Delta and all the other airlines always make for fun earnings analysis, because they’re a great example of the non-GAAP disclosures that companies make. Calcbench dutifully tracks those disclosures, and has automated templates ready to go for those who want the latest data pulled together and ready for analysis. 

For example, our airline industry template automatically pulls disclosures such as revenue per available seat mile (RASM), cost per available seat mile (CASM), load factor (the higher it is, the more efficiently the airline is putting butts on seats), and even fuel consumed and average fuel price. Plus all the regular metrics like, ya know, revenue and EPS and that stuff. 

Please beware that our airline template only works for people who (a) have installed the Calcbench Excel Add-in; and (b) are premium level Calcbench subscribers — but if you are, then the data feeds run automatically as each airline publishes earnings. You’ll typically see the latest data populated into your template within a few minutes of that data being filed at the Securities and Exchange Commission.

Figure 1, below, shows both diluted EPS for the six major U.S. airlines (bottom set of lines) and RASM (top set of lines) from the start of 2020 through 2024, pulled on Tuesday of this week from our airline template. This is the material that will be updated automatically for the next few weeks as those airlines file their Q1 2025 reports. 

As for Delta specifically, Figure 2 below shows RASM versus CASM for the last four years, with Q1 2025 data added this morning just a few minutes after Delta filed its earnings release at 6:30 a.m. ET. 

We’ll be publishing more earnings snippets in days and weeks to come; and don’t forget our world-renowned Calcbench Earnings Tracker, which compiles earnings performance every quarter compared to the year-earlier period. We don’t have enough 2025 filings yet to launch the tracker for Q1, but it will be up and running soon!