Delta Air Lines may halt flight expansions in the second half of 2025 due to a fall in bookings amid President Donald Trump's trade tariffs, which have sent the global markets into a period of uncertainty.

For the second quarter, the airline is looking for earnings between $1.70 and $2.30 per share, with total revenue down 2% to up 2%. Analysts surveyed by FactSet predict earnings of $2.21 per share.

CEO Ed Bastian called Trump's latest move "the wrong approach," adding to a list of Wall Street executives who have responded to the tariffs with "anger, anxiety, frustration, and fear," according to a The New York Times report.

Bastian's comments are a sharp contrast from November when he said Trump's approach to industry regulation is a "breath of fresh air."

Trump announced sweeping 10% base tariffs on all nations, with some nations being slammed with higher tariffs, including China, South Korea, Japan, India, and the European Union.

In the first quarter, Delta earned $240 million, or 37 cents per share. A year earlier it earned $37 million, or 6 cents per share.

Yet shares of Delta Air Lines Inc. declined before the opening bell and the sector has been battered this year as investors, anticipating trouble from rising tariffs, put their money elsewhere. Shares are down 41% this year for the nation’s most profitable airline, which is better than rivals American and United.

Quarterly operating revenue climbed to $14.04 billion from $13.75 billion, beating Wall Street’s estimate of $13.81 billion.

The average fuel price per gallon declined to $2.47 from $2.79.


Delta cut its first-quarter earnings and revenue outlook last month, saying at the time that a recent decline in consumer and corporate confidence amid growing uncertainty over the economy was weakening domestic demand.

Delta said in March that it expected first-quarter revenue to rise between 3% and 4% compared with a year earlier, down from projections of 7% and 9%.

In January, Delta released fourth-quarter results that topped Wall Street’s profit and revenue estimates, as the company benefited from strong demand during the crucial holiday period.

Bastian told CNBC that the demand was "quite good" in January but "really started slow" in mid-February.

"In the last six weeks, we’ve seen a corresponding reduction in broad consumer confidence and corporate confidence," he said.

Due to heightened uncertainty in the market, many companies are rethinking business trips that have affected corporate demand, Bastian said. International and premium travels, too, have relatively cooled off. This will impact its initial flying expansion projection with the capacity being "flat year-over-year," CNBC reported.

Other major American airlines, namely United, American and Southwest are scheduled to report their earnings later in April.

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

In response to the U.S.'s 104% reciprocal tariffs on China, Beijing has announced 84% retaliatory tariffs on the U.S., further escalating the global trade wars and leading to a meltdown in the global markets.