Delta Air Lines reported adjusted second-quarter earnings of $2.10 a share, edging past the $2.05 average analyst estimate. Adjusted operating revenue increased 1% from a year earlier to $15.5 billion, while passenger revenue reached $13.87 billion. The carrier posted adjusted net income of $1.37 billion, down 10% year over year, although GAAP profit rose to $2.13 billion. Sales of higher-priced seats climbed 5% and revenue from Delta’s American Express credit-card partnership grew 10% to $2 billion, offsetting a 5% drop in main-cabin sales. On the back of stabilizing bookings, Delta reinstated full-year 2025 guidance that it had withdrawn in April amid demand uncertainty tied to U.S. tariff policy. The airline now expects adjusted earnings of $5.25 to $6.25 a share and free cash flow of $3 billion to $4 billion. For the September quarter it forecasts earnings of $1.25 to $1.75 a share, revenue that is flat to 4% higher at $15.7 billion to $16.3 billion, and an operating margin of 9% to 11%. Management said capacity will be “surgically” trimmed after peak summer periods to protect yields. Chief Executive Officer Ed Bastian told analysts that booking trends have steadied and that high-end demand remains resilient despite lingering price sensitivity in the main cabin and softer inbound traffic from Europe. Corporate travel has flattened rather than expanded, but Bastian said premium products and loyalty revenue continue to underpin profitability. Investors cheered the revived outlook. Delta shares jumped as much as 12% to a four-month high, leading gains across the airline group; United Airlines rose about 8% and American Airlines roughly 7%. The broader S&P 500 traded mixed as markets weighed Delta’s results against broader economic cross-currents.