Delta Air Lines (NYSE:DAL) held its third-quarter earnings conference call on Friday. Below is the complete transcript from the call.
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Summary
Full Transcript
Matthew, Operator
Good morning, everyone, and welcome to the Delta Air Lines September quarter 2026 financial results conference call. My name is Matthew, and I’ll be your coordinator at this time. All participants are on a listen-only mode until we conduct a question-and-answer session following the presentation. As a reminder, today’s call is being recorded. If you have any questions or comments during the presentation, you may press star one on your phone to enter the question queue at any time.
I would now like to turn the conference over to Julie Stewart, Vice President of Investor Relations and Corporate Development. Please go ahead.
Julie Stewart, Vice President of Investor Relations and Corporate Development
Thank you, Matthew. Good morning, everyone, and thanks for joining us for our September quarter 2026 earnings call. Joining us from Atlanta today are our CEO Ed Bastian, our Chief Operating Officer Dan Janki, our Chief Commercial Officer Joe Esposito, and our Chief Financial Officer Erik Snell. Ed will open the call with an overview of Delta’s performance and strategy. Dan will cover the operation, Joe will provide an update on the revenue environment, and Erik will discuss costs and our balance sheet.
After the prepared remarks, we’ll take analyst questions. We ask you please limit yourself to one question and a brief follow-up so we can get to as many of you as possible. Today’s discussion contains forward-looking statements that represent our beliefs or expectations about future events. All forward-looking statements involve risks and uncertainties that could cause the actual results to differ materially from the forward-looking statements. Some of the factors that may cause such differences are described in Delta’s SEC filings.
We’ll also discuss non-GAAP financial measures, and all results exclude special items unless otherwise noted. You can find a reconciliation of our non-GAAP measures on the Investor Relations page at ir.delta.com. And with that, I’ll turn the call over to Ed.
Ed Bastian, Chief Executive Officer
Thank you, Julie. Good morning, everyone. We appreciate you joining us today. Our results demonstrate the structural durability that we have built and the strategic decisions that we have made over many years to reduce earnings volatility and enable us to navigate today’s high fuel costs. In the September quarter, revenue grew 16% and we delivered pre-tax profits of $1.5 billion, consistent with last year, while absorbing $1.6 billion of higher fuel costs.
Earnings were $1.72 per share on an operating margin of 9.4%. Our earnings are continuing to translate into strong cash generation and attractive returns for our shareholders. Year to date, we have generated $1.9 billion of free cash, and our return on invested capital is 11%, well above our cost of capital. These results reflect disciplined capital allocation and the durability of our business model. Operationally, Delta delivered another quarter of industry-leading performance across key metrics, including on-time and customer satisfaction.
We continue to strengthen the resilience of our operation with good progress on weather recovery. Despite a challenging operating environment this summer, we expect to further improve recovery performance through the end of the year and into 2027. I want to thank the 100,000 members of the Delta team. They remain our greatest strength and deservedly are the most awarded aviation professionals in the world. Most recently, their efforts were recognized by the Skytrax World Airline Awards, where customers named Delta the best airline staff in North America for the fifth consecutive year.
And consistent with our philosophy of sharing our success, we’ve now accrued $900 million towards next year’s employee profit-sharing payout. Looking at the current environment, demand remains strong, supported by a secular shift in consumer behavior. The top 40% of U.S. households, which make up the majority of Delta’s customer base, are nearly $40 trillion wealthier than they were just a few years ago and increasingly prioritizing experiences, including travel.
At the same time, air travel remains one of the best values in the consumer economy, with airfare still well below cumulative inflation over the last several years. That demand is evident across leisure and business travel and across all cabins. Premium growth remains robust, and Main Cabin trends are continuing to improve. Reflecting our measured approach to growth and broader industry actions to reduce unprofitable capacity, this year’s fuel spike has accelerated change across the industry.
Resilient demand and greater focus on profitability are enabling the industry to recover higher fuel costs more quickly, even when fuel prices eventually moderate. And they will. We believe our underlying revenue strength is sustainable, given strong preference for the Delta brand and the diversity of our high-value revenue streams. Regardless of the next move in fuel prices, the forces reshaping the U.S. airline industry will continue, with many carriers struggling to earn their cost of capital well before the run-up in fuel.
Against this backdrop, Delta is operating from a position of strength. In the December quarter, we expect revenue momentum to continue and non-fuel cost performance to improve, supporting pre-tax profits of $1.2 billion, even with fuel prices expected to double over last year. For the full year, we expect to deliver pre-tax profits of roughly $4.5 billion, fairly close to last year’s profitability, even with our fuel bill expected to increase by 60% or $6 billion.
That’s a picture of structural durability you have not seen in prior cycles or fuel spikes within this industry. We also expect to generate $2.5 billion of free cash flow, funding more than $2 billion of debt reduction and bringing our three-year cumulative free cash generation to over $10 billion. These results are expected to lead the industry by a good margin. The consistent strength of our financial performance allows us to keep investing in our people, products, and partnerships, compounding Delta’s differentiation and extending our lead.
Our growing loyalty ecosystem is one of the most important drivers of our structural durability. The Delta American Express partnership continues to deliver strong momentum, and we now expect remuneration of more than $9 billion this year on the way to $10 billion. The strength of the co-brand portfolio was recently reflected in J.D. Power’s customer satisfaction survey last week of all airline co-brand cards, where the Delta American Express SkyMiles cards swept the top three positions, with our Reserve card ranking number one.
Hats off to our collective teams. What a remarkable achievement. We are also bringing more value to our customers through partnerships with leading brands. During the quarter, we announced a new strategic relationship with Hyatt, bringing together two leading premium brands. Customer response has been strong ahead of the launch later this year. At the same time, we’re investing to extend the reach of the Delta brand through the global network. We recently announced new service to the Philippines and expanded service to Tokyo, Paris, Athens, and Venice from key U.S. gateways. Our investments are elevating the customer experience throughout the travel journey, with connectivity an important point of differentiation. Delta pioneered fast, free Wi‑Fi on a global scale four years ago and established it as the standard that the industry has been required to adopt. Today, fast, free Wi‑Fi is available across virtually our entire fleet, far more than any other airline currently offers. We continue to work closely with Viasat and Hughes on meaningful enhancements to service, which we will see this quarter, and are excited to launch Amazon LEO beginning in 2028.
In closing, the durability that we’ve built is differentiated and difficult to replicate. We are delivering industry-leading returns today and are confident in our ability to deliver strong growth in earnings and cash flow in the coming year. Now I’ll turn it over to Joe to cover our commercial performance and outlook.
Joe Esposito, Senior Vice President
Thank you, Ed. September quarter results demonstrated sustained demand strength, clear preference for the Delta brand, and the benefits of our measured approach to capacity. Revenue grew $2.4 billion, up approximately 16% over prior year on flat capacity. Total unit revenue growth of 15.4% accelerated 3 points from the June quarter, with gains in domestic and international. A key highlight was Main Cabin, where unit revenue grew high teens, marking the third consecutive quarter of improvement.
Domestic unit revenue grew 16% driven by healthy yield growth on load factors that were 1 point higher than last year. As we closely align our capacity growth with demand, international unit revenue grew 12%, led by growth of 22% in Latin. Transatlantic unit revenue growth accelerated 4 points sequentially to 11%. Corporate sales were strong across all sectors, cabins, hubs, and entities, with each growing double digits over last year. The week after Labor Day was the highest corporate sales week in our history, underscoring the strength of business travel.
Our diversified, high-margin revenue streams remain a defining strength of Delta, enhancing the quality and durability of our earnings. Diverse revenue represented 61% of total revenue, with premium and loyalty each growing nearly 20% over prior year. Cargo and MRO revenue both grew nearly 30%. Our loyalty ecosystem is growing in scale and value. SkyMiles membership is growing faster than capacity, and members are engaging more with Delta in the air and beyond the flight.
That deeper engagement is driving growth across brand partnerships such as Uber and Starbucks in addition to travel products and our industry-leading co-brand card portfolio. Card acquisitions and spend both grew double digits, keeping us on track for a fifth consecutive year of 1 million new card acquisitions and double-digit growth in Amex remuneration this year. Now turning to outlook, demand remains strong and broad-based as we enter the final quarter of the year.
That strength is reflected in forward cash sales, which grew nearly 20% during the September quarter, the highest quarterly growth since 2022. These trends support our outlook for December quarter revenue growth of approximately 20% year over year on roughly 3% capacity growth, with seat growth below 2%, including a year-over-year reduction in Main Cabin seats. Our capacity positioning supports another sequential improvement in unit revenue growth as we continue to cover higher costs.
This approach keeps our capacity decisions focused on margins, returns, and cash generation. Our results and outlook reflect an integrated commercial strategy that is extending our leadership. Investments in our fleet, global network, customer experience, and loyalty ecosystems are strengthening our revenue premium, deepening engagement, and creating long-term value. Los Angeles is a clear example of our integrated strategy driving profitable growth over several years.
We have built a leading position through investments across the airport, network, and customer experience. We’re also expanding our global reach from Los Angeles, adding service to the South Pacific, Hong Kong, and Manila while enhancing connectivity across key U.S. markets. This has been enabled by generational airport investments at LAX to create a modern, connected complex with additional gate capacity and seamless access to the international terminal.
We now have the most premium ground experience with a dedicated curb-to-lounge path for Delta One customers. Together with our leading position at LAX, Delta One lounges, and our award-winning Sky Club, these investments are strengthening customer preference in this high-value market and further opportunity ahead of the LA28 Olympics. Now I’ll hand it to Dan to discuss our operational results.
Dan Janki, Chief Operating Officer
Thank you, Joe. Running a great operation is foundational to Delta Air Lines’ brand and I want to thank the Delta team for the outstanding service they provide our customers every day. With a culture of continuous improvement and our investment in data and technology, our people keep raising the bar, strengthening reliability and driving efficiency while delivering better outcomes for our customers. Over the summer we widened our industry leadership in on-time performance and delivered record baggage results and better disruption recovery.
Those results were meaningfully important given persistent weather and ATC delays that our people navigated during the quarter, more than twice the number of disruption days compared to historical averages. These targeted investments are strengthening our resilience and recovery. In September we delivered our best mainline completion factor month of the year and we expect further progress through the fourth quarter and into 2027. We are scaling new technology and process improvements across the operation to strengthen reliability, accelerate recovery, and enhance the customer experience.
Atlanta is an important example where these investments are driving record baggage performance, improving connections, and making our largest, most profitable hub even more reliable and efficient. The Delta people remain our most important differentiator. New tools and technology are giving them more time to do what they do best: care for our customers. We are pairing these technology investments with new training that equips our people to deliver even more consistent and personalized service.
One example is a new hospitality certification program across our network of 60 lounges and clubs, the only program of its kind offered by a U.S. carrier. Today, operational reliability, people, and technology deliver better outcomes for our customers and support Delta’s leadership in net promoter score. Domestic NPS continues to strengthen, driven by record interaction scores with our people, expanding digital capability, and more proactive customer communication, particularly during disruptions.
During the quarter we further expanded self-service options in the Fly Delta app and completed the rollout of Delta Concierge to all SkyMiles members. Customer adoption is growing and new capabilities are scaling rapidly. Our operational expertise also creates value beyond the core airline. I’m proud of the TechOps team for delivering a billion dollars of maintenance, repair, and overhaul revenue year to date, an increase of nearly 60% over last year, while expanding margins and growing our customer base.
And over the next several years we are positioned to more than double MRO revenue while expanding margins. Now I’d like to turn it over to Eric to cover our financial performance.
Erik Snell, EVP and Chief Financial Officer
Thank you, Dan. I want to start by recognizing the Delta people for their commitment to our customers through a busy summer travel season. In the September quarter we delivered earnings of $1.72 per share and an operating margin of 9.4%. Pre-tax profit of $1.5 billion was in line with last year even with a $1.6 billion increase in fuel expense that was more than $500 million higher than guidance for the quarter. Our fuel price averaged $3.61 per gallon, including a refinery benefit of 13 cents.
With our refinery now fully online following the temporary outage discussed on our July call, we expect a greater benefit in the December quarter at roughly three times the September quarter level. Non-fuel unit costs increased 7.3% over the prior year on flat capacity. The primary drivers were higher crew and revenue-related costs on capacity growth several points below our original plan and nearly one point of impact from the disruptions that Dan spoke about.
We generated free cash flow of $460 million during the quarter, bringing the year-to-date total to $1.9 billion. Our financial performance allows us to continue investing while making meaningful progress on debt reduction. We ended the quarter with adjusted net debt of $13 billion and plan to pay down more than $2 billion of debt this year, positioning us to end the year with gross leverage of 2.2x. Delta’s balance sheet is a strategic asset. We are investment grade at all three credit rating agencies and recently received a Fitch upgrade to BBB flat.
We also ended the quarter with a $3 billion pension surplus and a substantial and growing base of unencumbered assets. Turning to our outlook, based on the forward curve as of October 2nd, our all-in fuel price for the fourth quarter is projected to be $4.25 per gallon, including a refinery benefit of approximately $0.40 per gallon. With slightly higher capacity and continued operational efficiencies, we expect non-fuel unit cost growth to improve one to two points sequentially.
Looking to next year, we remain on track for low single-digit unit cost growth as capacity normalizes, operational improvements continue, and we lap higher costs. In our baseline combined with our revenue outlook, we expect fourth-quarter earnings of $1.15 to $1.65 per share and an operating margin of 7% to 9%. For the full year, we now expect earnings of $5.10 to $5.60 per share with free cash flow of approximately $2.5 billion. Our outlook includes a refinery benefit of more than $700 million, underscoring its unique value.
Delivering this level of performance despite a roughly $6 billion increase in fuel expenses this year reflects the power of Delta’s strategic advantages and demonstrates financial durability that is meaningfully stronger than in prior cycles and differentiated from the industry. Looking ahead, our focus remains on profitable growth and achieving our long-term financial targets. High-value revenue growth, fleet renewal, and a more efficient cost structure provide a clear path to expanding both margins and returns to the mid-teens.
Our capital allocation priorities remain unchanged: reinvest in high-return opportunities and continue strengthening the balance sheet. As we move toward our long-term gross leverage target of 1x, we remain committed to increasing returns to shareholders. Now I’ll turn it back to Julie for analyst Q&A.
Julie Stewart, Vice President of Investor Relations and Corporate Development
Thank you, Eric. Matthew, can you please allow for analysts to now queue up for questions?
Matthew, Operator
Certainly. At this time we’ll be conducting a question and answer session. If you have any questions or comments, please press Star one on your phone at this time. We do ask that while posing your question, please pick up your handset if you’re listening on speakerphone. To provide optimum sound quality, we do ask that all Q&A participants please limit to one question and one brief related follow-up question. And once again, if you have any questions or comments, please press Star one on your phone.
Please hold while I poll for questions. Thank you. Your first question is coming from Andrew Didora from Bank of America. Your line is live.
Andrew Didora, Analyst at Bank of America
Hi, good morning everyone. Thanks for taking the questions. Eric, I guess just on fourth-quarter CASM ex, we were modeling some more sequential improvement than you guided to, just given the IROP issues this summer. I know capacity is not where you want it to be and you’ve been investing back in the operation, but can you maybe just help us quantify why CASM ex just kind of continues to deviate from that low single-digit target as we end the year here?
Erik Snell, EVP and Chief Financial Officer
Yeah. Hey Andrew, there are three buckets of investment versus low single digit. Number one is operational investments and improvements that we’re making. Number two is capacity discipline. And number three is we’re seeing higher revenue-related costs. On our operational investments and capacity discipline, these have been deliberate choices and the right decisions. We’re improving reliability and supporting revenue quality, and the third is just a function of stronger revenue that Joe and team are delivering.
We’re managing the business for profitable growth and returns, and as capacity normalizes and we continue to see the improvements in our operational reliability, specifically controllable completion factor, we have a path back to low single-digit cost growth.
Andrew Didora, Analyst at Bank of America
I guess on that, just in terms of 2027 on that low single-digit cost growth, but if we’re in an environment where maybe fuel stays higher for longer and maybe capacity takes longer to normalize, how should we think about capacity in that type of—I’m sorry, how should we think about CASM in that type of environment?
Erik Snell, EVP and Chief Financial Officer
Thank you. Well, we’ll continue to be disciplined on capacity and we’re going to manage the business for margin. So we’ll take out costs that we can if capacity wanes, but we’ll be focused on continuing to elevate returns.
Matthew, Operator
Thank you. Your next question is coming from Savi Syth from Raymond James.
Your line is live.
Savi Syth, Analyst at Raymond James
Hey, good morning everyone. Maybe the acceleration in the year-over-year revenue and RASM is quite impressive here. Based on the guide, and especially given that you have some tougher comps and the industry capacity stepping up, could you talk a little bit about what’s driving that strength and your confidence around that outlook?
Joe Esposito, Senior Vice President
Good morning. Thanks for the question. Yeah. When you look at where we are in closing the third quarter, we saw very strong demand from our customer base. When you look at the fourth quarter on the sequential improvement and 20% revenue growth, we’re already greater than 60% booked for the quarter. Our demand in premium products continues to be in the high teens, and that’s leading us also to our corporate polling, our corporate travelers. We see no cracks in that demand for the fourth quarter and the economy is really strong.
So we’re set up for a really strong fourth quarter and I think the improvement in unit revenues and revenue is well within our reach.
Savi Syth, Analyst at Raymond James
That’s helpful. And Joanne, if I might ask, on the loyalty program that has been really strong, within that revenue guide it’s been stronger than past years and stronger than some of your peers. Curious what’s driving that and that momentum into 2027?
Joanne
Yeah, we’ve got—you know, you’ve got fares that have gone up, you’ve got greater engagement from our customers, and you look at how they engage through not only our own SkyMiles program, but the Amex and partnerships and products, you’re really seeing a very strong ecosystem of spend in all categories. And so I think it’s—and especially in premium products from our loyalty program, our capacity in premium was up 6% to 7% and our load factors actually were up almost 2 points, where you’ve got really strong engagement in premium cabins and products.
Savi Syth, Analyst at Raymond James
Got it.
Thank you.
Matthew, Operator
Thank you. Your next question is coming from Mike Linenberg from Deutsche Bank.
Your line is live.
Mike Linenberg, Analyst at Deutsche Bank
Yeah. Hey, I just—one question here, kind of multi-part to Joe. Just on competitive capacity, what are you seeing in the domestic market and as energy prices rise, do you anticipate further cuts by your competitors? And if you can sort of touch on international, because I think one of the things we’re watching closely are that hedge books are rolling off for many of your international competitors and likely to see changes on the capacity front there.
So overall, just kind of what you’re seeing—capacity, both domestic and international—from competition. Thanks.
Joe Esposito, Senior Vice President
Yeah, thanks. You know, when you look at the domestic system, quite a bit of capacity has come out as carriers have worked to improve their own margins and operations. So in our hubs, competitive capacity is actually positioned down and we’re not seeing any impact from capacity in other airlines’ hubs across the domestic network. So all in all very, very positive. And you know, Atlanta’s down in competitive capacity, Detroit is down and you’ve seen the lower end improving quite a bit on the international front.
You’re right, hedges will start coming off and I think while we’ve had a strong international performance this quarter, I think that’s only going to get better as we see carriers globally have to manage their businesses for margins as well. So I see the competitive environment in a really positive light as we go into the fourth quarter.
Ed Bastian, Chief Executive Officer
Mike, this is Ed. If I could add one other data point to Joe’s summary as we were pulling our materials together is one, one data point really stood out for me. You know, the importance of generating a proper return in this business. And ROIC is probably the most important measure that we all should be held accountable to. Our ROIC, as I mentioned earlier, is 11% well above cost of capital and moving towards 15% which is our goal here for the business.
If you look at the rest of the domestic industry, ex-Delta that number is 3%, that means every day there’s a fair bit of. The industry continues to destroy its shareholders’ capital and that cannot sustain. So when you ask about competitive capacity, you know, it’s great to have little skirmishes in other people’s markets but in a high cost environment you cannot grow your way out of it. You must actually take action. And we’ve seen some action, but there’s obviously more to come, particularly next year.
Mike Linenberg, Analyst at Deutsche Bank
Great, thanks for that Ed. Thanks for that Joe. Thank you.
Matthew, Operator
Thank you. Your next question is coming from Connor Cunningham, Melius Research. Your line is live.
Connor Cunningham, Analyst at Melius Research
Everyone maybe piggybacking on that, on that, that answer there. And I was hoping we could just take a step back and talk a little bit about the long term targets. You know, over the past couple years, you know, obviously earnings has been rangebound, there’s, there’s been a ton of talk of the structural change in the industry but you know, macros obviously eroded some of that. So as you look into the future, you know, what changes do you see that give you confidence in this mid-teens framework, you know, going forward?
Ed Bastian, Chief Executive Officer
Hi Connor. I think the biggest one is a bit what I just referred to and what we have seen over this last year. The ability of the industry to get much greater value for the product that we offer and unfortunately it took a fuel spike to in a short order to move people in that direction. But as we see the customer response, candidly the limited amount of resistance that we see, the fact that our product continues to be seen in a consumer basket as reasonably affordable even at a 20% price increase, which largely we have taken this year, I think that’s a very good sign for the future.
Fuel prices will recede now. How much, how fast, I don’t know, but they will. And the 10 for us at Delta and I think for the industry is to ensure that we sustain the revenue that we have, we have created. And I don’t see any reason why we shouldn’t. And so I think that, and as we said in our remarks, you know that’s masking today, you know, high fuel prices are masking some of that inherent margin improvement. But it’s really hard to show margin improvement when fuel prices are doubling on you.
But we’ll get to the other end of this and I think you’re going to see a different environment and I think you’ll see structural changes that will continue to occur because there’s no other option here. But carriers are going to have to justify why they’re putting capacity and supply out into the marketplace. On the other hand, we have a lot of things that are within our control. We’ve invested heavily in getting our reliability and our resilience back.
That’s been costly. And the changes we’re making operationally and the investments we’re taking both in technology and in people and process are going to make a difference. So I think you’re going to see also see a more sustainable non fuel cost from us too. The last year has been a bit painful and I think we’re, I know we’re at the peak of that and we’re going to start coming down. So those are two of the things I see over the next several years that give me reason to believe that mid double digit margin target and 15% ROI for Delta is a framework that we should hit, right?
Connor Cunningham, Analyst at Melius Research
And then maybe Joe, I was hoping you could talk a little bit about the importance of striking a balance between, you know, load factors and yields. I suspect you’re going to be one of the few, if not the only one with the load factors flat top. So if you could just talk a little bit about how you view that and just. You think it’s important for the industry to make the right choice on protecting yields right now rather than going after. Thank you.
Joe Esposito, Senior Vice President
Yeah, no, I think. Thanks. Yeah, it’s always a balance. And you know, I said we’re managing the business for margins. And I really think that if you keep your, if you keep centered on that, you’ll supply and demand then will come in as, as how we look at the markets. And I think it’s also where we’re supplying the marketplace. We’re supplying it in premium seats, not main cabin seats, and getting even improvements, higher than average improvements in the main cabin, average fares and load factors. So I think it’s also where you’re supplying it. When we’re flat in capacity for the third quarter, I think the outcome was really favorable for us, of course, how we manage through it. So we absolutely have to kind of look at where it’s going for the future.
And running an 86 load for the quarter, we still have a little bit of room to put people on our planes as well. So there’s. So I think we’ve struck the right balance between yield and capacity. And even when you look at the fourth quarter with 3%, it’s still like when you look at real absolute seats, that’s below 2%. And half of that capacity is going into long haul international, which has been very resilient as well.
Connor Cunningham, Analyst at Melius Research
Awesome. Thank you very much.
Matthew, Operator
Thank you. Your next question is coming from Tom Fitzgerald from TD Cowen. Your line is live.
Tom Fitzgerald, Analyst at TD Cowen
Hi everyone. Thanks very much for the time. I’m curious if you could speak to how you’re thinking about the mix across your cabins next year in terms of premium seats and main cabin seats and just any impact of the delivery schedules on how the mix could change next year.
Joe Esposito, Senior Vice President
Thanks, Tom. We’ll see very similar balance between the premium cabins and main cabin will be. We don’t, we don’t, we’re not announcing any capacity yet for next year. But that balance of growing premium and keeping main cabin at a modest level will be similar to how we, how we, how we go into the future future. And we’ll see where deliveries are right now. We’re always flexible and those move around and we have pretty good line of sight as to what’s being delivered next year.
Tom Fitzgerald, Analyst at TD Cowen
Okay, thanks, that’s really helpful. And then just as a quick follow up for Dan, you mentioned MRO doubling over the next several years. I’m just curious, any early color on how you’re thinking about the MRO business in 2027? Thanks again for the time.
Dan Janki, Chief Operating Officer
No, I think if you just look back, you know, the last 24, 25, 26, accelerating revenue growth and margin expansion and when we think about the team, we always want to run it where we believe with their backlog at record levels and what our commercial pipeline has, you should see really good double digit revenue growth and a continued focus on steady margin expansion. You know, we’d like to always see at least 100 basis points in a year. We’re getting outsized amount this year. Some of that’s a little bit depending on your customer and engine mix that you’re dealing with in any given quarter or year. But that’s the focus with an eye to the long term that this really has the opportunity to double and then keep growing from there.
Matthew, Operator
Thank you. Your next question is coming from Dwayne FinningRoy from Evercore ISI. Your line is live.
Duane Pfennigwerth, Analyst at Evercore ISI
Hey, thank you. Good morning. Just a short term and a longer term one for me. First, as you think about the fourth quarter playing back last year, mid November had a pretty big headwind from the government shutdown, forced cancellations, lots of crazy media coverage around that. Can you speak to maybe the acceleration that you expect to see and more interestingly maybe exit rate on RASM relative to the guide that you’re giving for the entire quarter?
Joe Esposito, Senior Vice President
Yeah, thanks Duane, you know, for the noise we had last year. Last year we had said it was about two points of headwind for the quarter. So you know, we expect to have unit revenue progression from third quarter to fourth quarter even net of that headwind. So as we exit. So November will obviously be a very strong month as we lap the government shutdown. We saw the pressure from the government shutdown, you know, went from October 1st to mid November, really in the, in the top of November as we, as the cancellations went in place. So we’ll see some good exit rates for the end of the month of October and into November.
Duane Pfennigwerth, Analyst at Evercore ISI
Great. And then longer term, I know it’s always tricky to use a term like algo, but if we think about the growth of non ticket overall things like travel products, MRO, which has come up a few times on this call, you’re increasing non airline partnership revenue. How do you think about the growth of these buckets overall relative to capacity. And is there any way to link that to say, you know, maybe a point or two of RASM expansion independent of what PRASM might be doing?
Thanks for taking the questions.
Joe Esposito, Senior Vice President
Yeah, I think you’re seeing that today. You know, right now we’re, you know, 60% higher than. 60% of our revenue is coming from diversified revenue streams. We call that premium and other. And main cabin is now at, you know, 39%. And those revenue streams have grown high, very high teens that we’re going through. When you look at cargo up 29 and loyalty up 18 in this quarter, insurance, while it’s a small amount of money, those are growing at much higher rates than capacity. So I think you’re seeing that embedded this year in our revenue performance as we continue to diversify those streams and getting even stronger as you keep bringing better partners and programs, products into the fold in the ecosystem.
Ed Bastian, Chief Executive Officer
And Dwayne, it’s important to note that those revenue streams that Joe mentioned all come at much higher contribution margins, not just RASM to the business. And so that’s also very important for us.
Duane Pfennigwerth, Analyst at Evercore ISI
Thank you.
Matthew, Operator
Thank you. Your next question is coming from John Gauden from Citigroup. Your line is live.
John Gauden, Analyst at Citigroup
Hey, thanks for taking my question on capacity. You guys use the phrase normalized for capacity growth next year. I’m just hoping you could talk a bit more about the contours around that given how depressed it was this year. And you guys did a great job reacting quickly to the market. You know that normalized for next year could be interpreted as a pretty wide range if we’re catching up on two years of growth. But I don’t think that’s what you’re suggesting. So maybe anything you can clarify there would be great.
Ed Bastian, Chief Executive Officer
Hi, John, it’s Ed. I, you know, normalize in an abnormal environment is kind of hard to, hard to make too many comments around. Obviously we’re running the business for margins and so that’s, that’s always the one of the first considerations. So we’ll have hopefully a better view in a few months’ time as to the direction of oil prices. I think that’s a really important part of our deliberations. And to the extent that these product prices are here with us for longer than we were thinking, you can expect our capacity is not going to be normal by past measures, but it’s going to be adapted to the environment. We’re going to continue to pay close attention to the underlying health of our consumers, the health of the economy.
We’re going to be mindful of looking at the international picture. I think you’re going to probably see more of our growth international than domestic. And of course, going forward, you’re going to—hopefully not beginning of next year, but mid to late next year—you’re going to start to see some gauge return to the domestic system, which would be welcomed because that’s the most efficient capacity that we can create. So you put those things into the hopper.
I think in the environment we’re in, we’re going to, you know, we’re going to be adaptive to what we’re seeing happen. We’re hoping that things will normalize and then you’ll get back to a rate of growth from Delta that you could look at historically as pretty much tied to GDP, but we’re going to be cautious, I’d say, going into the next year until we see the all-clear sign, particularly on fuel.
John Gauden, Analyst at Citigroup
It’s great to hear that. And if I could just ask one more, you alluded to some of the capacity hotspots that are out there. You’ve been able to avoid those. But now in Seattle, your Seattle-based competitor is talking about quite a lot of growth, product investment, international expansion—sort of channels the battle for Seattle themes from 10 plus years ago. I was hoping maybe you could just plug us into Delta’s long-term plan in Seattle and how you see this developing.
Joe Esposito, Senior Vice President
Yeah, thanks. We’ve been very pleased with Seattle, especially the business atmosphere of the Pacific Northwest, the corporate environment. Our products sell very well up into the marketplace, and at Delta we do our own strategy in Seattle. It has both a domestic product purpose as well as a great Trans-Pacific gateway. So we’re going to continue to invest in that marketplace, not only from capacity but also in the products we put out. We have a Delta One Lounge, we have two Sky Clubs.
And continuing to focus on that premium traffic for Seattle is really our North Star, and we’re going to continue to add in international because it’s a great gateway for us.
Ed Bastian, Chief Executive Officer
And John, I wouldn’t suggest there’s a battle for Seattle. Seattle’s a big and growing market. It’s certainly a market that is large enough for us and our principal competitor up there. And when you see the changes they’re announcing, I think they’re smart. I think that’s where the future is going, but, you know, we don’t have to own every market we fly in. I think you can cohabitate a little bit, too. And I think that’s about being disciplined.
John Gauden, Analyst at Citigroup
Great color. Thanks, guys.
Ed Bastian, Chief Executive Officer
Thank you.
Matthew, Operator
Your next question is coming from Chris Weatherby from Wells Fargo. Your line is live.
Chris Weatherby, Analyst at Wells Fargo
Hey, thanks. Good morning, guys. I maybe wanted to get sort of your updated thinking on sort of the stickiness of the fare increases we’ve seen so far this year. Obviously fuel has been elevated and maybe will be for a period of time from here. But I guess as you think about the gains you’ve gotten versus what other parts of the leisure market look like, generally speaking, how do you think about that in 2027, assuming at some point, Ed, like you said, we do get normalization of fuel?
Ed Bastian, Chief Executive Officer
I’ll start, Chris, and I’ll turn to Joe for additional color. Our consumer is really healthy, and yes, fuel has been the impetus for the industry to move quickly to adjust the pricing environment. But given the fact that the market has accepted these price points and we still consider, in the overall basket of consumer product and service, that air travel is reasonably affordable—certainly below the rate of inflation going back either pre- or post-COVID that you’ve seen in the consumer economy more broadly—the health of our targeted consumers, the thing we mentioned about top 40% of U.S. households has accumulated $40 trillion of wealth, and travel is one of their very top priorities, I think where we’re at is very sustainable. We’ll work at it. But when you think about loyalty, when you think about growth in experience economy, when you think about the opportunities that we have to continue to invest to make the product stickier and the relationships even more powerful, I think we’re going to be fine as you look forward, and hopefully we will see fuel recede into the next year at some point.
And that’s when I think you’ll see the real earnings power of this franchise be amplified.
Chris Weatherby, Analyst at Wells Fargo
Very helpful. Appreciate that. And then maybe just a quick follow-up on the CASM ex commentary, particularly for as you think about next year, the operational investment they’re making this year. Is this something where we could see sort of the absolute cost come down as we think about ’27, or is it you sort of maintain the cost and so the growth rate is normalized next year?
Erik Snell, EVP and Chief Financial Officer
Yeah, I think we’re certainly seeing improvement. We’re at the peak of our CASM right now, but we’ll begin to lap the investments we’ve made. These investments and costs are in our baseline. So I would be planning on a low single-digit kind of number for now as we continue to make the right investments to take care of our customers. I don’t think you’ll see the absolute number of CASM come down. That’d be pretty hard. But I think you’ll see the utilization of that absolute dollar value in terms of efficiency and productivity certainly have a—hopefully—an outsized impact.
Chris Weatherby, Analyst at Wells Fargo
Appreciate the time. Thank you.
Matthew, Operator
Thank you. Your next question is coming from Michael Goldie from BMO. Your line is live.
Michael Goldie, Analyst at BMO
Good morning. Just the one question for me. Corporate continues to be very healthy. Can you talk a bit about where the corporate franchise sits today in respect to the Trans-Pacific and how you think of that opportunity, but also competitive intensity for business travel to Asia as you expand in the region?
Joe Esposito, Senior Vice President
Yeah, thanks, Michael. The corporate demand has been very resilient, and we’re great to see that there’s no cracks in it as we go into the future. And the economy is very strong, so business wants to travel. And I think when you think about the Trans-Pacific, there’s been quite a few economies that we don’t participate in. So that corporate piece—and our customers are forced to take other airlines in that space in the corporate side. So as you add these economies on, that moves that corporate traffic to Delta.
And we’ve seen our corporates move over to us when we go to markets we like—Taipei and Hong Kong—and continue to expand. That’s what our corporates are asking for. So it’s good to be able to make sure we offer the biggest economies in the world.
Matthew, Operator
Thank you. Your next question is coming from Jamie Baker from JP Morgan. Your line is live.
Jamie Baker, Analyst at JP Morgan
Oh, hey, good morning. I’m—so Ed, by our estimates, you know, Air Canada’s loyalty program is valued at $10 billion. You know, I’m sure you saw the recent transaction there. Then given Delta’s scale and margins, you know, SkyMiles is—I don’t know, let’s call it a number of more than 75 billion. Okay, any new thoughts here on why it does not make sense to pursue some sort of partial monetization? I haven’t asked you about this in a couple years, but, you know, Air Canada has gotten us thinking about this topic again.
Ed Bastian, Chief Executive Officer
Hey, Jamie. Yeah, I haven’t heard that in a bit, so I have to pause before I respond here. The most important thing that we have is the brand premium that we deliver to the marketplace. And it comes from lots of avenues, whether it’s the reliable service, great service of our people, or the strength of our commercial network and technology. And one of the other things, as you know, that’s really important to us is the loyalty itself arrangement with—principally—American Express, but we have other partners that we are increasingly building out a bigger ecosystem of experiences as well.
And if you think about that question just back a few years ago and whatever values were being discussed, my guess is the value that was ascribed to the Delta loyalty plan was meaningfully less than it is today, which means we’ve grown the franchise, both our own market cap as well as the value of loyalty. And we’ll continue, I think, doing that going forward. I’m really reticent to put a third party, a financial investor, between us and our best customers and preference.
And when you think about the world of AI, about the agentic economy, where to me, at some level it sounds like the OTA is returning to the scene here, trying to commoditize your product and your premiums, I think it’s even more important that we hold tight and continue to ensure that we’re focused on premium, we’re focused on service, and not getting distracted by trying to cash out along the journey. At some point in time, this company very well may consider that as the best opportunity for shareholder value creation.
But we’re doing a pretty good job, I think, to date, of shareholder value creation. We see a lot of controllable improvements that we can make to get to our framework. And should we get to our framework in the next couple of years, as I hope we will, I think this question will answer itself—that we’ve made the right decision to keep that in house.
Jamie Baker, Analyst at JP Morgan
Okay, perfect. Thanks for revisiting that topic. And then just quickly for Joe, sort of a geeky pricing question, if you will. I’ve noticed that some of your international competitors are beginning to levy different fuel surcharges based on the day of the week—so, you know, higher surcharges on peak travel days. One, I’m just curious if you consider this to be widespread. And two, and I’m not asking about future Delta pricing, but at an industry level, does this represent sort of another pocket of untapped pricing power?
I just don’t recall seeing this in the past. Thanks in advance.
Joe Esposito, Senior Vice President
Hey, Jamie. No, I don’t recall seeing it in the past. And, you know, it’s a rather new phenomenon—on peak days, you know, fuel surcharges. We haven’t moved in that direction. So I think we’ll see where the industry moves on it. But it would be something very different than what’s happened in the past.
Jamie Baker, Analyst at JP Morgan
Okay, thanks for that.
Matthew, Operator
Thank you. Your next question is coming from Atul Maswari from UBS. Your line is live.
Atul Maswari, Analyst at UBS
Good morning. Thanks a lot for taking my questions. Two questions, one long term, one short term. First, you know, the longer-term question. Ed, I wanted to follow up on your recent comment that you made in an answer to one of the previous questions about the emergence of these AI-powered shopping assistants. This has become a bit of a topic in the investment community. What is your overall take on it? Do you think this is a net positive or a net negative for airlines?
And how do you ensure that you are present in that space if needed while also protecting the Delta brand that your customers love?
Ed Bastian, Chief Executive Officer
Well, we’ll say I think it’s early days, but you probably gather from my comments we’re going to be a little cautious about who we give access to our inventory with. We have, I think, done a good job of getting out ahead of it when we built Delta concierge that we announced a year and a half ago, and it’s fully up and running today, which is our agentic solution to taking care of our best customers. And we’ve got a lot of work to do still to go to make it even more adaptable and more useful to our customers.
But letting our customers engage with our agents to handle their needs and have the agent at our customers’ footsteps. I do think this question of brand will be very important in the agentic economy for the future. And brand loyalty and preference is going to be one of the ways in which the strong will stay strong, and the agents who are looking to shop you and continue to try to compete us all against ourselves will be a danger that we need to be mindful of.
And I think you see it across many aspects of the consumer economy. And I think all companies of our size and focus are looking at it and being careful. I think there’s opportunities when you’re working maybe in the corporate space directly with our corporate customers, where it’s a known agent, to provide access and provide opportunity. But broad speaking, I’m not a big fan of the idea and we’ll be very cautious as we think about it to the future.
UNKNOWN, Analyst
Got it. That’s very helpful. And then as my second question, Joe, if you can provide some color on what you’re seeing out there for the early 1Q bookings, that’d be very helpful.
Got it. Very helpful and good luck with the fourth quarter.
Joe Esposito, Senior Vice President
Yeah, thanks. Like I said, fourth quarter is booking very well. Early indications from 1Q are very similar to 4Q, and so we’re continuing to see good strength. We’re assuming the economy is strong, and it is, and our corporates continue to book, so we feel very good about forward bookings. We have good visibility probably for the next 90 to 120 days, which gets into the first quarter, and all indications are very positive.
Thank you.
Matthew, Operator
Thank you. Your next question is coming from Brandon Oglinski from Barclays.
Your line is live.
Brandon Oglinski, Analyst at Barclays
Hi, good morning and thanks for taking my question. I guess I wonder if I could follow up on the operational reliability issues this year and the cost that you guys are adding into that baseline, especially as you think into 2027. It sounds like maybe you’re having more reserve crews, but I’m not quite sure what’s driving that baseline increase. And then maybe as a follow up, and longer term, and maybe this is for you, Ed or Dan, but as we think back to the last round of negotiations with labor and specifically your pilot group and others as well, that’s been pretty consequential here for airline cost inflation, which for the industry has been pretty much above average across the economy. So I guess how do you balance the need for service, for employee pay, as well as getting margins back in line, especially in light of CASM?
Dan Janki, Chief Operating Officer
Yeah, Brandon, good. Good to hear from you. Good morning. As it relates to operational reliability and that resilience, and Erik mentioned it, that controllable completion factor has been the focus and certainly been investing and taking actions across the system. But the real focus has been on that crew resiliency: how do we ensure that we improve that, and we improve it especially in periods of disruption. So it’s been a focus around investing around the process, the technology, the data, and the resources associated with that so that you ensure that you more effectively manage the demand and the churn in resources as you go through those operational disruptions and you better marry it with supply and the actions that the team has been taking. You’re seeing consistent improvement from second quarter from first quarter, then again in third quarter. We anticipate that transpiring here as we go into fourth quarter and next year related to that. So that’s been the primary element of the investment and the areas of focus for us and the teams.
Ed Bastian, Chief Executive Officer
And on the question of negotiations, obviously we’re not going to comment on that, Brandon, but I can tell you our priority is getting the resilience that Dan mentioned and the reliability of the crews back. And it’s hard for us to even think about getting too far out into a contract negotiation until we have the baseline of reliable operation that we have confidence in established.
Brandon Oglinski, Analyst at Barclays
Thank you.
Matthew, Operator
Thank you. Your next question is coming from Kathryn O’Brien from Goldman Sachs.
Your line is live.
Kathryn O’Brien, Analyst at Goldman Sachs
Hey, good morning everyone. Thanks for the time. I just wanted to start with a bit of a follow up to Savi’s question. So, loyalty revenue growth has really stood out the last couple of quarters and you noted that engagement, particularly in premium cabins, is driving a part of that. But I was just wondering, could you provide some further color on how maybe changes in the card portfolio or some of these partnerships are also factoring in, or how market share gains, maybe uptick in wallet share might be contributing?
Just trying to get a more detailed look at what’s driving this growth and how sustainable these trends are or if we could even expect further acceleration. Thanks.
Joe Esposito, Senior Vice President
Yeah, thanks, Katie. I think when we start out with talking about the strength of the consumer as the foundation for this and how much wealth they have, we’ve seen great spend on the AMEX card and, when you look at the awards of being 1, 2 and 3 on the most valued card, there’s a lot of value in what we’re offering our consumers and that relationship comes back to their spend, which has been incredibly strong this year. When you think about the environment everybody’s in with over double-digit spend and really strong remuneration back to Delta.
So the engagement with the customer has never been stronger. And I think when you add up any individual one is good, but when you put the portfolio of partners we’re working together now, adding Hyatt, those are really concrete products and partnerships that drive that ecosystem even faster. So not only are we providing the right level of capacity in the cabins they want to spend, but also wrapping it around great partnerships. And so the wealth, the spend, the engagement with us is really what’s driving an outsized growth in the loyalty program.
Ed Bastian, Chief Executive Officer
Katie, if I could add to Joe’s comments, one of the things about loyalty that’s really important, and I think it’s changing as we go, is that we’re trying to broaden the aperture across all demographics and obviously very focused on our younger generations and our Gen Zs and millennials and those that look to loyalty aspirationally. And in doing that, I think you’re going to see a move afoot. I know certainly at Delta, and I think maybe other leading consumer brands, to be more at least as focused on the experiential as the transactional, because loyalty historically has been very transactional.
It’s been very commercial, and that’s important and I don’t see that changing. But I think the consumers of tomorrow and the people that are attracted to loyalty and preference brands want to feel that they have some level of ownership in the experience and the relationship at a deeper level, which is why we’re bringing more brands to the table and we’re creating more opportunities for our loyalty members to not just experience the brands, but utilize the brands — include Starbucks, include DraftKings, include many other brands that are within our ecosystem.
And it’s one of the reasons why Amazon is really important to us out into the future. So the core loyalty, in Jamie’s question, in terms of the value of our portfolio, I don’t dismiss the notion that our loyalty plan could be $75 billion or higher. That’s really important that we continue to grow that. And so it’s not just pumping out more cards, it’s actually the quality of the experience that our customers — and that’s what we’re very, very focused on here at Delta Air Lines.
So it’s kind of a higher-level consideration set, but I think you’re going to see that play more and more into our thinking as we roll out new partners and opportunities.
Kathryn O’Brien, Analyst at Goldman Sachs
That’s really interesting. Thanks for that. Thanks for that color, Ed. And maybe just one last quick one under the wire here. But you know, you’ve got a number of commercial initiatives, including the loyalty discussion we’re just having underway, aircraft delivering over the next couple of years that should drive further benefits to the P&L. And then, you know, you’re always evolving the network. Just high level, as we look into 2027, could you walk us through what you see as the key puts and takes on margin progression from here?
Obviously fuel is a huge question mark. Maybe putting that aside, if we can.
Erik Snell, EVP and Chief Financial Officer
Yeah, yeah, we have a lot of tools in our arsenal for 2027. And no, we’re not going to do a walk for next year’s margin. I’d love to, love to, but I’m not going to. But the biggest thing is trying to get to the other end of this volatility that we’ve seen in fuel and see where that normalizes. I do believe it’s going to recede. I don’t know at what level it recedes or the pace. I think we all hope it happens sooner rather than later, but that’s going to be, I think, the overarching question on 2027 margins.
And I think for that we don’t have any crystal ball better than you do or anyone else does. But when we start to see a break there, I think the value of the revenue — and there’s a new baseline that we’ve established and sustainability is important — and we intend to hold that. And whether it’s upgauging, whether it’s new fleet efficiencies, whether it’s operational improvements with crews, there’s a long list of opportunities within our control that we are working regardless of fuel that will also help our forward view.
So I’m bullish about hitting our long-term framework of double-digit operating margin, double-digit. And you can see the threads really starting to come into alignment. But we do need a little bit of assistance on fuel along the way to accelerate and amplify that.
Kathryn O’Brien, Analyst at Goldman Sachs
That’s great. Thanks so much.
Matthew, Operator
Thank you. Your next question is coming from David Burnin from Bernstein.
Your line is live.
David Burnin, Analyst at Bernstein
Hey, good morning guys and thanks for having me on here. So Joe, can you maybe talk about how paid premium demand and the premium domain cabin fare differential has been evolving as you’re adding more premium seats into the mix? I’m just trying to see if you’ve seen any evidence that the premium per departure is having an impact on buy up.
Joe Esposito, Senior Vice President
Yeah, thanks for the question. You know, overall we’ve seen very strong demand in premium. As we said, as we’re growing capacity 6 to 7, our loads went up almost 2 points and fares were going up as well. We weren’t discounting fares, so fares continued to move in the right direction. And the value that we’re offering I think has been well received in the marketplace. Especially now when you’re rolling out merchandising not only in the main cabin, but also into the first class and Premium Select and Delta One.
The upgrade take has been very positive, especially what they perceive as the value that we’re offering for the Extra and Classic off of our Basic fares. And we’re really in the early stages of that upgrade revenue. So it’s been very positive overall and it’s also now, as we’ve merchandised all of the cabins, we’ll continue with that and annualize it as we get into 2027.
David Burnin, Analyst at Bernstein
And as you think about the sort of like load factor, like when a passenger sort of buys the Main Cabin and goes to Main Cabin Extra, does that all stay in Main Cabin or does a portion of that go into Premium? I’m just trying to get, you know, a better understanding of how the math works on what you consider Premium versus Main Cabin and kind of what is a true Premium sale versus an upgrade sale?
Joe Esposito, Senior Vice President
Yeah, all Main Cabin—all three merchandising sets stay in Main Cabin for recognizing that revenue. The Premium is clearly a different cabin.
David Burnin, Analyst at Bernstein
Thank you.
Julie Stewart, Vice President of Investor Relations and Corporate Development
Matthew will now take our final analyst question.
Matthew, Operator
Certainly. Our final question is coming from Dan McKenzie from Seaport Global.
Your line is live.
Dan McKenzie, Analyst at Seaport Global
Hey, good morning.
Thanks for closing in, you guys. Joe, if I could go back to your commentary around the upsell revenue. It seems like a really big revenue, but I’m wondering if you can provide some perspective, you know, put some size around. Is it 10% of total revenue? Is it 20%? It just seems like a fast-growing segment.
Joe Esposito, Senior Vice President
Of course it is fast-growing. Thanks for the question. It’s a fast-growing segment, and we’re really early in this process of understanding the cabin. So I’m going to stay away from giving you an exact number. But it is very powerful, and the early indications on the premium side of upgrading have been very strong. So we’re really pleased with it. And we really have only started the premium side only this past quarter and getting into full scale by the time we get into the first half of next year.
Dan McKenzie, Analyst at Seaport Global
Yeah. Okay, a second question here. On the POS side of the business, it’s really Delta as an IT company. It’s Delta as an IT company. Question. Is there a cost savings opportunity to, say, update legacy systems or potentially to go in-house with some of your outsourced software needs? And I guess I’m just, you know, wondering if that’s something you’re looking at, and if so, what those savings might look like two years from now. Of course, software has been a big topic in the market and, of course, AI and, you know, programming, you know, self-programming software is a big topic.
Ed Bastian, Chief Executive Officer
Dan, this is Ed. We moved to the cloud a few years ago, and so that has been a very significant source of savings in terms of efficiency and productivity on our software development and technology. We do work with outside contractors and development companies, and we have partners in that space. So the key, I think, in this AI generation is to continue to drive faster speeds and more efficient and effective solutions. And our team’s doing a good job of that.
Dan McKenzie, Analyst at Seaport Global
Okay, thanks, guys.
Julie Stewart, Vice President of Investor Relations and Corporate Development
All right, well, thank you. That will wrap up today’s call. I hope everyone has a great day. Appreciate you joining.
Matthew, Operator
That concludes today’s conference. Thank you for your participation today.
Disclaimer: This transcript is provided for informational purposes only. While we strive for accuracy, there may be errors or omissions in this automated transcription. For official company statements and financial information, please refer to the company’s SEC filings and official press releases. Corporate participants’ and analysts’ statements reflect their views as of the date of this call and are subject to change without notice.
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