Raphael Stevens

Delta Air Lines forecast revenue growth in the mid-single digit percentage points next year, in line with analysts estimates.
The carrier expects to expand capacity by no more than 4% year-over-year in 2025.
The airline is the most profitable, but faces competition from United Airlines, whose shares have more than doubled this year.

A Delta aircraft at the airline’s hangar in Atlanta
Leslie Josephs/CNBC

Delta Air Lines on Wednesday said sales would grow in 2025, citing a “resilient economy” for strong travel demand and credit card spending, especially for higher-end offerings. It also said it expects to grow earnings in the coming years.
Delta forecast revenue growth in the mid-single digit percentage points next year compared with 2024, in line with the roughly 6% growth analysts were expecting.

In an investor day presentation, the carrier said it would expand flying by 3% to 4% next year from 2024. Delta also reiterated its fourth-quarter outlook. Longer term, it said it expects to grow adjusted earnings by 10% a year over the next three to five years.
Delta is the most profitable U.S. airline and its leaders tout its strong partnership with American Express and high demand for pricier seats toward the front of aircraft as part of its success.
The carrier has focused heavily on high-spending travelers, and in an investor-day presentation said it has an advantage because of sharp wealth growth in high-earning households since 2019. It also said millennials and Gen Z are the fastest growing consumer segments.
Its upbeat tone on consumer spending has differed from the picture some other companies are painting. Target on Wednesday cut its profit forecast. Its chief operating officer blamed a “deceleration in discretionary demand” and higher costs.
Delta rival United Airlines has made inroads in growing profits and capturing high-end travelers. Delta’s shares are up 60% so far this year through Tuesday’s close, while United’s are up 128%. Both are outpacing the broader market and other carriers.

Delta said just 43% of its revenue this year comes from main cabin tickets, with 57% of it generated by premium seats and its lucrative loyalty program. That’s up from a 60% share of revenue from the main cabin in 2010.
The carrier has spent years working to get customers to pay up for first class, seats it largely gave away in years past.
Delta’s president, Glen Hauenstein, told reporters that about 15 years ago, about 12% of Delta’s domestic first-class seats were paid for and the rest were upgrades for frequent flyers. Now, more than 70% of those seats are purchased, including buy-ups after booking. He said the change at first was “traumatic” to some travelers.
Hauenstein said Delta is looking for new ways to segment its cabins after the carrier — and rivals — spent years breaking coach-class into options like premium economy, extra-legroom seats and basic economy. While it didn’t provide detail, it’s also considering more options for travelers sitting in the front of the plane too, Hauenstein said.
During its presentation, the airline’s executives could face questions about future demand, controlling costs and steps the airline has taken to avoid another repeat of the massive impact from the CrowdStrike outage last July.
-CNBC’s Melissa Repko contributed to this article. More

Delta CEO Ed Bastian said the last four years were marked by governmental “overreach.”
Airline CEOs have urged the incoming administration to invest in modernizing air traffic control.

Ed Bastian, chief executive officer of Delta Air Lines Inc., during an interview in New York, US, on Monday, Nov. 7, 2022.
Jeenah Moon | Bloomberg | Getty Images

Delta Air Lines CEO Ed Bastian said the Trump administration’s approach to regulation could be a “breath of fresh air.”
Speaking to reporters ahead of Delta’s investor day, Bastian noted that President-elect Donald Trump campaigned saying he would take a “fresh look” at regulation and bureaucracy.

The U.S. Department of Transportation under Secretary Pete Buttigieg has issued a host of rules aimed at protecting consumers, some of which the airline industry has bristled at, including one this year that requires carriers to provide automatic cash refunds to travelers when an airline cancels a flight.
Bastian said the industry has seen a “level of overreach” over the past four years.
The department is also looking into airlines’ lucrative loyalty programs, which brings in billions of dollars for carriers, helping to keep them afloat. The current DOT leadership is seeking information about how airlines can unilaterally change the value of frequent flyer points.
Delta on Wednesday said it expects to grow sales and profits in the months and years ahead, pointing to resilient consumer demand and sharp growth in household wealth since the pandemic.
Trump tapped former U.S. congressman and Fox Business host Sean Duffy as his pick to lead the department. Duffy didn’t immediately respond to a request for comment.

Other U.S. airline CEOs have expressed enthusiasm for the incoming administration and urged incoming officials to make sure the industry has enough resources to improve air traffic control, which falls under the Federal Aviation Administration, and other key pieces of infrastructure.
“We have to invest in this industry,” American Airlines CEO Robert Isom said at the Skift Aviation Forum in Dallas last week. He said there is more work ahead to approve more visas so people can visit the U.S.
In an interview last week, Sun Country Airlines CEO Jude Bricker said: “We just need stability and resources at the DOT.”
Industry members and analysts also expect the incoming administration to be more open to mergers and consolidation.
Alaska Airlines acquired Hawaiian Airlines without pushback from President Joe Biden’s administration this year. However, Biden’s Justice Department won court challenges to block two airline deals: a proposed acquisition of Spirit Airlines, which filed for Chapter 11 bankruptcy protection Monday, by JetBlue Airways and a partnership between JetBlue and American Airlines in the Northeast, which had been approved in the last days of the first Trump administration.
“Perhaps this administration would have a different stance,” said Sun Country’s Bricker. “It certainly can’t get more against it.” More

The Disney Treasure will make its maiden voyage from Port Canaveral, Florida, to the Caribbean in December, becoming the sixth ship in the company’s cruise line.
Disney’s fleet will double by 2031, with two ships arriving in 2025, followed by four additional Disney-branded vessels and a partnership with Oriental Land Company to bring Disney’s cruise vacations to Japan.
“The demand that we’re seeing right now for Disney Cruise Line is very strong. We’re a premium brand, occupancy is high, and frankly, the business is doing really, really well,” said Thomas Mazloum, president of Disney’s new experiences portfolio and Disney signature experiences.

The captain of the Disney Treasure is Voyager Minnie, a version of the character that is specially costumed for the cruise ship.

The Disney fleet is expanding.
Next month, the Disney Treasure cruise ship will make its maiden voyage from Port Canaveral, Florida, to the Caribbean, officially becoming the sixth ship in the company’s lineup.

The Treasure, which is 221 feet tall and 1,119 feet long, can carry 4,000 passengers and 1,555 crew members. Like Disney’s other cruise ships, the Treasure features themed dining, curated lounges and premium on-board live entertainment.
As the Treasure sets sail, Disney, too, is embarking on its own journey. The company, which hadn’t launched a new ship in a decade prior to the Disney Wish’s debut in mid-2022, is entering an era of rapid expansion.
Disney’s fleet will double by 2031, with two ships arriving in 2025 — the Disney Destiny and the Disney Adventure — followed by four additional Disney-branded vessels and a partnership with Oriental Land Company to bring Disney’s cruise vacations to Japan.
“Disney Cruise Line is going through an unprecedented period of growth,” said Thomas Mazloum, president of Disney’s new experiences portfolio and Disney signature experiences. “The demand that we’re seeing right now for Disney Cruise Line is very strong. We’re a premium brand, occupancy is high, and frankly, the business is doing really, really well.”

The cruise ship Disney Treasure.

Disney cruises are part of the company’s experiences division, alongside parks, resorts and consumer products. According to the company’s earnings report on Thursday, the division posted record revenue and profit for fiscal 2024, with revenue up 5% for the full year to $34.15 billion and operating income up 4% to $9.27 billion.

The experiences segment was the second-highest revenue driver for Disney last year behind its entertainment division, which tallied $41.18 billion in fiscal 2024. However, the entertainment segment’s operating profits were smaller, just $3.92 billion.
Full-year revenue growth in experiences was the strongest of any Disney division, and the company expects to see 6% to 8% profit growth for experiences in fiscal 2025.
Disney has become a leader in the family cruising space, despite its relatively small number of ships. For comparison, the three largest cruise lines are Carnival, with more than 100 vessels, Royal Caribbean, with more than 40, and Norwegian Cruise Line, with around 30.
Disney is considered slightly more expensive than Carnival and Royal Caribbean for base pricing, but if guests choose to upgrade to larger cabins or add food packages or experiences to their itineraries, the prices are quite similar.
Disney’s Treasure offers seven-night cruises starting at $4,277 for two guests and $6,994 for a family of four. These prices increase if travelers select cruises tied to Halloween or Christmas.

A guest room on the Disney Treasure cruise ship.

What sets Disney apart is its innovations in cruising and its focus on storytelling, said Gavin Doyle, founder of MickeyVisit.com.
“Disney redefined the cruising space when they entered, and that was in the way they were designing the ships in a guest-centric way that they serviced people on board, and also the beloved characters and intellectual properties that they can integrate,” he said.
Doyle noted that Disney accommodates diners using “rotational dining” on its cruise ships. Passengers don’t eat in one large mess hall — they are prescheduled to dine at different themed restaurants. Disney rotates the restaurant staff, too, to follow each group of passengers to their scheduled restaurant. In so doing, guests have the same servers, busboys and restaurant managers throughout their trip, and the waitstaff gets to know the guests — and their preferences.
“They’re able to just deliver this level of customer service that does feel like magic,” Doyle said.

Immersive dining

While there are traditional amenities onboard the Treasure that are staples on cruise lines — upscale restaurants, pools, spas and gaming rooms for kids — Disney has integrated storytelling into these services to elevate them for guests.
Its dinnertime restaurants are immersive and feature live entertainment. Plaza de Coco, the first theatrical dining experience themed to the 2017 film “Coco,” invites guests to gather at Mariachi Plaza for a festive meal and music.

Plaza de Coco, named for the Disney and Pixar film “Coco,” is one of the many themed restaurants on the Treasure cruise ship.

Meanwhile, over at Worlds of Marvel, guests will experience two different shows, one called “Avengers: Quantum Encounter” and the other “Marvel Celebration of Heroes: Groot Remix.”
The high-tech venue has a number of screens for diners to tune in to during their meal to experience the heroic adventures.

Worlds of Marvel, a restaurant on Disney’s cruise ship Treasure that was inspired by the Marvel Cinematic Universe.

There is also 1923, a restaurant named after the founding year of Walt Disney Animation Studios. This location is a bit more subdued and upscale. It features a collection of exploration-themed artwork from modern and classic animated films.

Jumbeaux’s Sweets, inspired by the ice cream parlor in Disney’s “Zootopia,” is a gelato and sweets shop on Disney’s Treasure cruise ship.

In addition to the three main family restaurants, the Treasure has a number of places for casual dining and to grab quick bites during the journey. Those with a sweet tooth can head to Jumbeaux’s Sweets, which is based on the ice cream parlor from Disney’s “Zootopia.”
The Treasure also features some adult-exclusive dining locations for those traveling without kids or looking for a night away.
Palo Steakhouse and Enchante are upscale restaurants inspired by “Beauty and the Beast” and feature gourmet Italian and French menus. The Rose, a chic lounge at the entrance to the two restaurants, has pre-dinner aperitifs and after-dinner cocktails.

Bringing the parks to the open seas

The Disney Treasure marks the first time that Disney has brought intellectual properties from its parks to one of its ships.
The Haunted Mansion Parlor is a bar that features ghostly design elements from the famed attraction as well as spirit-filled cocktails, mocktails and zero-proof beverages.

The Haunted Mansion Parlor is an adults-only bar on the Treasure cruise ship that was inspired by the Disney theme parks attraction.

“Walt Disney World has been around 50 years,” said Mazloum. “Disneyland even longer. Many of our guests over the years have been growing up by coming to our parks and over time you have these iconic attractions and experiences … Our Imagineers, and I’ve got to give them a lot of credit, came up with the idea.”
“We were literally thrilled with that idea, and even more thrilled with the reception we’ve received,” he added.
Another fan-favorite parks property coming to the Treasure is Jungle Cruise. Skipper Society is a place to grab themed cocktails and light snacks surrounded by camp-style furnishings.

Skipper Society, inspired by the Jungle Cruise attraction at Disney theme parks, is one of several adults-only bars on the cruise ship Treasure.

Other adults-only spots include Scat Cat Lounge, based on “The Aristocats,” and Periscope Pub, based on “20,000 Leagues Under the Sea.”

Multigenerational fun

Of course, for many, Disney cruises are a family affair.
“People often say that they have been designed with families in mind, which is absolutely correct,” said Mazloum. “I would go a step further and say they’ve really been designed for multiple generations so that everyone is allowed to enjoy their experiences.”
According to the Cruise Lines International Association, cruises are a top choice for multigenerational travels, with one-third of families sailing with at least two generations. Another 28% of cruise travelers board with three to five generations, the organization said in its annual state of the cruise industry report published in April.
Disney has dedicated spaces for every age group. It’s a Small World nursery offers babysitting services for children ages six months to three years, while older children can head over to Disney’s Oceaneer Club, which features several immersive spaces.
Families can also catch “Disney the Tale of Moana” at the Walt Disney Theatre onboard the Treasure. The Broadway-style production features a massive Te Ka puppet and introduces an all-new song called “Warrior Face.” The stage will also feature “Disney Seas the Adventure” and “Beauty and the Beast.”
Additionally, the Treasure will have Hero Zone and the Wonderland and Never Land Cinemas, popular spaces from the Disney Wish. Hero Zone is a sports and recreation venue with game show-style competitions and physical challenges, while cinemas are luxe screening rooms featuring first-run films from Disney, Pixar, Marvel and Lucasfilm.
Similar to the Wish, the Treasure also has a Toy Story-themed area that includes a splash pool, wading pool and family waterslide. There’s also an adapted version of the Wish’s AquaMouse water coaster called “Curse of the Golden Egg.”

A water coaster called AquaMouse: Curse of the Golden Egg, inspired by Mickey Mouse animated shorts, on Disney’s cruise ship Treasure. More

Comcast is moving forward with the spinoff of its cable networks, including CNBC, MSNBC and E!, according to people familiar with the matter.
The spinoff is expected to take about a year, the people said. Bravo is not part of the spinoff, they added.
Comcast President Mike Cavanagh said during the company’s quarterly earnings call in October that it was considering spinning off the cable networks.

The Comcast NBC logo is shown on a building in Los Angeles, California, June 13, 2018.
Mike Blake | Reuters

Comcast is moving forward with the spinoff of its cable network channels, people familiar with the matter told CNBC on Tuesday.
The separation is expected to take about a year, and an announcement from the company could come as early as Wednesday, the people said.

The new entity will be led by Mark Lazarus, the current chairman of NBCUniversal’s media group, one of the people said. NBCUniversal’s Chief Financial Officer Anand Kini, will serve as the CFO and operating chief of the new entity, the person said.
Comcast Chairman and CEO Brian Roberts will maintain a voting position in the company, but will not serve as an officer or on the board of directors, the person added.
By separating the cable networks, it will give them the optionality to merge with other networks, or potentially be sold to private equity, one of the people said.
The spinoff will be tax free and the share structure of the new entity will mirror that of Comcast’s, according to the person.
At NBCUniversal, Donna Langley, the current chief content officer, will become chairman of NBCUniversal Entertainment and Studios, while Matt Strauss, the current head of the direct-to-consumer unit, will be chairman of NBCUniversal Media Group, overseeing sports, ad sales and distribution, the person said. Cesar Conde will remain as NBCUniversal News Group’s chairman, including oversight of NBC News Group, while Executive Vice President Adam Miller will become NBCUniversal’s Chief Operating Officer, they said.

The company had announced during its quarterly earnings call in October it was considering a split of the cable networks. Comcast President Mike Cavanagh had said the company was exploring creating “a new, well-capitalized company owned by our shareholders and comprised of our strong portfolio of cable networks.”
Comcast is moving forward with the decision as millions of customers exit the traditional pay TV bundle in favor of streaming. The company has been beefing up NBCUniversal’s streaming platform Peacock in recent years.
Comcast shares were up more than 2% in after hours trading.
The networks that are part of the spinoff also include E!, Syfy, Golf Channel, USA and Oxygen, a person close to the matter said. Bravo will remain part of Comcast’s NBCUniversal since its content is heavily featured on Peacock, one of the people said.
Cavanagh had said in October that NBCUniversal’s broadcast network NBC and Peacock would remain with Comcast.
Although cord cutting has impacted the business, traditional TV networks remain cash cows for media businesses. Comcast reported in October that third quarter revenue for its media segment, which is mainly comprised of the TV networks, was up nearly 37% to $8.23 billion, largely due to the Olympics. Without the Summer Games, revenue was up almost 5%.
The spinoff will take roughly a year as the company figures out whether licensing agreements need to be put in place, and whether MSNBC and CNBC will continue to work with NBC News, two of the people said.
Formal discussions have yet to take place between CNBC and MSNBC and NBC News, one of the people said.
The spinoff was first reported by The Wall Street Journal.
— CNBC’s Julia Boorstin contributed to this article.
Disclosure: Comcast owns NBCUniversal, the parent company of CNBC. More

SpaceX launched the sixth test flight of its Starship rocket on Tuesday, its fourth in 2024.
The uncrewed Starship took off from the company’s facility near Brownsville, Texas before splashing down intentionally about an hour later in the Indian Ocean.
SpaceX aimed to again catch the rocket’s “Super Heavy” booster with its launch tower but instead splashed down the booster in the Gulf of Mexico.

The SpaceX Starship lifts off from Starbase near Boca Chica, Texas, on November 19, 2024, for the Starship Flight 6 test. 
Chandan Khanna | AFP | Getty Images

SpaceX launched the sixth test flight of its Starship rocket on Tuesday, as the company looks to keep up momentum of the mammoth vehicle’s development.
The rocket took off from SpaceX’s private “Starbase” facility near Brownsville, Texas. There were not any people on board the Starship flight.

Starship reached space and traveled halfway around the Earth before reentering the atmosphere and splashing down in the Indian Ocean.
SpaceX had aimed to return the rocket’s “Super Heavy” booster after it separated from Starship and land it on the arms of the company’s launch tower. But SpaceX said during its webcast that the booster did not clear its “commit criteria” needed for the catch attempt, so the booster splashed down in the Gulf of Mexico instead.

As with each previous test flight, SpaceX is pushing development further by testing additional Starship capabilities, including this time reigniting an engine while in space and testing new elements of its heatshield.
Additionally, the evening launch time means that this was the first time Starship made a daylight splashdown in the Indian Ocean.

U.S. President-elect Donald Trump looks on as Elon Musk explains the operations of the launch of the sixth test flight of the SpaceX Starship rocket in a control room on November 19, 2024 in Brownsville, Texas. 
Brandon Bell | Getty Images

Pushing the envelope

SpaceX catches the first-stage “Super Heavy” booster of its Starship rocket on Oct. 13, 2024.
Sergio Flores | Afp | Getty Images

SpaceX has flown the full Starship rocket system on six spaceflight tests so far since April 2023, at a steadily increasing cadence. Its previous launch last month featured the dramatic first catch of the rocket’s more than 20-story tall booster.
After the successful fifth flight, the Federal Aviation Administration confirmed that SpaceX was authorized to move forward with the sixth flight.
But, as with its previous test flights, the fifth launch was not without incidents. SpaceX management, in audio posted after the launch on social media by Musk, revealed that Starship’s booster nearly missed the catch due to a timing issue with one of the rocket’s subsystems.

SpaceX Starship rocket takes off during its sixth test flight, in Brownsville, Texas, U.S., November 19, 2024.
Brandon Bell | Via Reuters

“We were one second away from that tripping and telling the rocket to abort and try to crash into the ground next to the tower instead of [landing at] the tower — like, erroneously tell a healthy rocket to not try that catch,” an unidentified person told Musk in the audio.
SpaceX did not catch the booster again. The company said on its website that it made hardware upgrades to the rocket’s booster for improved redundancy and improved structural strength.
The Starship system is designed to be fully reusable and aims to become a new method of flying cargo and people beyond Earth. The rocket is also critical to NASA’s plan to return astronauts to the moon. SpaceX won a multibillion-dollar contract from the agency to use Starship as a crewed lunar lander as part of NASA’s Artemis moon program.

Read more CNBC space news

Starship is both the tallest and most powerful rocket ever launched. Fully stacked on the Super Heavy booster, Starship stands 397 feet tall and is about 30 feet in diameter.
The Super Heavy booster, which stands 232 feet tall, is what begins the rocket’s journey to space. At its base are 33 Raptor engines, which together produce 16.7 million pounds of thrust — about double the 8.8 million pounds of thrust of NASA’s Space Launch System rocket, which launched for the first time in 2022.
Starship itself, at 165 feet tall, has six Raptor engines — three for use while in the Earth’s atmosphere and three for operating in the vacuum of space.
The rocket is powered by liquid oxygen and liquid methane. The full system requires more than 10 million pounds of propellant for launch. More