've talked about is that we -- mid-teens is the target. We expect to expand a couple of hundred basis points a year. The first half of this year was better than that. We got a lot of volume leverage given the revenue growth that we expected.

當然，Tom。我們一直在談的是——中十幾%是目標。我們預期每年擴張約兩百個基點。今年上半年表現比那更好。在我們預期的營收成長帶動下，量的槓桿效益很明顯。

But I would -- as you think about this business going from 10% to 12% to the mid-teens with the double-digit revenue growth, that would be the progression that I'd look at. And so we've been out there. We believe and the team believes that they got the backlog, that they get that technical capability, the market position, not only grow the top line, but to grow the margins double digit, and I would expect about a couple of hundred basis points a year.

不過我會——當你思考這個業務在雙位數營收成長下，利潤率從 10% 到 12% 再到中十幾% 的過程，那就是我會看的進展路徑。因此我們一直對外這麼說。我們相信、團隊也相信，他們有在手訂單（backlog）、有技術能力、有市場地位，不僅能帶動營收成長，也能讓利潤率以雙位數方式提升；我預期大概每年提升約兩百個基點。

Matthew, we can now go to our next question.

Matthew，我們現在可以進入下一個問題。

Jamie Baker, JPMorgan.

Jamie Baker，摩根大通。

Good morning, Probably for Ed. So I'm curious what internal analysis you've done to assess what peak pretax margins might look like for Delta in coming years. Obviously, that analysis would have to make a number of industry assumptions as well.

早安，這題可能給 Ed。 我很好奇你們做了哪些內部分析，用來評估未來幾年達美（Delta）的稅前利潤率高峰可能會長什麼樣子。顯然，這樣的分析也必須對產業做出一些假設。

I mean, hypothetically, if the industry was doing a 30% pretax margin, you'd see a new round of start-ups and that sort of thing, and I'm not expecting that outcome. But my point is there's bound to be some structural peak as to what Delta margins can accomplish. So I'm curious what sort of thought and analysis you've put into this and what you're willing to share?

我的意思是，假設性地說，如果整個產業做到 30% 的稅前利潤率，你會看到新一輪的新創航空公司出現之類的情況，我並不預期會是那樣的結果。但我的重點是，達美利潤率能達到什麼程度，必然存在某種結構性的高峰。所以我想了解你們在這方面做了哪些思考與分析，以及你願意分享哪些內容？

Well, thanks, Jamie. I'm not sure what peak looks like. We're not there yet. But our framework that we brought to the investors a couple of years ago outlined a pathway to mid-teens margins and sustainably mid-teen margins. So arguably, a peak environment might be a little bit higher than that.

謝謝，Jamie。我不確定所謂的高峰會是什麼樣子。我們還沒到那裡。但我們幾年前向投資人提出的框架，勾勒出一條通往中十幾%利潤率、並且可持續維持在中十幾%利潤率的路徑。所以可以說，在高峰環境下，可能會比那再高一點。

But when you think about what had to happen when we laid that scenario out, a lot of what we made assumptions around is what you're seeing happen, the structural change in the industry is the most important part of it with respect to the discipline that the industry needs to take in light of high cost, whether it's fuel, whether it's labor, whether it's aircraft availability as well as the cost of aircraft, whether it's the airports themselves, incredibly high-cost business.

但當你回頭想想我們當時提出那個情境時需要發生什麼，很多我們所做的假設，正是你現在看到正在發生的事；其中最重要的是產業的結構性變化——在高成本環境下，產業必須保持紀律，不管是燃油、勞動力、飛機供給可得性以及飛機成本，或是機場本身，這都是一個成本極高的產業。

Second, you think about the value proposition that we're creating for consumers. We're no longer competing on price as much as we're competing on value and experience and service, and that's where Delta wins. That's where Delta has always won. We're going to continue to lean in there. You look at the efficiency opportunities that we know we have sitting in front of us.

第二，你要想想我們為消費者創造的價值主張。我們不再那麼以價格競爭，而是以價值、體驗與服務競爭，而這正是達美勝出的地方。這也是達美一直以來勝出的地方。我們會持續加碼在這裡。再看我們已經清楚擺在眼前的效率提升機會。

Upgauging was a key unlock last decade to getting out of the small regional jets and introducing the 321neos and the upgauged narrowbody strategy, we've got a long ways to go there still on upgauging opportunities and fleet efficiency, which candidly is the only way you can grow in the domestic network, given how much congestion there is. And so it'll be tempered, it'll be modest, but I think it'll be very profitable.

上調機型（upgauging）是上一個十年解鎖的關鍵：我們退出小型支線噴射機，引進 321neo，並推動窄體機上調機型策略；在上調機型機會與機隊效率方面，我們其實還有很長的路要走。坦白說，考量到國內航網的擁堵程度，這幾乎是你能在國內航網成長的唯一方式。

And then you also kind of think about where the world is. And while there will be ups and downs and bumps along the way, the sustainability of what we're building because we're building it through a greater experience and consumers having an affiliation for the Delta brand is going to be far more durable than anything this industry ever saw.

然後你也要想想世界的狀況。雖然一路上會有起伏與顛簸，但我們正在打造的東西之所以能持續，是因為我們是透過更好的體驗、以及消費者對達美品牌的認同與黏著來建立的；這會比這個產業過去任何時候看到的都更耐久。

I tell groups all the time, I started here almost 30 years ago, you were asking -- you were there, if you ask someone why they picked a specific airline, at least 80% of the time it's whoever had the lowest price. Today, if you ask a consumer why did they choose Delta, they'll tell you, it's because it's Delta. And those are the changes. And I think those are durable advantages.

我常常跟各個團體說，我差不多 30 年前加入這裡；當時你問——你也在場——如果你問一個人為什麼選某家航空公司，至少 80% 的時候答案是：誰最便宜就選誰。今天，如果你問消費者為什麼選達美，他們會告訴你：因為它是達美。這些就是改變。而我認為這些是可持續的優勢。

And yes, there will be more unexpected surprises ahead, which is also why our balance sheet strategy is so important here to continue to pay down debt and enable us for the first time maybe in our history to play offense once in a while when deficits and challenges occur rather than always having to play defense and get our debt levels down to such low -- much lower levels than they are today.

而且是的，未來還會有更多意想不到的驚喜，這也是為什麼我們的資產負債表策略在這裡如此重要：持續償還債務，讓我們也許在公司歷史上第一次，當赤字與挑戰出現時，偶爾能採取進攻，而不是總是被迫防守；並把我們的負債水準降到非常低——比今天低得多的水準。

So that's the view. And that's what -- there's other things as well, but those are the reasons why I think kind of that mid-teens -- and the last one I was struck by strong -- I knew there was one more is technology with AI. And I don't know that technology is going to enable us to grow our business. I think that's probably true across most businesses they tell you today, but it's certainly going to enable us to be more efficient and smarter about how we do business. And we already see some early signs. And while it may take us another year or two before you really start to see a meaningful imprint from that, that's coming, and that's not going to be small. I think that's going to be pretty large.

所以這就是我們的看法。而這就是——當然還有其他因素，但這些是我認為中十幾%——最後我想到還有一個很重要的：科技與 AI。我不確定科技是否能讓我們把業務做大；我想對多數企業而言，今天大家都會這麼說，這大概是真的。但它肯定能讓我們更有效率、也更聰明地經營。我們已經看到一些早期跡象。雖然可能還需要一到兩年，你才會真正看到它帶來明顯的影響，但它正在到來，而且規模不會小。我認為會相當大。

So those are the reasons why I think getting to that mid-teens level is durable and sustainable, and it played off also in the marketplace. You look at our domestic Main Cabin performance, I saw a stat recently that if we grow and kind of get our margins anywhere close to where they were back in 2019, that's easily 2 to 3 points on the overall margin for our business. So it just gives you a sense of the leverage we have here to the opportunity.

所以這些就是我認為達到中十幾%水準是耐久且可持續的原因，而且這也反映在市場上。你看我們國內主艙（Main Cabin）的表現，我最近看到一個數據：如果我們成長、並把利潤率拉回到接近 2019 年的水準，這很容易就能為我們整體業務的總利潤率貢獻 2 到 3 個點。這讓你感受到我們在機會面前所具備的槓桿。

Very, very helpful color, Ed. And then just a quick follow-up question on segmenting DPS and D1. Obviously, one thing that made Basic Economy such a success was that the majority of corporations forbade consumption by business travelers.

非常、非常有幫助的補充說明，Ed。接著一個關於 DPS 和 D1 分層的快速追問。顯然，讓基本經濟艙（Basic Economy）如此成功的一個原因，是多數企業禁止商務旅客使用。

I think it was Glen once said something like 90% of your managed corporates had walled off Basic Economy. I know it's early in terms of unbundling the Premium cabins, and I haven't actually had time to check how JPMorgan is going to handle this. But do you expect a similar broad-based corporate response in terms of kind of walling off the Basic premium fares. And is the success of that product predicated on corporates doing so?

我記得 Glen 曾經說過類似的話：你們受管理的企業客戶（managed corporates）中有 90% 把基本經濟艙隔離在外。我知道在高端艙等拆分（unbundling）方面還很早，我也還沒時間去確認摩根大通會怎麼處理。但你是否預期企業端也會有類似的廣泛反應，也就是把「基本版」高端票價隔離在外？而這個產品的成功是否取決於企業端這麼做？

Yeah, well, when we rolled it out to Comfort+, we did exactly that of what we did with Main Cabin. And so that's -- and we're moving that through the other categories as well. So we do expect that to be very similar. And all those fares won't be allowed on every single flight that we have either. So we'll use that based on where demand is by flight and by market.

是的。嗯，當我們把它推到 Comfort+ 時，我們做的做法完全跟主艙（Main Cabin）一樣。所以——而且我們也正在把這套做法推進到其他類別。因此我們確實預期會非常相似。另外，這些票價也不會在我們每一個航班上都允許使用。我們會依照各航班、各市場的需求狀況來運用。

So I would expect this to be a positive for the top end consumer of First Class as you get more and more as you -- more and more flexibility because the Basic, still even in the Premium cabins, are restrictive, and that doesn't really work with our corporate customers.

所以我預期，對於頭等艙的高端消費者而言，這會是個利多，因為你會獲得越來越多——越來越大的彈性；而基本票價即使在高級艙等裡仍然有諸多限制，這對我們的企業客戶其實不太適用。

Precisely. All right. Very helpful. Thank you, gentlemen. Appreciate it.

沒錯。好。非常有幫助。謝謝各位先生。感謝。

Thank you, Jamie.

謝謝你，Jamie。

Thanks.

謝謝。

Brandon Oglenski, Barclays.

Brandon Oglenski，巴克萊。

Hi. Good morning, everyone, and thanks for taking the question. So Erik, maybe this one is for you because I think if we just translate your RASM in the fourth quarter and obviously, expectations for low single-digit CASM, we're getting close to that mid-teens operating margin goal that you guys have long-term. But obviously, you want to hit that annually. So how do you think about unit cost inflation in '27 and beyond? And how are you going to manage through new labor contracts and things of that matter?

嗨。各位早安，謝謝讓我提問。所以 Erik，這題也許是問你的，因為我想如果我們把你們第四季的 RASM 換算一下，再加上你們對低個位數 CASM 的預期，我們已經接近你們長期設定的中十位數營業利益率目標了。但顯然你們希望能以年度為單位達成。那你如何看待 2027 年及之後的單位成本通膨？以及你們要如何因應新的勞動合約等相關事項？

Well, thanks, Brandon. Appreciate the question. Yes, we'll continue to have progress on unit costs as we go forward. We're expecting modest progress mainly on some of the actions that Dan has talked about and getting our resilience better. We saw exit rate in the quarter, some improvement there.

謝謝你，Brandon。感謝這個問題。是的，隨著我們往前推進，單位成本會持續改善。我們預期會有溫和的進展，主要來自 Dan 談到的一些措施，以及提升我們的韌性。我們在本季看到期末水準（exit rate）有一些改善。

So feeling good about modest progress there and then into the fourth quarter. And as we get back to normalized capacity growth and see those operational improvements, that's when we'll hit our long-term framework of low single digits. So it will depend on the setup next year in terms of where our capacity is.

所以我們對這方面的溫和進展感到樂觀，並延續到第四季。當我們回到正常化的運能成長、並看到那些營運改善時，我們就會達到長期架構所設定的低個位數水準。因此，這會取決於明年的起始條件，也就是我們的運能處於什麼位置。

The other thing I'd say is that we're already -- we have all the costs in our baseline. We're top of the industry in our pay scales. We've got our generational airport improvements in our baseline. So our ability to outperform going forward, we think, is going to be strong as we get back to the low single-digit CASM.

另外我想說的是，我們的基準情境裡已經——已經把所有成本都納入了。我們的薪酬水準在業界名列前茅。我們也把世代性的機場改善投資納入基準情境。因此，我們認為，當我們回到低個位數 CASM 時，未來我們持續優於同業的能力會很強。

And Erik, just a really quick follow-up there because I think you guys have talked about resiliency in staffing this year. I guess, is that potentially a tailwind as you look into '27?

Erik，我再很快追問一下，因為我記得你們今年談過人力配置的韌性。我想問的是，當你們展望 2027 年時，這是否可能成為一個順風？

Yeah, I think it is. We've certainly put in quite a number of actions. Some of those take some time to mature. We're seeing the fruits of that labor. But it's not just in our crew resilience. We've got efficiency actions across our system.

是的，我認為會。我們確實採取了相當多的措施。其中有些需要時間成熟。我們正在看到這些努力的成果。但不只是機組人員韌性。我們在整個系統也有各種效率提升措施。

And as we are -- as we continue to gain growth, you'll see that leverage, right? During the second quarter, with growth below our plan, we were about flat in terms of our resources versus growth. You start to gain really real leverage, and I'd expect 2 to 3 points of our ability to leverage the resources we have and the investments we've made under the growth that will be coming our way.

而且當我們——當我們持續恢復成長時，你會看到那種槓桿效應，對吧？在第二季，由於成長低於我們的計畫，我們的資源配置相對於成長大致持平。當你開始真正獲得槓桿效應時，我預期我們在運用既有資源、以及已投入的投資上，會有 2 到 3 個百分點的槓桿空間，來支撐即將到來的成長。

Thank you, Eric.

謝謝你，Eric。

Ravi Shanker, Morgan Stanley.

Ravi Shanker，摩根士丹利。

Good morning, everyone. Dan or Joe, can you give us some color on load factor by cabin and how you're thinking of balancing load factor versus preserving RASM as we kind of go into the back half of the year?

各位早安。Dan 或 Joe，你們能否就各艙等的載客率提供一些說明？以及當我們進入下半年時，你們如何在載客率與維持 RASM 之間取得平衡？

So Ravi, load factor just in terms of where it's come out or -- sorry, what are you asking?

Ravi，你說的載客率是指目前的結果，還是——抱歉，你具體想問什麼？

Both for how it trended through 2Q as well as kind of how you think that trends into the third quarter, kind of maybe given some of the seasonal changes in 3Q versus 2Q?

兩者都想了解：第二季載客率的走勢，以及你們認為第三季會如何變化——可能考量第三季相對第二季的一些季節性變動？

Yeah, well, we're going through peak summer. So loads are -- these are the highest for the year. And when we get into -- then you're moving into -- and if you break it down by Premium versus Main Cabin, our premium paid load factor has been very strong and growing. And through this time period, some of the big bright spots has been our paid premium load factor, while Main Cabin is fairly consistent in what it was last year. So our capacity that we're putting out, we're seeing load factor improvements through that. So we kind of break it up by both cabins.

是的，我們正處於夏季旺季。所以載客率——這段期間是一年中最高的。如果按高級艙等與主艙等拆分，我們的高級艙付費載客率一直非常強勁且持續成長。在這段期間，一些最亮眼的表現來自我們的付費高級艙載客率；而主艙等則大致維持與去年相近的水準。因此，隨著我們投放的運能，我們看到載客率有所改善。所以我們會按兩個艙等來拆解觀察。

And of course, we're going into peak summer, as we said. Transatlantic is peak summer. As we get into September and October, load factors generally moderate as your business traffic replaces leisure. And then you've got higher load factors as you're going through the holiday season.

當然，如我們所說，我們正進入夏季旺季。跨大西洋航線也處於夏季旺季。進入九月、十月後，隨著商務旅客取代休閒旅客，載客率通常會趨於溫和。接著進入假期旺季時，載客率又會提高。

So we expect our load factors where we're putting seats and creating seats -- don't forget, our capacity in Premium is up low single digits. Our capacity in Main Cabin is actually down 2% to 3%. So that mix is changing. And the great thing about the mix changing is we're actually able to sell a higher load factor in our Premium cabins.

因此，我們預期載客率——在我們投放座位、增加座位的地方——別忘了，我們高級艙的運能是低個位數成長。我們主艙等的運能其實是下降 2% 到 3%。所以組合正在改變。而組合改變的好處在於，我們實際上能在高級艙賣出更高的載客率。

Got it. That is very helpful. And maybe as a quick follow-up, forgive me if I missed this, but what is the current status of the refinery after the outage? And if it's not fully back up yet, what's the timing for that?

了解。這非常有幫助。另外快速追問一下，如果我漏聽了請見諒：停機之後，煉油廠目前的狀態如何？如果還沒有完全恢復，預計時間表是什麼？

Hey, Ravi, yes, the refinery had an outage about a couple of weeks ago. That was a $0.05 hit to us in the second quarter. We're back up to now approximately 75% throughput of the product that goes through the refinery, but there still will be a tail of the outage into the third quarter. That's going to be a $0.05 to $0.07 hit on the third quarter. Net of that, we still expect the refinery to have a $0.05 benefit in the third quarter. And that based on where the forwards are now, that benefit would increase into the fourth quarter. And net-net-

嗨，Ravi，是的，煉油廠大約在兩週前發生停機。這在第二季對我們造成每股 0.05 美元的影響。目前我們已恢復到約 75% 的處理量（throughput），也就是通過煉油廠的產品量，但停機的影響仍會在第三季留下尾端影響。這將在第三季造成每股 0.05 到 0.07 美元的影響。扣除這些影響後，我們仍預期煉油廠在第三季可帶來每股 0.05 美元的貢獻。而以目前遠期價格來看，這項貢獻在第四季會增加。而整體來看——

Duane Pfennigwerth, Evercore ISI.

Duane Pfennigwerth，Evercore ISI。

Hey, thanks. Good morning, and nice results, resumption of the guide, et cetera. Just a question on if you think events like the World Cup are benefiting the domestic entity disproportionately. Do you think it kept more demand in the US this summer, including maybe some premium demand? And then longer term, understanding it's very, very early, as you think about next summer, what entities are best positioned in your view?

嗨，謝謝。早安，成果不錯，也恢復提供指引等等。我想問的是，你們是否認為像世界盃這樣的活動，對國內市場的實體（domestic entity）帶來了不成比例的好處？你們覺得它是否讓今年夏天更多需求留在美國境內，包括可能的一些高級艙需求？再者，從更長期來看——我知道現在談還非常非常早——當你們思考明年夏天時，你們認為哪些實體（entities）在你們看來最具優勢？

No, the World Cup -- there's lots of events that occur throughout the year. World Cup is obviously pretty big. We're the beneficiary of World Cup. It's not significant enough to make a huge difference to the quarter. But we see it flight by flight. It depends obviously where the games are. And now that you've got unscheduled games, you'll see closer-in demand as people are trying to get to that specific city for the game. And I'm sorry, your second part was where the bright spots are for next year?

不，世界盃——一年當中有很多活動會發生。世界盃當然是相當大型。我們確實是世界盃的受益者。但它的規模還不足以對單季造成很大的差異。不過我們會在單一航班層級看到影響。這顯然取決於比賽在哪些城市舉行。而且現在有了非預先排定的比賽，你會看到更接近出發日的需求，因為人們試圖前往特定城市看那場比賽。抱歉，你第二部分是問明年哪些亮點在哪裡嗎？

Yes. Just if you think it tilted demand more to the US and how you think that might play out next summer?

是的。只是想請教，您是否認為這使需求更偏向美國，以及您認為明年夏天可能會如何發展？

No, I don't think it's going to make a significant difference of how we deploy capacity next year. We really didn't deploy a lot of capacity this year for World Cup. We'll do some additions, but it's actually very small on the grand scheme of the size that we are.

不，我不認為這會對我們明年如何部署運能造成顯著差異。我們今年其實沒有因為世界盃而部署太多運能。我們會做一些增班，但就我們整體規模而言，其實非常小。

I would put an addendum to Joe's comment there. At a much higher level, though, I think the US has done a wonderful job of showing what a great country we are in welcoming visitation and getting the international inbound back again, both visually because as everyone has watched the world, you couldn't have asked, I think, for a better advertisement to come to the USA. And I do think it will have an impact on the mix in terms of having greater inbound participation in the next year. And while it may not change our specific market choices, I do think it'll enhance the mix.

我想在 Joe 的評論上補充一下。不過從更高層次來看，我認為美國在展現我們是一個很棒的國家、歡迎旅客來訪，以及讓國際入境旅遊回流方面做得非常出色；不論是視覺呈現，因為全世界都在看，你很難要求有比這更好的廣告來吸引人到美國。我確實認為，明年在旅客結構上會產生影響，讓入境旅客的參與度更高。雖然這可能不會改變我們特定市場的選擇，但我確實認為它會改善整體組合。

Thanks for that. And if I could sneak just one more in on the co-brand card acceleration that you noted. Can you talk about the drivers of that? And is there any sort of geographic push behind that acceleration?

謝謝你的說明。另外，如果我可以再追問一個關於你提到的聯名卡加速成長。你能談談背後的驅動因素嗎？以及這種加速是否有任何地理區域上的推動？

Do you want to take that?

你要回答這題嗎？

Yes. I think American Express is a great partner, and we're very aligned on our strategic vision about where we grow. And when we go to market, wherever we're expanding, American Express is a critical part of that ecosystem. And so the growth in cards and the growth in spend is very complementary to how we're both growing. And both for experiences, whether we're expanding internationally, Los Angeles or Boston or wherever we -- or Austin, we're bringing that part with us. It's not just a transactional, it's really a true commercial partnership.

好的。我認為美國運通是很棒的合作夥伴，我們在成長方向的策略願景上高度一致。而當我們推向市場、無論我們在哪裡擴張，美國運通都是該生態系中非常關鍵的一環。因此，卡量成長與刷卡消費成長，與我們雙方的成長方式是高度互補的。不論是體驗面向，無論我們是在國際擴張，或是在洛杉磯、波士頓，或任何地方——或奧斯汀——我們都會把這一塊一起帶過去。這不只是交易關係，而是真正的商業夥伴關係。

So we're happy to get -- we've got another 1 million cards per year that should be in our sites this year as well as $9 billion of remuneration. But it goes with a very tight partnership of how Delta and American Express approach the marketplace.

所以我們很高興——今年我們的目標也包括每年新增的 100 萬張卡，以及 90 億美元的報酬（remuneration）。但這一切都建立在達美與美國運通如何共同面向市場的緊密合作之上。

I think one of the wonderful benefits of our relationship with American Express is we're 2 companies that are, first, exclusive with each other, and two, the leading consumer brands in the country who have the exact same strategy, the exact same demographic in terms of who we're looking to reach, incredibly complementary and building on each other's strengths. And that's why you see the compounded effect year after year after year.

我認為我們與美國運通關係的一大優勢在於：我們是兩家，第一，彼此獨家合作的公司；第二，都是全國領先的消費者品牌，而且策略完全一致、目標客群的人口結構也完全相同，彼此高度互補並建立在對方的強項之上。這就是為什麼你會看到年復一年、再年復一年累積的複利效應。

We're not just the largest contributor to the overall distribution of Amex product and in cards as well as revenue spend, we're also their fastest growing. And they are our number 1 partner in the world, and we are theirs. And the value you create when you have like-mindedness in the marketplace, it's really powerful.

我們不僅是美國運通產品整體發行（distribution）、卡量以及收入與消費金額方面的最大貢獻者，我們也是他們成長最快的合作夥伴。而他們是我們在全球的第一大合作夥伴，我們也是他們的第一大合作夥伴。當你在市場上擁有這種志同道合所創造的價值，真的非常強大。

And that's -- you see that continuing and whether you put out new benefits as we did with replatformed some of the cards earlier this year or other opportunities to leverage lounges back and forth. It's a wonderful, wonderful strategy that we love our partnership. And I know the Amex people feel the same way about Delta.

而這——你會看到它持續下去；不論是像我們今年稍早對部分卡片重新平台化（replatformed）所推出的新權益，或是其他能夠在貴賓室（lounges）方面彼此互相導流的機會。這是一個非常、非常棒的策略，我們很珍惜這段合作關係。我也知道美國運通的同仁對達美也有同樣的感受。

Catherine O'Brien, Goldman Sachs.

高盛的 Catherine O'Brien。

Hey, good morning, everyone. Thanks for the time. I just wanted to dig in a bit on the corporate strength you've been seeing. I think back in January, you were seeing a little bit of a pickup in corporate volumes following what felt like a really long period of pretty stable volumes post-pandemic recovery.

嗨，各位早安。謝謝撥冗。我想更深入了解一下你們看到的企業客戶需求強勁的情況。我記得在一月時，你們看到企業客量在疫情復甦後、經歷一段相當長的穩定期之後，開始有些回升。

Can you break down how much of the double-digit corporate sales is fare growth versus volume? And if we were to see volumes pick up, like how meaningful could that be to Premium cabin pricing given there's been continued strong demand from high-end leisure travelers for these products since the pandemic?

你能拆解一下，企業銷售的雙位數成長中，有多少來自票價成長、多少來自量的成長嗎？另外，如果我們看到量回升，考量到疫情以來高端休閒旅客對這些產品的需求持續強勁，這對高端艙等（Premium cabin）票價可能會有多大的意義？

Hi, Catie, most of what we saw in the 20% has been on the fare side. We've seen some improvement in passengers. A lot of it has been in international, depending on the specific city that we're focused on. Some cities are growing faster than others. But most of it's been through the fare environment. So there is lots of upside for the future on additional volumes. But it's been great to see the resiliency of the corporate demand.

嗨，Catie，我們看到的那 20% 成長，大多是來自票價端。旅客人數也有一些改善。其中很大一部分發生在國際線，視我們聚焦的特定城市而定。有些城市成長比其他城市更快。但大多數是透過票價環境帶動。因此，未來在額外量的提升上仍有很大的上行空間。不過看到企業需求的韌性，真的很不錯。

Okay. Great. And just maybe a quick follow-up on Premium and Main Cabin trends. I guess, first, could you just -- you've given us some color on the seats. But could you just tell us what Premium versus Main Cabin RASM growth was in 2Q? And then given the tougher comps in premium and the reduction in low-cost capacity over this year, are you anticipating Main Cabin RASM could outperform Premium underlying your 3Q guide? Or obviously, I know Delta has been cutting Main Cabin seats. That maybe looks a little bit different than the rest of the industry. Any additional color there would be helpful.

了解。很好。再快速追問一下高端艙等與主艙（Main Cabin）的趨勢。我想先請你——你們已經提供了一些座位數的資訊。但你能否告訴我們，第二季高端艙等相對於主艙的 RASM 成長各是多少？另外，考量到高端艙等的比較基期更具挑戰，以及今年低成本運能的縮減，你們是否預期在第三季指引中，主艙的 RASM 可能會優於高端艙等？當然，我知道達美一直在削減主艙座位。這看起來與產業其他公司有些不同。若能再補充一些說明會很有幫助。

Yes. Well, actually, in the second quarter, our unit revenue in Main Cabin did exceed Premium because we are down in capacity. And the industry has removed significant amount of unprofitable capacity. If you look at the ultra-LCC category, that capacity is down about 30%. So Main Cabin has gotten significantly healthier this year. I mean, last year, it was one of our biggest objectives to improve the Main Cabin.

是的。其實在第二季，我們主艙的單位收入確實超過高端艙等，因為我們的運能是下降的。而且整個產業已移除大量不具獲利性的運能。如果你看超低成本航空（ultra-LCC）類別，那部分運能大約下降了 30%。因此今年主艙的健康度明顯改善。我的意思是，去年我們最大的目標之一就是改善主艙表現。

And also, we're not growing Main Cabin seats. This is a multiyear several years in a row that we haven't grown this cabin. We won't be growing it next year either. But our Premium revenue has been up 17% and unit revenue is below Main Cabin, but our growth in that category has been up high single digits, while revenue is outstripping the capacity in Premium revenue. So I think we're getting into a really good balance between Main Cabin and our Premium cabins.

另外，我們並沒有增加主艙座位。這是連續好幾年、跨多年我們都沒有擴增這個艙等。明年我們也不會增加。但我們的高端艙等收入成長了 17%，單位收入雖低於主艙，但該類別的成長是高個位數，而高端艙等收入的成長幅度仍超過其運能成長。所以我認為我們正在主艙與高端艙等之間取得非常好的平衡。

John Godyn, Citigroup.

花旗的 John Godyn。

Hey, guys. Thanks for taking my question. Ed, you're the longest tenured CEO in the industry. You've seen a lot over that time. So I know that you don't take guiding to what will be a historic and record 4Q earnings number lightly. And if you hit that guidance, I think the bigger idea is we'd be set up for a major 2027 breakout year just based on the simple math.

嗨，各位。謝謝回答我的問題。Ed，你是業界任期最久的執行長。這段時間你見證了很多事情。所以我知道，你不會輕率地給出可能創下歷史與紀錄的第四季獲利指引。如果你們達成該指引，我認為更大的意涵是，單就簡單的數學推算，我們將為 2027 年的大幅突破奠定基礎。

So I know people have come at this in different ways on the call. But just to kind of have everything in one place, can you talk about how the slow and consistent changes in the industry and at Delta compounded to set this situation up? And why should we all have confidence that this inflection we're seeing isn't a head fake and is sustainable beyond the end of the year?

所以我知道大家在這通電話上用不同方式切入這個議題。但為了把所有內容整合在一起，你能談談產業與達美在緩慢且持續的變化中，如何累積並促成目前這個局面嗎？以及為什麼我們應該有信心，相信我們看到的這個拐點不是假象，而是能在年底之後仍具可持續性？

Sure, John. Thank you for that. The results you're seeing here and the forecast into the back half of the year '27 and beyond is entirely consistent with what we have previewed to the Street over quite a few years. And we talk about creating -- getting out of the commodity cycle many years ago and the pathway to doing, I think we used to call decommoditization.

當然可以，John。謝謝你。你在這裡看到的結果，以及對 2027 年下半年及之後的展望，完全符合我們多年來向市場預告的內容。我們也談到多年前要打造——擺脫商品循環的路徑，我想我們以前稱之為去商品化（decommoditization）。

And today, we're up to premium strategy and maybe tomorrow, we'll find a more elegant term for it to the future. But it's about building a sustainable business model that generates great returns for all its constituents, great rewards for its customers who are loyal to the airline, great value to its employees through profit sharing and the rewards of working at Delta and the -- working for the world's best airline, great for the community and certainly great for our investors.

而今天，我們稱之為高端策略（premium strategy），也許明天我們會為未來找到更優雅的用語。但核心是在於建立一個可持續的商業模式，為所有利害關係人創造優異回報：為忠誠於航空公司的客戶帶來豐厚回饋；透過利潤分享，以及在達美工作——為全球最佳航空公司工作——所帶來的回報，為員工創造很大的價值；對社區很好，當然也對投資人很好。

And this is a pathway that I see continued growth. I don't think we're anywhere close to where we will eventually stabilize at. And even when we get to stable, there's always going to be a next beyond that. So I think the consistency of the strategy, the alignment, the fact that you've got a leadership team who's been here for not just me, but everyone around the table has been here for a lot of years. We all think alike. The 100,000 people of Delta understand the strategy, and they're all focused on service.

而我看到這條路徑會持續成長。我不認為我們已經接近最終會穩定下來的水準。即使到了穩定狀態，之後也總會有下一個目標。所以我認為策略的一致性、組織的對齊，以及你擁有一個不只是我、而是桌邊每一位都在這裡多年歷練的領導團隊，這些都很重要。我們的想法一致。達美的 10 萬名員工理解這個策略，且都專注在服務上。

And it's about what you can do when you put people first and you make service your goal. It's not about trying to outsmart somebody on some network strategy or trying to undercut somebody on a lower price point. This is about who serves best and who creates the best experience. And that's Delta. And it's Delta objectively, not just that I'm obviously biased. And that's what generates the returns, that's what generates the premium revenues, and that generates our opportunities to continue going. And I don't see any end in that.

而這關乎當你把人放在第一位、把服務當作目標時，你能做到什麼。這不是在某些航網策略上試圖比別人更聰明，或是用更低的價格去削價競爭。這是在比誰服務最好、誰能創造最佳體驗。而那就是達美。而且客觀上就是達美，不只是因為我顯然有偏見。這就是回報的來源，這就是高端營收的來源，也帶來我們持續前進的機會。我看不到這件事有任何終點。

Well, that's fantastic. I think we might be at the end here, so I don't want to hold up the call. I'll leave it at one. Thanks.

嗯，這太棒了。我想我們可能差不多到尾聲了，所以我不想耽誤這通電話。我就先到這裡。謝謝。

Thank you, John. We'll now go to our final analyst question.

謝謝你，John。我們現在進入最後一位分析師的提問。

Savanthi Syth, Raymond James.

Raymond James 的 Savanthi Syth。

Hey, good morning just to clarify with your kind of focus on international over the next few years. Just to clarify with your kind of focus on international over the next few years, just taking a longer-term view, how do you see the kind of capacity growth in kind of the domestic market versus opportunity in international markets? Just wanted to put a finer point on that as you think longer term.

嗨，早安。我想釐清一下，關於你們未來幾年對國際市場的聚焦。從更長期的角度來看，你們如何看待國內市場的運能成長，相對於國際市場機會的運能成長？只是想在你們做長期思考時，把這點問得更精準一些。

Yeah, we think longer term, the domestic market is -- moves with the economy. International has -- and international for us will grow faster than average just because there's a lot of economies that we still don't serve and we'll grow faster than the domestic market. And so I kind of look at our domestic, we think about becoming more efficient on the capacity -- or a good part of capacity for the future in domestic will be efficiency, as Ed said, about gauge growth and getting back to a positive gauge growth because we don't have a problem with demand.

是的，從長期來看，國內市場——會隨著經濟而變動。國際市場——而且對我們而言，國際會比平均成長更快，因為仍有許多我們尚未服務的經濟體，因此我們會比國內市場成長更快。所以我看待國內市場時，我們會思考在運能上變得更有效率——或者說，未來國內運能相當一部分會來自效率提升；如 Ed 所說，包含機型尺寸（gauge）成長，並回到正向的機型尺寸成長，因為我們沒有需求面的問題。

So larger airplanes make us more efficient and give you that extra capacity. I think there's going to be parts of the US that we're focused on where it grows faster than average, where we can find premium markets like Raleigh-Durham and Austin and Los Angeles in place like that, that we can continue to enhance the ecosystem for domestic. So I see a lot of efficiency in domestic, based on our -- utilizing our current hub structure.

因此，更大的飛機讓我們更有效率，並帶來額外的運能。我認為美國有些地區我們會聚焦在其成長快於平均的市場，在那裡我們能找到高端市場，例如羅利—達勒姆（Raleigh-Durham）、奧斯汀（Austin）和洛杉磯（Los Angeles）等地，我們可以持續強化國內的生態系。所以我看到國內會有很多效率提升，並以我們——運用現有樞紐結構為基礎。

International, most of it is going to be Asia and Middle East as we continue to add economies that we don't serve. And a lot of it is looking at our customers have a high demand to go to those destinations we don't fly to, like Hong Kong that we just started or Melbourne or other places in South Pacific and Southeast Asia. And we've got a great anchor partner in Asia with Korean Air that allows us to expand ourselves throughout the -- through 70, 80 destinations through Asia. And now we have access from all of our hubs. So I think you'll see international grow faster than average. Domestic will be -- the theme will be much more of efficiency.

國際方面，大部分會在亞洲與中東，因為我們會持續新增我們尚未服務的經濟體。其中很大一部分是觀察我們的客戶對那些我們尚未飛航的目的地有很高需求，例如我們剛開航的香港，或墨爾本（Melbourne），以及南太平洋與東南亞的其他地點。而我們在亞洲有一個很強的核心合作夥伴——大韓航空（Korean Air），讓我們能在亞洲擴展到 70、80 個目的地。而現在我們也能從所有樞紐接入。所以我認為你會看到國際成長快於平均。國內——主題會更偏向效率。

That's helpful. Just to follow up on that. So does that put Europe and Latin America kind of somewhere in between?

這很有幫助。再追問一下。那歐洲與拉丁美洲大概是介於兩者之間嗎？

I see Europe also as efficiency. When you think about the aircraft we've got coming online with 787s that -- you think about a 787 that replaces a 767, that's a significant amount of efficiency and margin. Premium -- you're going from 30% premium seating in a 767 to over 50% in a 787. It can handle twice the cargo.

我認為歐洲也屬於效率。當你想到我們即將投入營運的 787——你想想，一架 787 取代一架 767，這在效率與利潤率上是非常顯著的提升。高端——你會從 767 約 30% 的高端座位比例，提升到 787 超過 50%。它的貨運承載能力也可以是兩倍。

So I think Europe falls in -- Europe -- the Continent of Europe falls into the bucket of domestic of efficiency, but on the widebody side, which actually is a multiplier on gauge in long-haul international because of fuel burn and top line revenue that you can generate. So I kind of put the Continent of Europe in the domestic bucket.

所以我認為歐洲——歐洲大陸——落在與國內相同的「效率」類別，但它是在廣體機端；而在長程國際航線上，因為燃油消耗與可創造的營收（top line revenue），機型尺寸（gauge）的放大效果其實更明顯。所以我大致把歐洲大陸放在國內那一桶（效率）裡。

South America, we still have some opportunities with LATAM. They've got fantastic hubs that they're developing like Lima, Santiago, São Paulo, Bogotá that we're working. And we're in the early stages with LATAM and Korean on our development of our hubs. But typically, our JV partners is the foundation of our profitability and our strategy in those regions, and we've got great partners to launch to work with.

南美方面，我們與 LATAM 仍有一些機會。他們正在發展非常出色的樞紐，例如利馬（Lima）、聖地牙哥（Santiago）、聖保羅（São Paulo）、波哥大（Bogotá），我們也在合作推進。而我們與 LATAM 以及大韓航空在樞紐發展上仍處於早期階段。但通常而言，我們的合資（JV）夥伴是我們在那些區域獲利能力與策略的基礎，而且我們有很棒的合作夥伴可以一起啟動與推進。

Appreciate the color.

感謝補充說明。

Okay. With that, that will conclude our second quarter earnings call today. Thank you, everyone, for joining us, and have a wonderful weekend.

好的。那麼，我們今天的第二季財報電話會議就到此結束。謝謝各位參與，祝大家週末愉快。

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

謝謝。今天的電話會議到此結束。感謝各位今天的參與。