Subject: Re: Delta a Weschler pick?
Delta owns its own refinery, so in a prolonged period of high fuel prices it won’t be as badly hurt as its rivals. Also widely regarded as the best managed of the US airlines.

Its partnership with Amex, though imitated by other airlines, is widely regarded as the best in class.

2025 Total: $8.2 billion in cash remuneration, driven by double-digit co-branded card spending growth and 1+ million new card acquisitions.

2026 Q1: American Express remuneration topped $2 billion for the first quarter alone, representing a 10% increase compared to the previous year.

Profitability: This partnership is highly lucrative for the airline, as a significant portion of this revenue translates directly to high-margin free cash flow.