Lisa Abramowicz

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I am here in Atlanta, Georgia, with the CEO of Delta, Ed Bastian, here alongside me after that earnings report yesterday and that projection of 20% earnings per share growth in 2026.

Now that you've had a day to digest, have you been surprised by the market's reaction and, frankly, by the lines of inquiry that you got yesterday?

So we'll get into what great could look like.

Let's get into the caution and some of the things that are less foreseeable, including a proposed 10% cap on credit card rates.

And it raises this question about the loyalty program at Delta, considering the fact that American Express and the partnership there contributed something like 14%, according to my calculations, of the revenue growth over the past year.

I'm just wondering, how big of a hit is this?

Have you started to map that out at all?

At the same time, there is a sense that that's a growing part of the revenues.

We saw an 11% increase in the contribution that this particular aspect made to Delta's revenue.

So I just wonder, how much do you expect that to grow, all things being equal?

One thing that you said in an interview with a colleague talking about what could great look like is that effectively all the growth that you've seen so far has been from the premium cabin, not from the main cabin.

Why do you think that is?

Is it because of just incredible strength at the premium end or is it because of weakness in the main cabin?

You've talked about consolidation in the lower end of the industry and how you expect this to be a pretty big year of that as people try to justify their existence and survive.

Would you play in that in any way?

Would you make any acquisitions?