Putting it all together, you could look at the numbers and guidance and conclude that Delta's ticket pricing could come under pressure, leading to a shortfall in profitability. That's a concern at any time, particularly for a company holding $18.7 billion in adjusted net debt operating in a cyclical industry.

Shares of Delta Air Lines declined in premarket trading after the carrier's third-quarter results and fourth-quarter sales outlook came in below analysts' estimates.

Delta Air Lines expects to grow earnings in the fourth quarter, thanks to resilient travel demand and strong bookings for year-end holidays.