Delta says growth has stalled due to trade uncertainty

Delta Air Lines has refrained from giving any financial guidance for 2025 given the uncertain demand outlook, saying that growth has "largely stalled".

The company said on Wednesday that it is reducing planned capacity growth in the second half to flat year-on-year as it aligns supply with demand.

"With broad economic uncertainty around global trade, growth has largely stalled. In this slower-growth environment, we are protecting margins and cash flow by focusing on what we can control," said chief executive Ed Bastian.

The comments came as the airline delivered a 3.3% increase in revenue in the first quarter to a record $13bn, which it said was driven by "the resilience of diversified revenue streams".

However, it did note that, after a strong start to the year, a reduction in corporate confidence meant growth in business travel side of the business had stalled in February and March.

For the second quarter, the company is guiding to a second-quarter revenue growth range of -2% to +2%.

However, Bastian said that, given the uncertain economic outlook, it would be "premature at this time to provide an updated full-year outlook".

Nevertheless, he added: "Given our position of strength, our bias toward action and the decline in fuel prices, Delta remains well positioned to deliver solid profitability and free cash flow for the year."

Delta shares were up more than 7% at $38.47 by 1050 in New York, but still remain down 36% since the start of 2025.