Last year, the company’s lender, Farm Credit, filed a suit against the distillery’s founder for defaulting on over $108 million.
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OnePay: $1 Cashback Per Gallon Of Gas Every Wednesday (50 Gallons, Two Redemptions Per Day)
The Offer
Direct link to offer
- OnePay is offering $1 cashback per gallon purchased every Wednesday through 9/15/26
The Fine Print
- Bonus Term: 05/27/2026 – 09/15/2026. Each Wednesday (from 12:00 AM–11:59 PM Pacific Time) during the Bonus Term, purchases of gas using a OnePay Reward gas offer (“Gas Offer”) can earn $1 cash back per gallon, subject to the limitations of the Gas Offer used (e.g. spend caps or gallon caps).
- Only purchases made on a Wednesday qualify for this Bonus.
- The $1 cash back through this Bonus is in addition to any cash back amount stated in the OnePay app for the Gas Offer used and any cash back earned by customers who have selected Gas as their monthly cash back category.
- Gas Offers are not available in New Jersey or Wisconsin.
- Cash back amounts and caps vary by Gas Offer and details can be found in the OnePay app.
- This Bonus may be modified or canceled at any time, with or without notice.
- Making a purchase through a Gas Offer with a OnePay CashRewards Card or third-party cards linked in the OnePay Wallet require use of the physical card.
- Cash back is earned as OnePay Points, redeemable as a deposit into a OnePay deposit account or other available options. See OnePay Rewards Terms at link in bio.
Our Verdict
The gas station needs to appear in the OnePay app and $1 is the minimum, seems like that is in addition to whatever you’d normally earn. Think this just uses the Upside backend white labeled so there should be plenty of gas station options.
Doesn’t seem like you need to use a OnePay card either, as terms say you can have another card linked from your OnePay wallet. I won’t be surprised if this gets pulled early.
You can find more ways to save on fuel in this linked post. Some of the best options currently:
- Ibotta: Fuel Your Wallet Promotion (New Code Every Thursday Through June 4)
- 7-Eleven: Stackable Fuel/Gas Codes ($1.41 Off Per Gal)
F.A.Q’s
Do I need the OnePay Credit Card To Be Eligible?
No. Terms state:
Additionally, for all cards other than Deposit Account debit cards and builder cards, OnePay Points can only be earned through an Upside Offer when using the physical version of the card to make a purchase. For OnePay debit cards and builder cards, OnePay Points can be earned using either the virtual card or physical card to make a purchase. OnePay Points earned through Upside Offers will be provided within 2-10 business days following settlement of the applicable transaction.
So it seems like as long as you’ve added a card to your OnePay wallet and then use that physical card you’ll trigger the offer? Can get a referral bonus when signing up or a targeted bonus, more information here.
Does this require OnePay+?
I don’t see anything in the terms that states you do, this comment confirms.
Hat tip to reader Binay
As Microsoft seeks to be AI’s center of gravity, CEO Satya Nadella makes the case in San Francisco
Microsoft Chief Executive Satya Nadella proclaimed a “new paradigm” on Tuesday in a keynote at the company’s Build conference in San Francisco. He was talking about the advent of agentic AI, but for anyone who has followed Nadella’s company closely in recent years, he could have just as easily been talking about Microsoft.
After taking an early lead in the AI race by forging a close alliance with ChatGPT-maker OpenAI beginning in 2019, Microsoft, and OpenAI, are both now playing catch-up in a heated field of rivals that include Google, Anthropic, Meta, and even SpaceX.
As Nadella kicked off the company’s conference on Tuesday, the CEO delivered a message designed to show the strength and breadth of Microsoft’s AI initiatives, and to re-ignite some of the buzz the company had at the onset of the AI revolution just a few years ago. Even the choice to hold the Build event in San Francisco for the first time since 2016 seemed designed to send a message.
If there was one unifying theme to the sweep of product announcements and partnerships made by company executives, it’s that Microsoft’s portfolio of technology—from AI models to devices to chips—anchors it at the center of the AI industry.
“It’s a new paradigm,” Nadella said of the agentic era. Agents “reason continuously. They generate and run code dynamically. They take actions across files and devices, as well as across the network.”
Nadella announced “Project Solara,” which the company pitched as a purpose-built agentic platform for devices that could include a desktop device and badge that people may wear to interact with their agents.
The company also revealed a new family of home-grown AI models, including a fresh image model, coding model, and its first reasoning model. Nadella also brought Peter Steinberger, the founder of open-source agent tool OpenClaw to announce that the trendy personal AI assistant will be integrated into Windows. In addition, Nvidia Chief Executive Jensen Huang joined virtually as Nadella detailed major upgrades to custom infrastructure that is optimized for AI workloads and discussed Nvidia’s recently announced PC “superchip” that will pair with Windows.
Nadella said that Microsoft will be unveiling a Copilot super app this summer that will combine chat, coding, and a function named Autopilot. Fortune on Friday first reported on the super app, a project that will also include Copilot Cowork and is led by Copilot chief Jacob Andreou. Autopilot is designed to connect to an agent named Scout, the first of a new category of agents that Nadella said will be able to join group chats in Microsoft Teams or handle email threads in Outlook.
Microsoft faces immense pressure to prove it is still relevant in an ultra-competitive AI world with many rivals. It’s clashing with Amazon over chips and infrastructure (and for business with OpenAI and Anthropic), while jockeying with the top AI labs for model supremacy. Data center capacity constraints, over-reliance on OpenAI and a Copilot assistant that trails rivals have challenged Microsoft’s early lead.
Microsoft is aggressively fortifying its weak spots. It has more recently given greater priority to train Copilot on its servers, is deploying homegrown chips, and has a new deal with OpenAI that provides it and its longtime partner greater flexibility to compete.
Nadella in his keynote said Microsoft, and the technology industry, are transitioning from a cloud-native era to an “agent-native stack” he explained as agents executing tasks in both software and hardware environments.
“There are really two stories people can tell about this moment,” he said. “One is that technology concentrates power, reduces human agency, and leaves the society to absorb the consequences. The other is that we use this next wave to unlock opportunity for developers, scientists, enterprises, and every community.
Our job is to make the second story true.”
Fannie, Freddie shares dip as Pulte’s added role raises questions
While President Trump is entrusting Bill Pulte with the nation’s biggest secrets, shareholders in Fannie Mae and Freddie Mac are losing some faith.
Processing Content
Shares for the government-sponsored enterprises dipped after the president’s announcement Tuesday that the Federal Housing Finance Agency director would be acting Director of National Intelligence. Pulte, also chairman of both Fannie and Freddie, will remain in those roles as he replaces Tulsi Gabbard, who submitted her resignation effective June 30.
The new chief of the government’s intelligence agencies, who briefly worked at his grandfather’s company and led an investment firm, has
“William has deep experience managing the most sensitive matters in America, the safety and soundness of the Markets, and over 10 Trillion Dollars at Fannie Mae/Freddie Mac, a substantial increase from where it was just 12 months ago,” wrote President Trump on his Truth Social platform Tuesday morning.
Under Pulte’s watch, the quasi-public GSEs have
Spokespersons for the FHFA, Fannie Mae and Freddie Mac did not respond to requests for comment Tuesday.
Fannie Mae’s stock was trading around $7.06 per share midafternoon Tuesday, down nearly 5% from market open, while Freddie Mac was down similarly at $6.18 per share from an open of $6.47. GSE shares have fluctuated wildly this year, as the Trump administration has
Industry reaction
Some public figures have voiced their confusion at the move on social media, noting some concern around Pulte’s newly divided attention. Democrat leaders, including Sen. Elizabeth Warren, D-Mass., ranking member of the Senate Banking, Housing and Urban Affairs Committee, slammed the move and cited
Analysts at Keefe, Bruyette & Woods in a flash note Tuesday suggested that if Pulte were to formally depart the FHFA, it could be a positive indicator for privatization.
“While Director Pulte has voiced support for GSE privatization, it does not appear that FHFA has actively taken steps to meaningfully further the process, for example by revisiting the capital rule that was put in place by Mark Calabria during Trump 1.0,” the analysts wrote.
Jaret Seiberg, an analyst at TD Cowen, also said Tuesday’s announcement makes an already operationally and politically difficult conservatorship exit less likely.
“We do not see how one could surmount those obstacles if the FHFA director is devoting most of his time to national security issues,” he wrote.
Don't Invest Another Dollar Before Watching This In 2026
*Want to invest like the best? Get Mohnish’s investment playbook:*
Episode 808: In this special episode, we’re pulling together the most replayed moments from our episodes with value investors like Mohnish Pabrai, Howard Marks and Guy Spier.
—
Show Notes:
(0:00) Mohnish Pabrai: How to turn $10K into $1M
(3:56) Howard Marks: The S&P 500
(9:29) Guy Spier: Finite and Infinite Games
(14:47) Mohnish Pabrai: Circle the wagons
(17:58) Howard Marks: Recommended Reading
(23:03) Mohnish Pabrai: The most important thing
(27:16) Howard Marks: “When the time comes to buy, you won’t want to”
(31:17) Guy Spier: Don’t study lottery winners
—
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• Hampton (joinhampton.com): My community for founders. Average member does $25m/year. Many of the guests are members. Get after it…apply:
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Mercury is a financial technology company, not an FDIC-insured bank. Banking services provided by Choice Financial Group, Column, N.A., and Evolve Bank & Trust, Members FDIC
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My First Million is a HubSpot Original Podcast // Brought to you by HubSpot Media // Production by Arie Desormeaux // Editing by Ezra Bakker Trupiano /
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How Government Red Tape is Stopping Investors and Flippers From Rehabbing Older Homes
Growing old is never much fun—unless it’s a house, in which case, for BRRRR investors and flippers, it has traditionally been both a lot of fun and a great source of revenue.
The good news is that America has an abundance of older homes. The bad news is that permitting red tape in many states is adding weeks to renovation projects and cutting profits.
Older Homes Equal Greater Repair Costs
Given that the median age of owner-occupied homes was 42 years old in 2024, up from 31 years old in 2005, according to the National Association of Home Builders (NAHB), the Harvard Joint Center for Housing Studies puts the median age at 44—there is a potential gold mine in turning tired into inspired.
However, according to an analysis by the Common Sense Institute (CSI), which reviewed 2.8 million building permits in Arizona, securing a permit adds about 23 days to the completion timeline of a residential construction project. As flippers know, time is money, especially when you are paying carrying costs in the form of interest, taxes, and insurance for every day the project is not sold or refinanced.
“Delays and Administrative Uncertainty”
Complicating matters is that the longer a home remains unrepaired, the worse it gets and the more expensive the renovation becomes. Cosmetic rehabs that can be quickly flipped with less risk of going over budget are less likely when roofs, wiring, HVAC systems, and other systems need upgrading, requiring multiple permits.
“These costs arise not only through direct regulatory compliance expenditures, but also through delays, administrative uncertainty, and fragmented approval processes across multiple jurisdictions,” wrote researchers Glenn Farley and Chris Young in the Common Sense Institute study cited by Realtor.com.
Their work shows that even routine projects such as HVAC replacements, which require permits in more than 90% of Arizona jurisdictions, can see timelines vary from about six days to more than 23 days just to secure approval. Permit fees range from roughly $126 to almost $300, depending on locality.
Permitting Red Tape Adds Insult to Injury for Flippers and BRRRR Investors
Amidst a national housing shortage, flippers and BRRRR investors could be forgiven for thinking that municipalities would fast-track permits to get more inventory on the market. However, despite sky-high overall prices, interest rates, and gas prices, as well as a contractor shortage, that hasn’t been the case.
Many municipalities have extended the renovation timeline by adding frustrating red tape, adding insult to injury, and making flipping ever more difficult, as borne out by investors’ complaints in the BiggerPockets forums.
Reworking the MAO Formula
It also adds another hiccup to the tried-and-true maximum allowable offer (MAO) formula (ARV minus the cost of repairs multiplied by 70%) used by most flippers to calculate what they should offer on a renovation project.
James Dainard, cohost of the BiggerPockets On the Market Podcast, said on a recent podcast:
“We’ve redefined what a deal is right now. We’re seeing more volatility in the market. Because we’re going to be selling at a slower time, we want a wider margin, and because we’ve increased our margin expectations, it is harder to find a deal.”
Dainard added that although he had increased his margin of profitability to factor in the additional costs, that rarely pans out. “We’re shooting for 40 (% as opposed to the standard 30% in the MAO formula), but we’re hitting about 20.”
Where Red Tape Hits Hardest
Permitting, like many aspects of real estate, is rarely an even playing field. Permit expeditors, who act as a go-between for contractors and local municipalities, often charge anywhere from $1,500 to $5,000 to expedite the process. However, these services are usually used by larger commercial companies with deeper pockets than smaller mom-and-pop BRRRR investors and flippers.
Many U.S. cities have become a permitting bureaucratic morass, bogged down with discretionary reviews, backlogs, and project-by-project negotiations that add both time and complexity to even relatively modest renovations, according to the Foundation for Research on Equal Opportunity (FREOPP). Applying strict code enforcement, usually used in larger commercial buildings, can add 30% to the costs of smaller multifamily units of three units or more, according to FREOPP.
The formal land review process makes permitting particularly onerous in New York City and Los Angeles, pushing permit processing to around 30 weeks and hindering construction after the L.A. fires.
New York State has the oldest housing stock in the country, with a mean age of 64 years, but the cost of renovating its 50,000 “ghost” apartments exceeds the revenue those apartments could generate, so they remain vacant.
New York landlords point to the cost of remediating lead paint, which requires compliance-related inspections and testing, putting the renovation costs at around $20,000 for a two-bedroom apartment, according to a report from Realtor.com.
What States Are Trying to Do About It
In California, state-level reforms such as AB 1308 and AB 253 aim to fast-track the permitting process when it takes over 30 days by requiring cities to post their residential permit fee schedules online and to provide estimated plan-check time frames once an application is deemed complete.
According to the Red Tape Efficiency report from regulatory intelligence firm Labrynth, published in Construction Dive, the best state for permitting efficiency is Tennessee. The ranking is based on the time it takes for states to process building permits and zoning changes, with information collated from building departments, zoning boards, and state environmental agencies. It factors in both large projects, such as data centers, and smaller residential projects.
These are the top 10 states for permitting efficiency, according to the index:
- Tennessee
- Florida
- Texas
- Indiana
- Arizona
- North Carolina
- Georgia
- Virginia
- Michigan
- New Hampshire
Conversely, here are the bottom 10:
- Rhode Island
- Maine
- Vermont
- Maryland
- Massachusetts
- Connecticut
- New York
- New Jersey
- California
- Hawaii
Final Thoughts
This is one of the most difficult times to undertake a flip or BRRRR project due to the elevated costs previously mentioned, which are hampered by geopolitical uncertainty. For that reason, many investors are sitting the market out—which is why it is also potentially one of the best times to buy flips and BRRRR deals.
However, underwriting needs to be meticulous and conservative, including the permitting process. Don’t try to make the numbers work just because you want them to. Try to eliminate as much uncertainty as possible.
That means not borrowing or leveraging too much. It also means having your contractors locked down with bids from subcontractors on the table and putting your permit applications in early. Now is not the time to leave anything to chance.
Why Trust Matters More Than Marketing Now
Catch the Full Episode
Overview
Most law firms are invisible online. Not because they lack credentials, but because they have confused looking professional with being trustworthy. In this episode of the Duct Tape Marketing Podcast, John Jantsch sits down with Megan Hargroder, founder and CEO of Legends Legal Marketing, to dig into what actually builds client trust for solo and small law firms in a world where AI is now making referral decisions.
Hargroder shares how she niched her agency down to lawyers over 15 years ago and never looked back, and what that decision taught her about marketing focus, client relationships, and the math behind sustainable growth. The conversation covers why generic “professional” content actively hurts law firms, how Google reviews are being read (not just counted) by LLMs, and what firms can do right now to show up in AI-generated recommendations.
Whether you run a law firm, a small agency, or any service business trying to build trust online, this episode delivers actionable insight on SEO, content strategy, and the human element that no AI can manufacture for you.
Guest Bio: Megan Hargroder
Megan Hargroder is the founder and CEO of Legends Legal Marketing, an agency that works exclusively with solo and small law firms. She launched the agency in 2011 from a New Orleans studio apartment with four clients and $2,000 a month in revenue. Over 15 years, she built it into a specialized firm by going deep on one vertical and mastering what actually moves the needle for lawyers. She is the author of Trust Is the Strategy, a framework for law firm marketing in the age of AI-driven search and online reviews.
Key Takeaways
- Niching works best when it finds you. The most durable niches come from noticing where you produce the best results, not from scanning for market gaps.
- Polish is not trust. Generic “professional” copy on a law firm website signals nothing to potential clients and ranks for nothing in search.
- Your homepage should tell the client’s story, not the firm’s story. If a potential client cannot see themselves in the first paragraph, you have already lost them.
- Attorney bios that lead with credentials are missed opportunities. Vulnerability about why you chose this work and what you have experienced is what converts.
- LLMs are reading your Google reviews, not just counting stars. Detailed, keyword-rich reviews that describe a solved problem are your most valuable AI-era content asset.
- Google reviews are the top trust signal for local businesses. When possible, ask clients to duplicate reviews on Yelp for second-tier coverage.
- Hyper-niche content wins in AI recommendations. Firms that publish deeply specific content on narrow practice areas are showing up where broad firms are not.
- LinkedIn videos are currently performing well in LLM recommendation signals, an underused channel for attorneys targeting consumers rather than B2B audiences.
- Claiming and completing directory profiles (Avvo, Super Lawyers, BBB) once a week compounds over time and costs nothing but consistency.
- Guest podcast appearances are high-authority backlinks, shareable content, and trusted signals. One of the highest-ROI tactics available to any small business owner.
Great Moments (Timestamps)
[00:01] John opens with the central tension: is professional polish actually a liability in the age of AI recommendations?
[01:37] Megan explains the 80/20 math behind her decision to niche exclusively into law firms.
[04:20] The “professional obituary” problem and why law firm bios fail.
[06:37] How to build trust through storytelling: the homepage tells the client’s story, the bio tells the attorney’s.
[09:01] Why Google review quality (not quantity) is the single biggest trust-builder for local businesses right now.
[12:44] What Legends Legal is doing and testing to get law firms recommended by LLMs.
[15:14] What separates firms that grow steadily from ones that plateau, and the cautionary tale of the traffic ticket lawyer.
[17:47] Megan’s top weekly activity for compounding visibility: claim one directory profile.
[18:13] John’s top tactic: guesting on podcasts for backlinks, content, and trust signals.
Memorable Quotes
“Polish is part of the mask they wear, and all it translates to is generic content, generic messaging. It is not making anyone love you.” — Megan Hargroder
“Your homepage should not be your story. It should be their story. If I am facing chapter seven bankruptcy, that is the story the homepage should tell.” — Megan Hargroder
“LLMs are reading reviews. They are not just quantifying the five stars. They are looking for a detailed example of a problem that was solved.” — Megan Hargroder
“Once I felt like I cracked the code on that, I just went all in with lawyers and never looked back.” — Megan Hargroder
“The riskiest thing a lawyer can do right now is keep playing it safe.” — John Jantsch
Amazon Prime Day 2026 Dates Announced, Early Deals Available Now
Amazon Prime Day 2026 Dates Announced
Amazon’s annual Prime Day event returns June 23–26, bringing millions of deals to Prime members across more than 35 categories—including clothing, beauty, kitchen, home, and electronics. The four-day shopping event kicks off at 12:01 a.m. PDT on June 23, with deals available on the Prime page and the Amazon Shopping app.
Members can save on top brands, trending products, and items exclusive to Amazon, plus fresh groceries, summer essentials, and back-to-school must-haves—all with fast, free delivery.
What early deals are available before Prime Day?
Members don’t have to wait for the event to start saving. Early Prime Day deals are available now across categories including:
- Shop with Points: Up to 50% off when you use Amex Membership Rewards
- Shop with Points: Up to 50% off when you use Amex Cash Back
- Shop with Points: Up to 40% off when you use Discover Cash Back
- Amazon devices: Prime members save up to 60% off devices enabled with Alexa+, like the Echo Dot Max, Echo Show 11, and Echo Show 8+ Carrera Smart Glasses bundle. Save up to 65% off select devices across Kindle, Ring, Echo, Fire TV, Blink, and eero—including the Kindle Colorsoft Essentials bundle, Ring Battery Doorbell Plus, and Blink Outdoor 4 bundle.
- Groceries: Free Same-Day Delivery on orders over $25 in most areas, plus exclusive savings at Whole Foods Market, including an extra 10% off sale items for Prime members.
- Amazon Haul: Deals as low as $1. Discover deals across categories, including crafting essentials from $1, tech and gadgets from $3, fashion finds under $5, home refresh under $6, and 50% off kids’ favorites.
- Books and Audible: Up to 45% off Kindle Device bundles, up to 65% off print books, up to 80% off top Kindle titles, and three months free of Kindle Unlimited and Audible. Terms and conditions apply.
- Prime Video: Up to 50% off select rentals and purchases, plus subscriptions starting at $0.99 per month.
- Travel: Up to 30% off base rates with Avis and Budget, plus 10% off select Chicago hotels.
- Prime Visa and Prime Store Card: Get a $200 Amazon gift card instantly upon approval for Prime Visa (June 11–July 9) or $120 for Prime Store Card (June 23–26). Earn 10% back or more on exclusive deals, plus unlimited 5% back year-round at Amazon.com, Whole Foods Market, and more—with no annual fees. During Prime Day, cardmembers can also earn 7% back on eligible Amazon.com purchases (June 23-26) when they choose No-Rush Delivery. Terms apply.
Check out a full breakdown of the best early Prime Day deals.
What are Prime limited-time offers?
Limited-time offers give customers even more ways to save big starting now—with new ones dropping before the event:
- Free Groceries for a Year sweepstakes: Customers who spend $15 or more on a qualifying online grocery order on Amazon have a chance to win free groceries for a year—$1 million in total prizes across 100 winners. Winners announced weekly leading up to Prime Day. Learn more and see terms, including a free way to enter, at the Amazon grocery sweepstakes page.
- Alexa for Shopping picks up the tab: Set up a deal alert with Alexa for a chance to win a $1,000 Amazon gift card—100 winners will be selected by Prime Day. Learn more and see terms, including a free way to enter, at the Alexa sweepstakes page.
- Spider-Man: Brand New Day early screening: Prime members can enjoy exclusive early screenings of Sony Pictures’ Spider-Man: Brand New Day on July 29 in select theaters—two days ahead of its wide release in the U.S. Visit the custom Amazon landing page to explore exclusive Spider-Man branded products and sign up for the early screening ticket notifications.
- Little Caesars $5 pizza: Between June 15 and 26, Prime members can score a $5 classic large pepperoni or cheese pizza, redeemable up to five times on different days for savings of up to $30 depending on location. Order at the Amazon Little Caesars page.
Delta Air Lines vs. United Airlines: Which Industrials Stock Is a Better Buy in 2026?
The airline industry remains a battlefield of high fixed costs and intense competition, making the choice between the two largest carriers a critical decision for diversified investors. Which company offers the better balance of value and growth?
Delta Air Lines (DAL 1.78%) and United Airlines (UAL 2.63%) are the titans of the skies, often moving in tandem but following distinct financial flight paths. Delta focuses on a premium passenger experience and high-margin credit card revenue, while United bets big on global expansion and hub dominance.
The case for Delta Air Lines
Delta Air Lines operates as a premier global carrier serving more than 200 million customers annually. It differentiates itself through a focus on high-margin revenue streams, specifically its partnership with American Express. This relationship brought in nearly $8.2 billion during 2025 and serves as a critical buffer against the inherent volatility of fuel prices. By targeting the premium segment, Delta aims to capture travelers willing to pay more for reliability and comfort.
The company is a significant player among industrial stocks that rely on steady consumer demand and business travel. In FY 2025, revenue reached approximately $63.4 billion, representing growth of roughly 2.8% over the previous year. Net income for the period was close to $5.0 billion, resulting in a net margin of nearly 7.9%, up from 5.6% in 2024.
As of its December 2025 balance sheet, the debt-to-equity ratio is approximately 1.0x, which measures total debt relative to shareholders’ equity. The current ratio, which gauges the ability to cover short-term debts with short-term assets, is roughly 0.4x. Free cash flow, defined as cash from operations minus capital expenditures, reached nearly $3.8 billion, providing the company with the liquidity needed to modernize its fleet and reward investors.
The case for United Airlines
United Airlines operates an expansive global network, helping roughly 175 million customers reach over 370 destinations across six continents. Its business strategy centers on hub dominance in major markets like Chicago, Denver, and San Francisco. A key pillar of its loyalty strategy is a partnership with JPMorgan Chase (JPM +1.60%), which helps drive consistent engagement and high-margin credit card revenue from its MileagePlus program.
The carrier has focused heavily on international expansion, positioning itself as a leader in long-haul travel. In FY 2025, revenue reached nearly $59.1 billion, up approximately 3.5% from the previous fiscal year. Net income for the year was roughly $3.4 billion, resulting in a net margin of close to 5.7%, which shows a steady improvement over the 4.9% margin recorded in 2023.
As of the December 2025 balance sheet, the debt-to-equity ratio is approximately 2.0x, indicating total debt is twice shareholder equity. The current ratio, which measures how well the company covers short-term liabilities with short-term assets, stands at roughly 0.6x. Free cash flow reached nearly $2.6 billion for the year, which represents cash from operations after subtracting capital spending on new aircraft and engine upgrades.
Risk profile comparison
Delta faces significant risks from technology disruptions and cybersecurity threats. The company cited a major 2024 outage caused by CrowdStrike (CRWD 1.67%) as a reminder of its dependence on complex IT systems. It also faces intense competition from American Airlines (AAL 2.89%) and Southwest Airlines (LUV 0.98%), which can pressure ticket prices and affect overall profitability. Additionally, fluctuations in fuel prices and evolving environmental regulations could significantly increase its long-term operating costs.
United is particularly vulnerable to infrastructure constraints and air traffic control staffing shortages. These issues can lead to operational delays and increased costs at major hubs like Newark and Chicago. The company also faces rising costs from environmental mandates and the need to invest in sustainable aviation fuel. Like its peers, United must navigate intense competition from international carriers that may receive state subsidies, potentially impacting its market share in key global regions.
Valuation comparison
United currently looks cheaper than Delta based on its forward P/E and its P/S ratio, though Delta offers higher net margins.
| Metric | Delta Air Lines | United Airlines | Sector Benchmark |
|---|---|---|---|
| Forward P/E | 14.9x | 12.4x | 30.1x |
| P/S ratio | 0.8x | 0.6x | n/a |
Sector benchmark uses the SPDR XLI sector ETF.
Valuation metrics sourced from Financial Modeling Prep (FMP) and may differ from other data providers.
Which stock would I buy in 2026?
United Airlines and Delta Air Lines are both major airlines with several hubs in the U.S. and serve over 300 airports. They offer different opportunities to investors, though. One appears to offer better growth at a lower valuation, and the other is known for its consistent performance. Here are a few considerations for making that decision.
In recent years, United Airlines has been focusing on its growth. It is undertaking a huge expansion, with new aircraft and more international destinations. Its profitability and revenue growth have been impressive. However, its shares trade at a lower valuation than Delta’s. This may indicate strong future earnings potential for investors who think the expansion will pay off.
Delta Air Lines has targeted business and higher-income travelers by focusing on premium seating and luxurious lounges. It is also partnering with American Express. This approach has earned customer loyalty over the years, and it is viewed as one of the most reliable airline stocks.
It’s not an easy choice, because I tend to favor reliable, conservative investments. But it’s hard to ignore the potential upsi United Airlines offers, with its low valuation and ambitious expansion plans already in progress. So, I would fly United on this trip, because the company’s growth, valuation, and optimism make it a more compelling opportunity.
Mortgage Rates Back on the Move Higher as U.S.-Iran Talks Stall
After what was a decent week for mortgage rates, in which they fell back closer to 6.50%, they appear to be on the rise again.
The latest driver (surprise, surprise) is tensions in the Middle East and higher oil prices as a result.
That pushed 10-bond yields back up about five basis points today, which will translate to higher 30-year fixed mortgage rates as well.
This type of volatility is to be expected, especially as both sides seem unwilling to budge or make any major concessions.
The bigger question is how long the impasse may last, and how high mortgage rates will go in the process.
More Uncertainty in Middle East Leads to Higher Mortgage Rates
It wasn’t a good weekend for tensions in the Middle East.
There have been reports of both the U.S. and Iran exchanging fire with one another.
And continued Israeli strikes in Lebanon, which has caused Iran to suspend talks with the U.S.
It doesn’t bode well for the ongoing ceasefire, nor an end to the conflict that would rather crucially lead to a reopening of the Strait of Hormuz.
As I’ve laid out in the past, it’s what has pushed mortgage rates up about 0.75% since the end of February.
Absent this conflict, it’s hard to picture a 30-year fixed mortgage rate well above 6% today.
Not much else has really changed since that time, so as I’ve said before, it’s a very clear issue with a clear solution.
But at this point even the clear solution (opening the Strait) would take time to implement, and it wouldn’t be without its impact.
Oil prices could stay elevated even after a reopening, meaning consumers will continue to face higher gas prices.
In addition, higher input costs on just everything else could lead to another bout of inflation as businesses pass costs on down the line.
Simply put, bonds and mortgage-backed securities (MBS) don’t like inflation, so yields (interest rates) rise to compensate.
Another Leg Up for Mortgage Rates Coming?
I posted this chart last week showing mortgage rates rising the past few months, seemingly hitting higher highs.
So despite the usual ebb and flow, and pullbacks after rises, they appear to be moving higher as the year goes on.
They touched roughly 6.75% at their worst (so far) in mid-May before falling back toward 6.50% last week.
Assuming this Iran-U.S. impasse continues, which seems pretty likely, the next leg up could be 6.875% or even 7%.
Since things got underway, my target for the 30-year fixed has been around 7%, though I said just “kissing” 7%.
In other words, there’s a bit of a lid on mortgage rates because most see this energy crisis as temporary, as they have been in the past.
And with most other stuff, whether it’s labor or mortgage spreads relatively intact, it’s pretty much just this issue that’s a potential mover.
That might mean the range for mortgage rates is somewhat tight here, even if there continues to be upward pressure.
Maybe that’s the silver lining if there is one.
Before creating this site, I worked as an account executive for a wholesale mortgage lender in Los Angeles. My hands-on experience in the early 2000s inspired me to begin writing about mortgages 19 years ago to help prospective (and existing) home buyers better navigate the home loan process. Follow me on X for hot takes.
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