Delta Air Lines, Inc. provides scheduled air transportation for passengers and cargo in the United States and internationally. The company operates through two segments, Airline and Refinery. Its domestic network centered on core hubs in Atlanta, Minneapolis-St. Paul, Detroit, and Salt Lake City, as well as coastal hub positions in Boston, Los Angeles, New York-LaGuardia, New York-JFK, and Seattle; and international network centered on hubs and market presence in Amsterdam, Bogota, Lima, Mexico City, London-Heathrow, Paris-Charles de Gaulle, Sao Paulo, Seoul-Incheon, and Tokyo. The company sells its tickets through various distribution channels, including delta.com and the Fly Delta app; acts as a reservations specialists; and operates online travel and traditional brick and mortar agencies. It also provides aircraft maintenance and engineering support, repair, and overhaul services; and vacation packages to third-party consumers. The company operates through a fleet of approximately 1,273 aircrafts. Delta Air Lines, Inc. was founded in 1924 and is based in Atlanta, Georgia.

Delta Air Lines, Inc.

United Parcel Service UPS reported healthy third-quarter 2025 results with both earnings per share and revenues surpassing the Zacks Consensus Estimate.
Quarterly earnings per share (excluding 19 cents from non-recurring items) of $1.74 beat the Zacks Consensus Estimate of $1.31 but declined 1.1% year over year. Revenues of $21.4 billion surpassed the Zacks Consensus Estimate of $20.8 billion but decreased 3.7% year over year.
Moreover, the management provided upbeat fourth-quarter sales guidance, projecting revenues of approximately $24 billion, above the Zacks Consensus Estimate of $23.74 billion. Adjusted operating margin for the December quarter is projected in the approximately 11-11.5% range, comparing favorably to the 10% reported in the September quarter. The top and bottom-line outperformance in the September quarter, despite volume woes in its domestic segment, and the upbeat fourth-quarter guidance naturally pleased investors, resulting in the stock gaining in early trading.
United Parcel Service Price, Consensus and EPS Surprise
Other Aspects of Q3 Earnings Report
U.S. Domestic Package revenues of $14.2 billion decreased 2.7% year over year, due to the expected decline in volume. However, revenue per piece and air cargo revenues were strong during the quarter. The actual segmental sales figure was higher than our estimation of $13.53 billion. Segmental operating profit (adjusted) fell 1.5% year over year to $905 million. The adjusted operating margin for the segment was 6.4%.
Revenues in the International Package division totaled $4.67 billion, which increased 5.9% year over year, owing to a 4.8% increase in average daily volume. The actual segmental sales figure was higher than our estimation of $4.4 billion. Segmental operating profit (adjusted) totaled $691 million, down 12.7% year over year. The adjusted operating margin for the segment was 14.8%.
Supply Chain Solutions’ revenues of $2.52 billion decreased 22.1% year over year, owing to the impact of the third quarter of 2024 divestiture of Coyote. The actual segmental sales figure was below our estimation of $2.72 billion. Operating profit (on an adjusted basis) increased to $536 million. The adjusted operating margin for the segment was 21.3%.
UPS’ 2025 Outlook Maintained
Capital expenditures are estimated to be around $3.5 billion, with dividend payments expected to be around $5.5 billion (subject to board approval) and share repurchases of around $1 billion (which have been completed). The effective tax rate is expected to be around 23.75%.
Currently, UPS carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Q3 Performances of Some Other Transportation Companies
Delta Air Lines DAL reported third-quarter 2025 earnings (excluding 46 cents from non-recurring items) of $1.71 per share, which beat the Zacks Consensus Estimate of $1.52. Earnings increased 14% on a year-over-year basis due to low fuel costs.
Revenues in the September-end quarter were $16.67 billion, beating the Zacks Consensus Estimate of $15.79 billion and increasing 6.4% on a year-over-year basis. Due to improving air-travel demand, adjusted operating revenues (excluding third-party refinery sales) increased 4.1% year over year to $15.2 billion.
United Airlines UAL reported mixed third-quarter 2025 results wherein its earnings beat the Zacks Consensus Estimate, but revenues missed the same.
UAL's third-quarter 2025 adjusted earnings per share (EPS) (excluding 12 cents from non-recurring items) of $2.78 surpassed the Zacks Consensus Estimate of $2.64 but declined 16.5% on a year-over-year basis. The reported figure lies above the guided range of $2.25-$2.75.
Operating revenues of $15.2 billion fell short of the Zacks Consensus Estimate of $15.3 billion but increased 2.6% year over year. Passenger revenues (which accounted for 90.7% of the top line) increased 1.9% year over year to $13.8 billion. UAL flights transported 48,382 passengers in the third quarter, up 6.2% year over year.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

UPS Stock Up on Q3 Earnings & Revenue Beat, Strong Q4 Sales View

Ryder System, Inc. (R) reported mixed third-quarter 2025 results wherein the company’s earnings surpassed the Zacks Consensus Estimate while revenues missed the mark.
Quarterly earnings per share of $3.57 surpassed the Zacks Consensus Estimate by a penny and improved 3.7% year over year, reflecting higher contractual earnings and share repurchases. The reported figure lies within the guided range of $3.45-$3.65.
Total revenues of $3.17 billion lagged the Zacks Consensus Estimate of $3.22 billion and marginally grew 0.1% year over year. Operating revenues (adjusted) of $2.61 billion, up 1% year over year, reflecting contractual revenue growth in Supply Chain Solutions (SCS) and Fleet Management Solutions (FMS).
Ryder chairman and chief executive officer, Robert Sanchez, stated, "Ryder delivered our fourth consecutive quarter of earnings-per-share growth. Earnings were in line with our expectations as operating performance from our resilient contractual businesses and benefits from our strategic initiatives more than offset the impact from freight market conditions. We are on track to deliver earnings growth in 2025 driven by benefits from our lease pricing and multi-year maintenance cost-saving initiatives, acquisition synergies, and optimization of our omnichannel retail network.”
Ryder System, Inc. Price, Consensus and EPS Surprise
Segmental Results
Fleet Management Solutions: Total revenues of $1.46 billion inched down 0.3% year over year. Operating revenues totaled $1.28 billion, almost in line on a year-over-year basis.
Supply-Chain Solutions: Total revenues of $1.38 billion inched up 5% year over year, reflecting increased operating revenues and subcontracted transportation costs passed through to customers. Operating revenues rose 4% year over year to $1.03 billion, owing to new business in omnichannel retail.
Dedicated Transportation Solutions: Total revenues of $570 million and operating revenues of $458 million declined 10% and 6%, year over year, respectively, owing to decreased subcontracted transportation costs and lower fleet count reflecting prolonged freight market downturn.
Liquidity
Ryder exited the third quarter with cash and cash equivalents of $189 million compared with $180 million at the end of the prior quarter. R’s total debt (including the current portion) was $7.85 billion at the third-quarter end compared with $7.72 billion at the end of the prior quarter.
R’s Outlook
For fourth-quarter 2025, Ryder expects adjusted EPS in the range of $3.50-$3.70. The Zacks Consensus Estimate of $3.76 lies above the guidance.
For 2025, Ryder now expects adjusted EPS in the range of $12.85-$13.05 (prior view: $12.85 - $13.30). The Zacks Consensus Estimate of $13.09 lies above the updated guidance.
Management continues to anticipate total revenues to increase by almost 1%. Operating revenues (adjusted) are still expected to increase 1%.
Adjusted ROE (return on equity) is still expected to be 17%. Net cash from operating activities is still projected to be $2.8 billion. Adjusted free cash flow is still expected to be in the range of $900 million-$1.00 billion. Capital expenditure is still estimated to be $2.3 billion.
Currently, Ryder carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Q3 Performances of Other Transportation Companies
Delta Air Lines DAL reported third-quarter 2025 earnings (excluding 46 cents from non-recurring items) of $1.71 per share, which beat the Zacks Consensus Estimate of $1.52. Earnings increased 14% on a year-over-year basis due to low fuel costs.
Revenues in the September-end quarter were $16.67 billion, beating the Zacks Consensus Estimate of $15.79 billion and increasing 6.4% on a year-over-year basis. Due to improving air-travel demand, adjusted operating revenues (excluding third-party refinery sales) increased 4.1% year over year to $15.2 billion.
J.B. Hunt Transport Services, Inc. (JBHT) reported third-quarter 2025 earnings of $1.76 per share, which surpassed the Zacks Consensus Estimate of $1.47 and improved 18.1% year over year.
Total operating revenues of $3.05 billion surpassed the Zacks Consensus Estimate of $3.02 billion and were down 0.5% year over year. JBHT’s third-quarter revenue performance was hurt by a 1% and 4% decline in gross revenue per load in Intermodal (JBI) and Truckload (JBT), respectively, a decrease in load volume of 8% and 1% in Integrated Capacity Solutions (ICS) and Dedicated Contract Services (DCS), and 8% fewer stops in Final Mile Services (FMS). These items were partially offset by a 3 % improvement in DCS productivity, a 9% increase in revenue per load in ICS and 14% load growth in JBT. Total operating revenue, excluding fuel surcharge revenue, fell less than 1% year over year.
United Airlines Holdings, Inc. (UAL) reported mixed third-quarter 2025 results wherein the company’s earnings beat the Zacks Consensus Estimate, but revenues missed the same.
UAL's third-quarter 2025 adjusted earnings per share (EPS) (excluding 12 cents from non-recurring items) of $2.78 surpassed the Zacks Consensus Estimate of $2.64 but declined 16.5% on a year-over-year basis. The reported figure lies above the guided range of $2.25-$2.75.
Operating revenues of $15.2 billion fell short of the Zacks Consensus Estimate of $15.3 billion but increased 2.6% year over year. Passenger revenues (which accounted for 90.7% of the top line) increased 1.9% year over year to $13.8 billion. UAL flights transported 48,382 passengers in the third quarter, up 6.2% year over year.
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Ryder Tops Q3 Earnings Estimates, Improves Y/Y, Tweaks 2025 EPS View

How Investing Has Changed in the Last 5 Years

U.S. consumer prices increased 0.3% sequentially in September 2025, easing slightly from August’s 0.4% gain and just below economists' expectations of 0.4% growth, per tradingeconomics. Energy costs climbed 1.5%, led by a 4.1% jump in gasoline, while food prices increased 0.2%.
Core consumer price index, which bars food and energy, gained 0.2%, just below August's clip and slightly below the forecast of 0.3% growth. The consumer price index logged an annual rise of 3%, less than economists’ expectation.
Against this backdrop, we have highlighted below a few sector-based exchange-traded funds (ETFs) that may gain in the near term.
Sector ETFs & Stocks to Gain
Energy – VanEck Oil Services ETF (OIH)
Revenues of energy stocks are tied to energy prices, a key component of inflation indices. This time, too, the rise in oil prices increased inflation. Oil prices have risen lately on various factors. Monthly inflation of the energy was 1.5% in September and annual inflation was 2.8%.
The underlying MVIS U.S. Listed Oil Services 25 Index of the ETF OIH seeks to track the performance of U.S.-listed companies involved in providing oil services to the upstream oil sector, including oil equipment, oil services or oil drilling, per the issuer.
As far as essential energy stocks are concerned, Murphy USA MUSA, with a Zacks Rank #3 (Hold), appears to be a good bet. It is a leading independent retailer of motor fuel and convenience merchandise in the United States.
Restaurants – AdvisorShares Restaurant ETF (EATZ)
The food-away-from-home index rose 0.1% in September. The index for limited-service meals gained 0.2% over the month, while the index for full-service meals was unchanged. Annually food-away-from-home index grew 3.7%, while the food-at-home index was up 2.7%.
The fund EATZ is an actively managed exchange-traded fund that seeks to achieve its investment objective by investing at least 80% of its net assets in securities of companies that derive at least 50% of their net revenues from the restaurant business.
As far as important stocks are concerned, Red Robin Gourmet Burgers RRGB, sporting a Zacks Rank #1 (Strong Buy) at present, may be played. It is a full-service casual dining restaurant chain serving an assorted range of burgers.
Healthcare – Health Care Select Sector SPDR ETF (XLV)
The index for Medical Care services rose 3.9% annually in September and 0.3% sequentially.
The underlying Health Care Select Sector Index of the fund XLV includes companies from the following industries — pharmaceuticals; health care providers & services; health care equipment & supplies; biotechnology; life sciences tools & services; and health care technology.
Universal Health Services UHS, which has a Zacks Rank #2 (Buy), deserves a mention. It owns and operates (through its subsidiaries) acute care hospitals, behavioral health centers, surgical hospitals, ambulatory surgery centers and radiation oncology centers.
Transportation – SPDR S&P Transportation ETF (XTN)
The transportation index jumped 0.3% sequentially in September and rose 2.5% year over year.
The fund XTN tracks the S&P Transportation Select Industry Index, which represents the transportation segment of the S&P Total Market Index. The fund has a Zacks ETF Rank #3.
As far as important stocks are concerned, Delta Air Lines DAL, with a Zacks Rank #2, may be played. It is one of the four carriers that together make up 60% of the United States aviation market.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

4 Sector ETFs & Stocks to Gain Despite Lower-Than -Expected Inflation

(RTTNews) - Delta Air Lines, Inc. (DAL, DALRQ.PK) on Monday announced the planned inauguration of nonstop service between the airline's hub in Atlanta to Riyadh, Saudi Arabia beginning October 2026, supporting long-term economic collaboration across the region.
"Launching service to Riyadh marks a key step in Delta's global growth as we start our second century of flight," said Ed Bastian, CEO of Delta Air Lines.
The flight will operate three times weekly on Delta's Airbus A350-900, featuring product experiences of Delta One, Delta Premium Select, Delta Comfort and Delta Main on board.
The specified features by the airline include lie-flat seats, chef-curated meals, wider seats with deeper recline, extra legroom, earlier boarding and dedicated overhead bin space, among others.
Across all products, travelers will be benefited from curated dining and Delta Studio entertainment. In addition, SkyMiles Members can make use of the free Delta Sync Wi-Fi powered by T-Mobile.
For Saudi Arabia, which advances Vision 2030, new direct international flights are expected to highlight the capital's global appeal and strategic importance. It also will open new doors for tourism and cultural exchange while driving business and innovation.
In the overnight market, the DAL shares were trading 0.90% higher at $61.50.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Delta Air Lines To Launch Nonstop Flight From Atlanta To Riyadh, Saudi Arabia

Norfolk Southern Corporation (NSC) third-quarter 2025 earnings (excluding 14 cents from non-recurring items) of $3.30 per share beat the Zacks Consensus Estimate of $3.18 and increased 1.5% year over year.
Railway operating revenues were $3.10 billion in the quarter under review, beating the Zacks Consensus Estimate of $3.08 billion. The top line increased 2% year over year, on flat volumes. Total revenue per unit surged 2% year over year.
Income from railway operations fell 31% year over year to $1.09 billion. Railway operating expenses inched up 38% on a year-over-year basis to $2.00 billion, primarily due to a double-digit increase in expenses on minerals and other items.
NSC’s president and chief executive officer, Mark George, stated, “Norfolk Southern delivered another quarter of strong results on safety, service, and productivity through a dynamic freight market. The entire Thoroughbred team pulled together to serve our customers, achieve an all-time record in fuel efficiency, delivered on key productivity initiatives, and executed a noteworthy land sale that will ultimately deliver rail volumes for years to come. I’m proud of the way our team is performing with discipline and focus — driving results and strengthening our foundation for long term success.”
Norfolk Southern Corporation Price, Consensus and EPS Surprise
Q3 Segmental Performance
Merchandise revenues increased 6% year over year to $1.96 billion. Revenue per unit surged 0.3% year over year.
Intermodal’s revenues fell 1% year over year at $759 million. While segmental volumes decreased 2%, revenue per unit inched up 1% year over year.
Coal revenues were $375 million, down 12% year over year. Coal volumes decreased 5% year over year. Revenue per unit declined 8% in the reported quarter.
Liquidity
Norfolk Southern, currently carrying a Zacks Rank #4 (Sell), exited the third quarter with cash and cash equivalents of $1.41 billion compared with $1.30 billion at the end of the prior quarter. NSC had a long-term debt of $16.5 billion at the third-quarter end, flat sequentially.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Q3 Performances of Other Transportation Companies
Delta Air Lines DAL reported third-quarter 2025 earnings (excluding 46 cents from non-recurring items) of $1.71 per share, which beat the Zacks Consensus Estimate of $1.52. Earnings increased 14% on a year-over-year basis due to low fuel costs.
Revenues in the September-end quarter were $16.67 billion, beating the Zacks Consensus Estimate of $15.79 billion and increasing 6.4% on a year-over-year basis. Due to improving air-travel demand, adjusted operating revenues (excluding third-party refinery sales) increased 4.1% year over year to $15.2 billion.
J.B. Hunt Transport Services, Inc. (JBHT) reported third-quarter 2025 earnings of $1.76 per share, which surpassed the Zacks Consensus Estimate of $1.47 and improved 18.1% year over year.
Total operating revenues of $3.05 billion surpassed the Zacks Consensus Estimate of $3.02 billion and were down 0.5% year over year. JBHT’s third-quarter revenue performance was hurt by a 1% and 4% decline in gross revenue per load in Intermodal (JBI) and Truckload (JBT), respectively, a decrease in load volume of 8% and 1% in Integrated Capacity Solutions (ICS) and Dedicated Contract Services (DCS), and 8% fewer stops in Final Mile Services (FMS). These items were partially offset by a 3 % improvement in DCS productivity, a 9% increase in revenue per load in ICS and 14% load growth in JBT. Total operating revenue, excluding fuel surcharge revenue, fell less than 1% year over year.
United Airlines Holdings, Inc. (UAL) reported mixed third-quarter 2025 results wherein the company’s earnings beat the Zacks Consensus Estimate, but revenues missed the same.
UAL's third-quarter 2025 adjusted earnings per share (EPS) (excluding 12 cents from non-recurring items) of $2.78 surpassed the Zacks Consensus Estimate of $2.64 but declined 16.5% on a year-over-year basis. The reported figure lies above the guided range of $2.25 and $2.75.
Operating revenues of $15.2 billion fell short of the Zacks Consensus Estimate of $15.3 billion but increased 2.6% year over year. Passenger revenues (which accounted for 90.7% of the top line) increased 1.9% year over year to $13.8 billion. UAL flights transported 48,382 passengers in the third quarter, up 6.2% year over year.
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Norfolk Southern Q3 Earnings & Revenues Beat Estimates, Rise Y/Y

Southwest Airlines Co. (LUV) reported mixed third-quarter 2025 results, wherein earnings surpassed the Zacks Consensus Estimate but revenues lagged the same.
Quarterly earnings of 11 cents per share beat the Zacks Consensus Estimate of 1 cent but declined 26.7% year over year. Revenues of $6.94 billion missed the Zacks Consensus Estimate of $6.96 billion, but improved 1.1% year over year. Passenger revenues (which accounted for 90.8% of the top line) grew 1% year over year to $6.31 billion.
Quarterly results benefited from better-than-anticipated unit revenues and unit costs.
Bob Jordan, president, chief executive officer, & vice chairman of the board of directors, stated, "We continue to make substantial progress as we execute the most significant transformation in Southwest Airlines' history. We quickly implemented many new product attributes and enhancements, and the results are showing—we delivered a profitable quarter, with both unit revenues and unit costs performing better-than-anticipated, are reaffirming our full year 2025 EBIT2 guidance, and expect meaningful margin expansion in the fourth quarter. We continue to deliver a strong operational performance and are currently in first place year-to-date based on our calculations of the Wall Street Journal's airline rankings, an important indicator of success from the continued investment in our operation. These significant accomplishments reflect the strength of our plan, the quality of our execution, and the dedication of our Team.”
Southwest Airlines Co. Price, Consensus and EPS Surprise
Operating Statistics
Airline traffic, measured in revenue passenger miles, fell 1% year over year to 36.36 billion in the quarter under review. Capacity or available seat miles (ASMs) grew 0.8% year over year to 45.56 billion.As traffic failed to outpace capacity expansion, load factor (percentage of seat occupancy) fell 1.4 percentage points to 79.8%. Our estimate stands at 78.2%.
Passenger revenue per available seat mile (PRASM: a key measure of unit revenues) grew 0.2% year over year to 13.85 cents.
Revenue per available seat mile (RASM) grew 0.4% year over year to 15.25 cents.
Operating Expenses & Income
In the third quarter, Southwest Airlines incurred an operating income of $35 million compared with $38 million in the year-ago quarter. On an adjusted basis (excluding special items), the company reported operating income of $42 million compared with $32 million in the year-ago quarter.
Total adjusted operating expenses (excluding profit sharing, special items, fuel and oil expenses) increased 3.4% in the third quarter of 2025.
Fuel cost per gallon (inclusive of fuel tax: economic) fell 5.9% year over year to $2.40.
Consolidated unit cost or cost per available seat mile (CASM) excluding fuel, oil and profit-sharing expenses, and special items grew 2.5% year over year.
Liquidity
Southwest Airlines ended the third quarter with cash and cash equivalents of $2.90 billion compared with $3.47 billion at the end of the prior quarter. As of Sept. 30, 2025, the company had long-term debt (less current maturities) of $4.08 billion, which was flat sequentially.
LUV generated $287 million of cash from operating activities in the reported quarter. Third-quarter 2025 capital expenditures were $678 million, owing to aircraft-related capital spending, as well as technology, facilities and operational investments.
During third-quarter 2025, LUV returned $439 million to its shareholders, which includes $189 million in the form of dividend payments and $250 million through share repurchases under its current $2.0 billion share repurchase authorization.
Outlook
LUV anticipates fourth-quarter 2025 unit revenues to be up 1-3%, on a year-over-year basis, excluding special items, on capacity up almost 6% year over year. This guidance range assumes demand strength remains at current levels through the end of the quarter. LUV anticipates delivering an all-time quarterly record revenue performance in the fourth quarter.
Economic fuel costs per gallon are expected to be between $2.20 and $2.30 for fourth-quarter 2025.
LUV continues to expect to achieve its $370 million cost reduction target this year. LUV anticipates fourth-quarter 2025 CASM-X to be in the range of up 1.5-2.5%, or flat to up 1% when excluding the impact of expected book gains from fleet transactions in the fourth quarter of both years, on capacity up almost 6%, all on a year-over-year basis. Unit costs continue to be backed by the continuation of inflationary pressures, including those associated with labor contracts ratified in 2024. LUV remains focused on driving efficiencies to offset overall inflationary cost pressures and achieve its multi-year cost reduction targets.
LUV now anticipates 2025 capacity to be up roughly 1.5%, year over year, including the capacity increase associated with shifting extra legroom seating retrofits of -700 aircraft to January 2026, which delays the removal of six seats from each of those aircraft. This shift is anticipated to maximize revenue potential during the holiday travel period and still meet the company's operational date milestone of Jan. 27, 2026, for assigned and extra legroom seating, as the company's Technical Operations Team has streamlined the timeline to complete this work.
LUV continues to anticipate its 2025 capital spending to be in the range of $2.5 billion to $3.0 billion (including the additional aircraft deliveries now expected, as well as the impact of the expected sale of -800 aircraft this year).
LUV is reaffirming 2025 earnings before interest and taxes, excluding special items, guidance range of $600 million to $800 million. LUV is also reaffirming its full-year incremental EBIT contribution targets of $1.8 billion for 2025 and $4.3 billion for 2026 from those initiatives.
Currently, LUV carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Q3 Performances of Other Transportation Companies
Delta Air Lines DAL reported third-quarter 2025 earnings (excluding 46 cents from non-recurring items) of $1.71 per share, which beat the Zacks Consensus Estimate of $1.52. Earnings increased 14% on a year-over-year basis due to low fuel costs.
Revenues in the September-end quarter were $16.67 billion, beating the Zacks Consensus Estimate of $15.79 billion and increasing 6.4% on a year-over-year basis. Due to improving air-travel demand, adjusted operating revenues (excluding third-party refinery sales) increased 4.1% year over year to $15.2 billion.
J.B. Hunt Transport Services, Inc. (JBHT) reported third-quarter 2025 earnings of $1.76 per share, which surpassed the Zacks Consensus Estimate of $1.47 and improved 18.1% year over year.
Total operating revenues of $3.05 billion surpassed the Zacks Consensus Estimate of $3.02 billion and were down 0.5% year over year. JBHT’s third-quarter revenue performance was hurt by a 1% and 4% decline in gross revenue per load in Intermodal (JBI) and Truckload (JBT), respectively, a decrease in load volume of 8% and 1% in Integrated Capacity Solutions (ICS) and Dedicated Contract Services (DCS), and 8% fewer stops in Final Mile Services (FMS). These items were partially offset by a 3 % improvement in DCS productivity, a 9% increase in revenue per load in ICS and 14% load growth in JBT. Total operating revenue, excluding fuel surcharge revenue, fell less than 1% year over year.
United Airlines Holdings, Inc. (UAL) reported mixed third-quarter 2025 results wherein the company’s earnings beat the Zacks Consensus Estimate, but revenues missed the same.
UAL's third-quarter 2025 adjusted earnings per share (EPS) (excluding 12 cents from non-recurring items) of $2.78 surpassed the Zacks Consensus Estimate of $2.64 but declined 16.5% on a year-over-year basis. The reported figure lies above the guided range of $2.25 and $2.75.
Operating revenues of $15.2 billion fell short of the Zacks Consensus Estimate of $15.3 billion but increased 2.6% year over year. Passenger revenues (which accounted for 90.7% of the top line) increased 1.9% year over year to $13.8 billion. UAL flights transported 48,382 passengers in the third quarter, up 6.2% year over year.
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Southwest Airlines Q3 Earnings Beat, Revenues Lag Estimates

Westinghouse Air Brake Technologies Corporation (WAB) reported encouraging third-quarter 2025 results wherein both earnings and revenues surpassed the Zacks Consensus Estimate as well as reported year-over-year growth.
Quarterly earnings per share of $2.32 beat the Zacks Consensus Estimate of $2.23 and improved 16% year over year due to higher sales, operating margin expansion and benefits from share repurchases. Revenues of $2.88 billion outpaced the Zacks Consensus Estimate of $2.86 billion. The top line grew 8.4% year over year due to higher sales in the Freight segment (which includes the acquisition of Inspection Technologies) and in the Transit segment.
Rafael Santana, Wabtec’s president and chief executive officer, stated, “The Wabtec team delivered a very strong quarter, evidenced by continued growth in our backlog, sales, margin, and earnings. We continue to be encouraged by the pipeline of opportunities that remains ahead of us. Our team’s commitment to product innovation, disciplined cost management, focused execution and partnership with our customers has been instrumental in driving our ongoing success. Together with our strong results, these factors give us confidence to continue to deliver on profitable growth into the future. Our team’s dedication positions us to drive Wabtec’s success, even in a dynamic and uncertain economic environment.”
Wabtec Price, Consensus and EPS Surprise
WAB’s Segmental Highlights
Freight segment’s net sales of $2.09 billion grew 8.4% year over year. The upside was aided by growth in Equipment sales (up 32% driven by higher locomotive deliveries), Digital sales (up 45.6% owing to the acquisition of Inspection Technologies) and Components sales
Freight segment’s adjusted operating margin grew to 24.5% from 24.1% in the year-ago quarter. Adjusted operating margin benefited from improved gross margin, which was partially offset by higher operating expenses as a percentage of revenue.
In the Transit segment, net sales grew 8.2% year over year to $793 million, due to strong aftermarket and original equipment sales. The segmental adjusted operating margin increased to 15.5% from 12.8% in the third quarter of 2024, aided by improved gross margins, partially offset by higher operating expenses as a percent of revenue.
Other Q3 Details of WAB
Total operating expenses in the reported quarter increased $64 million from a year ago to $511 million. Operating ratio (operating expenses as a % of net sales) rose to 17.7% from 16.8% a year ago.
Wabtec exited the third quarter with cash, cash equivalents and restricted cash of $528 million compared with $1.49 billion at the prior quarter-end. Long-term debt was $5.03 billion compared with $4.78 billion at the prior quarter-end.
During the reported quarter, WAB paid $43 million in dividends.
WAB’s 2025 Guidance
Wabtec raised and tightened its 2025 adjusted EPS guidance range to $8.85 to $9.05 from the prior guided range of $8.55 to $9.15.The Zacks Consensus Estimate of $8.90 lies within the guidance.
For revenues, WAB continues to expect its 2025 guidance between $10.925 billion and $11.225 billion. The Zacks Consensus Estimate of $11.08 billion lies within the guidance.
For 2025, Wabtec continues to expect operating cash flow conversion to exceed 90%.
Currently, Wabtec carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Q3 Performances of Other Transportation Companies
Delta Air Lines DAL reported third-quarter 2025 earnings (excluding 46 cents from non-recurring items) of $1.71 per share, which beat the Zacks Consensus Estimate of $1.52. Earnings increased 14% on a year-over-year basis due to low fuel costs.
Revenues in the September-end quarter were $16.67 billion, beating the Zacks Consensus Estimate of $15.79 billion and increasing 6.4% on a year-over-year basis. Due to improving air-travel demand, adjusted operating revenues (excluding third-party refinery sales) increased 4.1% year over year to $15.2 billion.
J.B. Hunt Transport Services, Inc. (JBHT) reported third-quarter 2025 earnings of $1.76 per share, which surpassed the Zacks Consensus Estimate of $1.47 and improved 18.1% year over year.
Total operating revenues of $3.05 billion surpassed the Zacks Consensus Estimate of $3.02 billion and were down 0.5% year over year. JBHT’s third-quarter revenue performance was hurt by a 1% and 4% decline in gross revenue per load in Intermodal (JBI) and Truckload (JBT), respectively, a decrease in load volume of 8% and 1% in Integrated Capacity Solutions (ICS) and Dedicated Contract Services (DCS), respectively, and 8% fewer stops in Final Mile Services (FMS). These items were partially offset by a 3 % improvement in DCS productivity, a 9% increase in revenue per load in ICS and 14% load growth in JBT. Total operating revenue, excluding fuel surcharge revenue, fell less than 1% year over year.
United Airlines Holdings, Inc. (UAL) reported mixed third-quarter 2025 results wherein the company’s earnings beat the Zacks Consensus Estimate, but revenues missed the same.
UAL's third-quarter 2025 adjusted earnings per share (EPS) (excluding 12 cents from non-recurring items) of $2.78 surpassed the Zacks Consensus Estimate of $2.64 but declined 16.5% on a year-over-year basis. The reported figure lies above the guided range of $2.25 and $2.75.
Operating revenues of $15.2 billion fell short of the Zacks Consensus Estimate of $15.3 billion but increased 2.6% year over year. Passenger revenues (which accounted for 90.7% of the top line) increased 1.9% year over year to $13.8 billion. UAL flights transported 48,382 passengers in the third quarter, up 6.2% year over year.
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Wabtec Q3 Earnings & Revenues Beat Estimates, 2025 EPS View Tweaked

Looking at options trading activity among components of the Russell 3000 index, there is noteworthy activity today in Delta Air Lines Inc (Symbol: DAL), where a total volume of 55,897 contracts has been traded thus far today, a contract volume which is representative of approximately 5.6 million underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 58.8% of DAL's average daily trading volume over the past month, of 9.5 million shares. Particularly high volume was seen for the $40 strike put option expiring October 31, 2025, with 5,716 contracts trading so far today, representing approximately 571,600 underlying shares of DAL. Below is a chart showing DAL's trailing twelve month trading history, with the $40 strike highlighted in orange:
JPMorgan Chase & Co (Symbol: JPM) saw options trading volume of 51,516 contracts, representing approximately 5.2 million underlying shares or approximately 58.6% of JPM's average daily trading volume over the past month, of 8.8 million shares. Especially high volume was seen for the $310 strike call option expiring October 24, 2025, with 2,031 contracts trading so far today, representing approximately 203,100 underlying shares of JPM. Below is a chart showing JPM's trailing twelve month trading history, with the $310 strike highlighted in orange:
And CACI International Inc (Symbol: CACI) options are showing a volume of 1,351 contracts thus far today. That number of contracts represents approximately 135,100 underlying shares, working out to a sizeable 58.1% of CACI's average daily trading volume over the past month, of 232,610 shares. Especially high volume was seen for the $450 strike put option expiring December 19, 2025, with 752 contracts trading so far today, representing approximately 75,200 underlying shares of CACI. Below is a chart showing CACI's trailing twelve month trading history, with the $450 strike highlighted in orange:
For the various different available expirations for DAL options, JPM options, or CACI options, visit StockOptionsChannel.com.
Also see:
Selling Puts For Income
V shares outstanding history
PHIN shares outstanding history
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Noteworthy Monday Option Activity: DAL, JPM, CACI

Key Points
J. L. Bainbridge & Co. Inc. sold 258,492 shares of Delta Air Lines for an estimated $14.8 million in the third quarter.
Post-trade position, the wealth advisory reported holding 509,256 Delta shares valued at $28.9 million.
Delta now comprises 2.4% of fund AUM, which places it outside the fund's top five holdings.
Florida-based wealth advisory J. L. Bainbridge & Co. Inc. reported a sale of 258,492 Delta Air Lines shares for an estimated $14.8 million in the third quarter.
What Happened
According to a filing with the U.S. Securities and Exchange Commission released on Friday, J. L. Bainbridge & Co. reduced its stake in Delta Air Lines (NYSE:DAL) by 258,492 shares in the third quarter. The estimated transaction value, based on the average closing price in the quarter, was approximately $14.8 million. Following the trade, the fund held 509,256 shares of Delta Air Lines.
What Else to Know
The sale reduced Delta Air Lines to 2.4% of the fund’s 13F reportable assets under management.
Top holdings after the filing:
NASDAQ:MSFT: $164.85 million (13.9% of AUM)
NASDAQ:AAPL: $122.68 million (10.4% of AUM)
NASDAQ:GOOGL: $116.65 million (9.9% of AUM)
NYSE:GS: $71.43 million (6% of AUM)
NYSE:ETN: $59.86 million (5.1% of AUM)
As of Friday, shares of Delta Air Lines were priced at $59.64, up 8% over the past year and well underperforming the S&P 500's nearly 14% gain in the same period.
Company Overview
Revenue (TTM)
$61.9 billion
Net Income (TTM)
$4.5 billion
Dividend Yield
1.3%
Price (as of market close Friday)
$59.64
Company Snapshot
Delta provides scheduled air transportation for passengers and cargo, aircraft maintenance and engineering services, and vacation packages; operates a fleet of approximately 1,200 aircraft.
The airline generates revenue primarily from passenger ticket sales, cargo transport, and ancillary services through both direct and third-party distribution channels.
It serves individual travelers, corporate clients, and cargo customers across domestic U.S. and major international markets.
Delta Air Lines, Inc. is a leading global airline with a diversified network of domestic and international routes, anchored by major hub operations in the United States and strategic international markets. Its competitive position is strengthened by its broad service offering.
Foolish Take
Florida-based J.L. Bainbridge & Co., a family-focused wealth advisor with a long-term growth strategy and fee-only fiduciary approach, trimmed its Delta Air Lines stake last quarter, selling roughly $14.8 million worth of shares. The move lowered Delta to about 2.4% of Bainbridge’s portfolio but kept it among the firm’s meaningful positions, reflecting a modest recalibration rather than a shift in conviction.
Delta’s stock has gained about 8% over the past year, trailing the S&P 500’s 14% rise amid mixed airline sector performance. The company’s steady post-pandemic recovery has been supported by resilient demand and record quarterly operating revenue, but persistent cost pressures and volatile fuel prices have kept margins under scrutiny. Competitors American, Southwest, and United are down 9%, up 10%, and up 34% over the same period, respectively.
For a firm like J.L. Bainbridge, which manages more than $1 billion AUM for families and long-term investors, this type of trim aligns with its stated focus on financially resilient, well-managed companies while maintaining balance across growth sectors. With core holdings such as Microsoft, Apple, and Alphabet still dominating its portfolio, the Delta reduction fits a pattern of portfolio discipline—locking in gains where valuations have recovered and reinforcing a steady, diversified base for the next market cycle.
Glossary
13F reportable assets: Assets that institutional investment managers must disclose quarterly to the SEC if above a certain threshold.
Assets under management (AUM): The total market value of investments managed on behalf of clients by a fund or firm.
Stake: The ownership interest or investment held in a particular company by an individual or institution.
Top holdings: The largest investments in a fund's portfolio, typically ranked by market value.
Dividend yield: The annual dividend payment expressed as a percentage of a stock's current price.
Ancillary services: Additional services provided by a company beyond its main offerings, such as baggage fees or in-flight sales for airlines.
Direct and third-party distribution channels: Ways products or services are sold—either directly to customers or through intermediaries.
Hub operations: Central airports used by airlines as transfer points to route passengers to their destinations.
TTM: The 12-month period ending with the most recent quarterly report.
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Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet, Apple, Goldman Sachs Group, and Microsoft. The Motley Fool recommends Delta Air Lines and recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.