DAL JPM Industrials 2026

Good morning, everybody. My name is Jamie Baker. I cover the U.S. Airline Equities and Aircraft Leasing Equities at JPMorgan. I'm joined by my dear friend and colleague, Mark Streeter, who does the same thing, except on the credit side.

And it's our pleasure to welcome you to the JPMorgan Industrials Conference. I've said this in the past, but I keep hoping some year to look out at an empty room. Because all is right with the airline world and airlines are generating record levels of cash and achieving high-teens pretax margins. It doesn't look like this will be that year.

So we'll keep plugging along. My only ask of the audience is get engaged, ask good questions to management. Mark and I will obviously keep the Q&A on track, if necessary, but we're holding this event for you, not for us. So please don't be shy.

Mark, anything before we introduce Delta?

Just a couple of things, number one, happy St. Patrick's Day. Number two, thank you for making it down to Washington, D.C. For those of you that are here in person. We'll probably be here for another year or 2 years before we move back to New York City.

We'll see if we make that decision. But I think what you're going to hear a lot today, check the tape, of course, look at the 8Ks. You're going to hear a lot of these words, that are durable, resilient, that's really going to be the tone for today. We're very impressed with some of the guidance this morning.

So we look forward to kicking it off, hearing about Delta's resiliency and durableness.

And just to be clear, somebody grabbed me in the hall before and they said, "Why is Delta always first?" Why don't you mix it up and let somebody else take the first slot. And just to be clear, Delta is not always first. We reserve the opening slot for the airline that generates the largest percentage of industry profits and/or pays profit sharing that is in excess of the sum total of the rest of the industry.

So to Scott Kirby, it's Bob Jordan, Robert Isom, this slot is yours for the taking. Ed does not seem to be quaking in his boots. I'm with you on that. So, before I turn it over to Ed Bastian, just going down the road, we also have Joe Esposito here today, a familiar face, Dan Janki, a somewhat less familiar face at this conference, but certainly not for those of us that know and understand the health of franchise.

We've got Eric Snell at the end and then,