The devastating COVID-19 pandemic took a steep toll on Delta Air Lines’ (DAL) bottom line during the fourth quarter, with the air carrier posting sharp losses even as more Americans took to the skies as 2020 drew to a close.

Here were the main results from the report, compared to consensus estimates compiled by Bloomberg:

• Total Q4 operating revenue: $3.5 billion vs. $3.58 billion expected

• Adjusted loss per share: $2.53 vs. $2.49 expected

• Adjusted pre-tax loss: $2.1 billion

All told, Delta lost a staggering $15.6 billion during a rough year which saw adjusted operating revenue plunge 69% year over year. The company lost $755 million in net income during the quarter.

“Our December quarter results capped the toughest year in Delta’s history,” CEO Ed Bastian said in a statement.

Delta finished the year with $16.7 billion in liquidity, and said average daily cash burn dropped to $12 million during the fourth quarter.

“While our challenges continue in 2021, I am optimistic this will be a year of recovery and a turning point that results in an even stronger Delta returning to revenue growth, profitability and free cash generation,” Bastian added.

Bastian predicted the airline would be cash burn neutral by March 2021 when he told the Yahoo Finance All Markets Summit the recovery for airline will take a couple of years. “Domestic is going to come back faster than international and [leisure travel] is going to come back faster than business,” Bastian said.

Delta says it anticipates receiving approximately $3 billion from the U.S. Treasury under the PSP extension.

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