Episode Details

Is Delta Air Lines actually just a credit card company that owns a really big repair shop? In this episode of Earnings Unscripted, Susie and Miro dive into Delta’s Q4 2025 numbers, where a record $16 billion in revenue is only half the story.

While the airline posted a massive $4.6 billion in free cash flow, the real action is happening in the footnotes. We unpack the "Un-Airline" strategy: how booming maintenance revenues (up 25%) and an $8.2 billion paycheck from American Express are reshaping the company's identity—and why management is changing the accounting rules next quarter to make the airline look leaner.

We also look at the cracks in the "Goldilocks" narrative. With Main Cabin pricing stagnant (are economy passengers just "cargo that talks"?) and operational costs creeping up, Delta is making a massive bet on the premium consumer holding strong.

Plus, we discuss the surprise Boeing 787 order and why the market initially panicked before buying the dip. Tune in for a sharp, unscripted breakdown of whether this transformation makes Delta a durable compounder or a high-wire act. ✈️💳