The company increased its available seat miles (ASM) by 4% compared to the same quarter last year. This increase in capacity supports the growth in passenger revenue and reflects the company's expansion strategy.

International passenger revenue increased in all geographic regions, with the Atlantic region experiencing strong demand. The continued maturation of joint ventures and network restoration in Latin America and the Pacific also contributed to revenue growth.

The company expects to spend approximately $5.0 billion in 2025 for aircraft, including deliveries and advance deposit payments, as well as fleet modifications and technology enhancements.

Operating expense increased by $337 million, or 3%, compared to the March 2024 quarter, primarily due to costs associated with the 4% increase in capacity and higher employee costs from increased wages.

In February 2025, Moody's credit rating agency upgraded its rating for Delta to Baa2, an investment grade rating. This reflects the company's improved financial stability and creditworthiness.

The company reports that it was in compliance with the covenants in its debt agreements at March 31, 2025, indicating sound financial management and adherence to contractual obligations.

Domestic revenue growth was primarily driven by strength in demand for premium products, which was mitigated by softness in main cabin demand on reduced consumer and corporate confidence caused by increased macro uncertainty, particularly toward the end of the quarter.

The company reports that jet fuel prices remain volatile, which can impact the comparability of periodic cash flows from operations. This volatility poses a risk to profitability and financial performance.

The company notes that the timing of aircraft purchase commitments is based on contractual agreements with aircraft manufacturers and remains uncertain due to supply chain, manufacturing and regulatory constraints.

Passenger revenue increased $349 million compared to the March 2024 quarter on an increase in revenue for premium products. This indicates a strong competitive position in the premium travel segment.

Total cash sales to American Express were $1.9 billion in the three months ended March 31, 2025, an increase of 13% compared to the prior year period. The SkyMiles loyalty program allows customers to earn miles by flying on Delta, Delta Connection and other airlines that participate in the loyalty program.

The refinery generated a small operating loss in the three months ended March 31, 2025 compared to operating income in the three months ended March 31, 2024, primarily as a result of lower pricing of refined products.

Our total operating cost per available seat mile ("CASM") decreased 2% compared to the March 2024 quarter, while non-fuel unit cost ("CASM-Ex", a non-GAAP financial measure) increased 2.6%.

We expect that fuel consumption for the remainder of 2025 will increase compared to 2024 aligned with capacity, partially offset by improvements in the fuel efficiency of our fleet.

The increase in landing fees and other rents resulted from higher rates charged by airports following extensive redevelopment projects at numerous facilities and more flights compared to the March 2024 quarter.

Our expected 2025 capital spend of approximately $5.0 billion will be primarily for aircraft, including deliveries and advance deposit payments, as well as fleet modifications and technology enhancements.

There have been no material changes in our Critical Accounting Estimates from the information provided in the "Critical Accounting Estimates" section of "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Form 10-K.

The company is committed to future aircraft purchases and has obtained, but is under no obligation to use, long-term financing commitments for a substantial portion of the purchase price of the aircraft.

Our capital expenditures were $1.2 billion for both the three months ended March 31, 2025 and 2024.

In the three months ended March 31, 2025, we had cash outflows of $531 million related to repayments of our debt and finance lease obligations. We continue to seek opportunities to pre-pay our debt, in addition to periodic amortization and scheduled maturities, and refinance higher cost debt.

In the March 2025 quarter, the Board of Directors approved a quarterly dividend of $0.15 per share which we paid on March 20, 2025 for total cash dividends of $99 million.

We paid $1.4 billion in profit sharing payments in February 2025 related to our 2024 pre-tax profit in recognition of our employees' contributions toward achieving the year's financial results.

During the three months ended March 31, 2025, we accrued $124 million in profit sharing expense based on the year-to-date performance and current expectations for 2025 profit.

The 10-Q filing does not contain specific details on environmental or social initiatives, suggesting a lack of focus or disclosure in this area.

Compared to the March 2024 quarter, our total revenue increased $292 million, or 2%, due to strength in demand for premium products and long-haul international travel and a 4% increase in capacity.

Domestic revenue growth was primarily driven by strength in demand for premium products, which was mitigated by softness in main cabin demand on reduced consumer and corporate confidence caused by increased macro uncertainty, particularly toward the end of the quarter.

The increase in regional carrier expense primarily resulted from higher volume of regional flights.