Bloomberg Talks: Delta CEO Ed Bastian Talks Travel Disruption
Date: November 12, 2025
Host: Bloomberg
Guest: Ed Bastian, CEO of Delta Air Lines
Episode Overview
In this special episode, Bloomberg sits down with Ed Bastian, CEO of Delta Air Lines, at the New York Stock Exchange during Delta's centennial celebration. The conversation explores travel disruptions related to the recent government shutdown, recovery expectations, the evolution of the airline business, and Delta’s growing focus on premium services and international expansion. Bastian reflects on the airline’s centennial, addresses current industry challenges, and forecasts the aviation landscape for the future.
Key Discussion Points & Insights
1. The Impact of the Government Shutdown
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Delta's Centennial Milestone:
- “First US airline to reach 100 years of age. But yeah, we're hoping that the vote comes back tonight and we get everybody paid. Most importantly, all those essential workers... they do such amazing work. They're heroes doing this for a month and a half without pay.”
— Ed Bastian [00:41]
- “First US airline to reach 100 years of age. But yeah, we're hoping that the vote comes back tonight and we get everybody paid. Most importantly, all those essential workers... they do such amazing work. They're heroes doing this for a month and a half without pay.”
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Restoring Normal Operations:
- Bastian is optimistic that operations and delays will improve quickly once paychecks restart for essential employees.
- “I think it'll happen pretty quickly. I think once people start getting paid... over the next couple of days, I think you’ll see things starting to turn to normal.”
— Ed Bastian [01:19]
- “I think it'll happen pretty quickly. I think once people start getting paid... over the next couple of days, I think you’ll see things starting to turn to normal.”
- Expectation that flights will be “pretty close to normal” by Friday if weather holds.
- Bastian is optimistic that operations and delays will improve quickly once paychecks restart for essential employees.
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Holiday Travel Outlook:
- “Thanksgiving will be great. We know the importance of Christmas and Thanksgiving and the holidays. That's our super bowl, and that's what we rehearse and plan all year long. We’re going to be in really good shape for that.”
— Ed Bastian [01:55]
- “Thanksgiving will be great. We know the importance of Christmas and Thanksgiving and the holidays. That's our super bowl, and that's what we rehearse and plan all year long. We’re going to be in really good shape for that.”
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Booking Trends and Customer Confidence:
- Slight drop in bookings (5–10%) during shutdown; Delta provided flexible refunds.
- “We did see some refunds... If people wanted their money back, ... we wanted to make sure they were being taken care of. But I think as soon as people see it’s ready to go, they're going to come right back.”
— Ed Bastian [02:13]
- “We did see some refunds... If people wanted their money back, ... we wanted to make sure they were being taken care of. But I think as soon as people see it’s ready to go, they're going to come right back.”
- Slight drop in bookings (5–10%) during shutdown; Delta provided flexible refunds.
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Financial Impact:
- Acknowledges a definite hit to fourth quarter earnings.
- “You can’t make up a one week of Delta. We had a little over 2,000 cancellations. You can't make that up within the quarter. So yes, there was an impact like there’s going to be in all airlines. It's transitory.”
— Ed Bastian [03:10]
- “You can’t make up a one week of Delta. We had a little over 2,000 cancellations. You can't make that up within the quarter. So yes, there was an impact like there’s going to be in all airlines. It's transitory.”
- Acknowledges a definite hit to fourth quarter earnings.
2. Business Recovery and Future Demand
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Momentum & Premium Travel:
- Delta saw strong growth before the crisis, particularly in premium segments.
- “Our sweet spot is our premium traveler... the greater the experience, the more people willing to pay for it and the demand is even higher.”
— Ed Bastian [03:48]
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Positive Outlook for 2026:
- “Visibility is about 90 days out, so you're going into January. So we would see the return. Traffic from, from Christmas and New Year’s looks really good.”
— Ed Bastian [03:48] - No reason to think business will slow, with an emphasis on premium and international business.
- “Visibility is about 90 days out, so you're going into January. So we would see the return. Traffic from, from Christmas and New Year’s looks really good.”
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Premium and Loyalty Focus:
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Noted a rise in share of premium and loyalty revenues:
- “Premium and loyalty accounted for about 60% of revenues so far this year versus 57% last year.”
— Interviewer [04:32]
- “Premium and loyalty accounted for about 60% of revenues so far this year versus 57% last year.”
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“As long as you're giving people value and they get great value from us because we unlock those opportunities... If you're a premium traveler, Delta is your first call, and we love that.”
— Ed Bastian [04:55]
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3. International Growth and Industry Shifts
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International Expansion Goals:
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Current split: two-thirds US revenue, one-third international.
- “I think we're going to see that start to get closer to 50–50, and eventually international will overtake the domestic system.”
— Ed Bastian [05:34]
- “I think we're going to see that start to get closer to 50–50, and eventually international will overtake the domestic system.”
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“Only one in five people in the world have ever stepped foot on an airplane.”
— Ed Bastian [05:34] -
Focus on making air travel more accessible and sustainable globally.
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International Inbound Travel:
- US travelers still comprise the bulk of international flights, but inbound international business is rebounding.
- “International travelers are coming back... International business is really picking up a lot.”
— Ed Bastian [06:25]
- “International travelers are coming back... International business is really picking up a lot.”
- US travelers still comprise the bulk of international flights, but inbound international business is rebounding.
4. The Future of Air Travel: Next Century and Technological Change
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Changing Customer Expectations:
- “People just want to travel, they want to go. As long as you make it accessible, affordable, sustainable—those are our priorities.”
— Ed Bastian [07:24]
- “People just want to travel, they want to go. As long as you make it accessible, affordable, sustainable—those are our priorities.”
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Sustainability and Innovation:
- Next-gen planes to be more fuel efficient.
- Experimenting with new travel solutions, e.g., partnership with Joby for electric air taxis.
- “It’s not going to replace Delta, but it’s going to be able to get people moving quickly from home to airport to their destination.”
— Ed Bastian [07:24]
- “It’s not going to replace Delta, but it’s going to be able to get people moving quickly from home to airport to their destination.”
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Partnership Ecosystem:
- Building collaborations with Uber, YouTube TV, DraftKings, Starbucks, etc.
- “You're building an ecosystem... And people love loyalty, they love brand experience, they love their points, they love acknowledgment and recognition on both platforms.”
— Ed Bastian [08:24]
- “You're building an ecosystem... And people love loyalty, they love brand experience, they love their points, they love acknowledgment and recognition on both platforms.”
- Building collaborations with Uber, YouTube TV, DraftKings, Starbucks, etc.
5. Competition and Industry Structure
- Premier vs. Low-Cost Airlines:
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“I think some of them will improve. But I think it's a long... It's a tall ask for some of the lower end carriers to find price points where they can actually compete with us.”
— Ed Bastian [09:09] -
Emphasized that reliability and consistent premium service take years of investment, attributing much of Delta’s success to its employees.
- “We may have great hard product. It’s the soft product that matters. It’s the consistency and the delivery that our people make that make the difference for the experience.”
— Ed Bastian [09:09]
- “We may have great hard product. It’s the soft product that matters. It’s the consistency and the delivery that our people make that make the difference for the experience.”
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Notable Quotes & Memorable Moments
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On Essential Workers during the Shutdown:
- “They're heroes doing this for a month and a half without pay, showing up every day. And we appreciate them.”
— Ed Bastian [00:41]
- “They're heroes doing this for a month and a half without pay, showing up every day. And we appreciate them.”
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On Changing Travel Demand:
- “We’re in the experience economy. And the one thing we’ve learned... is: the greater the experience, the more people willing to pay for it and the demand is even higher.”
— Ed Bastian [03:48]
- “We’re in the experience economy. And the one thing we’ve learned... is: the greater the experience, the more people willing to pay for it and the demand is even higher.”
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On the Global Future of Aviation:
- “Only one in five people in the world have ever stepped foot on an airplane. When you think about that, it’s pretty amazing. We take it for granted here.”
— Ed Bastian [05:34]
- “Only one in five people in the world have ever stepped foot on an airplane. When you think about that, it’s pretty amazing. We take it for granted here.”
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On Sustainability and Accessibility:
- “We got to find ways to make it affordable, to make it sustainable, to make it accessible, and that’s what we’re focused on.”
— Ed Bastian [05:34]
- “We got to find ways to make it affordable, to make it sustainable, to make it accessible, and that’s what we’re focused on.”
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Closing Thoughts on Competition:
- “It’s the people on the plane. I always tell people we may have great hard product. It’s the soft product that matters.”
— Ed Bastian [09:09]
- “It’s the people on the plane. I always tell people we may have great hard product. It’s the soft product that matters.”
Timestamps for Important Segments
- Delta’s Centennial & Shutdown Relief: [00:41] – [01:19]
- Return to Normal Operations Outlook: [01:19] – [01:50]
- Booking Trends & Refund Policy: [02:04] – [03:04]
- Financial Impact of Disruption: [03:10]
- Premium & Loyalty Business Discussion: [03:48] – [04:55]
- International Expansion Strategy: [05:24] – [06:25]
- Future of Air Travel & Sustainability: [07:24] – [08:59]
- Competitive Landscape & Industry Structure: [08:59] – [09:41]
This episode provides a candid, forward-looking conversation with Delta’s CEO Ed Bastian, offering both a status update on post-shutdown airline recovery and a visionary roadmap for the next century of travel, all in the context of Delta’s 100th anniversary.