Subtext

Delta Air Lines, Inc. DAL

SectorIndustrials
Transcripts49
Date range2013-04-23 – 2025-04-09
Calls charted49

Sentiment timeline

Net Loughran-McDonald sentiment per call (×1000), earliest → latest.

-22-11+0+11+222013 Q12014 Q42016 Q32018 Q22020 Q12021 Q42023 Q32013 Q1 · Overall: +7.22013 Q2 · Overall: +9.32013 Q3 · Overall: +15.02013 Q4 · Overall: +12.82014 Q1 · Overall: +12.92014 Q2 · Overall: +12.62014 Q3 · Overall: +6.32014 Q4 · Overall: +9.62015 Q1 · Overall: +9.82015 Q2 · Overall: +5.42015 Q3 · Overall: +5.32015 Q4 · Overall: +9.12016 Q1 · Overall: +8.42016 Q2 · Overall: +5.72016 Q3 · Overall: -1.82016 Q4 · Overall: +9.52017 Q1 · Overall: +10.02017 Q2 · Overall: +16.22017 Q3 · Overall: +10.22017 Q4 · Overall: +11.52018 Q1 · Overall: +12.32018 Q2 · Overall: +14.62018 Q3 · Overall: +15.62018 Q4 · Overall: +3.12019 Q1 · Overall: +19.52019 Q2 · Overall: +16.72019 Q3 · Overall: +9.82019 Q4 · Overall: +17.92020 Q1 · Overall: +0.32020 Q2 · Overall: +2.52020 Q3 · Overall: +7.12020 Q4 · Overall: +5.62021 Q1 · Overall: +9.62021 Q2 · Overall: +13.72021 Q3 · Overall: +13.22021 Q4 · Overall: +5.22022 Q1 · Overall: +15.42022 Q2 · Overall: +7.22022 Q3 · Overall: +8.02022 Q4 · Overall: +10.62023 Q1 · Overall: +8.82023 Q2 · Overall: +12.52023 Q3 · Overall: +8.62023 Q4 · Overall: +12.62024 Q1 · Overall: +14.92024 Q2 · Overall: +17.42024 Q3 · Overall: +12.42024 Q4 · Overall: +18.42025 Q1 · Overall: -0.5
Overall

CEO vs CFO

Average sentiment of each executive's remarks per call. Divergence is a signal.

-37-19+0+19+372013 Q12014 Q42016 Q32018 Q22020 Q12021 Q42023 Q32013 Q1 · CEO: +16.22013 Q2 · CEO: +12.02013 Q3 · CEO: +27.42013 Q4 · CEO: +21.42014 Q1 · CEO: +11.52014 Q2 · CEO: +15.42014 Q3 · CEO: +17.62014 Q4 · CEO: +16.62015 Q1 · CEO: +14.42015 Q2 · CEO: +16.92015 Q3 · CEO: +10.22015 Q4 · CEO: +17.02016 Q1 · CEO: +16.92016 Q2 · CEO: +10.62016 Q3 · CEO: +6.42016 Q4 · CEO: +19.22017 Q1 · CEO: +8.82017 Q2 · CEO: +18.02017 Q3 · CEO: +9.92017 Q4 · CEO: +20.72018 Q1 · CEO: +16.12018 Q2 · CEO: +14.32018 Q3 · CEO: +18.52018 Q4 · CEO: +11.12019 Q1 · CEO: +24.32019 Q2 · CEO: +21.22019 Q3 · CEO: +14.12019 Q4 · CEO: +21.72020 Q1 · CEO: +5.52020 Q2 · CEO: +2.12020 Q3 · CEO: +13.72020 Q4 · CEO: +6.02021 Q1 · CEO: +9.72021 Q2 · CEO: +18.62021 Q4 · CEO: +7.82022 Q1 · CEO: +22.92022 Q2 · CEO: +14.42022 Q3 · CEO: +11.82022 Q4 · CEO: +19.52023 Q1 · CEO: +21.62023 Q2 · CEO: +18.12023 Q3 · CEO: +10.92023 Q4 · CEO: +18.72024 Q1 · CEO: +29.92024 Q2 · CEO: +25.62024 Q3 · CEO: +30.82024 Q4 · CEO: +32.22025 Q1 · CEO: +8.62013 Q1 · CFO: +10.52013 Q2 · CFO: +11.62013 Q3 · CFO: +12.12013 Q4 · CFO: +8.42014 Q1 · CFO: +6.42014 Q2 · CFO: +15.72014 Q3 · CFO: +10.42014 Q4 · CFO: +9.82015 Q1 · CFO: +7.72015 Q2 · CFO: +8.12015 Q3 · CFO: +8.92015 Q4 · CFO: +10.72016 Q1 · CFO: +7.72016 Q2 · CFO: +12.32016 Q3 · CFO: +3.72016 Q4 · CFO: +12.82017 Q1 · CFO: +18.62017 Q2 · CFO: +25.32017 Q3 · CFO: +20.12017 Q4 · CFO: +20.22018 Q1 · CFO: +22.12018 Q2 · CFO: +26.32018 Q3 · CFO: +26.82018 Q4 · CFO: +14.42019 Q1 · CFO: +30.82019 Q2 · CFO: +21.62019 Q3 · CFO: +17.92019 Q4 · CFO: +18.72020 Q1 · CFO: -1.32020 Q2 · CFO: +11.92020 Q3 · CFO: +5.72020 Q4 · CFO: +10.72021 Q1 · CFO: +19.82021 Q2 · CFO: +20.12021 Q3 · CFO: +17.62021 Q4 · CFO: +8.92022 Q1 · CFO: +29.42022 Q2 · CFO: +8.02022 Q3 · CFO: +21.92022 Q4 · CFO: +13.32023 Q1 · CFO: +16.52023 Q2 · CFO: +20.22023 Q3 · CFO: +14.62023 Q4 · CFO: +22.12024 Q1 · CFO: +25.02024 Q2 · CFO: +20.32024 Q3 · CFO: +17.82024 Q4 · CFO: +26.92025 Q1 · CFO: +8.8
CEOCFO

Prepared remarks vs Q&A

Scripted tone vs unscripted answers. The gap is information.

-40-20+0+20+402013 Q12014 Q42016 Q32018 Q22020 Q12021 Q42023 Q32013 Q1 · Prepared remarks: +8.52013 Q2 · Prepared remarks: +14.72013 Q3 · Prepared remarks: +19.42013 Q4 · Prepared remarks: +17.12014 Q1 · Prepared remarks: +16.32014 Q2 · Prepared remarks: +18.42014 Q3 · Prepared remarks: +13.12014 Q4 · Prepared remarks: +20.72015 Q1 · Prepared remarks: +10.32015 Q2 · Prepared remarks: +12.52015 Q3 · Prepared remarks: +14.92015 Q4 · Prepared remarks: +9.42016 Q1 · Prepared remarks: +12.92016 Q2 · Prepared remarks: +13.22016 Q3 · Prepared remarks: +3.22016 Q4 · Prepared remarks: +17.92017 Q1 · Prepared remarks: +14.82017 Q2 · Prepared remarks: +28.12017 Q3 · Prepared remarks: +18.82017 Q4 · Prepared remarks: +31.42018 Q1 · Prepared remarks: +30.12018 Q2 · Prepared remarks: +26.72018 Q3 · Prepared remarks: +34.82018 Q4 · Prepared remarks: +12.22019 Q1 · Prepared remarks: +30.82019 Q2 · Prepared remarks: +29.72019 Q3 · Prepared remarks: +21.32019 Q4 · Prepared remarks: +30.82020 Q1 · Prepared remarks: +2.92020 Q2 · Prepared remarks: +2.92020 Q3 · Prepared remarks: +14.92020 Q4 · Prepared remarks: +10.32021 Q1 · Prepared remarks: +26.62021 Q2 · Prepared remarks: +28.22021 Q3 · Prepared remarks: +13.42021 Q4 · Prepared remarks: +9.42022 Q1 · Prepared remarks: +16.72022 Q2 · Prepared remarks: +24.02022 Q3 · Prepared remarks: +19.72022 Q4 · Prepared remarks: +20.42023 Q1 · Prepared remarks: +20.62023 Q2 · Prepared remarks: +27.12023 Q3 · Prepared remarks: +17.62023 Q4 · Prepared remarks: +25.52024 Q1 · Prepared remarks: +34.32024 Q2 · Prepared remarks: +32.92024 Q3 · Prepared remarks: +26.12024 Q4 · Prepared remarks: +18.42025 Q1 · Prepared remarks: +15.32013 Q1 · Q&A responses: +17.52013 Q2 · Q&A responses: +5.72013 Q3 · Q&A responses: +6.92013 Q4 · Q&A responses: +8.02014 Q1 · Q&A responses: +13.72014 Q2 · Q&A responses: +9.82014 Q3 · Q&A responses: -3.42014 Q4 · Q&A responses: +11.82015 Q1 · Q&A responses: +0.02015 Q2 · Q&A responses: +5.52015 Q3 · Q&A responses: -2.72016 Q1 · Q&A responses: +5.72016 Q2 · Q&A responses: +8.42016 Q3 · Q&A responses: +2.32016 Q4 · Q&A responses: +8.12017 Q1 · Q&A responses: -12.62017 Q2 · Q&A responses: +11.62017 Q3 · Q&A responses: +2.92017 Q4 · Q&A responses: +5.62018 Q1 · Q&A responses: +7.52018 Q2 · Q&A responses: +10.62018 Q3 · Q&A responses: +10.92018 Q4 · Q&A responses: -4.12019 Q1 · Q&A responses: +8.72019 Q2 · Q&A responses: +12.82019 Q3 · Q&A responses: +5.22019 Q4 · Q&A responses: +17.42020 Q1 · Q&A responses: +2.12020 Q2 · Q&A responses: +3.92020 Q3 · Q&A responses: +9.42020 Q4 · Q&A responses: +3.72021 Q1 · Q&A responses: +4.62021 Q2 · Q&A responses: +9.32021 Q4 · Q&A responses: +7.12022 Q1 · Q&A responses: +5.62022 Q2 · Q&A responses: +6.12022 Q3 · Q&A responses: +9.32022 Q4 · Q&A responses: +11.72023 Q1 · Q&A responses: +12.22023 Q2 · Q&A responses: +13.02023 Q3 · Q&A responses: +8.92023 Q4 · Q&A responses: +13.02024 Q1 · Q&A responses: +10.72024 Q2 · Q&A responses: +14.92024 Q3 · Q&A responses: +14.62025 Q1 · Q&A responses: -0.6
Prepared remarksQ&A responses

Tone vs forward expectations

Management tone next to Wall Street's forward-looking numbers (glopardo): the 12-month forward EPS estimate and the forward P/E per call.

Forward EPS estimate

$-2.66$2.74$8.132013 Q12014 Q42016 Q32018 Q22020 Q12021 Q42023 Q32014 Q1: $2.712014 Q2: $3.332014 Q3: $3.702014 Q4: $4.432015 Q1: $5.042015 Q2: $4.932015 Q3: $5.292015 Q4: $6.082016 Q1: $6.922016 Q2: $6.502016 Q3: $5.702016 Q4: $5.092017 Q1: $5.282017 Q2: $5.592017 Q3: $5.732017 Q4: $5.552018 Q1: $6.642018 Q2: $6.422018 Q3: $6.382018 Q4: $6.702019 Q1: $6.612019 Q2: $6.972019 Q3: $7.392019 Q4: $7.202020 Q1: $4.732020 Q2: $-1.922020 Q3: $-1.172020 Q4: $-0.302021 Q1: $-1.132021 Q2: $0.102021 Q3: $2.192021 Q4: $3.312022 Q1: $2.562022 Q2: $4.752022 Q3: $4.732022 Q4: $4.962023 Q1: $5.702023 Q2: $6.292023 Q3: $7.182023 Q4: $6.472024 Q1: $6.672024 Q2: $7.022024 Q3: $7.002024 Q4: $7.19

Forward P/E

-29.31219.25467.802013 Q12014 Q42016 Q32018 Q22020 Q12021 Q42023 Q32014 Q1: 12.442014 Q2: 11.922014 Q3: 10.522014 Q4: 10.422015 Q1: 9.102015 Q2: 8.272015 Q3: 8.892015 Q4: 8.572016 Q1: 7.052016 Q2: 5.982016 Q3: 6.522016 Q4: 9.792017 Q1: 8.942017 Q2: 9.282017 Q3: 8.552017 Q4: 9.662018 Q1: 8.452018 Q2: 8.522018 Q3: 9.082018 Q4: 7.752019 Q1: 7.722019 Q2: 8.082019 Q3: 8.032019 Q4: 8.142020 Q1: 4.972020 Q2: 4.972021 Q2: 433.522021 Q3: 18.142021 Q4: 11.062022 Q1: 14.412022 Q2: 6.732022 Q3: 6.902022 Q4: 6.922023 Q1: 5.832023 Q2: 6.712023 Q3: 5.512023 Q4: 6.372024 Q1: 6.582024 Q2: 7.062024 Q3: 6.702024 Q4: 8.19

Divergence watch ⚑

Quarters where tone and the forward EPS estimate moved opposite ways.

  • 2014 Q3 tone ↓ -6.3 fwd EPS ↑ +0.37 Tone cooled even as the forward EPS estimate rose.
  • 2016 Q4 tone ↑ +11.3 fwd EPS ↓ -0.61 Tone rose while the forward EPS estimate was cut.
  • 2017 Q3 tone ↓ -6.0 fwd EPS ↑ +0.14 Tone cooled even as the forward EPS estimate rose.
  • 2018 Q2 tone ↑ +2.3 fwd EPS ↓ -0.23 Tone rose while the forward EPS estimate was cut.
  • 2018 Q4 tone ↓ -12.5 fwd EPS ↑ +0.32 Tone cooled even as the forward EPS estimate rose.
  • 2019 Q1 tone ↑ +16.4 fwd EPS ↓ -0.09 Tone rose while the forward EPS estimate was cut.
  • 2019 Q2 tone ↓ -2.8 fwd EPS ↑ +0.37 Tone cooled even as the forward EPS estimate rose.
  • 2019 Q3 tone ↓ -6.8 fwd EPS ↑ +0.41 Tone cooled even as the forward EPS estimate rose.
  • 2019 Q4 tone ↑ +8.1 fwd EPS ↓ -0.19 Tone rose while the forward EPS estimate was cut.
  • 2020 Q2 tone ↑ +2.2 fwd EPS ↓ -6.64 Tone rose while the forward EPS estimate was cut.
  • 2021 Q1 tone ↑ +3.9 fwd EPS ↓ -0.83 Tone rose while the forward EPS estimate was cut.
  • 2021 Q4 tone ↓ -8.0 fwd EPS ↑ +1.12 Tone cooled even as the forward EPS estimate rose.
  • 2022 Q1 tone ↑ +10.2 fwd EPS ↓ -0.75 Tone rose while the forward EPS estimate was cut.
  • 2022 Q2 tone ↓ -8.2 fwd EPS ↑ +2.19 Tone cooled even as the forward EPS estimate rose.
  • 2023 Q3 tone ↓ -3.9 fwd EPS ↑ +0.89 Tone cooled even as the forward EPS estimate rose.
  • 2023 Q4 tone ↑ +4.1 fwd EPS ↓ -0.71 Tone rose while the forward EPS estimate was cut.

Recent transcripts

CallDateSentiment ×1000Fwd EPSFwd P/E
2025 Q12025-04-09-0.5——View →
2024 Q42025-01-10+18.4$7.198.2View →
2024 Q32024-10-10+12.4$7.006.7View →
2024 Q22024-07-11+17.4$7.027.1View →
2024 Q12024-04-10+14.9$6.676.6View →
2023 Q42024-01-12+12.6$6.476.4View →
2023 Q32023-10-12+8.6$7.185.5View →
2023 Q22023-07-13+12.5$6.296.7View →